The company, which controls 63 vessels totaling 6.2 milliondwt, reported net income of just over $2m for the period to 31 March 2014,improving from a loss of $10.2m in the same period last year.
Earnings before interest, tax, depreciation and amortization(ebitda) lifted to $59.8m, from $38.5m, despite revenues falling to $122.2mfrom $133.9m.
Revenue from dry bulk vessel operations rose to $76.6m, from$60.6m, due to a 7.2% increase in time charter equivalent rate (TCE) per day to$12,709 per day, from $11,860 in the same period of 2013, plus an increase inavailable days for owned vessels of 534 days and chartered-in vessels of 389days. The fleet comprises 39 owned and 24 chartered-in vessels under long-termcharters
However, revenue from the company’s logistics business fellto $45.6m, from $73.2m in the first quarter of 2013, mainly due to a decreasein the Paraguayan liquid port's volume of products sold.
Ebitda increased by $21.3m mainly on the back of an $18.8mdecrease in time charter, voyage and logistics business expenses plus an $8.3mincrease in equity in net earnings from affiliated companies.
Declaring a quarterly cash dividend of $0.06 per share ofcommon stock, chairman and chief executive Angeliki Frangou said: "We are pleased with our results for thefirst quarter of 2014.
"By establishing and developing in house technical andcommercial management, we have been able to achieve a significant competitiveadvantage through economies of scale,” she added.
Frangou says the company’s inhouse team is able to makebetter decisions about operating and drydocking vessels, and as it gets largerNavios is able to enjoy greater purchasing power with suppliers.
As of May 20, 2014, Navios Holdings had chartered-out 65.8%and 9% of available days for 2014 and 2015, respectively, equivalent to$150.2m and $24.1m in revenue.
The average daily charter-out rate for the core fleet is$13,498 and $15,818 for 2014 and 2015, respectively. The average dailycharter-in rate for active long-term charter-in vessels for 2014 is $13,759.
Navios also revealed that in May this year it became thesole shareholder of Navios Asia, owner of the N Amalthia and N Bonanza vessels,by acquiring the remaining 49% non-controlling interest for $10.9m in cash.
Navios Asia also entered an agreement to purchase a 180,600-dwtJapanese newbuilding Capesize for $54m, scheduled for delivery in June 2014,which will be financed with debt and cash from operations.
