$127.8 million in Q1 2022 compared to $117.0 million in Q1 2021
Cash provided by/(used in) operating activities
$16.4 million in Q1 2022 compared to $(27.4) million in Q1 2021
$73.8 million in Q1 2022 compared to $49.2 million in Q1 2021
Time Charter Equivalent
$21,767 per day in Q1 2022 compared to $14,404 per day in Q1 2021
$664.3 million bond repayments YTD
$614.3 million of Ship Mortgage Notes in January 2022
$50.0 million of Senior Notes
Grand Cayman, Cayman Islands - May 19, 2022
Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, "I am pleased with the results for the first quarter of 2022. In the first quarter of 2022, Navios Holdings reported revenue of $127.8 million and EBITDA of $73.8 million."
Angeliki Frangou, continued, "The dry bulk market is healthy as evidenced by our charter rates for the first quarter of 2022, which are over 50% higher compared to the first quarter of 2021. There are, however, significant geopolitical headwinds, including the war in Ukraine, China's zero-Covid policy and rising interest rates and inflation. So far, these events have impacted trade positively by creating new trade routes with longer ton miles. The situation remains fluid and we are closely monitoring developments."
HIGHLIGHTS - RECENT DEVELOPMENTS
$664.3 million bond repayments YTD
In January 2022, the Company repaid $614.3 million of its 7.375% First Priority Ship Mortgage Notes ("Ship Mortgage Notes").
Year-to-date, Navios Holdings has redeemed $50.0 million of its 11.25% Senior Secured Notes ("Senior Notes"). Following these redemptions, $105.0 million of Senior Notes remains outstanding. The Senior Notes mature in August 2022.
Sale and Leaseback Agreement
In March 2022, Navios Holdings entered into and drew a sale and leaseback agreement for $12.0 million to finance a dry-bulk vessel. $10.4 million of the net proceeds were used to prepay a portion of the outstanding amount of the Company's HCOB bank facility.
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 Core Fleet consists of 12 Capesize, 19 Panamax, four Ultra-Handymax and one Handysize vessels, with an average age of 9.4 years.
As of May 13, 2022, Navios Holdings has currently chartered-out 77.1% of available days for the remaining nine months of 2022. 44.3% of available days for the remaining nine months of 2022 are chartered-out on fixed rate and 32.8% are chartered-out on index.
The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining nine months of 2022 is $15,774 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.
In April 2022, Vale S.A. ("Vale") announced the sale of its iron ore, manganese ore and logistics assets in the Midwestern system to J&F Mineracao Ltda., an entity controlled by J&F Investimentos S.A. The sale includes the full assumption by the buyer of the take-or-pay logistics contracts, which remain subject to the consent of the applicable counterparties. The Vale port contract remains in full force and effect. Any change to the terms and conditions of the Vale port contract is subject to the prior approval of the Navios counterparty.
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.
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 its website: www.navios-mlp.com.
Navios Maritime Holdings Inc. press release