Navios Holdings Delivers Loss, Closes USD 305 Mn Offering

Although its revenues increased during the third quarter of 2017, Greek shipping firm Navios Maritime Holdings delivered a slightly widened net loss in the period.

The company said that its net loss for the three month-period ended September 30 stood at USD 28.3 million, slightly more compared to a net loss of USD 27.5 million reported in the same quarter a year earlier.

Revenue for the quarter increased to USD 120.5 million, against a revenue of USD 113 million seen in the same period in 2016. Revenue from dry bulk vessel operations was up to USD 61 million from USD 49.7 million for the same period during 2016. The rise was mainly due to the increase in the time charter equivalent (TCE) per day by 5.2% to USD 9,481 per day in the third quarter of 2017 and an increase in available days of the company’s fleet by 579 days.

For the first nine months of 2017, the company delivered a net loss of USD 114.3 million, compared to a net loss of USD 61.3 million reported a year earlier, while its revenue for the period reached USD 334.5 million, up from USD 320.3 million recorded in the nine-month period of 2016.

Revenue from dry bulk vessel operations reached USD 171.8 million as compared to USD 142.9 million for the same period during 2016.

On November 21, Navios Holdings informed that the company and Navios Maritime Finance II completed the sale of USD 305 million of 11.25% senior secured notes due 2022.

The net proceeds of the offering will be used to complete a cash tender offer for any and all of its outstanding 8 1/8% senior notes due 2019 and to redeem any and all such notes that are not purchased in the tender offer after all conditions to the tender offer are satisfied or waived.

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