Navios Holdings trims loss

Improved revenue from its bulker fleet has helped Navios Maritime Holdings to a smaller than anticipated second quarter loss.

Angeliki Frangou’s flagship company recorded an adjusted loss of $7.7m for the quarter, a reduction from the $15.9m reversal of a year ago.

Its loss per share of $0.09 was ahead of the $0.15 per share red figure analysts has pencilled in for the three months to the end of June.

Revenue climbed 16% to $145.41m on a larger fleet, increased time charter rates and higher income from its logistics business.

This helped core operating profit up by a third to $51.4m.

Frangou, chief executive of Navios Holdings, said: "We have created a significant competitive advantage through our in house technical and commercial management.

“These skills reduce our daily opex 34% below the industry average and control G&A expense so that they are below our public peers. These skills harness scale and create operating leverage by reducing costs in a way that would not be possible, in our view, with a third party provider."

Navios Holdings has a fleet of 63 vessels, of which 39 are owned and 24 are chartered.

It received a dividend of $7.5m from dry cargo MLP Navios Maritime Partners and a further $3.6m from tanker owner Navios Maritime Acquisition this month.


  1. RaetsMarine sold to Amlin

    One of the top players in the fixed premium protection and indemnity market is changing hands for up to $65m.

  2. Morch charts 'Odfjell Compass' growth paths

    Chief executive explains how 100-ship target can be reached; insists strong balance sheet will not be surrendered.

  3. Taiwan Nav buys Yang Ming stake

    Compatriot owner spends $6.5m on container line’s shares in private sale.