Navios Holdings reports first quarter net income of $2.0 million
Net income of the Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, for first quarter ended March 31, 2014 reached $2.0 million, the Company said in its financial report.
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. We are also pleased to again announce a dividend of $0.06 for the first quarter of 2014, representing a yield of 2.9%."
Angeliki Frangou continued, "By establishing and developing in house technical and commercial management, we have been able to achieve a significant competitive advantage through economies of scale. We self-manage our vessels because we believe that by doing so, we operate more efficiently, to the material benefit of our stakeholders. Today, we believe we have world-class talent attending to our business in every department in our firm. This means better decisions are being made regarding the daily operation and maintenance of our vessels, more informed decisions are being made about dry-docking and chartering of our vessels and better procedures are being used in operating our company. Navios Holdings currently has almost 200 professionals attending to its business globally, excluding our crew of about 3,000. As we get larger, Navios Holdings also enjoys purchasing power with suppliers. We have been able to share these efficiencies and savings with the Navios Group."
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. Navios Holdings controls a fleet of 63 vessels totaling 6.2 million dwt, of which 39 are owned and 24 are chartered-in under long-term charters. Navios Holdings currently operates 53 vessels (15 Capesize, 17 Panamax, 19 Ultra Handymax and two Handysize) totaling 5.1 million dwt. The current average age of the operating fleet is 7.2 years. Additionally, Navios Holdings has seven newbuilding charter-in vessels expected to be delivered at various dates through 2016; and three newbuilding owned vessels, one of which is expected to be delivered in the second quarter of 2014 and two of which are expected to be delivered in the fourth quarter of 2015.