Navios lower

Navios Maritime Holdings has become the latest bulker player to report markedly lower second quarter profits due to weaker freight rates.

Angeliki Frangou

Revenue for the quarter ended 30 June 2009 came in at $142.2m, a near 57% decline on the $328m seen a year earlier.

Navios’ fleet earned an average daily time charter equivalent (TCE) rate of $26,684 per ship versus the $47,313 per day seen in the 2008 second quarter.

It also saw the number of vessels under its control during the second quarter compared to a year ago decline nearly 38% to an average of 40.9 ships.

Of the total revenue Navios’ logistics business chipped in $35.1m compared to $25.5m a year earlier on the back of an expanded fleet.

For the first six months of 2009 profits were down 63% to $34.1m, while revenues fell by nearly 56% to $289.4m.

Revenue from vessel operations dropped 63% to $224.9m, while those from its logistics business increased 37% to $64.4m.

Navios controls a fleet of 59 ships of 6.3mdwt, of which 32 are owned and 27 are chartered-in under long-term charters.

It presently operates some 38 ships – eight capesizes, 13 panamax, 16 ultra handymax and one handysize product tanker of 3.3mdwt.

Navios also has a newbuilding programme of 21 ships expected to be delivered at various dates through to 2013.

On Wednesday Navios said it had agreed to acquire to capesize newbuilding resales under construction in South Korea.

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