Global shipping company, Navios, has reported an increased 3Q16 net loss of US$27.5 as revenues fell to US$113.1 million.
Dry bulk revenues fell from US$63.6 million in 3Q15 to US$49.7 million this year on the back of an decrease in available days for Navios’ fleet and the decline in the dry bulk freight market.
Available days – a measure of the number of calendar days vessels were in Navios’ possession after subtracting days associated with major repairs, drydocking and special surveys – fell to 5215 from 6245 the year before.
Revenues from Navios’ logistics business also fell from US$67.3 million in 3Q16 to US$63.4 million this year on the back of a fall in cargo volumes at Navios’ dry bulk terminal in Uruguay, as well as a fall in the number of available days of cabotage fleet.