Navios suspends dividends in tough bulk market

The dry bulk market continues to pose a challenge for carriers. Navios Maritime Holdings suffered yet another deficit with revenue under pressure, and the carrier suspends dividends to instead launch a share buy-back program.

The tough dry bulk market is driving down revenue at Greek carrier Navios Maritime Holdings, which suffered a setback in the third quarter. Revenue fell to USD 130.1 million from USD 152.6 million in the same quarter of 2014. The result also decreased to a net loss of USD 22.1 million for the third quarter against a net loss of USD 16.6 million for the same period last year, according to the carrier's third quarter results.

The downward trend has made the carrier's management suspend the payment of dividends and instead launch a share repurchase initative.

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