Navios Maritime Holdings (NM) Reports Q4 Loss of $0.28

Navios Maritime Holdings (NYSE: NM) reported Q4 EPS of ($0.28), versus ($0.30) reported last year. Revenue for the quarter came in at $99.5 million, versus $111.75 million reported last year.

Angeliki Frangou, Chairman and Chief Executive Officer, stated “Navios Holdings is positioned to capture any market recovery. In 2016, we reduced expected 2017 breakeven by $28.0 million through a number of actions, including purchasing, at a discount, (i) about $60.0 million in face value of our unsecured bonds and (ii) $61.1 million of par outstanding Series G and H ADSs. We also reduced the average charter rate for our charter-in fleet by $2,170 per day and cash requirements for servicing commercial bank debt. Our scale provides industry leading operating efficiencies, with Opex about 37% below industry averages and G&A among the lowest of our publicly listed shipping peers.”

Angeliki Frangou continued, “We are pleased that we have removed the uncertainty regarding our iron ore port in South America. The London arbitration tribunal has ruled in favor of Navios Logistics - that the Vale 20-year port services contract remains in full force and effect. The Vale minimum guarantee, for 4 million of the 10 million tons of annual capacity, should generate about $35.0 million in annual EBITDA. Over the 20-year term of the contract, this minimum guarantee should generate about $1.0 billion in EBITDA.”

For earnings history and earnings-related data on Navios Maritime Holdings (NM) click here.

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