Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”)
(NYSE: NM), a global seaborne shipping and logistics company, today
reported financial results for the third quarter and nine month
period ended September 30, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
“I am pleased with our results for the third quarter of 2020.
During the third quarter, Navios Holdings reported revenue of
$126.2 million, adjusted EBITDA of $60.2 million and adjusted Net
Income of $2.1 million.”
Angeliki Frangou continued, “Drybulk demand in the first half of
2020 was adversely effected by global quarantines. However,
monetary stimulus and other policy measures eased the disruption
and helped restart global economies in the third quarter. We
believe that continued improvement is also attributable to food
security considerations and new purchasing patterns emerging in the
pandemic economy. Consequently, we are optimistic about growth in
2021.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
Fleet Update
Vessel Sales
In September 2020, the Company 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, for a sale
price of $51.0 million. Part of the sale proceeds were used for the
repayment in full of the $33.0 million of outstanding secured bank
debt in respect of the two vessels.
In August and September 2020, the Company sold
to unrelated third parties, two 2005-built Panamax vessels, the
Navios Northern Star and the Navios Amitie, for sale prices of $7.0
million and $7.1 million, respectively.
Owned fleet renewal and
expansion
Over the last twelve months ended Q3 2020 Navios
Holdings has added eight vessels to its owned fleet (including
vessels under bareboat in agreements) with an average age of 4.1
years. At the same period a total of seven vessels have been sold
with an average age of 13.4 years. The above had a result of
increasing the dwt capacity of the owned vessels by 8% and decrease
its average age by 13%.
Fleet statistics
Navios Holdings controls a fleet of 49 vessels
totaling 5.3 million dwt, of which 32 are owned (including five
bareboat-in vessels) and 17 are chartered-in under long-term
charters (collectively, the "Core Fleet"). The fleet consists of 16
Capesize, 26 Panamax, five Ultra-Handymax and two Handysize
vessels, with an average age of 8.0 years.
Navios Holdings has currently chartered-out
94.4% of available days for the remaining three months of 2020. Of
these available days, 71.1% are chartered-out on fixed rate and
23.3% are chartered-out on index.
The average contracted daily charter-in rate for
the long-term charter-in vessels (excluding Kliemar controlled
fleet mainly used for servicing contracts of affreightment) for the
remaining three months of 2020 is $13,011 per day. The above
figures do not include the fleet of Navios South American Logistics
Inc. (“Navios Logistics”).
Exhibit II provides certain details of the Core
Fleet of Navios Holdings. It does not include the fleet of Navios
Logistics.
Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(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 Income/(Loss) attributable to Navios Holdings’
common stockholders and Adjusted Basic Earnings/(Loss) attributable
to Navios Holdings’ common stockholders per share of Navios
Holdings (including Navios Logistics), and EBITDA of Navios
Logistics (on a stand-alone basis) and a reconciliation of such
measures to the most comparable measures calculated under U.S.
GAAP.
As of November 30, 2018, Navios Holdings
obtained control over Navios Maritime Containers L.P. (“Navios
Containers”) and consequently consolidated Navios Containers
beginning on that date. Following the sale of Navios Containers
general partnership interest on August 30, 2019, Navios Holdings
deconsolidated Navios Containers from that date onwards. The
results of operations of Navios Containers for the three and nine
month periods ended September 30, 2019 consolidated under Navios
Holdings have been reported as discontinued operations.
Earnings Highlights
Third Quarter
2020 and
2019 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The third quarter 2020 and 2019 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
| |
|
Three Month PeriodEndedSeptember 30,
2020 |
|
Three Month PeriodEndedSeptember 30,
2019 |
| |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
$ |
126,155 |
|
|
$ |
141,609 |
|
| Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(10,060) |
|
|
$ |
(39,139) |
|
| Adjusted Net Income
attributable to Navios Holdings’ common stockholders |
$ |
2,109 |
(1) |
|
$ |
35,650 |
(3) |
| Net cash provided by operating
activities |
$ |
29,775 |
|
|
$ |
38,117 |
|
| EBITDA |
$ |
48,032 |
|
|
$ |
24,011 |
|
| Adjusted EBITDA |
$ |
60,201 |
(1) |
|
$ |
89,908 |
(2) |
| Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(0.88) |
|
|
$ |
(3.16) |
|
| Adjusted Basic Earnings
attributable to Navios Holdings’ common stockholders per share |
$ |
0.06 |
(1) |
|
$ |
2.77 |
(4) |
|
(1) |
Adjusted
EBITDA, Adjusted Net Income and Adjusted Basic Earnings per share
attributable to Navios Holdings’ common stockholders for the three
month period ended September 30, 2020 exclude (i) $7.7 million in
impairment losses relating to two drybulk vessels sold during the
period; (ii) $4.2 million in write-off of deferred finance cost for
bond extinguishment incurred by Navios Logistics; and (iii) $0.3
million in non-cash vessel impairment losses incurred by our
affiliate companies. |
| (2) |
Adjusted EBITDA for the three month period ended September 30,
2019 excludes (i) $61.7 million in loss on loss of control of
Navios Containers; (ii) $10.6 million in write-off of intangible
assets incurred by one of our affiliate companies; (iii) $1.7
million in impairment loss relating to the sale of one drybulk
vessel; and (iv) $8.1 million in EBITDA previously included as a
result of Navios Containers’ consolidation during the period. |
| (3) |
Adjusted Net Income attributable to Navios Holdings’ common
stockholders for the three month period ended September 30, 2019
excludes (i) $61.7 million in loss on loss of control of Navios
Containers; (ii) $10.6 million in write-off of intangible assets
incurred by one of our affiliate companies; (iii) $1.7 million in
impairment loss relating to the sale of one drybulk vessel; and
(iv) $0.8 million in net loss from discontinued operations of
Navios Containers. |
| (4) |
Adjusted Basic Earnings attributable to Navios Holdings’ common
stockholders per share for the three month period ended September
30, 2019 excludes the items referred in footnote (3) above as well
as a gain of $1.4 million related to the conversion of accrued
dividends on private preferred stock to common stock. |
| |
|
Revenue from dry bulk vessel operations for the
three month period ended September 30, 2020 decreased by $10.1
million, or 13.0%, to $67.4 million, as compared to $77.5 million
for the same period during 2019. The decrease in dry bulk revenue
was mainly attributable to the decline in the time charter and
freight market during the periods compared and a decrease in
available days by 2.9%, due to the vessels sold and certain
charter-in vessels that were redelivered, partially mitigated by
the delivery of the five bareboat-in vessels. The TCE per day
decreased by 9.5% to $14,056 per day in the third quarter of 2020,
as compared to $15,534 per day in the same period of 2019.
Revenue from the Logistics Business was $58.8
million for the three month period ended September 30, 2020, as
compared to $64.1 million for the same period in 2019. The decrease
was mainly attributable to (i) a $4.4 million decrease in revenue
from the port terminal business, mainly attributable to lower
volumes transshipped from the grain port terminal, (ii) a $2.9
million decrease in revenue from the barge business, mainly due to
less revenue from time charter contracts and (iii) a $1.0 million
decrease in revenue from the cabotage business mainly, due to lower
time charter rates. The overall decrease was partially mitigated by
a $3.0 million increase in sales of products due to the increase in
the Paraguayan liquid port’s volume of products sold.
Net Loss attributable to Navios Holdings’ common
stockholders was $10.1 million for the three month period ended
September 30, 2020, as compared to $39.1 million for the same
period in 2019. Net Loss attributable to Navios Holdings’ common
stockholders was affected by items described in the table above.
Excluding these items, Adjusted Net Income attributable to Navios
Holdings’ common stockholders for the three month period ended
September 30, 2020 was $2.1 million, as compared to $35.7 million
for the same period in 2019. This decrease in Adjusted Net Income
was mainly due to (i) a $29.7 million decrease in Adjusted EBITDA
as discussed in the paragraph below; (ii) a $6.9 million increase
in interest expense and finance cost, net; and (iii) a $0.2 million
increase in income tax expense. This overall decrease of $36.8
million was partially mitigated by (i) a $2.2 million decrease in
depreciation and amortization; (ii) a $0.5 million decrease in
share-based compensation expense; and (iii) a $0.5 million decrease
in amortization for deferred drydock and special survey costs.
Net Income of Navios Logistics, on a standalone
basis, was $2.7 million for the three month period ended September
30, 2020, as compared to $14.3 million for the same period in
2019.
Excluding $4.2 million in write-off of deferred
finance cost for bond extinguishment incurred for the three month
period ended September 30, 2020, Adjusted Net Income of Navios
Logistics, on a standalone basis, was $6.8 million for the three
month period ended September 30, 2020, as compared to $14.3 million
for the same period in 2019.
Net Loss of Navios Containers, on a standalone
basis, was $0.8 million for the period from July 1, 2019 to August
30, 2019 (deconsolidation effective date).
Adjusted EBITDA of Navios Holdings for the three
month period ended September 30, 2020 decreased by $29.7 million to
$60.2 million, as compared to $89.9 million for the same period in
2019. The decrease in Adjusted EBITDA was primarily due to (i) a
$15.4 million decrease in revenue; (ii) a $12.4 million decrease in
gain on bond extinguishment; (iii) a $9.8 million gain on sale of
business recorded in the three month period ended September 30,
2019; (iv) a $4.5 million decrease in other income, net; and (v) a
$1.3 million increase in direct vessel expenses (excluding the
amortization of deferred drydock and special survey costs). This
overall decrease of $43.4 million was partially mitigated by (i) a
$6.5 million decrease in time charter, voyage and logistics
business expenses; (ii) a $3.4 million decrease in net income
attributable to the noncontrolling interest; (iii) a $2.3 million
decrease in general and administrative expenses (excluding
share-based compensation expenses); and (iv) a $1.5 million
increase in equity in net earnings from affiliate companies.
EBITDA of Navios Logistics, on a standalone
basis, was $24.2 million for the three month period ended September
30, 2020, as compared to $32.5 million for the same period in 2019.
Excluding $4.2 million in write-off of deferred finance cost for
bond extinguishment incurred for the three month period ended
September 30, 2020, Adjusted EBITDA of Navios Logistics, on a
standalone basis, was $28.3 million for the three month period
ended September 30, 2020, as compared to $32.5 million for the same
period in 2019.
Nine Months Ended September
2020 and
2019 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The information for the nine month period ended
September 30, 2020 and 2019 presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
|
|
|
Nine Month PeriodEndedSeptember 30,
2020 |
|
Nine Month Period
EndedSeptember 30,
2019 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
314,365 |
|
|
$ |
363,568 |
|
| Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(98,606 |
) |
|
$ |
(80,874 |
) |
| Adjusted Net (Loss)/Income
attributable to Navios Holdings’ common stockholders |
$ |
(46,678 |
)(1) |
|
$ |
34,536 |
(4) |
| Net cash provided by operating
activities |
$ |
35,305 |
|
|
$ |
80,793 |
|
| EBITDA |
$ |
64,205 |
|
|
$ |
117,796 |
|
| Adjusted EBITDA |
$ |
116,133 |
(1) |
|
$ |
199,182 |
(3) |
| Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(7.94 |
) |
|
$ |
(3.35 |
) |
| Adjusted Basic (Loss)/Earnings
attributable to Navios Holdings’ common stockholders per share |
$ |
(3.92 |
)(2) |
|
$ |
2.33 |
(5) |
|
(1) |
Adjusted
EBITDA and Adjusted Net Loss attributable to Navios Holdings’
common stockholders for the nine month period ended September 30,
2020 exclude (i) $27.9 million in impairment losses relating to six
drybulk vessels sold during the period; (ii) $12.7 million in
other-than-temporary impairment (“OTTI”) loss and impairment losses
of loan receivable in relation to Navios Europe II; (iii) $5.6
million in non-cash impairment losses incurred by our affiliate
companies relating to their investment in Navios Europe II; (iv)
$4.2 million in write-off of deferred finance cost for bond
extinguishment incurred by Navios Logistics; and (v) $1.6 million
in non-cash vessel impairment losses incurred by our affiliate
companies. |
| (2) |
Adjusted Basic Loss attributable to Navios Holdings’ common
stockholders per share for the nine month period ended September
30, 2020 excludes the items referred in footnote (1) above as well
as a gain of $0.2 million related to the conversion of accrued
dividends on private preferred stock to common stock. |
| (3) |
Adjusted EBITDA for the nine month period ended September 30,
2019 excludes (i) $61.7 million in loss on loss of control of
Navios Containers; (ii) $25.5 million in impairment losses related
to the sale of six drybulk vessels; (iii) $13.5 million in OTTI
loss related to our investment in an affiliate company; (iv) $10.6
million in write-off of intangible assets incurred by one of our
affiliate companies; and (v) $29.9 million in EBITDA previously
included as a result of Navios Containers’ consolidation during the
period. |
| (4) |
Adjusted Net Income attributable to Navios Holdings’ common
stockholders for the nine month period ended September 30, 2019
excludes (i) $61.7 million in loss on loss of control of Navios
Containers; (ii) $25.5 million in impairment losses related to the
sale of six drybulk vessels; (iii) $13.5 million in OTTI loss
related to our investment in an affiliate company; (iv) $10.6
million in write-off of intangible assets incurred by one of our
affiliate companies; and (v) $4.1 million in net loss from
discontinued operations of Navios Containers. |
| (5) |
Adjusted Basic Earnings attributable to Navios Holdings’ common
stockholders per share for the nine month period ended September
30, 2019 excludes the items referred in footnote (4) above as well
as a gain of $45.7 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. |
| |
|
Revenue from dry bulk vessel operations for the
nine month period ended September 30, 2020 decreased by $43.1
million, or 23.5%, to $140.0 million, as compared to $183.1 million
for the same period in 2019. The decrease in dry bulk revenue was
mainly attributable to the decline in the time charter and freight
market during the periods compared, and a decrease in available
days by 8.5%, due to the vessels sold and certain charter-in
vessels that were redelivered, partially mitigated by the delivery
of the five bareboat-in vessels. The TCE per day decreased by 17.9%
to $9,673 per day in the nine month period ended September 20,
2020, as compared to $11,784 per day in the same period in
2019.
Revenue from the Logistics Business was $174.4
million for the nine month period ended September 30, 2020 as
compared to $180.5 million for the same period in 2019. The
decrease was mainly attributable to (i) a $7.3 million decrease in
revenue from the barge business, mainly due to less revenue from
time charter contracts, (ii) a $3.2 million decrease in revenue
from the port terminal business, mainly attributable to lower
volumes transshipped from the grain port terminal and (iii) a $1.7
million decrease in revenue from the cabotage business, mainly due
to lower time charter rates. The overall decrease was partially
mitigated by a $6.0 million increase in sales of product, due to an
increase in the Paraguayan liquid port’s volumes of products
sold.
Net Loss attributable to Navios Holdings’ common
stockholders was $98.6 million for the nine month period ended
September 30, 2020, as compared to $80.9 million for the same
period in 2019. Net Loss attributable to Navios Holdings’ common
stockholders was affected by items described in the table above.
Excluding these items, Adjusted Net Loss attributable to Navios
Holdings’ common stockholders for the nine month period ended
September 30, 2020 was $46.7 million, as compared to $34.5 million
Adjusted Net Income for the same period in 2019. This decrease in
Adjusted Net Income was mainly due to (i) a $83.1 million decrease
in Adjusted EBITDA as discussed in the paragraph below; and (ii) an
$8.9 million increase in interest expense and finance cost, net.
This overall decrease of $92.0 million in Adjusted Net Income was
partially mitigated by (i) a $8.3 million decrease in depreciation
and amortization; (ii) a $1.3 million decrease in share-based
compensation expense; (iii) a $0.7 million decrease in amortization
for deferred drydock and special survey costs; and (iv) a $0.5
million decrease in income tax expense.
Net Income of Navios Logistics, on a standalone
basis, was $21.7 million for the nine month period ended September
30, 2020, as compared to $29.3 million for the same period in
2019.
Excluding $4.2 million in write-off of deferred
finance cost for bond extinguishment incurred for the nine month
period ended September 30, 2020, Adjusted Net Income of Navios
Logistics, on a standalone basis, was $25.9 million for the nine
month period ended September 30, 2020, as compared to $29.3 million
for the same period in 2019.
Net Loss of Navios Containers, on a standalone
basis, was $4.1 million for the period from January 1, 2019 to
August 30, 2019 (deconsolidation effective date).
Adjusted EBITDA of Navios Holdings for the nine
month period ended September 30, 2020 decreased by $83.1 million to
$116.1 million, as compared to $199.2 million for the same period
in 2019. The decrease in Adjusted EBITDA was primarily due to (i) a
$49.2 million decrease in revenue; (ii) a $24.5 million decrease in
other income, net; (iii) a $22.5 million decrease in gain on bond
extinguishment; (iv) a $9.8 million gain on sale of business
recorded in the nine month period ended September 30, 2019; (v) a
$3.1 million increase in direct vessel expenses (excluding the
amortization of deferred drydock and special survey costs); and
(vi) a $1.3 million increase in net income attributable to the
noncontrolling interest. This overall decrease of $110.4 million
was partially mitigated by (i) a $17.4 million increase in equity
in net earnings from affiliate companies; (ii) a $9.0 million
decrease in time charter, voyage and logistics business expenses;
and (iii) a $0.9 million decrease in general and administrative
expenses (excluding share-based compensation expenses).
EBITDA of Navios Logistics, on a standalone
basis, was $73.4 million for the nine month period ended September
30, 2020, as compared to $84.2 million for the same period in 2019.
Excluding $4.2 million in write-off of deferred finance cost for
bond extinguishment incurred for the nine month period ended
September 30, 2020, Adjusted EBITDA of Navios Logistics, on a
standalone basis, was $77.5 million for the nine month period ended
September 30, 2020, as compared to $84.2 million for the same
period in 2019.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of Navios Holdings' dry bulk operations
(excluding the Navios Logistics’ fleet) and its fleet performance
for the three and nine month periods ended September 30, 2020 and
2019, respectively.
|
|
|
Three Month |
|
Three Month |
|
Nine Month |
|
Nine Month |
|
|
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
Period Ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Available Days (1) |
|
|
4,651 |
|
|
|
4,788 |
|
|
|
13,822 |
|
|
|
15,102 |
|
|
Operating Days (2) |
|
|
4,567 |
|
|
|
4,737 |
|
|
|
13,666 |
|
|
|
14,998 |
|
| Fleet
Utilization (3) |
|
|
98.2 |
% |
|
|
98.9 |
% |
|
|
98.9 |
% |
|
|
99.3 |
% |
|
Equivalent Vessels (4) |
|
|
51 |
|
|
|
52 |
|
|
|
50 |
|
|
|
55 |
|
| TCE
(5) |
|
$ |
14,056 |
|
|
$ |
15,534 |
|
|
$ |
9,673 |
|
|
$ |
11,784 |
|
|
(1) |
Available days for the fleet are total calendar days the vessels
were in Navios Holdings' possession for the relevant period after
subtracting off-hire days associated with scheduled repairs,
drydocking or special surveys and ballast days relating to voyages.
The shipping industry uses available days to measure the number of
days in a relevant period during which vessels should be capable of
generating revenues. |
| (2) |
Operating days are the number
of available days in the relevant period less the aggregate number
of days that the vessels are off-hire due to any reason, including
unforeseen circumstances. |
| (3) |
Fleet utilization is the
percentage of time that Navios Holdings' vessels were available for
generating revenue, and is determined by dividing the number of
operating days during a relevant period by the number of available
days during that period. |
| (4) |
Equivalent Vessels is defined
as the total available days during a relevant period divided by the
number of days of this period. |
| (5) |
TCE is defined as voyage and
time charter revenues less voyage expenses during a relevant period
divided by the number of available days during the period. |
| |
|
Conference Call:
As previously announced, Navios Holdings will
host a conference call today, November 23, 2020, at 8:30 am ET, at
which time Navios Holdings' senior management will provide
highlights and commentary on earnings results for the third quarter
and nine month period ended September 30, 2020.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Monday, November 23, 2020 at 8:30 am
ETCall Title: Navios Holdings Q3 2020 Financial Results
Conference CallUS Dial In: +1.877.480.3873International Dial In:
+1.404.665.9927Conference ID: 319 2986
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: +1.800.585.8367International Replay Dial In:
+1.404.537.3406Conference ID: 319 2986
This call will be simultaneously Webcast. The
Webcast will be available on the Navios Holdings website,
www.navios.com, under the "Investors" section. The Webcast will be
archived and available at the same Web address for two weeks
following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a
global seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com.
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of
the largest logistics companies in the Hidrovia region of South
America, focusing on the Hidrovia region river system, the main
navigable river system in the region, and on cabotage trades along
the eastern coast of South America. Navios Logistics serves the
storage and marine transportation needs of its petroleum,
agricultural and mining customers through its port terminals, river
barge and coastal cabotage operations. For more information about
Navios Logistics please visit its website:
www.navios-logistics.com.
About Navios Maritime Containers
L.P.
Navios Maritime Containers L.P. (NASDAQ: NMCI)
is a growth vehicle dedicated to the container sector of the
maritime industry. For more information, please visit its website
at www.navios-containers.com.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is a
publicly traded master limited partnership which owns and operates
dry cargo vessels. For more information, please visit its website
at www.navios-mlp.com.
About Navios Maritime Acquisition
Corporation
Navios Maritime Acquisition Corporation (NYSE:
NNA) is an owner and operator of tanker vessels focusing on the
transportation of petroleum products (clean and dirty) and bulk
liquid chemicals. For more information about Navios Acquisition,
please visit its website: www.navios-acquisition.com.
Forward Looking Statements - Safe Harbor
This press release and our earnings call contain
and will contain forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future
events, including expected cash flow generation, future contracted
revenues, potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, and Navios
Holdings' growth strategy and measures to implement such strategy;
including expected vessel acquisitions and entering into further
time charters. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. Such statements include comments
regarding expected revenue and time charters. These forward-looking
statements are based on the information available to, and the
expectations and assumptions deemed reasonable by Navios Holdings
at the time these statements were made. Although Navios Holdings
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Holdings. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, risks relating to:
global and regional economic and political conditions including the
impact of the COVID-19 pandemic and efforts throughout the world to
contain its spread, including effects on global economic activity;
demand for seaborne transportation of the products we ship; the
ability and willingness of charterers to fulfill their obligations
to us; prevailing charter rates; shipyards performing scrubber
installations, drydocking and repairs; changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, diseases, pandemics, political events, piracy or
acts by terrorists, including the impact of the COVID-19 pandemic
and the ongoing efforts throughout the world to contain it;
uncertainty relating to global trade, including prices of seaborne
commodities and continuing issues related to seaborne volume and
ton miles; our continued ability to enter into long-term time
charters; our ability to maximize the use of our vessels; expected
demand in the dry cargo shipping sector in general and the demand
for our Panamax, Capesize, Ultra Handymax and Handysize vessels in
particular; the aging of our fleet and resultant increases in
operations costs; the loss of any customer or charter or vessel;
the financial condition of our customers; changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors; increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance,
and general and administrative expenses; the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions;
competitive factors in the market in which Navios Holdings
operates; the value of our publicly traded subsidiaries; risks
associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Holdings' expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
|
|
|
|
|
EXHIBIT I |
|
|
|
NAVIOS MARITIME HOLDINGS INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Expressed in thousands of U.S. dollars —
except share and per share data) |
| |
| |
|
Three Month Period
EndedSeptember 30,
2020 |
|
Three Month Period
EndedSeptember 30,
2019 |
|
|
Nine Month Period
EndedSeptember 30,
2020 |
|
|
Nine Month Period
EndedSeptember 30,
2019 |
| |
|
(unaudited) |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
|
$ |
126,155 |
|
|
$ |
141,609 |
|
|
$ |
314,365 |
|
|
$ |
363,568 |
|
| Administrative fee revenue
from affiliate companies |
|
|
— |
|
|
|
4,209 |
|
|
|
— |
|
|
|
16,991 |
|
| Time charter, voyage and
logistics business expenses |
|
|
(39,376 |
) |
|
|
(45,946 |
) |
|
|
(128,730 |
) |
|
|
(137,697 |
) |
| Direct vessel expenses(1) |
|
|
(28,093 |
) |
|
|
(27,136 |
) |
|
|
(78,831 |
) |
|
|
(76,438 |
) |
| General and administrative
expenses incurred on behalf of affiliate companies |
|
|
— |
|
|
|
(4,209 |
) |
|
|
— |
|
|
|
(16,991 |
) |
| General and administrative
expenses(2) |
|
|
(7,646 |
) |
|
|
(10,293 |
) |
|
|
(23,444 |
) |
|
|
(25,699 |
) |
| Depreciation and
amortization |
|
|
(17,753 |
) |
|
|
(20,142 |
) |
|
|
(53,841 |
) |
|
|
(62,122 |
) |
| Interest expense and finance
cost, net |
|
|
(36,859 |
) |
|
|
(30,029 |
) |
|
|
(99,920 |
) |
|
|
(91,036 |
) |
| Impairment loss/ loss on sale
of vessels, net |
|
|
(7,683 |
) |
|
|
(1,673 |
) |
|
|
(27,898 |
) |
|
|
(25,457 |
) |
| (Loss)/Gain on bond
extinguishment |
|
|
(4,157 |
) |
|
|
12,359 |
|
|
|
7,047 |
|
|
|
33,733 |
|
| Gain on sale of business |
|
|
— |
|
|
|
9,802 |
|
|
|
— |
|
|
|
9,802 |
|
| Loss on loss of control |
|
|
— |
|
|
|
(61,741 |
) |
|
|
— |
|
|
|
(61,741 |
) |
| Other income/(expense),
net |
|
|
2,382 |
|
|
|
6,925 |
|
|
|
(772 |
) |
|
|
23,683 |
|
| Impairment of loan receivable
from affiliate company |
|
|
— |
|
|
|
— |
|
|
|
(6,050 |
) |
|
|
— |
|
| Loss before equity in
net earnings/(losses) of
affiliate companies |
|
$ |
(13,030 |
) |
|
$ |
(26,265 |
) |
|
$ |
(98,074 |
) |
|
$ |
(49,404 |
) |
| Equity in net
earnings/(losses) of affiliate companies |
|
|
4,390 |
|
|
|
(7,383 |
) |
|
|
7,698 |
|
|
|
(19,885 |
) |
| Loss before
taxes |
|
$ |
(8,640 |
) |
|
$ |
(33,648 |
) |
|
$ |
(90,376 |
) |
|
$ |
(69,289 |
) |
| Income tax expense |
|
|
(453 |
) |
|
|
(284 |
) |
|
|
(380 |
) |
|
|
(832 |
) |
| Net loss from
continuing operations |
|
|
(9,093 |
) |
|
|
(33,932 |
) |
|
|
(90,756 |
) |
|
|
(70,121 |
) |
| Net loss from discontinued
operations |
|
|
— |
|
|
|
(824 |
) |
|
|
— |
|
|
|
(4,118 |
) |
| Net loss |
|
$ |
(9,093 |
) |
|
$ |
(34,756 |
) |
|
$ |
(90,756 |
) |
|
$ |
(74,239 |
) |
| Less: Net income attributable
to the noncontrolling interest |
|
|
(967 |
) |
|
|
(4,383 |
) |
|
|
(7,850 |
) |
|
|
(6,635 |
) |
| Net loss attributable
to Navios Holdings common stockholders |
|
$ |
(10,060 |
) |
|
$ |
(39,139 |
) |
|
$ |
(98,606 |
) |
|
$ |
(80,874 |
) |
| Loss attributable to
Navios Holdings common stockholders, basic and
diluted |
|
$ |
(11,344 |
) |
|
$ |
(38,299 |
) |
|
$ |
(102,302 |
) |
|
$ |
(36,962 |
) |
| Basic and diluted loss
per share attributable to Navios Holdings common
stockholders |
|
$ |
(0.88 |
) |
|
$ |
(3.09 |
) |
|
$ |
(7.94 |
) |
|
$ |
(3.01 |
) |
| Weighted average
number of shares, basic and diluted |
|
|
12,901,880 |
|
|
|
12,387,554 |
|
|
|
12,888,831 |
|
|
|
12,276,344 |
|
|
(1) |
Includes
expenses of Navios Logistics of $14.2 million and $13.8 million for
the three month periods ended September 30, 2020 and 2019,
respectively and $39.4 million and $41.1 million for the nine month
periods ended September 30, 2020 and 2019, respectively. |
| (2) |
Includes expenses of Navios Logistics of $3.3 million and $4.7
million for the three month periods ended September 30, 2020 and
2019, respectively and $9.7 million and $12.8 million for the nine
month periods ended September 30, 2020 and 2019, respectively. |
| |
|
|
NAVIOS MARITIME HOLDINGS INC. Other
Financial Data |
|
|
| |
|
September
30,
2020 |
|
December 31,
2019 |
|
ASSETS |
|
(unaudited) |
|
(unaudited) |
|
Cash and cash equivalents, including restricted cash |
|
$ |
119,262 |
|
$ |
78,727 |
| Vessels, port terminals and
other fixed assets, net |
|
|
1,212,363 |
|
|
1,276,514 |
| Goodwill and other
intangibles |
|
|
260,300 |
|
|
264,490 |
| Operating lease assets |
|
|
247,262 |
|
|
264,005 |
| Other current and non-current
assets |
|
|
229,334 |
|
|
259,119 |
| Total
assets |
|
$ |
2,068,521 |
|
$ |
2,142,855 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
| Long-term debt, including
current portion |
|
$ |
317,493 |
|
$ |
392,568 |
| Senior and ship mortgage
notes, net |
|
|
1,261,548 |
|
|
1,170,679 |
| Operating lease liabilities,
current portion |
|
|
80,847 |
|
|
87,103 |
| Operating lease liabilities,
net of current portion |
|
|
212,957 |
|
|
226,329 |
| Other current and non-current
liabilities |
|
|
132,404 |
|
|
107,151 |
| Total stockholders’
equity |
|
|
63,272 |
|
|
159,025 |
| Total liabilities and
stockholders’ equity |
|
$ |
2,068,521 |
|
$ |
2,142,855 |
| |
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) per share are “non-U.S. GAAP
financial measures” and should not be used in isolation or
considered substitutes for net income/(loss), cash flow from
operating activities and other operations or cash flow statement
data prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income/(loss) attributable
to Navios Holdings' common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation. Adjusted EBITDA represents
EBITDA, excluding certain items as described under “Earnings
Highlights”. We use EBITDA and Adjusted EBITDA as liquidity
measures and reconcile EBITDA and Adjusted EBITDA to net cash
provided by operating activities, the most comparable U.S. GAAP
liquidity measure. EBITDA is calculated as follows: net cash
provided by operating activities adding back, when applicable and
as the case may be, the effect of (i) net increase/(decrease) in
operating assets, (ii) net (increase)/decrease in operating
liabilities, (iii) net interest cost, (iv) deferred finance cost
and gains/(losses) on bond and debt extinguishment, (v)
(provision)/recovery for losses on accounts receivable, (vi) equity
in affiliate companies, net of dividends received, (vii) payments
for drydock and special survey costs, (viii) noncontrolling
interest, (ix) gain/ (loss) on sale of assets/
subsidiaries/businesses, on loss of control and bargain gain, (x)
unrealized (loss)/gain on derivatives, (xi) loss on sale and
reclassification to earnings of available-for-sale securities and
(xii) impairment charges. Navios Holdings believes that EBITDA and
Adjusted EBITDA are a basis upon which liquidity can be assessed
and represents useful information to investors regarding Navios
Holdings’ ability to service and/or incur indebtedness, pay capital
expenditures and meet working capital requirements. Navios Holdings
also believes that EBITDA and Adjusted EBITDA are used (i) by
prospective and current lessors as well as potential lenders to
evaluate potential transactions; (ii) to evaluate and price
potential acquisition candidates; and (iii) by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry.
While EBITDA and Adjusted EBITDA are frequently
used as measures of operating results and the ability to meet debt
service requirements, the definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Holdings’
performance.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss) used here
may not be comparable to that used by other companies due to
differences in methods of calculation.
Adjusted Basic Earnings/(Loss) attributable to
Navios Holdings’ common stockholders per share is defined as
Adjusted Net Income/(Loss) attributable to Navios Holdings’ common
stockholders divided by the weighted average number of shares for
each of the periods presented.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics, and Navios Containers through deconsolidation) and
EBITDA of Navios Logistics and Navios Containers on a stand-alone
basis:
| |
| Navios
Holdings Reconciliation of EBITDA and
Adjusted EBITDA to Cash from
Operations |
| |
|
|
September
30, |
|
September
30, |
|
Three Month Period
Ended |
2020 |
|
2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
29,775 |
|
|
$ |
38,117 |
|
|
Net decrease in operating assets |
|
(10,609 |
) |
|
|
(5,695 |
) |
|
Net decrease in operating liabilities |
|
1,108 |
|
|
|
8,294 |
|
|
Net interest cost |
|
36,859 |
|
|
|
32,882 |
|
|
Deferred finance cost |
|
(1,974 |
) |
|
|
(2,101 |
) |
|
Provision for losses on accounts receivable |
|
34 |
|
|
|
(183 |
) |
|
Equity in affiliate companies, net of dividends received |
|
4,274 |
|
|
|
(8,967 |
) |
|
Payments for drydock and special survey costs |
|
1,372 |
|
|
|
7,300 |
|
|
Noncontrolling interest |
|
(967 |
) |
|
|
(4,383 |
) |
|
Impairment loss/ loss on sale of vessels, net |
|
(7,683 |
) |
|
|
(1,673 |
) |
|
Gain on bond extinguishment |
|
— |
|
|
|
12,359 |
|
|
Gain on sale of business |
|
— |
|
|
|
9,802 |
|
|
Loss on loss of control |
|
— |
|
|
|
(61,741 |
) |
|
Write-off of Navios Logistics' deferred finance cost for bond
extinguishment |
|
(4,157 |
) |
|
|
— |
|
|
EBITDA |
$ |
48,032 |
|
|
$ |
24,011 |
|
|
Impairment loss/ loss on sale of vessels, net |
|
7,683 |
|
|
|
1,673 |
|
|
Write-off of intangible assets of affiliate companies |
|
— |
|
|
|
10,551 |
|
|
Loss on loss of control |
|
— |
|
|
|
61,741 |
|
|
Other items from affiliate companies |
|
329 |
|
|
|
— |
|
|
Write-off of Navios Logistics' deferred finance cost for bond
extinguishment |
|
4,157 |
|
|
|
— |
|
|
Adjusted EBITDA including Navios
Containers |
$ |
60,201 |
|
|
$ |
97,976 |
|
|
Navios Containers’ EBITDA (excluding noncontrolling interest) |
|
— |
|
|
|
(8,068 |
) |
|
Adjusted EBITDA |
$ |
60,201 |
|
|
$ |
89,908 |
|
|
Three Month Period Ended |
September 30,
2020 |
|
September 30,
2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
29,775 |
|
|
$ |
38,117 |
|
|
Net cash provided by/ (used in) investing activities |
$ |
47,094 |
|
|
$ |
(15,057 |
) |
|
Net cash used in financing activities |
$ |
(12,679 |
) |
|
$ |
(38,613 |
) |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA breakdown
|
Three Month Period
Ended |
September
30,2020 |
|
September
30,2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Core shipping operations |
$ |
28,129 |
|
$ |
58,598 |
|
Navios Logistics (including noncontrolling interest) |
|
27,353 |
|
|
27,348 |
|
Navios Containers (including noncontrolling interest) |
|
— |
|
|
8,862 |
|
Equity in net earnings of affiliate companies |
|
4,719 |
|
|
3,168 |
|
Adjusted EBITDA including Navios
Containers |
$ |
60,201 |
|
$ |
97,976 |
|
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation
to Net Income
|
Three Month Period
Ended |
September
30,2020 |
|
September
30,2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net income |
$ |
2,673 |
|
$ |
14,308 |
|
Depreciation and amortization |
|
7,207 |
|
|
7,518 |
|
Amortization of deferred drydock and special survey costs |
|
907 |
|
|
1,583 |
|
Interest expense and finance cost, net |
|
12,971 |
|
|
8,891 |
|
Income tax expense |
|
405 |
|
|
225 |
|
EBITDA |
$ |
24,163 |
|
$ |
32,525 |
|
Write-off of Navios Logistics' deferred finance cost for bond
extinguishment |
|
4,157 |
|
|
— |
|
Adjusted EBITDA |
$ |
28,320 |
|
$ |
32,525 |
|
|
|
|
|
|
|
Navios Containers Reconciliation of
EBITDA to Cash from Operations
|
Three Month Period Ended |
July 1, 2019 to August 30,
2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
|
Net cash provided by operating activities |
$ |
3,347 |
|
|
Net decrease in operating assets |
|
(2,144 |
) |
|
Net decrease in operating liabilities |
|
1,244 |
|
|
Net interest cost |
|
2,853 |
|
|
Deferred finance cost |
|
(166 |
) |
|
Payments for drydock and special survey costs |
|
2,934 |
|
|
EBITDA |
$ |
8,068 |
|
|
|
|
|
|
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
|
September 30, |
|
September 30, |
|
Nine Month
Period Ended |
2020 |
|
2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
35,305 |
|
|
$ |
80,793 |
|
|
Net decrease in operating assets |
|
(20,542 |
) |
|
|
(5,688 |
) |
|
Net (increase)/decrease in operating liabilities |
|
(31,284 |
) |
|
|
8,013 |
|
|
Net interest cost |
|
99,920 |
|
|
|
101,555 |
|
|
Deferred finance cost |
|
(5,707 |
) |
|
|
(6,293 |
) |
|
Provision for losses on accounts receivable |
|
(541 |
) |
|
|
(999 |
) |
|
Equity in affiliate companies, net of dividends received |
|
12,954 |
|
|
|
(9,961 |
) |
|
Payments for drydock and special survey costs |
|
15,501 |
|
|
|
14,217 |
|
|
Noncontrolling interest |
|
(7,850 |
) |
|
|
(6,635 |
) |
|
Impairment loss/ loss on sale of vessels, net |
|
(27,898 |
) |
|
|
(25,457 |
) |
|
Gain on bond extinguishment |
|
11,204 |
|
|
|
33,733 |
|
|
Gain on sale of business |
|
— |
|
|
|
9,802 |
|
|
Loss on loss of control |
|
— |
|
|
|
(61,741 |
) |
|
Impairment loss on investment in affiliate company |
|
(6,650 |
) |
|
|
(13,543 |
) |
|
Impairment of loan receivable from affiliate company |
|
(6,050 |
) |
|
|
— |
|
|
Write-off of Navios Logistics’ deferred finance cost for bond
extinguishment |
|
(4,157 |
) |
|
|
— |
|
|
EBITDA |
$ |
64,205 |
|
|
$ |
117,796 |
|
|
Impairment loss/ loss on sale of vessels, net |
|
27,898 |
|
|
|
25,457 |
|
|
Write-off of intangible assets of affiliate companies |
|
— |
|
|
|
10,551 |
|
|
Other items from affiliate companies |
|
7,173 |
|
|
|
— |
|
|
Loss on loss of control |
|
— |
|
|
|
61,741 |
|
|
Impairment of loan receivable from affiliate company |
|
6,050 |
|
|
|
— |
|
|
Impairment loss on investment in affiliate company |
|
6,650 |
|
|
|
13,543 |
|
|
Write-off of Navios Logistics’ deferred finance cost for bond
extinguishment |
|
4,157 |
|
|
|
— |
|
|
Adjusted EBITDA including Navios
Containers |
$ |
116,133 |
|
|
$ |
229,088 |
|
|
Navios Containers’ EBITDA (excluding noncontrolling interest) |
|
— |
|
|
|
(29,906 |
) |
|
Adjusted EBITDA |
$ |
116,133 |
|
|
$ |
199,182 |
|
|
Nine Month Period Ended |
September 30,
2020 |
|
September 30,
2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net cash provided by operating activities |
$ |
35,305 |
|
|
$ |
80,793 |
|
|
Net cash used in investing activities |
$ |
(9,451 |
) |
|
$ |
(59,762 |
) |
|
Net cash provided by/ (used in) financing activities |
$ |
14,681 |
|
|
$ |
(65,282 |
) |
Adjusted EBITDA breakdown
|
Nine Month
Period Ended |
September
30,2020 |
|
September
30,2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Core shipping operations |
$ |
24,931 |
|
$ |
117,433 |
|
Navios Logistics (including noncontrolling interest) |
|
69,681 |
|
|
73,572 |
|
Navios Containers (including noncontrolling interest) |
|
— |
|
|
33,874 |
|
Equity in net earnings of affiliate companies |
|
21,521 |
|
|
4,209 |
|
Adjusted EBITDA including Navios
Containers |
$ |
116,133 |
|
$ |
229,088 |
|
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation
to Net Income
|
Nine Month
Period Ended |
September
30,2020 |
|
September
30,2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
|
Net income |
$ |
21,700 |
|
$ |
29,309 |
|
Depreciation and amortization |
|
21,752 |
|
|
22,174 |
|
Amortization of deferred drydock and special survey costs |
|
2,941 |
|
|
4,041 |
|
Interest expense and finance cost, net |
|
26,739 |
|
|
27,994 |
|
Income tax expense |
|
242 |
|
|
657 |
|
EBITDA |
$ |
73,374 |
|
$ |
84,175 |
|
Write-off of Navios Logistics’ deferred finance cost for bond
extinguishment |
|
4,157 |
|
|
— |
|
Adjusted EBITDA |
$ |
77,531 |
|
$ |
84,175 |
|
|
|
|
|
|
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
Nine Month
Period Ended |
January 1 to August
30,2019 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
Net cash provided by operating activities |
$ |
9,728 |
|
|
Net increase in operating assets |
|
512 |
|
|
Net decrease in operating liabilities |
|
3,531 |
|
|
Net interest cost |
|
10,519 |
|
|
Deferred finance cost |
|
(492 |
) |
|
Payments for drydock and special survey costs |
|
6,108 |
|
|
EBITDA |
$ |
29,906 |
|
|
|
|
|
|
|
EXHIBIT II |
|
|
|
Owned Vessels |
|
|
|
|
|
|
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight(in metric tons) |
| Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
| Navios Astra |
|
Ultra Handymax |
|
2006 |
|
53,468 |
| Navios Ulysses |
|
Ultra Handymax |
|
2007 |
|
55,728 |
| Navios Celestial |
|
Ultra Handymax |
|
2009 |
|
58,063 |
| Navios Vega |
|
Ultra Handymax |
|
2009 |
|
58,792 |
| Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
| Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
| N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
| N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
| Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
| Jupiter N |
|
Panamax |
|
2011 |
|
93,062 |
| Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
| Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
| Navios 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 Canary |
|
Capesize |
|
2015 |
|
180,528 |
| Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
| |
|
|
|
|
|
|
Long-term Bareboat-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
|
Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
|
Yes |
|
Navios Uranus |
|
Panamax |
|
2019 |
|
81,516 |
|
Yes |
|
Navios Felicity I |
|
Panamax |
|
2020 |
|
81,946 |
|
Yes |
|
Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
|
Yes |
|
Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
|
Yes |
(1) Generally, Navios Holdings may exercise its purchase option
after three to five years of service.
Long-term Chartered-in Fleet in
Operation
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric
tons) |
|
PurchaseOption(1) |
| Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
| Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
| Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
| Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
Yes |
| Elsa S |
|
Panamax |
|
2015 |
|
80,954 |
|
No |
| Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
| Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
|
Yes |
| Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
| Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
| Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
| Mont Blanc Hawk |
|
Panamax |
|
2017 |
|
81,638 |
|
No |
| Cassiopeia Ocean |
|
Panamax |
|
2018 |
|
82,069 |
|
No |
| Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No (3) |
| Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No (3) |
| Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
| Navios 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. |
Kleimar Controlled Fleet
|
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric
tons) |
|
PurchaseOption(1) |
| Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
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