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Navios Maritime rides dry bulk market uncertainty with ease

Logistic News - Published on Fri, 22 Feb 2019

Image Source: nafsgreen.gr
Navios Maritime Holdings Inc, a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2018. Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results of the fourth quarter and full year of 2018. For the fourth quarter, we reported revenue of USD 127.4 million and Adjusted EBITDA of $45.5 million. For the full year, we reported revenue of USD 517.7 million and Adjusted EBITDA of $179.6 million. During 2018, improved charter markets positively impacted our business results. The Time Charter Equivalent of our fleet was about 30% higher in 2018 compared to 2017. This more than doubled our adjusted EBITDA from core shipping operations. Of course, the first quarter of 2019 has been adversely affected by the Vale tragedy, as well as unexpected weakness due to tariff concerns.”

Fleet Update
In February 2019, the Company agreed to sell to an unrelated third party the Navios Meridian, a 2002-built Ultra Handymax vessel of 50,316 dwt, for a total net sale price of $6.8 million, to be paid in cash.

Navios Holdings controls a fleet of 65 vessels totaling 6.6 million dwt, of which 35 are owned and 30 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 19 Capesize, 30 Panamax, 14 Ultra-Handymax and two Handysize vessels, with an average age of 7.9 years, basis fully delivered fleet.

As of February 15, 2019, Navios Holdings has chartered-out 70.9% of available days of 2019, out of which 26.7% are chartered-out on fixed rate and 44.2% on index. The 2019 average contracted daily charter-in rate for the long-term charter-in vessels is $13,628.

The above figures do not include the fleets of Navios Logistics and Navios Containers and vessels servicing contracts of affreightment.

Source :

Posted By : Ratan Singh on Fri, 22 Feb 2019
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