A $25m share buyback programme will not stand in the way of fleet expansion at Navios Maritime Holdings, its chief executive says.
New York-listed Navios Holdings today launched the buyback after chopping its dividend.
Angeliki Frangou, head of the Greek group, said it would not have been prudent to continue the dividend in a dry cargo market experiencing unprecedented conditions.
She explained: “It [the buyback] can be totally opportunistic and always contemplated together with the acquisition of vessels, balanced between what is more attractive.”
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