Navios Maritime Holdings (NYSE:NM) reported results that were very typical of dry shipping stocks in this environment - more net losses from weak shipping rates and weak shipping rates from an out-of-control global fleet supply. However, if you believe NM management, this near-term pain may be soon coming to an end. CEO Angeliki Frangou acknowledges that the rate environment for dry shipping it as the worst levels seen in 30 years since at least the dry bulk index began recording. However, she believes this is a double-edged sword. Currently the rates are so low, so bad, that they are typically far less than operating break even. Read more