NM - Navios Maritime Holdings reports solid earnings as time charter rise 25.1% in Q2

• Navios Maritime Holdings ( NYSE: NM ) shares rose after reporting 10.9% growth in second quarter's revenue to $159.2M.
• By Segment: Revenue from the dry bulk vessel operations increased 4.6% to $90M, broadly reflecting the increase in the time charter and freight market during quarter.
• Revenue from the Logistics Business was $69.2M, up 20.14% Y/Y.
• The TCE per day increased by 25.1% to $26,984 per day.
• Non-GAAP EBITDA increased 22.8% to $98.9M. EBITDA of Navios Logistics, on a standalone basis, was $31.7 million for the three month period ended June 30, 2022
• Navios Maritime GAAP EPS was $1.37.
• Cash provided by operating activities during the quarter stood at $69.7M.
• In July 2022 Navios Holdings agreed to sell its 36-vessel drybulk fleet for aggregate consideration of $835M in cash.
• Chairwoman and CEO Angeliki Frangou, noted “We completed the $835.0 million sale of our dry fleet and used the proceeds to pay down $784.2 million of debt. Going forward, we will refocus on our controlling interest in Navios South American Logistics ( NSAL ), a logistics and infrastructure provider in South America."
• NM shares are up 3.2% on Thursday.

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