Navios Holdings Cuts Loss, Expands Fleet in 2017

Greek shipping firm Navios Maritime Holdings managed to decrease its net loss in 2017 to USD 165.9 million, against the net loss of USD 303.8 million seen in 2016.

Revenue from dry bulk vessel operations for the year ended December 31, 2017 was USD 250.4 million as compared to USD 199.5 million for the same period during 2016.

The increase was mainly attributable to the increase in the time charter equivalent (TCE) and an increase in available days.

The company’s net loss for the fourth quarter of 2017 was USD 51.6 million, shrinking from a net loss of USD 242.4 million reported in the same period a year earlier. Revenue for the quarter reached USD 78.6 million, as compared to USD 56.5 million for the fourth quarter of 2016.

“Rates for dry bulk vessels have improved materially, and in Q4 2017 we began to enjoy the effects of healthier charter markets,” Angeliki Frangou, Chairman and Chief Executive Officer, said.

Navios Holdings has agreed to charter-in eight Panamax vessels, five of which under long term time charters and three of which under bareboat charters with purchase options. In January 2018, Navios Holdings took delivery of the first ship from the batch. The remaining seven vessels are expected to be delivered at various dates though the first quarter of 2020.

In February 2018, Navios Holdings acquired Navios Equator Prosper, a 2000-built 171,191 dwt vessel, previously a chartered-in vessel, for a price of USD 10 million.

Following these transactions, Navios Holdings increased its fleet capacity by 11% and decreased the average fleet age, basis fully delivered fleet, by 11%. In addition, 70% of the chartered-in fleet has purchase options.

“We are expanding our fleet capacity and creating market exposure at an opportune time. During the past nine months, we added nine younger vessels (eight kamsarmaxes and one cape) and sold two older vessels, thereby increasing fleet capacity and improving the average age of our fleet by 11%,” Frangou said.

“We did this using modest capex, as we chartered in the kamsarmaxes, three with favorable purchase options. Also, our chartering strategy created market exposure for 73% of our 22,684 available days in 2018,” Frangou added.

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