Navios Maritime Holdings is emphasising cost management as it posted a bigger loss in the third quarter, in line with the market’s expectations.
The bulker company of the Navios group reported an adjusted net loss of $22.4m from July to September, against $20.3m in the corresponding quarter of last year.
Loss per share of $0.25 was one cent lower than the Wall Street’s forecast of $0.26.
Angeliki Frangou, chief executive of Navios Maritime Holdings, focused on the company’s performance in respect of operating costs.
“We emphasize cost management and Navios Holding’s operating cost is one of the lowest in the industry when compared to our publicly listed shipping peers,” she said.
Navios Maritime Holdings is expected to reduce its 2017 daily cash breakeven by $1,274 thanks to a series of initiatives.
These include a reduction in bank debt requirements of $11.4m for the next 15 months.
For the remainder of the year, the company aims to capture the recent market improvement.
It has chartered out its fleet at an average rate of $7,289 until the end of the year while long-term deals have been agreed on an average rate of $12,187.
