Navios sees sharp increase in earnings, revenue

Navios sees sharp increase in earnings, revenue Dry bulk shipping company Navios Maritime Holdings Inc. reported sharply higher earnings of $79.2 million for the three months ending June 30 compared to $23.2 million in the same 2007 period.
   Second quarter revenue was $354 million compared to $136 million in the second quarter of 2007.
   Angeliki Frangou, chairman and chief executive officer, said the company “continues to strike a favorable balance of spot exposure and long-term cash flow generation as illustrated by our chartering strategy.” He noted earlier this week the company renewed charters on two vessels at an 80 percent premium to their previous rates and also chartered out two newbuilding capesize vessels before their expected delivery.