Navios Maritime Holdings has returned to profit as it reported rising revenue and an income statement without a finance fee that dragged earnings into the red a year earlier.

The company, which holds interests in Navios South America Logistics and Navios Maritime Partners, posted $14.5m in net income for this year’s first quarter.

That reverses a $5m net loss for the same period in 2022, when its earnings report included a $24m fee paid in the form of a debenture to private interests of chief executive Angeliki Frangou. The fee was linked to a refinancing package.

Piraeus-headquartered Navios reported $5.81m in net income attributable to shareholders for the quarter, up from a $6.72m net loss a year earlier that included $10.4m in net income from 36 bulkers that Navios Partners bought in September 2022.

The results led to $0.26 earnings per share for the first quarter versus a $0.74 loss per share during the same quarter in 2022.

Revenue totalled $65.4m for the first three months of this year, up from $59.2m a year earlier.

Navios Logistics, which operates a terminal as well as 395 barges, pushboats and tankers that are employed in South America, posted a $1.1m profit for the quarter, up from $400,000 during the first three months of 2022.

First-quarter Ebitda for Navios Holdings increased to $40.5m from $33.3m during the same time frame in 2022.

The higher Ebitda was mostly due to a $6.3m increase in revenue and a $6.3m spike in affiliate companies’ equity in net earnings.

“With global macro conditions supporting growth in the Hidrovia region, we are seeking to maximize the return on our unique infrastructure assets by adapting to changing conditions and offering innovative logistics solutions to existing and new clients,” Frangou said in a statement.

Navios Partners, a New York-listed owner and operator of more than 170 ships in the water and under construction, reported a $99.2m profit for the first three months of 2023, 16% more than in the same period last year.

About a third of that profit came from a $33.5m net gain from selling eight ageing Navios Partners ships in the quarter for $160m.

Eric Priante Martin contributed to this story.