Navios Maritime Holdings Inc.(NYSE:NM) reported third-quarter revenue growth of 33.5% year-over-year to $168.4 million. Adjusted EPS improved to $3.67 from $0.04 in 3Q20.
- Time Charter Equivalent (TCE) for the quarter was $30,146 per day compared to $14,056 per day in 3Q20.
- Adjusted EBITDA improved 94% Y/Y to $116.14 million, and margin expanded by 2,150 bps to 68.9%.
- Navios Maritime generated cash from operating activities year-to-date of $31.7 million, compared to $35.31 million a year ago.
- Navios Holdings controls a fleet of 36 vessels totaling 3.9 million dwt, of which 25 are owned, and 11 are chartered-in under long-term charters.
- Navios Holdings has currently chartered-out 100.0% of available days for the remaining three months of 2021. The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining three months of 2021 is $16,833 per day.
- Navios Holdings has a 10.3% ownership interest in Navios Partners, post-merger with Navios Acquisition.
- Navios Holdings expects to extinguish $614.3 million of its 7.375% First Priority Ship Mortgage Notes due January 15, 2022, and to redeem $50 million of its 11.25% Senior Secured Notes due August 15, 2022, through a combination of sources, including $550 million of debt financing.
- Price Action: NM shares are trading higher by 4.66% at $3.82 during the premarket session on Thursday.
