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Monaco - Nov. 23, 2020
Revenue
• $314.4 million for 9M 2020
• $126.2 million for Q3 2020
Cash provided by operating activities
• $35.3 million for 9M 2020
• $29.8 million for Q3 2020
Adjusted EBITDA
• $116.1 million for 9M 2020
• $60.2 million for Q3 2020
$65.1 million sale of four vessels in Q3 2020
Owned fleet renewal and expansion LTM Q3 2020
• 13% decrease in average age
• 8% increase in dwt capacity
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.
Full report
Navios Maritime Holdings Inc. press release
