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, 2018.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
"I am pleased with the results of the first quarter of 2018, for
which we reported revenue and Adjusted EBITDA of $116.9 million and
$28 million, respectively. We are beginning to see the effect
of healthier charter markets on our business results. Rates for dry
bulk vessels improved materially, with the TCE rate for Q1 of 2018
about 40% higher than Q1 of 2017.”
Angeliki Frangou continued, "Navios is a global brand with
significant scale managing 208 vessels. Navios Holdings directly
controls 72 modern dry bulk vessels. Since the beginning of 2017,
we have increased our fleet by 11%. Our dry bulk fleet, with an
average age of 7.7 years, is 16% younger than the industry average
age. We believe we are a premiere operator, generating
significant operating leverage and enabling us to achieve
substantial cost savings. By design, to take advantage of an
improving market, we have maintained market exposure for almost 2/3
of available days for the remaining nine months of 2018."
HIGHLIGHTS – RECENT DEVELOPMENTS
Fleet Renewal and Expansion
In April 2018, Navios Holdings agreed to charter-in one Panamax
vessel under a ten-year bareboat charter with purchase option. This
vessel is expected to be delivered in the fourth quarter of
2019.
Including the above agreement, Navios Holdings increased its
fleet by 11% through the addition of nine Kamsarmax and one
Capesize vessels during 2017-2018YTD. In addition, the Company has
sold three vessels during the same period having an average age of
16.8 years. The fleet average age has decreased by 13%, basis fully
delivered fleet.
Fleet update
Navios Holdings controls a fleet of 72 vessels totaling 7.3
million dwt, of which 38 are owned and 34 are chartered-in under
long-term charters (seven of which are expected to be delivered at
various dates through the first quarter of 2020) (collectively, the
"Core Fleet"). The fleet consists of 21 Capesize, 32 Panamax, 17
Ultra Handymax and two Handysize vessels, with an average age of
7.7 years, basis fully delivered fleet.
As of May 6, 2018, Navios Holdings has chartered-out 78.5% of
available days for the remaining nine months of 2018, out of which
36.5% on fixed rate and 42.0% on index or having profit sharing
arrangements. The average contracted daily charter-in rate for the
long-term charter-in vessels for the remaining nine months of 2018
is $12,878.
The above figures do not include the fleet of 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, Adjusted EBITDA, Adjusted Net Loss and
Adjusted Basic Loss 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 Loss and Adjusted Basic Loss 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.
First Quarter 2018 and 2017 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The first quarter 2018 and 2017 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, |
|
| |
|
2018 |
|
2017 |
|
| |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
|
$ |
116,882 |
|
|
$ |
95,346 |
|
|
|
| Net
Loss |
|
$ |
(40,857 |
) |
|
$ |
(48,719 |
) |
|
|
| Adjusted
Net Loss |
|
$ |
(34,142 |
) |
(1 |
) |
$ |
(39,621 |
) |
(2 |
) |
|
| Net cash
provided by operating activities |
|
$ |
17,806 |
|
|
$ |
25,685 |
|
|
|
| EBITDA |
|
$ |
21,383 |
|
|
$ |
8,434 |
|
|
|
| Adjusted
EBITDA |
|
$ |
28,098 |
|
(1 |
) |
$ |
17,532 |
|
(2 |
) |
|
| Basic Loss
per Share |
|
$ |
(0.35 |
) |
|
$ |
(0.45 |
) |
|
|
| Adjusted
Basic Loss per Share |
|
$ |
(0.30 |
) |
(1 |
) |
$ |
(0.37 |
) |
(2 |
) |
|
| (1) |
|
Adjusted
EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the
three months ended March 31, 2018 exclude a $6.7 million impairment
loss relating to the sale of Navios Herakles. |
| (2) |
|
Adjusted
EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the
three months ended March 31, 2017 exclude a $9.1 million impairment
loss relating to the sale of Navios Ionian. |
Revenue from dry bulk vessel operations for the
three months ended March 31, 2018 was $64.7 million as compared to
$51.5 million for the same period during 2017. The increase in dry
bulk revenue was mainly attributable to the increase in the time
charter equivalent (“TCE”) per day by 39.8% to $10,983 per day in
the first quarter of 2018, as compared to $7,857 per day in the
same period of 2017.
Revenue from the logistics business was $52.2
million for the three months ended March 31, 2018 as compared to
$43.8 million for the same period in 2017. The increase was mainly
attributable to (i) a $8.8 million increase in revenue from the
port terminal business mainly due to the commencement of operations
at the new iron ore terminal, (ii) a $1.3 million increase in
revenue from the cabotage business mainly due to an increase in
operating days and (iii) a $0.4 million increase in sales of
products mainly due to an increase in the Paraguayan liquid port's
price of products sold. The overall increase was partially
mitigated by a $2.1 million decrease in revenue from the barge
business mainly related to liquid cargo transportation.
Net Loss of Navios Holdings was $40.9 million
and $48.7 million for the three months ended March 31, 2018 and
2017, respectively. Net Loss was affected by the items
described in the notes to the table above. Excluding these items,
Adjusted Net Loss of Navios Holdings for the three months ended
March 31, 2018 was $34.1 million as compared to $39.6 million for
the same period of 2017. The $5.5 million decrease in Adjusted Net
Loss was mainly due to an increase in Adjusted EBITDA by $10.6
million. This increase was partially mitigated by (i) an increase
in interest expense and finance cost, net by $4.4 million; (ii) an
increase in depreciation and amortization by $0.5 million; (iii) an
increase in amortization for deferred drydock and special survey
costs of $0.1 million; and (iv) an increase in share-based
compensation expense of $0.1 million.
Net loss of Navios Logistics was $1.0 million
for the three month period ended March 31, 2018 as compared to $3.0
million for the same period in 2017.
Adjusted EBITDA of Navios Holdings for the three
months ended March 31, 2018 increased by $10.6 million to $28.1
million as compared to $17.5 million for the same period of 2017.
The increase in Adjusted EBITDA was primarily due to (i) a $21.6
million increase in revenue and (ii) a $5.4 million decrease in
direct vessel expenses (excluding the amortization of deferred
drydock and special survey costs). This overall increase of $27.0
million was partially mitigated by (i) a $11.6 million decrease in
equity in net earnings from affiliated companies; (ii) a $3.4
million increase in other expense, net; (iii) a $0.7 million
increase in net loss attributable to noncontrolling interest; (iii)
a $0.4 million increase in general and administrative expenses
(excluding share-based compensation expenses); and (iv) a $0.3
million increase in time charter, voyage and logistics business
expenses.
EBITDA of Navios Logistics was $16.8 million for
the three month period ended March 31, 2018, as compared to $10.1
million for the same period in 2017.
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 ended March 31, 2018
and 2017, respectively.
|
|
|
Three Month |
|
Three Month |
|
|
|
|
|
Period Ended |
|
Period Ended |
|
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
|
2018 |
|
2017 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
| Available Days (1) |
|
|
5,554 |
|
|
|
5,803 |
|
|
|
| Operating Days (2) |
|
|
5,517 |
|
|
|
5,791 |
|
|
|
| Fleet Utilization
(3) |
|
|
99.3 |
% |
|
|
99.8 |
% |
|
|
| Equivalent Vessels
(4) |
|
|
62 |
|
|
|
64 |
|
|
|
| TCE (5) |
|
$ |
10,983 |
|
|
$ |
7,857 |
|
|
|
|
(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 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, May
15, 2018, 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, 2018.
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: |
|
Tuesday,
May 15, 2018, at 8:30 am ET |
| Call
Title: |
|
Navios
Holdings Q1 2018 Financial Results Conference Call |
| US Dial
In: |
|
+1.877.480.3873 |
|
International Dial In: |
|
+1.404.665.9927 |
| Conference
ID: |
|
322
5559 |
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: |
|
322
5559 |
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 Maritime Partners L.P. (NYSE:NMM) is a
publicly traded master limited partnership which owns and operates
container and dry bulk 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.
About Navios Maritime Containers
Inc.
Navios Maritime Containers Inc. (N-OTC: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.
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 cash flow generation for the remaining nine
months of 2018, 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 and Ultra Handymax 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; Vale’s obligations under the Vale port contract; 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.
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
Ended March 31, 2018 |
|
Three Month Period
Ended March 31, 2017 |
|
|
|
| |
|
(unaudited) |
(unaudited) |
|
|
|
| Revenue |
|
$ |
116,882 |
|
|
$ |
95,346 |
|
|
| Administrative fee
revenue from affiliates |
|
|
7,005 |
|
|
|
5,298 |
|
|
| Time charter, voyage
and logistics business expenses |
|
|
(50,966 |
) |
|
|
(50,726 |
) |
|
| Direct vessel
expenses(1) |
|
|
(24,793 |
) |
|
|
(30,044 |
) |
|
| General and
administrative expenses incurred on behalf of affiliates |
|
|
(7,005 |
) |
|
|
(5,298 |
) |
|
| General and
administrative expenses(2) |
|
|
(6,927 |
) |
|
|
(6,384 |
) |
|
| Depreciation and
amortization |
|
|
(26,066 |
) |
|
|
(25,623 |
) |
|
| Interest expense and
finance cost, net |
|
|
(31,810 |
) |
|
|
(27,422 |
) |
|
| Impairment loss on sale
of vessel |
|
|
(6,715 |
) |
|
|
(9,098 |
) |
|
| Other expense, net |
|
|
(4,819 |
) |
|
|
(1,355 |
) |
|
| Loss before
equity in net earnings of affiliated companies |
|
|
(35,214 |
) |
|
|
(55,306 |
) |
|
| Equity in net
(loss)/earnings of affiliated companies |
|
|
(6,464 |
) |
|
|
5,082 |
|
|
| Loss before
taxes |
|
$ |
(41,678 |
) |
|
$ |
(50,224 |
) |
|
| Income tax benefit |
|
|
442 |
|
|
|
417 |
|
|
| Net
loss |
|
|
(41,236 |
) |
|
|
(49,807 |
) |
|
| Less: Net loss
attributable to the noncontrolling interest |
|
|
379 |
|
|
|
1,088 |
|
|
| Net loss
attributable to NaviosHoldings common
stockholders |
|
$ |
(40,857 |
) |
|
$ |
(48,719 |
) |
|
| Loss
attributable to Navios Holdings common
stockholders, basic and diluted |
|
$ |
(43,406 |
) |
|
$ |
(51,363 |
) |
|
| Basic and
diluted net losses per share attributable to Navios Holdings common
stockholders |
|
$ |
(0.35 |
) |
|
$ |
(0.45 |
) |
|
| Weighted
average number of shares, basic and diluted |
|
|
122,975,604 |
|
|
|
115,168,874 |
|
|
| (1) |
|
Includes
expenses of Navios Logistics of $15.3 million and $17.5 million for
the three months ended March 31, 2018 and 2017, respectively. |
| (2) |
|
Includes
expenses of Navios Logistics of $3.9 million and $3.5 million for
the three months ended March 31, 2018 and 2017,
respectively.
|
| NAVIOS MARITIME HOLDINGS INC. |
| Other Financial Data |
|
|
| |
|
March
31, 2018 |
|
December 31, 2017 |
|
| |
|
(unaudited) |
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
| Cash and cash
equivalents, including restricted cash |
|
$ |
121,853 |
|
$ |
134,190 |
|
| Other current
assets |
|
|
125,050 |
|
|
121,886 |
|
| Deposits for vessels,
port terminals and other fixed assets |
|
|
7,474 |
|
|
36,849 |
|
| Vessels, port terminal
and other fixed assets, net |
|
|
1,815,291 |
|
|
1,809,225 |
|
| Other non-current
assets |
|
|
255,897 |
|
|
251,073 |
|
| Goodwill and other
intangibles |
|
|
275,435 |
|
|
276,758 |
|
| Total
assets |
|
$ |
2,601,000 |
|
$ |
2,629,981 |
|
| |
|
|
|
|
|
|
|
| |
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
| Current liabilities,
including current portion of long-term debt, net |
|
|
241,483 |
|
|
236,194 |
|
| Senior and ship
mortgage notes, net |
|
|
1,303,108 |
|
|
1,301,999 |
|
| Long-term debt, net of
current portion |
|
|
337,346 |
|
|
346,604 |
|
| Other non-current
liabilities |
|
|
141,981 |
|
|
128,020 |
|
| Total stockholders’
equity |
|
|
577,082 |
|
|
617,164 |
|
| Total
liabilities and stockholders’ equity |
|
$ |
2,601,000 |
|
$ |
2,629,981 |
|
| |
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial
Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss and
Adjusted Basic 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 (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. Adjusted EBITDA represents
EBITDA, excluding certain items as described under “Earnings
Highlights”. Adjusted Loss and Adjusted Basic Loss per Share
represent Net Loss and Basic Loss per Share, 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, (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.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics) and EBITDA of Navios Logistics on a stand-alone
basis:
Navios Holdings Reconciliation of EBITDA
and Adjusted EBITDA to Cash from Operations
| |
March 31, |
|
March 31, |
| Three Months
Ended |
2018 |
|
|
2017 |
|
| (in thousands
of U.S. dollars) |
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
| Net cash provided by
operating activities |
$ |
17,806 |
|
|
$ |
25,685 |
|
| Net increase/(decrease)
in operating assets |
|
3,622 |
|
|
|
(28,136 |
) |
| Net increase in
operating liabilities |
|
(21,635 |
) |
|
|
(14,690 |
) |
| Net interest cost |
|
31,809 |
|
|
|
27,422 |
|
| Deferred finance
charges |
|
(1,641 |
) |
|
|
(1,389 |
) |
| Provision for losses on
accounts receivable |
|
(433 |
) |
|
|
(254 |
) |
| (Loss)/ equity in
affiliates, net of dividends received |
|
(6,937 |
) |
|
|
821 |
|
| Payments for drydock
and special survey costs |
|
5,100 |
|
|
|
5,955 |
|
| Noncontrolling
interest |
|
379 |
|
|
|
1,088 |
|
| Other gain on
assets |
|
28 |
|
|
|
1,030 |
|
| Impairment loss on sale
of vessel |
|
(6,715 |
) |
|
|
(9,098 |
) |
|
EBITDA |
$ |
21,383 |
|
|
$ |
8,434 |
|
| Impairment loss on sale
of vessel |
|
6,715 |
|
|
|
9,098 |
|
| Adjusted
EBITDA |
$ |
28,098 |
|
|
$ |
17,532 |
|
| Three Month
Period Ended(in thousands of U.S.
dollars) |
March 31,
2018 |
|
March 31,
2017 |
| |
(unaudited) |
|
(unaudited) |
| Net cash
provided by operating activities |
$ |
17,806 |
|
|
$ |
25,685 |
|
| Net cash
used in investing activities |
$ |
(17,500 |
) |
|
$ |
(22,977 |
) |
| Net cash
used in financing activities |
$ |
(12,643 |
) |
|
$ |
(5,895 |
) |
Navios Logistics EBITDA Reconciliation
to Net Loss
| |
March 31, |
|
March 31, |
| Three Months
Ended |
2018 |
|
|
2017 |
|
| (in thousands
of U.S. dollars) |
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
| Net loss |
$ |
(1,047 |
) |
|
$ |
(3,007 |
) |
| Depreciation and
amortization |
|
7,228 |
|
|
|
6,090 |
|
| Amortization of
deferred drydock and special survey costs |
|
1,890 |
|
|
|
1,698 |
|
| Interest expense and
finance cost, net |
|
9,245 |
|
|
|
5,781 |
|
| Income tax benefit |
|
(510 |
) |
|
|
(484 |
) |
|
EBITDA |
$ |
16,806 |
|
|
$ |
10,078 |
|
| EXHIBIT II |
|
Owned Vessels |
| |
|
|
|
|
|
|
|
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
| Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
| 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 Amitie |
|
Panamax |
|
2005 |
|
75,395 |
| Navios Northern
Star |
|
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 Equator
Prosper |
|
Capesize |
|
2000 |
|
171,191 |
| 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 |
| Mercury Ocean |
|
Ultra
Handymax |
|
2008 |
|
53,452 |
|
No |
| Kouju Lily |
|
Ultra
Handymax |
|
2011 |
|
58,872 |
|
No |
| Navios Oriana |
|
Ultra
Handymax |
|
2012 |
|
61,442 |
|
Yes |
| Navios Mercury |
|
Ultra
Handymax |
|
2013 |
|
61,393 |
|
Yes |
| Navios Venus |
|
Ultra
Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Osmarine |
|
Panamax |
|
2006 |
|
76,000 |
|
No |
| Navios Aldebaran |
|
Panamax |
|
2008 |
|
76,500 |
|
Yes |
| KM Imabari |
|
Panamax |
|
2009 |
|
76,619 |
|
No |
| 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 |
| Elsa S |
|
Panamax |
|
2015 |
|
80,954 |
|
No |
| Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
| Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
| Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
| Mont Blanc Hawk |
|
Panamax |
|
2017 |
|
81,638 |
|
No |
| Pacific Explorer |
|
Capesize |
|
2007 |
|
177,000 |
|
No |
| King Ore |
|
Capesize |
|
2010 |
|
176,800 |
|
Yes |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
| Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
| Dream Coral |
|
Capesize |
|
2015 |
|
181,249 |
|
Yes |
| Dream Canary |
|
Capesize |
|
2015 |
|
180,528 |
|
Yes |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
Long term Chartered-in Fleet to be
delivered
| Vessel Name |
|
Vessel Type |
|
Delivery date |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
|
| TBN |
|
Panamax |
|
May
2018 |
|
82,000 |
|
No |
|
| Navios
Gemini |
|
Panamax |
|
Q4
2018 |
|
81,500 |
|
No(3) |
|
| Navios
Horizon I |
|
Panamax |
|
Q1
2019 |
|
81,500 |
|
No(3) |
|
| |
|
Long term Bareboat Chartered-in Fleet to
be delivered
|
Vessel Name |
|
Vessel Type |
|
Delivery date |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
| TBN |
|
Panamax |
|
Q4
2019 |
|
82,000 |
|
Yes |
| TBN |
|
Panamax |
|
Q1
2020 |
|
82,000 |
|
Yes |
| TBN |
|
Panamax |
|
Q4
2019 |
|
82,000 |
|
Yes |
| TBN |
|
Panamax |
|
Q4
2019 |
|
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. |
|
(3) |
|
Navios
Holdings has the right of first refusal and profit share on sale of
vessel. |
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