Navios Maritime Holdings has reported a surge in dry bulk revenue that returned its third-quarter results to profitability.
The New York-listed bulker owner, whose earnings also factor in its South American logistics subsidiary, logged net income of $59.8m for the three-month period, reversing a bottom-line loss of nearly $10.1m a year earlier.
This came on the back of a 33.5% jump in revenue, which rose to $168m for the period.
Within that was a 55.7% hike in revenue from the 36 vessels of the company's core dry bulk shipping operations, which reeled in nearly $105m during the third quarter compared with $67.4m in the same period of 2020.
That was thanks to a surging market during the period, both for time charters and spot freight, driving time-charter equivalent revenue upward by 115% to $30,146 per day per vessel.
Adjusted net income, which excludes one-off and non-cash items not tracked by analysts, jumped to $59.8m from $1.8m.
The quarterly results contributed to an $84.9m profit for the first nine months of the year, reversing a $98.6m bottom-line loss a year earlier.
The adjusted figures showed a similar return to profitability, rising from an adjusted loss of $47m in the first three quarters of 2020 to $84.9m in the black a year later.
"I am pleased with the results for the third quarter of 2021," said chief executive Angeliki Frangou, who is also Navios Holdings' largest shareholder.
By contrast to the core bulker fleet, Navios South American Logistics reported a loss of $4.4m during the quarter, reversing a profit of $2.7m in the same period of 2020.
The company has reported a return to the black in the third quarter of the year.
| Q3 2021 | Q3 2020 | |
| Revenue | $168m | $126m |
| Ebitda | $116.1m | $48m |
| Adjusted Ebitda | $116.1m | $59.9m |
| Net income | $59.8m | -$10.1m |
| Adjusted net income | $59.8m | $1.78m |
| Earnings per share | $3.67 | -$0.88 |
| Adjusted EPS | $3.67 | $0.04 |
But that included a $4.2m write-off cost related to extinguishing debt during the period. Excluding that gives an adjusted profit of $6.8m for the subsidiary.
Navios Logistics, which controls a terminal and diversified shipping assets in regional markets on the east coast of South America, saw its revenue rise to $63.5m in the third quarter from $58.8m a year earlier.
That was primarily a result of a boost in liquid cargo revenue in its barge business and a boost in its terminal business.
As TradeWinds has reported, Pireaus-headquartered Navios Holdings announced on Wednesday that it scored $550m in new financing that helped it address a major share of its $770m in looming bond maturities.
Thanks to loans from banks and a Frangou affiliate, as well as sale-and-leaseback deals, the company now plans to extinguish $614m in notes due in January and $50m of debt securities due in August.
