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 Maritime Containers files for a $100 million IPO
Monaco-based container ship company Navios Maritime Containers has filed with the SEC to raise up to $100 million in an initial public offering. The information of IPO was originally provided by the IPO investment manager Renaissance Capital. The Navios Holdings company run by Angeliki Frangou was founded in 2017 and booked $69 million in sales for the 12 months ended March 31, 2018. According to the company website: "We are a growth-oriented international owner and operator of containerships.
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 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.
Women Are Moving up in the Maritime Industry
Historically, women have played only a minor role in shipping, shipbuilding and related areas up to the present, but decision makers in the industry are now beginning to recognize their potential in view of the current shortage of skilled people. Women are a major focus at the Maritime Career Market held at SMM. A highlight is presentation of the “Personality of the Year 2016” award by the Women’s International Shipping & Trading Association (WISTA). More women means more profit, as shown in a study by the Peterson Institute in Washington published in February 2016. The more women a company employs in middle and senior management, the better its earnings. The rule of thumb is that an increase in female executives from zero to 30 percent boosts profitability by 15 percent.
Rickmers Sells Entire Containership Fleet to Navios
Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime though a wholly owned subsidiary, Navios Partners Containers Inc. Three of the container vessels are 3,450 TEU, and 11 are 4,250 TEU, combining for a total 57,100 TEU. The average age is 9.5 years.
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 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.
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…
Navios Group Rolls Out Containers Division
Navios Group has launched Navios Containers, a vehicle dedicated to the container sector. Navios Containers has the right to acquire all containerships offered to the Group, said Angeliki Frangou, Chairman and Chief Executive Officer. Navios Containers used the proceeds of the private placement, which was closed on June 8, 2017, to acquire five 4,250 TEU vessels from Navios Partners for a total purchase price of $64.0 million. The payment terms included a $24.0 million credit by Navios Partners for a period of up to 90 days from the purchase date at LIBOR plus 375 bps…
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 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.
Wah Kwong Maritime's Chao is 2018 CMA Commodore
Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition…
Navios Revenue Up 25% in 3Q 2014
Highlights of Navios Maritime Holdings Inc. IPO of Navios Maritime Midstream Partners L.P. Navios Maritime Holdings Inc. a global vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year. As a result, we have announced a dividend of 6 cents for Q3 2014 representing a yield of about 4.2%. On September 17, 2014…
Navios Updates Fleet Status
Navios Maritime Holdings controls a fleet of 72 vessels totaling 7.3 million dwt, of which 39 are owned and 33 are chartered-in under long-term charters. The fleet consists of 21 Capesize, 31 Panamax, 18 Ultra Handymax and two Handysize vessels, with an average age of 7.7 years, basis fully delivered fleet. Angeliki Frangou, Chairman and Chief Executive Officer, stated: "We are expanding our fleet capacity and creating market exposure at an opportune time. He added: "We did this using modest capex, as we chartered in the kamsarmaxes, three with favorable purchase options.
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 Acquisition Announces Fleet Update
Tanker vessel owner and operator Navios Maritime Acquisition Corporation announced the delivery and employment of one VLCC and one MR2 product tanker and the employment of one VLCC and two product tankers. The Nave Synergy, a 2010 Japanese-built VLCC of 299,973 dwt, was delivered to Navios Acquisition's owned fleet in December 2014. The vessel has been chartered out to a high quality counterparty for one year at a rate of $34,125 net per day. The vessel is expected to generate approximately $8.6 million of aggregate EBITDA during this charter…
Navios Maritime Partners to Acquires a 2005 Panamax
Navios Maritime Partners, an owner and operator of drybulk and container vessels, announced today that it agreed to acquire a 2005-built Panamax Vessel for $12.95 million, with delivery expected in March 2018. It also announced that its board of directors has adopted a distribution policy of $0.08 per common unit annually. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “I am pleased we were able to restore distributions for our unit holders.
Navios Maritime Acquisition Corporation acquires VLCC
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced today the acquisition of a 2003-built VLCC of 298,287 dwt. The VLCC was purchased for $43.5 million. The vessel is expected to be delivered in Q2 2014. Navios Acquisition is expected to finance the acquisition with cash on its balance sheet and financing consistent with its existing credit arrangements. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "Navios Acquisition is a premier tanker company having expanded its fleet at attractive points in the cycle. Following the acquisition of the VLCC Navios Acquisition owns 44 vessels: 11 VLCCs, 29 product tankers and 4 chemical tankers.
Paddy Rodgers Named CMA 2016 Commodore
Award to be presented March 23, 2016 at the conclusion of the CMA’s Shipping 2016 Annual Conference and Exposition. Mr. Paddy Rodgers, CEO of Euronav NV has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2016. Rodgers follows a long succession of influential maritime industry leaders as Commodore. The 2016 Commodore Award will be presented on March 23, 2016 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA.
Navios Maritime Acquisition Corporation Inks Sale and Leaseback Pact
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $71.5 million sale and leaseback agreement for four MR2 product tankers. The proceeds have been used to extinguish $69.25 million of indebtedness. The Agreement provides for 24 quarterly payments of $1.5 million each plus interest at LIBOR plus 305 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of sixth year for $35.8 million.
Noonan Named CMA's 2017 'Commodore'
This morning CMA announced that Mr. John D. “Jack” Noonan, CEO of Chembulk Tankers, has been named as the CMA Commodore for the year 2017. Noonan joins a presigious list of previous award winners, including Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O’Neil, Richard du Moulin, Per Heidenreich, Marc Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day, Torben Jensen, Morten Arntzen, John Fredriksen, Capt.