Navios: Παρέλαβε το νεότευκτο containership “Zim Seagull”
Η Navios Maritime Partners, συμφερόντων Αγγελική Φράγκου, παρέλαβε το τελευταίο πλοίο μεταφοράς εμπορευματοκιβωτίων από τα εφτά νεότευκτα που είχε υπό παραγγελία.
Πρόκειται για το containership “Zim Seagull”, μεταφορικής ικανότητας 5.300 teu. Από το 2023 η ναυτιλιακή εταιρεία είχε παραλάβει και τα containerships “Sparrow”, “Zim Eagle”, “Zim Condor”, “Zim Falcon”, “Zim Hawk” & “Zim Pelican” εξίσου μεταφορικής ικανότητας 5.300 teu.
Έως το 2026 η Navios αναμένεται να παραλάβει 7 ακόμη νεότευκτα πλοία μεταφοράς εμπορευματοκιβωτίων, μεταφορικής ικανότητας από 5.300 teu έως 7.900 teu.
Ο στόλος της Navios Maritime Partners αποτελείται πλέον από 41 πλοία, μεταφορικής ικανότητας 200.664 teu.
Navios Maritime Partners: Πούλησε παλαιότερο πλοίο της
Η Navios Maritime Partners, συμφερόντων της Αγγελικής Φράγκου, πούλησε ένα ακόμη παλαιότερο πλοίο του στόλου της.
Σύμφωνα με πηγές του κλάδου, η ναυτιλιακή εταιρεία πούλησε το Post-Panamax bulk carrier “Navios Apollon I” (χωρητικότητας 87.100 dwt & κατασκευής του 2005 ) σε άγνωστο αγοραστή έναντι 13 εκατομμυρίων δολαρίων, όσο δηλαδή περίπου το είχε αγοράσει τον Μάρτιο του 2018.
Υπενθυμίζεται ότι τον περασμένο μήνα η ναυτιλαική πούλησε το Panamax bulk carrier “Navios Taurus”, χωρητικότητας 76.600 dwt και κατασκευής του 2005, για 12 εκατομμύρια δολάρια.
Οι συμφωνίες ακολουθούν τις επιλογές αγοράς της εταιρείας που δηλώθηκαν σε τέσσερα ναυλωμένα Kamsarmax bulk carriers που κατασκευάστηκαν μεταξύ 2015 και 2017 και τις πωλήσεις αδελφών Supramaxes κατασκευής του 2009 στα τέλη Απριλίου.
Παράλληλα, ναυλομεσιτικές πηγές έχουν αναφέρει τις πωλήσεις των MR tankers “Nave Equator” & “Nave Orbit”, κατασκευής του 2009, για περίπου 26 εκατομμύρια δολάρια το καθένα.
Navios Maritime Holdings Inc. Extends $20 Million Tender Offer for Its Series G and Series H American Depositary Shares Until Midnight on October 21, 2022
Navios Maritime Holdings Inc., announced that it is extending the expiration date of its tender offer (the “Offer”) to purchase an aggregate of approximately $20 million of the outstanding Series H and Series G (as defined below) American Depositary Shares (“ADSs”) for cash, until midnight (the end of the day), New York City time, on October 21, 2022.
The terms of the Offer remain the same. The Company is offering to purchase, for cash, Series H ADSs for $15.28 and Series G ADSs for $15.73, in each case less any applicable withholding taxes.
The consideration offered is equal to:• a $0.24 premium to the volume weighted average price (“VWAP”) for the Series H ADSs and a $0.03 discount to the VWAP for the Series G ADSs for the initial period of the Offer ending on October 12, 2022;• a 10% premium to the last trading price of each of the Series H ADSs and the Series G ADSs as of September 13, 2022 (the day before the offer commenced); and• 111.6% of the 30-day VWAP for the Series H ADSs as consolidated and reported by Bloomberg, and 113% of the 30-day VWAP of the Series G ADSs, in each case for the thirty consecutive calendar days immediately preceding the date on which the Offer was commenced.
The Offer is being made exclusively to existing holders of 1,768,102 Series H ADSs and 534,905 Series G ADSs, offering them immediate liquidity in a relatively illiquid market. We anticipate that upon the conclusion of this Offer that the liquidity of the Series H ADSs and Series G ADSs likely will be further reduced given the fewer number of Series H ADSs and Series G ADSs outstanding. As further discussed below, approximately 31.5% of the outstanding Series H ADSs and 7.1% of the outstanding Series G ADSs have been tendered into the Offer.
• We do not intend to increase the purchase price of this Offer or commence another tender offer in the near term. While the Preferred Shares (as defined below) underlying the Series G ADSs and Series H ADSs are entitled to dividends in certain circumstances, since February 2016, payment of quarterly dividends has been suspended, and we currently have no plans to pay dividends on the Preferred Shares.• Under the terms of each of the Series H ADSs and Series G ADSs, dividend payments are not compounded, although the right to unpaid dividends is cumulative. That means that the unpaid dividends that accrue as an arrearage do not earn any economic return so long as these dividends remain unpaid. We believe that a rising interest rate environment has a negative impact on any potential recovery for such dividend arrearage, where such a recovery may be years away, if at all.This Offer may be appropriate for a holder seeking liquidity and/or greater certainty that it will receive current cash payments on its security and willing to forego the possibility that previously accrued dividends on the Series H ADSs and Series G ADSs may ever be paid or that the Company will elect to redeem the Preferred Shares at their full redemption amount.
The Company will accept for tender up to $20 million consisting of (i) up to 300,000 of the outstanding American Depositary Shares (“Series G ADSs”), each representing 1/100th of a Share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G Preferred”), at a purchase price per Series G ADSs of $15.73 in cash, less any applicable withholding taxes, and (ii) up to 1,000,000 outstanding American Depositary Shares (“Series H ADSs”), each representing 1/100th of a Share of 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H Preferred” and, together with the Series G Preferred, the “Preferred Shares”), at a purchase price per Series H ADSs of $15.28 in cash, less any applicable withholding taxes, pursuant to the terms and conditions set forth in the Offer to Purchase, dated September 14, 2022, and the Amended and Restated Offer to Purchase, dated as of September 29, 2022 (as further amended, supplemented or otherwise modified from time to time, the “Offer to Purchase”).
Citibank, N.A., the tender offer agent for the Offer, has advised the Company that, as of 6:00 p.m., New York City time, on October 12, 2022, approximately 556,690 Series H ADSs and 37,810 Series G ADSs, have been validly tendered pursuant to the Offer and not properly withdrawn, representing approximately 31.5% of the outstanding Series H ADSs and 7.1% of the outstanding Series G ADSs.
Conditions to the OfferThe Offer is not conditioned upon the receipt of any financing or on any minimum number of Series H ADSs or Series G ADSs being tendered. However, the completion of the Offer is subject to certain other conditions as set forth in the Offer to Purchase.
ExpirationThe Offer will expire at midnight (the end of the day), New York City Time, on October 21, 2022, unless extended. The Depository Trust Company and its direct and indirect participants will establish their own cutoff dates and times to receive instructions to tender in the Offer to Purchase, which will be earlier than the expiration date. You should contact your broker or other securities intermediary to determine the cutoff date and time applicable to you, in order to timely tender your ADSs and participate in this Offer.
Complete Terms and ConditionsGeorgeson LLC is acting as the Information Agent for the Offer. Citibank, N.A. is acting as the Tender Agent for the Offer. The complete terms and conditions of the Offer are set forth in the Offer to Purchase.
Οι Μαλδίβες ζητούν αποζημίωση μετά την προσάραξη πλοίου της Navios
Αποζημίωση ύψους 6,5 εκατ. δολαρίων ζητεί η κυβέρνηση των Μαλδίβων από την Navios Maritime Partners, συμφερόντων Αγγελικής Φράγκου, μετά την προσάραξη πλοίου της πριν από μερικές ημέρες, στις Μαλδίβες, λόγω βλάβης του κινητήρα.
Το πλοίο μεταφοράς χύδην ξηρού φορτίου Navios Amaryllis, χωρητικότητας 58.735 dwt και κατασκευής 2009, ανελκύστηκε χθες από τον ύφαλο, στον οποίο είχε προσαράξει στις 19 Αυγούστυ. Ο Αναπληρωτής Υπουργός Μεταφορών του νησιού, Hamad Abdul Ghanee, είπε ότι το πλοίο προσάραξε λόγω αμέλειας του καπετάνιου, διότι δεν ανέφερε το πρόβλημα.
Η Αρχή Μεταφορών και η Υπηρεσία Προστασία Περιβάλλοντος των Μαλδίβων δηλώνουν τώρα ότι το πλοίο θα αποχωρήσει από τη χώρα, μόνο όταν επιτευχθεί συμφωνία με τον ιδιοκτήτη για την καταβολή του προστίμου, επικαλούμενες ζημιές στον ύφαλο, αν και δεν καταγράφηκε μόλυνση του θαλάσσιου χώρου.
Navios Maritime Acquisition Corporation Endures “Another Hard Quarter Since the Start of the Pandemic”
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the first quarter ended March 31, 2021.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “I am pleased with our results for the first quarter of 2021, another hard quarter since the start of the pandemic. During the first quarter of 2021, Navios Acquisition reported $72.5 million of revenue and $29.1 million of Adjusted EBITDA. While the current market remains difficult, prospects are positive. The IMF projects 2021 global GDP to grow by a virtually unprecedented 6%, and we have experienced modest recovery in the product tanker sector.”
HIGHLIGHTS – RECENT DEVELOPMENTS
Fleet development
During the second quarter of 2021, Navios Acquisition completed the sale of all container vessels acquired in 2020 as part of the liquidation of Navios Europe II. During the first quarter of 2021, Navios Acquisition sold the Allegro N and the Solstice N for an aggregate net sale price of $24.6 million. During the second quarter of 2021, Navios Acquisition sold the Acrux N, the Vita N, the Ete N, the Fleur N and the Spectrum N for an aggregate net sale price of $73.5 million.
Navios Acquisition entered into agreements to sell two VLCC vessels, to unaffiliated third parties, for an aggregate net sale price of $48.0 million. The Nave Celeste, a 2003-built VLCC vessel of 298,717 dwt, was delivered to her new owners in March 2021. The Nave Neutrino, a 2003-built VLCC vessel of 298,287 dwt, is expected to be delivered to her new owners in June 2021.
Two newbuilding VLCC vessels, the Baghdad of 313,433 dwt and the Erbil of 313,486 dwt under bareboat lease contracts, were delivered in October 2020 and February 2021, respectively, from a Japanese shipyard.
Two additional newbuilding VLCC vessels of about 310,000 dwt each, are expected to be delivered in each of the third quarter of 2021 and the third quarter of 2022.
8.125% Ship Mortgage Notes maturity
Our Ship Mortgage Notes mature on November 15, 2021. Although we are currently attempting to refinance the outstanding amount of our Ship Mortgage Notes and have also engaged in discussions with the holders of our Ship Mortgage Notes, there can be no assurance we will be successful in such attempts or that any such potential refinancing, sales or other action, will be consummated on terms satisfactory to us or at all.
Fleet employment
As of May 19, 2021, Navios Acquisition’s core fleet consisted of a total of 45 vessels (excluding the Nave Neutrino), of which 12 are VLCCs (including two bareboat chartered-in VLCCs expected to be delivered in each of the third quarter of 2021 and the third quarter of 2022), 31 are product tankers and two are chemical tankers.
Currently, Navios Acquisition has contracted 76.8% of its available days of its core fleet on a charter-out basis for the remaining nine month period of 2021. The average base contractual net daily charter-out rate for the 67.1% of available days that are contracted on base rate and on base rate with profit sharing arrangements is expected to be $18,017.
Three month periods ended March 31, 2021 and 2020
Revenue for the three month period ended March 31, 2021 decreased by $25.4 million, or 25.9%, to $72.5 million, as compared to $97.9 million for the same period of 2020. The decrease was mainly attributable to a decrease in market rates during the three month period ended March 31, 2021 as compared to the same period of 2020; partially mitigated by an increase in revenue by $9.5 million due to the acquisition of seven containerships from Navios Europe II in June 2020 and the delivery of two bareboat charter-in vessels, one in each of October 2020 and February 2021. Available days of the fleet increased to 4,493 days for the three month period ended March 31, 2021, as compared to 3,755 days for the three month period ended March 31, 2020, mainly due to the reasons mentioned above. The time charter equivalent rate, or TCE Rate per day, decreased to $14,854 for the three month period ended March 31, 2021, from $24,442 for the three month period ended March 31, 2020.
Time charter and voyage expenses for the three month period ended March 31, 2021 decreased by $0.3 million, or 4.9%, to $5.8 million, as compared to $6.1 million for the same period of 2020. The decrease was mainly attributable to a: (i) $2.4 million decrease in bunkers and voyage expenses related to the spot voyages incurred in the period; (ii) $0.5 decrease in port expenses; and (iii) $0.3 million decrease in brokers’ commission costs; partially mitigated by a $2.9 million increase in charter-in expenses.
Net loss was $9.7 million for the three month period ended March 31, 2021 as compared to $0.9 million net income for the same period of 2020. Net loss was affected by the items described in the table above. Excluding these items, Adjusted net loss for the three month period ended March 31, 2021 was $9.7 million as compared to $14.9 million Adjusted net income for the same period of 2020. The decrease in Adjusted net income was mainly attributable to a: (i) $27.1 million decrease in Adjusted EBITDA; and (ii) $1.0 million increase in direct vessel expenses (in relation to amortization of dry dock and special survey cost); partially mitigated by a $3.5 million decrease in interest expense and finance cost (excluding write off of deferred finance costs).
EBITDA for the three month periods ended March 31, 2021 and 2020 was affected by items described in the table above. Excluding these items, Adjusted EBITDA for the three month period ended March 31, 2021 decreased by $27.1 million to $29.1 million, as compared to $56.2 million for the same period of 2020. The decrease in Adjusted EBITDA was mainly due to a: (i) $25.4 million decrease in revenue; (ii) $2.7 million increase in vessel operating expenses primarily due to the increase in the size of our fleet as discussed above; and (iii) $1.2 million increase in general and administrative expenses (excluding stock-based compensation) mainly due to the increase in the size of our fleet as discussed above; partially mitigated by a: (i) $1.7 million decrease in other expenses, net; (ii) $0.3 million decrease in time charter and voyage expenses; and (iii) $0.2 million decrease in direct vessel expenses (other than amortization of dry dock and special survey cost).
Navios Maritime Acquisition Corporation Announces Entry Into New Secured Loan Facility
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that Navios Acquisition entered into a secured loan agreement with a subsidiary of N Shipmanagement Acquisition Corp. (“Lender”), an entity affiliated with Navios Acquisition’s Chairman and Chief Executive Officer, for a loan of up to $100.0 million to be used for general corporate purposes (the “Loan”).
The Loan has a term of two years, scheduled amortization and bears interest at a rate of 11% per annum, payable quarterly. The Borrower may elect to defer all scheduled amortization and interest payments, in which case the applicable interest rate is 12.5% per annum.
The Loan provides the Lender with an option, exercisable commencing in August 2021, to acquire partnership interests of Navios Maritime Midstream Partners L.P (“Midstream”), the Borrower’s unrestricted subsidiary, by exchanging any portion of amounts outstanding under the Loan for Midstream equity. The exchange rate will be determined based on Midstream’s gross asset value less the amount of Midstream’s indebtedness.
Collateral for the Loan consists of:
(i) a first priority pledge of the partnership interests of Midstream, which owns 25 tanker vessels (ten LR1 tankers, 14 MR2 tankers and one MR1 tankers);(ii) a first priority pledge of the equity interests in two entities that hold the rights to the bareboat charter-in contracts for two of the Borrower’s VLCC vessels; and(iii) a first priority pledge of the $67.4 million in aggregate principal amount of Navios Acquisition’s First Priority Ship Mortgage Notes due 2021.Navios Acquisition has drawn $18.0 million under the Loan.
Special Committee
Navios Acquisition’s Board of Directors formed a Special Committee of independent and disinterested directors to evaluate the Loan. The Special Committee, with the assistance of its independent financial and legal advisors, exclusively negotiated the terms of the Loan.
Navios Maritime Partners L.P. Completes Acquisition of Navios Maritime Containers L.P.
Navios Maritime Partners L.P. announced that it completed the acquisition of Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ: NMCI). As of the close of the market on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ.
Angeliki Frangou, Chairman and Chief Executive Officer, stated “We are pleased to close this transformative transaction which provides Navios Partners with significant benefits of diversification. The transaction builds scale through a larger, diversified asset base with an increased earnings capacity. The enlarged entity will benefit from a simplified capital and organizational structure thereby eliminating duplicative costs. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Moreover, the large asset base will provide the entity a significant buffer of collateral value. We believe that the combined entity will be an attractive investment opportunity for investors.”
Merger Transaction Highlights
Under the terms of the transaction, 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 in exchange for the publicly held common units of Navios Containers at an exchange ratio of 0.39 units of Navios Partners for each Navios Containers common unit.
Based on the March 31, 2021 closing price of Navios Partners, this exchange ratio would provide the holders of the publicly held common units with consideration of $9.19 per common unit of Navios Containers, representing a premium of 325.4% to Navios Containers’ closing price on November 13, 2020, the last trading day before Navios Partners announced its proposal to acquire all publicly held common units of Navios Containers, and a premium of 124.1% to Navios Containers’ closing price as of December 31, 2020, the last trading day before announcement of the merger agreement executed in connection with the acquisition.
Navios Partners expects the transaction to:
Simplify the capital and organizational structure
Create significant savings in public company costs
Reduce cost of capital, by increasing trading liquidity, float and access to the capital markets
Build scale through a larger, diversified asset base capable of generating increased earnings capacity
Enhance credit profile by increasing cash retention to support growth and deleveraging
Increase collateral value to assist in refinancing debt maturities
Provide all public unitholders of Navios Containers with the opportunity to continue to participate in the combined company
Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor and S. Goldman Advisors LLC acted as financial advisor to Navios Partners.
Navios’ Frangou Optimistic About Dry Bulk Market’s Growth in 2021
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.
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):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.
View Full Report
Navios Maritime Partners L.P. Announces Offer to Acquire Outstanding Units of Navios Maritime Containers L.P.
Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, announced today that it has submitted a proposal to the board of directors of Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ:NMCI) to acquire the outstanding common units of Navios Containers not already owned by Navios Partners.
Subject to negotiation and execution of a definitive agreement, Navios Partners is proposing to issue in a merger transaction 0.37 of a common unit of Navios Partners for each outstanding common unit of Navios Containers. Based on the respective closing prices of the common units of the two companies on November 13, 2020, this exchange ratio represents a value of $2.48 per common unit of Navios Containers and a premium of 15%. The exchange ratio represents a premium of 121.7% based on the 60-day volume weighted average price of Navios Containers.
The proposed transaction is subject to the negotiation and execution of a definitive agreement, approval of the board of directors of Navios Partners and the necessary approvals under Navios Containers’ limited partnership agreement. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. This communication is not a substitute for any documents that may be filed with the SEC or sent to equity holders in connection with the proposed transaction. Equity holders are urged to read those documents, which will contain important information.
Navios Maritime Containers L.P. Regains Compliance Regarding Nasdaq Minimum Bid Price Deficiency
Navios Maritime Containers L.P., a growth vehicle dedicated to the container sector of the maritime industry, today announced that, based upon a notice received on October 15, 2020 from The Nasdaq Stock Market (“Nasdaq”), the Company is once again in compliance with Nasdaq’s Listing Rules requirement of maintaining a minimum closing price of $1.00 per share.
The Company, Navios Maritime Containers L.P. (Nasdaq: NMCI), is a growth vehicle dedicated to the container sector of the maritime industry.