Navios Maritime Holdings saw its quarterly result fall deeper into the red than expected in the second quarter even as its Uruguay-based logistics business outperformed.

The New York-listed shipowner, which is the parent of Greece's Navios group of companies, reported a bottom-line loss of $37.3m, down from $26.4m a year earlier.

Adjusted loss per share of $0.27 was below the consensus analyst estimate of $0.22,