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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.