Navios Maritime Holdings fell deeper into the red amid a much larger operating loss from a year ago.
The New York-listed bulker player posted an adjusted net loss of $200.8m for the fourth quarter versus a $51.6m loss during the same period last year.
Excluding an operating loss of $136.3m versus a year-over-year operating profit of $7.7m, the adjusted loss would have come in at $19m compared with $15.3m a year earlier. A loss per share of $1.79 was in line with analyst expectations.
I am pleased with the results of the fourth quarter and full year of 2018
Angeliki Frangou
Positive result
On an adjusted basis, operating results came in on the positive side of the ledger at $45.5m versus $44m for the same three-month period in 2017.
“I am pleased with the results of the fourth quarter and full year of 2018," chief executive Angeliki Frangou said.
Adjusted net loss for the full year fell to $70.8m from $110.7m, based on revenue improving to $518m from $463m.
“During 2018, improved charter markets positively impacted our business results," she said.
"The time charter equivalent [TCE] of our fleet was about 30% higher in 2018 compared to 2017. This more than doubled our adjusted Ebitda from core shipping operations."
TCE charter rates averaged $12,534 per day compared with $9,705 per day a year ago.
She said this year's first quarter "has been adversely affected" by the Vale dam tragedy and unexpected weakness due to tariff concerns.
