Navios chief executive Frangou suggested the dry market hit a brief trough in the first quarter this year with heavy loss-making rates always unlikely to stick around for long.
Her comments came as Navios Maritime recorded a second quarter loss which was marginally better than Wall Street had feared.
Writing in the company’s quarterly report, Frangou said: "Our chartering is benefiting from a dry bulk recovery. We experienced a structural low in the first quarter of 2015, during which time the spot market rates were below operating costs and the period charter market was non-existent.
“We thought this to be a rare event, unlikely to be sustained.
"During the second and third quarters of 2015, charter rates improved across all dry bulk asset classes, although charter rates remain well below long-term averages."
Navios Maritime’s bottom line sat at $21.41m below zero in the three months to the end of June, an improvement on the $44.39m deficit of the same period 12 months ago.
Its adjusted loss of $0.27 per share was ahead of the $0.28 per share projected by analysts.
Frangou said the company was pleased with revenue of $119.8m and a core operating profit of $32.7m for the period, for which the owner paid a $0.06m dividend.
“We are one of the few companies that has consistently returned capital to our investors, whether through dividends or stock repurchases, even during volatile market periods," Frangou said.
Navios Maritime, the central company at the Greek group, received $8.1m from MLP Navios Partners in August and $3.6m from tanker owner Navios Acquisition in July.
