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 months
ended September 30, 2021.
Angeliki Frangou, Chairwoman and Chief Executive
Officer, stated, “I am pleased with the results for the third
quarter of 2021. In the third quarter, Navios Holdings
reported revenue of $168.4 million, EBITDA of $116.1 million and
Net Income of $59.8 million. For the first nine months 2021,
we reported revenue of $429.0 million, Adjusted EBITDA of $251.3
million and Adjusted Net income of $84.9 million.”
Angeliki Frangou, continued, “Navios announced
plans for addressing about $770 million in upcoming note
maturities. The announced refinancing addresses the imminent
maturity of $614.3 million of Ship Mortgage Notes and provides
liquidity and sufficient runway for Navios Holdings to satisfy
$155.0 million of Senior Secured Notes maturing in August of
2022. Importantly, for about half of the new debt
financing package, we achieved an 18-month period during which
there would be no cash requirement for interest or amortization,
and overall we extended and staggered the maturity date of our
new debt facilities.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
$664.3 million Note
Retirement
Navios Holdings expects to extinguish $614.3
million of its 7.375% First Priority Ship Mortgage Notes due
January 15, 2022 (the “Ship Mortgage Notes”) and to redeem $50.0
million of its 11.25% Senior Secured Notes due August 15, 2022 (the
“Senior Secured Notes”) through a combination of sources, including
$550 million of debt financing described below and available cash.
Navios Holdings has entered into the following agreements: (i) a
term loan facility with Credit Agricole CIB (“CACIB”) and BNP
Paribas (“BNPP”) of up to $105.0 million; (ii) a term loan facility
with Hamburg Commercial Bank AG (“HCOB”) of up to $105.0 million;
(iii) sale-leaseback agreements of $77.0 million in total and (iv)
$262.6 million of PIK loan facilities from N Shipmanagement
Acquisition Corp. and its subsidiaries (“NSM”), an entity
affiliated with Navios Holdings’ Chairwoman and Chief Executive
Officer, including additional liquidity of $150.0 million and
providing for release of approximately $300.0 million of
collateral. The PIK loan facilities from NSM provide for a 18-month
period during which there will be no cash interest or amortization.
These transactions are expected to close by the first half of
January 2022.
Pro forma for the above transactions, Navios
Holdings has decreased its leverage by 39.3% to $722 million from
$1,189 million debt outstanding (including Ship Mortgage Notes
repurchased which are being cancelled) as of December 31, 2020. In
addition, Navios Holdings extended its maturities for the next four
years in a staggered manner. The next maturity after the $105.0
million remaining Senior Secured Notes due in August 2022, will be
in 2024.
Navios Partners’ Merger
On October 15, 2021, Navios Partners completed
the merger (“NNA Merger”) with Navios Maritime Acquisition
Corporation (“Navios Acquisition”). As a result thereof, Navios
Acquisition became a wholly-owned subsidiary of Navios Partners.
Each outstanding common unit of Navios Acquisition that was held by
a unitholder other than Navios Partners, Navios Acquisition and
their respective subsidiaries was converted into the right to
receive 0.1275 of a common unit of Navios Partners. As a result,
3,388,226 common units of Navios Partners were issued to former
public unitholders of Navios Acquisition.
After the completion of the NNA Merger, Navios
Holdings has a 10.3% ownership interest in Navios Partners.
Fleet Statistics
Navios Holdings controls a fleet of 36 vessels
totaling 3.9 million dwt, of which 25 are owned (including five
bareboat-in vessels) and 11 are chartered-in under long-term
charters (collectively, the "Core Fleet"). The fleet consists of 12
Capesize, 19 Panamax, four Ultra-Handymax and one Handysize
vessels, with an average age of 8.9 years.
Navios Holdings has currently chartered-out
100.0% of available days for the remaining three months of 2021.
88.4% of available days are chartered-out on fixed rate and 11.6%
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
2021 is $16,833 per day.
The above figures do not include the fleet of
Navios Logistics.
Exhibit II provides certain details of the Core
Fleet of Navios Holdings. It does not include the fleet of Navios
Logistics.
Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders per share are non-U.S. GAAP financial measures
and should not be used in isolation or as substitution for Navios
Holdings’ results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of
Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted
EBITDA, Adjusted Net Income/(Loss) attributable to Navios Holdings’
common stockholders and Adjusted Basic Earnings/(Loss) attributable
to Navios Holdings’ common stockholders per share of Navios
Holdings (including Navios Logistics), and EBITDA of Navios
Logistics (on a stand-alone basis) and a reconciliation of such
measures to the most comparable measures calculated under U.S.
GAAP.
Earnings
Highlights
Third Quarter 2021 and 2020 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The third quarter 2021 and 2020 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
|
Three Month Period EndedSeptember 30,
2021 |
|
|
Three Month Period EndedSeptember 30,
2020 |
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
| Revenue |
$ |
168,449 |
|
|
$ |
126,155 |
|
| Net Income/(Loss) attributable
to Navios Holdings’ common stockholders |
$ |
59,808 |
|
|
$ |
(10,060) |
|
| Adjusted Net Income
attributable to Navios Holdings’ common stockholders |
$ |
59,808 |
|
|
$ |
1,780 |
(1) |
| Net cash provided by operating
activities |
$ |
33,033 |
|
|
$ |
29,775 |
|
| EBITDA |
$ |
116,143 |
|
|
$ |
48,032 |
|
| Adjusted EBITDA |
$ |
116,143 |
|
|
$ |
59,872 |
(1) |
| Basic Earnings/ (Loss)
attributable to Navios Holdings’ common stockholders per share |
$ |
3.67 |
|
|
$ |
(0.88) |
|
| Adjusted Basic Earnings
attributable to Navios Holdings’ common stockholders per share |
$ |
3.67 |
|
|
$ |
0.04 |
(1) |
| |
|
|
|
|
|
|
|
|
(1) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Basic Earnings
per share attributable to Navios Holdings’ common stockholders for
the three month period ended September 30, 2020 exclude (i) $7.7
million in impairment losses relating to two drybulk vessels sold
during the period; and (ii) $4.2 million in write-off of deferred
financing cost for bond and debt extinguishment incurred by Navios
Logistics. |
|
|
|
Revenue from the Dry Bulk Vessel Operations for
the three month period ended September 30, 2021 increased by $37.5
million, or 55.7%, to $104.9 million, as compared to $67.4 million
for the same period during 2020. The increase in dry bulk revenue
was mainly attributable to the increase in the time charter and
freight market during three month period ended September 30, 2021.
The TCE per day increased by 114.5% to $30,146 per day in the three
month period ended September 30, 2021, as compared to $14,056 per
day in the same period of 2020.
Revenue from the Logistics Business was $63.5
million for the three month period ended September 30, 2021, as
compared to $58.8 million for the same period in 2020. The increase
was mainly attributable to (a) a $3.3 million increase in revenue
from the barge business mainly due to a $2.9 million increase in
CoA/voyage revenues related to higher liquid cargo moved and by a
$0.3 million increase in time charter revenues mainly due to an
increase in time charter days; (iii) a $2.5 million increase in
revenue from the port terminal business mainly due to revenues from
minimum guarantee contracts in the grain port terminal; and (iii) a
$0.8 million increase in sales of products due to the increase in
the Paraguayan liquid port’s price of products sold. The overall
increase was partially mitigated by a $1.8 million decrease in
revenue from the cabotage business mainly due to fewer operating
days.
Net Income attributable to Navios Holdings’
common stockholders was $59.8 million for the three month period
ended September 30, 2021, as compared to $10.1 million Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2020. Net Loss attributable to Navios Holdings’ common
stockholders in the three month period ended September 30, 2020 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, 2021
was $59.8 million as compared to $1.8 million Adjusted Net Income
attributable to Navios Holdings’ common stockholders for the three
month period ended September 30, 2020. This increase in Adjusted
Net Income was mainly due to (i) a $56.3 million increase in
Adjusted EBITDA as discussed in the paragraph below; (ii) a $3.2
million decrease in depreciation and amortization; (iii) $1.8
million decrease in interest expense and finance cost, net, mainly
due to the partial redemption of the Senior Secured Notes; and (iv)
a $0.2 million decrease in stock-based compensation expense. This
overall increase of approximately $61.4 million was partially
mitigated by (i) a $3.2 million increase in income tax expense
mainly due to the recalculation of the deferred tax liability
resulting from an increase in income tax rate; and (ii) a $0.2
million increase in amortization of deferred drydock, special
survey and other capitalized items.
Net Loss of Navios Logistics, on a standalone
basis, was $4.4 million for the three month period ended September
30, 2021 as compared to $2.7 million of Net Income for the same
period in 2020. Excluding $4.2 million in write-off of deferred
financing cost for bond and debt extinguishment incurred for the
three month periods ended September 30, 2020, Adjusted Net income
of Navios Logistics, on a standalone basis, was $6.8 million for
the three month period ended September 30, 2020.
Adjusted EBITDA of Navios Holdings for the three
month period ended September 30, 2021 increased by $56.3 million to
$116.1 million, as compared to $59.9 million for the same period in
2020. The increase in Adjusted EBITDA was primarily due to (i) a
$42.3 million increase in revenue; (ii) a $11.3 million increase in
net loss attributable to noncontrolling interest; (iii) a $9.9
million increase in equity in net earnings from affiliate
companies; and (iv) a $0.6 million decrease in general and
administrative expenses (excluding stock-based compensation
expenses). This overall increase of $64.2 million was partially
mitigated by a (i) $4.6 million increase in other expense, net;
(ii) a $2.2 million increase in time charter, voyage and logistics
business expenses; (iii) a $0.8 million increase in loss on bond
extinguishment; and (iv) $0.3 million increase in direct vessel
expenses (excluding the amortization of deferred drydock, special
survey costs and other capitalized items).
EBITDA of Navios Logistics, on a standalone
basis, was $23.1 million for the three month period ended September
30, 2021, as compared to $24.2 million for the same period in 2020.
Excluding $4.2 million in write-off of deferred finance cost for
bond extinguishment incurred for the three month period ended
September 30, 2020, Adjusted EBITDA of Navios Logistics, on a
standalone basis, was $28.3 million for the three month period
ended September 30, 2020.
Nine Months Ended September 2021 and 2020 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The information for the nine months period ended September 30,
2021 and 2020 presented below was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
|
|
|
Nine Month Period EndedSeptember 30,
2021 |
|
|
Nine Month Period EndedSeptember 30,
2020 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
429,024 |
|
|
$ |
314,365 |
|
| Net Income/(Loss) attributable
to Navios Holdings’ common stockholders |
$ |
84,906 |
|
|
$ |
(98,606) |
|
| Adjusted Net Income/ (Loss)
attributable to Navios Holdings’ common stockholders |
$ |
84,915 |
(1) |
|
$ |
(47,007) |
(2) |
| Net cash provided by operating
activities |
$ |
31,668 |
|
|
$ |
35,305 |
|
| EBITDA |
$ |
251,271 |
|
|
$ |
64,205 |
|
| Adjusted EBITDA |
$ |
251,280 |
(1) |
|
$ |
115,804 |
(2) |
| Basic Earnings/ (Loss)
attributable to Navios Holdings’ common stockholders per share |
$ |
5.76 |
|
|
$ |
(7.94) |
|
| Adjusted Basic Earnings/
(Loss) attributable to Navios Holdings’ common stockholders per
share |
$ |
5.76 |
(1) |
|
$ |
(3.95) |
(3) |
|
(1) |
Adjusted Net Income, Adjusted EBITDA and Adjusted Basic Earnings
per share attributable to Navios Holdings’ common stockholders for
the nine month period ended September 30, 2021 exclude (i) $25.9
million in equity income in affiliate companies due to the merger
of Navios Containers with Navios Partners (“Navios Partners Merger
I”) effected on March 31, 2021; and (ii) approximately $25.9
million in impairment losses relating to seven drybulk
vessels. |
|
(2) |
Adjusted Net Loss and Adjusted EBITDA attributable to Navios
Holdings’ common stockholders for the nine month period ended
September 30, 2020 exclude (i) $27.9 million in impairment losses
relating to six drybulk vessels sold during the period; (ii) $12.7
million in other-than-temporary impairment (“OTTI”) loss and
impairment losses of loan receivable in relation to Navios Europe
II; (iii) $5.6 million in non-cash impairment losses incurred by
our affiliate companies relating to their investment in Navios
Europe II; (iv) $4.2 million in write-off of deferred finance cost
for bond extinguishment incurred by Navios Logistics; and (v) $1.3
million in non-cash vessel impairment losses incurred by our
affiliate companies. |
|
(3) |
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per share for the nine month period ended September
30, 2020 excludes the items referred in footnote (2) above as well
as a gain of $0.2 million related to the conversion of accrued
dividends on private preferred stock to common stock. |
|
|
|
Revenue from the Dry Bulk Vessel Operations for
the nine month period ended September 30, 2021 increased by $114.7
million, or 82.0%, to $254.7 million, as compared to $140.0 million
for the same period during 2020. The increase in dry bulk revenue
was mainly attributable to the increase in the time charter and
freight market during nine month period ended September 30, 2021.
The TCE per day increased by 122.0% to $21,470 per day in the nine
month period ended September 30, 2021, as compared to $9,673 per
day in the same period of 2020.
Revenue from the Logistics Business was $174.3
million for the nine month period ended September 30, 2021, as
compared to $174.4 million for the same period in 2020. The
decrease was mainly attributable to (i) a $8.3 million decrease in
revenue from the cabotage business mainly due to fewer operating
days; (ii) a $6.9 million decrease in sales of products due to the
decrease in the Paraguayan liquid port’s volume of products sold.
The overall decrease was partially mitigated by (i) a $9.9 million
increase in revenue from the barge business mainly due to a $16.8
million increase in CoA/voyage revenues related to higher
CoA/voyage revenues of convoys previously under time charter
contracts, partially mitigated by a $6.8 million decrease in time
charter revenues mainly due to the expiration of certain legacy
time charter contracts; and (ii) a $5.3 million increase in revenue
from the port terminal business mainly due to higher volumes
transshipped in the grain port terminal.
Net Income attributable to Navios Holdings’
common stockholders was $84.9 million for the nine month period
ended September 30, 2021, as compared to $98.6 million Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2020. Net Income/(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 nine month period
ended September 30, 2021 was approximately $84.9 million, as
compared to $47.0 million Adjusted Net Loss attributable to Navios
Holdings’ common stockholders for the same period in 2020. This
increase in Adjusted Net Income was mainly due to (i) a $135.5
million increase in Adjusted EBITDA as discussed in the paragraph
below; (ii) a $7.0 million decrease in depreciation and
amortization; and (iii) a $0.5 million decrease in stock-based
compensation expense. This overall increase of $143.0 million was
partially mitigated by (i) a $7.5 million increase in interest
expense and finance cost, net, mainly due to the higher weighted
average interest rate of Navios Logistics due to the issuance of
the 10.75% Notes due 2025; (ii) a $3.1 million increase in income
tax expense mainly due to the recalculation of the deferred tax
liability resulting from an increase in income tax rate; and (iii)
a $0.5 million increase in amortization of deferred drydock,
special survey and other capitalized items.
Net Loss of Navios Logistics, on a standalone
basis, was $2.3 million for the nine month period ended September
30, 2021 as compared to $21.7 million for the same period in 2020.
Excluding $4.2 million in write-off of deferred finance cost for
bond extinguishment incurred for the nine month period ended
September 30, 2020, Adjusted Net Income of Navios Logistics, on a
standalone basis, was $25.9 million for the nine month period ended
September 30, 2020.
Adjusted EBITDA of Navios Holdings for the nine
month period ended September 30, 2021 increased by $135.5 million
to $251.3 million, as compared to $115.8 million for the same
period in 2020. The increase in Adjusted EBITDA was primarily due
to (i) a $114.7 million increase in revenue; (ii) a $17.4 million
increase in net loss attributable to noncontrolling interest; (iii)
a $12.0 million decrease in time charter, voyage and logistics
business expenses; (iv) a $7.9 million increase in equity in net
earnings from affiliate companies; and (iv) a $0.7 million decrease
in general and administrative expenses (excluding stock-based
compensation expenses). This overall increase of $152.7 million was
partially mitigated by (i) a $10.2 million decrease in gain on bond
extinguishment; (ii) a $4.4 million increase in direct vessel
expenses (excluding the amortization of deferred drydock, special
survey costs and other capitalized items); and (iii) a $2.7 million
decrease in other expense, net;
EBITDA of Navios Logistics, on a standalone
basis, was $67.8 million for the nine month period ended September
30, 2021, as compared to $73.4 million for the same period in 2020.
Excluding $4.2 million in write-off of deferred financing cost for
bond and debt extinguishment incurred for the nine month period
ended September 30, 2020, Adjusted EBITDA of Navios Logistics, on a
standalone basis, was $77.5 million for the nine month period ended
September 30, 2020.
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 and nine month periods ended
September 30, 2021 and 2020, 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, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Available Days (1) |
|
3,377 |
|
|
|
4,651 |
|
|
|
11,495 |
|
|
|
13,822 |
|
| Operating Days (2) |
|
3,316 |
|
|
|
4,567 |
|
|
|
11,412 |
|
|
|
13,666 |
|
| Fleet Utilization (3) |
|
98.2% |
|
|
|
98.2% |
|
|
|
99.3% |
|
|
|
98.9% |
|
| Equivalent Vessels (4) |
|
37 |
|
|
|
51 |
|
|
|
42 |
|
|
|
50 |
|
| TCE (5) |
$ |
30,146 |
|
|
$ |
14,056 |
|
|
$ |
21,470 |
|
|
$ |
9,673 |
|
|
(1) |
Available days are the total number of days a vessel is controlled
by a company less the aggregate number of days that the vessel is
off-hire due to major repairs or repairs under guarantee, vessel
upgrades, drydocking or special surveys and ballast days relating
to voyages. The shipping industry uses available days to measure
the number of days in a period during which vessels should be
capable of generating revenues. |
|
(2) |
Operating days are the number of available days in a period less
the aggregate number of days that the vessels are off-hire due to
any reason, including unforeseen circumstances. |
|
(3) |
Fleet utilization is the percentage of time that Navios Holdings’
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. |
|
(4) |
Equivalent Vessels are defined as the available days of the fleet
divided by the number of the calendar days in the period. |
|
(5) |
TCE rates are defined as voyage and time charter revenues less
voyage expenses during a period divided by the number of available
days during the period. The TCE rate is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels on various types of contracts
for the number of available days of the fleet. |
Conference Call:
As previously announced, Navios Holdings will
host a conference call today, December 16, 2021, 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, 2021.
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: Thursday, December 16, 2021 at 8:30 am ET
Call Title: Navios Holdings Q3 2021 Financial
Results Conference CallUS Dial In: +1.877.876.9173International
Dial In: +1.785.424.1667Conference ID: NMQ321 or 667321
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:
+1.800.839.2434International Replay Dial In: +1.402.220.7211
This call will be simultaneously Webcast. The
Webcast will be available on the Navios Holdings website,
www.navios.com, under the "Investors" section. The Webcast will be
archived and available at the same Web address for two weeks
following the call.
About Navios
Maritime Holdings
Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a
global seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings,
please visit our website: www.navios.com.
About Navios
South American
Logistics Inc.
Navios South American Logistics Inc. is one of
the largest logistics companies in the Hidrovia region of South
America, focusing on the Hidrovia region river system, the main
navigable river system in the region, and on cabotage trades along
the eastern coast of South America. Navios Logistics serves the
storage and marine transportation needs of its petroleum,
agricultural and mining customers through its port terminals, river
barge and coastal cabotage operations. For more information about
Navios Logistics, please visit its website:
www.navios-logistics.com.
About Navios
Maritime Partners
L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is a
publicly traded master limited partnership which owns and operates
dry cargo and tanker vessels. For more information, please visit
its website at www.navios-mlp.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 with respect to repayment of the ship mortgage
notes and redemption of the senior secured notes, expected cash
flow generation, expected effects of the Navios Partners/Navios
Acquisition transaction, future contracted revenues, potential
capital gains, our ability to take advantage of dislocation in the
market and any market recovery, Navios Holdings' growth strategy
and measures to implement such strategy, including expected vessel
acquisitions and entering into further time charters, and Navios
Holdings’ ability to meet its ESG goals. Words such as “may,”
“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,”
“estimates,” and variations of such words and similar expressions
are intended to identify forward-looking statements. Such
statements include comments regarding expected revenue and time
charters. These forward-looking statements are based on the
information available to, and the expectations and assumptions
deemed reasonable by Navios Holdings at the time these statements
were made. Although Navios Holdings believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of Navios Holdings. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to risks
relating to: global and regional economic and political conditions
including the impact of the COVID-19 pandemic and efforts
throughout the world to contain its spread, including effects on
global economic activity; demand for seaborne transportation of the
products we ship; the ability and willingness of charterers to
fulfill their obligations to us; prevailing charter rates;
shipyards performing scrubber installations, drydocking and
repairs; changing vessel crews and availability of financing;
potential disruption of shipping routes due to accidents, diseases,
pandemics, political events, piracy or acts by terrorists,
including the impact of the COVID-19 pandemic and the ongoing
efforts throughout the world to contain it; uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles; our
continued ability to enter into long-term time charters; our
ability to maximize the use of our vessels; expected demand in the
dry cargo shipping sector in general and the demand for our
Panamax, Capesize, Ultra Handymax and Handysize vessels in
particular; the aging of our fleet and resultant increases in
operations costs; the loss of any customer or charter or vessel;
the financial condition of our customers; changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors; increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance,
and general and administrative expenses; the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions;
competitive factors in the market in which Navios Holdings
operates; the value of our publicly traded subsidiaries; risks
associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Holdings' expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
EXHIBIT I
NAVIOS MARITIME HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars
— except share and per share data)
| |
Three Month Period EndedSeptember 30,
2021 |
|
Three Month Period EndedSeptember 30,
2020 |
|
|
Nine Month Period EndedSeptember 30,
2021 |
|
|
Nine Month Period EndedSeptember 30,
2020 |
| |
(unaudited) |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
168,449 |
|
|
$ |
126,155 |
|
|
$ |
429,024 |
|
|
$ |
314,365 |
|
| Time charter, voyage and
logistics business expenses |
|
(41,551) |
|
|
|
(39,376) |
|
|
|
(116,719) |
|
|
|
(128,730) |
|
| Direct vessel expenses(1) |
|
(28,571) |
|
|
|
(28,093) |
|
|
|
(83,718) |
|
|
|
(78,831) |
|
| General and administrative
expenses(2) |
|
(6,859) |
|
|
|
(7,646) |
|
|
|
(22,222) |
|
|
|
(23,444) |
|
| Depreciation and
amortization |
|
(14,539) |
|
|
|
(17,753) |
|
|
|
(46,793) |
|
|
|
(53,841) |
|
| Interest expense and finance
cost, net |
|
(35,089) |
|
|
|
(36,859) |
|
|
|
(107,459) |
|
|
|
(99,920) |
|
| Impairment loss/ loss on sale
of vessels, net |
|
— |
|
|
|
(7,683) |
|
|
|
(25,861) |
|
|
|
(27,898) |
|
| (Loss)/gain on bond and debt
extinguishment |
|
(822) |
|
|
|
(4,157) |
|
|
|
1,051 |
|
|
|
7,047 |
|
| Other (expense)/income,
net |
|
(2,181) |
|
|
|
2,382 |
|
|
|
(3,428) |
|
|
|
(772) |
|
| Impairment of loan receivable
from affiliate company |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,050) |
|
| Income/ (Loss) before
equity in net earnings of affiliate companies |
$ |
38,837 |
|
|
$ |
(13,030) |
|
|
$ |
23,875 |
|
|
$ |
(98,074) |
|
| Equity in net earnings of
affiliate companies |
|
14,329 |
|
|
|
4,390 |
|
|
|
54,923 |
|
|
|
7,698 |
|
| Income/ (Loss) before
taxes |
$ |
53,166 |
|
|
$ |
(8,640) |
|
|
$ |
78,798 |
|
|
$ |
(90,376) |
|
| Income tax expense |
|
(3,696) |
|
|
|
(453) |
|
|
|
(3,470) |
|
|
|
(380) |
|
| Net income/
(loss) |
$ |
49,470 |
|
|
$ |
(9,093) |
|
|
$ |
75,328 |
|
|
$ |
(90,756) |
|
| Less: Net loss/ (income)
attributable to the noncontrolling interest |
|
10,338 |
|
|
|
(967) |
|
|
|
9,578 |
|
|
|
(7,850) |
|
| Net income/ (loss)
attributable to Navios Holdings common stockholders |
$ |
59,808 |
|
|
$ |
(10,060) |
|
|
$ |
84,906 |
|
|
$ |
(98,606) |
|
| Income/ (Loss)
attributable to Navios Holdings common stockholders, basic and
diluted |
$ |
58,524 |
|
|
$ |
(11,344) |
|
|
$ |
81,061 |
|
|
$ |
(102,302) |
|
| Basic earnings/ (loss)
per share attributable to Navios Holdings common
stockholders |
$ |
3.67 |
|
|
$ |
(0.88) |
|
|
$ |
5.76 |
|
|
$ |
(7.94) |
|
| Weighted average
number of shares, basic |
|
15,924,134 |
|
|
|
12,901,880 |
|
|
|
14,065,205 |
|
|
|
12,888,831 |
|
| Basic diluted
earnings/ (loss) per share attributable to Navios Holdings common
stockholders |
$ |
3.59 |
|
|
$ |
(0.88) |
|
|
$ |
5.61 |
|
|
$ |
(7.94) |
|
| Weighted average
number of shares, diluted |
|
16,308,552 |
|
|
|
12,901,880 |
|
|
|
14,452,016 |
|
|
|
12,888,831 |
|
|
(1) |
Includes expenses of Navios Logistics of $16.5 million and $14.2
million for the three month period ended September 30, 2021 and
2020, respectively, and $47.6 million and $39.4 million for the
nine month period ended September 30, 2021 and 2020,
respectively. |
|
(2) |
Includes expenses of Navios Logistics of $3.6 million and $3.3
million for the three month period ended September 30, 2021 and
2020, respectively, and $10.4 million and $9.7 million for the nins
month period ended September 30, 2021 and 2020, respectively. |
| |
|
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
| |
September 30,
2021 |
|
|
December 31, 2020 |
|
|
ASSETS |
|
(unaudited) |
|
|
|
(unaudited) |
|
| Cash and cash equivalents,
including restricted cash |
$ |
46,740 |
|
|
$ |
111,184 |
|
| Vessels, port terminals and other
fixed assets, net |
|
983,904 |
|
|
|
1,139,539 |
|
| Goodwill and other
intangibles |
|
254,718 |
|
|
|
258,899 |
|
| Operating lease assets |
|
180,869 |
|
|
|
227,962 |
|
| Other current and non-current
assets |
|
287,846 |
|
|
|
233,741 |
|
| Total
assets |
$ |
1,754,077 |
|
|
$ |
1,971,325 |
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
Long-term debt, including current portion |
$ |
261,088 |
|
|
$ |
320,863 |
|
| Senior and ship mortgage notes,
net |
|
1,110,039 |
|
|
|
1,263,566 |
|
| Operating lease liabilities,
current portion |
|
55,096 |
|
|
|
81,415 |
|
| Operating lease liabilities, net
of current portion |
|
155,545 |
|
|
|
193,351 |
|
| Other current and non-current
liabilities |
|
124,977 |
|
|
|
146,413 |
|
| Total stockholders’
equity/(deficit) |
|
47,332 |
|
|
|
(34,283) |
|
| Total liabilities and
stockholders’ equity |
$ |
1,754,077 |
|
|
$ |
1,971,325 |
|
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 additional items as described under
“Earnings Highlights”. We use EBITDA and Adjusted EBITDA as
liquidity measures and reconcile EBITDA and Adjusted EBITDA to net
cash provided by operating activities, the most comparable U.S.
GAAP liquidity measure. EBITDA is calculated as follows: net cash
provided by operating activities adding back, when applicable and
as the case may be, the effect of (i) net increase/(decrease) in
operating assets; (ii) net (increase)/decrease in operating
liabilities; (iii) net interest cost; (iv) deferred financing costs
and gains/(losses) on bond and debt extinguishment, net; (v)
allowance for credit losses; (vi) earnings/(losses) in affiliate
companies, net of dividends received; (vii) payments for drydock,
special survey costs and other capitalized items; (viii)
noncontrolling interest; (ix) gain/ (loss) on sale of assets; (x)
unrealized (loss)/gain on derivatives; (xi) loss on sale and
reclassification to earnings of available-for-sale securities; and
(xii) impairment losses. Navios Holdings believes that EBITDA and
Adjusted EBITDA are a basis upon which liquidity can be assessed
and represents useful information to investors regarding Navios
Holdings’ ability to service and/or incur indebtedness, pay capital
expenditures and meet working capital requirements. Navios Holdings
also believes that EBITDA and Adjusted EBITDA are used (i) by
prospective and current lessors as well as potential lenders to
evaluate potential transactions; (ii) to evaluate and price
potential acquisition candidates; and (iii) by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry.
While EBITDA and Adjusted EBITDA are frequently
used as measures of operating results and the ability to meet debt
service requirements, the definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as an indicator of Navios Holdings’
performance.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss) used here
may not be comparable to that used by other companies due to
differences in methods of calculation.
Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders per share is defined as Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
divided by the weighted average number of shares for each of the
periods presented.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics) and EBITDA of Navios Logistics 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 |
2021 |
|
2020 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
33,033 |
|
|
$ |
29,775 |
|
| Net increase in operating
assets |
|
(6,635) |
|
|
|
(10,609) |
|
| Net increase in operating
liabilities |
|
31,572 |
|
|
|
1,108 |
|
| Interest expense and finance
cost, net |
|
35,089 |
|
|
|
36,859 |
|
| Deferred financing costs |
|
(2,248) |
|
|
|
(1,974) |
|
| Allowance for credit
losses |
|
(346) |
|
|
|
34 |
|
| Equity in affiliate companies,
net of dividends received |
|
14,142 |
|
|
|
4,274 |
|
| Payments for drydock and
special survey costs |
|
2,020 |
|
|
|
1,372 |
|
| Noncontrolling interest |
|
10,338 |
|
|
|
(967) |
|
| Loss on bond
extinguishment |
|
(822) |
|
|
|
— |
|
| Impairment loss/ loss on sale
of vessels, net |
|
— |
|
|
|
(7,683) |
|
| Write-off of Navios Logistics'
deferred financing cost for bond and debt extinguishment |
|
— |
|
|
|
(4,157) |
|
| EBITDA |
$ |
116,143 |
|
|
$ |
48,032 |
|
| Impairment loss/ loss on sale
of vessels, net |
|
— |
|
|
|
7,683 |
|
| Write-off of Navios Logistics'
deferred financing cost for bond and debt extinguishment |
|
— |
|
|
|
4,157 |
|
| Adjusted
EBITDA |
$ |
116,143 |
|
|
$ |
59,872 |
|
| Three Month
Period Ended |
September 30, 2021 |
|
September 30,2020 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
33,033 |
|
|
$ |
29,775 |
|
| Net cash provided by investing
activities |
$ |
28,635 |
|
|
$ |
47,094 |
|
| Net cash used in financing
activities |
$ |
(88,097) |
|
|
$ |
(12,679) |
|
Adjusted EBITDA breakdown
| |
September 30, |
|
September 30, |
| Three Month Period
Ended |
2021 |
|
2020 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Core shipping operations |
$ |
68,402 |
|
$ |
28,129 |
| Navios Logistics (including
noncontrolling interest) |
|
33,412 |
|
|
27,353 |
| Equity in net earnings of
affiliate companies |
|
14,329 |
|
|
4,390 |
| Adjusted
EBITDA |
$ |
116,143 |
|
$ |
59,872 |
Navios Logistics EBITDA Reconciliation to Net
Income
| |
September 30, |
|
September 30, |
| Three Month Period
Ended |
2021 |
|
2020 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net (loss)/income |
$ |
(4,405) |
|
|
$ |
2,673 |
|
| Depreciation and
amortization |
|
8,107 |
|
|
|
7,207 |
|
| Amortization of deferred
drydock and special survey costs |
|
1,171 |
|
|
|
907 |
|
| Interest expense and finance
cost, net |
|
14,529 |
|
|
|
12,971 |
|
| Income tax expense |
|
3,672 |
|
|
|
405 |
|
| EBITDA |
$ |
23,074 |
|
|
$ |
24,163 |
|
| Write-off of Navios Logistics'
deferred financing cost for bond and debt extinguishment |
|
— |
|
|
|
4,157 |
|
| Adjusted
EBITDA |
$ |
23,074 |
|
|
$ |
28,320 |
|
Navios Holdings Reconciliation of
EBITDA and Adjusted EBITDA to Cash from Operations
| |
September 30, |
|
September 30, |
| Nine Month Period
Ended |
2021 |
|
2020 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
31,668 |
|
|
$ |
35,305 |
|
| Net increase/ (decrease) in
operating assets |
|
13,967 |
|
|
|
(20,542) |
|
| Net decrease/ (increase) in
operating liabilities |
|
48,588 |
|
|
|
(31,284) |
|
| Interest expense and finance
cost, net |
|
107,459 |
|
|
|
99,920 |
|
| Deferred financing costs |
|
(6,859) |
|
|
|
(5,707) |
|
| Allowance for credit
losses |
|
(595) |
|
|
|
(541) |
|
| Equity in affiliate companies,
net of dividends received |
|
54,646 |
|
|
|
12,954 |
|
| Payments for drydock and
special survey costs |
|
17,629 |
|
|
|
15,501 |
|
| Noncontrolling interest |
|
9,578 |
|
|
|
(7,850) |
|
| Gain on bond
extinguishment |
|
1,051 |
|
|
|
11,204 |
|
| Impairment loss/ loss on sale
of vessels, net |
|
(25,861) |
|
|
|
(27,898) |
|
| Impairment loss on investment
in affiliate |
|
— |
|
|
|
(6,650) |
|
| Impairment of loan receivable
from affiliate company |
|
— |
|
|
|
(6,050) |
|
| Write-off of Navios Logistics’
deferred finance cost for bond extinguishment |
|
— |
|
|
|
(4,157) |
|
| EBITDA |
$ |
251,271 |
|
|
$ |
64,205 |
|
| Impairment loss/ loss on sale
of vessels, net |
|
25,861 |
|
|
|
27,898 |
|
| Equity in net earnings of
affiliate companies due to Navios Partners' Merger |
|
(25,852) |
|
|
|
— |
|
| Other items from affiliate
companies |
|
— |
|
|
|
6,844 |
|
| Impairment of loan receivable
from affiliate company |
|
— |
|
|
|
6,050 |
|
| Impairment loss on investment
in affiliate company |
|
— |
|
|
|
6,650 |
|
| Write-off of Navios Logistics’
deferred finance cost for bond extinguishment |
|
— |
|
|
|
4,157 |
|
| Adjusted
EBITDA |
$ |
251,280 |
|
|
$ |
115,804 |
|
| Nine Month
Period Ended |
September 30, 2021 |
|
September 30,2020 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
31,668 |
|
|
$ |
35,305 |
|
| Net cash provided by/(used in)
investing activities |
$ |
119,709 |
|
|
$ |
(9,451) |
|
| Net cash (used in)/provided by
financing activities |
$ |
(215,821) |
|
|
$ |
14,681 |
|
Adjusted EBITDA breakdown
| |
September 30, |
|
September 30, |
| Nine Month Period
Ended |
2021 |
|
2020 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Core shipping operations |
$ |
144,826 |
|
$ |
24,931 |
| Navios Logistics (including
noncontrolling interest) |
|
77,383 |
|
|
69,681 |
| Equity in net earnings of
affiliate companies |
|
29,071 |
|
|
21,192 |
| Adjusted
EBITDA |
$ |
251,280 |
|
$ |
115,804 |
Navios Logistics EBITDA Reconciliation to Net
Income
| |
September 30, |
|
September 30, |
| Nine Month Period
Ended |
2021 |
|
2020 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
Net (loss)/income |
$ |
(2,306) |
|
|
$ |
21,700 |
| Depreciation and
amortization |
|
23,647 |
|
|
|
21,752 |
| Amortization of deferred
drydock and special survey costs |
|
2,959 |
|
|
|
2,941 |
| Interest expense and finance
cost, net |
|
40,109 |
|
|
|
26,739 |
| Income tax expense |
|
3,396 |
|
|
|
242 |
| EBITDA |
$ |
67,805 |
|
|
$ |
73,374 |
| Write-off of Navios Logistics’
deferred financing cost for bond and debt extinguishment |
|
— |
|
|
|
4,157 |
| Adjusted
EBITDA |
$ |
67,805 |
|
|
$ |
77,531 |
EXHIBIT IIOwned
Vessels
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight(in metric tons) |
| Navios Ulysses |
|
Ultra Handymax |
|
2007 |
|
55,728 |
| Navios Celestial |
|
Ultra Handymax |
|
2009 |
|
58,063 |
| Navios Vega |
|
Ultra Handymax |
|
2009 |
|
58,792 |
| Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Jupiter N |
|
Panamax |
|
2011 |
|
93,062 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios 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 Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
Long-term Bareboat-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
| Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
|
Yes |
| Navios Uranus |
|
Panamax |
|
2019 |
|
81,516 |
|
Yes |
| Navios Felicity I |
|
Panamax |
|
2020 |
|
81,946 |
|
Yes |
| Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
|
Yes |
| Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
|
Yes |
|
(1) |
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
Long-term Charter-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
| Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
| Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Navios 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 |
| Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No (3) |
| Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No (3) |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
| Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
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. |
Navios Maritime (NYSE:NM)
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From Mar 2024 to Apr 2024
Navios Maritime (NYSE:NM)
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From Apr 2023 to Apr 2024
