Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”)
(NYSE: NM), a global seaborne shipping and logistics company, today
reported financial results for the third quarter and nine month
period ended September 30, 2019.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, “I am pleased with the results of the third
quarter of 2019. We reported revenue of $141.6 million, Adjusted
EBITDA of $98.8 million and Adjusted Net Income of $35.65
million.”
Angeliki Frangou continued, “Charter rates in
the dry bulk sector are healthy with the capesize 5TC rate around
$19,000 per day. NM earned a time charter equivalent rate of
$15,534 per day for the third quarter of 2019. All of our delivered
vessels are on the water generating revenue, as we have no vessels
being retro-fitted with scrubbers.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
Sale of Management
In August 2019, Navios Holdings sold its ship
management division and certain general partnership interests (the
“Transaction”) to N Shipmanagement Acquisition Corp. and related
entities (“NSM”), affiliated with Company’s Chairman and Chief
Executive Officer. The Company received aggregate consideration of
$20.0 million (including assumption of liabilities) and favorable
five-year service agreements under which NSM provides technical and
commercial management services at a fixed rate of $3,700 per
day per vessel and administrative services, reimbursed at allocable
cost. After the Transaction, the Company owns dry bulk vessels and
various investments in maritime and infrastructure assets.
The Company entered into a secured loan
agreement with NSM, whereby the Company agreed to repay NSM $141.8
million (including post-closing adjustment) over a five-year period
for the net amount of liabilities assumed by NSM in the
Transaction.
Agreement to Liquidate Navios Europe
Inc.
As of September 30, 2019, Navios Holdings had a
receivable of $13.1 million from Navios Europe Inc. (“Navios Europe
I”). On November 22, 2019, an agreement was reached to liquidate
Navios Europe I. As a result of this liquidation, it is expected
that Navios Holdings will receive the outstanding receivable
amount, net of costs, in December 2019.
Fleet Update
In October 2019, the Company agreed to sell to
an unrelated third party the Navios Hios, a 2003-built Ultra
Handymax vessel of 55,180 dwt, for a sale price of $7.7 million.
The vessel is expected to be delivered to the buyers in the first
quarter of 2020.
In September 2019, the Company sold to an
unrelated third party the Navios Primavera, a 2007-built Ultra
Handymax vessel of 53,464 dwt, for a sale price of $10.3
million.
Navios Holdings controls a fleet of 56 vessels
(including one vessel agreed to be sold) totaling 6.0 million dwt,
of which 30 are owned and 26 are chartered-in under long-term
charters (collectively, the "Core Fleet"). The fleet consists of 18
Capesize, 28 Panamax, eight Ultra-Handymax and two Handysize
vessels, with an average age of 7.6 years, basis fully delivered
fleet.
As of November 18, 2019, Navios Holdings has
chartered-out 98.7% of available days for the remaining three
months of 2019. Of these available days, 78.5% are chartered-out on
fixed rate and 20.2% are chartered-out on index. The average
contracted daily charter-in rate for the long-term charter-in
vessels for the remaining three months of 2019 is $13,857 per
day.
The above figures do not include the fleets 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 fleets of Navios
Logistics.
Earnings Highlights
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 Navios Containers), and
EBITDA of Navios Logistics and Navios Containers (both 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 Containers and consequently
consolidated Navios Containers from that date onwards. Following
the sale of Navios Containers general partnership interest effected
on August 30, 2019, Navios Holdings deconsolidated Navios
Containers from that date onwards. The results of operations of
Navios Containers for the period consolidated under Navios Holdings
have been reported as discontinued operations for all periods
presented.
Third Quarter 2019 and 2018 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The third quarter 2019 and 2018 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
Three Month Period EndedSeptember 30,
2019 |
|
Three Month Period EndedSeptember 30,
2018 |
|
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
141,609 |
|
|
|
$ |
141,453 |
|
|
Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(39,139 |
) |
|
|
$ |
(1,816 |
) |
|
Adjusted Net Income
attributable to Navios Holdings’ common stockholders |
$ |
35,650 |
|
(1) |
|
$ |
944 |
|
(3) |
Net cash provided by operating
activities |
$ |
38,117 |
|
|
|
$ |
10,077 |
|
|
EBITDA |
$ |
24,011 |
|
|
|
$ |
60,047 |
|
|
Adjusted EBITDA |
$ |
98,800 |
|
(1) |
|
$ |
62,807 |
|
(3) |
Basic Loss attributable to
Navios Holdings’ common stockholders per Share(4) |
$ |
(3.16 |
) |
|
|
$ |
(0.37 |
) |
|
Adjusted Basic Earnings/(Loss)
attributable to Navios Holdings’ common stockholders per
Share(4) |
$ |
2.77 |
|
(2) |
|
$ |
(0.14 |
) |
(3) |
(1) |
Adjusted EBITDA and Adjusted Net Income attributable to Navios
Holdings’ common stockholders for the three month period ended
September 30, 2019 exclude (i) a $61.7 million loss on loss of
control of Navios Containers, (ii) a $10.6 million write-off of
intangible assets incurred by one of our affiliates, (iii) a $1.7
million impairment loss relating to the sale of one drybulk vessel
and (iv) a $0.8 million net loss from discontinued operations of
Navios Containers. |
(2) |
Adjusted Basic Earnings
attributable to Navios Holdings’ common stockholders per Share for
the three month period ended September 30, 2019 exclude the items
referred in footnote (1) as well as a gain of $1.4 million related
to the conversion of accrued dividends on private preferred stock
to common stock. |
(3) |
Adjusted EBITDA, Adjusted Net
Income and Adjusted Basic Loss per Share for the three month period
ended September 30, 2018 exclude a $2.8 million impairment loss
relating to the sale of Navios Mars and Navios Sphera. |
(4) |
Basic and Adjusted Basic
Earnings/(Loss) attributable to Navios Holdings’ common
stockholders per Share post reverse stock split adjusted for all
periods presented. |
|
|
Revenue from dry bulk vessel operations for the
three month period ended September 30, 2019 decreased by $8.1
million, or 9.5%, to $77.5 million, as compared to $85.6 million
for the same period during 2018. The decrease in dry bulk revenue
was mainly attributable to a decrease in available days by 18.5%,
due to the vessels sold and certain charter-in vessels that were
redelivered, partially mitigated by an increase in TCE per day by
9.3% to $15,534 per day in the three month period ended September
30, 2019 as compared to $14,210 per day in the same period in
2018.
Revenue from the logistics business was $64.1
million for the three month period ended September 30, 2019 as
compared to $55.9 million for the same period in 2018. The increase
was mainly attributable to (i) a $8.0 million increase in revenue
from the port terminal business mainly due to higher volumes
transshipped in the grain port terminal, (ii) a $3.6 million
increase in revenue from the barge business mainly due to higher
volumes of liquid cargo transported and (iii) a $1.6 million
increase in revenue from the cabotage business mainly due to more
operating days of the cabotage fleet. The overall increase was
partially mitigated by a $5.0 million decrease in sales of products
mainly due to a decrease in the Paraguayan liquid port's volumes of
products sold.
Revenue of Navios Containers for the period from
July 1, 2019 to August 30, 2019 (deconsolidation effective date)
was $24.4 million. Navios Containers’ results of operations were
not included in the Company’s consolidated results of operations
for the three month period ended September 30, 2018.
Net Loss attributable to Navios Holdings’ common
stockholders was $39.1 million for the three month period ended
September 30, 2019, as compared to $1.8 million Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2018. Net Loss attributable to Navios Holdings’ common
stockholders was affected by items described in the table above.
Excluding these items, Adjusted Net Income attributable to Navios
Holdings’ common stockholders for the three month period ended
September 30, 2019 was $35.7 million, as compared to $0.9 million
Adjusted Net Income attributable to Navios Holdings’ common
stockholders for the same period in 2018. This increase in Adjusted
Net Income was mainly due to (i) a $36.0 million increase in
Adjusted EBITDA, (ii) a $0.8 million decrease in amortization for
deferred drydock and special survey costs from continuing
operations, (iii) a $0.4 million decrease in share-based
compensation expense, (iv) a $4.5 million decrease in depreciation
and amortization from continuing operations and (v) a $2.7 million
decrease in interest expense and finance cost, net from continuing
operations. This overall increase of $44.4 million was partially
mitigated by (i) $5.8 million depreciation and amortization of
Navios Containers for the period from July 1, 2019 to August 30,
2019, (ii) $2.9 million interest expense and finance cost, net of
Navios Containers for the period from July 1, 2019 to August 30,
2019, (iii) a $0.7 million increase in income tax expense and (iv)
$0.2 million amortization for deferred drydock and special survey
costs of Navios Containers for the period from July 1, 2019 to
August 30, 2019.
Net Income of Navios Logistics, on a standalone
basis, was $14.3 million for the three month period ended September
30, 2019 as compared to $6.7 million of Net income for the same
period in 2018.
Net Loss of Navios Containers, on a standalone
basis, was $0.8 million for the period from July 1, 2019 to August
30, 2019 (deconsolidation effective date). Navios Containers’
results of operations were not included in the Company’s
consolidated results of operations for the three month period ended
September 30, 2018.
Adjusted EBITDA of Navios Holdings for the three
month period ended September 30, 2019 increased by $36.0 million to
$98.8 million, as compared to $62.8 million for the same period in
2018. The increase in Adjusted EBITDA was primarily due to (i) a
$0.1 million increase in revenue from continuing operations and
$24.4 million revenue of Navios Containers for the period from July
1, 2019 to August 30, 2019, (ii) a $9.8 million gain on sale
of business recorded in the three month period ended September 30,
2019, (iii) a $8.8 million increase in other income, net from
continuing operations, (iv) a $5.9 million increase in gain on bond
extinguishment, (v) a $4.1 million decrease in time charter, voyage
and logistics business expenses from continuing operations, (vi) a
$0.8 million net loss from discontinued operations and (vii) a $7.4
million increase in equity in net earnings from affiliated
companies. This overall increase of $61.3 million was partially
mitigated by (i) a $2.8 million increase in direct vessel expenses
from continuing operations (excluding the amortization of deferred
drydock and special survey costs) and $11.1 million direct vessel
expenses of Navios Containers (excluding the amortization of
deferred drydock and special survey costs) for the period from July
1, 2019 to August 30, 2019, (ii) a $4.2 million increase in general
and administrative expenses (excluding share-based compensation
expenses) from continuing operations and $1.6 million general and
administrative expenses of Navios Containers for the period from
July 1, 2019 to August 30, 2019, (iii) $2.6 million other expense,
net of Navios Containers for the period from July 1, 2019 to August
30, 2019, (iv) a $2.0 million increase in net income attributable
to noncontrolling interest and (v) $1.0 million time charter and
voyage expenses of Navios Containers for the period from July 1,
2019 to August 30, 2019.
EBITDA of Navios Logistics, on a standalone
basis, was $32.5 million for the three month period ended September
30, 2019, as compared to $25.5 million for the same period in
2018.
EBITDA of Navios Containers, on a standalone
basis, was $8.0 million for the period from July 1, 2019 to August
30, 2019.
Nine Months Ended September 2019 and
2018 Results (in thousands of U.S. dollars, except per share data
and unless otherwise stated):
The information for the nine month period ended
September 30, 2019 and 2018 presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
|
|
Nine Month
Period EndedSeptember 30,
2019 |
|
|
Nine
Month Period EndedSeptember
30, 2018 |
|
|
(unaudited) |
|
|
(unaudited) |
Revenue |
$ |
363,568 |
|
|
|
$ |
390,386 |
|
|
Net Loss attributable to Navios Holdings’ common
stockholders |
$ |
(80,874 |
) |
|
|
$ |
(67,965 |
) |
|
Adjusted Net Income/(Loss) attributable to Navios Holdings’
common stockholders |
$ |
34,536 |
|
(1) |
|
$ |
(51,895 |
) |
(3) |
Net cash provided by operating activities |
$ |
80,793 |
|
|
|
$ |
39,591 |
|
|
EBITDA |
$ |
117,796 |
|
|
|
$ |
118,066 |
|
|
Adjusted EBITDA |
$ |
233,206 |
|
(1) |
|
$ |
134,136 |
|
(3) |
Basic Loss attributable to Navios Holdings’ common stockholders
per Share(4) |
$ |
(3.35 |
) |
|
|
$ |
(6.33 |
) |
|
Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders per Share(4) |
$ |
2.33 |
|
(2) |
|
$ |
(4.99 |
) |
(3) |
(1) |
Adjusted EBITDA and Adjusted Net Income attributable to Navios
Holdings’ common stockholders for the nine month period ended
September 30, 2019 exclude (i) a $61.7 million loss on loss of
control of Navios Containers, (ii) a $25.5 million of impairment
losses related to the sale of six drybulk vessels, (iii) a $13.5
million of other-than-temporary impairment (“OTTI”) loss onrelated
to our investment in Navios Acquisition, (iv) a $10.6 million
write-off of intangible assets incurred by one of our affiliates
and (v) a $4.1 million net loss from discontinued operations of
Navios Containers. |
(2) |
Adjusted Basic Earnings attributable to Navios Holdings’ common
stockholders per Share for the nine month period ended September
30, 2019 exclude items referred in footnote (1) 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. |
(3) |
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per
Share for the nine month period ended September 30, 2018 exclude a
$16.1 million impairment loss relating to the sale of Navios
Herakles, Navios Achilles, Navios Mars and Navios Sphera. |
(4) |
Basic and Adjusted Basic Earnings/(Loss) attributable to Navios
Holdings’ common stockholders per Share post reverse stock split
adjusted for all periods presented. |
|
|
Revenue from dry bulk vessel operations for the
nine month period ended September 30, 2019 decreased by $39.0
million, or 17.6%, to $183.1 million, as compared to $222.1 million
for the same period in 2018. The decrease in dry bulk revenue was
mainly attributable to: (i) a decrease in available days by 12.3%,
due to the vessels sold and certain charter-in vessels that were
redelivered and (ii) a decrease in TCE per day by 4.7% to $11,784
per day in the nine month period ended September 30, 2019 as
compared to $12,368 per day in the same period in 2018.
Revenue from the logistics business was $180.5
million for the nine month period ended September 30, 2019 as
compared to $168.3 million for the same period in 2018. The
increase was mainly attributable to (i) a $11.4 million increase in
revenue from the port terminal business mainly due to higher
volumes transshipped in the grain port terminal, (ii) a $9.5
million increase in revenue from the barge business mainly due to
higher volumes of liquid and dry cargo transported, and (iii) a
$5.8 million increase in revenue from the cabotage business mainly
due to more operating days of the cabotage fleet. The overall
increase was partially mitigated by a $14.5 million decrease in
sales of products mainly due to a decrease in the Paraguayan liquid
port's volumes of products sold.
Revenue of Navios Containers for the period from
January 1, 2019 to August 30, 2019 (deconsolidation effective date)
was $89.9 million and consisted of time charter revenues. Navios
Containers’ results of operations were not included in the
Company’s consolidated results of operations for the nine month
period ended September 30, 2018.
Net Loss of Navios Holdings was $80.9 million
for the nine month period ended September 30, 2019, as compared to
$68.0 million for the same period in 2018. Net Loss was affected by
items described in the table above. Excluding these items, Adjusted
Net Income of Navios Holdings for the nine month period ended
September 30, 2019 was $34.5 million, as compared to $51.9 million
Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the same period in 2018. The $86.4 million
increase in Adjusted Net Income was mainly due to (i) an increase
in Adjusted EBITDA of $99.1 million; (ii) a decrease of $2.2
million in amortization for deferred drydock and special survey
costs from continuing operations; (iii) a $1.3 million decrease in
share-based compensation expense; (iv) a decrease in depreciation
and amortization from continuing operations of $13.1 million; and
(v) a decrease in interest expense and finance cost, net from
continuing operations of $6.8 million. This overall increase in
Adjusted Net Income was partially mitigated by (i) $22.9 million
depreciation and amortization of Navios Containers for the period
from January 1, 2019 to August 30, 2019; (ii) $10.5 million
interest expense and finance cost, net of Navios Containers for the
period from January 1, 2019 to August 30, 2019; (iii) an increase
in income tax expense of $2.1 million; and (iv) $0.6 million
amortization for deferred drydock and special survey costs of
Navios Containers for the period from January 1, 2019 to August 30,
2019.
Net Income of Navios Logistics, on a standalone
basis, was $29.3 million for the nine month period ended September
30, 2019, as compared to $9.7 million for the same period in
2018.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). Navios Containers’ results of
operations were not included in the Company’s consolidated results
of operations for the nine month period ended September 30,
2018.
Adjusted EBITDA of Navios Holdings for the nine
month period ended September 30, 2019 increased by $99.1 million to
$233.2 million, as compared to $134.1 million for the same period
in 2018. The $99.1 million increase in Adjusted EBITDA was
primarily due to (i) $89.9 million revenue of Navios Containers for
the period from January 1, 2019 to August 30, 2019; (ii) a $27.2
million increase in bond extinguishment gains; (iii) a $32.7
million increase in other income, net from continuing operations;
(iv) a $17.7 million decrease in time charter, voyage and logistics
business expenses from continuing operations; (v) a $9.8 million
gain on sale of business recorded in the nine month period ended
September 30, 2019; (vi) a $17.9 million increase in equity in net
earnings from affiliated companies; and (vii) a $4.1 million net
loss from discontinued operations. This overall increase of $199.3
million was partially mitigated by (i) a $26.8 million decrease in
revenue from continuing operations; (ii) a $5.0 million increase in
direct vessel expenses from continuing operations (excluding the
amortization of deferred drydock and special survey costs) and
$43.5 million direct vessel expenses of Navios Containers
(excluding the amortization of deferred drydock and special survey
costs) for the period from January 1, 2019 to August 30, 2019;
(iii) a $5.2 million increase in general and administrative
expenses (excluding share-based compensation expenses) from
continuing operations and $6.7 million general and administrative
expenses of Navios Containers for the period from January 1, 2019
to August 30, 2019; (iv) a $3.1 million increase in net income
attributable to the noncontrolling interest; (v) $4.0 million time
charter and voyage expenses of Navios Containers for the period
from January 1, 2019 to August 30, 2019; and (vi) $5.9 million
other expense, net of Navios Containers for the period from January
1, 2019 to August 30, 2019.
EBITDA of Navios Logistics, on a standalone
basis, was $84.2 million for the nine month period ended September
30, 2019, as compared to $64.8 million for the same period in
2018.
EBITDA of Navios Containers, on a standalone
basis, was $29.9 million for the period from January 1, 2019 to
August 30, 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’ and Navios Containers’ fleets) and
its fleet performance for the three and nine month periods ended
September 30, 2019 and 2018, respectively.
|
|
Three Month |
|
Three Month |
|
Nine Month |
|
Nine Month |
|
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Available Days (1) |
|
|
4,788 |
|
|
|
5,875 |
|
|
|
15,102 |
|
|
|
17,222 |
|
Operating Days (2) |
|
|
4,737 |
|
|
|
5,858 |
|
|
|
14,998 |
|
|
|
17,161 |
|
Fleet Utilization (3) |
|
|
98.9 |
% |
|
|
99.7 |
% |
|
|
99.3 |
% |
|
|
99.6 |
% |
Equivalent Vessels (4) |
|
|
52 |
|
|
|
64 |
|
|
|
55 |
|
|
|
63 |
|
TCE (5) |
|
$ |
15,534 |
|
|
$ |
14,210 |
|
|
$ |
11,784 |
|
|
$ |
12,368 |
|
(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 scheduled repairs,
drydocking or special surveys and ballast days relating to voyages.
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, November 25, 2019, at 8:30 am ET, at
which time Navios Holdings' senior management will provide
highlights and commentary on earnings results for the third quarter
and nine month period ended September 30, 2019.
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: Monday, November 25, 2019 at 8:30
am ET Call Title: Navios Holdings Q3 2019 Financial
Results Conference Call US Dial In: +1.877.480.3873 International
Dial In: +1.404.665.9927 Conference ID: 697 1646
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: 697 1646
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 Containers L.P.
Navios Maritime Containers L.P. (NASDAQ: NMCI)
is a growth vehicle dedicated to the container sector of the
maritime industry. For more information, please visit its website
at www.navios-containers.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 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.
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 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 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, 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, 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 EndedSeptember 30,
2019 |
|
Three Month Period EndedSeptember 30,
2018 |
|
Nine Month Period EndedSeptember 30,
2019 |
|
Nine Month Period EndedSeptember 30,
2018 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue |
|
|
$ |
141,609 |
|
|
$ |
141,453 |
|
|
$ |
363,568 |
|
|
$ |
390,386 |
|
Administrative fee revenue
from affiliates |
|
|
|
4,209 |
|
|
|
7,357 |
|
|
|
16,991 |
|
|
|
21,488 |
|
Time charter, voyage and
logistics business expenses |
|
|
|
(45,946 |
) |
|
|
(49,980 |
) |
|
|
(137,697 |
) |
|
|
(155,363 |
) |
Direct vessel expenses(1) |
|
|
|
(27,136 |
) |
|
|
(24,959 |
) |
|
|
(76,438 |
) |
|
|
(73,756 |
) |
General and administrative
expenses incurred on behalf of affiliates |
|
|
|
(4,209 |
) |
|
|
(7,357 |
) |
|
|
(16,991 |
) |
|
|
(21,488 |
) |
General and administrative
expenses(2) |
|
|
|
(10,293 |
) |
|
|
(6,503 |
) |
|
|
(25,699 |
) |
|
|
(21,757 |
) |
Depreciation and
amortization |
|
|
|
(20,142 |
) |
|
|
(24,644 |
) |
|
|
(62,122 |
) |
|
|
(75,247 |
) |
Interest expense and finance
cost, net |
|
|
|
(30,029 |
) |
|
|
(32,734 |
) |
|
|
(91,036 |
) |
|
|
(97,797 |
) |
Gain on sale of business |
|
|
|
9,802 |
|
|
|
__ |
|
|
|
9,802 |
|
|
|
__ |
|
Impairment loss/ loss on sale
of vessels, net |
|
|
|
(1,673 |
) |
|
|
(2,760 |
) |
|
|
(25,457 |
) |
|
|
(16,070 |
) |
Gain on bond
extinguishment |
|
|
|
12,359 |
|
|
|
6,464 |
|
|
|
33,733 |
|
|
|
6,464 |
|
Loss on loss of control |
|
|
|
(61,741 |
) |
|
|
__ |
|
|
|
(61,741 |
) |
|
|
__ |
|
Other income /(expense),
net |
|
|
|
6,925 |
|
|
|
(1,867 |
) |
|
|
23,683 |
|
|
|
(8,928 |
) |
(Loss)/ Income before
equity in net earnings of affiliated companies |
|
|
|
(26,265 |
) |
|
|
4,470 |
|
|
|
(49,404 |
) |
|
|
(52,068 |
) |
Equity in net losses of
affiliated companies |
|
|
|
(7,383 |
) |
|
|
(4,231 |
) |
|
|
(19,885 |
) |
|
|
(13,720 |
) |
(Loss)/ Income before
taxes |
|
|
$ |
(33,648 |
) |
|
$ |
239 |
|
|
$ |
(69,289 |
) |
|
$ |
(65,788 |
) |
Income tax (expense)/
benefit |
|
|
|
(284 |
) |
|
|
380 |
|
|
|
(832 |
) |
|
|
1,324 |
|
Net (loss)/ income
from continuing operations |
|
|
|
(33,932 |
) |
|
|
619 |
|
|
|
(70,121 |
) |
|
|
(64,464 |
) |
Net loss from discontinued
operations |
|
|
|
(824 |
) |
|
|
__ |
|
|
|
(4,118 |
) |
|
|
__ |
|
Net (loss)/
income |
|
|
|
(34,756 |
) |
|
|
619 |
|
|
|
(74,239 |
) |
|
|
(64,464 |
) |
Less: Net income attributable
to the noncontrolling interest |
|
|
|
(4,383 |
) |
|
|
(2,435 |
) |
|
|
(6,635 |
) |
|
|
(3,501 |
) |
Net loss attributable
to Navios Holdings common stockholders |
|
|
$ |
(39,139 |
) |
|
$ |
(1,816 |
) |
|
$ |
(80,874 |
) |
|
$ |
(67,965 |
) |
Loss attributable to
Navios Holdings common stockholders, basic and diluted from
continuing operations |
|
|
|
(38,299 |
) |
|
|
(4,382 |
) |
|
|
(36,962 |
) |
|
|
(75,644 |
) |
Loss attributable to
Navios Holdings common stockholders, basic and diluted from
discontinued operations |
|
|
$ |
(824 |
) |
|
|
__ |
|
|
|
(4,118 |
) |
|
|
__ |
|
Loss attributable to
Navios Holdings common stockholders, basic and
diluted |
|
|
|
(39,123 |
) |
|
$ |
(4,382 |
) |
|
$ |
(41,080 |
) |
|
$ |
(75,644 |
) |
Basic and diluted loss
per share attributable to Navios Holdings common stockholders from
continuing operations |
|
|
$ |
(3.09 |
) |
|
$ |
(0.37 |
) |
|
$ |
(3.01 |
) |
|
$ |
(6.33 |
) |
Basic and diluted loss
per share attributable to Navios Holdings common stockholders from
discontinued operations |
|
|
$ |
(0.07 |
) |
|
$ |
__ |
|
|
$ |
(0.34 |
) |
|
$ |
__ |
|
Basic and diluted loss
per share attributable to Navios Holdings common
stockholders |
|
|
$ |
(3.16 |
) |
|
$ |
(0.37 |
) |
|
$ |
(3.35 |
) |
|
$ |
(6.33 |
) |
Weighted average
number of shares, basic and diluted |
|
|
|
12,387,554 |
|
|
|
11,942,314 |
|
|
|
12,276,344 |
|
|
|
11,942,303 |
|
(1) |
Includes expenses of Navios Logistics of $13.8 million and $13.9
million for the three month period ended September 30, 2019 and
2018, respectively and $41.1 million and $43.3 million for the nine
month period ended September 30, 2019 and 2018, respectively. |
(2) |
Includes
expenses of Navios Logistics of $4.7 million and $3.4 million for
the three month period ended September 30, 2019 and 2018,
respectively and $12.8 million and $11.3 million for the nine month
period ended September 30, 2019 and 2018, respectively. |
|
|
|
Period from July 1 to August 30, |
|
Period from January 1 to August 30, |
Net loss from
discontinued operations |
2019 |
|
2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Revenue |
$ |
24,415 |
|
|
$ |
89,925 |
|
Time charter, voyage and port terminal expenses |
|
(994 |
) |
|
|
(3,976 |
) |
Direct vessel expenses |
|
(11,363 |
) |
|
|
(44,088 |
) |
General and administrative expenses |
|
(1,642 |
) |
|
|
(6,706 |
) |
Depreciation and amortization |
|
(5,784 |
) |
|
|
(22,858 |
) |
Interest expense and finance cost, net |
|
(2,853 |
) |
|
|
(10,519 |
) |
Other expense, net |
|
(2,603 |
) |
|
|
(5,896 |
) |
Net loss from
discontinued operations |
$ |
(824 |
) |
|
$ |
(4,118 |
) |
|
|
|
|
|
|
|
|
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
|
(unaudited) |
|
|
(unaudited) |
ASSETS |
|
|
|
|
|
Cash and
cash equivalents, including restricted cash |
$ |
106,523 |
|
$ |
150,774 |
Vessels,
port terminals and other fixed assets, net |
|
1,381,680 |
|
|
1,898,455 |
Goodwill
and other intangibles |
|
265,893 |
|
|
299,273 |
Operating lease assets |
|
314,973 |
|
|
__ |
Other
current and non-current assets |
|
280,727 |
|
|
333,994 |
Total assets |
$ |
2,349,796 |
|
$ |
2,682,496 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Long-term debt, including current portion |
$ |
417,012 |
|
$ |
543,899 |
Senior
and ship mortgage notes, net |
|
1,202,219 |
|
|
1,272,108 |
Operating lease liabilities, current portion |
|
91,481 |
|
|
__ |
Operating lease liabilities, net of current portion |
|
235,152 |
|
|
__ |
Other
current and non-current liabilities |
|
135,356 |
|
|
344,809 |
Total
stockholders’ equity |
|
268,576 |
|
|
521,680 |
Total liabilities and stockholders’ equity |
$ |
2,349,796 |
|
$ |
2,682,496 |
|
|
|
|
|
|
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 finance charges
and gains/(losses) on bond and debt extinguishment, (v)
(provision)/recovery for losses on accounts receivable, (vi) equity
in affiliates, net of dividends received, (vii) payments for
drydock and special survey costs, (viii) noncontrolling interest,
(ix) gain/ (loss) on sale of assets/subsidiaries/businesses, on
loss of control, from discontinued operations and bargain gain, (x)
unrealized (loss)/gain on derivatives, and (xi) loss on sale and
reclassification to earnings of available-for-sale securities and
impairment charges. 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, meet working capital requirements and pay dividends.
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.
EBITDA and Adjusted EBITDA are 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 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. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
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
|
September 30, |
|
September 30, |
Three Month Period
Ended |
2019 |
|
2018 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
38,117 |
|
|
$ |
10,077 |
|
Net (decrease)/ increase in
operating assets |
|
(5,695 |
) |
|
|
4,409 |
|
Net decrease in operating
liabilities |
|
30,905 |
|
|
|
18,686 |
|
Net interest cost |
|
32,882 |
|
|
|
32,734 |
|
Deferred finance charges |
|
(2,101 |
) |
|
|
(2,318 |
) |
(Provision)/ recovery for
losses on accounts receivable |
|
(183 |
) |
|
|
394 |
|
Equity in affiliates, net of
dividends received |
|
(8,967 |
) |
|
|
(5,377 |
) |
Payments for drydock and
special survey costs |
|
7,300 |
|
|
|
173 |
|
Noncontrolling interest |
|
(4,383 |
) |
|
|
(2,435 |
) |
Impairment loss/ loss on sale
of vessels, net |
|
(1,673 |
) |
|
|
(2,760 |
) |
Amortization of operating
lease assets |
|
(22,611 |
) |
|
|
— |
|
Gain on bond
extinguishment |
|
12,359 |
|
|
|
6,464 |
|
Gain on sale of
business |
|
9,802 |
|
|
|
— |
|
Loss on loss of control |
|
(61,741 |
) |
|
|
— |
|
EBITDA |
$ |
24,011 |
|
|
$ |
60,047 |
|
Impairment loss/ loss on sale
of vessels, net |
|
1,673 |
|
|
|
2,760 |
|
Write-off of intangible assets
of affiliates |
|
10,551 |
|
|
|
— |
|
Loss on loss of control |
|
61,741 |
|
|
|
— |
|
Net loss from discontinued
operations |
|
824 |
|
|
|
— |
|
Adjusted
EBITDA |
$ |
98,800 |
|
|
$ |
62,807 |
|
Three Month Period Ended(in
thousands of U.S. dollars) |
September
30, 2019 |
|
September 30,2018 |
|
(unaudited) |
|
(unaudited) |
Net cash
provided by operating activities |
$ |
38,117 |
|
|
$ |
10,077 |
|
Net cash (used in)/provided by investing activities |
$ |
(15,057 |
) |
|
$ |
74,620 |
|
Net cash used in financing activities |
$ |
(38,613 |
) |
|
$ |
(63,148 |
) |
Adjusted EBITDA
breakdown |
|
|
|
|
|
|
September
30, |
|
September
30, |
Three Month Period
Ended |
2019 |
|
2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Core shipping
operations |
$ |
58,598 |
|
$ |
43,925 |
|
Navios Logistics (including noncontrolling interest) |
|
27,348 |
|
|
23,113 |
|
Navios Containers (including noncontrolling interest) |
|
9,686 |
|
|
— |
|
Equity in net earnings/ (losses) of affiliated companies |
|
3,168 |
|
|
(4,231 |
) |
Adjusted EBITDA |
$ |
98,800 |
|
$ |
62,807 |
|
Navios Logistics EBITDA Reconciliation to Net
Income
|
September 30, |
|
September 30, |
Three Month Period
Ended |
2019 |
|
2018 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net
income |
$ |
14,308 |
|
$ |
6,730 |
|
Depreciation and amortization |
|
7,518 |
|
|
7,255 |
|
Amortization of deferred drydock and special survey costs |
|
1,583 |
|
|
2,054 |
|
Interest expense and finance cost, net |
|
8,891 |
|
|
9,956 |
|
Income tax expense/(benefit) |
|
225 |
|
|
(447 |
) |
EBITDA |
$ |
32,525 |
|
$ |
25,548 |
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
Period |
July 1 to August
30,2019 |
(in thousands of U.S. dollars) |
(unaudited) |
Net cash provided by operating activities |
$ |
3,347 |
|
Net decrease in operating
assets |
|
(2,144 |
) |
Net decrease in operating
liabilities |
|
1,244 |
|
Net interest cost |
|
2,853 |
|
Deferred finance charges |
|
(166 |
) |
Payments for drydock and
special survey costs |
|
2,934 |
|
EBITDA |
$ |
8,068 |
|
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
September 30, |
|
September 30, |
Nine Month Period
Ended |
2019 |
|
2018 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
80,793 |
|
|
$ |
39,591 |
|
Net (decrease)/ increase in
operating assets |
|
(5,688 |
) |
|
|
13,742 |
|
Net decrease/ (increase) in
operating liabilities |
|
76,738 |
|
|
|
(3,095 |
) |
Net interest cost |
|
101,555 |
|
|
|
97,797 |
|
Deferred finance charges |
|
(6,293 |
) |
|
|
(5,963 |
) |
Provision for losses on
accounts receivable |
|
(999 |
) |
|
|
(418 |
) |
Equity in affiliates, net of
dividends received |
|
(9,961 |
) |
|
|
(16,698 |
) |
Payments for drydock and
special survey costs |
|
14,217 |
|
|
|
6,189 |
|
Noncontrolling interest |
|
(6,635 |
) |
|
|
(3,501 |
) |
Other gain on assets |
|
— |
|
|
|
28 |
|
Impairment loss/ loss on sale of
vessels, net |
|
(25,457 |
) |
|
|
(16,070 |
) |
Gain on bond extinguishment |
|
33,733 |
|
|
|
6,464 |
|
Gain on sale of business |
|
9,802 |
|
|
|
— |
|
Loss on loss of control |
|
(61,741 |
) |
|
|
— |
|
Amortization of operating lease
asset |
|
(68,725 |
) |
|
|
— |
|
Impairment loss on investment in
affiliate |
|
(13,543 |
) |
|
|
— |
|
EBITDA |
$ |
117,796 |
|
|
$ |
118,066 |
|
Impairment loss/ loss on sale of
vessels, net |
|
25,457 |
|
|
|
16,070 |
|
Impairment loss on investment in
affiliate |
|
13,543 |
|
|
|
— |
|
Write-off of intangible assets of
affiliates |
|
10,551 |
|
|
|
— |
|
Loss on loss of control |
|
61,741 |
|
|
|
— |
|
Net loss from discontinued
operations |
|
4,118 |
|
|
|
— |
|
Adjusted
EBITDA |
$ |
233,206 |
|
|
$ |
134,136 |
|
Nine Month Period Ended |
September 30, 2019 |
|
September 30, 2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
Net cash provided by operating activities |
$ |
80,793 |
|
|
$ |
39,591 |
|
Net cash (used in)/provided by investing activities |
$ |
(59,762 |
) |
|
$ |
51,870 |
|
Net cash used in financing activities |
$ |
(65,282 |
) |
|
$ |
(82,670 |
) |
Adjusted EBITDA
breakdown |
|
|
|
|
|
|
September
30, |
|
September
30, |
Nine Month
Period Ended |
2019 |
|
2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Core shipping
operations |
$ |
117,433 |
|
$ |
86,598 |
|
Navios Logistics (including noncontrolling interest) |
|
73,572 |
|
|
61,258 |
|
Navios Containers (including noncontrolling interest) |
|
37,992 |
|
|
— |
|
Equity in net earnings/ (losses) of affiliated companies |
|
4,209 |
|
|
(13,720 |
) |
Adjusted EBITDA |
$ |
233,206 |
|
$ |
134,136 |
|
Navios Logistics EBITDA Reconciliation to Net
Income
|
September
30, |
|
September
30, |
Nine Month Period
Ended |
2019 |
|
2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Net
income |
$ |
29,309 |
|
$ |
9,677 |
|
Depreciation and amortization |
|
22,174 |
|
|
21,635 |
|
Amortization of deferred drydock and special survey costs |
|
4,041 |
|
|
5,775 |
|
Interest expense and finance cost, net |
|
27,994 |
|
|
29,198 |
|
Income tax expense/ (benefit) |
|
657 |
|
|
(1,526 |
) |
EBITDA |
$ |
84,175 |
|
$ |
64,759 |
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
January 1 to August 30,2019 |
Period |
(in thousands of U.S.
dollars) |
(unaudited) |
Net cash provided by 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 |
|
Handysize |
|
2011 |
|
34,690 |
Navios Hios(1) |
|
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 Star |
|
Panamax |
|
2002 |
|
76,662 |
Navios Amitie |
|
Panamax |
|
2005 |
|
75,395 |
Navios Northern Star |
|
Panamax |
|
2005 |
|
75,395 |
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 |
Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
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 |
(1) Agreed to be
sold
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 Mercury |
|
Ultra Handymax |
|
2013 |
|
61,393 |
|
Yes |
Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
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) |
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 |
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. |
|
|
Long-term Bareboat Chartered-in Fleet
Long-term Bareboat Chartered-in Fleet in
Operation
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Herakles I |
|
Panamax |
|
2019 |
|
81,600 |
|
Yes |
Long-term Bareboat Chartered-in Fleet to be
delivered
Vessel Name |
|
Vessel Type |
|
Delivery date |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Felicity I |
|
Panamax |
|
Q1 2020 |
|
81,000 |
|
Yes |
Navios Uranus |
|
Panamax |
|
Q4 2019 |
|
81,600 |
|
Yes |
Navios Galaxy II |
|
Panamax |
|
Q1 2020 |
|
81,600 |
|
Yes |
Navios Magellan II |
|
Panamax |
|
Q2 2020 |
|
81,000 |
|
Yes |
(1) |
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
Navios Maritime Partners (NYSE:NMM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Navios Maritime Partners (NYSE:NMM)
Historical Stock Chart
From Sep 2023 to Sep 2024