Revenue
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE: NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the fourth
quarter and year ended December 31, 2018.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
“I am pleased with the results of the fourth quarter and full year
of 2018. For the fourth quarter, we reported revenue of $127.4
million and Adjusted EBITDA of $45.5 million. For the full
year, we reported revenue of $517.7 million and Adjusted EBITDA of
$179.6 million.”
Angeliki Frangou continued, “During 2018, improved charter
markets positively impacted our business results. The Time Charter
Equivalent of our fleet was about 30% higher in 2018 compared to
2017. This more than doubled our adjusted EBITDA from core shipping
operations. Of course, the first quarter of 2019 has been adversely
affected by the Vale tragedy, as well as unexpected weakness due to
tariff concerns.”
HIGHLIGHTS – RECENT DEVELOPMENTS
Navios Holdings Extended Time Period Under Exchange
Offer and Waived Minimum
Condition
The Company has extended the expiration date of
its exchange offer and consent solicitation (the “Exchange Offer”)
to exchange cash and/or newly issued 9.75% Senior Notes due 2024
(the “Notes”) for approximately 66 2/3% of each of the outstanding
American Depositary Shares, each representing 1/100th of a share of
8.75% Series G Cumulative Redeemable Perpetual Preferred Stock (the
“Series G ADSs”) and 8.625% Series H Cumulative Redeemable
Perpetual Preferred Stock (the “Series H ADSs”) through 5:00 pm on
Friday, March 1, 2019 whereby the Company has offered to
exchange:
- $7.25 in cash and/or $8.28 principal amount of the Notes for
each Series G ADS and
- $7.16 in cash and/or $8.19 principal amount of the Notes for
each Series H ADS.
The Company is waiving the following condition
to the Exchange Offer:
- 946,100, representing approximately 66 2/3%, of the outstanding
Series G ADSs having been validly tendered and not properly
withdrawn prior to the Expiration Date; and
- 1,907,600, representing approximately 66 2/3%, of the
outstanding Series H ADSs having been validly tendered and not
properly withdrawn prior to the Expiration Date.
Control over Navios Maritime Containers L.P. (“Navios
Containers”)
As of November 30, 2018, Navios Holdings obtained control over
Navios Containers and consequently consolidated Navios Containers
from that date onwards.
One-for-Ten Reverse Stock Split
A one-for-ten reverse split of Navios Holdings’ common stock was
approved by the Company’s stockholders at its annual regular
meeting. The reverse stock split was effected on January 3, 2019
when the common stock began trading on a split-adjusted basis on
the New York Stock Exchange, under the same ticker symbol, NM. For
all the periods presented Basic Loss and Adjusted Basic Loss
attributable to Navios Holdings’ common stockholders per Share have
been revised to effect the reverse stock split.
Fleet Update
In February 2019, the Company agreed to sell to an unrelated
third party the Navios Meridian, a 2002-built Ultra Handymax vessel
of 50,316 dwt, for a total net sale price of $6.8 million, to be
paid in cash.
Navios Holdings controls a fleet of 65 vessels totaling 6.6
million dwt, of which 35 are owned and 30 are chartered-in under
long-term charters (collectively, the "Core Fleet"). The fleet
consists of 19 Capesize, 30 Panamax, 14 Ultra-Handymax and two
Handysize vessels, with an average age of 7.9 years, basis fully
delivered fleet.
As of February 15, 2019, Navios Holdings has chartered-out 70.9%
of available days of 2019, out of which 26.7% are chartered-out on
fixed rate and 44.2% on index. The 2019 average contracted daily
charter-in rate for the long-term charter-in vessels is
$13,628.
The above figures do not include the fleets of 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.
Fourth Quarter 2018 and 2017 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The fourth quarter 2018 and 2017 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
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Three MonthPeriod Ended |
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Three MonthPeriod Ended |
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December
31, |
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December 31, |
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2018 |
|
2017 |
|
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|
|
|
|
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
127,353 |
|
$ |
128,530 |
|
Net Loss attributable to Navios Holdings’ common
stockholders |
$ |
(200,753) |
|
$ |
(51,601) |
|
Adjusted Net Loss attributable to Navios
Holdings’ common stockholders |
$ |
(18,955) |
(1) |
$ |
(15,275) |
(2) |
Net cash provided by operating activities |
$ |
16,046 |
|
$ |
14,540 |
|
EBITDA |
$ |
(136,297) |
|
$ |
7,669 |
|
Adjusted EBITDA |
$ |
45,501 |
(1) |
$ |
43,995 |
(2) |
Basic Loss attributable to Navios Holdings’
common stockholders per Share |
$ |
(16.93) |
|
$ |
(4.60) |
|
Adjusted Basic Loss attributable to Navios
Holdings’ common stockholders per Share |
$ |
(1.79) |
(1) |
$ |
(1.51) |
(2) |
(1) |
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 months ended
December 31, 2018 exclude (i) $184.6 million impairment losses
related to drybulk vessels, (ii) a $55.5 million
other-than-temporary (“OTTI”) impairment relating to our investment
in an affiliate company and (iii) $58.3 million bargain gain upon
obtaining control over Navios Containers. |
(2) |
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 months ended
December 31, 2017 exclude $36.3 million impairment losses related
to one vessel and intangible assets. |
Revenue from dry bulk vessel operations for the
three months ended December 31, 2018 was $75.9 million, as compared
to $78.6 million for the same period during 2017. The slight
decrease in dry bulk revenue was mainly attributable to the decline
in freight and time charter market during the periods compared.
Revenue from the logistics business was $39.4
million for the three months ended December 31, 2018 as compared to
$49.9 million for the same period in 2017. The decrease was mainly
attributable to (i) a $6.6 million decrease in revenue from the
port terminal business, mainly due to the iron ore port
interruption of services as a consequence of the fire incident,
expected to be recovered from loss of earnings insurance. The
insurance amount were reflected as “Other income” in the
consolidated financial statements; and (ii) a $5.3 million decrease
in revenue from the barge business mainly related to liquid cargo
transportation. The overall decrease was partially mitigated by a
$1.4 million increase in revenue from the cabotage business mainly
due to an increase in operating days of the cabotage fleet.
Revenue of Navios Containers for the period from
November 30, 2018 (date of obtaining control) to December 31, 2018
amounted to $12.1 million and consisted of time charter
revenues.
Net Loss attributable to Navios Holdings’ common
stockholders was $200.8 million for the three months ended December
31, 2018, as compared to $51.6 million Net Loss attributable to
Navios Holdings’ common stockholders for the same period in 2017.
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 months ended December 31, 2018 was $19.0
million, as compared to $15.3 million Adjusted Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2017. This increase was mainly due to (i) a $2.8 million
decrease in income tax benefit, (ii) a $1.6 million increase in
interest expense and finance cost, net and (iii) a $1.4 million
increase in depreciation and amortization. This overall increase of
$5.8 million was partially mitigated by (i) a $1.5 million increase
in Adjusted EBITDA and (ii) a $0.6 million decrease in amortization
for deferred drydock and special survey costs.
Net Loss of Navios Logistics, on a standalone
basis, was $2.8 million for the three month period ended December
31, 2018 as compared to $0.2 million for the same period in
2017.
Net Income, on a standalone basis, of Navios
Containers for the period from November 30, 2018 (date of obtaining
control) to December 31, 2018 amounted to $0.8 million.
Adjusted EBITDA of Navios Holdings for the three
months ended December 31, 2018 increased by $1.5 million to $45.5
million, as compared to $44.0 million for the same period in 2017.
The increase in Adjusted EBITDA was primarily due (i) an $11.3
million increase in other income/(expense), net, (ii) a $2.7
million decrease in loss on bond extinguishment, (iii) a $2.5
million decrease in general and administrative expenses (excluding
share-based compensation expenses), (iv) a $1.3 million decrease in
time charter, voyage and logistics business expenses and (v) a $0.2
million increase in net loss attributable to noncontrolling
interest. This overall increase of $18.0 million was partially
offset by (i) a $13.2 million decrease in equity in net
(losses)/earnings from affiliated companies, (ii) a $2.2 million
increase in direct vessel expenses (excluding the amortization of
deferred drydock and special survey costs) and (iii) a $1.1 million
decrease in revenue.
EBITDA of Navios Logistics, on a standalone
basis, was $16.4 million for the three month period ended December
31, 2018, as compared to $15.0 million for the same period in
2017.
EBITDA of Navios Containers, on a standalone
basis, for the period from November 30, 2018 (date of obtaining
control) to December 31, 2018 amounted to $5.0 million.
Year Ended December 31, 2018 and 2017 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The information for the year ended December 31,
2018 and 2017 presented below was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
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Year Ended |
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Year Ended |
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December 31, |
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December 31, |
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|
2018 |
|
|
2017 |
|
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
Revenue |
$ |
517,739 |
|
$ |
463,049 |
|
Net Loss attributable to Navios Holdings’ common
stockholders |
$ |
(268,718) |
|
$ |
(165,910) |
|
Adjusted Net Loss attributable to Navios
Holdings’ common stockholders |
$ |
(70,850) |
(1) |
$ |
(110,666) |
(2) |
Net cash provided by operating activities |
$ |
55,637 |
|
$ |
48,117 |
|
EBITDA |
$ |
(18,231) |
|
$ |
68,813 |
|
Adjusted EBITDA |
$ |
179,637 |
(1) |
$ |
124,057 |
(2) |
Basic Loss attributable to Navios Holdings’
common stockholders per Share |
$ |
(23.33) |
|
$ |
(15.02) |
|
Adjusted Basic Loss attributable to Navios
Holdings’ common stockholders per Share |
$ |
(6.78) |
(1) |
$ |
(10.38) |
(3) |
(1) |
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 year ended December
31, 2018 exclude (i) $200.7 million impairment losses related to
drybulk vessels, (ii) a $55.5 million OTTI impairment relating to
our investment in an affiliate company and (iii) a $58.3 million
bargain gain upon obtaining control over Navios
Containers. |
(2) |
Adjusted
EBITDA and Adjusted Net Loss attributable to Navios Holdings’
common stockholders for the year ended December 31, 2017 exclude
(i) $50.5 million impairment losses related to drybulk vessels and
intangible assets and (iii) $4.7 million non-cash impairment losses
relating to our affiliates. |
(3) |
Adjusted
Basic Loss attributable to Navios Holdings’ common stockholders per
Share for the year ended December 31, 2017 excludes items referred
in footnote (2) as well as a benefit of $1.0 million following the
completion of the 2017 Series G and Series H Exchange
Programs. |
Revenue from dry bulk vessel operations for the
year ended December 31, 2018 was $298.0 million, as compared to
$250.4 million for the same period in 2017. The increase in dry
bulk revenue was mainly attributable to the increase in TCE per day
by 29.1% to $12,534 per day in the year ended December 31, 2018, as
compared to $9,705 per day in the same period in 2017.
Revenue from the logistics business was $207.6
million for the year ended December 31, 2018 as compared to $212.6
million for the same period during 2017. The decrease was mainly
attributable to (i) a $13.2 million decrease in revenue from the
barge business mainly related to liquid cargo transportation and
(ii) a $5.0 million decrease in revenue from the cabotage business
mainly due to fewer operating days and lower rates. The overall
decrease was partially mitigated by a $13.2 million increase in
revenue from the port terminal business mainly due to the
commencement of operations at the new iron ore terminal.
Net Loss attributable to Navios Holdings’ common
stockholders was $268.7 million for the year ended December 31,
2018, as compared to $165.9 million Net Loss attributable to Navios
Holdings’ common stockholders for the same period in 2017. Net Loss
attributable to Navios Holdings’ common stockholders was affected
by items described in the table above. Excluding these items,
Adjusted Net Loss of Navios Holdings for the year ended December
31, 2018 was $70.9 million, as compared to $110.7 million Adjusted
Net Loss attributable to Navios Holdings’ common stockholders for
the same period in 2017. This decrease was mainly due to (i) a
$55.5 million increase in Adjusted EBITDA, (ii) a $1.3 million
decrease in depreciation and amortization and (iii) a $1.0 million
decrease in amortization for deferred drydock and special survey
costs. This overall decrease of $57.8 million was partially
mitigated by (i) a $15.6 million increase in interest expense and
finance cost, net, (ii) a $2.1 million decrease in income tax
benefit and (iii) a $0.3 million increase in share-based
compensation expense.
Net Income of Navios Logistics, on a standalone basis, was $6.9
million for the year ended December 31, 2018, as compared to $3.1
million for the same period in 2017.
Adjusted EBITDA of Navios Holdings for the year
ended December 31, 2018 increased by $55.5 million to $179.6
million, as compared to $124.1 million for the same period in 2017.
The increase in Adjusted EBITDA was primarily due to (i) a $54.7
million increase in revenue, (ii) a $14.2 million decrease in
direct vessel expenses (excluding the amortization of deferred
drydock and special survey costs), (iii) a $7.6 million decrease in
time charter, voyage and logistics business expenses, (iv) a $7.5
million increase in gain on bond and debt extinguishment, (v) a
$7.1 million decrease in other expense, net and (vi) a $0.3 million
decrease in general and administrative expenses (excluding
share-based compensation expenses). This overall increase of $91.4
million was partially mitigated by (i) a $33.8 million decrease in
equity in net earnings from affiliated companies and (ii) a $2.1
million increase in net income attributable to the noncontrolling
interest.
EBITDA of Navios Logistics, on a standalone
basis, was $81.1 million for the year ended December 31, 2018, as
compared to $62.5 million for the same period in 2017.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of Navios Holdings' dry bulk operations
(excluding the Navios Logistics and Navios Containers fleet) and
its fleet performance for the three month period and year ended
December 31, 2018 and 2017, respectively.
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Three Month |
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Three Month |
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Year |
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Year |
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Period Ended |
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Period Ended |
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Ended |
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Ended |
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December 31, |
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December 31, |
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December 31, |
|
December 31, |
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2018 |
|
2017 |
|
2018 |
|
2017 |
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|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Available Days (1) |
|
|
5,716 |
|
|
5,869 |
|
|
22,938 |
|
|
23,433 |
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Operating Days (2) |
|
|
5,705 |
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|
5,845 |
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|
22,855 |
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|
23,359 |
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Fleet Utilization (3) |
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|
99.8% |
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|
99.6% |
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99.6% |
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|
99.7% |
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Equivalent Vessels
(4) |
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62 |
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64 |
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63 |
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|
64 |
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TCE (5) |
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$ |
13,033 |
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$ |
12,305 |
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$ |
12,534 |
|
$ |
9,705 |
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(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, February 20, 2019, at 8:30 am ET, at
which time Navios Holdings' senior management will provide
highlights and commentary on earnings results for the fourth
quarter and year ended December 31, 2018.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Wednesday, February 20,
2019 at 8:30 am ET Call Title: Navios
Holdings Q4 2018 Financial Results Conference Call US Dial In:
+1.877.480.3873 International Dial In: +1.404.665.9927 Conference
ID: 419 1839
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: 419 1839
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.
Complete Terms and Conditions of the Exchange
Offer
Georgeson LLC is acting as the Information
Agent for the Exchange Offer. Bank of New York Mellon is
acting as the Exchange Agent and Depositary for the Exchange
Offer. The complete terms and conditions of the Exchange
Offer and Consent Solicitation are set forth in the Prospectus
(defined below), as supplemented by Amendment No. 3 to the Schedule
TO filed on February 19, 2019 (the “Offering
Materials”).Copies of the Offering Materials may also be
obtained from the Information Agent upon
request:Georgeson LLC Call Toll-Free:
(888) 566-3252Contact via E-mail at:
Navios@georgeson.com
Important Notices and Additional
InformationThis press release is for informational
purposes only. This press release is neither an offer to purchase
nor a solicitation to buy any of the existing Series G ADSs or
Series H ADSs or the underlying preferred shares of the Series G
ADSs or Series H ADSs. This press release shall not constitute an
offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful. In connection
with the Exchange Offer and Consent Solicitation, the
Company has filed with the SEC a Registration Statement on Form F-4
that includes a Prospectus, as it may be amended or supplemented,
(the “Prospectus”) and other Exchange Offer and Consent
Solicitation related documents, which fully describe the terms and
condition of the Exchange Offer and Consent Solicitation. The
Company is making the Exchange Offer and Consent Solicitation only
by, and pursuant to the terms of, the Prospectus. The Exchange
Offer and Consent Solicitation are not being made in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. None of the Company, the Information Agent or the
Exchange Agent for the Exchange Offer and Consent Solicitation
makes any recommendation in connection with the Exchange Offer and
Consent Solicitation. The Company urges holders of Series G ADSs
and Series H ADSs to read the registration statement, the
Prospectus, and related financial disclosures (including all
amendments and supplements) and to consult with their tax,
financial, etc. advisors before making any investment
decision.”
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a
global, vertically integrated seaborne shipping and logistics
company focused on the transport and transshipment of dry bulk
commodities including iron ore, coal and grain. For more
information about Navios Holdings please visit our website:
www.navios.com.
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of
the largest logistics companies in the Hidrovia region of South
America, focusing on the Hidrovia region river system, the main
navigable river system in the region, and on cabotage trades along
the eastern coast of South America. Navios Logistics serves the
storage and marine transportation needs of its petroleum,
agricultural and mining customers through its port terminals, river
barge and coastal cabotage operations. For more information about
Navios Logistics please visit its website:
www.navios-logistics.com.
About Navios Maritime 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
container and 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 cash flow generation for 2019, future contracted
revenues, potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, and Navios
Holdings' growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further
time charters. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. Such statements include comments
regarding expected revenue and time charters. These forward-looking
statements are based on the information available to, and the
expectations and assumptions deemed reasonable by Navios Holdings
at the time these statements were made. Although Navios Holdings
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Holdings. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term time charters, our
ability to maximize the use of our vessels, expected demand in the
dry cargo shipping sector in general and the demand for our
Panamax, Capesize and Ultra Handymax vessels in particular,
fluctuations in charter rates for dry cargo carriers vessels, the
aging of our fleet and resultant increases in operations costs, the
loss of any customer or charter or vessel, the financial condition
of our customers, changes in the availability and costs of funding
due to conditions in the bank market, capital markets and other
factors, increases in costs and expenses, including but not limited
to: crew wages, insurance, provisions, port expenses, lube oil,
bunkers, repairs, maintenance, and general and administrative
expenses, the expected cost of, and our ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, as well as standard regulations imposed by our
charterers applicable to our business, general domestic and
international political conditions, competitive factors in the
market in which Navios Holdings operates, the value of our publicly
traded subsidiaries, risks associated with operations outside the
United States, Vale’s obligations under the Vale port contract, and
other factors listed from time to time in Navios Holdings' filings
with the Securities and Exchange Commission, including its Forms
20-F and Forms 6-K. Navios Holdings expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Navios Holdings' expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based. Navios Holdings makes no prediction
or statement about the performance of its common
stock.Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
EXHIBIT I
NAVIOS MARITIME HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars
— except share and per share data)
|
Three Month Period
EndedDecember 31, 2018 |
|
Three Month Period
Ended December 31, 2017 |
|
Year EndedDecember 31,
2018 |
|
Year EndedDecember 31,
2017 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue |
|
$ |
127,353 |
|
$ |
128,530 |
|
$ |
517,739 |
|
$ |
463,049 |
|
Administrative fee revenue
from affiliates |
|
|
6,905 |
|
|
6,725 |
|
|
28,393 |
|
|
23,667 |
|
Time charter, voyage and
logistics business expenses |
|
|
(50,970) |
|
|
(52,301) |
|
|
(206,333) |
|
|
(213,929) |
|
Direct vessel
expenses(1) |
|
|
(27,787) |
|
|
(26,147) |
|
|
(101,543) |
|
|
(116,713) |
|
General and administrative
expenses incurred on behalf of affiliates |
|
|
(6,905) |
|
|
(6,725) |
|
|
(28,393) |
|
|
(23,667) |
|
General and administrative
expenses(2) |
|
|
(5,756) |
|
|
(8,318) |
|
|
(27,513) |
|
|
(27,521) |
|
Depreciation and
amortization |
|
|
(27,592) |
|
|
(26,219) |
|
|
(102,839) |
|
|
(104,112) |
|
Interest expense and
finance cost, net |
|
|
(32,575) |
|
|
(30,968) |
|
|
(130,372) |
|
|
(114,780) |
|
Impairment losses |
|
|
(184,587) |
|
|
(36,326) |
|
|
(200,657) |
|
|
(50,565) |
|
Bargain gain upon
obtaining control |
|
|
58,313 |
|
|
— |
|
|
58,313 |
|
|
— |
|
(Loss)/gain on bond and
debt extinguishment |
|
|
— |
|
|
(2,695) |
|
|
6,464 |
|
|
(981) |
|
Other income/(expense),
net |
|
|
9,255 |
|
|
(2,037) |
|
|
327 |
|
|
(6,826) |
|
Loss before equity
in net earnings of affiliated companies |
|
|
(134,346) |
|
|
(56,481) |
|
|
(186,414) |
|
|
(172,378) |
|
Equity in net
(losses)/earnings of affiliated companies |
|
|
(66,485) |
|
|
2,191 |
|
|
(80,205) |
|
|
4,399 |
|
Loss before
taxes |
|
$ |
(200,831) |
|
$ |
(54,290) |
|
$ |
(266,619) |
|
$ |
(167,979) |
|
Income tax
(expense)/benefit |
|
|
(216) |
|
|
2,630 |
|
|
1,108 |
|
|
3,192 |
|
Net
loss |
|
|
(201,047) |
|
|
(51,660) |
|
|
(265,511) |
|
|
(164,787) |
|
Less: Net loss/(income)
attributable to the noncontrolling interest |
|
|
294 |
|
|
59 |
|
|
(3,207) |
|
|
(1,123) |
|
Net loss
attributable to Navios Holdings’ common
stockholders |
|
$ |
(200,753) |
|
$ |
(51,601) |
|
$ |
(268,718) |
|
$ |
(165,910) |
|
Loss attributable
to Navios Holdings’ common stockholders, basic and
diluted |
|
$ |
(203,315) |
|
$ |
(54,249) |
|
$ |
(278,959) |
|
$ |
(175,298) |
|
Basic and diluted
net losses per share attributable to Navios Holdings’ common
stockholders |
|
$ |
(16.93) |
|
$ |
(4.60) |
|
$ |
(23.33) |
|
$ |
(15.02) |
|
Weighted average
number of shares, basic and diluted |
|
|
12,008,386 |
|
|
11,789,846 |
|
|
11,958,959 |
|
|
11,667,346 |
|
(1) |
Includes expenses of
Navios Logistics of $12.9 million and $15.5 million for the three
months ended December 31, 2018 and 2017, respectively, and $56.2
million and $70.5 million for the year ended December 31, 2018 and
2017, respectively. Also includes expenses of Navios Containers of
$5.3 million for the period from November 30, 2018, (date of
obtaining control) to December 31, 2018. |
(2) |
Includes
expenses of Navios Logistics of $3.8 million and $5.0 million for
the three months ended December 31, 2018 and 2017, respectively,
and $15.1 million and $16.7 million for the year ended December 31,
2018 and 2017, respectively. Also includes expenses of Navios
Containers of $0.9 million for the period from November 30, 2018,
(date of obtaining control) to December 31, 2018. |
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
|
(unaudited) |
|
(unaudited) |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents,
including restricted cash |
|
$ |
150,774 |
|
$ |
134,190 |
Deposits for vessels, port
terminals and other fixed assets |
|
|
— |
|
|
36,849 |
Vessels, port terminal and
other fixed assets, net |
|
|
1,898,455 |
|
|
1,809,225 |
Goodwill and other
intangibles |
|
|
299,273 |
|
|
276,758 |
Other current and
non-current assets |
|
|
333,994 |
|
|
372,959 |
Total
assets |
|
$ |
2,682,496 |
|
$ |
2,629,981 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
Long-term, debt, including
current portion |
|
|
543,899 |
|
|
380,489 |
Senior and ship mortgage
notes, net |
|
|
1,272,108 |
|
|
1,301,999 |
Other current and
non-current liabilities |
|
|
344,809 |
|
|
330,329 |
Total stockholders’
equity |
|
|
521,680 |
|
|
617,164 |
Total liabilities
and stockholders’ equity |
|
$ |
2,682,496 |
|
$ |
2,629,981 |
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net 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 (loss)/income attributable
to Navios Holdings' common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation. Adjusted EBITDA represents
EBITDA, excluding certain items as described under “Earnings
Highlights”. 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 Loss 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 Loss adjusts net
income/(loss) attributable to Navios Holdings’ common stockholders
for the items described above under “Earnings Highlights”.
The definition of Adjusted Net Loss used here may not be comparable
to that used by other companies due to differences in methods of
calculation.
Adjusted Basic Loss 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
|
December 31, |
|
December 31, |
Three Months
Ended |
2018 |
|
2017 |
(in thousands
of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Net cash provided by
operating activities |
$ |
16,046 |
|
$ |
14,540 |
Net increase in
operating assets |
|
11,890 |
|
|
8,568 |
Net increase in
operating liabilities |
|
(3,567) |
|
|
(8,711) |
Net interest cost |
|
32,575 |
|
|
30,968 |
Deferred finance
charges |
|
(1,917) |
|
|
(2,097) |
Provision for losses on
accounts receivable |
|
(157) |
|
|
(545) |
Equity in affiliates,
net of dividends received |
|
(12,095) |
|
|
1,954 |
Payments for drydock
and special survey costs |
|
1,566 |
|
|
800 |
Noncontrolling
interest |
|
294 |
|
|
59 |
Other gain/(loss) on
assets |
|
866 |
|
|
(11) |
Vessel impairment
losses |
|
(184,587) |
|
|
(36,326) |
Bargain gain upon
obtaining control |
|
58,313 |
|
|
— |
Impairment loss on
investment in affiliate |
|
(55,524) |
|
|
— |
Loss on bond and debt
extinguishment |
|
— |
|
|
(1,530) |
EBITDA |
$ |
(136,297) |
|
$ |
7,669 |
Vessel impairment
losses |
|
184,587 |
|
|
36,326 |
Bargain gain upon
obtaining control |
|
(58,313) |
|
|
— |
Impairment loss on
investment in affiliate |
|
55,524 |
|
|
— |
Adjusted
EBITDA |
$ |
45,501 |
|
$ |
43,995 |
Three Month
Period Ended(in thousands of U.S.
dollars) |
December 31, 2018 |
|
December 31, 2017 |
|
(unaudited) |
|
(unaudited) |
Net cash provided by
operating activities |
$ |
16,046 |
|
$ |
14,540 |
Net cash used in
investing activities |
$ |
(24,007) |
|
$ |
(9,378) |
Net cash provided by
financing activities |
$ |
15,754 |
|
$ |
9,790 |
Adjusted EBITDA
breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
Three Months Ended |
2018 |
|
2017 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Adjusted EBITDA from core shipping
operations |
$ |
34,763 |
|
$ |
26,730 |
Navios Logistics (including noncontrolling
interest) |
|
17,408 |
|
|
15,074 |
Navios Containers (including noncontrolling
interest) |
|
4,291 |
|
|
— |
Equity in net (losses)/earnings of affiliated
companies |
|
(10,961) |
|
|
2,191 |
Adjusted EBITDA |
$ |
45,501 |
|
$ |
43,995 |
Navios Logistics EBITDA Reconciliation to Net
Loss
|
December 31, |
|
December 31, |
Three Months
Ended |
2018 |
|
2017 |
(in thousands
of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Net loss |
$ |
(2,815) |
|
$ |
(162) |
Depreciation and
amortization |
|
7,672 |
|
|
7,241 |
Amortization of
deferred drydock and special survey costs |
|
1,429 |
|
|
2,054 |
Interest expense and
finance cost, net |
|
9,954 |
|
|
8,587 |
Income tax
expense/(benefit) |
|
150 |
|
|
(2,705) |
EBITDA |
$ |
16,390 |
|
$ |
15,015 |
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
|
Period from
November 30, 2018 (date of obtaining control) to December 31,
2018 |
(in thousands
of U.S. dollars) |
|
(unaudited) |
|
|
|
Net cash used in
operating activities |
$ |
(3,791) |
Net increase in
operating assets |
|
1,292 |
Net decrease in
operating liabilities |
|
4,833 |
Net interest cost |
|
1,204 |
Deferred finance
charges |
|
(14) |
Payments for drydock
and special survey costs |
|
1,491 |
EBITDA |
$ |
5,015 |
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
December 31, |
December
31, |
Year
Ended |
2018 |
2017 |
(in thousands
of U.S. dollars) |
(unaudited) |
(unaudited) |
|
|
|
|
|
|
Net cash provided by
operating activities |
$ |
55,637 |
|
$ |
48,117 |
Net increase/(decrease)
in operating assets |
|
25,632 |
|
|
(22,385) |
Net increase in
operating liabilities |
|
(6,662) |
|
|
(20,814) |
Net interest cost |
|
130,372 |
|
|
114,780 |
Deferred finance
charges |
|
(7,880) |
|
|
(6,391) |
Provision for losses on
accounts receivable |
|
(575) |
|
|
(269) |
Equity in affiliates,
net of dividends received |
|
(28,793) |
|
|
(4,610) |
Payments for drydock
and special survey costs |
|
7,755 |
|
|
10,824 |
Noncontrolling
interest |
|
(3,207) |
|
|
(1,123) |
Other gain on assets |
|
894 |
|
|
1,064 |
Vessel impairment
losses |
|
(200,657) |
|
|
(50,565) |
Bargain gain upon
obtaining control |
|
58,313 |
|
|
— |
Impairment loss on
investment in affiliate |
|
(55,524) |
|
|
— |
Gain on bond and debt
extinguishment |
|
6,464 |
|
|
185 |
EBITDA |
$ |
(18,231) |
|
$ |
68,813 |
Vessel impairment
losses |
|
200,657 |
|
|
50,565 |
Bargain gain upon
obtaining control |
|
(58,313) |
|
|
— |
Impairment loss on
investment in affiliate |
|
55,524 |
|
|
— |
Other items from
affiliates |
|
— |
|
|
4,679 |
Adjusted
EBITDA |
$ |
179,637 |
|
$ |
124,057 |
Year Ended |
December 31, 2018 |
|
December 31, 2017 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
Net cash provided by
operating activities |
$ |
55,637 |
|
$ |
48,117 |
Net cash
provided by/(used in) investing activities |
$ |
27,863 |
|
$ |
(42,365) |
Net cash
used in financing activities |
$ |
(66,916) |
|
$ |
(12,940) |
Adjusted EBITDA
breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
Year Ended |
2018 |
|
2017 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Adjusted EBITDA from core shipping
operations |
$ |
121,361 |
|
$ |
53,563 |
Navios Logistics (including noncontrolling
interest) |
|
78,666 |
|
|
61,416 |
Navios Containers (including noncontrolling
interest) |
|
4,291 |
|
|
— |
Equity in net (losses)/earnings of affiliated
companies |
|
(24,681) |
|
|
9,078 |
Adjusted EBITDA |
$ |
179,637 |
|
$ |
124,057 |
Navios Logistics EBITDA Reconciliation to Net
Income
|
December 31, |
|
December 31, |
Year
Ended |
2018 |
|
2017 |
(in thousands
of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Net income |
$ |
6,862 |
|
$ |
3,105 |
Depreciation and
amortization |
|
29,307 |
|
|
26,865 |
Amortization of
deferred drydock and special survey costs |
|
7,204 |
|
|
7,928 |
Interest expense and
finance cost, net |
|
39,152 |
|
|
28,109 |
Income tax benefit |
|
(1,376) |
|
|
(3,468) |
EBITDA |
$ |
81,149 |
|
$ |
62,539 |
EXHIBIT II
Owned Vessels
Vessel
Name |
|
Vessel
Type |
|
Year
Built |
|
Deadweight
(in metric tons) |
Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
Navios Vector |
|
Ultra
Handymax |
|
2002 |
|
50,296 |
Navios Meridian (1) |
|
Ultra
Handymax |
|
2002 |
|
50,316 |
Navios Mercator |
|
Ultra
Handymax |
|
2002 |
|
53,553 |
Navios Arc |
|
Ultra
Handymax |
|
2003 |
|
53,514 |
Navios Hios |
|
Ultra
Handymax |
|
2003 |
|
55,180 |
Navios Kypros |
|
Ultra
Handymax |
|
2003 |
|
55,222 |
Navios Astra |
|
Ultra
Handymax |
|
2006 |
|
53,468 |
Navios Primavera |
|
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 |
Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
Navios Equator
Prosper |
|
Capesize |
|
2000 |
|
171,191 |
Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
Navios Ray |
|
Capesize |
|
2012 |
|
179,515 |
Navios Gem |
|
Capesize |
|
2014 |
|
181,336 |
|
|
|
|
|
|
|
(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 Oriana |
|
Ultra
Handymax |
|
2012 |
|
61,442 |
|
Yes |
Navios Mercury |
|
Ultra
Handymax |
|
2013 |
|
61,393 |
|
Yes |
Navios Venus |
|
Ultra
Handymax |
|
2015 |
|
61,339 |
|
Yes |
Osmarine |
|
Panamax |
|
2006 |
|
76,000 |
|
No |
Navios Aldebaran |
|
Panamax |
|
2008 |
|
76,500 |
|
Yes |
Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
Yes |
Sea Victory |
|
Panamax |
|
2014 |
|
77,095 |
|
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 |
Long term Bareboat Chartered-in Fleet to be
delivered
Vessel
Name |
|
Vessel
Type |
|
Delivery
date |
|
Deadweight
(in metric tons) |
|
Purchase Option(1) |
Navios Herakles I |
|
Panamax |
|
Q3
2019 |
|
82,000 |
|
Yes |
Navios Felicity I |
|
Panamax |
|
Q4
2019 |
|
81,000 |
|
Yes |
Navios Uranus |
|
Panamax |
|
Q4
2019 |
|
82,000 |
|
Yes |
TBN |
|
Panamax |
|
Q1
2020 |
|
82,000 |
|
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. |
(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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