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Navios second quarter profits rise

Navios second quarter profits rise
Profit for the second quarter rose to $19.5m at Greek bulker owner Navios Maritime Partners, a 16% increase on 2012's $16.7m for the same period.

The rise brings Navios' first half profit to $35.7m, up from $33.6m in 2012.

The company's fleet utilisation remained at 99.9% for the quarter; the acquisition of three vessels in June and July 2012 contributed to a slight rise in available days for the year to 1,894 from 1,630 at the same point in 2012.

Time charter revenues for the quarter rose by just 0.1% year on year to $49.2m, the trio of new ships helping to offset a drop in time charter equivalent earnings to $25,318 from $29,262 in the second quarter 2012.

Navios Partners has secured employment for 95.6% of its available days in 2013, 44.0% for 2014 and 33.8% for 2015 with average daily charter-out rates of $24,001, $29,058 and $31,291 for 2013, 2014 and 2015, respectively.