Wednesday, Navios Maritime Holdings Inc. (NM), a vertically integrated seaborne shipping and logistics company, reported a decline in third quarter earnings hurt by lower revenue due to a 52% decrease in Time Charter Equivalent per day and a fall in available days for the fleet.
Net income for the quarter declined to $21.3 million or $0.21 per share from $30.7 million or $0.29 per share in the corresponding period last year. In the prior year, the company had reported an adjusted net income of $5.7 million or $0.05 per share that exclude $24.9 million gain on sale of assets.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenue plunged to $160.6 million from $363.3 million a year-earlier. Street analysts expected the company to report revenue of $133.43 million for the quarter.
Revenue from vessel operations slid to $121.3 million from $329.8 million in the year-ago quarter due to a fall in the Time Charter Equivalent per day by 51.7% to $24,061 from $49,769 in the same period last year and the decrease in the available days for the fleet by 34.6% to 3,949 from 6,036 days in the same period of 2008. The decrease in available days is largely due to lower short term fleet activity to 588 days in the third quarter of 2009 from 3,112 days in the same period last year.
Revenue from the logistics business was $39.3 million as compared to $33.5 million during the same period of 2008. This increase was mainly due to the increased fleet of Navios Logistics compared to the same period of 2008.
Year-to-date, net income fell to $55.4 million or $0.55 per share from $124.1 million or $1.18 per share in the year-ago period. Adjusted net income rose to $46.4 million or $0.46 per share from $39.2 million or $0.36 per share in the corresponding period last year. Revenue declined to $450 million from $1.03 billion a year earlier.
The Board declared a quarterly cash dividend of $0.06 per share on common stock payable on January 7, 2010 to holders of record as of December 18, 2009.
Navios Holdings has extended its long-term fleet employment by entering into agreements to charter-out vessels for periods ranging from one to 12 years. As of November 18, 2009, Navios Holdings had contracted 99.5%, 83.3%, 63.4% and 56.6% of its available days on a charter-out basis for 2009, 2010, 2011 and 2012, respectively.
The contract amounts to $246.2 million, $309.8 million, $308.8 million and $298.3 million in revenue, for 2009, 2010, 2011 and 2012 respectively. The average contractual daily charter-out rate for the core fleet is $24,931, $30,243, $35,080 and $36,098 for 2009, 2010, 2011 and 2012, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2009 and 2010 amounts to $9,985 and $10,350.
NM closed Tuesday's regular trading at $6.29.
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