Navios Maritime Holdings today reported a net loss of $10.2 million in the first quarter of 2013, plummeting from a net profit of $9.5 million in the first quarter of 2012.
Quarterly revenue for the Greek shipping and logistics company was $133.8 million, compared with $152.0 million in the same period last year. Revenue from dry bulk vessel operations in the first quarter was $60.6 million, versus $101.9 million in the first quarter in the previous year. Revenue from the logistics business was $73.2 million, up from $50.1 million for the same period of 2012.
"We are pleased with our results for the first quarter of 2013,” said Angeliki Frangou, chairman and CEO of the Navios Holdings, in a written statement. “We reported $38.5 million of [earnings before interest, taxes, depreciation or amortization]. We continue to maintain our operating discipline, with moderate leverage of 42 percent, while focusing on shareholder value by returning capital through dividend payments.”
In May 2013, Navios Holdings formed Navios Asia in partnership with a shipowner and operator based in Japan. Navios Holdings will own 51 percent and appoint three members to the board, while the Asian shipowner will own 49 percent and appoint two members to the board. Navios Asia will serve as an acquisition vehicle for Japanese-built dry cargo vessels and has already agreed to acquire five Panamax vessels and one Kamsarmax vessel for $114.0 million.
Additionally, Navios Holdings has agreed to acquire four Panamax vessels for $66.0 million, which are expected to be delivered in the third quarter of 2013. Navios Holdings and Navios Maritime Acquisition also executed a binding letter of intent to acquire, through a new joint venture, Navios JV, 10 vessels from debtors of HSH Nordbank.