PIRAEUS, Greece, Aug. 19 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM - News), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the second quarter and six months ended June 30, 2008."During the second quarter of 2008, we delivered excellent financial and operational performance, as evidenced by the 6% increase in Adjusted EBITDA to $48.2 million," stated Ms. Angeliki Frangou, Chairman and CEO of Navios Holdings. "Furthermore, we continue to strike a favorable balance of spot exposure and long-term cash flow generation as illustrated by our chartering strategy."
Ms. Frangou continued, "For example, and as we announced yesterday, we renewed charters-out on two of our vessels at an 80% premium to their previous rates and also chartered out two newbuilding capesize vessels well before their expected delivery. These secure charters are complemented by new vessels to be delivered charter-free to Navios Holdings' fleet in the fourth quarter of 2008 and first quarter of 2009. This advantageous time-charter and spot mix should continue to enhance our financial flexibility as we continue to pursue our growth strategy and provide returns to shareholders."
Throughout this press release, "Adjusted EBITDA" for the three and six months ended June 30, 2008 and 2007 is defined as EBITDA, including amounts otherwise eliminated by finance lease accounting (treating a portion of vessels' earnings as a repayment of capital).
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