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, 2019.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, “I am pleased with the results of the second
quarter of 2019 for which we reported revenue of $147.2 million and
Adjusted EBITDA of $62.6 million.”
Angeliki Frangou continued, “Charter rates in
the dry bulk sector have been robust lately. While NM earned a TCE
rate of $10,500 per day for the second quarter of 2019, the
capesize 5TC rate is currently over $35,000 per day.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
Sale of Ship Management for $20.0
Million and a Five-Year Services Agreement
In August 2019, Navios Holdings sold its ship
management division and certain general partnership interests (the
“Transaction”) to N Shipmanagement Acquisition Corp. and related
entities (“NSM”), affiliated with Company’s Chairman and Chief
Executive Officer, Angeliki Frangou. The Company received aggregate
consideration of $20.0 million (including assumption of
liabilities) and new five-year service agreements under which NSM
will provide technical and commercial management services at fixed
rates (as described below) and administrative services, reimbursed
at allocable cost.
As a result of the Transaction:
- The Company is a holding company owning dry bulk vessels and
various investments in entities owning maritime and infrastructure
assets.
- NSM owns all entities providing ship management services and
employs all associated people.
- The Company will pay a fixed rate of $3,700 per day per vessel,
which will cover all technical and commercial management services
and operating costs, other than dry-docking and special surveys.
This rate will be fixed for a two-year period and will increase
thereafter by 3% annually.
- NSM will provide all administrative services to the Company and
will be reimbursed at allocable cost.
- NSM will own the general partner interests in Navios Maritime
Containers L.P. (“Navios Containers”) and Navios Maritime Partners
L.P.
The Company simultaneously entered into a secured loan agreement
with NSM whereby the Company agreed to repay NSM $125.0 million
(subject to post-closing adjustment) over a five-year period.
Principal amount generally reflects the net amount of liabilities
to the entities acquired by NSM. Of the amount owed, $47.0 million
will be repayable during the first 12 months in equal quarterly
installments, with the remaining principal amount repayable in
equal quarterly installments over the following 48 months. In
certain cases, amortization can be deferred. The loan agreement
provides for interest at 5% annually, and 7% annually for deferred
principal amounts.
The closing of the Transaction occurred simultaneously with the
execution of the definitive transaction agreements.
The Company’s Board of Directors formed a Special Committee of
independent and disinterested directors to consider the
Transaction. The Special Committee, with the assistance of its
independent financial and legal advisors, exclusively negotiated
the terms of the transaction agreements and approved the
transaction on behalf of the Board of Directors.
Pareto Securities AS acted as financial advisor and Debevoise
& Plimpton LLP acted as legal counsel to the Special
Committee.
Fleet Update
From the beginning of 2017 through 2019 YTD, Navios Holdings has
decreased by 26% the average age of its owned fleet including
long-term bareboat chartered-in vessels.
In August 2019, the Company took delivery of the Navios Herakles
I, a newbuilt bareboat chartered-in Kamsarmax of 81,600 dwt.
In August 2019, the Company acquired from an unrelated third
party, a previously chartered-in vessel, the Navios Victory, a
2014-built, 77,095 dwt vessel, for a total acquisition price of
$14.5 million, which was paid in cash.
In July 2019, the Company agreed to sell to an unrelated third
party the Navios Primavera, a 2007-built Ultra Handymax vessel of
53,464 dwt, for a sale price of $10.3 million.
Navios Holdings controls a fleet of 57 vessels (including one
vessel agreed to be sold) totaling 6.0 million dwt, of which 31 are
owned and 26 are chartered-in under long-term charters
(collectively, the "Core Fleet"). The fleet consists of 18
Capesize, 28 Panamax, 9 Ultra-Handymax and two Handysize vessels,
with an average age of 7.5 years, basis fully delivered fleet.
As of August 28, 2019, Navios Holdings has chartered-out 90.8%
of available days for the remaining six months of 2019, out of
which 62.7% are chartered-out on fixed rate and 28.1% on index. The
average contracted daily charter-in rate for the long-term
charter-in vessels for the remaining six months of 2019 is $13,841
per day.
The above figures do not include the fleets of Navios South
American Logistics Inc. (“Navios Logistics”) and Navios Containers
and vessels servicing contracts of affreightment.
Exhibit II provides certain details of the Core Fleet of Navios
Holdings. It does not include the fleets of Navios Logistics and
Navios Containers.
Earnings Highlights
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 Navios Containers), and EBITDA of
Navios Logistics and Navios Containers (both on a stand-alone
basis) and a reconciliation of such measures to the most comparable
measures calculated under U.S. GAAP.
As of November 30, 2018, Navios Holdings
obtained control over Navios Containers and consequently
consolidated Navios Containers from that date onwards. Following
the Transaction referred above, Navios Holdings will deconsolidate
Navios Containers from August 30, 2019 onwards.
Second Quarter 2019 and 2018 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The second quarter 2019 and 2018 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
| |
|
|
|
|
|
|
| |
|
Three MonthPeriod
EndedJune 30, 2019 |
|
|
Three Month PeriodEndedJune 30, 2019Excluding Navios
Containers |
Three MonthPeriod EndedJune 30,
2018 |
| |
|
(unaudited) |
|
(unaudited) |
(unaudited) |
|
Revenue |
$ |
147,189 |
|
|
$ |
113,511 |
|
$ |
132,051 |
|
| Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(36,431 |
) |
|
$ |
(36,320 |
) |
$ |
(25,292 |
) |
| Adjusted Net Loss attributable
to Navios Holdings’ common stockholders |
$ |
(4,635 |
) (1) |
|
$ |
(4,524 |
) (1) |
$ |
(18,697 |
) (3) |
| Net cash provided by operating
activities |
$ |
24,353 |
|
|
$ |
17,937 |
|
$ |
11,708 |
|
| EBITDA |
$ |
30,783 |
|
|
$ |
18,049 |
|
$ |
36,636 |
|
| Adjusted EBITDA |
$ |
62,579 |
(1) |
|
$ |
49,845 |
(1) |
$ |
43,231 |
(3) |
| Basic Loss attributable to
Navios Holdings’ common stockholders per Share(4) |
$ |
(1.49 |
) |
|
$ |
(1.48 |
) |
$ |
(2.33 |
) |
| Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per
Share(4) |
$ |
(0.54 |
) (2) |
|
$ |
(0.53 |
) (2) |
$ |
(1.78 |
) (3) |
| (1) |
|
Adjusted EBITDA and Adjusted Net
Loss attributable to Navios Holdings’ common stockholders for the
three month period ended June 30, 2019 exclude (i) $18.3 million of
impairment losses due to the sale of four drybulk vessels and (ii)
$13.5 million of other-than-temporary impairment (“OTTI”) loss
related to our investment in an affiliate company. |
| (2) |
|
Adjusted Basic Loss attributable
to Navios Holdings’ common stockholders per Share for the three
month period ended June 30, 2019 exclude the items referred in
footnote (1) 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. |
| (3) |
|
Adjusted EBITDA, Adjusted Net
Loss attributable to Navios Holdings’ common stockholders and
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per Share for the three month period ended June 30,
2018 exclude a $6.6 million impairment loss relating to the sale of
one drybulk vessel. |
| (4) |
|
Basic and Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per Share post
reverse stock split adjusted for all periods presented. |
| |
|
|
Revenue from dry bulk vessel operations for the three month
period ended June 30, 2019 was $52.9 million, as compared to $72.0
million for the same period during 2018. The decrease in dry bulk
revenue was mainly attributable to the decrease in the time charter
equivalent (“TCE”) per day by 10.9% to $10,500 per day in the
second quarter of 2019, as compared to $11,791 per day in the same
period of 2018.
Revenue from the logistics business was $60.6 million for the
three month period ended June 30, 2019 as compared to $60.1 million
for the same period in 2018. The increase was mainly attributable
to (i) a $4.5 million increase in revenue from the barge business
mainly due to an increase in revenue from liquid cargo
transportation, (ii) a $2.9 million increase in revenue from the
cabotage business mainly due to an increase in operating days of
the cabotage fleet and (iii) a $0.3 million increase in revenue
from the port terminal business mainly due to an increase in the
iron ore port terminal revenue. The overall increase was partially
offset by a $7.2 million decrease in sales of products mainly due
to a decrease in the Paraguayan liquid port's volumes of products
sold.
Revenue of Navios Containers for the three month
period ended June 30, 2019 was $33.7 million. Navios Containers’
results of operations were not included in the Company’s
consolidated results of operations for the three month period ended
June 30, 2018.
Net Loss attributable to Navios Holdings’ common
stockholders was $36.4 million for the three month period ended
June 30, 2019, as compared to $25.3 million Net Loss attributable
to Navios Holdings’ common stockholders for the same period in
2018. Net Loss attributable to Navios Holdings’ common stockholders
was affected by items described in the table above. Excluding these
items, Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the three month period ended June 30, 2019 was
$4.6 million, as compared to $18.7 million Adjusted Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2018. This decrease in Adjusted Net Loss was mainly due
to (i) a $19.4 million increase in Adjusted EBITDA, (ii) a $0.6
million decrease in amortization for deferred drydock and special
survey costs, and (iii) a $0.5 million decrease in share-based
compensation expense. This overall decrease of $20.5 million was
partially mitigated by (i) a $4.8 million increase in depreciation
and amortization, (ii) a $1.0 million increase in interest expense
and finance cost, net, and (iii) a $0.6 million increase in income
tax expense.
Net Income of Navios Logistics, on a standalone
basis, was $9.7 million for the three month period ended June 30,
2019 as compared to $4.0 million of Net income for the same period
in 2018.
Net Loss of Navios Containers, on a standalone
basis, was $3.1 million for the three month period ended June 30,
2019. Navios Containers’ results of operations were not included in
the Company’s consolidated results of operations for the three
month period ended June 30, 2018.
Adjusted EBITDA of Navios Holdings for the three
month period ended June 30, 2019 increased by $19.4 million to
$62.6 million, as compared to $43.2 million for the same period in
2018. The increase in Adjusted EBITDA was primarily due to (i) a
$15.1 million increase in revenue, (ii) a $10.3 million increase in
other income, net, (iii) a $8.8 million decrease in time charter,
voyage and logistics business expenses; (iv) a $5.7 million
increase in gain on bond extinguishment, and (v) a $0.8 million
decrease in net income attributable to noncontrolling interest.
This overall increase of $40.7 million was partially mitigated by
(i) a $18.6 million increase in direct vessel expenses (excluding
the amortization of deferred drydock and special survey costs),
(ii) a $2.4 million increase in general and administrative expenses
(excluding share-based compensation expenses), and (iii) a $0.3
million decrease in equity in net earnings from affiliated
companies.
EBITDA of Navios Logistics, on a standalone
basis, was $27.5 million for the three month period ended June 30,
2019, as compared to $22.4 million for the same period in 2018.
EBITDA of Navios Containers, on a standalone
basis, was $9.8 million for the three month period ended June 30,
2019.
First Half of 2019 and 2018 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, 2019 and 2018 presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
| |
|
Six MonthPeriod EndedJune 30,
2019 |
|
Six MonthPeriod Ended June 30,
2019Excluding NaviosContainers |
|
Six MonthPeriod EndedJune 30,
2018 |
| |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Revenue |
$ |
287,469 |
|
|
$ |
221,959 |
|
|
$ |
248,933 |
|
| Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(41,735 |
) |
|
$ |
(41,616 |
) |
|
$ |
(66,149 |
) |
| Adjusted Net Loss attributable
to Navios Holdings’ common stockholders |
$ |
(4,408 |
) (1) |
|
$ |
(4,289 |
) (1) |
|
$ |
(52,839 |
) (3) |
| Net cash provided by operating
activities |
$ |
42,676 |
|
|
$ |
36,297 |
|
|
$ |
29,514 |
|
| EBITDA |
$ |
93,785 |
|
|
$ |
68,773 |
|
|
$ |
58,019 |
|
| Adjusted EBITDA |
$ |
131,112 |
(1) |
|
$ |
106,100 |
(1) |
|
$ |
71,329 |
(3) |
| Basic Loss attributable to
Navios Holdings’ common stockholders per Share(4) |
$ |
(0.16 |
) |
|
$ |
(0.15 |
) |
|
$ |
(5.97 |
) |
| Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per
Share(4) |
$ |
(0.73 |
) (2) |
|
$ |
(0.72 |
) (2) |
|
$ |
(4.85 |
) (3) |
| (1) |
|
Adjusted EBITDA and Adjusted Net
Loss attributable to Navios Holdings’ common stockholders for the
six month period ended June 30, 2019 exclude (i) $23.8 million of
impairment losses related to the sale of five drybulk vessels and
(ii) a $13.5 million OTTI loss related to our investment in an
affiliate company. |
| (2) |
|
Adjusted Basic Loss attributable
to Navios Holdings’ common stockholders per Share for the six month
period ended June 30, 2019 exclude items referred in footnote (1)
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. |
| (3) |
|
Adjusted EBITDA, Adjusted Net
Loss attributable to Navios Holdings’ common stockholders and
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per Share for the six month period ended June 30, 2018
exclude a $13.3 million impairment loss relating to the sale of two
drybulk vessels. |
| (4) |
|
Basic and Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per Share post
reverse stock split adjusted for all periods presented. |
| |
|
|
Revenue from dry bulk vessel operations for the six month period
ended June 30, 2019 was $105.6 million, as compared to $136.6
million for the same period in 2018. The decrease in dry bulk
revenue was mainly attributable to the decrease in TCE per day by
12.0% to $10,045 per day in the first half of 2019, as compared to
$11,412 per day in the same period in 2018.
Revenue from the logistics business was $116.4
million for the six month period ended June 30, 2019 as compared to
$112.3 million for the same period in 2018. The increase was mainly
attributable to (i) a $6.3 million increase in revenue from the
barge business mainly due to an increase in revenue from liquid and
dry cargo transportation, (ii) a $4.1 million increase in revenue
from the cabotage business mainly due to an increase in operating
days of the cabotage fleet, and (iii) a $3.2 million increase in
revenue from the port terminal business mainly due to an increase
in the volumes transshipped in the grain port terminal. The overall
increase was partially mitigated by a $9.5 million decrease in
sales of products mainly due to a decrease in the Paraguayan liquid
port's volumes of products sold.
Revenue of Navios Containers for the six month
period ended June 30, 2019 was $65.5 million and consisted of time
charter revenues. Navios Containers’ results of operations were not
included in the Company’s consolidated results of operations for
the six month period ended June 30, 2018.
Net Loss of Navios Holdings was $41.7 million
for the six month period ended June 30, 2019, as compared to $66.1
million for the same period in 2018. Net Loss was affected by items
described in the table above. Excluding these items, Adjusted Net
Loss of Navios Holdings for the six month period ended June 30,
2019 was $4.4 million, as compared to $52.8 million for the same
period in 2018. The $48.4 million decrease in Adjusted Net Loss was
mainly due to (i) an increase in Adjusted EBITDA of $59.8 million;
(ii) a decrease of $1.3 million in amortization for deferred
drydock and special survey costs; and (iii) a $0.8 million decrease
in share-based compensation expense. This overall decrease in
Adjusted Net Loss was partially mitigated by (i) an increase in
depreciation and amortization of $8.5 million; (ii) an increase in
interest expense and finance cost, net of $3.6 million; and (iii)
an increase in income tax expense of $1.4 million.
Net Income of Navios Logistics, on a standalone
basis, was $15.0 million for the six month period ended June 30,
2019, as compared to $2.9 million for the same period in 2018.
Net Loss of Navios Containers, on a standalone
basis, was $3.3 million for the six month period ended June 30,
2019. Navios Containers’ results of operations were not included in
the Company’s consolidated results of operations for the six month
period ended June 30, 2018.
Adjusted EBITDA of Navios Holdings for the six
month period ended June 30, 2019 increased by $59.8 million to
$131.1 million, as compared to $71.3 million for the same period in
2018. The $59.8 million increase in Adjusted EBITDA was primarily
due to (i) a $38.6 million increase in revenue; (ii) a $21.4
million increase in bond extinguishment gains, (iii) a $20.6
million increase in other income, net, (iv) a $10.7 million
decrease in time charter, voyage and logistics business expenses;
and (v) a $10.5 million increase in equity in net earnings from
affiliated companies. This overall increase of $101.8 million was
partially mitigated by (i) a $34.7 million increase in direct
vessel expenses (excluding the amortization of deferred drydock and
special survey costs), (ii) a $6.1 million increase in general and
administrative expenses (excluding share-based compensation
expenses), and (iii) a $1.2 million increase in net income
attributable to the noncontrolling interest.
EBITDA of Navios Logistics, on a standalone
basis, was $51.7 million for the six month period ended June 30,
2019, as compared to $39.2 million for the same period in 2018.
EBITDA of Navios Containers, on a standalone
basis, was $21.8 million for the six month period ended June 30,
2019.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of Navios Holdings' dry bulk operations
(excluding the Navios Logistics’ and Navios Containers’ fleets) and
its fleet performance for the three and six month periods ended
June 30, 2019 and 2018, respectively.
|
|
|
Three Month |
|
Three Month |
|
Six Month |
|
Six Month |
|
|
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available Days (1) |
|
|
4,976 |
|
|
|
5,810 |
|
|
|
10,313 |
|
|
|
11,349 |
|
| Operating Days (2) |
|
|
4,959 |
|
|
|
5,800 |
|
|
|
10,271 |
|
|
|
11,315 |
|
| Fleet Utilization (3) |
|
|
99.7 |
% |
|
|
99.8 |
% |
|
|
99.6 |
% |
|
|
99.7 |
% |
| Equivalent Vessels (4) |
|
|
55 |
|
|
|
64 |
|
|
|
57 |
|
|
|
63 |
|
| TCE (5) |
|
$ |
10,500 |
|
|
$ |
11,791 |
|
|
$ |
10,045 |
|
|
$ |
11,412 |
|
|
(1) |
|
Available days for the fleet are total calendar days the vessels
were in Navios Holdings' possession for the relevant period after
subtracting off-hire days associated with scheduled repairs,
drydocking or special surveys and ballast days relating to voyages.
The shipping industry uses available days to measure the number of
days in a relevant period during which vessels should be capable of
generating revenues. |
|
(2) |
|
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate
number of days in a relevant period during which vessels actually
generate revenues. |
|
(3) |
|
Fleet utilization is the percentage of time that Navios Holdings'
vessels were available for generating revenue, and is determined by
dividing the number of operating days during a relevant period by
the number of available days during that period. The shipping
industry uses fleet utilization to measure a company's efficiency
in finding suitable employment for its vessels. |
|
(4) |
|
Equivalent Vessels is defined as the total available days during a
relevant period divided by the number of days of this period. |
|
(5) |
|
TCE is defined as voyage and time charter revenues less voyage
expenses during a relevant period divided by the number of
available days during the period. |
|
|
|
|
Conference Call:
As previously announced, Navios Holdings will
host a conference call today, September 5, 2019, 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, 2019.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Thursday, September 5,
2019 at 8:30 am ET Call Title: Navios
Holdings Q2 2019 Financial Results Conference Call US Dial In:
+1.877.480.3873 International Dial In: +1.404.665.9927 Conference
ID: 299 3302
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: 299 3302
This call will be simultaneously Webcast. The
Webcast will be available on the Navios Holdings website,
www.navios.com, under the "Investors" section. The Webcast will be
archived and available at the same Web address for two weeks
following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a
global seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com.
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of
the largest logistics companies in the Hidrovia region of South
America, focusing on the Hidrovia region river system, the main
navigable river system in the region, and on cabotage trades along
the eastern coast of South America. Navios Logistics serves the
storage and marine transportation needs of its petroleum,
agricultural and mining customers through its port terminals, river
barge and coastal cabotage operations. For more information about
Navios Logistics please visit its website:
www.navios-logistics.com.
About Navios Maritime Containers L.P.
Navios Maritime Containers L.P. (NASDAQ: NMCI)
is a growth vehicle dedicated to the container sector of the
maritime industry. For more information, please visit its website
at www.navios-containers.com.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is a
publicly traded master limited partnership which owns and operates
dry cargo vessels. For more information, please visit its website
at www.navios-mlp.com.
About Navios Maritime Acquisition
Corporation
Navios Acquisition (NYSE: NNA) is an owner and
operator of tanker vessels focusing on the transportation of
petroleum products (clean and dirty) and bulk liquid chemicals. For
more information about Navios Acquisition, please visit its
website: www.navios-acquisition.com.
Forward Looking Statements - Safe Harbor
This press release and our earnings call contain
and will contain forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future
events, including expected cash flow generation, future contracted
revenues, potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, and Navios
Holdings' growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further
time charters. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. Such statements include comments
regarding expected revenue and time charters. These forward-looking
statements are based on the information available to, and the
expectations and assumptions deemed reasonable by Navios Holdings
at the time these statements were made. Although Navios Holdings
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Holdings. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term time charters, our
ability to maximize the use of our vessels, expected demand in the
dry cargo shipping sector in general and the demand for our
Panamax, Capesize, Ultra Handymax and Handysize vessels in
particular, fluctuations in charter rates for dry cargo carriers
vessels, the aging of our fleet and resultant increases in
operations costs, the loss of any customer or charter or vessel,
the financial condition of our customers, changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors, increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance,
and general and administrative expenses, the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions,
competitive factors in the market in which Navios Holdings
operates, the value of our publicly traded subsidiaries, risks
associated with operations outside the United States, and other
factors listed from time to time in Navios Holdings' filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Holdings' expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
EXHIBIT I
NAVIOS MARITIME HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars
— except share and per share data)
| |
|
Three Month Period EndedJune 30,
2019 |
|
|
Three Month Period EndedJune 30,
2018 |
|
Six Month Period EndedJune 30,
2019 |
|
Six Month Period EndedJune 30,
2018 |
| |
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Revenue |
|
|
$ |
147,189 |
|
|
$ |
132,051 |
|
|
$ |
287,469 |
|
|
$ |
248,933 |
|
| Administrative fee revenue
from affiliates |
|
|
|
6,318 |
|
|
|
7,126 |
|
|
|
12,782 |
|
|
|
14,131 |
|
| Time charter, voyage and
logistics business expenses |
|
|
|
(45,089 |
) |
|
|
(53,888 |
) |
|
|
(94,733 |
) |
|
|
(105,383 |
) |
| Direct vessel expenses(1) |
|
|
|
(42,591 |
) |
|
|
(24,533 |
) |
|
|
(82,027 |
) |
|
|
(48,797 |
) |
| General and administrative
expenses incurred on behalf of affiliates |
|
|
|
(6,318 |
) |
|
|
(7,126 |
) |
|
|
(12,782 |
) |
|
|
(14,131 |
) |
| General and administrative
expenses(2) |
|
|
|
(10,444 |
) |
|
|
(8,327 |
) |
|
|
(20,470 |
) |
|
|
(15,254 |
) |
| Depreciation and
amortization |
|
|
|
(29,269 |
) |
|
|
(24,537 |
) |
|
|
(59,054 |
) |
|
|
(50,603 |
) |
| Interest expense and finance
cost, net |
|
|
|
(34,276 |
) |
|
|
(33,253 |
) |
|
|
(68,673 |
) |
|
|
(65,063 |
) |
| Impairment loss/ loss on sale
of vessels, net |
|
|
|
(18,253 |
) |
|
|
(6,595 |
) |
|
|
(23,784 |
) |
|
|
(13,310 |
) |
| Gain on bond
extinguishment |
|
|
|
5,712 |
|
|
|
— |
|
|
|
21,374 |
|
|
|
— |
|
| Other income /(expense),
net |
|
|
|
8,076 |
|
|
|
(2,242 |
) |
|
|
13,465 |
|
|
|
(7,061 |
) |
| Loss before equity in
net earnings of affiliated companies |
|
|
|
(18,945 |
) |
|
|
(21,324 |
) |
|
|
(26,433 |
) |
|
|
(56,538 |
) |
| Equity in net losses of
affiliated companies |
|
|
|
(16,779 |
) |
|
|
(3,025 |
) |
|
|
(12,502 |
) |
|
|
(9,489 |
) |
| Loss before
taxes |
|
|
$ |
(35,724 |
) |
|
$ |
(24,349 |
) |
|
$ |
(38,935 |
) |
|
$ |
(66,027 |
) |
| Income tax (expense)/
benefit |
|
|
|
(143 |
) |
|
|
502 |
|
|
|
(548 |
) |
|
|
944 |
|
| Net loss |
|
|
|
(35,867 |
) |
|
|
(23,847 |
) |
|
|
(39,483 |
) |
|
|
(65,083 |
) |
| Less: Net income attributable
to the noncontrolling interest |
|
|
|
(564 |
) |
|
|
(1,445 |
) |
|
|
(2,252 |
) |
|
|
(1,066 |
) |
| Net loss attributable
to Navios Holdings common stockholders |
|
|
$ |
(36,431 |
) |
|
$ |
(25,292 |
) |
|
$ |
(41,735 |
) |
|
$ |
(66,149 |
) |
| Loss attributable to
Navios Holdings common stockholders, basic and
diluted |
|
|
$ |
(18,147 |
) |
|
$ |
(27,856 |
) |
|
$ |
(1,957 |
) |
|
$ |
(71,262 |
) |
| Basic and diluted loss
per share attributable to Navios Holdings common
stockholders |
|
|
$ |
(1.49 |
) |
|
$ |
(2.33 |
) |
|
$ |
(0.16 |
) |
|
$ |
(5.97 |
) |
| Weighted average
number of shares, basic and diluted |
|
|
|
12,219,750 |
|
|
|
11,942,314 |
|
|
|
12,219,817 |
|
|
|
11,942,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
Includes expenses of Navios
Logistics of $14.7 million and $14.6 million for the three month
period ended June 30, 2019 and 2018, respectively and $27.3 million
and $29.4 million for the six month period ended June 30, 2019 and
2018, respectively. Also includes expenses of Navios Containers of
$16.8 million and $32.7 million for the three and six month period
ended June 30, 2019, respectively. |
| (2) |
|
Includes expenses of Navios
Logistics of $4.4 million and $4.0 million for the three month
period ended June 30, 2019 and 2018, respectively and $8.1 million
and $7.9 million for the six month period ended June 30, 2019 and
2018, respectively. Also includes expenses of Navios Containers of
$2.6 million and $5.1 million for the three and six month period
ended June 30, 2019, respectively. |
| |
|
|
NAVIOS MARITIME HOLDINGS
INC.
Other Financial Data
| |
|
June
30, 2019 |
|
December 31, 2018 |
|
|
|
(unaudited) |
|
(unaudited) |
|
ASSETS |
|
|
|
|
|
|
| Cash and
cash equivalents, including restricted cash |
|
$ |
122,076 |
|
$ |
150,774 |
| Vessels,
port terminals and other fixed assets, net |
|
|
1,862,408 |
|
|
1,898,455 |
| Goodwill
and other intangibles |
|
|
285,386 |
|
|
299,273 |
|
Operating lease assets |
|
|
335,847 |
|
|
— |
| Other
current and non-current assets |
|
|
332,464 |
|
|
333,994 |
|
Total assets |
|
$ |
2,938,181 |
|
$ |
2,682,496 |
| |
|
|
|
|
|
|
| |
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Long-term, debt, including current portion |
|
$ |
553,335 |
|
$ |
543,899 |
| Senior
and ship mortgage notes, net |
|
|
1,237,470 |
|
|
1,272,108 |
|
Operating lease liabilities, current portion |
|
|
92,488 |
|
|
— |
|
Operating lease liabilities, net of current portion |
|
|
256,073 |
|
|
— |
| Other
current and non-current liabilities |
|
|
333,783 |
|
|
344,809 |
| Total
stockholders’ equity |
|
|
465,032 |
|
|
521,680 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,938,181 |
|
$ |
2,682,496 |
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic 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 and bargain gain,
(x) unrealized (loss)/gain on derivatives, and (xi) loss on sale
and reclassification to earnings of available-for-sale securities
and impairment charges. Navios Holdings believes that EBITDA and
Adjusted EBITDA are a basis upon which liquidity can be assessed
and represents useful information to investors regarding Navios
Holdings’ ability to service and/or incur indebtedness, pay capital
expenditures, meet working capital requirements and pay dividends.
Navios Holdings also believes that EBITDA and Adjusted EBITDA are
used (i) by prospective and current lessors as well as potential
lenders to evaluate potential transactions; (ii) to evaluate and
price potential acquisition candidates; and (iii) by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry.
EBITDA and Adjusted EBITDA are presented to
provide additional information with respect to the ability of
Navios Holdings to satisfy its respective obligations, including
debt service, capital expenditures, working capital requirements
and pay dividends. While EBITDA and Adjusted EBITDA are frequently
used as measures of operating results and the ability to meet debt
service requirements, the definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Holdings’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss)
used here may not be comparable to that used by other companies due
to differences in methods of calculation.
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders Per Share is defined as Adjusted 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) 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 |
2019 |
|
2018 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
24,353 |
|
|
$ |
11,708 |
|
| Net (decrease)/ increase in
operating assets |
|
(7,603 |
) |
|
|
5,711 |
|
| Net decrease/(increase) in
operating liabilities |
|
32,615 |
|
|
|
(146 |
) |
| Net interest cost |
|
34,276 |
|
|
|
33,253 |
|
| Deferred finance charges |
|
(2,335 |
) |
|
|
(2,003 |
) |
| Provision for losses on
accounts receivable |
|
(240 |
) |
|
|
(379 |
) |
| Equity in affiliates, net of
dividends received |
|
(4,234 |
) |
|
|
(4,384 |
) |
| Payments for drydock and
special survey costs |
|
2,794 |
|
|
|
916 |
|
| Noncontrolling interest |
|
(564 |
) |
|
|
(1,445 |
) |
| Impairment loss on investment
in affiliate |
|
(13,543 |
) |
|
|
— |
|
| Impairment loss/ loss on sale
of vessels, net |
|
(18,253 |
) |
|
|
(6,595 |
) |
| Amortization of operating
lease assets |
|
(22,195 |
) |
|
|
— |
|
| Gain on bond
extinguishment |
|
5,712 |
|
|
|
— |
|
| EBITDA |
$ |
30,783 |
|
|
$ |
36,636 |
|
| Impairment loss/ loss on sale
of vessels, net |
|
18,253 |
|
|
|
6,595 |
|
| Impairment loss on investment
in affiliate |
|
13,543 |
|
|
|
— |
|
| Adjusted
EBITDA |
$ |
62,579 |
|
|
$ |
43,231 |
|
| Three Month
Period Ended(in thousands of U.S.
dollars) |
June 30, 2019 |
|
June 30, 2018 |
| |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
24,353 |
|
|
$ |
11,708 |
|
| Net cash used in investing
activities |
$ |
(38,099 |
) |
|
$ |
(5,250 |
) |
| Net cash provided by/ (used
in) financing activities |
$ |
6,464 |
|
|
$ |
(6,879 |
) |
| Adjusted EBITDA
breakdown |
|
|
|
|
|
| |
|
|
|
|
|
| |
June 30, |
|
June 30, |
| Three Month
Period Ended |
2019 |
|
2018 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
|
Core shipping operations |
$ |
29,100 |
|
|
$ |
25,296 |
|
| Navios Logistics (including
noncontrolling interest) |
|
23,981 |
|
|
|
20,960 |
|
| Navios Containers (including
noncontrolling interest) |
|
12,734 |
|
|
|
— |
|
| Equity in net losses of
affiliated companies |
|
(3,236 |
) |
|
|
(3,025 |
) |
| Adjusted
EBITDA |
$ |
62,579 |
|
|
$ |
43,231 |
|
| |
|
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation to Net
Income
| |
June 30, |
|
June 30, |
| Three Month Period
Ended |
2019 |
|
2018 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
| Net
income |
$ |
9,696 |
|
$ |
3,994 |
|
| Depreciation and amortization |
|
7,310 |
|
|
7,152 |
|
| Amortization of deferred drydock and special survey costs |
|
1,132 |
|
|
1,831 |
|
| Interest expense and finance cost, net |
|
9,265 |
|
|
9,997 |
|
| Income tax expense/(benefit) |
|
85 |
|
|
(569 |
) |
| EBITDA |
$ |
27,488 |
|
$ |
22,405 |
|
| |
|
|
|
|
|
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
| |
June 30,2019 |
| Three Month Period
Ended |
| (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 |
2019 |
|
2018 |
| (in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
42,676 |
|
|
$ |
29,514 |
|
| Net increase in operating
assets |
|
7 |
|
|
|
9,333 |
|
| Net decrease/ (increase) in
operating liabilities |
|
45,833 |
|
|
|
(21,781 |
) |
| Net interest cost |
|
68,673 |
|
|
|
65,063 |
|
| Deferred finance charges |
|
(4,192 |
) |
|
|
(3,645 |
) |
| Provision for losses on
accounts receivable |
|
(816 |
) |
|
|
(812 |
) |
| Equity in affiliates, net of
dividends received |
|
(994 |
) |
|
|
(11,321 |
) |
| Payments for drydock and
special survey costs |
|
6,917 |
|
|
|
6,016 |
|
| Noncontrolling interest |
|
(2,252 |
) |
|
|
(1,066 |
) |
| Other gain on assets |
|
— |
|
|
|
28 |
|
| Impairment loss/ loss on sale of
vessels, net |
|
(23,784 |
) |
|
|
(13,310 |
) |
| Gain on bond extinguishment |
|
21,374 |
|
|
|
— |
|
| Amortization of operating lease
asset |
|
(46,114 |
) |
|
|
— |
|
| Impairment loss on investment in
affiliate |
|
(13,543 |
) |
|
|
— |
|
| EBITDA |
$ |
93,785 |
|
|
$ |
58,019 |
|
| Impairment loss/ loss on sale of
vessels, net |
|
23,784 |
|
|
|
13,310 |
|
| Impairment loss on investment in
affiliate |
|
13,543 |
|
|
|
— |
|
| Adjusted
EBITDA |
$ |
131,112 |
|
|
$ |
71,329 |
|
| Six Month Period Ended |
June 30,2019 |
|
June 30,2018 |
| (in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
42,676 |
|
|
$ |
29,514 |
|
|
Net cash used in investing activities |
$ |
(44,705 |
) |
|
$ |
(22,750 |
) |
|
Net cash used in financing activities |
$ |
(26,669 |
) |
|
$ |
(19,522 |
) |
| Adjusted EBITDA
breakdown |
|
|
|
|
|
| |
|
|
|
|
|
| |
June
30, |
|
June
30, |
| Six Month
Period Ended |
2019 |
|
2018 |
| (in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
| Core shipping
operations |
$ |
58,835 |
|
$ |
42,673 |
|
| Navios Logistics (including noncontrolling interest) |
|
46,224 |
|
|
38,145 |
|
| Navios Containers (including noncontrolling interest) |
|
25,012 |
|
|
— |
|
| Equity in net earnings/(losses) of affiliated companies |
|
1,041 |
|
|
(9,489 |
) |
| Adjusted EBITDA |
$ |
131,112 |
|
$ |
71,329 |
|
| |
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation to Net
Income
| |
June
30, |
|
June
30, |
| Six Month Period
Ended |
2019 |
|
2018 |
| (in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
| Net
income |
$ |
15,001 |
|
$ |
2,947 |
|
| Depreciation and amortization |
|
14,656 |
|
|
14,380 |
|
| Amortization of deferred drydock and special survey costs |
|
2,458 |
|
|
3,721 |
|
| Interest expense and finance cost, net |
|
19,103 |
|
|
19,242 |
|
| Income tax expense/ (benefit) |
|
432 |
|
|
(1,079 |
) |
| EBITDA |
$ |
51,650 |
|
$ |
39,211 |
|
| |
|
|
|
|
|
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
| |
June 30,2019 |
| Six Month Period
Ended |
| (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 Hios |
|
Ultra Handymax |
|
2003 |
|
55,180 |
| Navios Kypros |
|
Ultra Handymax |
|
2003 |
|
55,222 |
| Navios Astra |
|
Ultra Handymax |
|
2006 |
|
53,468 |
| Navios Primavera(1) |
|
Ultra Handymax |
|
2007 |
|
53,464 |
| Navios Ulysses |
|
Ultra Handymax |
|
2007 |
|
55,728 |
| Navios Celestial |
|
Ultra Handymax |
|
2009 |
|
58,063 |
| Navios Vega |
|
Ultra Handymax |
|
2009 |
|
58,792 |
| Navios Star |
|
Panamax |
|
2002 |
|
76,662 |
| Navios Amitie |
|
Panamax |
|
2005 |
|
75,395 |
| Navios Northern Star |
|
Panamax |
|
2005 |
|
75,395 |
| Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
| Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
| Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
| Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
| Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
| Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
| Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
| Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
| Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
| Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
| Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
| Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
| Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
| Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
(1) Agreed to be sold
Long-term Chartered-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
| Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
| Navios Mercury |
|
Ultra Handymax |
|
2013 |
|
61,393 |
|
Yes |
| Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
| Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
Yes |
| Elsa S |
|
Panamax |
|
2015 |
|
80,954 |
|
No |
| Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
| Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
|
Yes |
| Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
| Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
| Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
| Mont Blanc Hawk |
|
Panamax |
|
2017 |
|
81,638 |
|
No |
| Cassiopeia Ocean |
|
Panamax |
|
2018 |
|
82,069 |
|
No |
| Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No (3) |
| Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No (3) |
| King Ore |
|
Capesize |
|
2010 |
|
176,800 |
|
Yes |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
| Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
| Dream Canary |
|
Capesize |
|
2015 |
|
180,528 |
|
Yes |
| Dream Coral |
|
Capesize |
|
2015 |
|
181,249 |
|
Yes |
| Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
|
(1) |
|
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
|
(2) |
|
Navios Holdings holds the initial
50% purchase option on the vessel. |
|
(3) |
|
Navios Holdings has the right of
first refusal and profit share on sale of vessel. |
Long-term Bareboat Chartered-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option |
| Navios Herakles I |
|
Panamax |
|
2019 |
|
81,600 |
|
Yes |
Long-term Bareboat Chartered-in Fleet to be
delivered
|
Vessel Name |
|
Vessel Type |
|
Delivery date |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
| Navios Felicity I |
|
Panamax |
|
Q4 2019 |
|
81,000 |
|
Yes |
| Navios Uranus |
|
Panamax |
|
Q4 2019 |
|
81,600 |
|
Yes |
| Navios Galaxy II |
|
Panamax |
|
Q1 2020 |
|
81,600 |
|
Yes |
| Navios Magellan II |
|
Panamax |
|
Q2 2020 |
|
81,000 |
|
Yes |
|
(1) |
|
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
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