Navios announces secondary offering

Navios announces secondary offering Navios Maritime Holdings Inc. said it is commencing a secondary offering of 11.5 million shares of its common stock under an existing shelf registration statement.
   Underwriters will also be granted an option to purchase and additional 1.7 million shares of common stock to cover overallotments.
   Navios shares have been trading lately at about $9 a share, near the high of its 52-week range, which has ranged from $3.80 to $9.36.
   Navios, which is based in Piraeus and has U.S. offices in South Norwalk, Conn., said net proceeds of the offering would be used to fund growth and general corporate purposes.
   Navios also reported first quarter net income of $14.8 million, up from $5 million in the year-earlier quarter. Revenue more than doubled to $101.8 million in the period ended March 31, compared to $49.2 million in the same 2006 period.
   “During this period, we have enjoyed the market’s remarkable health by chartering out vessels for relatively lengthy periods while solidifying our balance sheet,” said Angeliki Frangou, Navios' chairman and chief executive officer.
   In February, Navios acquired all of the outstanding share capital of Kleimar N.V., a    Belgian owner and operator of Capesize and Panamax vessels that has an extensive contract of affreightment business, a large percentage of which involves transporting cargo to China.
   Kleimar controls 11 vessels including two long-term chartered in vessels to be delivered, of which it has ownership interest on three.
   Navios, which specializes in the transport of dry bulk products, has a fleet of about 20 owned vessels, 16 long-term chartered in ships, and another eight ships on order for long-term charter. It also usually has another 20-30 ships on short or medium-term employment.