Navios Maritime Holdings has returned to profit as it reported rising revenue and an income statement without a finance fee that dragged earnings into the red a year earlier.

The company, which holds interests in Navios South America Logistics and Navios Maritime Partners, posted $14.5m in net income for this year’s first quarter.

That reverses a $5m net loss for the same period in 2022, when its earnings report included a $24m fee paid in the form of a debenture to private interests of chief executive Angeliki Frangou.