NAVIOS
Net income of USD 30.7m – Cancels the delivery of 12 vessels
NOV, 18.2008
Navios Maritime Holdings, a global, vertically integrated seaborne shipping and logistics company, listed in NYSE (Angeliki Frangou, Chairman and CEO), reported net income of USD 30.7m from USD 36.52m and USD 124.1m for the 3rd Q and 9 months of 2008. Revenues increased by 74% to USD 371.3 in the 3rd Q of 2008 from USD 212.9m in the same period in 2007.
The company declared quarterly dividend of USD 0.09 per share for the 3rd Q of 2008, payable on January 6, 2009, to stockholders of record as of December 22.
The company cancelled 3 Capesize vessels scheduled for delivery in Q4 2009 and Q1 2010, which will result in capital expenditure savings of USD 265m. Installments already paid to the shipyard were applied towards future payments on 3 other Capesize vessels under construction with the same shipyard in South Korea. The cancellation fee was USD 1.5m in total.
In addition, in October 2008, Navios Holdings cancelled 6 Kamsarmax vessels scheduled for delivery in 2010 and 2011 and in November 2008, the company also cancelled 3 Handysize vessels scheduled for delivery in 2010 and 2011. These cancellations will result in annual savings of USD 61m.
