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Greece: Navios Maritime Reports Solid Performance in 2Q 2013

Navios Maritime Holdings Inc., a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the second quarter and six months ended June 30, 2013.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, “We had a solid quarter and reported $38.8 million of EBITDA. We are maintaining our operating discipline, with moderate leverage of 44.1% and cash of about $277.1 million. As we focus on execution, we continue to return capital to our shareholders through dividend payments and declared a $0.06 dividend for Q2 2013 to record holders on September 18, 2013, representing a yield of almost 4%.”
Angeliki Frangou continued, “Navios Holdings’ adaptable chartering strategy has been formed in context of its conservative business philosophy. While we are subject to the volatility of the industry, we dampen the impact by maintaining low-operating cost and a chartering policy appropriate for the times. At the peak of the market, we entered into long-term fixed rate charters with high quality counter parties. More recently, we have been negotiating period charters that provide a floor above our cash flow breakeven and a mechanism for market exposure so that we can enjoy the upside from a rapidly improving market.