Navios Maritime Holdings Inc. Announces New Long-Term Time Charter for Ultra-Handymax, Navios Ionian
17 January 2007 - 12:00AM
PR Newswire (US)
New Two-Year Charter To Commence In March PIRAEUS, Greece, Jan. 16
/PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios")
(NASDAQ:BULKNASDAQ:BULKUNASDAQ:BULKW), a large, global, vertically
integrated seaborne shipping company, announced today that it has
secured a favorable time charter contract for the Company's
2000-built ultra- handymax, Navios Ionian. The new 24-month charter
will commence in March of this year, at a rate, net of all related
commissions, of $ 22,219 per day. Navios Ionian is one of 14
vessels in the Company's core ultra-handymax fleet. "We continue to
take advantage of the current strong rate environment in the
drybulk sector," said Ms. Angeliki Frangou, Chairman and CEO of
Navios. "This charter, almost 50% higher than Ionian's current
rate, clearly illustrates the demand for our young, high-quality
vessels. The charter announced today will support our primary goal
of generating stable cash flow for Navios." As a result of this
latest charter, Navios has extended the coverage of its long term
fleet to 78% for 2007, 43% for 2008 and 10% for 2009. Navios
currently controls 33 vessels, of which 17 are wholly owned, 16 are
chartered-in including six still to be delivered to the
chartered-in fleet. Navios also owns eight purchase options on its
16 chartered-in vessels, including options on four of the vessels
still to be delivered. All of these options are for exercise prices
below the related vessel's current market value. About Navios
Maritime Holdings Inc. Navios Maritime Holdings Inc. is a large,
global, vertically integrated seaborne shipping company
transporting a wide range of drybulk commodities including iron
ore, coal and grain. For over 50 years, Navios has worked with raw
materials producers, agricultural traders and exporters, industrial
end- users, ship owners, and charterers. Navios also owns and
operates a port/storage facility in Uruguay and has in-house
technical ship management expertise. Navios maintains offices in
Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay. Navios' stock is listed on the NASDAQ Global Market where
its Common Shares, Units and Warrants trade under the symbols
"BULK," "BULKU," "BULKW," respectively. Risks and uncertainties are
described in reports filed by Navios Maritime Holdings Inc. with
the United States Securities and Exchange Commission. Safe Harbor
This press release may contain forward looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about Navios Maritime Holdings Inc. (Navios). Forward looking
statements are statements that are not historical facts. Such
forward looking statements, based upon the current beliefs and
expectations of Navios' management, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements. The information set forth herein should
be read in light of such risks. Navios does not assume any
obligation to update the information contained in this press
release. Public & Investor Relations Contact: Navios Maritime
Holding Inc. Investor Relations 212 - 279- 8820 DATASOURCE: Navios
Maritime Holdings Inc. CONTACT: Navios Maritime Holding Inc.
Investor Relations, +1-212-279-8820,
Copyright
Navios Maritime (NASDAQ:BULKU)
Historical Stock Chart
From Aug 2024 to Oct 2024
Navios Maritime (NASDAQ:BULKU)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Navios Maritime Hlds Wrts (MM) (NASDAQ): 0 recent articles
More Navios Maritime Holdings Inc. - Units 2008 (MM) News Articles