Navios Maritime Holdings Clocks 48% Revenue Growth In Q2

Navios Maritime Holdings Inc. NM reported second-quarter revenue growth of 47.9% year-over-year to $143.6 million.
Adjusted EPS improved to $2.21 from $(2.04) in 2Q20, beating the consensus of $1.59.
Time Charter Equivalent (TCE) for the quarter was $21,572 per day, compared to $7,827 per day in Q2 2020.
Adjusted EBITDA improved 216% to $85.94 million, and margin expanded by 3,185 bps to 59.8%.
Cash used in operating activities year-to-date was $1.36 million, compared to cash generated $5.53 million a year ago.
Navios Maritime Holdings controls a fleet of 38 vessels totaling 4.1 million dwt. It has currently chartered out 80.5% of available days for the remaining six months of 2021; 50% chartered-out on fixed-rate and 30.5% are chartered-out on an index.
The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining six months of 2021 is $16,441 per day.
Year to date, Navios Maritime Holdings repaid ~$251.4 million of outstanding debt.
Navios Maritime Partners L.P NMM and Navios Maritime Acquisition Corp NNA recently announced a merger agreement. After completing the merger, Navios Maritime Holdings expects to have a 10.3% ownership interest in Navios Partners.
Price Action: NM shares are trading lower by 3.52% at $5.76 on the last check Thursday.

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