zoom Greek 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.