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Navios 2013 losses rise again

Navios 2013 losses rise again
Navios Maritime Holdings has posted a third quarter loss of $13m, reversing a $4.6m profit in the same period last year.

The loss came on falling revenues, down from $163.9m to $122.2m in the third quarter, as time charter equivalent rates (TCE) in the dry bulk fleet fell 35% to $12,085 per day in Q3 this year, compared to $18,785 per day in the same period of 2012.

An easing of depreciation and amortisation costs by $2.2m was not enough to offset a $20.2m drop in EBITDA, along with increases in the costs of financing and drydocking.

The quarter's results brings the nine-month loss for the company to $39m, down from last year's $19.3m profit for the same period, as revenue fell $107m to $381.6m and EBITDA fell 36% to $117.8m. The significant drop in revenue is again due in part to a drop in TCE earnings for the dry bulk fleet, down 42.2% to $11,543 per day in the nine month period, from $19,988 last year.

Earlier this month, Navios signed at 20-year agreement with Vale for storage and transhipment services, that should generate a minimum EBITDA of $35m for the company.

Navios Group currently controls 58 vessels totalling 5.8m dwt with an average age of 6.6 years.