Navios to Ring NYSE Closing Bell
Navios Maritime Holdings Inc. announced that Chairman and CEO Angeliki Frangou, along with members of the Navios Maritime Holdings Inc. management team, will commemorate the Company's 60th Anniversary by ringing the NYSE Closing Bell on Wednesday, February 19, 2014. Frangou commented, "We are pleased to be back at the NYSE to ring the closing bell, celebrating of our 60th anniversary. We are also delighted that the Uruguayan Minister of Foreign Affairs, Luis Almagro, and the Minister of Finance, Mario Bergara will join us to celebrate our long-time activities in Uruguay. A live feed of the bell ringing can be found on Livestream at http://new.livestream.com/NYSEeuronext starting at 3:56 p.m. An archive of the bell ringing will be available shortly after.
Navios Rings NYSE Closing Bell
Navios Maritime Holdings Inc. Chairman and CEO Angeliki Frangou, along with members of the Navios Maritime Holdings Inc. management team, commemorated the company's 60th Anniversary by ringing the NYSE Closing Bell today, Wednesday, February 19, 2014. Prior to the ceremony, Frangou commented, "We are pleased to be back at the NYSE to ring the closing bell, celebrating of our 60th anniversary. We are also delighted that the Uruguayan Minister of Foreign Affairs, Luis Almagro, and the Minister of Finance, Mario Bergara will join us to celebrate our long-time activities in Uruguay.
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. 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. commercial management.
Greek J/V to Acquire HSH Debtors' Fleet
Navios Maritime Holdings & Navios Maritime Acquisition Corp. in J/V sign LOI to buy 10 ships from debtors of HSH Nordbank. The new Joint Venture company, named Navios JV, has executed a binding letter of intent to acquire ten vessels, composed of five product tankers and five container vessels with an average age of 5.5 years from debtors of HSH Nordbank AG. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings and Navios Acquisition stated, "Working closely with HSH over the past year, we devised a program whereby vessels can be removed from insolvency and placed into a stable situation. In so doing, we are leveraging Navios' economies of scale and superior technical and commercial management to everyone's betterment.
Navios Maritime Reports $2 mln income for Q1 2014
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the quarter ended March 31, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the first quarter of 2014, for which we reported net income of $2.0 million and EBITDA of $59.8 million. Angeliki Frangou continued, "By establishing and developing in house technical and commercial management…
Navios Provides Fleet Update; Announces New Charters
Navios Maritime Acquisition Corporation Announces Charters for Four LR1 Product Tankers; Fleet Coverage of 98.7% for 2012 and 75.7% for 2013. Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, announced today that it has chartered out four newbuilding LR1 product tankers. The four LR1 vessels -- Nave Cassiopeia, Nave Cetus, Nave Rigel and Nave Atropos -- have been chartered out to a high-quality counterparty for one year at a rate of $11,850 net per day plus 50% profit sharing. Navios Acquisition anticipates that these four vessels together will generate a total base EBITDA of approximately $6.3 million (assuming operating expense approximating current operating costs and 360 revenue days per year).
Navios in Red, but Beats Estimates
Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share the average estimate of analysts who had forecast red ink for the dry bulk company. According to Zacks Investment Research, based on 2 analysts' forecasts, the consensus EPS forecast for the quarter is $-0.34. The reported EPS for the same quarter last year was $0.01. During the same quarter in the prior year, the company posted $0.01 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis.
Navios Maritime Posts 4Q Profit
Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents. The operator of contracted crude oil tankers posted revenue of $25.8 million in the period. For the year, the company reported profit of $27.1 million, or $1.33 per share. Revenue was reported as $83.4 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015.
Navios Maritime sells MSC Cristina to Repay $100 mln Debt
In January 2017, following the completion of the sale of the MSC Cristina, Navios Maritime Partners repaid approximately $100 million of bank debt. Proforma for these repayments, net debt/book capitalization for December 31, 2016, has decreased to 36.5%. In addition, during 2016, the Company reduced its net debt by $77.8 million. In January 2017, the Company completed the sale of the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU. The vessel was sold to an unrelated third party for a total net sale price of $125.0 million.
Navios Maritime Posts 2Q Profit
Navios Maritime Midstream Partners LP (NAP) has reported second-quarter earnings of $5.9 million. It says revenue for three month period ended June 30, 2016 increased by $4.3 million to $22.7 million. The company said it had net income of 28 cents per share. The operator of contracted crude oil tankers posted revenue of $22.7 million in the period. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated, “We are pleased to report $16.4 million of EBITDA and $5.9 million of net income for the second quarter of 2016…
Navios Maritime Partners Reports Q1 Results
PIRAEUS, GREECE, April 20, 2011 - Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an owner and operator of dry cargo vessels, today reported its financial results for the first quarter ended March 31, 2011. Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "We are pleased to announce a cash distribution of $0.43 per unit. We are also pleased with our recent successful equity offering. The net proceeds will allow us to acquire additional vessels.
Navios Charter out Newbuild Capesize Vessel
Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross). The charterer has been granted an option to extend the charter for two optional years, the first at $22,325 (net) per day and the second at $25,650 (net) per day. The vessel is expected to generate approximately $4.6 million annual EBITDA or $12.9 million aggregate EBITDA for the three years of the initial charter period. EBITDA estimates assume expenses approximating current operating costs and 360 revenue days per year. Navios Partners expects the vessel to be delivered within September 2013.
UK Club at Connecticut Expo & CMA Commodore Award
The UK Club took part recently in the latest Connecticut Maritime Association (CMA) exhibition and conference at Stamford, CT. The UK P&I Club say that their stand at the expo was host to many of their members and friends from the North American maritime community and beyond. Each year the award of CMA Commodore is given to an individual for their contribution to the growth and development of the shipping industry. This year’s recipient was Mr. Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation (Teekay) .
Frangou Named CMA 2011 Commodore
Angeliki Frangou, Chairman & CEO of the Navios group of companies has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2011. Frangou follows a long succession of influential maritime industry leaders as Commodore. The Award will be presented to Frangou on March 23, 2011 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.
Navios Maritime Midstream Posts 4Q Profit
Maritime Midstream Partners LP (NAP), an owner and operator of tanker vessels, has reported fourth-quarter earnings of $6 million. On a per-share basis, the company has a net income of 28 cents. The operator of contracted crude oil tankers posted revenue of $22.8 million in the period. For the year, the company reported profit of $24.9 million, or $1.19 per share. Revenue was reported as $91.8 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report results for the full year and fourth quarter of 2016.
Navios Maritime Purchases Navios Aurora II
Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, announced the purchase of Navios Aurora II, a 2009 South Korean-built Capesize vessel with a capacity of 169,031 dwt, for $110m from Navios Maritime Holdings Inc. (NYSE: NM). The vessel is chartered out until November 2019 for $41,325 (net) per day. $20m of the purchase price is funded by the issuance 1,174,219 common units of Navios Partners. The $17.03 issue price reflects NYSE's volume weighted average price of the common units for the five business day period prior to the acquisition of the vessel. The balance of $90m of the purchase price is funded by $60m cash on the balance sheet and $30m of new debt.
SCI Presents Silver Bell Awards 2015
A shared passion and concern brought together a diverse group of people from several segments of the maritime industry to celebrate the milestone achievements of three careers and to raise funds to support mariners served by SCI. More than 770 individuals assembled on Thursday, June 4, 2015, at the Seamen’s Church Institute’s (SCI) 38th Annual Silver Bell Awards Dinner in New York City to honor the maritime industry contributions of three individuals. SCI presented Angeliki Frangou…
CMA Names Tsakos 2015 Commodore
Capt. Panagiotis N. Capt. Panagiotis N. Tsakos, Founder of the Tsakos Group, has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2015. The award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 25, 2015 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut. Captain Tsakos has dedicated his life to the sea, to the welfare of the people at sea, to caring for and protecting the environment and building a successful commercial shipping company.
Navios Agrees to Acquire Four Newbuilds
Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it has reached an agreement to acquire four Capesize vessels, three of which are from companies controlled by Commerzbank A.G. All vessels are currently under construction at the same South Korean Shipyard. Navios Holdings also announced that it amended the terms of existing agreements for three new build Capesize vessels. Navios Holdings will fund a portion of the purchase price for all seven vessels by issuing $165.2m in mandatorily convertible preferred stock. Angeliki Frangou…
Navios Maritime Acquires Employed MR2 Product Tankers
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today that it has agreed to acquire two 50,000 dwt MR2 product tankers built in 2009. The vessels are employed under long-term charter-out contracts with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period. Delivery is expected in July 2011. The two vessels will generate approximately $11.2 million annual EBITDA and $34.2 million of aggregate EBITDA assuming operating expense approximating current operating costs and 360 revenue days per year. The aggregate purchase price for the two new vessels is approximately $84.8 million, to be paid in cash.
PMC Opens Membership to International Shipowners
For the first time in its history, PANAMA MARITIME CHAMBER (PMC) has opened its membership to international shipowners with vessels registered in Panama – making it the equivalent of a Panamanian Shipowners’ Association. Jose Digeronimo, chairman of the Panama Maritime Chamber said: “There are over 9,000 vessels registered under the Panama flag, and our aim is to involve and help shipowners with representation, information, education, networking, trade missions and most important, lobbying on their behalf”. Digeronimo added: “I am sure that by joining, shipowners will realise added value, as we are the shipowners’ representatives in all the tri-partite meetings being held in Panama in respect of the Maritime Labour Convention.” He continued: “With the latest ratification…
Greece's Navios to Buy 5 Product Tankships
Navios Maritime Acquisition Corp. to acquire 5 MR2 Product Tankers wth options for two more. The company which owns and operates tanker vessels, announce that it agreed to acquire five MR2 product tankers for an aggregate purchase price of approximately $143.8 million. • Two of the vessels are 2007-built MR2 product tankers of about 51,000 dwt each with expected delivery in June 2013. The purchase price for each vessel is approximately $23.2 million. • One of the vessels is a newbuilding MR2 Eco Type product tanker of 50,000 dwt for approximately $34.3 million. The vessel is expected to be delivered in Q3 2013. • Two of the vessels are newbuilding MR2 Eco Type product tankers of 51,200 dwt each, with estimated deliveries in Q3 and Q4 2014, respectively.
Navios Maritime Charter Restructuring with HMM
Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%. Pursuant to the charter restructuring documentation executed on July 15, 2016, it has been agreed that the hire rate of five Container vessels chartered out to Hyundai Merchant Marine Co., Ltd. With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata.