Navios Maritime Q1 Profits Up

Navios Maritime Partners has reported a 40% increase in Q1 net income to $12.6m compared to $9m during the same period a year ago. The Greek dry cargo vessel operator said its quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased 44.9% to $21.3

Navios Maritime Partners has reported a 40% increase in Q1 net income to $12.6m compared to $9m during the same period a year ago.

The Greek dry cargo vessel operator said its quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased 44.9% to $21.3m.

The company’s quarterly operating surplus increased 67.9% to $17.8m.

The company declared a 1.2% increase in cash distribution to $0.415 a unit for Q1 2010 from $0.41 a unit declared in the fourth quarter of 2009.

In March, Navios Partners acquired a 169,031dwt Capesize vessel, Navios Aurora II, from Navios Holdings for $110m.