NAVIOS MARITIME HOLDINGS INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. dollars except share data)
During the third quarter of 2018, a river and estuary tanker was delivered to Navios
Logistics. As of December 31, 2018, a total of $17,389 had been transferred to Vessels, port terminals and other fixed assets, net in the consolidated balance sheets of which capitalized interest amounted to $628. As of
December 31, 2017, Navios Logistics had paid $6,141 for the construction of the river and estuary tanker (including supervision cost).
During the first quarter of 2018, three new pushboats were delivered to Navios Logistics. As of December 31, 2018, a total of $32,032 had
been transferred to Vessels, port terminals and other fixed assets, net in the consolidated balance sheets of which capitalized interest amounted to $3,874. As of December 31, 2017, Navios Logistics had paid $30,708 for the
construction of the three new pushboats.
During the second quarter of 2017, Navios Logistics substantially completed the expansion of its
dry port in Uruguay. As of December 31, 2017, a total of $137,357 had been transferred to Vessels, port terminals and other fixed assets, net in the consolidated balance sheets of which capitalized interest amounted to $9,971.
Impairment loss/ loss on sale of vessels, net
During the year ended December 31, 2019, Navios Holdings recorded an impairment loss of $84,584 for two of its dry bulk vessels.
On January 15, 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Hios, a 2003-built Ultra Handymax
vessel of 55,180 dwt, for a net sale price of $7,497, paid in cash. The impairment loss amounted to $7,429 (including $611 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of
comprehensive (loss)/income under Impairment loss/loss on sale of vessels, net.
On September 19, 2019, Navios Holdings
completed the sale to an unrelated third party of the Navios Primavera, a 2007-built Ultra Handymax vessel of 53,464 dwt, for a net sale price of $9,891, paid in cash. The loss due to sale amounted to $1,673 and is included in the consolidated
statements of comprehensive (loss)/income under Impairment loss/loss on sale of vessels, net.
On August 13, 2019, Navios
Holdings completed the sale to an unrelated third party of the Navios Mercator, a 2002-built Ultra Handymax vessel of 53,553 dwt, for a net sale price of $6,664, paid in cash. The impairment loss amounted to $4,849 (including $490 remaining carrying
balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income under Impairment loss/loss on sale of vessels, net.
On July 18, 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Arc, a 2003-built Ultra Handymax vessel of
53,514 dwt, for a net sale price of $7,105, paid in cash. The impairment loss amounted to $5,149 (including $685 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive
(loss)/income under Impairment loss/loss on sale of vessels, net.
On June 11, 2019, Navios Holdings completed the sale
to an unrelated third party of the Navios Vector, a 2002-built Ultra Handymax vessel of 50,296 dwt, for a net sale price of $6,860, paid in cash. The loss due to sale amounted to $10,039 (including $673 remaining carrying balance of dry dock and
special survey costs) and is included in the consolidated statements of comprehensive (loss)/income under Impairment loss/loss on sale of vessels, net.
On May 3, 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Equator Prosper, a 2000-built Capesize
vessel of 171,191 dwt, for a net sale price of $11,520, paid in cash. The gain due to sale amounted to $1,784 and is included in the consolidated statements of comprehensive (loss)/income under Impairment loss/loss on sale of vessels,
net.
On March 26, 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Meridian, a 2002-built
Ultra Handymax vessel of 50,316 dwt, for a net sale price of $6,790, paid in cash. The loss due to sale amounted to $5,531 (including $778 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated
statements of comprehensive (loss)/income under Impairment loss/loss on sale of vessels, net.
During the year ended
December 31, 2018, Navios Holdings recorded an impairment loss of $179,186 for four of its dry bulk vessels.
In December 2018,
Navios Holdings completed the sale to an unrelated third party, of the Navios Magellan, a 2000-built Panamax vessel of 74,333 dwt, for a total net sale price of $6,950 paid in cash. The loss due to the sale amounted to $5,402 (including $726
remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income under Impairment loss/ loss on sale of vessels, net.
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