ECONOMY

Navios Maritime first-quarter gains miss Wall Street view

Greece’s dry-bulk carrier Navios Maritime Holdings Inc reported first-quarter earnings below Wall Street expectations, as better-than-expected revenue for the quarter was offset by increased time charter, voyage and port terminal expenses. The company reported net income available to common shareholders of $14.2 million, or 13 cents a share for the first quarter, compared with $10.6 million, or 13 cents a share last year. Revenue rose 234 percent to $338.2 million, helped by higher time charter rates and the increase in the available days of the fleet in 2008. However, this was offset by a 385 percent increase in time charter, voyage and port terminal expenses to $293.7 million. Analysts, on average, were expecting earnings of 26 cents a share, before special items, on revenue of $242.5 million, according to Reuters Estimates. (Reuters)