Monaco - May 15, 2018
• $116.9 million revenue for Q1 2018
• $17.8 million net cash from operating activities for Q1 2018
• $28.1 million Adjusted EBITDA for Q1 2018; 60% increase vs Q1 2017
• Premiere operator in dry bulk sector; 200+ vessel under management
• Renewing and Expanding Fleet; 2017-2018YTD added seven vessels (net)
• Positioned to capture market recovery; 10,870 days market exposure
• 40% increase in TCE for Q1 2018 vs Q1 2017
• $121.9 million cash as of March 31, 2018
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 first quarter ended March 31, 2018.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "I am pleased with the results of the first quarter of 2018, for which we reported revenue and Adjusted EBITDA of $116.9 million and $28 million, respectively. We are beginning to see the effect of healthier charter markets on our business results. Rates for dry bulk vessels improved materially, with the TCE rate for Q1 of 2018 about 40% higher than Q1 of 2017.”
Angeliki Frangou continued, "Navios is a global brand with significant scale managing 208 vessels. Navios Holdings directly controls 72 modern dry bulk vessels. Since the beginning of 2017, we have increased our fleet by 11%. Our dry bulk fleet, with an average age of 7.7 years, is 16% younger than the industry average age. We believe we are a premiere operator, generating significant operating leverage and enabling us to achieve substantial cost savings. By design, to take advantage of an improving market, we have maintained market exposure for almost 2/3 of available days for the remaining nine months of 2018."
HIGHLIGHTS – RECENT DEVELOPMENTS
Fleet Renewal and Expansion
In April 2018, Navios Holdings agreed to charter-in one Panamax vessel under a ten-year bareboat charter with purchase option. This vessel is expected to be delivered in the fourth quarter of 2019.
Including the above agreement, Navios Holdings increased its fleet by 11% through the addition of nine Kamsarmax and one Capesize vessels during 2017-2018YTD. In addition, the Company has sold three vessels during the same period having an average age of 16.8 years. The fleet average age has decreased by 13%, basis fully delivered fleet.
Navios Holdings controls a fleet of 72 vessels totaling 7.3 million dwt, of which 38 are owned and 34 are chartered-in under long-term charters (seven of which are expected to be delivered at various dates through the first quarter of 2020) (collectively, the "Core Fleet"). The fleet consists of 21 Capesize, 32 Panamax, 17 Ultra Handymax and two Handysize vessels, with an average age of 7.7 years, basis fully delivered fleet.
As of May 6, 2018, Navios Holdings has chartered-out 78.5% of available days for the remaining nine months of 2018, out of which 36.5% on fixed rate and 42.0% on index or having profit sharing arrangements. The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining nine months of 2018 is $12,878.
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 Navios Holdings. It does not include the fleet of Navios Logistics.
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.
Navios Maritime Holdings Inc. press release