Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2016
$113.1 million revenue for Q3 2016$2.1 million net cash from operating activities for Q3 2016$38.5 million adjusted EBITDA for Q3 2016- $163.3 million of cash as of
September 30, 2016 - Liability Management:
- Unsecured bond repurchases
- Series G and Series H ADS Exchange Program
- Low cost structure -
$1,274 expected reduction in 2017 daily cash breakeven
- Chartering strategy – positioned to capture market improvement
HIGHLIGHTS – RECENT DEVELOPMENTS
Unsecured Bond Repurchases
Since
Other Debt Developments
In
In
The Company entered into a new facility to refinance one Capesize vessel. The amount drawn under the new facility was
Series G and Series H ADS Exchange Program
On
Low Cost Structure -
- Reduction in bank debt cash requirements by
$11.4 million for the next 15 months - Reduction of annual interest expense by
$4.8 million though its$58.9 million unsecured bond repurchases - Reduction in cash breakeven of its chartered-in fleet following the chartering of seven new vessels at an average daily charter-in cost of
$6,827 for 2017
The total estimated available days of the Core Fleet, as detailed in Exhibit II, are 23,296, including 2,555 days added after charter-in fleet reconfiguration.
Time Charter Coverage – Positioned to Capture Market Improvement
As of
The above figures do not include the fleet of
Exhibit II provides certain details of the Navios Holdings’ fleet. It does not include the fleet of Navios Logistics.
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 a 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
Third Quarter 2016 and 2015 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The third quarter 2016 and 2015 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Three Month Period Ended | Three Month Period Ended | |||||||
September 30, | September 30, | |||||||
2016 | 2015 | |||||||
(unaudited) | (unaudited) | |||||||
Revenue | $ | 113,087 | $ | 130,955 | ||||
Net Loss | $ | (27,503 | ) | $ | (22,061 | ) | ||
Adjusted Net Loss (2) (3) | $ | (22,420 | ) | $ | (20,278 | ) | ||
Net cash provided by operating activities | $ | 2,140 | $ | 20,639 | ||||
EBITDA | $ | 46,389 | $ | 37,755 | ||||
Adjusted EBITDA (1) (2) | $ | 38,465 | $ | 39,538 | ||||
Basic Loss per Share | $ | (0.30 | ) | $ | (0.25 | ) | ||
Adjusted Basic Loss per share (2) (3) | $ | (0.25 | ) | $ | (0.23 | ) | ||
(1) Adjusted EBITDA for the three months ended September 30, 2016 exclude (a) gain on bond extinguishment of $16.0 million and (b) $8.0 million loss relating to our share in Navios Maritime Partners L.P. (“Navios Partners”) impairment losses. | ||||||||
(2) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss Per Share for the three months ended September 30, 2015 have been adjusted to exclude $1.8 million non-cash loss on available-for-sale securities. | ||||||||
(3) Adjusted Net Loss and Adjusted Basic Loss Per Share for the three months ended September 30, 2016 exclude the amounts referred to in footnote (1) above as well as $13.0 million write-off of intangible assets due to the early redelivery of a charter-in vessel. |
Revenue from dry bulk vessel operations for the three months ended
Revenue from the logistics business was
Net Loss of
Net income of Navios Logistics was
Adjusted EBITDA of
EBITDA of Navios Logistics was
Nine Months Ended
The information for the nine month period ended
Nine Month Period Ended | Nine Month Period Ended | |||||||
September 30, | September 30, | |||||||
2016 | 2015 | |||||||
(unaudited) | (unaudited) | |||||||
Revenue | $ | 320,307 | $ | 369,074 | ||||
Net Loss | $ | (61,384 | ) | $ | (73,552 | ) | ||
Adjusted Net Loss (2) (3) | $ | (56,301 | ) | $ | (71,769 | ) | ||
Net cash provided by operating activities | $ | 42,277 | $ | 22,378 | ||||
EBITDA | $ | 122,867 | $ | 96,701 | ||||
Adjusted EBITDA (1) (2) | $ | 114,943 | $ | 98,484 | ||||
Basic Loss per Share | $ | (0.69 | ) | $ | (0.81 | ) | ||
Adjusted Basic Loss per share (2) (3) | $ | (0.64 | ) | $ | (0.80 | ) | ||
(1) Adjusted EBITDA for the nine months ended September 30, 2016 exclude (a) gain on bond extinguishment of $16.0 million and (b) $8.0 million loss relating to our share in Navios Partners’ impairment losses. | ||||||||
(2) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss Per Share for the nine months ended September 30, 2015 have been adjusted to exclude $1.8 million non-cash loss on available-for-sale securities. | ||||||||
(3) Adjusted Net Loss and Adjusted Basic Loss Per Share for the nine months ended September 30, 2016 exclude the amounts referred in footnote (1) above as well as $13.0 million write-off of intangible assets due to the early redelivery of a charter-in vessel. |
Revenue from dry bulk vessel operations for the nine months 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 the
Three Month | Three Month | Nine Month | Nine Month | |||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Available Days (1) | 5,215 | 6,245 | 16,373 | 17,429 | ||||||||||||
Operating Days (2) | 5,206 | 6,122 | 16,238 | 17,188 | ||||||||||||
Fleet Utilization (3) | 99.8 | % | 98.0 | % | 99.2 | % | 98.6 | % | ||||||||
Equivalent Vessels (4) | 57 | 68 | 60 | 64 | ||||||||||||
TCE (5) | $ | 9,010 | $ | 8,570 | $ | 8,102 | $ | 7,776 | ||||||||
(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) Time charter equivalent rate (“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. |
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Forward Looking Statements - Safe Harbor
This press release contains 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 2016 and 2017 cash flow generation, future contracted revenues, potential capital gains, our ability to take advantage of dislocation in the market, and
EXHIBIT I | |||||||||||||||||||
NAVIOS MARITIME HOLDINGS INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(Expressed in thousands of U.S. dollars — except share and per share data) | |||||||||||||||||||
Three Month Period Ended September 30, 2016 |
Three Month Period Ended September 30, 2015 |
Nine Month Period Ended September 30, 2016 |
Nine Month Period Ended September 30, 2015 |
||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||
Revenue | $ | 113,087 | $ | 130,955 | $ | 320,307 | $ | 369,074 | |||||||||||
Administrative fee revenue from affiliates | 5,472 | 4,142 | 16,417 | 11,946 | |||||||||||||||
Time charter, voyage and logistics business expenses | (41,846 | ) | (63,386 | ) | (124,322 | ) | (191,176 | ) | |||||||||||
Direct vessel expenses(1) | (33,269 | ) | (33,751 | ) | (98,028 | ) | (100,316 | ) | |||||||||||
General and administrative expenses incurred on behalf of affiliates | (5,472 | ) | (4,142 | ) | (16,417 | ) | (11,946 | ) | |||||||||||
General and administrative expenses(2) | (6,182 | ) | (6,303 | ) | (19,012 | ) | (21,782 | ) | |||||||||||
Depreciation and amortization | (41,432 | ) | (27,356 | ) | (88,391 | ) | (76,040 | ) | |||||||||||
Interest expense and finance cost, net | (26,809 | ) | (27,534 | ) | (81,257 | ) | (83,410 | ) | |||||||||||
Gain on bond extinguishment | 15,956 | — | 15,956 | — | |||||||||||||||
Other (expense)/income, net | (3,844 | ) | (6,709 | ) | 5,290 | (11,944 | ) | ||||||||||||
Loss before equity in net earnings of affiliated companies | (24,339 | ) | (34,084 | ) | (69,457 | ) | (115,594 | ) | |||||||||||
Equity in net (loss)/earnings of affiliated companies | (735 | ) | 16,828 | 15,641 | 48,708 | ||||||||||||||
Loss before taxes | $ | (25,074 | ) | $ | (17,256 | ) | $ | (53,816 | ) | $ | (66,886 | ) | |||||||
Income tax (expense)/ benefit | (1,413 | ) | (955 | ) | (1,837 | ) | 888 | ||||||||||||
Net loss | (26,487 | ) | (18,211 | ) | (55,653 | ) | (65,998 | ) | |||||||||||
Less: Net income attributable to the noncontrolling interest | (1,016 | ) | (3,850 | ) | (5,731 | ) | (7,554 | ) | |||||||||||
Net loss attributable to Navios Holdings common stockholders | $ | (27,503 | ) | $ | (22,061 | ) | $ | (61,384 | ) | $ | (73,552 | ) | |||||||
Loss attributable to Navios Holdings common stockholders, basic and diluted | $ | (31,490 | ) | $ | (26,115 | ) | $ | (73,312 | ) | $ | (85,772 | ) | |||||||
Basic and diluted net losses per share attributable to Navios Holdings common stockholders | $ | (0.30 | ) | $ | (0.25 | ) | $ | (0.69 | ) | $ | (0.81 | ) | |||||||
Weighted average number of shares, basic and diluted | 106,423,653 | 106,409,052 | 106,157,410 | 105,641,650 | |||||||||||||||
(1) Includes expenses of Navios Logistics of $21.0 million and $21.4 million for the three months ended September 30, 2016 and 2015, respectively and $59.1 million and $62.3 million for the nine months ended September 30, 2016 and 2015, respectively. | |||||||||||||||||||
(2) Includes expenses of Navios Logistics of $3.4 million and $3.1 million for the three months ended September 30, 2016 and 2015, respectively and $10.3 million and $10.6 million for the nine months ended September 30, 2016 and 2015, respectively. |
NAVIOS MARITIME HOLDINGS INC. | |||||||||||
Other Financial Data | |||||||||||
September 30, 2016 |
December 31, 2015 |
||||||||||
(unaudited) |
(unaudited) | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents, including restricted cash | $ | 163,326 | $ | 176,892 | |||||||
Other current assets | 132,844 | 126,067 | |||||||||
Deposits for vessels, port terminals and other fixed assets | 116,424 | 73,949 | |||||||||
Vessels, port terminal and other fixed assets, net | 1,844,143 | 1,823,961 | |||||||||
Other non-current assets | 456,048 | 447,151 | |||||||||
Goodwill and other intangibles | 288,876 | 310,793 | |||||||||
Total assets | $ |
3,001,661 | $ | 2,958,813 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities, excluding current portion of long-term debt, net | 224,539 | 209,912 | |||||||||
Senior and ship mortgage notes, net | 1,322,218 | 1,350,941 | |||||||||
Long-term debt, including current portion of long term debt, net | 276,407 | 230,367 | |||||||||
Other non-current liabilities | 122,042 | 57,041 | |||||||||
Total stockholders’ equity | 1,056,455 | 1,110,552 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,001,661 | $ | 2,958,813 | |||||||
Nine Month Period Ended September 30, 2016 |
Nine Month Period Ended September 30, 2015 |
||||||||||
(unaudited) | (unaudited) | ||||||||||
Net cash provided by operating activities | $ | 42,277 | $ | 22,378 | |||||||
Net cash used in investing activities | $ | (129,409 | ) | $ | (27,624 | ) | |||||
Net cash provided by/(used in) financing activities | $ | 82,275 | $ | (68,950 | ) |
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 | |||||||||
September 30, | September 30, | ||||||||
Three Months Ended | 2016 | 2015 | |||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||||
Net cash provided by operating activities | $ | 2,140 | $ | 20,639 | |||||
Net increase in operating assets | 8,247 | 30,837 | |||||||
Net (increase) in operating liabilities | (3,381 | ) | (45,771 | ) | |||||
Net interest cost | 26,809 | 27,534 | |||||||
Deferred finance charges | (1,359 | ) | (1,135 | ) | |||||
Provision for losses on accounts receivable | (453 | ) | (95 | ) | |||||
Equity in affiliates, net of dividends received | (4,857 | ) | 7,512 | ||||||
Payments for drydock and special survey costs | 4,303 | 3,867 | |||||||
Noncontrolling interest | (1,016 | ) | (3,850 | ) | |||||
Loss on sale and reclassification to earnings of available for sale securities | — | (1,783 | ) | ||||||
Gain on bond extinguishment | 15,956 | — | |||||||
EBITDA | $ | 46,389 | $ | 37,755 | |||||
Gain on bond extinguishment | (15,956 | ) | — | ||||||
Other items from affiliates (share in Navios Partner's impairment loss) | 8,032 | — | |||||||
Reclassification to earnings of available for sale securities | — | 1,783 | |||||||
Adjusted EBITDA | $ | 38,465 | $ | 39,538 |
Navios Logistics EBITDA Reconciliation to Net Income | |||||||||
September 30, | September 30, | ||||||||
Three Months Ended | 2016 | 2015 | |||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||||
Net income | $ | 2,807 | $ | 10,642 | |||||
Depreciation and amortization | 7,679 | 6,486 | |||||||
Amortization of deferred drydock and special survey costs | 1,680 | 1,656 | |||||||
Interest expense and finance cost, net | 5,638 | 6,521 | |||||||
Income tax expense | 1,341 | 880 | |||||||
EBITDA | $ | 19,145 | $ | 26,185 |
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations | |||||||||||
September 30, | September 30, | ||||||||||
Nine Months Ended | 2016 | 2015 | |||||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||||||
Net cash provided by operating activities | $ | 42,277 | $ | 22,378 | |||||||
Net decrease/ (increase) in operating assets | 20,023 | (28,671 | ) | ||||||||
Net (increase) in operating liabilities | (36,537 | ) | (9,142 | ) | |||||||
Net interest cost | 81,257 | 83,410 | |||||||||
Deferred finance charges | (4,054 | ) | (3,290 | ) | |||||||
Provision for losses on accounts receivable | (602 | ) | (104 | ) | |||||||
Equity in affiliates, net of dividends received | 3,248 | 21,674 | |||||||||
Payments for drydock and special survey costs | 7,375 | 19,783 | |||||||||
Noncontrolling interest | (5,731 | ) | (7,554 | ) | |||||||
Loss on sale and reclassification to earnings of available for sale securities | (345 | ) | (1,783 | ) | |||||||
Gain on bond extinguishment | 15,956 | — | |||||||||
EBITDA | $ | 122,867 | $ | 96,701 | |||||||
Gain on bond extinguishment | (15,956 | ) | — |
||||||||
Other items from affiliates (share in Navios Partner's impairment loss) | 8,032 | — | |||||||||
Reclassification to earnings of available for sale securities | — | 1,783 | |||||||||
Adjusted EBITDA | $ | 114,943 | $ | 98,484 |
Navios Logistics EBITDA Reconciliation to Net Income | ||||||||||
September 30, | September 30, | |||||||||
Nine Months Ended | 2016 | 2015 | ||||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||||
Net income | $ | 15,843 | $ | 20,880 | ||||||
Depreciation and amortization | 20,740 | 19,544 | ||||||||
Amortization of deferred drydock and special survey costs | 5,065 | 5,119 | ||||||||
Interest expense and finance cost, net | 17,671 | 20,069 | ||||||||
Income tax expense/(benefit) | 1,623 | (1,105 | ) | |||||||
EBITDA | $ | 60,942 | $ | 64,507 |
Core Fleet - Owned Vessels | ||||||
EXHIBIT II | ||||||
Vessel Name | Vessel Type | Year Built | Deadweight (in metric tons) |
|||
Navios Serenity | Handysize | 2011 | 34,690 | |||
Navios Ionian | Ultra Handymax | 2000 | 52,067 | |||
Navios Horizon | Ultra Handymax | 2001 | 50,346 | |||
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 Northern Star | Panamax | 2005 | 75,395 | |||
Navios Amitie | Panamax | 2005 | 75,395 | |||
Navios Taurus | Panamax | 2005 | 76,596 | |||
Navios Asteriks | Panamax | 2005 | 76,801 | |||
N Amalthia | Panamax | 2006 | 75,318 | |||
N Bonanza | Panamax | 2006 | 76,596 | |||
Navios Galileo | Panamax | 2006 | 76,596 | |||
Navios Avior | Panamax | 2012 | 81,355 | |||
Navios Centaurus | Panamax | 2012 | 81,472 | |||
Navios Sphera | Panamax | 2016 | 84,872 | |||
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 |
Core Fleet - 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 | ||||
Navios Oriana | Ultra Handymax | 2012 | 61,442 | Yes | ||||
Navios Mercury | Ultra Handymax | 2013 | 61,393 | Yes | ||||
Navios Venus | Ultra Handymax | 2015 | 61,339 | Yes | ||||
Navios Aldebaran | Panamax | 2008 | 76,500 | Yes | ||||
Navios Marco Polo | Panamax | 2011 | 80,647 | Yes | ||||
Navios Southern Star | Panamax | 2013 | 82,224 | Yes | ||||
Sea Victory | Panamax | 2014 | 77,095 | Yes | ||||
Navios Amber | Panamax | 2015 | 80,994 | Yes | ||||
Navios Sky | Panamax | 2015 | 82,056 | Yes | ||||
Navios Coral | Panamax | 2016 | 84,904 | Yes | ||||
Navios Koyo | Capesize | 2011 | 181,415 | Yes | ||||
Dream Canary | Capesize | 2015 | 180,528 | Yes | ||||
Dream Coral | Capesize | 2015 | 181,249 | Yes | ||||
Navios Felix | Capesize | 2016 | 181,221 | Yes | ||||
Core Fleet - Long-term Chartered-in Fleet to be Delivered | ||||||||
Vessel | Delivery | Deadweight | Purchase | |||||
Vessels | Type | Date | (in metric tons) | Option | ||||
Kouju Lily | Handymax | Q4 2016 | 58,872 | No | ||||
Osmarine | Panamax | Q1 2017 | 76,000 | No | ||||
KM Imabari | Panamax | Q1 2017 | 76,000 | No | ||||
Navios Citrine | Panamax | Q1 2017 | 81,000 | Yes | ||||
Navios Dolphin | Panamax | Q1 2017 | 81,000 | Yes | ||||
Equator Prosper | Capesize | Q1 2017 | 170,000 | No | ||||
Pacific Explorer | Capesize | Q1 2017 | 177,000 | No | ||||
Kleimar Controlled Fleet - Long-term Chartered-in Fleet in Operation | ||||||||
Vessel Name | Vessel Type | Year Built |
Deadweight (in metric tons) |
Purchase Option(1) |
||||
King Ore | Capesize | 2010 | 176,800 | Yes | ||||
Navios Obeliks | Capesize | 2012 | 181,415 | 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. |
Contact:Navios Maritime Holdings Inc. +1.212.906.8643 investors@navios.com