S&P revises Navios Maritime outlook to stable
MINNEAPOLIS (AP) - Standard & Poor's on Monday said it has
dropped its outlook on dry-bulk shipper Navios Maritime Holdings
Inc. to stable from positive.
S&P affirmed the ``BB-'' corporate rating for Piraeus,
Greece-based Navios.
S&P analyst Andreas Kindahl said the outlook change ``reflects a
dramatic weakening of the dry-bulk shipping markets in the past two
months, which is expected to lead to lower-than-previously-expected
profitability for Navios in the years ahead.''
NYSE:NM Updated: 16:00 ET 5.77 +0.13 |
Navios has canceled 12 vessels on order. S&P said the stable
outlook reflects Navios' modern fleet and high contract coverage.
S&P said shipping industry conditions have weakened abruptly in
recent months, as stagnating industrial production reduces demand
for raw materials, and a credit freeze has left banks unwilling to
extend letters of credit. Vessels operating in the spot market are
barely covering voyage expenses, S&P said.
12/01/08 11:55
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