Navios Maritime Reports Better Revenues for 2Q & 1H, 2014
Navios Maritime Holdings Inc. a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the second quarter and six months ended June 30, 2014.
$145.4 million Revenue for Q2 2014; $267.6 million for H1 2014
33% increase to $51.4 million for Q2 2014;
44% increase to $111.2 million for H1 2014
Dividend of $0.06 per share for Q2 2014
$170 million issuance of Preferred Stock 2014YTD
$120 million in July 2014
$50 million in January 2014
One of the largest US-listed dry bulk fleets
63 vessels controlled - 6.2 million dwt, 54 vessels in the water - 5.3 million dwt
18 Capesize vessels
23 Panamax vessels
22 Ultra Handymax and Handysize vessels
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the second quarter of 2014, for which we reported revenue of $145.4 million, a 16% increase and Adjusted EBITDA of $51.4 million, a 33% increase compared to the same period last year. We are also pleased to again announce a dividend of 6 cents for Q2 2014 representing a yield of 2.6%."
Angeliki Frangou continued, "We have created a significant competitive advantage through our in house technical and
commercial management. These skills reduce our daily opex 34% below the industry average and control G&A expense so that they are below our public peers. These skills harness scale and create operating leverage by reducing costs in a way that would not be possible, in our view, with a third party provider."