Monaco-based Navios Maritime Holdings Inc. reported “pleasing” results for the third quarter and nine-month period ending September 30, 2020.

Angeliki Frangou, Chairman and CEO, said, “I am pleased with our results for the third quarter of 2020. During the third quarter, Navios Holdings reported revenue of $126.2 million, adjusted EBITDA of $60.2 million and adjusted net Income of $2.1 million.

“Drybulk demand in the first half of 2020 was adversely effected by global quarantines. However, monetary stimulus and other policy measures eased the disruption and helped restart global economies in the third quarter. We believe that continued improvement is also attributable to food security considerations and new purchasing patterns emerging in the pandemic economy. Consequently, we are optimistic about growth in 2021.”

In September 2020, the Company sold the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, for a sale price of $51.0 million. Part of the sale proceeds were used for the repayment in full of the $33.0 million of outstanding secured bank debt in respect of the two vessels.

In August and September 2020, the Company sold to unrelated third parties, two 2005-built Panamax vessels, the Navios Northern Star and the Navios Amitie, for sale prices of $7.0 million and $7.1 million, respectively.

Over the last twelve months ended Q3 2020 Navios Holdings has added eight vessels to its owned fleet (including vessels under bareboat in agreements) with an average age of 4.1 years. In the same period a total of seven vessels have been sold with an average age of 13.4 years. This had the result of increasing the dwt capacity of the owned vessels by eight percent and decrease its average age by thirteen percent.

SOURCE: Navios Holdings