Navios Maritime Holdings Inc. Announces Four (4) Favorable Long-Term Time Charters
05 September 2006 - 11:44PM
PR Newswire (US)
- Strong Rate Environment Leads To New Charter Contracts - PIRAEUS,
Greece, Sept. 5 /PRNewswire-FirstCall/ -- Navios Maritime Holdings
Inc. ("Navios") (NASDAQ:BULKNASDAQ:BULKUNASDAQ:BULKW), a vertically
integrated global shipping company specializing in the dry-bulk
shipping industry, announced today that it has secured favorable
time charter contracts for four (4) of its vessels. As a result,
Navios has extended the coverage of its Long Term Fleet to 98.4%
for 2006 and 59.2% for 2007. The time charters encompass two
vessels for two years and two vessels for three year at daily rates
creating approximately $59.8 million of EBITDA over the charter
periods. The details of these vessels and the related charters are
set forth below. Vessels Type Built DWT Charter Period(2) Charter
Out Revenue Effective Date Daily Rate (1) Navios Altair Panamax
2006 82,300 22,715 3 years 09/20/2009 Navios Ultra Achilles
Handymax 2001 52,063 21,613 2 years 01/15/2009 Navios Star Panamax
2002 76,662 21,375 3 years 01/21/2010 Navios Libra II Panamax 1995
70,136 21,613 2 years 09/14/2008 (1) Time Charter Revenue Rate per
day net of commissions. (2) Charter agreements includes a
redelivery time range of 2 to 3 months "We are very pleased to
execute on our strategy of leveraging the strong rate environment
to secure favorable cash flow," said Ms. Angeliki Frangou, Chairman
and CEO of Navios. "In light of the recent momentum of the market,
we feel that long-term contracts are beneficial, and, during the
past month, we have secured 8 long-term charters to quality
charterers for favorable rates." About Navios Maritime Holdings
Inc. Navios is a vertically integrated global seaborne shipping
company, specializing in the worldwide carriage, trading, storing,
and other related logistics of international dry bulk cargo
transportation. 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's stock is listed on the NASDAQ's National Market
System where its Common Shares, Units and Warrants trade under the
symbols "BULK", "BULKU", "BULKW." 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's 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
Holdings Inc. Investor Relations 212-279-8820 DATASOURCE: Navios
Maritime Holdings Inc. CONTACT: Navios Maritime Holdings Inc.,
Investor Relations, +1-212-279-8820,
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