Navios Holdings Sees Red Ink

first_imgGreek shipping firm Navios Maritime Holdings widened its net loss in the first quarter of 2017, reaching USD 48.7 million, compared to a net loss of USD 7.5 million posted in the same period a year earlier.In the three month period ended March 31, 2017, the company’s revenue dropped to USD 95.3 million from USD 101.5 million seen in 1Q 2016.Furthermore, adjusted EBITDA for the quarter decreased to USD 17.5 million from USD 30.6 million recorded in the same period last year.“I am pleased with our results for the first quarter, in which we recorded revenue of USD 95.3 million, EBITDA of USD 17.5 million and net cash from operating activities of USD 28.6 million. We also ended the quarter with USD 138.2 million in cash, while having no committed growth CAPEX or any significant debt maturities until 2019. In a recovering market, we are positioned to enjoy substantial free cash flow from an increase in charter rates,” Angeliki Frangou, Chairman and Chief Executive Officer, commented.During the quarter, Navios Maritime Partners agreed to acquire the entire container fleet consisting of fourteen ships from Rickmers Maritime Trust. As informed, the acquisition of the first five 4,250 TEU boxships is expected this month.Additionally, the company formed Navios Containers, a Marshall Islands firm, which intends to sell around USD 15 million of its shares for aggregate gross proceeds of about USD 75 million.In late April, Navios Holdings reached a deal with FSL Trust Management, the trustee-manager of First Ship Lease Trust, to acquire a major share in the company. Definitive agreements are expected to be reached by September 30, 2017, according to the company.“The strength of Navios Holdings’ sponsorship allowed Navios Partners to grow significantly by raising USD 100 million in the first quarter and entering into an agreement to acquire the RMT fleet. In addition, it allowed Navios Containers to raise USD 75 million of gross equity proceeds in its initial capitalization. Navios Holdings also agreed to acquire control of the FSL Trust which owns 22 vessels,” Frangou added.In 1Q 2017, Navios Holdings agreed to sell two Handymax vessels, Navios Ionian and Navios Horizon for USD 11.8 million. The company said the vessels are collateral to its 7.375% First Priority Ship Mortgage Notes due in 2022.What is more, the company refinanced one of its existing debt facilities securing a 2010-built Capesize vessel with a USD 15.3 million new bank loan.In May, Navios Logistics acquired two product tankers, Ferni H and San San H for USD 11.2 million which Navios previously operated under capital lease with an obligation to purchase in 2020. The remaining capital lease obligation was terminated after the acquisition of the vessels. The acquisition of the two product tankers was financed with a USD 14 million five-year term loan.Currently, Navios Holdings controls a fleet of 66 operating vessels of which 40 are owned and 26 chartered-in. The company’s fleet has a total tonnage of 6.7 million dwt.last_img read more

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TE SubCom Introduces Ocean Control Suite

first_imgTE SubCom, a TE Connectivity company, has introduced its Ocean Control suite, the technology that represents a leap forward in network control efficiency through software-defined networking (SDN). By enabling automated control over all parts of a communications network, the Ocean Control suite offers remote programmability and control of an entire communications network, both terrestrial and undersea.The suite uses RESTful application programming interfaces (APIs) with read and write functionality to interface with undersea network elements like wavelength selective switch reconfigurable optical add drop multiplexer (WSS ROADMs). SubCom partner Ciena  is among the first to take advantage of the new API capabilities, which will be demonstrated to a select audience in Ciena’s Ottawa labs throughout May.Mark Enright, vice president, customer solutions of TE SubCom said, “The Ocean Control suite enables us to further strengthen SubCom’s commitment to customers, through our partnership with Ciena. With this new technology, we’re building the API platform that will underpin the future of an optimized network control interface.”“We look forward to the opportunity to put the SubCom APIs to good use. They will provide a seamless integration into our Blue Planet Manage, Control and Plan (MCP) domain controller to enable the automated delivery of services across Ciena packet-optical networks, and more programmable management,” said Ian Clarke, vice president, global submarine systems of Ciena.last_img read more

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No Barcelona exit for Ivan Rakitic this January transfer window

first_img Promoted Content6 Interesting Ways To Make Money With A DroneWhich Country Is The Most Romantic In The World?Best Car Manufacturers In The World7 Ways To Understand Your Girlfriend BetterTop 10 Most Romantic Nations In The World13 kids at weddings who just don’t give a hootDid You Know There’s A Black Hole In The Milky Way?This Guy Photoshopped Himself Into Celeb Pics And It’s HystericalA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day7 Black Hole Facts That Will Change Your View Of The Universe11 Theories Why We Haven’t Met Any Aliens Yet20 Celebs With Bizarre Hidden Talents And Skills That’s the view of Spanish publication Diario Sport who claim that the 31-year-old isn’t going anywhere.Speculation over Rakitic’s future has been rife with Manchester United, Inter Milan and Juventus all interested in his services in the summer.The Croatia international has seen his minutes reduced as he competes for a spot in midfield with the likes of Sergio Busquets, Arthur and Frenkie de Jong.Rakitic has made just 23 appearances for Barca this season so far in all competitionsRead Also:Messi sets Barcelona record that might remain foreverThe midfielder has made 23 appearances for Barcelona this season so far in all competitions but he is determined to see the campaign out at the Nou Camp.His contract with Barcelona runs out in June 2021, having signed an extension back in 2017.FacebookTwitterWhatsAppEmail分享 Loading… center_img Barcelona midfielder Ivan Rakitic has ‘decided to stay at Barcelona and fight for his place rather than leave the club before the transfer window shuts’.Advertisementlast_img read more

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Murder charges dropped in overdose death case

first_imgVersailles, In. — Following a decision by the Indiana Court of Appeals murder charges against James Trimnell have been dropped. Trimnell was charged in connection with the overdose death of Rachel Walmsley in Batesville in July of 2017.Ripley County prosecutor Ric Hertel plans to wait for the pending court decision regarding Trimnell’s co-defendant Nathaniel Walmsley before moving forward. However, additional charges against Trimnell have not been ruled out.last_img

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Abramovich relationship ‘fine’ – Benitez

first_imgRafael Benitez insists his relationship with Chelsea owner Roman Abramovich and the playing squad is strong despite his rant criticising Blues supporters and the club’s decision to give him the title of interim manager. Press Association The Spaniard, who has confirmed he will leave Chelsea at the end of season, is expected to be given at least one more match in charge when West Brom visit Stamford Bridge on Saturday and will hold the pre-match media conference as scheduled on Friday afternoon. “My relationship with the owner is really good,” Benitez told BBC’s Football Focus. “Every time I talk to Abramovich about football, I enjoy (it). I know that he wants to win. I’m here because he wants to win and I will try to do my best until the last day. center_img “The relationship is fine. I don’t have any problem with anyone. I have conversations with Michael Emenalo, the technical director, every single day. He watches the training sessions, we talk about football and when I meet Roman Abramovich, we talk about football. “We talk like normal people. We share a passion for football.” Reports of dressing room unrest, including a dispute with captain John Terry, have been played down and Benitez is adamant there are no major concerns. “My relationship with the staff, the people at Cobham, is really good, fantastic,” Benitez added. “The players are fully behind our ideas, 100 per cent.” last_img read more

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Petra/Milo U-18 Schools Football

first_imgContrasting wins as Sir Leon, Morgan advance to semisTHE first two semifinal spots in this year’s Milo Schools U-18 Football tournament have been snapped up by Sir Leon Lessons and Morgan Learning Centre in contrasting manner when action took place yesterday.Penalties were needed to determine the winner of the first match between Sir Leon and Bishops’ High School but it was an absolute rout when Morgan’s Learning Centre took on Carmel at the Ministry of Education ground.In the first game, the attacking spirit of the Sir Leon side lacked teeth for the most part as Bishops High kept them at bay for most of the game, in spite of the majority of the match being played in the Bishops’ half.The game almost ended in favour of the Carmichael street side when a hand-ball in the box brought about what should have been a game changing penalty that should have given Bishops’ High the lead.However, the designated penalty-taker could only send the ball crashing over the cross bar,giving the keeper no worries.In the end, it was Leon’s Lessons who won 4-3, scoring all their penalties while the Bishops’ team missed one and had the other saved.In the second game of the afternoon, it was an absolute rout for Carmel as they went down 0-11 to the Morgan’s Learning Centre side.David Coates led the line with goals in the 38th, 67th, 77th and 79th minutes, while Osafo Matheson (6th, 32nd) and Chris Macey (47th, 63rd) chipped in with braces.There were also single strikes from Adrian Adolph (1st), Daniel Clarke (43rd) and Orin Moore (49th)The other two spots will be determined today when Masters Academy takes on Buxton from 13:00hrs and Chase Academic Foundation play Pure Masters.last_img read more

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One-on-one matchups key for USC

first_imgDawson versus White — edge: USCBefore the season, this might have been a clear advantage for Utah. Entering the year, sophomore linebacker Lamar Dawson had only four career starts to his name, while Utah running back John White ran for 1,519 yards in his 2011 debut season. With former Oregon tailback LaMichael James now in the NFL, most expected White to take over James’ mantle as the Pac-12’s top running back.But White is off to a slow start in 2012, averaging a mere 3.6 yards per carry. After sitting out of Utah’s Sept. 15 loss to BYU, White returned to action last Saturday against Arizona State and struggled mightily. Against the Sun Devils, he fumbled twice and ran for just 18 yards on 14 carries.By contrast, after sitting out USC’s first two games because of a calf strain, Dawson appears ready to justify Kiffin’s decision to award him the hallowed No. 55 jersey, traditionally given to some of the best linebackers in USC history. Against Stanford and Cal, Dawson registered a combined 19 tackles. Breslin versus Poutasi — edge: USCJunior defensive end Morgan Breslin has been nothing short of a revelation through USC’s first four games. He is tied for fifth nationally with 9.5 tackles for a loss and is seventh with 5.5 sacks, even after not playing a game during the bye-week.The junior college transfer from Diablo Valley College has officially become a player for whom opposing offensive coordinators must plan. Unfortunately for Utah, right tackle Jeremiah Poutasi is making only his third career start. Though Poutasi came out of Desert Pines High School as a relatively decorated recruit, earning recruiting attention from Oregon and Oregon State, he is still a freshman starting at a crucial position that is notoriously difficult to learn right away. USC’s second cornerback versus Christopher — edge: UtahAs Kiffin alluded to earlier this week, there’s no secret that offenses have so far avoided throwing into junior cornerback Nickell Robey’s coverage. As a result, it’s incumbent upon whoever emerges as the cornerback opposite Robey in this game to prepare for several passes coming his way.Though the Trojans only surrendered 14 points to the Utes last season, wide receiver DeVonte Christopher, then a junior, racked up 136 receiving yards. Knowing Christopher represents the Utes’ greatest big-play threat, expect Utah coach Kyle Whittingham to do his best to call formations that will match him up against USC’s lesser cornerbacks.center_img Though football is the consummate team sport, there are certain individual matchups in each contest that are so lopsided they can significantly alter the game’s outcome.Thursday night’s showdown between USC and Utah is no different, featuring a number of individual battles that seem to be an obvious advantage for one side.Up to speed · After a calf injury sidelined him for the first two games of the season, Lamar Dawson had 19 tackles in his first two games back. – Carlo Acenas | Daily TrojanHere are what appear to be four mismatches in tonight’s game that bear watching:Holmes or Markowitz versus Lotulelei — edge: UtahSenior center Khaled Holmes, a Rimington Award nominee, is an offensive captain and the anchor of the offensive line, but he might not be fully healthy after re-aggravating his ankle injury against California. If his bothersome ankle flares up, he will have little chance in slowing down Utah’s standout defensive tackle Star Lotulelei.Before the season, CollegeFootballNews.com projected Lotulelei as the No. 1 pick in the 2013 NFL draft. At 6-foot-4 and 320 pounds, the senior from South Jordan, Utah has reinforced this praise, registering four tackles for a loss and two forced fumbles in 2012.If Holmes is unable to play, senior Abe Markowitz will assume his spot. Though the former walk-on earned USC coach Lane Kiffin’s praise for his steady play at left guard against Cal, he would be making only his second career start and his first at center.last_img read more

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USC men’s basketball to take on Providence in NCAA Tournament

first_imgOn Selection Sunday, the Trojans earned one of the last spots in the NCAA Tournament. The Trojans were placed in the preliminary play-in round, facing off against Providence in Dayton, Ohio on Wednesday. The game will be a rematch of last season’s first-round game, which the Trojans dropped 70-69 in the final seconds in a panic during an out-of-bounds play. But the opponent is an exciting challenge for the players returning from last year’s short-lived appearance in the tournament.“We’re all happy,” sophomore forward Chimezie Metu said. “The most important thing is just to have fun and to come out focused. The freshmen will have to learn that through experience”The seeding comes after the Trojans’ ability to make the tourney came under scrutiny late in the season. After cruising to a 14-0 start to the season, the team seemed to be a lock for making the tournament and continuing the momentum started with last year’s season. But a four-game losing streak punctuated by a 102-70 rout at the hands of UCLA and a 83-82 stunner at Arizona State sent the team tumbling far from the rankings and into the bubble.As the clock rolled around to 5:30 p.m. EST on Sunday, it was unclear whether the bracket revealed live on CBS would include USC at all. But head coach Andy Enfield stayed firm throughout the process — he knew his team would make it. “We thought we were in the tournament,” Enfield said. “We thought we did enough to deserve to be there.”Enfield and his Trojans will 24-9 Trojans have the chance to build upon the growth they’ve made in past years in their second-straight NCAA tournament appearance.last_img read more

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Troost-Ekong, Ndidi Doubtful for DR Congo

first_imgTroost-Ekong went under the Masseur’s treatment and it is not sure if he would be fit in time for the game in Port Harcourt.Meanwhile, Super Eagles assistant coach, Salisu Yusuf, says the game is not a do-or-die affair, so Nigerians should not be under any pressure.The former Enyimba handler said he was sure it would help the Super Eagles to boost their preparation for the 2018 FIFA World Cup in Russia.“It is a friendly match and it is not a do or die affair,” Yusuf who led the Super Eagles’ B team against Atletico Madrid in Monday’s game in Uyo said, according to Complete Sports.“The players know that there is nothing at stake in the match and for us the coaches, it is just a continuation of our preparations for the World Cup.“Nobody should be under any pressure, we are playing DR Congo for us to bring the players together and to know the fitness level of the players after the European season. This is also an opportunity for the fans, I mean Nigerians to see the team before we move to Russia.“Almost all the players are in camp except Moses who has also taken permission, and what this means to us is that we are on course for the World Cup.”Nigeria’s next game after playing DR Congo is England at Wembley Stadium on June 2.The Super Eagles will thereafter enter into the final phase of camping in Austria and the final 23-man squad will prosecute their last pre-World Cup international friendly match against Czech Republic on June 6 before heading to their World Cup team-base camp in Essentuki, Russia.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Demola OjoOne half of Nigeria’s famed ‘Oyinbo Wall’, William Troost Ekong, is doubtful for Monday’s international friendly between Nigeria and DR Congo. Troost-Ekong has formed a formidable and dependable partnership in the heart of Nigeria’s defence alongside Leon Balogun.The Super Eagles have been hit with a few injuries with Belgium-based Moses Simon already ruled out of the tie. Simon sat out Friday morning’s training on the sidelines with a big ice pack on his thigh, as well as close attention from the medical staff, while Wilfred Ndidi continued his special training on the sidelines but participated in a light workout with the rest of the team later in the training session.last_img read more

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World Cup Qualifier: Kevin-Boateng arrives tonight

first_imgGhana midfielder Kevin-Prince Boateng is expected to arrive in Accra on Monday night to rejoin the Black Stars ahead of their deciding World Cup qualifier against Zambia on Friday.The 26-year-old made his debut for Schalke in their 2-0 win over Bayern Leverkusen on Saturday following his move from AC Milan a day earlier.The versatile midfielder is now expected to get a huge reception on his return to join the Black Stars haven rescinded his decision to quit international football.Boateng shocked the world over two years ago when he announced his premature retirement from the Black Stars.He however wrote to the Ghana FA last month to declare he was available for national team selection after several consultations.Boateng will however miss Ghana’s opening training session which begins on Monday evening at the Accra Sports Stadium at 4pm local time. Captain Asamoah Gyan has already arrived to lead the team in the opening training session on Monday.He will be joined in training by Kwadwo Asamoah, Christian Atsu, Fatau Dauda and Mahatma Otoo.Others to train on Monday include Razak Braimah, Rashid Sumaila, Awal Mohammed, Mubarak Wakaso and Albert Adomah.last_img read more

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