Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE:NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the first
quarter ended March 31, 2016.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
"Navios Holdings had a solid first quarter performance, earning
$45.4 million in EBITDA, an increase of 73% compared to the same
period last year. Our balance sheet is strong, with $156.6 million
of cash as of March 31, 2016, and flexible, with about 83% of our
total debt in bonds that have no loan to value maintenance
requirement. We also worked hard to improve our liquidity through
more than $45 million of cost savings initiatives, and anticipate
no longer having to fund working capital needs of our public
affiliates in the future."
Angeliki Frangou continued: "We are proud of our overall cost
management. General and administrative expenses, on a per
available day basis, makes us one of the lowest compared to our
publicly listed shipping peers, particularly having reduced 2016
general and administrative expenses by an estimated 35% over 2015,
on a run rate basis. Operating costs are 42% less than the
industry average, excluding embedded fees that certain peers charge
that we do not. Overall, we believe we have one of the leading cost
containment programs in the industry."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Cost Efficient Liquidity Management
Navios Holding actively monitors its cost exposure and cash
flows having developed significant efficiencies from in-house
capabilities and economies of scale for its controlled and managed
fleet. The immediate benefits of these efforts to Navios Holdings
cost structure were:
- $14.9 million from the early settlement of charter claims in
Q1 2016
- ~$23.0 million estimated reduction of charter-in costs over
the next 12 months
- ~$7.0 million estimated annualized G&A reduction in 2016
run rate basis Q1 2016; 35% decrease compared to 2015
- Operating costs ~42% lower than industry average
Navios Holdings shares its economies of scale with its
affiliates by offering management and commercial services at flat
rates without charging additional fees or commissions for
commercial management, sales or purchase transactions, originating
any loan or otherwise. However, such significant cost
benefits shared with affiliates should no longer require any
working capital advances by Navios Holdings.
Time Charter Coverage
Navios Holdings controls a fleet of 61 vessels totaling 6.3
million dwt, of which 40 are owned and 21 are chartered-in under
long-term charters (collectively, the "Core Fleet"). Navios
Holdings currently operates 57 vessels (19 Capesize, 18 Panamax, 18
Ultra Handymax and two Handysize vessels) totaling 5.9 million dwt.
The current average age of the operating fleet is 7.5 years.
Additionally, Navios Holdings has four newbuilding charter-in
vessels expected to be delivered at various dates beginning in the
fourth quarter of 2016 until 2017.
As of May 4, 2016, Navios Holdings has chartered-out 81.4% and
34.1% of available days for the remaining nine months of 2016 and
for 2017, respectively (including index-linked charters), which are
expected to generate $76.9 million and $19.6 million in base
revenue, respectively. The average daily charter-out base rate for
the Core Fleet is $9,599 and $15,416 for the remaining nine months
of 2016 and for 2017, respectively. The average daily charter-in
rate for the active long-term charter-in vessels for the remaining
nine months of 2016 is estimated at $11,613.
The above figures do not include the fleet of Navios South
American Logistics Inc. (“Navios Logistics”) and vessels servicing
contracts of affreightment.
Exhibit II provides certain details of the Core Fleet of Navios
Holdings. It does not include the fleet of Navios Logistics.
Earnings Highlights
EBITDA is a non-U.S. GAAP financial measure 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 of Navios
Holdings (including Navios Logistics), and Navios Logistics (on a
stand-alone basis), and a reconciliation of such measures to the
most comparable measure calculated under U.S. GAAP.
First Quarter 2016 and 2015 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The first quarter 2016 and 2015 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
Three Month
Period Ended |
|
Three Month
Period Ended |
|
|
March
31, |
|
March
31, |
|
|
2016 |
|
2015 |
|
|
(unaudited) |
|
(unaudited) |
Revenue |
|
$ |
|
101,487 |
|
|
$ |
|
118,280 |
|
Net Loss |
|
$ |
|
(7,465 |
) |
|
$ |
|
(26,678 |
) |
EBITDA |
|
$ |
|
45,424 |
|
|
$ |
|
26,241 |
|
Basic Loss per Share |
|
$ |
|
(0.11 |
) |
|
$ |
|
(0.29 |
) |
Revenue from dry bulk vessel operations for the
three months ended March 31, 2016 was $46.3 million as compared to
$53.2 million for the same period during 2015. The decrease in dry
bulk revenue was mainly attributable to a decrease in the time
charter equivalent rate ("TCE") per day by 2.6% to $7,008 per day
in the first quarter of 2016, as compared to $7,196 per day in the
same period of 2015. This decrease was partially mitigated by a net
increase in available days of our fleet by 621 days.
Revenue from the logistics business was $55.2
million for the three months ended March 31, 2016 as compared to
$65.1 million for the same period during 2015. The decrease was
mainly attributable to a decrease of $10.5 million in sales of
products in the liquid terminal, due to lower volume and lower
price of products sold, partially mitigated by higher revenue in
the barge segment due to increased dry and liquid cargoes
transported.
Net Loss of Navios Holdings for the three months
ended March 31, 2016 was $7.5 million as compared to $26.7 million
for the same period of 2015. The $19.2 million decrease in Net Loss
was mainly due to (i) an increase in EBITDA by $19.2 million;
(ii) a decrease in depreciation and amortization by $1.4
million; and (iii) a decrease in interest expense and finance cost,
net by $0.2 million. This overall decrease was partially
mitigated by (i) an increase in amortization for deferred
drydock and special survey costs of $0.4 million; (ii) an increase
in income tax expense of $1.1 million; and (iii) an increase in
share-based compensation expense of $0.1 million.
EBITDA of Navios Holdings for the three months
ended March 31, 2016 increased by $19.2 million to $45.4 million as
compared to $26.2 million for the same period of 2015. The $19.2
million increase in EBITDA was primarily due to (i) a $23.5 million
decrease in time charter, voyage and logistics business expenses;
(ii) a $1.1 million decrease in direct vessel expenses (excluding
the amortization of deferred drydock and special survey costs);
(iii) a $13.6 million increase in other income, net; and (iv) a
$0.5 million decrease in general and administrative expenses
(excluding share-based compensation expenses). This overall
increase of $38.7 million was partially mitigated by (i) a $16.8
million decrease in revenue; (ii) a $1.8 million increase in net
income attributable to the noncontrolling interest; and (iii) a
$0.9 million decrease in equity in net earnings from affiliated
companies.
EBITDA of Navios Logistics was $21.1 million for
the three month period ended March 31, 2016 as compared to $15.6
million for the same period in 2015.
Fleet Summary Data:
The following table reflects certain key indicators
indicative of the performance of the Navios Holdings' dry bulk
operations (excluding the Navios Logistics fleet) and its fleet
performance for the first quarter ended March 31, 2016 and 2015,
respectively.
|
|
Three
Month |
|
Three
Month |
|
|
Period
Ended |
|
Period
Ended |
|
|
March
31, |
|
March
31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(unaudited) |
|
(unaudited) |
Available Days (1) |
|
|
5,960 |
|
|
|
5,339 |
|
Operating Days (2) |
|
|
5,861 |
|
|
|
5,289 |
|
Fleet Utilization (3) |
|
|
98.4 |
% |
|
|
99.1 |
% |
Equivalent Vessels (4) |
|
|
65 |
|
|
|
59 |
|
TCE (5) |
$ |
|
7,008 |
|
$ |
|
7,196 |
|
|
|
|
|
|
|
(1 |
) |
|
Available days
for the fleet are total calendar days the vessels were in Navios
Holdings' possession for the relevant period after subtracting
off-hire days associated with major repairs, drydocking or special
surveys. The shipping industry uses available days to measure the
number of days in a relevant period during which vessels should be
capable of generating revenues. |
|
(2 |
) |
|
Operating days
are the number of available days in the relevant period less the
aggregate number of days that the vessels are off-hire due to any
reason, including unforeseen circumstances. The shipping industry
uses operating days to measure the aggregate number of days in a
relevant period during which vessels actually generate
revenues. |
|
(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. The shipping
industry uses fleet utilization to measure a company's efficiency
in finding suitable employment for its vessels. |
|
(4 |
) |
|
Equivalent
Vessels is defined as the total available days during a relevant
period divided by the number of days of this period. |
|
(5 |
) |
|
TCE is defined
as voyage and time charter revenues less voyage expenses during a
relevant period divided by the number of available days during the
period. |
Conference Call:
As previously announced, Navios Holdings will host
a conference call today, May 25, 2016, at 8:30 am ET, at which time
Navios Holdings' senior management will provide highlights and
commentary on earnings results for the first quarter ended March
31, 2016.
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, May 25, 2016, at 8:30 am
ET Call Title: Navios Holdings Q1 2016 Financial Results Conference
Call US Dial In: +1.877.480.3873 International Dial In:
+1.404.665.9927 Conference ID: 9126 5797
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: +1.800.585.8367 International
Replay Dial In: +1.404.537.3406 Conference ID: 9126 5797
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, vertically integrated 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 Partners (NYSE:NMM) is a publicly traded
master limited partnership which owns and operates container and
dry cargo vessels. For more information, please visit its website
at www.navios-mlp.com.
About Navios Maritime Acquisition
Corporation
Navios Acquisition (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.
About Navios Maritime Midstream Partners
L.P.
Navios Maritime Midstream Partners L.P. (NYSE:NAP)
is a publicly traded master limited partnership which owns and
operates crude oil tankers under long-term employment contracts.
For more information, please visit its website at
www.navios-midstream.com.
Forward Looking Statements - Safe
Harbor
This press release contains 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 2016 cash
flow generation, future contracted revenues, opportunities to
reinvest cash accretively in a fleet renewal program or otherwise,
potential capital gains, our ability to take advantage of
dislocation in the market, 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
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 and UltraHandymax vessels in particular,
fluctuations in charter rates for dry cargo carriers vessels, 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; 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 Form 20-F’s and Form 6-K’s.
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.
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 |
|
|
Three Month |
|
|
|
|
|
Period Ended |
|
|
Period Ended |
|
|
|
|
|
March 31, 2016 |
|
|
March 31, 2015 |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
|
|
|
$ |
101,487 |
|
|
$ |
118,280 |
|
Administrative fee revenue
from affiliates |
|
|
|
|
5,482 |
|
|
|
3,922 |
|
Time charter, voyage and
logistics business expenses |
|
|
|
|
(46,381 |
) |
|
|
(69,934 |
) |
Direct vessel
expenses(1) |
|
|
|
|
(30,074 |
) |
|
|
(30,817 |
) |
General and administrative
expenses incurred on behalf of affiliates |
|
|
|
|
(5,482 |
) |
|
|
(3,922 |
) |
General and administrative
expenses(2) |
|
|
|
|
(6,438 |
) |
|
|
(6,811 |
) |
Depreciation and
amortization |
|
|
|
|
(19,827 |
) |
|
|
(21,205 |
) |
Interest expense and
finance cost, net |
|
|
|
|
(27,750 |
) |
|
|
(28,038 |
) |
Other income/(expense),
net |
|
|
|
|
11,664 |
|
|
|
(1,914 |
) |
Loss before equity
in net earnings of affiliated companies |
|
|
|
|
(17,319 |
) |
|
|
(40,439 |
) |
Equity in net earnings of
affiliated companies |
|
|
|
|
12,952 |
|
|
|
13,912 |
|
Loss before
taxes |
|
|
|
$ |
(4,367 |
) |
|
$ |
(26,527 |
) |
Income tax
(expense)/benefit |
|
|
|
|
(1,045 |
) |
|
|
148 |
|
Net
loss |
|
|
|
|
(5,412 |
) |
|
|
(26,379 |
) |
Less: Net income
attributable to the noncontrolling interest |
|
|
|
|
(2,053 |
) |
|
|
(299 |
) |
Net loss
attributable to Navios Holdings common stockholders |
|
|
|
$ |
(7,465 |
) |
|
$ |
(26,678 |
) |
Loss attributable
to Navios Holdings common stockholders, basic and
diluted |
|
|
|
$ |
(11,437 |
) |
|
$ |
(30,751 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share attributable to Navios Holdings common
stockholders |
|
|
|
$ |
(0.11 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares, basic and diluted |
|
|
|
|
106,036,603 |
|
|
|
105,099,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses of Navios Logistics of $16.7 million and
$18.1 million for the three months ended March 31, 2016 and 2015,
respectively.
(2) Includes expenses of Navios Logistics of $3.3 million and
$3.6 million for the three months ended March 31, 2016 and 2015,
respectively.
NAVIOS
MARITIME HOLDINGS INC. |
Other
Financial Data |
|
|
|
|
|
|
March
31,
2016 |
|
|
December 31,
2015 |
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, including restricted cash |
|
|
|
|
|
$ |
156,638 |
|
|
$ |
176,892 |
Other current
assets |
|
|
|
|
|
|
137,987 |
|
|
|
126,067 |
Deposits for vessels,
port terminals and other fixed assets |
|
|
|
|
|
|
62,712 |
|
|
|
73,949 |
Vessels, port terminal
and other fixed assets, net |
|
|
|
|
|
|
1,892,027 |
|
|
|
1,823,961 |
Other noncurrent
assets |
|
|
|
|
|
|
457,082 |
|
|
|
447,151 |
Goodwill and other
intangibles |
|
|
|
|
|
|
307,734 |
|
|
|
310,793 |
Total
assets |
|
|
|
|
|
$ |
3,014,180 |
|
|
$ |
2,958,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities,
including current portion of long-term debt, net |
|
|
|
|
|
|
235,965 |
|
|
|
226,856 |
Senior and ship mortgage
notes, net |
|
|
|
|
|
|
1,351,911 |
|
|
|
1,350,941 |
Long-term debt, net of
current portion |
|
|
|
|
|
|
252,446 |
|
|
|
213,423 |
Other noncurrent
liabilities |
|
|
|
|
|
|
69,696 |
|
|
|
57,041 |
Total stockholders’
equity |
|
|
|
|
|
|
1,104,162 |
|
|
|
1,110,552 |
Total liabilities
and stockholders’ equity |
|
|
|
|
|
$ |
3,014,180 |
|
|
$ |
2,958,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended March 31,
2016 |
|
|
Three Month Period Ended March 31,
2015 |
|
|
|
|
(unaudited) |
|
|
|
(unaudited) |
Net cash provided by/(used
in) operating activities |
|
|
$ |
|
28,940 |
|
|
$ |
|
(356 |
) |
Net cash used in
investing activities |
|
|
$ |
|
(84,663 |
) |
|
$ |
|
(7,297 |
) |
Net cash provided
by/(used in) financing activities |
|
|
$ |
|
47,074 |
|
|
$ |
|
(40,126 |
) |
Disclosure of Non-GAAP Financial Measures
EBITDA represents net (loss)/income attributable to
Navios Holdings' common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation, if any, unless otherwise
stated. EBITDA is a "non-GAAP financial measure" and should not be
considered substitute for net (loss)/income, 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. Navios Holdings believes that
EBITDA is a basis upon which liquidity can be assessed.
EBITDA is presented to provide additional
information with respect to the ability of Navios Holdings to
satisfy its respective obligations, including debt service, capital
expenditures, working capital requirements and pay dividends. While
EBITDA is frequently used as measure of operating results and the
ability to meet debt service requirements, the definition of EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
Navios Logistics EBITDA is used to measure the
company's operating performance.
The following tables provide a reconciliation of
EBITDA of Navios Holdings (including Navios Logistics) and EBITDA
of Navios Logistics on a stand-alone basis:
Navios Holdings Reconciliation of EBITDA to Cash from
Operations |
|
|
|
March
31, |
|
|
March 31, |
Three Months Ended |
|
2016 |
|
|
2015 |
(in
thousands of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by/(used
in) operating activities |
|
$ |
|
28,940 |
|
|
|
$ |
|
(356 |
) |
|
Net increase/(decrease) in
operating assets |
|
|
|
11,329 |
|
|
|
|
|
(31,938 |
) |
|
Net (increase)/decrease in
operating liabilities |
|
|
|
(29,403 |
) |
|
|
|
|
18,287 |
|
|
Net interest cost |
|
|
|
27,750 |
|
|
|
|
|
28,038 |
|
|
Deferred finance
charges |
|
|
|
(1,284 |
) |
|
|
|
|
(1,109 |
) |
|
Provision for losses on
accounts receivable |
|
|
|
(106 |
) |
|
|
|
|
(66 |
) |
|
Equity in affiliates, net
of dividends received |
|
|
|
8,888 |
|
|
|
|
|
5,053 |
|
|
Payments for drydock and
special survey |
|
|
|
1,363 |
|
|
|
|
|
8,631 |
|
|
Noncontrolling
interest |
|
|
|
(2,053 |
) |
|
|
|
|
(299 |
) |
|
EBITDA |
|
$ |
|
45,424 |
|
|
|
$ |
|
26,241 |
|
Navios Logistics EBITDA Reconciliation to Net
Income |
|
|
|
March 31, |
|
|
March 31, |
Three Months Ended |
|
2016 |
|
|
2015 |
(in
thousands of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,674 |
|
|
$ |
|
826 |
|
|
Depreciation and
amortization |
|
|
6,674 |
|
|
|
|
6,467 |
|
|
Amortization of deferred
drydock and special survey costs |
|
|
1,598 |
|
|
|
|
1,711 |
|
|
Interest expense and
finance cost, net |
|
|
6,204 |
|
|
|
|
6,813 |
|
|
Income tax
expense/(benefit) |
|
|
976 |
|
|
|
|
(218 |
) |
|
EBITDA |
|
$ |
21,126 |
|
|
$ |
|
15,599 |
|
EXHIBIT II |
Owned Vessels |
|
|
|
|
|
|
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
Navios Ionian |
|
Ultra
Handymax |
|
2000 |
|
52,067 |
Navios Horizon |
|
Ultra
Handymax |
|
2001 |
|
50,346 |
Navios Herakles |
|
Ultra
Handymax |
|
2001 |
|
52,061 |
Navios Achilles |
|
Ultra
Handymax |
|
2001 |
|
52,063 |
Navios Vector |
|
Ultra
Handymax |
|
2002 |
|
50,296 |
Navios Meridian |
|
Ultra
Handymax |
|
2002 |
|
50,316 |
Navios Mercator |
|
Ultra
Handymax |
|
2002 |
|
53,553 |
Navios Arc |
|
Ultra
Handymax |
|
2003 |
|
53,514 |
Navios Hios |
|
Ultra
Handymax |
|
2003 |
|
55,180 |
Navios Kypros |
|
Ultra
Handymax |
|
2003 |
|
55,222 |
Navios Astra |
|
Ultra
Handymax |
|
2006 |
|
53,468 |
Navios Ulysses |
|
Ultra
Handymax |
|
2007 |
|
55,728 |
Navios Celestial |
|
Ultra
Handymax |
|
2009 |
|
58,063 |
Navios Vega |
|
Ultra
Handymax |
|
2009 |
|
58,792 |
Navios Magellan |
|
Panamax |
|
2000 |
|
74,333 |
Navios Star |
|
Panamax |
|
2002 |
|
76,662 |
Navios Northern Star |
|
Panamax |
|
2005 |
|
75,395 |
Navios Amitie |
|
Panamax |
|
2005 |
|
75,395 |
Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
Navios Sphera |
|
Panamax |
|
2016 |
|
84,872 |
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 Gem |
|
Capesize |
|
2014 |
|
181,336 |
Navios Mars |
|
Capesize |
|
2016 |
|
181,259 |
Long term Chartered-in Fleet in Operation |
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes
(2) |
Navios Primavera |
|
Ultra
Handymax |
|
2007 |
|
53,464 |
|
Yes |
Navios Oriana |
|
Ultra
Handymax |
|
2012 |
|
61,442 |
|
Yes |
Navios Mercury |
|
Ultra
Handymax |
|
2013 |
|
61,393 |
|
Yes |
Navios Venus |
|
Ultra
Handymax |
|
2015 |
|
61,339 |
|
Yes |
Navios Aldebaran |
|
Panamax |
|
2008 |
|
76,500 |
|
Yes |
Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
Yes |
Sea Victory |
|
Panamax |
|
2014 |
|
77,095 |
|
Yes |
Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
|
Yes |
Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
|
Yes |
King Ore |
|
Capesize |
|
2010 |
|
176,800 |
|
Yes |
Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
Dream Canary |
|
Capesize |
|
2015 |
|
180,528 |
|
Yes |
Dream Coral |
|
Capesize |
|
2015 |
|
181,249 |
|
Yes |
|
|
|
|
|
|
|
|
|
Long-term Chartered-in Fleet to be Delivered |
|
|
|
Vessel |
|
Delivery |
|
|
Deadweight |
Purchase |
Vessels |
|
Type |
|
Date |
|
|
(in metric tons) |
Option |
Navios Felix |
|
Capesize |
|
Q4
2016 |
|
|
180,000 |
Yes |
Navios Coral |
|
Panamax |
|
Q4
2016 |
|
|
84,000 |
Yes |
Navios Citrine |
|
Panamax |
|
Q1
2017 |
|
|
81,000 |
Yes |
Navios Dolphin |
|
Panamax |
|
Q1
2017 |
|
|
81,000 |
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. |
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com
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