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Navios hit by sharp drop in short-term chartering-in.
(From Lloyds List)
Byline: Nigel Lowry in Athens
NASDAQ listed Navios Maritime Holdings has reported net income of $16.7m for the third quarter of this year, down from $27.3m in the same quarter of 2004.
The company attributed the drop in profits, and decline in revenues from $78.2m in last year's third quarter to $51.7m in the most recent three-month period, primarily to a sharp reduction in short-term chartering-in of tonnage.
The results brought net income for the first nine months to $54m, versus $95.9m at the same stage of last year.
Navios' first-half results suffered in comparison with last year's due to the lack of windfall profits from trading in forward freight agreements. The company also cited $1.8m in transaction costs from the takeover of Navios by Angeliki Frangou's International Shipping Enterprises in August, as well as a one-time $1.4m severance deal to its former chief executive.
Ms Frangou, Navios' chairman and chief executive, said: 'Overall, I am pleased with ...
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