Navios secures three time charters

Navios secures three time charters Navios Maritime Holdings Inc., a Greek drybulk shipowner with U.S. offices in South Norwalk, Conn., said it has secured three new time charters.
   Details of the three charters are:
   * 'Navios Herakles,' Navios’ wholly owned 52,601-deadweight-ton super handymax, a two-year charter commencing May 2 at a net rate of about $26,600 per day.
   * 'Navios Arc,' wholly owned 53,524 dwt super handymax, a two-year charter commencing May 30, at a net rate of about $27,600 per day.
   * 'Navios Titan,' Navios’ long-term, chartered-in 82,936 dwt panamax, a three-year charter commencing late in the fourth quarter at a net rate of about $27,100 per day.
   “The time charter market continues to be strong,” said Angeliki Frangou, chairman and chief executive officer of Navios. “The charters announced today are at an average of approximately $10,000 per day higher than current charter-out rates. We believe these charters will generate stable cash flow and shareholder value.”
   As a result of these new charters, Navios has extended the coverage of its core fleet to 91.7 percent for 2007, 62.6 percent for 2008 and 19.9 percent for 2009.
   Navios controls 46 vessels, of which 21 are owned and 25 are chartered-in. Of the chartered-in vessels, 16 are operating, and nine are still to be delivered. Navios holds 11 purchase options on the 25 chartered-in vessels, six on operating vessels, and five on the vessels still to be delivered.