Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2017
$463.0 million revenue for 2017;$128.5 million for Q4 2017$50.8 million net cash from operating activities for 2017;$14.4 million for Q4 2017$126.8 million Adjusted EBITDA for 2017;$46.7 million Adjusted EBITDA for Q4 2017$134.2 million cash as ofDecember 31, 2017 - Fleet renewal and expansion 2017-2018YTD;
• Nine vessels added (eight chartered-in, three with purchase options)
• Two vessels sold
• ~11% increase in fleet capacity $12,305 /day TCE for Q4 2017- Positioned to capture market recovery:
• 22,684 available days for 2018
• 16,567 open and index days for 2018
HIGHLIGHTS – RECENT DEVELOPMENTS
Fleet update – Renewal and Expansion
In
Following the above transactions,
As of
The above figures do not include the fleet of Navios Logistics and vessels servicing contracts of affreightment.
Exhibit II provides certain details of the Core Fleet of
On
Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss 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 and Adjusted Basic Loss per Share of
Fourth Quarter 2017 and 2016 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The fourth quarter 2017 and 2016 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Three Month Period Ended | Three Month Period Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2017 | 2016 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 128,530 | $ | 99,475 | ||||||||||
Net Loss | $ | (51,601 | ) | $ | (242,439 | ) | ||||||||
Adjusted Net Loss | $ | (12,580 | ) | (1 | ) | $ | (27,644 | ) | (2 | ) | ||||
Net cash provided by/ (used in) operating activities | $ | 14,370 | $ | (5,357 | ) | |||||||||
EBITDA | $ | 7,669 | $ | (185,694 | ) | |||||||||
Adjusted EBITDA | $ | 46,690 | (1 | ) | $ | 29,101 | (2 | ) | ||||||
Basic Loss per Share | $ | (0.46 | ) | $ | (1.80 | ) | ||||||||
Adjusted Basic Loss per Share | $ | (0.13 | ) | (1 | ) | $ | (0.28 | ) | (3 | ) |
(1) | Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the three months ended December 31, 2017 exclude (i) $36.3 million impairment losses of one vessel and intangible asset and (ii) bond extinguishment losses of $2.7 million. | |
(2) | Adjusted EBITDA and Adjusted Net Loss for the three months ended December 31, 2016 exclude (i) $228.0 million other-than-temporary impairment (“OTTI”) relating to our investments in affiliates and (ii) debt extinguishment gains of $13.2 million. | |
(3) | Adjusted Basic Loss per Share for the three months ended December 31, 2016 exclude items referred in footnote (2) as well as a benefit of $46.6 million following the completion of the Series G and Series H Exchange Program. |
Revenue from dry bulk vessel operations for the three months ended
Revenue from the logistics business was
Net Loss of
Net loss of Navios Logistics was
Adjusted EBITDA of
EBITDA of Navios Logistics was
Year Ended
The information for the year ended
Year Ended |
Year Ended |
|||||||||||
December 31, | December 31, | |||||||||||
2017 | 2016 | |||||||||||
(unaudited) | (unaudited) | |||||||||||
Revenue | $ | 463,049 | $ | 419,782 | ||||||||
Net Loss | $ | (165,910 | ) | $ | (303,823 | ) | ||||||
Adjusted Net Loss | $ | (107,971 | ) | (1 | ) | $ | (106,130 | ) | (4 | ) | ||
Net cash provided by operating activities | $ | 50,784 | $ | 36,920 | ||||||||
EBITDA | $ | 68,813 | $ | (62,827 | ) | |||||||
Adjusted EBITDA | $ | 126,752 | (1 | ) | $ | 129,173 | (3 | ) | ||||
Basic Loss per Share | $ | (1.50 | ) | $ | (2.54 | ) | ||||||
Adjusted Basic Loss per Share | $ | (1.01 | ) | (2 | ) | $ | (1.14 | ) | (4 | ) |
(1) | Adjusted EBITDA and Adjusted Net Loss for the year ended December 31, 2017 exclude (i) $36.3 million of impairment losses of one vessel and an intangible asset; (ii) $14.2 million impairment losses on the sale of Navios Ionian and Navios Horizon; (iii) $4.7 million non-cash impairment losses relating to our affiliates; and (iv) bond extinguishment losses of $2.7 million. | |
(2) | Adjusted Basic Loss per Share for the year ended December 31, 2017 exclude items referred in footnote (1) as well as a benefit of $1.0 million following the completion of the Series G and Series H Exchange Programs. | |
(3) | Adjusted EBITDA for the year ended December 31, 2016 exclude (i) non-cash OTTI losses of $228.0 million relating to our investment in affiliates, (ii) debt extinguishment gains of $29.1 million, (iii) non-cash losses of $8.0 million relating to our share in Navios Partners’ impairment losses; and (iv) a $14.9 million compensation from the early redelivery of a vessel from its charterer. | |
(4) | Adjusted Net Loss and Adjusted Basic Loss per Share for the year ended December 31, 2016 exclude items referred in footnote (3) as well as (i) a $7.3 million income from the write-off of an intangible liability due to the early redelivery of a vessel; (ii) a $13.0 million write-off of intangible assets due to the early redelivery of a charter-in vessel; and (iii) a benefit of $46.6 million following the completion of the Series G and Series H Exchange Program. |
Revenue from dry bulk vessel operations for the year ended
Revenue from the logistics business was
Net Loss of
Net Income of Navios Logistics was
Adjusted EBITDA of
EBITDA of Navios Logistics was
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of
Three Month | Three Month | Year | Year | |||||||||||||
Period Ended | Period Ended | Ended | Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Available Days (1) | 5,869 | 5,616 | 23,433 | 21,908 | ||||||||||||
Operating Days (2) | 5,845 | 5,595 | 23,359 | 21,742 | ||||||||||||
Fleet Utilization (3) | 99.6 | % | 99.6 | % | 99.7 | % | 99.2 | % | ||||||||
Equivalent Vessels (4) | 64 | 61 | 64 | 60 | ||||||||||||
TCE (5) | $ | 12,305 | $ | 8,445 | $ | 9,705 | $ | 8,220 |
(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 major repairs, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues. | |
(2) | Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. | |
(3) | Fleet utilization is the percentage of time that Navios Holdings' vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels. | |
(4) | Equivalent Vessels is defined as the total available days during a relevant period divided by the number of days of this period. | |
(5) | TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period. |
Conference Call:
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A supplemental slide presentation will be available on the
Conference Call details:
Call Date/Time:
Call Title:
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International Dial In: +1.404.665.9927
Conference ID: 309 8887
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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 2018 cash flow generation, future contracted revenues, potential capital gains, our ability to take advantage of dislocation in the market and any market recovery, and
Contact:
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investors@navios.com
EXHIBIT I
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. dollars — except share and per share data)
Three Month Period Ended December 31, 2017 |
Three Month Period Ended December 31, 2016 |
Year Ended December 31, 2017 |
Year Ended December 31, 2016 |
|||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 128,530 | $ | 99,475 | $ | 463,049 | $ | 419,782 | ||||||||
Administrative fee revenue from affiliates | 6,725 | 5,382 | 23,667 | 21,799 | ||||||||||||
Time charter, voyage and logistics business expenses | (52,301 | ) | (50,750 | ) | (213,929 | ) | (175,072 | ) | ||||||||
Direct vessel expenses(1) | (26,147 | ) | (29,368 | ) | (116,713 | ) | (127,396 | ) | ||||||||
General and administrative expenses incurred on behalf of affiliates | (6,725 | ) | (5,382 | ) | (23,667 | ) | (21,799 | ) | ||||||||
General and administrative expenses(2) | (8,318 | ) | (6,283 | ) | (27,521 | ) | (25,295 | ) | ||||||||
Depreciation and amortization | (26,219 | ) | (25,434 | ) | (104,112 | ) | (113,825 | ) | ||||||||
Interest expense and finance cost, net | (30,968 | ) | (27,435 | ) | (114,780 | ) | (108,692 | ) | ||||||||
Impairment losses | (36,326 | ) | - | (50,565 | ) | - | ||||||||||
(Loss)/gain on bond and debt extinguishment | (2,695 | ) | 13,231 | (981 | ) | 29,187 | ||||||||||
Other (expense)/ income, net | (2,037 | ) | (84 | ) | (6,826 | ) | 5,206 | |||||||||
Loss before equity in net earnings of affiliated companies | (56,481 | ) | (26,648 | ) | (172,378 | ) | (96,105 | ) | ||||||||
Equity/(loss) in net earnings of affiliated companies | 2,191 | (218,420 | ) | 4,399 | (202,779 | ) | ||||||||||
Loss before taxes | $ | (54,290 | ) | $ | (245,068 | ) | $ | (167,979 | ) | $ | (298,884 | ) | ||||
Income tax benefit/(expense) | 2,630 | 572 | 3,192 | (1,265 | ) | |||||||||||
Net loss | (51,660 | ) | (244,496 | ) | (164,787 | ) | (300,149 | ) | ||||||||
Less: Net loss/ (income) attributable to the noncontrolling interest | 59 | 2,057 | (1,123 | ) | (3,674 | ) | ||||||||||
Net loss attributable to Navios Holdings common stockholders |
$ | (51,601 | ) | $ | (242,439 | ) | $ | (165,910 | ) | $ | (303,823 | ) | ||||
Loss attributable to Navios Holdings common stockholders, basic and diluted | $ | (54,249 | ) | $ | (199,793 | ) | $ | (175,298 | ) | $ | (273,105 | ) | ||||
Basic and diluted net losses per share attributable to Navios Holdings common stockholders | $ | (0.46 | ) | $ | (1.80 | ) | $ | (1.50 | ) | $ | (2.54 | ) | ||||
Weighted average number of shares, basic and diluted | 117,898,455 | 110,968,610 | 116,673,459 | 107,366,783 |
(1 | ) | Includes expenses of Navios Logistics of $15.5 million and $16.9 million for the three months ended December 31, 2017 and 2016, respectively and $70.5 million and $76.0 million for the year ended December 31, 2017 and 2016, respectively. |
(2 | ) | Includes expenses of Navios Logistics of $5.0 million and $4.0 million for the three months ended December 31, 2017 and 2016, respectively and $16.7 million and $14.3 million for the year ended December 31, 2017 and 2016, respectively. |
Other Financial Data
December 31, 2017 | December 31, 2016 | |||||||
(unaudited) | (unaudited) | |||||||
ASSETS | ||||||||
Cash and cash equivalents, including restricted cash | $ | 134,190 | $ | 141,378 | ||||
Other current assets | 121,886 | 131,762 | ||||||
Deposits for vessels, port terminals and other fixed assets | 36,849 | 136,891 | ||||||
Vessels, port terminal and other fixed assets, net | 1,809,225 | 1,821,101 | ||||||
Other non-current assets | 251,073 | 234,612 | ||||||
Goodwill and other intangibles | 276,758 | 287,151 | ||||||
Total assets | $ | 2,629,981 | $ | 2,752,895 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities, including current portion of long-term debt, net | 236,194 | 251,783 | ||||||
Senior and ship mortgage notes, net | 1,301,999 | 1,296,537 | ||||||
Long-term debt, net of current portion | 346,604 | 324,731 | ||||||
Other non-current liabilities | 128,020 | 76,291 | ||||||
Total stockholders’ equity | 617,164 | 803,553 | ||||||
Total liabilities and stockholders’ equity | $ | 2,629,981 | $ | 2,752,895 | ||||
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in
EBITDA represents net (loss)/income attributable to
EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of
EBITDA and Adjusted EBITDA have limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Holdings’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA and Adjusted EBITDA do not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Holdings’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
Navios Logistics EBITDA is used to measure its operating performance.
The following tables provide a reconciliation of EBITDA and Adjusted EBITDA of
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
December 31, | December 31, | ||||||
Three Months Ended | 2017 | 2016 | |||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Net cash provided by/ (used in) operating activities | $ | 14,370 | $ | (5,357 | ) | ||
Net increase in operating assets | 8,738 | 576 | |||||
Net increase in operating liabilities | (8,711 | ) | (2,391 | ) | |||
Net interest cost | 30,968 | 27,435 | |||||
Deferred finance charges | (2,097 | ) | (1,599 | ) | |||
Provision for losses on accounts receivable | (545 | ) | (702 | ) | |||
Equity in affiliates, net of dividends received | 1,954 | 5,361 | |||||
Payments for drydock and special survey costs | 800 | 3,721 | |||||
Noncontrolling interest | 59 | 2,057 | |||||
Other loss on sale of assets | (11 | ) | — | ||||
(Loss)/ gain on bond and debt extinguishment | (1,530 | ) | 13,231 | ||||
Impairment loss on investments in affiliates | — | (228,026 | ) | ||||
Other impairment losses | (36,326 | ) | — | ||||
EBITDA | $ | 7,669 | $ | (185,694 | ) | ||
Loss/ (gain) on bond and debt extinguishment | 2,695 | (13,231 | ) | ||||
Impairment loss on investments in affiliates | — | 228,026 | |||||
Other impairment losses | 36,326 | — | |||||
Adjusted EBITDA | $ | 46,690 | $ | 29,101 |
Three Month Period Ended (in thousands of U.S. dollars) |
December 31, 2017 |
December 31, 2016 |
|||||
(unaudited) | (unaudited) | ||||||
Net cash provided by/ (used in) operating activities | $ | 14,370 | $ | (5,357 | ) | ||
Net cash used in investing activities | $ | (9,378 | ) | $ | (21,156 | ) | |
Net cash provided by financing activities | $ | 8,442 | $ | 3,950 |
Navios Logistics EBITDA Reconciliation to Net Loss
December 31, | December 31, | ||||||
Three Months Ended | 2017 | 2016 | |||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Net loss | $ | (162 | ) | $ | (5,685 | ) | |
Depreciation and amortization | 7,241 | 5,887 | |||||
Amortization of deferred drydock and special survey costs | 2,054 | 1,804 | |||||
Interest expense and finance cost, net | 8,587 | 5,754 | |||||
Income tax benefit | (2,705 | ) | (641 | ) | |||
EBITDA | $ | 15,015 | $ | 7,119 |
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
December 31, | December 31, | ||||||
Year Ended | 2017 | 2016 | |||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Net cash provided by operating activities | $ | 50,784 | $ | 36,920 | |||
Net (decrease)/increase in operating assets | (25,052 | ) | 20,599 | ||||
Net increase in operating liabilities | (20,814 | ) | (38,928 | ) | |||
Net interest cost | 114,780 | 108,692 | |||||
Deferred finance charges | (6,391 | ) | (5,653 | ) | |||
Provision for losses on accounts receivable | (269 | ) | (1,304 | ) | |||
Equity in affiliates, net of dividends received | (4,610 | ) | 8,609 | ||||
Payments for drydock and special survey costs | 10,824 | 11,096 | |||||
Noncontrolling interest | (1,123 | ) | (3,674 | ) | |||
Other gain on sale of assets | 1,064 | — | |||||
Gain on bond and debt extinguishment | 185 | 29,187 | |||||
Impairment loss on investments in affiliates | — | (228,026 | ) | ||||
Other impairment losses | (50,565 | ) | — | ||||
Loss on sale and reclassification to earnings of available for sale securities | — | (345 | ) | ||||
EBITDA | $ | 68,813 | $ | (62,827 | ) | ||
Loss/(gain) on bond and debt extinguishment | 2,695 | (29,187 | ) | ||||
Impairment loss on investments in affiliates | — | 228,026 | |||||
Other impairment losses | 50,565 | — | |||||
Other items from affiliates | 4,679 | 8,032 | |||||
Compensation from early redelivery of a vessel from its charterer | — | (14,871 | ) | ||||
Adjusted EBITDA | $ | 126,752 | $ | 129,173 |
Year Ended | December 31, 2017 |
December 31, 2016 |
||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||
Net cash provided by operating activities | $ | 50,784 | $ | 36,920 | ||||
Net cash used in investing activities | $ | (42,365 | ) | $ | (150,565 | ) | ||
Net cash (used in)/ provided by financing activities | $ | (16,779 | ) | $ | 86,225 |
Navios Logistics EBITDA Reconciliation to Net Income
December 31, | December 31, | |||||
Year Ended | 2017 | 2016 | ||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||
Net income | $ | 3,105 | $ | 10,157 | ||
Depreciation and amortization | 26,865 | 26,628 | ||||
Amortization of deferred drydock and special survey costs | 7,928 | 6,870 | ||||
Interest expense and finance cost, net | 28,109 | 23,425 | ||||
Income tax (benefit)/expense | (3,468 | ) | 982 | |||
EBITDA | $ | 62,539 | $ | 68,062 |
EXHIBIT II
Owned Vessels
Vessel Name | Vessel Type | Year Built | Deadweight (in metric tons) |
||||||||
Navios Serenity | Handysize | 2011 | 34,690 | ||||||||
Navios Herakles | Ultra Handymax | 2001 | 52,061 | ||||||||
Navios Achilles | Ultra Handymax | 2001 | 52,063 | ||||||||
Navios Vector | Ultra Handymax | 2002 | 50,296 | ||||||||
Navios Meridian | Ultra Handymax | 2002 | 50,316 | ||||||||
Navios Mercator | Ultra Handymax | 2002 | 53,553 | ||||||||
Navios Arc | Ultra Handymax | 2003 | 53,514 | ||||||||
Navios Hios | Ultra Handymax | 2003 | 55,180 | ||||||||
Navios Kypros | Ultra Handymax | 2003 | 55,222 | ||||||||
Navios Astra | Ultra Handymax | 2006 | 53,468 | ||||||||
Navios Ulysses | Ultra Handymax | 2007 | 55,728 | ||||||||
Navios Celestial | Ultra Handymax | 2009 | 58,063 | ||||||||
Navios Vega | Ultra Handymax | 2009 | 58,792 | ||||||||
Navios Magellan | Panamax | 2000 | 74,333 | ||||||||
Navios Star | Panamax | 2002 | 76,662 | ||||||||
Navios Amitie | Panamax | 2005 | 75,395 | ||||||||
Navios Northern Star | Panamax | 2005 | 75,395 | ||||||||
Navios Taurus | Panamax | 2005 | 76,596 | ||||||||
Navios Asteriks | Panamax | 2005 | 76,801 | ||||||||
Navios Galileo | Panamax | 2006 | 76,596 | ||||||||
N Amalthia | Panamax | 2006 | 75,318 | ||||||||
N Bonanza | Panamax | 2006 | 76,596 | ||||||||
Navios Avior | Panamax | 2012 | 81,355 | ||||||||
Navios Centaurus | Panamax | 2012 | 81,472 | ||||||||
Navios Sphera | Panamax | 2016 | 84,872 | ||||||||
Navios Equator Prosper | Capesize | 2000 | 171,191 | ||||||||
Navios Stellar | Capesize | 2009 | 169,001 | ||||||||
Navios Bonavis | Capesize | 2009 | 180,022 | ||||||||
Navios Happiness | Capesize | 2009 | 180,022 | ||||||||
Navios Phoenix | Capesize | 2009 | 180,242 | ||||||||
Navios Lumen | Capesize | 2009 | 180,661 | ||||||||
Navios Antares | Capesize | 2010 | 169,059 | ||||||||
Navios Etoile | Capesize | 2010 | 179,234 | ||||||||
Navios Bonheur | Capesize | 2010 | 179,259 | ||||||||
Navios Altamira | Capesize | 2011 | 179,165 | ||||||||
Navios Azimuth | Capesize | 2011 | 179,169 | ||||||||
Navios Ray | Capesize | 2012 | 179,515 | ||||||||
Navios Gem | Capesize | 2014 | 181,336 | ||||||||
Navios Mars | Capesize | 2016 | 181,259 | ||||||||
Long term Chartered-in Fleet in Operation
Vessel Name | Vessel Type | Year Built |
Deadweight (in metric tons) |
Purchase Option(1) |
||||||
Navios Lyra | Handysize | 2012 | 34,718 | Yes (2) | ||||||
Navios Primavera | Ultra Handymax | 2007 | 53,464 | Yes | ||||||
Mercury Ocean | Ultra Handymax | 2008 | 53,452 | No | ||||||
Kouju Lily | Ultra Handymax | 2011 | 58,872 | No | ||||||
Navios Oriana | Ultra Handymax | 2012 | 61,442 | Yes | ||||||
Navios Mercury | Ultra Handymax | 2013 | 61,393 | Yes | ||||||
Navios Venus | Ultra Handymax | 2015 | 61,339 | Yes | ||||||
Osmarine | Panamax | 2006 | 76,000 | No | ||||||
Navios Aldebaran | Panamax | 2008 | 76,500 | Yes | ||||||
KM Imabari | Panamax | 2009 | 76,619 | No | ||||||
Navios Marco Polo | Panamax | 2011 | 80,647 | Yes | ||||||
Navios Southern Star | Panamax | 2013 | 82,224 | Yes | ||||||
Sea Victory | Panamax | 2014 | 77,095 | Yes | ||||||
Navios Sky | Panamax | 2015 | 82,056 | Yes | ||||||
Navios Amber | Panamax | 2015 | 80,994 | Yes | ||||||
Elsa S | Panamax | 2015 | 80,954 | No | ||||||
Navios Coral | Panamax | 2016 | 84,904 | Yes | ||||||
Navios Dolphin | Panamax | 2017 | 81,630 | Yes | ||||||
Navios Citrine | Panamax | 2017 | 81,626 | Yes | ||||||
Pacific Explorer | Capesize | 2007 | 177,000 | No | ||||||
King Ore | Capesize | 2010 | 176,800 | Yes | ||||||
Navios Koyo | Capesize | 2011 | 181,415 | Yes | ||||||
Navios Obeliks | Capesize | 2012 | 181,415 | Yes | ||||||
Dream Coral | Capesize | 2015 | 181,249 | Yes | ||||||
Dream Canary | Capesize | 2015 | 180,528 | Yes | ||||||
Navios Felix | Capesize | 2016 | 181,221 | Yes |
Long term Chartered-in Fleet to be delivered
Vessel Name | Vessel Type | Delivery date | Deadweight (in metric tons) |
Purchase Option(1) |
||||||
TBN | Panamax | March 2018 | 82,000 | No | ||||||
TBN | Panamax | May 2018 | 82,000 | No | ||||||
TBN | Panamax | Q4 2018 | 81,500 | No(3) | ||||||
TBN | Panamax | Q1 2019 | 81,500 | No(3) |
Long term Bareboat Chartered-in Fleet to be delivered
Vessel Name | Vessel Type | Delivery date | Deadweight (in metric tons) |
Purchase Option(1) |
||||
TBN | Panamax | Q4 2019 | 82,000 | Yes | ||||
TBN | Panamax | Q1 2020 | 82,000 | Yes | ||||
TBN | Panamax | Q4 2019 | 82,000 | Yes |
(1 | ) | Generally, Navios Holdings may exercise its purchase option after three to five years of service. |
(2 | ) | Navios Holdings holds the initial 50% purchase option on the vessel. |
(3 | ) | Navios Holdings has the right of first refusal and profit share on sale of vessel. |
Source: Navios Maritime Holdings, Inc.