Source: Navios/HANSA
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New York-listed bulk shipping group Navios[ds_preview] Maritime Holdings has reported a net loss of $ 40 mill. for the first six months of the year. Compared to 2015, the result reflects an improvement.

Angeliki Frangou, Chairman and Chief Executive Officer, was not dissatisfied, saying »Navios Holdings had a solid second quarter performance, earning $31.0 million in EBITDA, which was relatively in line with 2015. We have $143.2 million of cash as of June 30, 2016 and no material debt maturities until 2019.« According to the statement, Navios Holdings’ opex is estimated to be approximately 42% less than the industry average. During the last twelve months, general and administrative expenses have been reduced by approximately 30%, which is expected to be reduced further to a total of 40% by year end.

In the first six months – compared to the corresponding period of 2015 – the revenue sunk from $238 million to $207 million. However, the EBITDA increased from $59 million to $ 76 million. This was primarily due to a decrease in time charter, voyage and logistics business expenses; a decrease in direct vessel expenses, a decrease in general and administrative expenses and a increase in other income, net.

As a result, the net loss sunk from $ 51 million to $ 34 million. According to Navios, this positive development was »mainly due to an increase in EBITDA,  a decrease in interest expense and finance cost and a decrease in depreciation and amortization.

Navios Holdings controls a fleet of 61 vessels totaling 6.3 million dwt, of which 40 are owned and 21 are chartered-in under long-term charters. It currently operates 57 vessels (19 Capesize, 18 Panamax, 18 Ultra Handymax and two Handysize vessels) totaling 5.9 million dwt. The current average age of the operating fleet is 7.8 years. Additionally, Navios Holdings has four newbuilding charter-in vessels expected to be delivered at various dates beginning in the fourth quarter of 2016 until 2017.

It was added that as of August 22, 2016, Navios Holdings has chartered-out 86.6% and 34.2% of available days for the remaining six months of 2016 and for 2017, respectively (including index-linked charters), which are expected to generate $57.1 million and $20.9 million in base revenue, respectively. The average daily charter-out base rate for the Core Fleet is $8,813 and $15,319 for the remaining six months of 2016 and for 2017, respectively. The average daily charter-in rate for the active long-term charter-in vessels for the remaining six months of 2016 is estimated at $12,421.

Revenue from dry bulk vessel operations for the six months ended June 30, 2016 was $93.3 million as compared to $106.8 million for the same period during 2015. »The decrease in drybulk revenue was mainly attributable to the decline in the freight market during 2016, as compared to the same period in 2015«, the release stated.