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Navios Maritime 1Q Profit Falls Almost 16 Percent

The Associated Press

Greek shipping and logistics company Navios Maritime Holdings Inc. said on Thursday its first-quarter profit fell 15.8 percent as its ships were chartered out less, and for cheaper rates.

The company said it earned almost $12 million, or 12 cents per share, during the quarter that ended March 31, down from $14.2 million, or 13 cents per share, during the same period last year. Revenue fell by more than half to $147.2 million, from $338.3 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a profit of 9 cents per share on revenue of $139 million.

The company said its time charter equivalent per day fell 38.8 percent to $28,368 per day in the first quarter, from $46,338 a year ago. And because of "significantly reduced activity" in its short-term fleet, the number of available days fell 35.5 percent.

The company said it has contracted for 96.6 percent of its available days on a charter-out basis for this year, and 75.5 percent, 54 percent, and 47.6 percent for 2010 through 2012. It said the average daily charter-out rate for the core fleet is $25,484 for this year, rising to more than $35,833 in 2012.

Navios shares fell 30 cents, or 6.4 percent, to $4.42 in afternoon trading.

Lazard Capital Markets analyst Urs Dur wrote in a note that the Navios share price weakness on Thursday "does not appear related to quarterly results, but rather to a broader market pullback. The dry bulk sector appears on track for the moderate recovery we have been expecting for some time and Navios appears well positioned after 1Q results."