Revenue
- $416.7 million for FY 2020
- $102.4 million for Q4 2020
Cash provided by/(used in) operating
activities
- $25.2 million for FY
2020
- $(10.1) million for Q4 2020
Adjusted EBITDA
- $153.4 million for FY
2020
- $37.6 million for Q4 2020
Navios Partners
- Completed merger with Navios Containers on March 31,
2021
- Post-merger: NM owns 12.6%
$36.2 million debt reduction in Q1 2021
Navios Maritime Holdings Inc. (“Navios Holdings”
or “the Company”) (NYSE: NM), a global seaborne shipping and
logistics company, today reported financial results for the fourth
quarter and year ended December 31, 2020.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, “I am pleased with the results for the fourth
quarter and full year of 2020. For the full year of 2020, Navios
Holdings reported revenue of $416.7 million and adjusted EBITDA of
$153.4 million. For the fourth quarter, Navios Holdings reported
revenue of $102.4 million and adjusted EBITDA of $37.6
million.”
Angeliki Frangou continued, “Fiscal stimulus and
other policy measures have propelled global economic recovery into
2021. The IMF expects global GDP to grow by 6.0% in 2021, the
highest GDP growth in the past 50 years. Mass inoculation programs
are underway, facilitating a return to normalcy. Consequently, we
are optimistic about demand for drybulk vessels in 2021 and are
positioned to capture market upside with 51.7% of our available
days exposed to the spot market.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
Navios Partners’ Merger
On March 31, 2021, Navios Maritime Containers
L.P. (“Navios Containers”) and Navios Maritime Partners L.P.
(“Navios Partners”) completed their previously announced merger
(the “Navios Partners’ Merger”). Under the terms of the Navios
Partners’ Merger, Navios Partners acquired all of the publicly held
common units of Navios Containers through the issuance of
approximately 8,232,789 newly issued common units of Navios
Partners at an exchange ratio of 0.39 units of Navios Partners for
each Navios Containers common unit. As of March 31, 2021, Navios
Holdings had 12.6% ownership interest in Navios Partners.
Vessel Sales
In March 2021, the Company agreed to sell to an
unrelated third party the Navios Serenity, a 2011 built Handysize
vessel of 34,690 dwt, for a net sale price of $10.4 million. The
vessel is expected to be delivered to the buyers in the second
quarter of 2021.
In March 2021, the Company completed the sale to
a related party of the Navios Centaurus, a 2012 built Panamax
vessel of 81,472 dwt, and the Navios Avior, a 2012 built Panamax
vessel of 81,355 dwt, for a sale price of $39.3 million, including
working capital adjustments.
In February 2021, the Company completed the sale
to an unrelated third party of the Navios Astra, a 2006-built
Ultra-Handymax vessel of 53,468 dwt, for a net sale price of $6.4
million.
Debt Reduction
During the first quarter of 2021, the Company
repaid $36.2 million of outstanding bank facilities.
Bond Maturities
Our 7.375% First Priority Ship Mortgage Notes
mature in January 2022 (the “2022 Notes”). Our 11.25% Senior
Secured Notes mature in August 2022 (the “2022 Senior Secured
Notes”). Under the terms of the 2022 Senior Secured Notes, Navios
Holdings has an obligation to make a springing maturity offer in
September 2021 to repurchase those notes at par unless certain
conditions relating to the refinancing of our 2022 Notes are met.
In October 2020, Navios Holdings entered into a supplemental
indenture (the “Sixth Supplemental Indenture”) which, among other
things, eliminates Navios Holdings' obligation to make a springing
maturity offer subject to the occurrence of a Qualified IPO (as
defined in the Sixth Supplemental Indenture) of Navios South
American Logistics Inc. (“Navios Logistics”). There can be no
assurance a Qualified IPO will occur prior to the springing
maturity date, or at all.
Although Navios Holdings is currently attempting
to address these upcoming maturities and create additional
liquidity to fund working capital requirements through the sale of
assets and refinancing plans, there can be no assurance it will be
successful in such attempts or that any such attempts will be
consummated on terms satisfactory to us, or at all.
Fleet Statistics
Navios Holdings controls a fleet of 45 vessels
(including one vessel agreed to be sold) totaling 5.0 million dwt,
of which 29 are owned (including five bareboat-in vessels) and 16
are chartered-in under long-term charters (collectively, the "Core
Fleet"). The fleet consists of 16 Capesize, 23 Panamax, four
Ultra-Handymax and two Handysize vessels, with an average age of
8.2 years.
Navios Holdings has currently chartered-out
81.6% of available days of 2021. Of 2021 available days, 48.3% are
chartered-out on fixed rate and 33.3% are chartered-out on
index.
The average contracted daily charter-in rate for
the long-term charter-in vessels (excluding our Kleimar controlled
fleet, which is mainly used for servicing contracts of
affreightment) for 2021 is $15,560 per day. The above figures do
not include the fleet of Navios Logistics.
Exhibit II provides certain details of the Core
Fleet of Navios Holdings. It does not include the fleet of Navios
Logistics.
Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders per share are non-U.S. GAAP financial measures
and should not be used in isolation or as substitution for Navios
Holdings’ results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of
Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted
EBITDA, Adjusted Net Income/(Loss) attributable to Navios Holdings’
common stockholders and Adjusted Basic Earnings/(Loss) attributable
to Navios Holdings’ common stockholders per share of Navios
Holdings (including Navios Logistics), and EBITDA of Navios
Logistics (on a stand-alone basis) and a reconciliation of such
measures to the most comparable measures calculated under U.S.
GAAP.
As of November 30, 2018, Navios Holdings
obtained control over Navios Maritime Containers L.P. (“Navios
Containers”) and consequently consolidated Navios Containers
beginning on that date. Following the sale of Navios Containers
general partnership interest on August 30, 2019, Navios Holdings
deconsolidated Navios Containers from that date onwards. The
results of operations of Navios Containers for the periods from
January 1, 2019 to August 30, 2019 and from November 30, 2018 to
December 31, 2018 consolidated under Navios Holdings have been
reported as discontinued operations.
Earnings Highlights
Fourth Quarter 2020 and 2019 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The fourth quarter 2020 and 2019 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
|
Three Month Period EndedDecember 31,
2020 |
|
|
Three Month Period EndedDecember 31,
2019 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
102,353 |
|
|
|
$ |
118,881 |
|
|
| Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(94,355 |
) |
|
|
$ |
(111,236 |
) |
|
| Adjusted Net (Loss)/Income
attributable to Navios Holdings’ common stockholders |
$ |
(20,518 |
) |
(1) |
|
$ |
19,413 |
|
(2) |
| Net cash (used in)/provided by
operating activities |
$ |
(10,094 |
) |
|
|
$ |
15,319 |
|
|
| EBITDA |
$ |
(36,274 |
) |
|
|
$ |
(55,915 |
) |
|
| Adjusted EBITDA |
$ |
37,563 |
|
(1) |
|
$ |
74,734 |
|
(2) |
| Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(7.40 |
) |
|
|
$ |
(8.94 |
) |
|
| Adjusted Basic (Loss)/Earnings
attributable to Navios Holdings’ common stockholders per share |
$ |
(1.69 |
) |
(1) |
|
$ |
1.44 |
|
(2) |
|
(1) |
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per share for
the three month period ended December 31, 2020 exclude (i) $60.5
million in impairment losses relating to drybulk vessels; and (ii)
$13.4 million in other-than-temporary impairment (“OTTI”) loss
related to our investment in an affiliate company. |
|
(2) |
Adjusted EBITDA, Adjusted Net Income and Adjusted Basic Earnings
attributable to Navios Holdings’ common stockholders per share for
the three month period ended December 31, 2019 exclude $130.6
million in impairment losses relating to drybulk vessels. |
Revenue from the Dry Bulk Vessel Operations for
the three month period ended December 31, 2020 decreased by $10.2
million, or 14.4%, to $60.8 million, as compared to $71.1 million
for the same period during 2019. The decrease in dry bulk revenue
was mainly attributable to the decline in the time charter and
freight market during the periods compared. The TCE per day
decreased by 11.1% to $13,248 per day in the three month period
ended December 31, 2020, as compared to $14,894 per day in the same
period of 2019.
Revenue from the Logistics Business was $41.5
million for the three month period ended December 31, 2020 as
compared to $47.8 million for the same period in 2019. The decrease
was mainly attributable to a $4.2 million decrease in revenue from
the barge business mainly due to the expiration of certain legacy
time charter contracts, partially offset by higher contracts of
affreightment (“CoA”)/voyage revenues of convoys previously under
time charter contracts. During the three month period ended
December 31, 2020, CoA/voyage revenues were adversely affected by a
prolonged period of unusually warm weather and a drought in
southern Brazil, Paraguay and northern Argentina that resulted in
water levels in the Paraná River dropping to their lowest levels in
decades, which hampered shipping volumes and navigation. Revenue
from the port terminal business decreased by $4.2 million mainly
due to lower volumes transshipped in the grain port terminal due to
(a) reduced Uruguayan exports affected by lower Uruguay soybean
production and (b) reduced transshipment of grains mainly from
Paraguay and Bolivia due to the difficult navigation caused by the
low water levels described above. The overall decrease was
partially offset by (i) a $1.8 million increase in sales of
products mainly due to an increase in the liquid port terminal’s
volumes of products sold mainly due to Navios Logistics’ ability to
offer competitive prices compared to the market and (ii) a $0.3
million increase in revenue from the cabotage business, mainly due
to an increase in revenues from spot voyages performed, partially
offset by lower time charter rates due to market conditions.
Net Loss attributable to Navios Holdings’ common
stockholders was $94.4 million for the three month period ended
December 31, 2020, as compared to $111.2 million for the same
period in 2019. Net Loss attributable to Navios Holdings’ common
stockholders was affected by items described in the table above.
Excluding these items, Adjusted Net Loss attributable to Navios
Holdings’ common stockholders for the three month period ended
December 31, 2020 was $20.5 million, as compared to $19.4 million
Adjusted Net Income attributable to Navios Holdings’ common
stockholders for the same period in 2019. This decrease in Adjusted
Net Income was mainly due to (i) a $37.2 million decrease in
Adjusted EBITDA as discussed in the paragraph below; (ii) $4.6
million increase in interest expense and finance cost, net; and
(iii) a $1.0 million increase in income tax expense. This overall
decrease of $42.8 million was partially mitigated by (i) a $2.4
million decrease in depreciation and amortization; and (ii) a $0.4
million decrease in stock-based compensation expense.
Net Loss of Navios Logistics, on a standalone
basis, was $9.7 million for the three month period ended December
31, 2020 as compared to $2.8 million of Net Income for the same
period in 2019.
Adjusted EBITDA of Navios Holdings for the three
month period ended December 31, 2020 decreased by $37.2 million to
$37.6 million, as compared to $74.7 million for the same period in
2019. The decrease in Adjusted EBITDA was primarily due to (i) a
$16.5 million decrease in revenue; (ii) a $13.7 million gain on
bond extinguishment recorded in the three month period ended
December 31, 2019; (iii) a $6.3 million decrease in equity in net
earnings from affiliated companies; (iv) a $5.7 million decrease in
other income; (v) a $1.0 million increase in direct vessel expenses
(excluding the amortization of deferred drydock, special survey
costs and other capitalized items); and (vi) a $0.1 million
increase in general and administrative expenses (excluding
stock-based compensation expenses). This overall decrease of $43.3
million was partially mitigated by (i) a $4.5 million decrease in
net loss attributable to noncontrolling interest; and (ii) a $1.7
million decrease in time charter, voyage and logistics business
expenses.
EBITDA of Navios Logistics, on a standalone
basis, was $13.1 million for the three month period ended December
31, 2020, as compared to $19.8 million for the same period in
2019.
Year Ended December 31, 2020 and 2019
Results (in thousands of U.S. dollars, except per share data and
unless otherwise stated):
The information for the year ended December 31,
2020 and 2019 presented below was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
|
|
|
Year EndedDecember 31, 2020 |
|
|
|
Year Ended December 31, 2019 |
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
Revenue |
$ |
416,718 |
|
|
|
|
$ |
482,449 |
|
|
| Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(192,961 |
) |
|
|
|
$ |
(192,110 |
) |
|
| Adjusted Net (Loss)/Income
attributable to Navios Holdings’ common stockholders |
$ |
(67,525 |
) |
(1) |
|
|
$ |
53,949 |
|
(4) |
| Net cash provided by operating
activities |
$ |
25,211 |
|
|
|
|
$ |
96,112 |
|
|
| EBITDA |
$ |
27,931 |
|
|
|
|
$ |
61,881 |
|
|
| Adjusted EBITDA |
$ |
153,367 |
|
(1) |
|
|
$ |
273,916 |
|
(3) |
| Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(15.35 |
) |
|
|
|
$ |
(12.43 |
) |
|
| Adjusted Basic (Loss)/Earnings
attributable to Navios Holdings’ common stockholders per share |
$ |
(5.63 |
) |
(2) |
|
|
$ |
3.79 |
|
(5) |
|
(1) |
Adjusted EBITDA and Adjusted Net Loss attributable to Navios
Holdings’ common stockholders for the year ended December 31, 2020
exclude (i) $88.4 million in impairment losses relating to drybulk
vessels; (ii) $13.4 million in OTTI loss related to our investment
in an affiliate company; (iii) $12.7 million in OTTI loss and
impairment losses of loan receivable in relation to Navios Europe
II; (iv) $5.6 million in non-cash impairment losses incurred by our
affiliate companies relating to their investment in Navios Europe
II; (v) $4.2 million in write-off of deferred finance cost for bond
extinguishment incurred by Navios Logistics; and (vi) $1.3 million
in non-cash vessel impairment losses incurred by our affiliate
companies. |
|
(2) |
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per share for the year ended December 31, 2020
excludes the items referred in footnote (1) above as well as a gain
of $0.2 million related to the conversion of accrued dividends on
private preferred stock to common stock. |
|
(3) |
Adjusted EBITDA for the year ended December 31, 2019 excludes (i)
$156.1 million in impairment loss relating to drybulk vessels; (ii)
$61.7 million in loss on loss of control of Navios Containers;
(iii) $29.9 million of EBITDA previously included as a result of
Navios Containers’ consolidation during the period; (iv) $13.5
million of OTTI loss related to our investment in an affiliate
company; and (v) $10.6 million in write-off of intangible assets
incurred by one of our affiliate companies. |
|
(4) |
Adjusted Net Income attributable to Navios Holdings’ common
stockholders for the year ended December 31, 2019 excludes (i)
$156.1 million in impairment loss relating to drybulk vessels; (ii)
$61.7 million in loss on loss of control of Navios Containers;
(iii) $13.5 million of OTTI loss related to our investment in an
affiliate company; (iv) $10.6 million in write-off of intangible
assets incurred by one of our affiliate companies; and (v) $4.1
million in net loss from discontinued operations of Navios
Containers. |
|
(5) |
Adjusted Basic Earnings attributable to Navios Holdings’ common
stockholders per share for the year ended December 31, 2019
excludes items referred in footnote (3) as well as a gain of $45.7
million related to the tender offer for the Company’s preferred
stock and the conversion of accrued dividends on private preferred
stock to common stock. |
Revenue from the Dry Bulk Vessel Operations for
the year ended December 31, 2020 decreased by $53.4 million, or
21.0%, to $200.8 million, as compared to $254.2 million for the
same period in 2019. The decrease in dry bulk revenue was mainly
attributable to the decline in the time charter and freight market
during the periods compared, and a decrease in available days by
7.5%. The TCE per day decreased by 15.8% to $10,543 per day in
the year ended December 31, 2020, as compared to $12,519 per day in
the same period in 2019.
Revenue from the Logistics Business was $215.9
million for the year ended December 31, 2020 as compared to $228.3
million for the same period in 2019. The decrease of $12.4 million
was mainly attributable to an $11.5 million decrease in the barge
business, mainly due to the expiration of certain legacy time
charter contracts, partially offset by higher CoA/voyage revenues
of convoys previously under time charter contracts. During the year
ended December 31, 2020, CoA/voyage revenues were adversely
affected by a prolonged period of unusually warm weather and a
drought in southern Brazil, Paraguay and northern Argentina that
resulted in water levels in the Paraná River dropping to their
lowest levels in decades, which hampered shipping volumes and
navigation. Revenues from the port terminal business decreased by
$7.3 million mainly due to lower volumes transshipped from the
grain terminal, due to (a) reduced Uruguayan exports affected by
lower Uruguay soybean production and (b) reduced transshipment of
grains mainly from Paraguay and Bolivia due to the difficult
navigation caused by the low water levels described above. Revenues
from the cabotage business decreased by $1.4 million mainly due to
lower time charter rates due to market conditions, partially offset
by an increase of 41.4% in revenues from spot voyages performed.
The overall decrease was partially mitigated by a $7.9 million
increase in sales of products, mainly attributable to an increase
in Navios Logistics liquid port terminal’s volumes of products sold
mainly due to their ability to offer competitive prices compared to
the market.
Net Loss of Navios Holdings was $193.0 million
for year ended December 31, 2020, as compared to $192.1 million for
the same period in 2019. Net Loss was affected by items described
in the table above. Excluding these items, Adjusted Net Loss of
Navios Holdings for the year ended December 31, 2020 was $67.5
million, as compared to $53.9 million Adjusted Net Income
attributable to Navios Holdings’ common stockholders for the same
period in 2019. This decrease in Adjusted Net Income was mainly due
to (i) a $120.5 million decrease in Adjusted EBITDA as discussed in
the paragraph below; (ii) a $13.5 million increase in interest
expense and finance cost, net; and (iii) a $0.6 million increase in
income tax expense. This overall decrease of $134.6 million in
Adjusted Net Income was partially mitigated by a (i) a $10.7
million decrease in depreciation and amortization; (ii) a $1.6
million decrease in stock-based compensation expense; and (iii) a
$0.8 million decrease in amortization for deferred drydock, special
survey costs and other capitalized items.
Net Income of Navios Logistics, on a standalone
basis, was $12.0 million for the year ended December 31, 2020, as
compared to $32.1 million for the same period in 2019. Adjusted Net
Income of Navios Logistics, on a standalone basis, was $16.2
million for the year ended December 31, 2020, as compared to $32.1
million for the same period in 2019.
Net Loss of Navios Containers, on a standalone
basis, was $4.1 million for the period from January 1, 2019 to
August 30, 2019 (deconsolidation effective date).
Adjusted EBITDA of Navios Holdings for the year
ended December 31, 2020 decreased by $120.5 million to $153.4
million, as compared to $273.9 million for the same period in 2019.
The $120.5 million decrease in Adjusted EBITDA was primarily due to
(i) a $65.7 million decrease in revenue; (ii) a $36.2 million
decrease in bond and debt extinguishment gains, net; (iii) a $30.2
million decrease in other income, net; (iv) a $9.8 million gain on
sale of business recorded in the year ended December 31, 2019; and
(v) a $4.1 million increase in direct vessel expenses (excluding
the amortization of deferred drydock, special survey costs and
other capitalized items). This overall decrease of $146.0 million
was partially mitigated by (i) a $10.7 million increase in equity
in net earnings from affiliate companies; (ii) a $10.6 million
decrease in time charter, voyage and logistics business expenses;
(iii) a $3.3 million decrease in net income attributable to the
non-controlling interest; and (iv) a $0.9 million decrease in
general and administrative expenses (excluding stock-based
compensation expenses).
EBITDA of Navios Logistics, on a standalone
basis, was $86.5 million for the year ended December 31, 2020, as
compared to $103.9 million for the same period in 2019. Excluding
$4.2 million in write-off of deferred finance cost for bond
extinguishment incurred for the year ended December 31, 2020,
Adjusted EBITDA of Navios Logistics, on a standalone basis, was
$90.6 million for the year ended December 31, 2020, as compared to
$103.9 million for the same period in 2019.
Fleet Summary Data:
The following table reflects certain key
indicators indicative of the performance of Navios Holdings' dry
bulk operations (excluding the Navios Logistics’ fleet) and its
fleet performance for the three month period and year ended
December 31, 2020 and 2019, respectively.
|
|
Three Month |
|
Three Month |
|
Year |
|
Year |
|
|
Period Ended |
|
Period Ended |
|
Ended |
|
Ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Available Days (1) |
|
4,444 |
|
|
4,641 |
|
|
18,266 |
|
|
19,738 |
| Operating Days (2) |
|
4,389 |
|
|
4,621 |
|
|
18,060 |
|
|
19,613 |
| Fleet Utilization (3) |
|
98.8% |
|
|
99.6% |
|
|
98.9% |
|
|
99.4% |
| Equivalent Vessels (4) |
|
48 |
|
|
50 |
|
|
50 |
|
|
54 |
| TCE rates (5) |
$ |
13,248 |
|
$ |
14,894 |
|
$ |
10,543 |
|
$ |
12,519 |
|
(1) |
Available days are the total number of days a vessel is controlled
by a company less the aggregate number of days that the vessel is
off-hire due to major repairs or repairs under guarantee, vessel
upgrades, drydocking or special surveys and ballast days relating
to voyages. The shipping industry uses available days to measure
the number of days in a period during which vessels should be
capable of generating revenues. |
|
(2) |
Operating days are the number of available days in a period less
the aggregate number of days that the vessels are off-hire due to
any reason, including unforeseen circumstances. |
|
(3) |
Fleet utilization is the percentage of time that Navios Holdings’
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. |
|
(4) |
Equivalent Vessels are defined as the available days of the fleet
divided by the number of the calendar days in the period. |
|
(5) |
TCE rates are defined as voyage and time charter revenues less
voyage expenses during a period divided by the number of available
days during the period. The TCE rate is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels on various types of contracts
for the number of available days of the fleet. |
Conference Call:
As previously announced, Navios Holdings will
host a conference call today, April 21, 2021, at 8:30 am ET, at
which time Navios Holdings' senior management will provide
highlights and commentary on earnings results for the fourth
quarter and year ended December 31, 2020.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Wednesday, April 21, 2021
at 8:30 am ETCall Title: Navios Holdings Q4 2020
Financial Results Conference CallUS Dial In:
+1.877.480.3873International Dial In: +1.404.665.9927Conference ID:
554 3907
The conference call replay will be available
shortly after the live call and remain available for one week at
the following numbers:
US Replay Dial In: +1.800.585.8367International
Replay Dial In: +1.404.537.3406Conference ID: 554 3907
This call will be simultaneously Webcast. The
Webcast will be available on the Navios Holdings website,
www.navios.com, under the "Investors" section. The Webcast will be
archived and available at the same Web address for two weeks
following the call.
About Navios Maritime Holdings
Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a
global seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings,
please visit our website: www.navios.com.
About Navios South American Logistics
Inc.
Navios South American Logistics Inc. is one of
the largest logistics companies in the Hidrovia region of South
America, focusing on the Hidrovia region river system, the main
navigable river system in the region, and on cabotage trades along
the eastern coast of South America. Navios Logistics serves the
storage and marine transportation needs of its petroleum,
agricultural and mining customers through its port terminals, river
barge and coastal cabotage operations. For more information about
Navios Logistics, please visit its website:
www.navios-logistics.com.
About Navios Maritime Partners
L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is a
publicly traded master limited partnership which owns and operates
dry cargo vessels. For more information, please visit its website
at www.navios-mlp.com.
About Navios Maritime Acquisition
Corporation
Navios Maritime Acquisition Corporation (NYSE:
NNA) is an owner and operator of tanker vessels focusing on the
transportation of petroleum products (clean and dirty) and bulk
liquid chemicals. For more information about Navios Acquisition,
please visit its website: www.navios-acquisition.com.
Forward Looking Statements - Safe
Harbor
This press release and our earnings call contain
and will contain forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future
events, including our ability to refinance our near-term debt
maturities, expected cash flow generation, future contracted
revenues, potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, and Navios
Holdings' growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further
time charters. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. Such statements include comments
regarding expected revenue and time charters. These forward-looking
statements are based on the information available to, and the
expectations and assumptions deemed reasonable by Navios Holdings
at the time these statements were made. Although Navios Holdings
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Holdings. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to risks relating to:
global and regional economic and political conditions including the
impact of the COVID-19 pandemic and efforts throughout the world to
contain its spread, including effects on global economic activity;
demand for seaborne transportation of the products we ship; the
ability and willingness of charterers to fulfill their obligations
to us; prevailing charter rates; shipyards performing scrubber
installations, drydocking and repairs; changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, diseases, pandemics, political events, piracy or
acts by terrorists, including the impact of the COVID-19 pandemic
and the ongoing efforts throughout the world to contain it;
uncertainty relating to global trade, including prices of seaborne
commodities and continuing issues related to seaborne volume and
ton miles; our continued ability to enter into long-term time
charters; our ability to maximize the use of our vessels; expected
demand in the dry cargo shipping sector in general and the demand
for our Panamax, Capesize, Ultra Handymax and Handysize vessels in
particular; the aging of our fleet and resultant increases in
operations costs; the loss of any customer or charter or vessel;
the financial condition of our customers; changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors; increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance,
and general and administrative expenses; the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions;
competitive factors in the market in which Navios Holdings
operates; the value of our publicly traded subsidiaries; risks
associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Holdings' expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
EXHIBIT I
NAVIOS MARITIME HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars
— except share and per share data)
|
|
|
Three Month Period EndedDecember 31,
2020 |
|
|
Three Month Period EndedDecember 31,
2019 |
|
|
Year
EndedDecember 31, 2020 |
|
|
YearEndedDecember 31,
2019 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
102,353 |
|
$ |
118,881 |
|
$ |
416,718 |
|
$ |
482,449 |
| Administrative fee revenue
from affiliate companies |
|
— |
|
|
— |
|
|
— |
|
|
16,991 |
| Time charter, voyage and
logistics business expenses |
|
(37,859) |
|
|
(39,519) |
|
|
(166,589) |
|
|
(177,216) |
| Direct vessel expenses(1) |
|
(25,924) |
|
|
(25,029) |
|
|
(104,755) |
|
|
(101,467) |
| General and administrative
expenses incurred on behalf of affiliate companies |
|
— |
|
|
— |
|
|
— |
|
|
(16,991) |
| General and administrative
expenses(2) |
|
(10,258) |
|
|
(10,495) |
|
|
(33,702) |
|
|
(36,194) |
| Depreciation and
amortization |
|
(17,174) |
|
|
(19,601) |
|
|
(71,015) |
|
|
(81,723) |
| Interest expense and finance
cost, net |
|
(36,382) |
|
|
(31,781) |
|
|
(136,302) |
|
|
(122,817) |
| Impairment loss/ loss on sale
of vessels, net |
|
(60,469) |
|
|
(130,649) |
|
|
(88,367) |
|
|
(156,106) |
| Gain on bond and debt
extinguishment, net |
|
— |
|
|
13,697 |
|
|
7,047 |
|
|
47,430 |
| Gain on sale of business |
|
— |
|
|
— |
|
|
— |
|
|
9,802 |
| Loss on loss of control |
|
— |
|
|
— |
|
|
— |
|
|
(61,741) |
| Other (expense)/income,
net |
|
(1,473) |
|
|
4,226 |
|
|
(2,245) |
|
|
27,909 |
| Impairment of loan receivable
from affiliate company |
|
— |
|
|
— |
|
|
(6,050) |
|
|
— |
| Loss before equity in
net (losses)/earnings of affiliate companies |
|
(87,186) |
|
|
(120,270) |
|
|
(185,260) |
|
|
(169,674) |
| Equity in net
(losses)/earnings of affiliate companies |
|
(8,991) |
|
|
10,700 |
|
|
(1,293) |
|
|
(9,185) |
| Loss before
taxes |
$ |
(96,177) |
|
$ |
(109,570) |
|
$ |
(186,553) |
|
$ |
(178,859) |
| Income tax expense |
|
(1,672) |
|
|
(643) |
|
|
(2,052) |
|
|
(1,475) |
| Net loss from
continuing operations |
|
(97,849) |
|
|
(110,213) |
|
|
(188,605) |
|
|
(180,334) |
| Net loss from discontinued
operations |
|
— |
|
|
— |
|
|
— |
|
|
(4,118) |
| Net loss |
|
(97,849) |
|
|
(110,213) |
|
|
(188,605) |
|
|
(184,452) |
| Less: Net income/(loss)
attributable to the noncontrolling interest |
|
3,494 |
|
|
(1,023) |
|
|
(4,356) |
|
|
(7,658) |
| Net loss attributable
to Navios Holdings common stockholders |
$ |
(94,355) |
|
$ |
(111,236) |
|
$ |
(192,961) |
|
$ |
(192,110) |
| Loss attributable to
Navios Holdings common stockholders, basic and
diluted |
|
(95,637) |
|
$ |
(112,528) |
|
$ |
(197,939) |
|
$ |
(153,608) |
| Basic and diluted loss
per share attributable to Navios Holdings common
stockholders |
$ |
(7.40) |
|
$ |
(8.94) |
|
$ |
(15.35) |
|
$ |
(12.43) |
| Weighted average
number of shares, basic and diluted |
|
12,919,609 |
|
|
12,592,465 |
|
|
12,896,568 |
|
|
12,356,024 |
|
(1) |
Includes expenses of Navios Logistics of $13.3 million and $12.8
million for the three month period ended December 31, 2020 and
2019, respectively, and $52.7 million and $53.9 million for the
year ended December 31, 2020 and 2019, respectively. |
|
(2) |
Includes expenses of Navios Logistics of $3.2 million and $4.5
million for the three month period ended December 31, 2020 and
2019, respectively, and $12.9 million and $17.4 million for the
year ended December 31, 2020 and 2019, respectively. |
| |
Period from January 1 to August 30, |
| Net (loss)/income from
discontinued operations |
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
Revenue |
$ |
89,925 |
| Time charter, voyage and port
terminal expenses |
|
(3,976) |
| Direct vessel expenses |
|
(44,088) |
| General and administrative
expenses |
|
(6,706) |
| Depreciation and
amortization |
|
(22,858) |
| Interest expense and finance
cost, net |
|
(10,519) |
| Other expense, net |
|
(5,896) |
| Net (loss)/income from
discontinued operations |
$ |
(4,118) |
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
| |
December 31, 2020 |
|
|
December 31, 2019 |
|
ASSETS |
|
(unaudited) |
|
|
(unaudited) |
| Cash and cash equivalents,
including restricted cash |
$ |
111,184 |
|
$ |
78,727 |
| Vessels, port terminals and other
fixed assets, net |
|
1,139,539 |
|
|
1,276,514 |
| Goodwill and other
intangibles |
|
258,899 |
|
|
264,490 |
| Operating lease assets |
|
227,962 |
|
|
264,005 |
| Other current and non-current
assets |
|
233,741 |
|
|
259,119 |
| Total
assets |
$ |
1,971,325 |
|
$ |
2,142,855 |
| |
|
|
|
|
|
| |
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
| Long-term debt, including current
portion |
$ |
320,863 |
|
$ |
392,568 |
| Senior and ship mortgage notes,
net |
|
1,263,566 |
|
|
1,170,679 |
| Operating lease liabilities,
current portion |
|
81,415 |
|
|
87,103 |
| Operating lease liabilities, net
of current portion |
|
193,351 |
|
|
226,329 |
| Other current and non-current
liabilities |
|
146,413 |
|
|
107,151 |
| Total stockholders’
(deficit)/equity |
|
(34,283) |
|
|
159,025 |
| Total liabilities and
stockholders’ equity |
$ |
1,971,325 |
|
$ |
2,142,855 |
Disclosure of Non-GAAP Financial
Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) per share are “non-U.S. GAAP
financial measures” and should not be used in isolation or
considered substitutes for net income/(loss), cash flow from
operating activities and other operations or cash flow statement
data prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income/(loss) attributable
to Navios Holdings' common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation. Adjusted EBITDA represents
EBITDA, excluding certain items as described under “Earnings
Highlights”. We use EBITDA and Adjusted EBITDA as liquidity
measures and reconcile EBITDA and Adjusted EBITDA to net cash
provided by operating activities, the most comparable U.S. GAAP
liquidity measure. EBITDA is calculated as follows: net cash
provided by operating activities adding back, when applicable and
as the case may be, the effect of (i) net increase/(decrease) in
operating assets; (ii) net (increase)/decrease in operating
liabilities; (iii) net interest cost; (iv) deferred financing costs
and gains/(losses) on bond and debt extinguishment, net; (v)
allowance for credit losses; (vi) earnings/(losses) in affiliate
companies, net of dividends received; (vii) payments for drydock
and special survey costs; (viii) noncontrolling interest; (ix)
gain/ (loss) on sale of assets/ subsidiaries/businesses, loss on
loss of control and bargain gain; (x) unrealized (loss)/gain on
derivatives; (xi) loss on sale and reclassification to earnings of
available-for-sale securities; and (xii) impairment losses. Navios
Holdings believes that EBITDA and Adjusted EBITDA are a basis upon
which liquidity can be assessed and represents useful information
to investors regarding Navios Holdings’ ability to service and/or
incur indebtedness, pay capital expenditures and meet working
capital requirements. Navios Holdings also believes that EBITDA and
Adjusted EBITDA are used (i) by prospective and current lessors as
well as potential lenders to evaluate potential transactions; (ii)
to evaluate and price potential acquisition candidates; and (iii)
by securities analysts, investors and other interested parties in
the evaluation of companies in our industry.
While EBITDA and Adjusted EBITDA are frequently
used as measures of operating results and the ability to meet debt
service requirements, the definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Holdings’
performance.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss) used here
may not be comparable to that used by other companies due to
differences in methods of calculation.
Adjusted Basic Earnings/(Loss) attributable to
Navios Holdings’ common stockholders per share is defined as
Adjusted Net Income/(Loss) attributable to Navios Holdings’ common
stockholders divided by the weighted average number of shares for
each of the periods presented.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics and Navios Containers through deconsolidation) and EBITDA
of Navios Logistics and Navios Containers on a stand-alone
basis:
Navios Holdings Reconciliation of EBITDA
and Adjusted EBITDA to Cash from Operations
| |
December 31, |
|
December 31, |
| Three Month Period
Ended |
2020 |
|
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash (used in)/provided by operating activities |
$ |
(10,094) |
|
$ |
15,319 |
| Net increase/ (decrease) in
operating assets |
|
13,785 |
|
|
(561) |
| Net increase in operating
liabilities |
|
(10,064) |
|
|
(1,201) |
| Net interest cost |
|
36,382 |
|
|
31,781 |
| Deferred financing costs |
|
(2,156) |
|
|
(1,949) |
| Equity in affiliate companies,
net of dividends received |
|
4,355 |
|
|
9,782 |
| Payments for drydock and
special survey costs |
|
1,861 |
|
|
8,889 |
| Noncontrolling interest |
|
3,494 |
|
|
(1,023) |
| Impairment loss/ loss on sale
of vessels, net |
|
(60,469) |
|
|
(130,649) |
| Gain on bond
extinguishment |
|
— |
|
|
13,697 |
| Impairment loss on investment
in affiliate company |
|
(13,368) |
|
|
— |
| EBITDA |
$ |
(36,274) |
|
$ |
(55,915) |
| Impairment loss/ loss on sale
of vessels, net |
|
60,469 |
|
|
130,649 |
| Impairment loss on investment
in affiliate company |
|
13,368 |
|
|
— |
| Adjusted
EBITDA |
$ |
37,563 |
|
$ |
74,734 |
| Three Month
Period Ended |
December 31, 2020 |
|
December 31,2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash (used in)/provided by operating activities |
$ |
(10,094) |
|
$ |
15,319 |
| Net cash provided by investing
activities |
$ |
10,043 |
|
$ |
3,295 |
| Net cash used in financing
activities |
$ |
(8,027) |
|
$ |
(46,410) |
Adjusted EBITDA
breakdown
| |
December 31, |
|
December 31, |
| Three Month Period
Ended |
2020 |
|
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Core shipping operations |
$ |
16,588 |
|
$ |
45,307 |
| Navios Logistics (including
noncontrolling interest) |
|
16,598 |
|
|
18,727 |
| Equity in net earnings of
affiliate companies |
|
4,377 |
|
|
10,700 |
| Adjusted
EBITDA |
$ |
37,563 |
|
$ |
74,734 |
Navios Logistics EBITDA Reconciliation
to Net Income
| |
December 31, |
|
December 31, |
| Three Month Period
Ended |
2020 |
|
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net (loss)/ income |
$ |
(9,659) |
|
$ |
2,830 |
| Depreciation and
amortization |
|
7,187 |
|
|
7,261 |
| Amortization of deferred
drydock and special survey costs |
|
1,017 |
|
|
1,125 |
| Interest expense and finance
cost, net |
|
12,936 |
|
|
7,958 |
| Income tax expense |
|
1,623 |
|
|
576 |
| EBITDA |
$ |
13,104 |
|
$ |
19,750 |
Navios Holdings Reconciliation of EBITDA
and Adjusted EBITDA to Cash from Operations
| |
December 31, |
|
December 31, |
| Year
Ended |
2020 |
|
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
25,211 |
|
$ |
96,112 |
| Net decrease in operating
assets |
|
(6,757) |
|
|
(6,249) |
| Net (increase)/ decrease in
operating liabilities |
|
(41,348) |
|
|
6,812 |
| Net interest cost |
|
136,302 |
|
|
133,336 |
| Deferred financing costs |
|
(7,863) |
|
|
(8,242) |
| Allowance for credit
losses |
|
(541) |
|
|
(999) |
| Equity in affiliate companies,
net of dividends received |
|
17,309 |
|
|
(179) |
| Payments for drydock and
special survey costs |
|
17,362 |
|
|
23,106 |
| Noncontrolling interest |
|
(4,356) |
|
|
(7,658) |
| Impairment loss/ loss on sale of
vessels, net |
|
(88,367) |
|
|
(156,106) |
| Gain on bond and debt
extinguishment, net |
|
11,204 |
|
|
47,430 |
| Gain on sale of business |
|
— |
|
|
9,802 |
| Loss on loss of control |
|
— |
|
|
(61,741) |
| Impairment loss on investment in
affiliate companies |
|
(20,018) |
|
|
(13,543) |
| Impairment of loan receivable
from affiliate company |
|
(6,050) |
|
|
— |
| Write-off of Navios Logistics’
deferred financing cost for bond extinguishment |
|
(4,157) |
|
|
— |
| EBITDA |
$ |
27,931 |
|
$ |
61,881 |
| Impairment loss/ loss on sale of
vessels, net |
|
88,367 |
|
|
156,106 |
| Write-off of intangible assets of
affiliate companies |
|
— |
|
|
10,551 |
| Other items from affiliate
companies |
|
6,844 |
|
|
— |
| Impairment of loan receivable
from affiliate company |
|
6,050 |
|
|
— |
| Impairment loss on investment in
affiliate companies |
|
20,018 |
|
|
13,543 |
| Loss on loss of control |
|
— |
|
|
61,741 |
| Write-off of Navios Logistics’
deferred financing cost for bond extinguishment |
|
4,157 |
|
|
— |
| Adjusted EBITDA
including Navios Containers |
$ |
153,367 |
|
$ |
303,822 |
| Navios Containers’ EBITDA
(excluding noncontrolling interest) |
|
— |
|
|
(29,906) |
| Adjusted
EBITDA |
$ |
153,367 |
|
$ |
273,916 |
| Year
Ended |
December 31, 2020 |
|
December 31, 2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
25,211 |
|
$ |
96,112 |
| Net cash provided by/(used in)
investing activities |
$ |
592 |
|
$ |
(56,467) |
| Net cash provided by/(used in)
financing activities |
$ |
6,654 |
|
$ |
(111,692) |
Adjusted EBITDA
breakdown
| |
December 31, |
|
December 31, |
| Year
Ended |
2020 |
|
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Core shipping operations |
$ |
41,519 |
|
$ |
162,740 |
| Navios Logistics (including
noncontrolling interest) |
|
86,279 |
|
|
92,299 |
| Navios Containers (including
noncontrolling interest) |
|
— |
|
|
33,874 |
| Equity in net earnings of
affiliate companies |
|
25,569 |
|
|
14,909 |
| Adjusted
EBITDA |
$ |
153,367 |
|
$ |
303,822 |
Navios Logistics EBITDA Reconciliation
to Net Income
| |
December 31, |
|
December 31, |
| Year
Ended |
2020 |
|
2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net income |
$ |
12,041 |
|
$ |
32,139 |
| Depreciation and
amortization |
|
28,939 |
|
|
29,435 |
| Amortization of deferred
drydock and special survey costs |
|
3,958 |
|
|
5,166 |
| Interest expense and finance
cost, net |
|
39,675 |
|
|
35,952 |
| Income tax expense |
|
1,865 |
|
|
1,233 |
| EBITDA |
$ |
86,478 |
|
$ |
103,925 |
| Write-off of Navios Logistics’
deferred finance cost for bond extinguishment |
|
4,157 |
|
|
— |
| EBITDA |
$ |
90,635 |
|
$ |
103,925 |
Navios Containers Reconciliation of
EBITDA to Cash from Operations
| Period |
January 1 to August
30,2019 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
Net cash provided by/(used in) operating activities |
$ |
9,728 |
| Net increase in operating
assets |
|
512 |
| Net decrease in operating
liabilities |
|
3,531 |
| Net interest cost |
|
10,519 |
| Deferred finance charges |
|
(492) |
| Payments for drydock and
special survey costs |
|
6,108 |
| EBITDA |
$ |
29,906 |
EXHIBIT II
Owned Vessels
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight(in metric tons) |
| Navios Serenity (1) |
|
Handysize |
|
2011 |
|
34,690 |
| Navios Ulysses |
|
Ultra Handymax |
|
2007 |
|
55,728 |
| Navios Celestial |
|
Ultra Handymax |
|
2009 |
|
58,063 |
| Navios Vega |
|
Ultra Handymax |
|
2009 |
|
58,792 |
| Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Jupiter N |
|
Panamax |
|
2011 |
|
93,062 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
| Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
| Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
| Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
| Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
Long-term Bareboat-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
| Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
|
Yes |
| Navios Uranus |
|
Panamax |
|
2019 |
|
81,516 |
|
Yes |
| Navios Felicity I |
|
Panamax |
|
2020 |
|
81,946 |
|
Yes |
| Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
|
Yes |
| Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
|
Yes |
|
(1) |
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
Long-term Chartered-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
| Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
| Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
| Elsa S |
|
Panamax |
|
2015 |
|
80,954 |
|
No |
| Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
| Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
|
Yes |
| Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
| Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
| Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
| Mont Blanc Hawk |
|
Panamax |
|
2017 |
|
81,638 |
|
No |
| Cassiopeia Ocean |
|
Panamax |
|
2018 |
|
82,069 |
|
No |
| Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No (3) |
| Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No (3) |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
|
(1) |
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
|
(2) |
Navios Holdings holds the initial 50% purchase option on the
vessel. |
|
(3) |
Navios Holdings has the right of first refusal and profit share on
sale of vessel. |
Kleimar Controlled Fleet
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
| Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
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