Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company focused on the transport and transhipment of dry bulk commodities including iron ore, coal and grain, has reported financial results for 1Q18.
- US$116.9 million revenue for 1Q18.
- US$17.8 million net cash from operating activities for 1Q18.
- US$28.1 million Adjusted EBITDA for 1Q18; 60% increase vs 1Q17.
- Premiere operator in dry bulk sector; 200+ vessel under management.
- Renewing and expanding fleet; 2017-2018 YTD added seven vessels (net).
- Positioned to capture market recovery; 10 870 days market exposure.
- 40% increase in TCE for 1Q18 vs 1Q17.
- US$121.9 million cash as of 31 March 2018.
Angeliki Frangou, Chairman and CEO, stated: "I am pleased with the results of the first quarter of 2018, for which we reported revenue and Adjusted EBITDA of US$116.9 million and US$28 million, respectively. We are beginning to see the effect of healthier charter markets on our business results. Rates for dry bulk vessels improved materially, with the TCE rate for Q1 of 2018 about 40% higher than Q1 of 2017.”
Frangou continued: "Navios is a global brand with significant scale managing 208 vessels. Navios Holdings directly controls 72 modern dry bulk vessels. Since the beginning of 2017, we have increased our fleet by 11%. Our dry bulk fleet, with an average age of 7.7 years, is 16% younger than the industry average age. We believe we are a premiere operator, generating significant operating leverage and enabling us to achieve substantial cost savings. By design, to take advantage of an improving market, we have maintained market exposure for almost 2/3 of available days for the remaining nine months of 2018."
Read the article online at: https://www.drybulkmagazine.com/shipping/16052018/navios-maritime-holdings-reports-1q18-results/