6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Dated: September 15, 2016

Commission File No. 001-33311

 

 

NAVIOS MARITIME HOLDINGS INC.

 

 

7 Avenue de Grande Bretagne, Office 11B2

Monte Carlo, MC 98000 Monaco

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F  x                Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨                 No    x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨                 No  x

 

 

 


Financial Results

On August 25, 2016, Navios Maritime Holdings Inc. (“Navios Holdings”) issued a press release announcing the operational and financial results for the second quarter and six months ended June 30, 2016. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

Continued Listing Standards Notice

On September 1, 2016, Navios Holdings issued a press release announcing it received notice from the New York Stock Exchange, Inc. (the “NYSE”) indicating that Navios Holdings has regained compliance with the NYSE’s continued listing standards. A copy of the press release is furnished as Exhibit 99.2 to this Report and is incorporated herein by reference.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

NAVIOS MARITIME HOLDINGS INC.

By:

  /s/ Angeliki Frangou
  Angeliki Frangou
  Chief Executive Officer
  Date: September 15, 2016


EXHIBIT INDEX

 

Exhibit
No.
  

Exhibit

99.1    Press release, dated August 25, 2016: Navios Maritime Holdings Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2016
99.2    Press release, dated September 1, 2016: Navios Maritime Holdings Inc. Regains Compliance with NYSE Continued Listing Requirements
EX-99.1

Exhibit 99.1

News Release

Navios Maritime Holdings Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2016

 

    $105.7 million Revenue for Q2 2016

 

    $40.1 million net cash from operating activities for Q2 2016

 

    $31.1 million EBITDA for Q2 2016

 

    $143.2 million of cash as of June 30, 2016

 

    Positioned to weather difficult market

 

    Solid operational performance - ~100% fleet utilization

 

    Low cost structure

MONACO, Aug. 25, 2016 (GLOBE NEWSWIRE) — Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the second quarter and six months ended June 30, 2016.

Angeliki Frangou, Chairman and Chief Executive Officer, stated, “Navios Holdings had a solid second quarter performance, earning $31.0 million in EBITDA, which was relatively in line with 2015. We have $143.2 million of cash as of June 30, 2016 and no material debt maturities until 2019.”

Angeliki Frangou continued: “Our scale provides us with significant operating leverage. Navios Holdings’ opex is estimated to be approximately 42% less than the industry average. During the last twelve months, we have also reduced general and administrative expenses by approximately 30%, which we expect to reduce further to a total of 40% by year end. This reduction makes us one of the lowest cost operators among publicly listed dry bulk shipping companies.”

HIGHLIGHTS

Time Charter Coverage

Navios Holdings controls a fleet of 61 vessels totaling 6.3 million dwt, of which 40 are owned and 21 are chartered-in under long-term charters (collectively, the “Core Fleet”). Navios Holdings currently operates 57 vessels (19 Capesize, 18 Panamax, 18 Ultra Handymax and two Handysize vessels) totaling 5.9 million dwt. The current average age of the operating fleet is 7.8 years. Additionally, Navios Holdings has four newbuilding charter-in vessels expected to be delivered at various dates beginning in the fourth quarter of 2016 until 2017.

As of August 22, 2016, Navios Holdings has chartered-out 86.6% and 34.2% of available days for the remaining six months of 2016 and for 2017, respectively (including index-linked charters), which are expected to generate $57.1 million and $20.9 million in base revenue, respectively. The average daily charter-out base rate for the Core Fleet is $8,813 and $15,319 for the remaining six months of 2016 and for 2017, respectively. The average daily charter-in rate for the active long-term charter-in vessels for the remaining six months of 2016 is estimated at $12,421.


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.

Earnings Highlights

See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA of Navios Holdings (including Navios Logistics), and of Navios Logistics (on a stand-alone basis), and a reconciliation of such measures to the most comparable measures calculated under U.S. GAAP.

Second Quarter 2016 and 2015 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):

The second quarter 2016 and 2015 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.

 

     Three Month Period
Ended

June 30,
2016
     Three Month Period
Ended

June 30,
2015
 
     (unaudited)      (unaudited)  

Revenue

   $ 105,733       $ 119,839   

Net Loss

   $ (26,416    $ (24,813

Net cash provided by operating activities

   $ 11,197       $ 2,095   

EBITDA

   $ 31,054       $ 32,705   

Basic Loss per Share

   $ (0.29    $ (0.27

Revenue from dry bulk vessel operations for the three months ended June 30, 2016 was $47.0 million as compared to $53.6 million for the same period during 2015. The decrease in dry bulk revenue was mainly attributable to (i) a decrease in available days of our fleet by 648 days, mainly due to a decrease in short-term charter-in and long-term charter-in fleet available days; and (ii) the decline in the freight market during 2016, as compared to the same period in 2015.

Revenue from the logistics business was $58.8 million for the three months ended June 30, 2016 as compared to $66.2 million for the same period during 2015. The decrease was mainly attributable to (i) a decrease in sales of products in the liquid terminal, due to lower volume and lower price of products sold;(ii) a decrease in products transported in the dry and liquid port terminals; and (iii) a decrease in the number of available days of the cabotage fleet.

EBITDA of Navios Holdings for the three months ended June 30, 2016 decreased by $1.6 million to $31.1 million as compared to $32.7 million for the same period of 2015. The $1.6 million decrease in EBITDA was primarily due to (i) a $14.1 million decrease in revenue; and (ii) a $14.6 million decrease in equity in net earnings from affiliated companies. This overall decrease of $28.7 million was partially mitigated by (i) a $21.8 million decrease in time charter, voyage and logistics business expenses; (ii) a $1.4 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iii) a $2.4 million decrease in general and administrative expenses (excluding share-based compensation expenses);(iv) a $0.8 million decrease in other expense, net; and (v) a $0.7 million decrease in net income attributable to the noncontrolling interest.


EBITDA of Navios Logistics was $20.7 million for the three month period ended June 30, 2016 as compared to $22.7 million for the same period in 2015.

Net Loss of Navios Holdings for the three months ended June 30, 2016 was $26.4 million as compared to $24.8 million for the same period of 2015. The $1.6 million increase in Net Loss was mainly due to (i) a decrease in EBITDA by $1.6 million; (ii) a decrease in income tax benefit of $1.0 million; (iii) an increase in amortization for deferred drydock and special survey costs of $0.4 million; and (iv) an increase in share-based compensation expense of $0.1 million. This overall increase was partially mitigated by (i) a decrease in interest expense and finance cost, net by $1.1 million; and (ii) a decrease in depreciation and amortization by $0.4 million.

First Half of 2016 and 2015 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):

The information for the six month period ended June 30, 2016 and 2015 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.

 

     Six Month Period
Ended

June 30,
2016
     Six Month Period
Ended

June 30,
2015
 
     (unaudited)      (unaudited)  

Revenue

   $ 207,220       $ 238,119   

Net Loss

   $ (33,881    $ (51,491

Net cash provided by operating activities

   $ 40,137       $ 1,739   

EBITDA

   $ 76,478       $ 58,946   

Basic Loss per Share

   $ (0.39    $ (0.57

Revenue from dry bulk vessel operations for the six months ended June 30, 2016 was $93.3 million as compared to $106.8 million for the same period during 2015. The decrease in drybulk revenue was mainly attributable to the decline in the freight market during 2016, as compared to the same period in 2015.

Revenue from the logistics business was $114.0 million for the six months ended June 30, 2016 as compared to $131.3 million for the same period of 2015. This decrease was mainly attributable to (i) a decrease in sales of products in the liquid terminal, due to lower volume and lower price of products sold; (ii) a decrease in products transported in the dry and liquid port terminals; and (iii) a decrease in the number of available days of the cabotage fleet. This overall decrease was partially mitigated by an increase in dry and liquid cargoes transported in the barge business.

EBITDA of Navios Holdings for the six month period ended June 30, 2016 increased by $17.6 million to $76.5 million as compared to $58.9 million for the same period of 2015. The $17.6 million increase in EBITDA was primarily due to (i) a $45.3 million decrease in time charter, voyage and logistics business expenses; (ii) a $2.5 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iii) a $2.9 million


decrease in general and administrative expenses (excluding share-based compensation expenses); and (iv) a $14.3 million increase in other income, net. This overall increase of $65.0 million was partially mitigated by (i) a $30.9 million decrease in revenue; (ii) a $15.5 million decrease in equity in net earnings from affiliated companies; and (iii) a $1.0 million increase in net income attributable to the noncontrolling interest.

EBITDA of Navios Logistics was $41.8 million for the six month period ended June 30, 2016 as compared to $38.3 million for the same period in 2015.

Net Loss of Navios Holdings for the six months ended June 30, 2016 was $33.9 million as compared to $51.5 million for the same period of 2015. The $17.6 million decrease in Net Loss was mainly due to (i) an increase in EBITDA of $17.6 million; (ii) a decrease in interest expense and finance cost, net of $1.5 million; and (iii) a decrease in depreciation and amortization of $1.7 million. This decrease in Net Loss was partially mitigated by (i) an increase in income tax expense of $2.3 million; (ii) an increase of $0.7 million in amortization for deferred drydock and special survey costs; and (iii) an increase of $0.2 million in share-based compensation expense.

Fleet Summary Data:

The following table reflects certain key indicators indicative of the performance of the Navios Holdings’ dry bulk operations (excluding the Navios Logistics fleet) and its fleet performance for the three and six month periods ended June 30, 2016 and 2015, respectively.

 

     Three Month
Period Ended
June 30,

2016
    Three Month
Period Ended
June 30,

2015
    Six Month
Period Ended
June 30,

2016
    Six Month
Period Ended
June 30,

2015
 
     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  

Available Days (1)

     5,198        5,846        11,158        11,184   

Operating Days (2)

     5,181        5,793        11,037        11,077   

Fleet Utilization (3)

     99.7     99.1     98.9     99.0

Equivalent Vessels (4)

     57        64        61        62   

TCE (5)

   $ 8,445      $ 7,457      $ 7,678      $ 7,332   

 

(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.

Conference Call:

As previously announced, Navios Holdings will host a conference call today, August 25, 2016, at 8:30 am ET, at which time Navios Holdings’ senior management will provide highlights and commentary on earnings results for the second quarter and six months ended June 30, 2016.

A supplemental slide presentation will be available on the Navios Holdings website at www.navios.com under the “Investors” section by 8:00 am ET on the day of the call.

Conference Call details:

Call Date/Time: Thursday, August 25, 2016, at 8:30 am ET

Call Title: Navios Holdings Q2 2016 Financial Results Conference Call

US Dial In: +1.877.480.3873

International Dial In: +1.404.665.9927

Conference ID: 2750 5133

The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367

International Replay Dial In: +1.404.537.3406

Conference ID: 27505133

This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, www.navios.com, under the “Investors” section. The Webcast will be archived and available at the same Web address for two weeks following the call.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website: www.navios.com.

About Navios South American Logistics Inc.

Navios South American Logistics Inc. is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations. For more information about Navios Logistics please visit its website: www.navios-logistics.com.

About Navios Maritime Partners L.P.

Navios Partners (NYSE:NMM) is a publicly traded master limited partnership which owns and operates container and dry cargo vessels. For more information, please visit its website at www.navios-mlp.com.


About Navios Maritime Acquisition Corporation

Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website: www.navios-acquisition.com.

About Navios Maritime Midstream Partners L.P.

Navios Maritime Midstream Partners L.P. (NYSE:NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit its website at www.navios-midstream.com.

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 Navios Holdings’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Holdings at the time these statements were made. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize and UltraHandymax vessels in particular, fluctuations in charter rates for dry cargo carriers vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance, and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings’ filings with the Securities and Exchange Commission, including its Form 20-F’s and Form 6-K’s. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Holdings makes no prediction or statement about the performance of its common stock.


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
June 30,

2016
    Three Month
Period Ended
June 30,

2015
    Six Month
Period Ended
June 30,

2016
    Six Month
Period Ended
June 30,

2015
 
     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Revenue

   $ 105,733      $ 119,839      $ 207,220      $ 238,119   

Administrative fee revenue from affiliates

     5,463        3,882        10,945        7,804   

Time charter, voyage and logistics business expenses

     (36,095     (57,856     (82,476     (127,790

Direct vessel expenses(1)

     (34,685     (35,748     (64,759     (66,565

General and administrative expenses incurred on behalf of affiliates

     (5,463     (3,882     (10,945     (7,804

General and administrative expenses(2)

     (6,392     (8,668     (12,830     (15,479

Depreciation and amortization

     (27,132     (27,479     (46,959     (48,684

Interest expense and finance cost, net

     (26,698     (27,838     (54,448     (55,876

Other (expense)/income, net

     (2,530     (3,321     9,134        (5,235
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before equity in net earnings of affiliated companies

     (27,799     (41,071     (45,118     (81,510

Equity in net earnings of affiliated companies

     3,424        17,968        16,376        31,880   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before taxes

   $ (24,375   $ (23,103   $ (28,742   $ (49,630

Income tax benefit/(expense)

     621        1,695        (424     1,843   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (23,754     (21,408     (29,166     (47,787

Less: Net income attributable to the noncontrolling interest

     (2,662     (3,405     (4,715     (3,704
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Navios Holdings common stockholders

   $ (26,416   $ (24,813   $ (33,881   $ (51,491
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss attributable to Navios Holdings common stockholders, basic and diluted

   $ (30,387   $ (28,906   $ (41,822   $ (59,657
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net losses per share attributable to Navios Holdings common stockholders

   $ (0.29   $ (0.27   $ (0.39   $ (0.57
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares, basic and diluted

     106,009,049        105,401,820        106,022,826        105,251,590   


(1) Includes expenses of Navios Logistics of $21.4 million and $22.9 million for the three months ended June 30, 2016 and 2015, respectively and $38.1 million and $41.0 million for the six months ended June 30, 2016 and 2015, respectively.
(2) Includes expenses of Navios Logistics of $35 million and $39 million for the three months ended June 30, 2016 and 2015, respectively and $6.8 million and $7.5 million for the six months ended June 30, 2016 and 2015, respectively.


NAVIOS MARITIME HOLDINGS INC.

Other Financial Data

 

     June 30,      December 31,  
     2016      2015  
     (unaudited)      (unaudited)  

ASSETS

     

Cash and cash equivalents, including restricted cash

   $ 143,200       $ 176,892   

Other current assets

     143,766         126,067   

Deposits for vessels, port terminals and other fixed assets

     91,669         73,949   

Vessels, port terminal and other fixed assets, net

     1,868,668         1,823,961   

Other noncurrent assets

     449,578         447,151   

Goodwill and other intangibles

     304,814         310,793   
  

 

 

    

 

 

 

Total assets

   $ 3,001,695       $ 2,958,813   
  

 

 

    

 

 

 

LIABILITIES AND EQUITY

     

Current liabilities, including current portion of long-term debt, net

     245,040         226,856   

Senior and ship mortgage notes, net

     1,352,860         1,350,941   

Long-term debt, net of current portion

     252,520         213,423   

Other noncurrent liabilities

     69,184         57,041   

Total stockholders’ equity

     1,082,091         1,110,552   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 3,001,695       $ 2,958,813   
  

 

 

    

 

 

 
     Six Month      Six Month  
     Period Ended      Period Ended  
     June 30,      June 30,  
     2016      2015  
     (unaudited)      (unaudited)  

Net cash provided by operating activities

   $ 40,137       $ 1,739   

Net cash used in investing activities

   $ (112,319    $ (18,176

Net cash provided by/(used in) financing activities

   $ 49,299       $ (50,753

Disclosure of Non-GAAP Financial Measures

EBITDA is a non-U.S. GAAP financial measure and should not be used in isolation or as substitution for Navios Holdings’ results calculated in accordance with U.S. GAAP.

EBITDA represents net (loss)/income attributable to Navios Holdings’ common stockholders before interest and finance costs, before depreciation and amortization, before income taxes and before stock-based compensation. We use EBITDA as a liquidity measure and reconcile EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case maybe, the effect of (i) net increase/(decrease) in operating assets, (ii) net (increase)/decrease in operating liabilities, (iii) net interest cost, (iv) deferred finance charges and other related expenses,(v)provision for losses on accounts receivable,(vi) equity in affiliates, net of dividends received, (vii) payments for drydock and special survey costs, (viii) noncontrolling interest, and (ix) reclassification to earnings of available-for-sale securities and impairment charges. Navios Holdings believes that EBITDA is a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Holdings’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Holdings also believes that EBITDA is used (i) by prospective and current lessors as well as potential lenders


to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

EBITDA has 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 does not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA does 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 does not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA should not be considered as a principal indicator of Navios Holdings’ performance. Furthermore, our calculation of 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 of Navios Holdings (including Navios Logistics) and EBITDA of Navios Logistics on a stand-alone basis:

Navios Holdings Reconciliation of EBITDA to Cash from Operations

 

     June 30,      June 30,  
Three Months Ended    2016      2015  
(in thousands of U.S. dollars)    (unaudited)      (unaudited)  

Net cash provided by operating activities

   $ 11,197       $ 2,095   

Net increase/(decrease) in operating assets

     447         (27,570

Net (increase)/decrease in operating liabilities

     (3,753      18,343   

Net interest cost

     26,698         27,838   

Deferred finance charges

     (1,411      (1,046

Provision for losses on accounts receivable

     (43      56   

Equity in affiliates, net of dividends received

     (783      9,109   

Payments for drydock and special survey

     1,709         7,285   

Noncontrolling interest

     (2,662      (3,405

Loss on available-for-sale securities

     (345      —     
  

 

 

    

 

 

 

EBITDA

   $ 31,054       $ 32,705   
  

 

 

    

 

 

 

Navios Logistics EBITDA Reconciliation to Net Income

 

     June 30,      June 30,  
Three Months Ended    2016      2015  
(in thousands of U.S. dollars)    (unaudited)      (unaudited)  

Net income

   $ 7,362       $ 9,412   

Depreciation and amortization

     6,387         6,591   

Amortization of deferred drydock and special survey costs

     1,787         1,752   

Interest expense and finance cost, net

     5,829         6,735   

Income tax benefit

     (694      (1,767
  

 

 

    

 

 

 

EBITDA

   $ 20,671       $ 22,723   
  

 

 

    

 

 

 


Navios Holdings Reconciliation of EBITDA to Cash from Operations

 

     June 30,      June 30,  
Six Months Ended    2016      2015  
(in thousands of U.S. dollars)    (unaudited)      (unaudited)  

Net cash provided by operating activities

   $ 40,137       $ 1,739   

Net increase/(decrease) in operating assets

     11,776         (59,508

Net (increase)/decrease in operating liabilities

     (33,156      36,630   

Net interest cost

     54,448         55,876   

Deferred finance charges

     (2,695      (2,155

Provision for losses on accounts receivable

     (149      (10

Equity in affiliates, net of dividends received

     8,105         14,162   

Payments for drydock and special survey

     3,072         15,916   

Noncontrolling interest

     (4,715      (3,704

Loss on available-for-sale securities

     (345      —     
  

 

 

    

 

 

 

EBITDA

   $ 76,478       $ 58,946   
  

 

 

    

 

 

 

Navios Logistics EBITDA Reconciliation to Net Income

 

     June 30,      June 30,  
Six Months Ended    2016      2015  
(in thousands of U.S. dollars)    (unaudited)      (unaudited)  

Net income

   $ 13,036       $ 10,238   

Depreciation and amortization

     13,061         13,058   

Amortization of deferred drydock and special survey costs

     3,385         3,463   

Interest expense and finance cost, net

     12,033         13,548   

Income tax expense/(benefit)

     282         (1,985
  

 

 

    

 

 

 

EBITDA

   $ 41,797       $ 38,322   
  

 

 

    

 

 

 


EXHIBIT II

Owned Vessels

 

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   

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 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

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 Sky

   Panamax    2015      82,056       Yes

Navios Amber

   Panamax    2015      80,994       Yes

Beaufiks

   Capesize    2004      180,310       Yes

King Ore

   Capesize    2010      176,800       Yes

Navios Koyo

   Capesize    2011      181,415       Yes

Navios Obeliks

   Capesize    2012      181,415       Yes

Dream Canary

   Capesize    2015      180,528       Yes

Dream Coral

   Capesize    2015      181,249       Yes

Long-term Chartered-in Fleet to be Delivered

 

Vessels

  

Vessel Type

  

Delivery
Date

   Deadweight
(in metric tons)
     Purchase
Option

Navios Felix

   Capesize    Q4 2016      180,000       Yes

Navios Coral

   Panamax    Q4 2016      84,000       Yes

Navios Citrine

   Panamax    Q1 2017      81,000       Yes

Navios Dolphin

   Panamax    Q1 2017      81,000       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.

Contact:

Navios Maritime Holdings Inc.

+1.212.906.8643

investors@navios.com

 

LOGO

Navios Maritime Holdings, Inc.

EX-99.2

Exhibit 99.2

Navios Maritime Holdings Inc. Regains Compliance with NYSE Continued Listing Requirements

MONACO, Sept. 01, 2016 (GLOBE NEWSWIRE) — Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE:NM) announced today that, based upon a notice received on September 1, 2016 from the New York Stock Exchange, Inc. (“NYSE”), the Company is once again in compliance with the NYSE’s continued listing requirement of a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period.

At the close of trading on August 31, 2016, the average closing price of the Company’s common stock for the previous 30 trading-days was above $1.00 per share and its closing share price on August 31, 2016 was $1.00. Accordingly, the Company has resumed compliance with all NYSE continued listing requirements.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website: www.navios.com.

Forward-Looking Statements

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 and expectations including with respect to the Company’s ability to stay in compliance with the NYSE’s continued listing standards. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable at the time made, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Navios Maritime Holdings Inc.

+1.212.906.8643

investors@navios.com

 

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Navios Maritime Holdings, Inc.