Bigger fleet boosts Navios Partners profits.
PIRAEUS based dry bulk owner Navios Maritime Partners has reported a 25% rise in net income for the final quarter of 2009 after an increase in its fleet of bulk carriers.
Net income of $11m for the fourth quarter compared with $8.8m in the equivalent three months of 2008.
Time charter and voyage revenues for the period increased from $21.6m in the last quarter of the previous year to $25.6m in 2009 due to Navios Partners" acquisition of the rights to the panamax Navios Sagittarius last June and the acquisition of the supramax Navios Apollon in October.
The results brought net income for last year to $34.3m on revenues of $92.6m compared with net income of $28.8m on revenues of $75.1m in 2008.
Chairman and chief executive Angeliki Frangou said: ?I am proud of our accomplishments during 2009, which was an uncertain and difficult period.
?Despite the volatility, we engaged in a number of transactions that created stability at Navios Partners by raising additional equity on an accretive basis to our unit holders, acquiring new vessels, reducing leverage ratios and creating financial flexibility.?
Navios had also raised dividends when many other companies were suspending or reducing distributions to shareholders, she said.
Ms Frangou said: "We believe that we are positioned to take advantage of opportunities in 2010 as we seek to continue growing Navios Partners."