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Net Income
• $31.8 million in Q4 2021
• $116.7 million in FY 2021
Revenue
• 53.2% increase to $156.8 million in Q4 2021
• 40.6% increase to $585.8 million in FY 2021
Cash from operating activities
• $78.0 million in Q4 2021 compared to ($10.1) million in Q4 2020
• $109.6 million in FY 2021 compared to $25.2 million in FY 2020
Adjusted EBITDA, a non-GAAP measure
• 171.3% increase to $101.9 million in Q4 2021
• 130.3% increase to $353.2 million in FY 2021
Time Charter Equivalent
• $31,156 per day in Q4 2021 compared to $13,248 per day in Q4 2020
• $23,638 per day in FY 2021 compared to $10,543 per day in FY 2020
$614.3 million Repayment of Ship Mortgage Notes
$150.0 million Principal Reduction of Senior Notes
Grand Cayman, Cayman Islands, Feb. 24, 2022
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Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “I am pleased with our excellent results for the fourth quarter and full year of 2021. In the fourth quarter of 2021, Navios Holdings reported revenue of $156.8 million, Adjusted EBITDA of $101.9 million and Adjusted Net Income of $45.8 million. For the full year, Navios Holdings recorded revenue of $585.8 million, Adjusted EBITDA of $353.2 million, and Adjusted Net Income of $130.7 million.”
Angeliki Frangou, continued, “Through the course of 2021, we worked creatively to assemble a debt package that allowed us to extinguish $614.3 million of Ship Mortgage Notes, and to also reduce the principal amount outstanding of the Senior Notes to $155 million. Today, we have a much improved balance sheet, and runway to further deleverage in a favorable dry bulk market.”
HIGHLIGHTS – RECENT DEVELOPMENTS
$614.3 million Repayment of Ship Mortgage Notes
In January 2022, the Company repaid its 7.375% First Priority Ship Mortgage Notes (“Ship Mortgage Notes”) using (i) $206.7 million under two credit facilities with commercial banks; (ii) $77.0 million under sale and leaseback agreements; (iii) $100.0 million of additional financing from N Shipmanagement Acquisition Corp. and its subsidiaries (“NSM”), an entity affiliated with Navios Holdings’ Chairwoman and Chief Executive Officer; and (iv) cash from balance sheet. In addition, $158.9 million of Ship Mortgage Notes held by the Company that had previously been pledged as collateral to NSM were cancelled.
As a result of these transactions, $614.3 million in debt maturing in 2022 was retired and the maturity of the remaining debt was extended and staggered.
$150.0 million Principal Reduction of Senior Notes
During the second half of 2021, Navios Holdings redeemed $150.0 million of its 11.25% Senior Secured Notes (“Senior Notes”). Following this redemption, $155.0 million of Senior Notes remains outstanding and matures in August 2022.
Fleet Statistics
Navios Holdings controls a fleet of 36 vessels totaling 3.9 million dwt, of which 25 are owned (including five bareboat-in vessels) and 11 are chartered-in under long-term charters (collectively, the "Core Fleet"). The fleet consists of 12 Capesize, 19 Panamax, four Ultra-Handymax and one Handysize vessels, with an average age of 9.1 years.
As of February 18, 2022, Navios Holdings has chartered-out 77% of available days for 2022. 33% of available days are chartered-out on fixed rate and 44% are chartered-out on index.
The average contracted daily charter-in rate for the long-term charter-in vessels for 2022 is $15,633 per day.
The above figures do not include the fleet of 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.
Full report
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a global 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 Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels. For more information, please visit our website at www.navios-mlp.com.
Navios Maritime Holdings Inc. press release
