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Navios Maritime Holdings announces 1Q19 financial results

Published by , Assistant Editor
Dry Bulk,

Navios Maritime Holdings Inc. (Navios Holdings), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the first quarter ended 31 March 2019.

Angeliki Frangou, Chairman and CEO, stated: “I am pleased with the results of the first quarter of 2019, for which we reported revenue of US$140.3 million and Adjusted EBITDA of US$68.5 million.”

Frangou continued: “We are continuing to develop our logistics chain in South America. We are in the preliminary stages of constructing a modern upriver port facility in Mato Grosso do Sul, a fertile region exporting grains. This new port should provide a service to the region and create additional volume on the river for our barge business and grain transhipment terminal in Uruguay.”

Highlights – recent developments

Debt updates

During March 2019 and as of 15 April 2019, Navios South American Logistics Inc. (Navios Logistics) repurchased a total of US$35.5 million in par value of its 7.375% First Priority Ship Mortgage Notes due 2022 (2022 Notes) from unaffiliated third parties in open market transactions for US$17.6 million. On 25 April 2019, Navios Holdings entered into a secured credit facility of US$50.0 million with Navios Logistics to be used for general corporate purposes, including the repurchase from time to time of the company’s 7.375% First Priority Ship Mortgage Notes due 2022 (the 2022 Notes). The secured credit facility is available in multiple drawings, bears interest at a fixed rate of 12.75% for the first year and 14.75% for the second year, payable annually, and matures in April 2021. As of 25 April 2019, US$19.0 million was drawn under this facility of which US$18.7 million was used to acquire the 2022 Notes from Navios Logistics.

In May 2019, Navios Holdings released its Navios Maritime Partners L.P. ownership and 224 116 Navios Maritime Acquisition Corporation shares that were collateral under the 11.25% Senior Secured Notes and were replaced by one capesize vessel.

In May 2019, Navios Holdings agreed the main terms for the extension of US$39.5 million maturities from 2020 to June 2021.

Completion of tender offer for the company’s preferred stock

As of 21 March 2019, a total of 10 930 Series H were validly tendered in exchange for a total of approximately US$4.2 million of cash consideration and approximately US$4.7 million in aggregate principal amount of the company’s newly issued 9.75% Senior Notes due 2024 (the 2024 Notes). As of 18 April 2019, a total of 8841 Series G were validly tendered in exchange for a total of approximately US$4.4 million of cash consideration and approximately US$3.9 million in aggregate principal amount of 2024 Notes.

Fleet update

From the beginning of 2018 through 2019 YTD, Navios Holdings has decreased the average age of its owned fleet by 20% and decreased its owned fleet capacity by 2%.

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