Losses widened considerably in the first quarter at Navios Maritime Holdings, weighed down by falling freight rates and impairments incurred by a subsidiary that is under liquidation.
The US-listed company owner announced a net loss of $53.3m, a deeper deficit than the $5.3m in the same period last year.
The loss includes close to $30m in impairments from two unidentified bulkers, as well as from Navios Europe II, a vehicle in which Navios Holdings holds a 47.5%
