Navios Maritime Holdings Inc. Sells Two Drybulk Vessels
October 01 2020 - 8:14AM
Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM),
announced today that it sold the Navios Gem, a 2014-built Capesize
vessel of 181,336 dwt, and the Navios Victory, a 2014-built Panamax
vessel of 77,095 dwt, to Navios Maritime Partners L.P. (“Navios
Partners”) (NYSE:NMM) for a sale price of $51.0 million, subject to
working capital adjustments.
Part of the sale proceeds were used for the
prepayment of the $33.0 million outstanding bank debt of the two
vessels.
The transaction was approved by the independent
directors of the Board of Directors of Navios Holdings.
Following the sale, Navios Holdings controls a
fleet of 49 vessels, of which 16 are Capesize vessels, 26 are
Panamaxes, five are Ultra-Handymaxes and two are Handysizes.
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.
Forward Looking Statements
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
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