Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”)
(NYSE: NM), a global seaborne shipping and logistics company, today
reported financial results for the second quarter and six month
period ended June 30, 2020.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, “The pandemic has greatly affected businesses,
countries, and people all over the world, but the Navios family
perseveres. We take great pride in adapting to this ever-changing
environment while providing essential services to the global
community. During the second quarter of 2020, Navios Holdings
reported revenue of $97.1 million, Adjusted EBITDA of $27.2 million
and a Time Charter Equivalent of $7,827 net per day. Year-to-Date
2020, the capesize 5TC daily rate is averaging around $10,600
versus the 2019 daily average of $18,000. Rates have been
recovering over the past couple of months as countries emerge from
quarantine with the current capesize 5TC rate around $20,000 per
day.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
Liquidation of Navios Europe (II) Inc.
(“Navios Europe II”)
On June 29, 2020, following the liquidation of
Navios Europe II, Navios Holdings received $7.9 million cash and
acquired two unencumbered Panamax dry bulk vessels, with their
associated working capital.
Navios Logistics 2025 Senior Secured
Notes
On July 8, 2020, Navios Logistics and its
wholly-owned subsidiary Navios Logistics Finance (US) Inc.
(“Logistics Finance” and, together with Navios Logistics, the
“Logistics Co-Issuers”) issued $500.0 million in aggregate
principal amount of Senior Secured Notes due on July 1, 2025 (the
“2025 Senior Secured Notes”), at a fixed rate of 10.75%. The net
proceeds from the offering of the Senior Secured Notes were used to
satisfy and discharge the indenture governing the Logistics
Co-Issuers’ outstanding 7.25% Senior Notes due 2022, to repay all
amounts outstanding under the Logistics Co-Issuers’ Term Loan B
Facility and to pay certain fees and expenses related to the
offering, with the balance to be used for general corporate
purposes.
NSM Loan
In June 2020, the Company entered into a secured
loan agreement with Navios Shipmanagement Holdings Corporation, a
wholly owned subsidiary of N Shipmanagement Acquisition Corp.
(collectively “NSM”) for a loan of up to $50.0 million to be used
for general corporate purposes. In the second quarter of 2020, the
Company drew $31.5 million and in the third quarter of 2020, the
Company drew the remaining $18.5 million.
Fleet
In August 2020, the Company sold to an unrelated
third party the Navios Northern Star, a 2005-built Panamax vessel
of 75,395 dwt, for a sale price of $7.0 million.
In June 2020, the Company agreed to sell to an
unrelated third party the Navios Amitie, a 2005-built Panamax
vessel of 75,395 dwt, for a sale price of $7.1 million. The sale is
expected to be completed within Q3 2020.
Fleet statistics
Navios Holdings controls a fleet of 52 vessels
totaling 5.7 million dwt, of which 35 are owned (including five
bareboat-in vessels and one Panamax vessel agreed to be sold) and
17 are chartered-in under long-term charters (collectively, the
"Core Fleet"). The fleet consists of 17 Capesize, 28 Panamax, five
Ultra-Handymax and two Handysize vessels, with an average age of
7.7 years.
Navios Holdings has currently chartered-out
84.7% of available days for the remaining six months of 2020. Of
these available days, 48.7% are chartered-out on fixed rate and
36.0% are chartered-out on index. The average contracted daily
charter-in rate for the long-term charter-in vessels for the
remaining six months of 2020 is $12,416 per day.
The above figures do not include the fleet of
Navios South American Logistics Inc. (“Navios Logistics”) and
vessels servicing contracts of affreightment.
Exhibit II provides certain details of the Core
Fleet of Navios Holdings. It does not include the fleet of Navios
Logistics.
Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss
attributable to Navios Holdings’ common stockholders and Adjusted
Basic 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 Loss attributable to Navios Holdings’ common
stockholders and Adjusted Basic Loss attributable to Navios
Holdings’ common stockholders per share of Navios Holdings
(including Navios Logistics), and EBITDA of Navios Logistics (on a
stand-alone basis) and a reconciliation of such measures to the
most comparable measures calculated under U.S. GAAP.
As of November 30, 2018, Navios Holdings
obtained control over Navios Maritime Containers L.P. (“Navios
Containers”) and consequently consolidated Navios Containers from
that date onwards. Following the sale of Navios Containers general
partnership interest on August 30, 2019, Navios Holdings
deconsolidated Navios Containers from that date onwards. The
results of operations of Navios Containers for the three and six
month periods ended June 30, 2019 consolidated under Navios
Holdings have been reported as discontinued operations.
Earnings Highlights
Second Quarter 2020 and 2019 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The second quarter 2020 and 2019 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
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Three Month Period |
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Three Month Period |
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Ended |
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Ended |
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June 30, 2020 |
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June 30, 2019 |
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|
(unaudited) |
|
|
(unaudited) |
Revenue |
$ |
97,127 |
|
|
$ |
113,511 |
(5) |
Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(35,271 |
) |
|
$ |
(36,431 |
) |
Adjusted Net Loss attributable
to Navios Holdings’ common stockholders |
$ |
(25,032 |
)(1) |
|
$ |
(1,580 |
)(3) |
Net cash provided by operating
activities |
$ |
7,012 |
|
|
$ |
24,353 |
|
EBITDA |
$ |
16,945 |
|
|
$ |
30,783 |
|
Adjusted EBITDA |
$ |
27,184 |
(1) |
|
$ |
52,788 |
(2) |
Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(2.83 |
) |
|
$ |
(1.49 |
) |
Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per share |
$ |
(2.04 |
)(1) |
|
$ |
(0.29 |
)(4) |
(1) |
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per
share attributable to Navios Holdings’ common stockholders for the
three month period ended June 30, 2020 exclude (i) $9.0 million in
impairment losses relating to two drybulk vessels; and (ii) $1.3
million in non-cash vessel impairment losses incurred by our
affiliate companies. |
(2) |
Adjusted EBITDA for the three month period ended June 30, 2019
excludes (i) $18.3 million of impairment losses due to the sale of
four drybulk vessels; (ii) $13.5 million of other-than-temporary
impairment (“OTTI”) loss related to our investment in an affiliate
company; and (iii) $9.8 million of EBITDA previously included as a
result of Navios Containers’ consolidation during the period. |
(3) |
Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the three month period ended June 30, 2019
excludes (i) $18.3 million of impairment losses due to the sale of
four drybulk vessels; (ii) $13.5 million OTTI loss related to our
investment in an affiliate company; and (iii) $3.1 million of net
loss from discontinued operations of Navios Containers. |
(4) |
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per share for the three month period ended June 30,
2019 excludes the items referred in footnote (3) above as well as a
gain of $20.2 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. |
(5) |
Revenue has been revised to exclude the revenue of Navios
Containers as this has been reported within net loss from
discontinued operations of Navios Containers for the three month
period ended June 30, 2019. |
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Revenue from dry bulk vessel operations for the
three month period ended June 30, 2020 decreased by $14.6 million,
or 27.6%, to $38.3 million, as compared to $52.9 million for the
same period during 2019. The decrease in dry bulk revenue was
mainly attributable to a decrease in available days by 8.8%, due to
the vessels sold and certain charter-in vessels that were
redelivered partially mitigated by the delivery of the five
bareboat-in vessels, and the decline in freight and time charter
market during the periods compared. The TCE per day decreased by
25.5% to $7,827 per day in the second quarter of 2020, as compared
to $10,500 per day in the same period of 2019.
Revenue from the logistics business was $58.8
million for the three month period ended June 30, 2020 as compared
to $60.6 million for the same period in 2019. The decrease was
mainly attributable to (i) a $4.6 million decrease in revenue from
the barge business, mainly due to less revenue from time charter
contracts; and (ii) a $0.6 million decrease in revenue from the
cabotage business. The overall decrease was partially offset by a
$3.4 million increase in revenue from the port terminal business,
mainly due to higher volumes transshipped in the grain port
terminal and an increase in the Paraguayan liquid port’s volumes of
products sold.
Net Loss attributable to Navios Holdings’ common
stockholders was $35.3 million for the three month period ended
June 30, 2020, as compared to $36.4 million for the same period in
2019. Net Loss attributable to Navios Holdings’ common stockholders
was affected by items described in the table above. Excluding these
items, Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the three month period ended June 30, 2020 was
$25.0 million, as compared to $1.6 million for the same period in
2019. This increase in Adjusted Net Loss was mainly due to (i) a
$25.6 million decrease in Adjusted EBITDA as discussed in the
paragraph below; and (ii) a $1.2 million increase in interest
expense and finance cost, net. This overall increase of $26.8
million was partially mitigated by (i) a $2.8 million decrease in
depreciation and amortization; (ii) a $0.4 million decrease in
share-based compensation expense; (iii) a $0.1 million decrease in
amortization for deferred drydock and special survey costs; and
(iv) a $0.1 million decrease in income tax expense.
Net Income of Navios Logistics, on a standalone
basis, was $12.0 million for the three month period ended June 30,
2020 as compared to $9.7 million for the same period in 2019.
Net Loss of Navios Containers, on a standalone
basis, was $3.1 million for the three month period ended June 30,
2019.
Adjusted EBITDA of Navios Holdings for the three
month period ended June 30, 2020 decreased by $25.6 million to
$27.2 million, as compared to $52.8 million for the same period in
2019. The decrease in Adjusted EBITDA was primarily due to (i) a
$16.4 million decrease in revenue; (ii) a $13.1 million decrease in
other income, net; (iii) a $5.7 million decrease in gain on bond
extinguishment; (iv) a $3.7 million increase in net income
attributable to noncontrolling interest; (v) a $1.4 million
increase in general and administrative expenses (excluding
share-based compensation expenses); and (vi) a $0.3 million
increase in direct vessel expenses (excluding the amortization of
deferred drydock and special survey costs). This overall decrease
of $40.6 million was partially mitigated by (i) a $13.9 million
increase in equity in net earnings from affiliated companies; and
(ii) a $1.1 million decrease in time charter, voyage and logistics
business expenses.
EBITDA of Navios Logistics, on a standalone
basis, was $27.0 million for the three month period ended June 30,
2020, as compared to $27.5 million for the same period in 2019.
First Half of 2020 and 2019 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The information for the six month period ended
June 30, 2020 and 2019 presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
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Six Month Period Ended |
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Six Month Period Ended |
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June 30, 2020 |
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|
June 30, 2019 |
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|
(unaudited) |
|
|
(unaudited) |
Revenue |
$ |
188,210 |
|
|
$ |
221,959 |
(6) |
Net Loss attributable to Navios Holdings’ common
stockholders |
$ |
(88,546 |
) |
|
$ |
(41,735 |
) |
Adjusted Net Loss attributable
to Navios Holdings’ common stockholders |
$ |
(48,787 |
)(1) |
|
$ |
(1,114 |
)(4) |
Net cash provided by operating activities |
$ |
5,530 |
|
|
$ |
42,676 |
|
EBITDA |
$ |
16,173 |
|
|
$ |
93,785 |
|
Adjusted EBITDA |
$ |
55,932 |
(1) |
|
$ |
109,274 |
(3) |
Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(7.06 |
) |
|
$ |
(0.16 |
) |
Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per share |
$ |
(3.99 |
)(2) |
|
$ |
(0.46 |
)(5) |
(1) |
Adjusted EBITDA and Adjusted Net Loss attributable to Navios
Holdings’ common stockholders for the six month period ended June
30, 2020 exclude (i) $20.2 million in impairment losses relating to
four drybulk vessels; (ii) $12.7 million 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; and (iv) $1.3 million in non-cash vessel impairment losses
incurred by our affiliate companies. |
(2) |
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per share for the six month period ended June 30, 2020
excludes the items referred in footnote (1) above as well as a gain
of $0.2 million related to the conversion of accrued dividends on
private preferred stock to common stock. |
(3) |
Adjusted EBITDA for the six month period ended June 30, 2019
excludes (i) $23.8 million of impairment losses related to the sale
of five drybulk vessels; (ii) a $13.5 million OTTI loss related to
our investment in an affiliate company; and (iii) $21.8 million of
EBITDA previously included as a result of Navios Containers’
consolidation during the period. |
(4) |
Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the six month period ended June 30, 2019 excludes
(i) $23.8 million of impairment losses related to the sale of five
drybulk vessels; (ii) a $13.5 million OTTI loss related to our
investment in an affiliate company; and (iii) $3.3 million of net
loss from discontinued operations of Navios Containers. |
(5) |
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per share for the six month period ended June 30, 2019
excludes the items referred in footnote (4) above as well as a gain
of $44.3 million related to the tender offer of the Company’s
preferred stock and the conversion of accrued dividends on private
preferred stock to common stock. |
(6) |
Revenue has been revised to exclude the revenue of Navios
Containers as this has been reported within net loss from
discontinued operations of Navios Containers for the six month
period ended June 30, 2019. |
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Revenue from dry bulk vessel operations for the
six month period ended June 30, 2020 decreased by $33.0 million, or
31.3%, to $72.6 million, as compared to $105.6 million for the same
period in 2019. The decrease in dry bulk revenue was mainly
attributable to a decrease in available days by 11.1%, due to the
vessels sold and certain charter-in vessels that were
redelivered partially mitigated by the delivery of the five
bareboat-in vessels, and the decline in freight and time charter
market during the periods compared. The TCE per day decreased by
25.8% to $7,451 per day in the first half of 2020, as compared to
$10,045 per day in the same period in 2019.
Revenue from the Logistics Business was $115.6
million for the six month period ended June 30, 2020 as compared to
$116.4 million for the same period in 2019. The decrease was mainly
attributable to (i) a $4.4 million decrease in revenue from the
barge business mainly due to less revenue from time charter
contracts; and (ii) a $0.7 million decrease in revenue from the
cabotage business. The overall decrease was partially mitigated by
a $4.3 million increase in revenue from port terminal business
mainly due to an increase in the Paraguayan liquid port’s volumes
of products sold and increased storage revenues in the iron ore
terminal.
Net Loss attributable to Navios Holdings’ common
stockholders was $88.5 million for the six month period ended June
30, 2020, as compared to $41.7 million for the same period in 2019.
Net Loss attributable to Navios Holdings’ common stockholders was
affected by items described in the table above. Excluding these
items, Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the six month period ended June 30, 2020 was $48.8
million, as compared to $1.1 million for the same period in 2019.
This increase in Adjusted Net Loss was mainly due to (i) a decrease
in Adjusted EBITDA of $53.4 million; and (ii) an increase in
interest expense and finance cost, net of $2.1 million. This
overall increase in Adjusted Net Loss was partially mitigated by
(i) a decrease in depreciation and amortization of $5.9 million;
(ii) a $0.9 million decrease in share-based compensation expense;
(iii) a decrease in income tax expense of $0.6 million; and (iv) a
decrease of $0.4 million in amortization for deferred drydock and
special survey costs.
Net Income of Navios Logistics, on a standalone
basis, was $19.0 million for the six month period ended June 30,
2020, as compared to $15.0 million for the same period in 2019.
Net Loss of Navios Containers, on a standalone
basis, was $3.3 million for the six month period ended June 30,
2019.
Adjusted EBITDA of Navios Holdings for the six
month period ended June 30, 2020 decreased by $53.4 million to
$55.9 million, as compared to $109.3 million for the same period in
2019. The decrease in Adjusted EBITDA was primarily due to (i) a
$33.8 million decrease in revenue; (ii) a $20.0 million decrease in
other income, net; (iii) a $10.2 million decrease in bond
extinguishment gains; (iv) a $4.6 million increase in net income
attributable to the noncontrolling interest; (v) a $1.8 million
increase in direct vessel expenses (excluding the amortization of
deferred drydock and special survey costs); and (vi) a $1.3 million
increase in general and administrative expenses (excluding
share-based compensation expenses). This overall decrease of $71.7
million was partially mitigated by (i) a $15.9 million increase in
equity in net earnings from affiliated companies; and (ii) a $2.4
million decrease in time charter, voyage and logistics business
expenses.
EBITDA of Navios Logistics, on a standalone
basis, was $49.2 million for the six month period ended June 30,
2020, as compared to $51.7 million for the same period in 2019.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of Navios Holdings' dry bulk operations
(excluding the Navios Logistics’ and Navios Containers’ fleets) and
its fleet performance for the three and six month periods ended
June 30, 2020 and 2019, respectively.
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Three Month |
|
Three Month |
|
Six Month |
|
Six Month |
|
Period Ended |
|
Period Ended |
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Period Ended |
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Period Ended |
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June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
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2020 |
|
2019 |
|
2020 |
|
2019 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Available Days (1) |
|
4,536 |
|
|
4,976 |
|
|
9,172 |
|
|
10,313 |
Operating Days (2) |
|
4,507 |
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|
4,959 |
|
|
9,104 |
|
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10,271 |
Fleet Utilization (3) |
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99.4% |
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99.7% |
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99.3% |
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99.6% |
Equivalent Vessels (4) |
|
50 |
|
|
55 |
|
|
50 |
|
|
57 |
TCE (5) |
$ |
7,827 |
|
$ |
10,500 |
|
$ |
7,451 |
|
$ |
10,045 |
(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. |
(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 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. |
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Conference Call:
As previously announced, Navios Holdings will
host a conference call today, August 20, 2020, at 8:30 am ET, at
which time Navios Holdings' senior management will provide
highlights and commentary on earnings results for the second
quarter and six month period ended June 30, 2020.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Thursday, August 20, 2020 at 8:30
am ET Call Title: Navios Holdings Q2 2020 Financial
Results Conference Call US Dial In: +1.877.480.3873 International
Dial In: +1.404.665.9927 Conference ID: 548 8050
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: 548 8050
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 Maritime Acquisition Corporation (NYSE:
NNA) is an owner and operator of tanker vessels focusing on the
transportation of petroleum products (clean and dirty) and bulk
liquid chemicals. For more information about Navios Acquisition,
please visit its website: www.navios-acquisition.com.
Forward Looking Statements - Safe Harbor
This press release and our earnings call contain
and will contain forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future
events, including expected cash flow generation, future contracted
revenues, potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, and Navios
Holdings' growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further
time charters. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. Such statements include comments
regarding expected revenue and time charters. These forward-looking
statements are based on the information available to, and the
expectations and assumptions deemed reasonable by Navios Holdings
at the time these statements were made. Although Navios Holdings
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Holdings. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, risks relating to:
global and regional economic and political conditions including the
impact of the COVID-19 pandemic and efforts throughout the world to
contain its spread, including effects on global economic activity;
demand for seaborne transportation of the products we ship; the
ability and willingness of charterers to fulfill their obligations
to us; prevailing charter rates; shipyards performing scrubber
installations, drydocking and repairs; changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, diseases, pandemics, political events, piracy or
acts by terrorists, including the impact of the COVID-19 pandemic
and the ongoing efforts throughout the world to contain it;
uncertainty relating to global trade, including prices of seaborne
commodities and continuing issues related to seaborne volume and
ton miles; our continued ability to enter into long-term time
charters; our ability to maximize the use of our vessels; expected
demand in the dry cargo shipping sector in general and the demand
for our Panamax, Capesize, Ultra Handymax and Handysize vessels in
particular; the aging of our fleet and resultant increases in
operations costs; the loss of any customer or charter or vessel;
the financial condition of our customers; changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors; increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance,
and general and administrative expenses; the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions;
competitive factors in the market in which Navios Holdings
operates; the value of our publicly traded subsidiaries; risks
associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Holdings' expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
EXHIBIT I
NAVIOS MARITIME HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars
— except share and per share data)
|
Three MonthPeriod EndedJune 30,
2020 |
|
Three MonthPeriod EndedJune 30,
2019 |
|
Six MonthPeriod EndedJune 30,
2020 |
|
Six MonthPeriod EndedJune 30,
2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
97,127 |
|
$ |
113,511 |
|
$ |
188,210 |
|
$ |
221,959 |
Administrative fee revenue
from affiliates |
— |
|
6,318 |
|
— |
|
12,782 |
Time charter, voyage and
logistics business expenses |
(42,710) |
|
(43,754) |
|
(89,354) |
|
(91,751) |
Direct vessel expenses(1) |
(26,007) |
|
(25,763) |
|
(50,738) |
|
(49,302) |
General and administrative
expenses incurred on behalf of affiliates |
— |
|
(6,318) |
|
— |
|
(12,782) |
General and administrative
expenses(2) |
(8,836) |
|
(7,874) |
|
(15,798) |
|
(15,406) |
Depreciation and
amortization |
(18,012) |
|
(20,755) |
|
(36,088) |
|
(41,980) |
Interest expense and finance
cost, net |
(31,418) |
|
(30,163) |
|
(63,061) |
|
(61,007) |
Impairment loss/ loss on sale
of vessels, net |
(8,967) |
|
(18,253) |
|
(20,215) |
|
(23,784) |
Gain on bond
extinguishment |
— |
|
5,712 |
|
11,204 |
|
21,374 |
Other (expense)/income,
net |
(1,593) |
|
11,449 |
|
(3,154) |
|
16,758 |
Impairment of loan receivable
from affiliated company |
— |
|
— |
|
(6,050) |
|
— |
Loss before equity in
net earnings of affiliated companies |
$ |
(40,416) |
|
$ |
(15,890) |
|
$ |
(85,044) |
|
$ |
(23,139) |
Equity in net
earnings/(losses) of affiliated companies |
9,445 |
|
(16,779) |
|
3,308 |
|
(12,502) |
Loss before
taxes |
$ |
(30,971) |
|
$ |
(32,669) |
|
$ |
(81,736) |
|
$ |
(35,641) |
Income tax
benefit/(expense) |
34 |
|
(143) |
|
73 |
|
(548) |
Net loss from
continuing operations |
(30,937) |
|
(32,812) |
|
(81,663) |
|
(36,189) |
Net loss from discontinued
operations |
— |
|
(3,055) |
|
— |
|
(3,294) |
Net loss |
$ |
(30,937) |
|
$ |
(35,867) |
|
$ |
(81,663) |
|
$ |
(39,483) |
Less: Net income attributable
to the noncontrolling interest |
(4,334) |
|
(564) |
|
(6,883) |
|
(2,252) |
Net loss attributable
to Navios Holdings common stockholders |
$ |
(35,271) |
|
$ |
(36,431) |
|
$ |
(88,546) |
|
$ |
(41,735) |
Loss attributable to
Navios Holdings common stockholders, basic and
diluted |
$ |
(36,555) |
|
$ |
(18,147) |
|
$ |
(90,958) |
|
$ |
(1,957) |
Basic and diluted loss
per share attributable to Navios Holdings common
stockholders |
$ |
(2.83) |
|
$ |
(1.49) |
|
$ |
(7.06) |
|
$ |
(0.16) |
Weighted average
number of shares, basic and diluted |
12,901,880 |
|
12,219,750 |
|
12,882,235 |
|
12,219,817 |
(1) |
Includes expenses of Navios Logistics of $13.0 million and $14.7
million for the three month periods ended June 30, 2020 and 2019,
respectively and $25.2 million and $27.3 million for the six month
periods ended June 30, 2020 and 2019, respectively. |
(2) |
Includes expenses of Navios Logistics of $3.2 million and $4.4
million for the three month periods ended June 30, 2020 and 2019,
respectively and $6.5 million and $8.1 million for the six month
periods ended June 30, 2020 and 2019, respectively. |
|
|
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
|
|
|
|
|
June 30,2020 |
|
December 31,2019 |
ASSETS |
(unaudited) |
|
(unaudited) |
Cash and cash equivalents, including restricted cash |
$ |
55,072 |
|
$ |
78,727 |
Vessels,
port terminals and other fixed assets, net |
|
1,298,997 |
|
|
1,276,514 |
Goodwill
and other intangibles |
|
261,703 |
|
|
264,490 |
Operating lease assets |
|
265,460 |
|
|
264,005 |
Other
current and non-current assets |
|
234,692 |
|
|
259,119 |
Total assets |
$ |
2,115,924 |
|
$ |
2,142,855 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Long-term debt, including
current portion |
$ |
438,839 |
|
$ |
392,568 |
Senior and ship mortgage
notes, net |
|
1,152,942 |
|
|
1,170,679 |
Operating lease liabilities,
current portion |
|
78,975 |
|
|
87,103 |
Operating lease liabilities,
net of current portion |
|
231,265 |
|
|
226,329 |
Other current and non-current
liabilities |
|
139,550 |
|
|
107,151 |
Total stockholders’
equity |
|
74,353 |
|
|
159,025 |
Total liabilities and
stockholders’ equity |
$ |
2,115,924 |
|
$ |
2,142,855 |
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) per share are “non-U.S. GAAP
financial measures” and should not be used in isolation or
considered substitutes for net income/(loss), cash flow from
operating activities and other operations or cash flow statement
data prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income/(loss) attributable
to Navios Holdings' common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation. Adjusted EBITDA represents
EBITDA, excluding certain items as described under “Earnings
Highlights”. We use EBITDA and Adjusted EBITDA as liquidity
measures and reconcile EBITDA and Adjusted EBITDA to net cash
provided by operating activities, the most comparable U.S. GAAP
liquidity measure. EBITDA is calculated as follows: net cash
provided by operating activities adding back, when applicable and
as the case may be, the effect of (i) net increase/(decrease) in
operating assets, (ii) net (increase)/decrease in operating
liabilities, (iii) net interest cost, (iv) deferred 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 and bargain gain, (x) unrealized (loss)/gain on
derivatives, (xi) loss on sale and reclassification to earnings of
available-for-sale securities and (xii) impairment 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 and meet working
capital requirements. Navios Holdings also believes that EBITDA and
Adjusted EBITDA are used (i) by prospective and current lessors as
well as potential lenders to evaluate potential transactions; (ii)
to evaluate and price potential acquisition candidates; and (iii)
by securities analysts, investors and other interested parties in
the evaluation of companies in our industry.
While EBITDA and Adjusted EBITDA are frequently
used as measures of operating results and the ability to meet debt
service requirements, the definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Holdings’
performance.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss)
used here may not be comparable to that used by other companies due
to differences in methods of calculation.
Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders per share is defined as Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
divided by the weighted average number of shares for each of the
periods presented.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics, and Navios Containers through deconsolidation) and
EBITDA of Navios Logistics and Navios Containers on a stand-alone
basis:
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
June 30, |
|
June 30, |
Three Month Period
Ended |
2020 |
|
2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
7,012 |
|
$ |
24,353 |
Net decrease in operating
assets |
|
(5,931) |
|
|
(7,603) |
Net (increase)/ decrease in
operating liabilities |
|
(17,324) |
|
|
10,420 |
Net interest cost |
|
31,418 |
|
|
34,276 |
Deferred finance charges |
|
(1,905) |
|
|
(2,335) |
Provision for losses on
accounts receivable |
|
(167) |
|
|
(240) |
Equity in affiliates, net of
dividends received |
|
8,829 |
|
|
(4,234) |
Payments for drydock and
special survey costs |
|
8,314 |
|
|
2,794 |
Noncontrolling interest |
|
(4,334) |
|
|
(564) |
Impairment loss on investment
in affiliate |
|
— |
|
|
(13,543) |
Impairment loss/ loss on sale
of vessels, net |
|
(8,967) |
|
|
(18,253) |
Gain on bond
extinguishment |
|
— |
|
|
5,712 |
EBITDA |
$ |
16,945 |
|
$ |
30,783 |
Impairment loss/ loss on sale
of vessels, net |
|
8,967 |
|
|
18,253 |
Other items from
affiliates |
|
1,272 |
|
|
— |
Impairment loss on investment
in affiliate |
|
— |
|
|
13,543 |
Adjusted EBITDA
including Navios Containers |
$ |
27,184 |
|
$ |
62,579 |
Navios Containers’ EBITDA
(excluding noncontrolling interest) |
|
— |
|
|
(9,791) |
Adjusted
EBITDA |
$ |
27,184 |
|
$ |
52,788 |
Three Month
Period Ended |
June 30, 2020 |
|
June 30, 2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
7,012 |
|
$ |
24,353 |
Net cash provided by/ (used
in) investing activities |
$ |
256 |
|
$ |
(38,099) |
Net cash (used in)/ provided
by financing activities |
$ |
(7,383) |
|
$ |
6,464 |
|
|
|
|
|
|
Adjusted EBITDA breakdown
Three Month
Period Ended |
June
30,2020 |
|
June
30,2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Core shipping operations |
$ |
(6,161) |
|
$ |
29,100 |
Navios Logistics (including
noncontrolling interest) |
|
22,628 |
|
|
23,981 |
Navios Containers (including
noncontrolling interest) |
|
— |
|
|
12,734 |
Equity in net earnings/
(losses) of affiliated companies |
|
10,717 |
|
|
(3,236) |
Adjusted EBITDA
including Navios Containers |
$ |
27,184 |
|
$ |
62,579 |
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation to Net
Income
Three Month Period
Ended |
June 30,2020 |
|
June 30,2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net
income |
$ |
11,981 |
|
$ |
9,696 |
Depreciation and amortization |
|
7,267 |
|
|
7,310 |
Amortization of deferred drydock and special survey costs |
|
995 |
|
|
1,132 |
Interest expense and finance cost, net |
|
6,798 |
|
|
9,265 |
Income tax (benefit)/ expense |
|
(79) |
|
|
85 |
EBITDA |
$ |
26,962 |
|
$ |
27,488 |
|
|
|
|
|
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
|
|
Three Month Period
Ended |
|
June 30,2019 |
(in thousands of U.S.
dollars) |
|
(unaudited) |
Net cash provided by operating
activities |
$ |
6,418 |
Net decrease in operating
assets |
|
(1,209) |
Net decrease in operating
liabilities |
|
269 |
Net interest cost |
|
4,113 |
Deferred finance charges |
|
(267) |
Payments for drydock and
special survey costs |
|
467 |
EBITDA |
$ |
9,791 |
|
|
|
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
June 30, |
|
June 30, |
Six Month Period
Ended |
2020 |
|
2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
5,530 |
|
$ |
42,676 |
Net (decrease)/ increase in
operating assets |
|
(9,933) |
|
|
7 |
Net increase in operating
liabilities |
|
(32,392) |
|
|
(281) |
Net interest cost |
|
63,061 |
|
|
68,673 |
Deferred finance charges |
|
(3,733) |
|
|
(4,192) |
Provision for losses on
accounts receivable |
|
(575) |
|
|
(816) |
Equity in affiliates, net of
dividends received |
|
8,680 |
|
|
(994) |
Payments for drydock and
special survey costs |
|
14,129 |
|
|
6,917 |
Noncontrolling interest |
|
(6,883) |
|
|
(2,252) |
Impairment loss/ loss on sale
of vessels, net |
|
(20,215) |
|
|
(23,784) |
Gain on bond
extinguishment |
|
11,204 |
|
|
21,374 |
Impairment loss on investment
in affiliate |
|
(6,650) |
|
|
(13,543) |
Impairment of loan receivable
from affiliated company |
|
(6,050) |
|
|
— |
EBITDA |
$ |
16,173 |
|
$ |
93,785 |
Impairment loss/ loss on sale
of vessels, net |
|
20,215 |
|
|
23,784 |
Other items from
affiliates |
|
6,844 |
|
|
— |
Impairment of loan receivable
from affiliated company |
|
6,050 |
|
|
— |
Impairment loss on investment
in affiliate |
|
6,650 |
|
|
13,543 |
Adjusted EBITDA
including Navios Containers |
$ |
55,932 |
|
$ |
131,112 |
Navios Containers’ EBITDA
(excluding noncontrolling interest) |
|
— |
|
|
(21,838) |
Adjusted
EBITDA |
$ |
55,932 |
|
$ |
109,274 |
Six Month
Period Ended |
June 30, 2020 |
|
June 30, 2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
5,530 |
|
$ |
42,676 |
Net cash used in investing activities |
$ |
(56,545) |
|
$ |
(44,705) |
Net cash provided by/ (used in) financing activities |
$ |
27,360 |
|
$ |
(26,669) |
|
|
|
|
|
|
Adjusted EBITDA breakdown
Six
Month Period
Ended |
June
30,2020 |
|
June
30,2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Core shipping operations |
$ |
(3,198) |
|
$ |
58,835 |
Navios Logistics (including
noncontrolling interest) |
|
42,328 |
|
|
46,224 |
Navios Containers (including
noncontrolling interest) |
|
— |
|
|
25,012 |
Equity in net earnings of
affiliated companies |
|
16,802 |
|
|
1,041 |
Adjusted EBITDA
including Navios Containers |
$ |
55,932 |
|
$ |
131,112 |
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation
to Net Income
Six
Month Period
Ended |
June
30,2020 |
|
June
30,2019 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Net
income |
$ |
19,027 |
|
$ |
15,001 |
Depreciation and amortization |
|
14,545 |
|
|
14,656 |
Amortization of deferred drydock and special survey costs |
|
2,034 |
|
|
2,458 |
Interest expense and finance cost, net |
|
13,768 |
|
|
19,103 |
Income tax (benefit)/ expense |
|
(163) |
|
|
432 |
EBITDA |
$ |
49,211 |
|
$ |
51,650 |
|
|
|
|
|
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
Six Month Period
Ended |
June 30,2019 |
(in thousands of U.S.
dollars) |
(unaudited) |
Net cash provided by operating activities |
$ |
6,381 |
Net increase in operating
assets |
|
2,656 |
Net decrease in operating
liabilities |
|
2,287 |
Net interest cost |
|
7,666 |
Deferred finance charges |
|
(326) |
Payments for drydock and
special survey costs |
|
3,174 |
EBITDA |
$ |
21,838 |
|
|
|
EXHIBIT II
Owned Vessels
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
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 Amitie (1) |
|
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 |
Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
Jupiter N |
|
Panamax |
|
2011 |
|
93,062 |
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 |
Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
Long-term Bareboat-in Fleet in
Operation
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
|
Yes |
Navios Uranus |
|
Panamax |
|
2019 |
|
81,516 |
|
Yes |
Navios Felicity I |
|
Panamax |
|
2020 |
|
81,946 |
|
Yes |
Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
|
Yes |
Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
|
Yes |
(1) |
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
|
|
Long-term Chartered-in Fleet in
Operation
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
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) |
Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
(1) |
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
(2) |
Navios Holdings holds the initial 50% purchase option on the
vessel. |
(3) |
Navios Holdings has the right of first refusal and profit share on
sale of vessel. |
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