Navios Maritime Holdings may be in a better able to refinance its debt, Clarksons Platou says in a research report.

Credit analyst Nicholas Gower cites the company's improving credit metrics and a better dry bulk market for the improvement in its credit outlook.

Navios Holdings has some $291m in unsecured notes coming due in 2019 and another $650m in secured notes due 2022.

The notes were on a wild ride much of last year, trading as low as $0.30 on the dollar in secondary markets due to the severe downturn in dry bulk and company-specific concerns about Navios' ability to make the debt whole.

Although the notes are rates as vulnerable by both Standard & Poor's and Moody's, the notes have traded up with the 2019 notes trading at about $0.90 on the dollar and the 2022 notes about $0.80 on the dollar.

The move upward comes as cash flow generation shows "signs of continued improvement largely driven by advance in bulker rates which could return credit metrics to more moderate levels," Gower said.

The report says that the Navios fleet has shown utilisation above 98% despite ongoing cyclicality and the prolonged downturn.

Navios has a fleet of 38-owned and 26 chartered-in bulkers. Clarksons' Gower says that model limits the need for further capital outlay, "but provides optionality for growth through purchase options on 20 assets."

The Navios corporate structure provides a further tailwind, Clarksons notes. Despite some issues last year with inter-company lending, Clarksons says the affiliate companies provide "an alternative source of liquidity not available to its bulker peers."

Gower says that upcoming refinancings will remain "key," especially the ability to refinance the 2019 notes.

"In our view, the path to refinancing these notes seems increasingly likely as demonstrated by the recent upward price revision on the notes, improving bulker sentiment, and value of unencumbered assets," Clarksons said.

Clarksons was retained as co-arranger on a $405m term loan Navios entered earlier this year. Clarksons was also lead manager and bookrunner on the $50m private placement of shares in Navios Maritime Containers.