Navios Maritime Partners has the go-ahead to buy back $50m of its shares.
The Angeliki Frangou-led bulker owner announced its board of directors had approved the two-year plan Monday morning.
The New York-listed company said it may repurchase unspecified numbers of shares from "time to time" on the open market or in privately negotiated transactions.
In early trading Monday, Navios Maritime Partners stock was up 12.12%, or $0.12, to $1.11.
It has 170 million shares outstanding.
