Ετικέτα: Navios Maritime Holdings

Navios Maritime Holdings Inc. Reports 40.6% 2021 Revenue Increase and 53.2% During the Fourth Quarter

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2021.
Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “I am pleased with our excellent results for the fourth quarter and full year of 2021. In the fourth quarter of 2021, Navios Holdings reported revenue of $156.8 million, Adjusted EBITDA of $101.9 million and Adjusted Net Income of $45.8 million. For the full year, Navios Holdings recorded revenue of $585.8 million, Adjusted EBITDA of $353.2 million, and Adjusted Net Income of $130.7 million.”
Angeliki Frangou, continued, “Through the course of 2021, we worked creatively to assemble a debt package that allowed us to extinguish $614.3 million of Ship Mortgage Notes, and to also reduce the principal amount outstanding of the Senior Notes to $155 million. Today, we have a much improved balance sheet, and runway to further deleverage in a favorable dry bulk market.”
HIGHLIGHTS – RECENT DEVELOPMENTS
$614.3 million Repayment of Ship Mortgage Notes
In January 2022, the Company repaid its 7.375% First Priority Ship Mortgage Notes (“Ship Mortgage Notes”) using (i) $206.7 million under two credit facilities with commercial banks; (ii) $77.0 million under sale and leaseback agreements; (iii) $100.0 million of additional financing from N Shipmanagement Acquisition Corp. and its subsidiaries (“NSM”), an entity affiliated with Navios Holdings’ Chairwoman and Chief Executive Officer; and (iv) cash from balance sheet. In addition, $158.9 million of Ship Mortgage Notes held by the Company that had previously been pledged as collateral to NSM were cancelled.
As a result of these transactions, $614.3 million in debt maturing in 2022 was retired and the maturity of the remaining debt was extended and staggered.
$150.0 million Principal Reduction of Senior Notes
During the second half of 2021, Navios Holdings redeemed $150.0 million of its 11.25% Senior Secured Notes (“Senior Notes”). Following this redemption, $155.0 million of Senior Notes remains outstanding and matures in August 2022.
Fleet StatisticsNavios Holdings controls a fleet of 36 vessels totaling 3.9 million dwt, of which 25 are owned (including five bareboat-in vessels) and 11 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 12 Capesize, 19 Panamax, four Ultra-Handymax and one Handysize vessels, with an average age of 9.1 years.
As of February 18, 2022, Navios Holdings has chartered-out 77% of available days for 2022. 33% of available days are chartered-out on fixed rate and 44% are chartered-out on index.
The average contracted daily charter-in rate for the long-term charter-in vessels for 2022 is $15,633 per day.
The above figures do not include the fleet of 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 MeasuresEBITDA, 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.
Earnings HighlightsFourth Quarter 2021 and 2020 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
 The fourth quarter 2021 and 2020 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Revenue from the Dry Bulk Vessel Operations for the three month period ended December 2021 increased by $46.8 million, or 76.9%, to $107.6 million, as compared to $60.8 million for the same period during 2020. The increase in dry bulk revenue was mainly attributable to the increase in the time charter and freight market during three month period ended December 31, 2021. The TCE per day increased by 135% to $31,156 per day in the three month period ended December 31, 2021, as compared to $13,248 per day in the same period of 2020.
Revenue from the Logistics Business was $49.2 million for the three month period ended December 31, 2021, as compared to $41.5 million for the same period in 2020. The increase was mainly attributable to (i) a $6.3 million increase in revenue from the barge business, mainly due to a $7.0 million increase in CoA/voyage revenues related to higher liquid and dry cargo moved, partially mitigated by a $0.7 million decrease in time charter revenues mainly due to lower time charter rates; (ii) a $3.5 million increase in sales of products due to the increase in the Paraguayan liquid port’s volumes of products sold; and (iii) a $0.1 million increase in revenue from the port terminal business ,mainly due to higher storage revenues in the iron ore port terminal. The overall increase was partially mitigated by a $2.2 million decrease in revenue from the cabotage business, mainly due to fewer operating days.
Net Income attributable to Navios Holdings’ common stockholders was $31.8 million for the three month period ended December 31, 2021, as compared to a $94.4 million Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. Net Income/(Loss) attributable to Navios Holdings’ common stockholders in the three month period ended December 31, 2021 and 2020 were 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 December 31, 2021 was $45.8 million as compared to a $20.5 million Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the three month period ended December 31, 2020. This increase in Adjusted Net Income was mainly due to (i) a $64.3 million increase in Adjusted EBITDA as discussed in the paragraph below; (ii) a $2.7 million decrease in depreciation and amortization; (iii) a $0.3 million decrease in income tax expense; and (iv) a $0.2 million decrease in stock-based compensation expense. This overall increase of approximately $67.6 million was partially mitigated by (i) a $0.9 million increase in interest expense and finance cost, net; and (ii) a $0.3 million increase in amortization of deferred drydock and special survey costs.
Net Loss of Navios Logistics, on a standalone basis, was $42.0 million for the three month period ended December 31, 2021 as compared to $9.7 million for the same period in 2020. Excluding $22.0 million of impairment loss incurred for the three month period ended December 31, 2021, Adjusted Net Loss of Navios Logistics, on a standalone basis, was $20.1 million for the three month period ended December 31, 2021.
Adjusted EBITDA of Navios Holdings for the three month period ended December 31, 2021 increased by $64.3 million to $101.9 million, as compared to $37.6 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to (i) a $54.4 million increase in revenue; (ii) a $10.0 million increase in equity in net earnings from affiliate companies; (iii) a $3.8 million increase in net loss attributable to noncontrolling interest; (iv) a $1.0 million decrease in general and administrative expenses (excluding stock-based compensation expenses); and (v) a $0.1 million decrease in time charter, voyage and logistics business expenses. This overall increase of $69.3 million was partially mitigated by (i) a $2.5 million increase in other expense, net; (ii) a $2.4 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); and (iii) a $0.1 million loss incurred on bond extinguishment.
Adjusted EBITDA of Navios Logistics, on a standalone basis, was $10.2 million for the three month period ended December 31, 2021 (adjusted to exclude $22.0 million in impairment losses incurred) as compared to $13.1 million for the same period in 2020.
Year Ended December 2021 and 2020 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The information for the year ended December 31, 2021 and 2020 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
 Revenue from the Dry Bulk Vessel Operations for the year ended December 31, 2021 increased by $161.5 million, or 80.5%, to $362.3 million, as compared to $200.8 million for the same period during 2020. The increase in dry bulk revenue was mainly attributable to the increase in the time charter and freight market during 2021. The TCE per day increased by 124% to $23,638 per day in the year ended December 31, 2021, as compared to $10,543 per day in the same period of 2020.
Revenue from the Logistics Business was $223.5 million for the year ended December 31, 2021, as compared to $215.9 million for the same period in 2020. The increase was mainly attributable to (i) a $16.2 million increase in revenue from the barge business mainly due to a $23.8 million increase in CoA/voyage revenues related to higher CoA/voyage revenues of convoys previously under time charter contracts, partially mitigated by a $7.6 million decrease in time charter revenues mainly due to the expiration of certain legacy time charter contracts; and (ii) a $5.4 million increase in revenue from the port terminal business mainly due to higher volumes transshipped in the grain port terminal and higher storage revenues in the iron ore port terminal and liquid port terminal. The overall increase was partially mitigated by (i) a $10.6 million decrease in revenue from the cabotage business mainly due to fewer operating days; and (ii) a $3.5 million decrease in sales of products due to the decrease in the Paraguayan liquid port’s volume of products sold.
Net Income attributable to Navios Holdings’ common stockholders was $116.7 million for the year ended December 31, 2021, as compared to a $193.0 million Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. Net Income/(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 year ended December 31, 2021 was approximately $130.7 million, as compared to $67.5 million in Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. This increase in Adjusted Net Income was mainly due to (i) a $199.8 million increase in Adjusted EBITDA as discussed in the paragraph below; (ii) a $9.8 million decrease in depreciation and amortization; and (iii) a $0.7 million decrease in stock-based compensation expense. This overall increase of $210.3 million was partially mitigated by (i) a $8.5 million increase in interest expense and finance cost, net, mainly due to the higher weighted average interest rate of Navios Logistics due to the issuance of Navios Logistics’ 10.75% Notes due 2025; (ii) a $2.8 million increase in income tax expense mainly due to the recalculation of the deferred tax liability resulting from an increase in income tax rate; and (iii) a $0.8 million increase in amortization of deferred drydock and special survey costs.
Net Loss of Navios Logistics, on a standalone basis, was $44.3 million for the year ended December 31, 2021 as compared to $12.0 million of Net Income of Navios Logistics for the same period in 2020. Excluding $22.0 million in impairment loss incurred during the year ended December 31, 2021, Adjusted Net Loss of Navios Logistics, on a standalone basis, was $22.4 million for the year ended December 31, 2021. Excluding $4.2 million in write-off of deferred finance cost for bond extinguishment incurred for the year ended December 31, 2020, Adjusted Net Income of Navios Logistics, on a standalone basis, was $16.2 million for the year ended December 31, 2020.
Adjusted EBITDA of Navios Holdings for the year ended December 31, 2021 increased by $199.8 million to $353.2 million, as compared to $153.4 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to (i) a $169.1 million increase in revenue; (ii) a $21.2 million increase in net loss attributable to noncontrolling interest; (iii) a $17.9 million increase in equity in net earnings from affiliate companies; (iv) a $12.1 million decrease in time charter, voyage and logistics business expenses; and (v) a $1.7 million decrease in general and administrative expenses (excluding stock-based compensation expenses). This overall increase of $222.0 million was partially mitigated by (i) a $10.3 million decrease in gain on bond and debt extinguishment; (ii) a $6.8 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); and (iii) a $5.1 million increase in other expense, net.
Excluding $22.0 million in impairment loss incurred during the year ended December 31, 2021, Adjusted EBITDA of Navios Logistics, on a standalone basis, was $78.0 million for the year ended December 31, 2021. Excluding $4.2 million in write-off of deferred financing cost for bond and debt extinguishment incurred for the year ended December 31, 2020, Adjusted EBITDA of Navios Logistics, on a standalone basis, was $90.6 million for the year ended December 31, 2020.
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 month period and year ended December 31, 2021 and 2020, respectively.

Navios Maritime Holdings Inc. Announces Redemption of $20.0 Million of 11.25% Senior Secured Notes due 2022

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, announced that on September 14, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20,000,000 of its 11.25% Senior Secured Notes due 2022 (the “Notes”) at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of September 24, 2021.
After this redemption, $165,000,000 in aggregate principal amount of Notes will remain outstanding.

Navios Maritime Holdings’ First Half Financial Results

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, reported financial results for the second quarter and six months ended June 30, 2021.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results for the second quarter of 2021. In the second quarter, Navios Holdings reported revenue of $143.6 million, Adjusted EBITDA of $85.9 million and Adjusted Net Income of $30.3 million.”
Angeliki Frangou, continued, “The dry bulk market is strong, supported by rates across different vessel types. Capesize rates are around $50,000 and Panamax and Supramax about $35,000 per day. We are optimistic that healthy rates will remain in the near term as demand for dry bulk commodities is robust while the logistics chain continues to be challenged.”
HIGHLIGHTS – RECENT DEVELOPMENTS
Debt Reduction
Year to date, Navios Holdings repaid approximately $251.4 million of outstanding debt. The amount consists of (a) $100.0 million redemption of 11.25% Senior Secured Notes; (b) $21.4 million repurchase of 7.375% First Priority Ship Mortgage Notes; (c) $130.0 million in repayment of other credit facilities, from which $70.0 million repayment related to the Navios Logistics loan (as discussed further below) and $60.0 million net repayment related to other credit facilities. The $60.0 million net repayment consists of $135.3 million in repayments of credit facilities and sale and leaseback agreements; partially offset by $75.3 million additional loan from N Shipmanagement Acquisition Corp. and related entities (“NSM”).
On July 13, 2021, the Company’s $70.0 million loan, plus accrued interest, owed to Grimaud Ventures S.A (“Grimaud”), a wholly-owned subsidiary of Navios South American Logistics Inc. (“Navios Logistics”), was repaid by the Company in full through the issuance of 9,301,542 shares of the Company’s common stock and $7.5 million in cash.
On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. Immediately thereafter, Grimaud redeemed the equity interests held by its non-controlling shareholder in full at fair market value. Grimaud is now an indirect wholly-owned subsidiary of the Company, and its equity interests are pledged as collateral under the 2022 Senior Secured Notes (as defined below).
Navios Partners’ Merger
On August 26, 2021, Navios Maritime Partners L.P. (“Navios Partners”) announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Maritime Acquisition Corporation (“Navios Acquisition”) in a transaction in which public shareholders of Navios Acquisition will receive 0.1275 of a common unit of Navios Partners for each outstanding common share of Navios Acquisition. All of Navios Acquisition’s outstanding 8.125% First Priority Ship Mortgage Notes, due on November 15, 2021 (the “Ship Mortgage Notes”), are being redeemed in accordance with their terms with the proceeds of a cash contribution from Navios Partners and newly arranged secured term loan financings (the “Transaction”). The merger is expected to close in the fourth quarter of 2021 upon completion of certain customary conditions. After the completion of the merger, Navios Holdings expects to have a 10.3% ownership interest in Navios Partners. As of September 1, 2021, pro-forma of the merger, the value of Navios Holdings’ investment in Navios Partners was $95.8 million.
Vessel Sales
In June 2021, the Company agreed to sell to Navios Partners the Navios Azimuth, a 2011-built Capesize vessel of 179,169 dwt, the Navios Ray, a 2012-built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009-built Capesize vessel of 180,022 dwt for an aggregate sales price of $88.0 million. The sale of (i) the Navios Bonavis and the Navios Ray was completed in June 2021, and (ii) the Navios Azimuth was completed in July 2021.
In June 2021, the Company completed the sale to Navios Partners of a 2011-built Capesize vessel of 181,415 dwt, that was previously chartered-in. The net sale proceeds were $8.5 million.
In June 2021, the Company completed the sale of the Navios Serenity, a 2011-built Handysize vessel of 34,690 dwt, to an unrelated third party for a sale price of $10.6 million.
Bond Maturities
Our 7.375% First Priority Ship Mortgage Notes mature in January 2022 (the “2022 Notes”). Our 11.25% Senior Secured Notes mature in August 2022 (the “2022 Senior Secured Notes”).
In June 2021, Navios Holdings entered into a supplemental indenture which eliminated the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes upon the redemption, at par, of $100.0 million in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”). The Redemption, which was funded through (i) the sale of the Navios Azimuth, previously pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75.3 million from a subsidiary of NSM, was completed on July 23, 2021.
Year to date, Navios Holdings has repurchased $21.4 million in par value of the 2022 Notes.
Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts, or that any such attempts will be consummated on terms satisfactory to us, or at all.
Fleet Statistics
Navios Holdings controls a fleet of 38 vessels totaling 4.1 million dwt, of which 25 are owned (including five bareboat-in vessels) and 13 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 12 Capesize, 21 Panamax, four Ultra-Handymax and one Handysize vessels, with an average age of 8.6 years.
Navios Holdings has currently chartered-out 80.5% of available days for the remaining six months of 2021. 50.0% of these available days are chartered-out on fixed rate and 30.5% are chartered-out on index.
The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining six months of 2021 is $16,441 per day.
The above figures do not include the fleet of Navios Logistics.
Exhibit II provides certain details of the Core Fleet of Navios Holdings. It does not include the fleet of Navios Logistics.
Second Quarter 2021 and 2020 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
Revenue from the Dry Bulk Vessel Operations for the three month period ended June 30, 2021 increased by $47.8 million, or 124.7%, to $86.1 million, as compared to $38.3 million for the same period during 2020. The increase in dry bulk revenue was mainly attributable to the increase in the time charter and freight market during three month period ended June 30, 2021. The TCE per day increased by 175.6% to $21,572 per day in the three month period ended June 30, 2021, as compared to $7,827 per day in the same period of 2020.
Revenue from the Logistics Business was $57.6 million for the three month period ended June 30, 2021, as compared to $58.8 million for the same period in 2020. The decrease was mainly attributable to (i) a $4.4 million decrease in revenue from the cabotage business mainly due to fewer operating days; (ii) a $3.1 million decrease in sales of products due to the decrease in the Paraguayan liquid port’s volume of products sold; and (iii) a $0.3 million decrease in revenue from the port terminal business mainly due to lower volumes transshipped in the grain port terminal. The overall decrease was partially mitigated by a $6.6 million increase in revenue from the barge business mainly due to a $7.8 million increase in CoA/voyage revenues related to higher liquid cargo moved, partially mitigated by a $1.1 million decrease in time charter revenues mainly due to a decrease in time charter rates.
Net Income attributable to Navios Holdings’ common stockholders was $24.9 million for the three month period ended June 30, 2021, as compared to a $35.3 million Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. Net Income 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 June 30, 2021 was $30.3 million, as compared to $25.0 million Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. This decrease in Adjusted Net Loss was mainly due to (i) a $58.8 million increase in Adjusted EBITDA as discussed in the paragraph below; (ii) a $2.0 million decrease in depreciation and amortization; and (iii) a $0.2 million decrease in stock-based compensation expense. This overall decrease of $61.0 million was partially mitigated by (i) a $4.8 million increase in interest expense and finance cost, net, mainly due to the higher weighted average interest rate at Navios Logistics due to the issuance of the 10.75% Notes due 2025; (iii) a $0.6 million decrease in income tax benefit; and (iii) a $0.2 million increase in amortization of deferred drydock, special survey and other capitalized items.
Net Loss of Navios Logistics, on a standalone basis, was $1.1 million for the three month period ended June 30, 2021 as compared to $12.0 million of Net Income for the same period in 2020.
Adjusted EBITDA of Navios Holdings for the three month period ended June 30, 2021 increased by $58.8 million to $85.9 million, as compared to $27.2 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to (i) a $46.5 million increase in revenue; (ii) a $5.9 million decrease in time charter, voyage and logistics business expenses; (iii) a $4.7 million decrease in net income attributable to noncontrolling interest; (iv) a $2.1 million increase in equity in net earnings from affiliate companies; (v) a $1.9 million increase in gain on bond extinguishment; (vi) a $0.6 million decrease in other expense, net; and (vii) a $0.1 million decrease in general and administrative expenses (excluding stock-based compensation expenses). This overall increase of $61.8 million was partially mitigated by a $3.0 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).
EBITDA of Navios Logistics, on a standalone basis, was $21.4 million for the three month period ended June 30, 2021, as compared to $27.0 million for the same period in 2020.
First Half 2021 and 2020 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
Revenue from the Dry Bulk Vessel Operations for the six month period ended June 30, 2021 increased by $77.2 million, or 106.4%, to $149.8 million, as compared to $72.6 million for the same period during 2020. The increase in dry bulk revenue was mainly attributable to the increase in the time charter and freight market during six month period ended June 30, 2021. The TCE per day increased by 139.7% to $17,862 per day in the six month period ended June 30, 2021, as compared to $7,451 per day in the same period of 2020.
Revenue from the Logistics Business was $110.8 million for the six month period ended June 30, 2021, as compared to $115.6 million for the same period in 2020. The decrease was mainly attributable to (i) a $7.8 million decrease in sales of products due to the decrease in the Paraguayan liquid port’s volume of products sold; and (ii) a $6.4 million decrease in revenue from the cabotage business mainly due to lower time charter rates affected by market conditions and fewer operating days. The overall decrease was partially mitigated by (i) a $6.7 million increase in revenue from the barge business mainly due to a $13.8 million increase in CoA/voyage revenues related to higher CoA/voyage revenues of convoys previously under time charter contracts, partially mitigated by a $7.2 million decrease in time charter revenues mainly due to the expiration of certain legacy time charter contracts; and (ii) a $2.7 million increase in revenue from the port terminal business mainly due to higher volumes transshipped in the grain port terminal.
Net Income attributable to Navios Holdings’ common stockholders was $25.1 million for the six month period ended June 30, 2021, as compared to $88.5 million Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. Net Income 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 six month period ended June 30, 2021 was approximately $25.1 million, as compared to $48.8 million Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. This decrease in Adjusted Net Loss was mainly due to (i) a $79.2 million increase in Adjusted EBITDA as discussed in the paragraph below; (ii) a $3.8 million decrease in depreciation and amortization; (iii) a $0.3 million decrease in stock-based compensation expense; and (iv) a $0.2 million increase in income tax benefit. This overall decrease of $83.5 million was partially mitigated by (i) a $9.3 million increase in interest expense and finance cost, net, mainly due to the higher weighted average interest rate of Navios Logistics due to the issuance of the 10.75% Notes due 2025; and (ii) a $0.3 million increase in amortization of deferred drydock, special survey and other capitalized items.
Net Income of Navios Logistics, on a standalone basis, was $2.1 million for the six month period ended June 30, 2021 as compared to $19.0 million for the same period in 2020.
Adjusted EBITDA of Navios Holdings for the six month period ended June 30, 2021 increased by $79.2 million to $135.1 million, as compared to $55.9 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to (i) a $72.4 million increase in revenue; (ii) a $14.2 million decrease in time charter, voyage and logistics business expenses; (iii) a $6.1 million decrease in net income attributable to noncontrolling interest; (iv) a $1.9 million decrease in other expense, net; and (v) a $0.1 million decrease in general and administrative expenses (excluding stock-based compensation expenses). This overall increase of $94.7 million was partially mitigated by (i) a $9.3 million decrease in gain on bond extinguishment; (ii) a $4.1 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items); and (iii) a $2.1 million decrease in equity in net earnings from affiliate companies.
EBITDA of Navios Logistics, on a standalone basis, was $44.7 million for the six month period ended June 30, 2021, as compared to $49.2 million for the same period in 2020.

Navios Maritime Holdings Inc. Reports First Quarter Revenues of $117 Million

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, yesterday reported financial results for the first quarter ended March 31, 2021.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results for the first quarter of 2021. In the first quarter of 2021, Navios Holdings reported revenue of $117.0 million and Adjusted EBITDA of $48.4 million.”
Angeliki Frangou continued, “The global pandemic is subsiding as the vaccines rollout gathers momentum. This along with accommodative policy measures are propelling economic activity. The IMF recently increased its 2021 GDP growth forecast 6%, giving us optimism about demand for drybulk vessels. In fact, we are enjoying this impact in our business, with our first quarter 2021 TCE rates more than double our first quarter 2020 TCE rates and about 9% higher sequentially over fourth quarter of 2020.”
HIGHLIGHTS – RECENT DEVELOPMENTS
Vessel Sales
The Company agreed to sell to unrelated third parties: (i) the Navios Astra, a 2006-built Ultra-Handymax vessel of 53,468 dwt, for a sale price of $6.8 million (completed in February 2021); and (ii) the Navios Serenity, a 2011-built Handysize vessel of 34,690 dwt for a sale price of $10.6 million (expected to be completed in June 2021).
The Company agreed to sell to a related party: (i) the Navios Centaurus, a 2012-built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012-built Panamax vessel of 81,355 dwt, for a sale price of $39.3 million, including working capital adjustments (completed in March 2021); and (ii) a 2011-built Capesize vessel that is currently chartered-in by Navios Holdings. The net sale proceeds are expected to be $8.5 million (expected to be completed in June 2021).
 Debt Reduction
Year to date, the Company repaid $71.0 million of outstanding credit facilities.
Bond Maturities
Our 7.375% First Priority Ship Mortgage Notes mature in January 2022 (the “2022 Notes”). Our 11.25% Senior Secured Notes mature in August 2022 (the “2022 Senior Secured Notes”). Under the terms of the 2022 Senior Secured Notes, Navios Holdings has an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met. In October 2020, Navios Holdings entered into a supplemental indenture (the “Sixth Supplemental Indenture”) which, among other things, eliminates Navios Holdings’ obligation to make a springing maturity offer subject to the occurrence of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios South American Logistics Inc. (“Navios Logistics”). There can be no assurance a Qualified IPO will occur prior to the springing maturity date, or at all.
Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all.
Fleet Statistics
Navios Holdings controls a fleet of 43 vessels (excluding two vessels agreed to be sold) totaling 4.8 million dwt, of which 28 are owned (including five bareboat-in vessels) and 15 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 15 Capesize, 23 Panamax, four Ultra-Handymax and one Handysize vessels, with an average age of 8.3 years.
Navios Holdings has currently chartered-out 78.7% of available days for the remaining nine months of 2021. Of these available days, 35.2% are chartered-out on fixed rate and 43.5% are chartered-out on index.
The average contracted daily charter-in rate for the long-term charter-in vessels (excluding our Kleimar controlled fleet, which is mainly used for servicing contracts of affreightment) for the remaining nine months of 2021 is $15,138 per day. The above figures do not include the fleet of 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.
Earnings Highlights
First Quarter 2021 and 2020 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The first quarter 2021 and 2020 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
(1) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss attributable to Navios Holdings’ common stockholders for the three month period ended March 31, 2021 exclude (i) $26.4 million in equity income in affiliate companies due to Navios Partners’ Merger effected on March 31, 2021; and (ii) $20.5 million in impairment losses relating to three drybulk vessels.(2) Adjusted EBITDA and Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the three month period ended March 31, 2020 exclude (i) $11.2 million in impairment losses relating to two drybulk vessels; (ii) $12.7 million of other-than-temporary impairment (“OTTI”) loss and impairment losses of loan receivable in relation to Navios Europe II; and (iii) $5.6 million in non-cash impairment losses incurred by our affiliate companies relating to their investment in Navios Europe II.(3) Adjusted Basic Loss attributable to Navios Holdings’ common stockholders per share for the three month period ended March 31, 2020 excludes the items referred in footnote (2) above as well as a gain of $0.2 million related to the conversion of accrued dividends on private preferred stock to common stock.
Revenue from the Dry Bulk Vessel Operations for the three month period ended March 31, 2021 increased by $29.5 million, or 86.0%, to $63.7 million, as compared to $34.3 million for the same period during 2020. The increase in dry bulk revenue was mainly attributable to the increase in the time charter and freight market during three month period ended March 31, 2021. The TCE per day increased by 103.4% to $14,404 per day in the three month period ended March 31, 2021, as compared to $7,082 per day in the same period of 2020.
Revenue from the Logistics Business was $53.2 million for the three month period ended March 31, 2021, as compared to $56.8 million for the same period in 2020. The decrease was mainly attributable to (i) a $4.6 million decrease in sales of products mainly due to the decrease in the Paraguayan liquid port’s volume of products sold; (ii) a $2.0 million decrease in revenue from the cabotage business mainly due to lower time charter rates due to market conditions and fewer operating days; and (iii) a $0.1 million decrease in revenue from the barge business, mainly due to a $6.1 million decrease in time charter revenues due to the expiration of certain legacy time charter contracts, partially offset by a $6.0 million increase in CoA/voyage revenues, mainly due to higher CoA/voyage revenues of convoys previously under time charter contracts. The overall decrease was partially mitigated by a $3.1 million increase in revenue from the port terminal business, mainly due to higher volumes transshipped in the grain port terminal.
Net Income attributable to Navios Holdings’ common stockholders was $0.2 million for the three month period ended March 31, 2021, as compared to $53.3 million Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. Net Income attributable to Navios Holdings’ common stockholders was affected by items described in the table above. Excluding these items, Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the three month period ended March 31, 2021 was $5.8 million, as compared to $23.8 million Adjusted Net Loss attributable to Navios Holdings’ common stockholders for the same period in 2020. This decrease in Adjusted Net Loss was mainly due to (i) a $19.9 million increase in Adjusted EBITDA as discussed in the paragraph below; (ii) a $1.8 million decrease in depreciation and amortization; (iii) a $0.8 million increase in income tax benefit; and (iv) a $0.2 million decrease in stock-based compensation expense. This overall decrease of approximately $22.6 million was partially mitigated by (i) a $4.6 million increase in interest expense and finance cost, net, mainly due to the higher weighted average interest rate of Navios Logistics due to the issuance of the 10.75% Notes due 2025; and (ii) a $0.1 million increase in amortization of deferred drydock, special survey and other capitalized items.
Net Income of Navios Logistics, on a standalone basis, was $3.2 million for the three month period ended March 31, 2021 as compared to $7.0 million for the same period in 2020.
Adjusted EBITDA of Navios Holdings for the three month period ended March 31, 2021 increased by $19.9 million to $48.6 million, as compared to $28.7 million for the same period in 2020. The increase in Adjusted EBITDA was primarily due to (i) a $25.9 million increase in revenue; (ii) a $8.3 million decrease in time charter, voyage and logistics business expenses; (iii) a $1.4 million decrease in net income attributable to noncontrolling interest; and (iv) a $1.3 million decrease in other expense, net. This overall increase of $36.9 million was partially mitigated by (i) a $11.2 million gain on bond extinguishment recorded in the three month period ended March 31, 2020; (ii) a $4.8 million decrease in equity in net earnings from affiliate companies; and (iii) a $1.0 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).
EBITDA of Navios Logistics, on a standalone basis, was $23.3 million for the three month period ended March 31, 2021, as compared to $22.2 million for the same period in 2020.
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 month period ended March 31, 2021 and 2020, respectively.
(1) Available days are the total number of days a vessel is controlled by a company less the aggregate number of days that the vessel is off-hire due to major repairs or repairs under guarantee, vessel upgrades, drydocking or special surveys and ballast days relating to voyages. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.(2) Operating days are the number of available days in a 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 are defined as the available days of the fleet divided by the number of the calendar days in the period.(5) TCE rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of contracts for the number of available days of the fleet.

Navios Maritime Holdings Is Optimistic About Demand for Dry Bulk Carriers in 2021

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with the results for the fourth quarter and full year of 2020. For the full year of 2020, Navios Holdings reported revenue of $416.7 million and adjusted EBITDA of $153.4 million. For the fourth quarter, Navios Holdings reported revenue of $102.4 million and adjusted EBITDA of $37.6 million.”
Angeliki Frangou continued, “Fiscal stimulus and other policy measures have propelled global economic recovery into 2021. The IMF expects global GDP to grow by 6.0% in 2021, the highest GDP growth in the past 50 years. Mass inoculation programs are underway, facilitating a return to normalcy. Consequently, we are optimistic about demand for drybulk vessels in 2021 and are positioned to capture market upside with 51.7% of our available days exposed to the spot market.”
HIGHLIGHTS – RECENT DEVELOPMENTS
Navios Partners’ Merger
On March 31, 2021, Navios Maritime Containers L.P. (“Navios Containers”) and Navios Maritime Partners L.P. (“Navios Partners”) completed their previously announced merger (the “Navios Partners’ Merger”). Under the terms of the Navios Partners’ Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of approximately 8,232,789 newly issued common units of Navios Partners at an exchange ratio of 0.39 units of Navios Partners for each Navios Containers common unit. As of March 31, 2021, Navios Holdings had 12.6% ownership interest in Navios Partners.
Vessel Sales
In March 2021, the Company agreed to sell to an unrelated third party the Navios Serenity, a 2011 built Handysize vessel of 34,690 dwt, for a net sale price of $10.4 million. The vessel is expected to be delivered to the buyers in the second quarter of 2021.
In March 2021, the Company completed the sale to a related party of the Navios Centaurus, a 2012 built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012 built Panamax vessel of 81,355 dwt, for a sale price of $39.3 million, including working capital adjustments.
In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra-Handymax vessel of 53,468 dwt, for a net sale price of $6.4 million.
Debt Reduction
During the first quarter of 2021, the Company repaid $36.2 million of outstanding bank facilities.
Bond Maturities
Our 7.375% First Priority Ship Mortgage Notes mature in January 2022 (the “2022 Notes”). Our 11.25% Senior Secured Notes mature in August 2022 (the “2022 Senior Secured Notes”). Under the terms of the 2022 Senior Secured Notes, Navios Holdings has an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met. In October 2020, Navios Holdings entered into a supplemental indenture (the “Sixth Supplemental Indenture”) which, among other things, eliminates Navios Holdings’ obligation to make a springing maturity offer subject to the occurrence of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios South American Logistics Inc. (“Navios Logistics”). There can be no assurance a Qualified IPO will occur prior to the springing maturity date, or at all.
Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to us, or at all.
Fleet Statistics
Navios Holdings controls a fleet of 45 vessels (including one vessel agreed to be sold) totaling 5.0 million dwt, of which 29 are owned (including five bareboat-in vessels) and 16 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 16 Capesize, 23 Panamax, four Ultra-Handymax and two Handysize vessels, with an average age of 8.2 years.
Navios Holdings has currently chartered-out 81.6% of available days of 2021. Of 2021 available days, 48.3% are chartered-out on fixed rate and 33.3% are chartered-out on index.
The average contracted daily charter-in rate for the long-term charter-in vessels (excluding our Kleimar controlled fleet, which is mainly used for servicing contracts of affreightment) for 2021 is $15,560 per day. The above figures do not include the fleet of Navios Logistics.
Exhibit II provides certain details of the Core Fleet of Navios Holdings. It does not include the fleet of Navios Logistics.
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Navios Maritime Holdings Inc. “Perseveres” Amid the Pandemic, Claims Angeliki Frangou

Navios Maritime Holdings Inc., a global seaborne shipping and logistics company, yesterday reported financial results for the second quarter and six month period ended June 30, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “The pandemic has greatly affected businesses, countries, and people all over the world, but the Navios family perseveres. We take great pride in adapting to this ever-changing environment while providing essential services to the global community. During the second quarter of 2020, Navios Holdings reported revenue of $97.1 million, Adjusted EBITDA of $27.2 million and a Time Charter Equivalent of $7,827 net per day. Year-to-Date 2020, the capesize 5TC daily rate is averaging around $10,600 versus the 2019 daily average of $18,000. Rates have been recovering over the past couple of months as countries emerge from quarantine with the current capesize 5TC rate around $20,000 per day.”
HIGHLIGHTS – RECENT DEVELOPMENTS
Liquidation of Navios Europe (II) Inc. (“Navios Europe II”)
On June 29, 2020, following the liquidation of Navios Europe II, Navios Holdings received $7.9 million cash and acquired two unencumbered Panamax dry bulk vessels, with their associated working capital.
Navios Logistics 2025 Senior Secured Notes
On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Logistics Co-Issuers”) issued $500.0 million in aggregate principal amount of Senior Secured Notes due on July 1, 2025 (the “2025 Senior Secured Notes”), at a fixed rate of 10.75%. The net proceeds from the offering of the Senior Secured Notes were used to satisfy and discharge the indenture governing the Logistics Co-Issuers’ outstanding 7.25% Senior Notes due 2022, to repay all amounts outstanding under the Logistics Co-Issuers’ Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes.
NSM Loan
In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of N Shipmanagement Acquisition Corp. (collectively “NSM”) for a loan of up to $50.0 million to be used for general corporate purposes. In the second quarter of 2020, the Company drew $31.5 million and in the third quarter of 2020, the Company drew the remaining $18.5 million.
Fleet
In August 2020, the Company sold to an unrelated third party the Navios Northern Star, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of $7.0 million.
In June 2020, the Company agreed to sell to an unrelated third party the Navios Amitie, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of $7.1 million. The sale is expected to be completed within Q3 2020.
Fleet statistics
Navios Holdings controls a fleet of 52 vessels totaling 5.7 million dwt, of which 35 are owned (including five bareboat-in vessels and one Panamax vessel agreed to be sold) and 17 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 17 Capesize, 28 Panamax, five Ultra-Handymax and two Handysize vessels, with an average age of 7.7 years.
Navios Holdings has currently chartered-out 84.7% of available days for the remaining six months of 2020. Of these available days, 48.7% are chartered-out on fixed rate and 36.0% are chartered-out on index. The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining six months of 2020 is $12,416 per day.
The above figures do not include the fleet of Navios South American Logistics Inc. (“Navios Logistics”) and vessels servicing contracts of affreightment.
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 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 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 from that date onwards. 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 six month periods ended June 30, 2019 consolidated under Navios Holdings have been reported as discontinued operations.