Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document Entity Information | ' |
Entity Registrant Name | 'Navios Maritime Holdings Inc. |
Trading Symbol | 'NM |
Entity Central Index Key | '0001333172 |
Document Type | '20-F |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Current Fiscal Year End Date | '--12-31 |
Entity Well Known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock Shares Outstanding | 104,261,029 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $187,831 | $257,868 |
Restricted cash | 2,041 | 24,704 |
Accounts receivables, net | 86,219 | 85,721 |
Due from affiliate companies | 8,328 | 50,837 |
Inventories | 26,588 | 31,555 |
Prepaid expenses and other current assets | 28,979 | 19,882 |
Total current assets | 339,986 | 470,567 |
Vessels, port terminal and other fixed assets, net | 1,808,883 | 1,746,493 |
Deferred financing costs, net | 33,160 | 28,273 |
Deferred dry dock and special survey costs, net | 29,354 | 26,661 |
Loan receivable from affiliate company | 2,660 | 35,000 |
Long-term receivable from affiliate companies | 5,144 | 57,701 |
Investment in affiliates | 335,303 | 197,291 |
Investments in available-for-sale securities | 7,660 | 559 |
Other long term assets | 5,463 | 9,523 |
Intangibles other than goodwill | 191,664 | 209,058 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 2,579,627 | 2,470,895 |
Total assets | 2,919,613 | 2,941,462 |
Current liabilities | ' | ' |
Accounts payable | 51,692 | 63,921 |
Accrued expenses and other liabilities | 64,199 | 75,681 |
Deferred income and cash received in advance | 13,215 | 15,326 |
Current portion of capital lease obligations | 1,400 | 1,353 |
Current portion of long term debt | 19,261 | 33,095 |
Total current liabilities | 149,767 | 189,376 |
Senior and ship mortgage notes, net of discount and including premium | 1,293,156 | 1,034,141 |
Long term debt, net of current portion | 198,832 | 290,976 |
Capital lease obligations, net of current portion | 22,359 | 23,759 |
Unfavorable lease terms | 27,074 | 32,006 |
Other long term liabilities and deferred income | 25,221 | 29,643 |
Deferred tax liability | 13,869 | 18,522 |
Total non-current liabilities | 1,580,511 | 1,429,047 |
Total liabilities | 1,730,278 | 1,618,423 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity | ' | ' |
Preferred Stock - $0.0001 par value, authorized 1,000,000 shares, 8,479 issued and outstanding as of both December 31, 2013 and 2012. | 0 | 0 |
Common stock - $0.0001 par value, authorized 250,000,000 shares, issued and outstanding 104,261,029 and 103,255,409, as of December 31, 2013 and 2012, respectively | 10 | 10 |
Additional paid-in capital | 552,778 | 547,377 |
Accumulated other comprehensive loss | -11,172 | -558 |
Retained earnings | 524,079 | 659,547 |
Total Navios Holdings stockholders' equity | 1,065,695 | 1,206,376 |
Noncontrolling interest | 123,640 | 116,663 |
Total stockholders' equity | 1,189,335 | 1,323,039 |
Total liabilities and stockholders' equity | $2,919,613 | $2,941,462 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares issued | 8,479 | 8,479 |
Preferred stock shares outstanding | 8,479 | 8,479 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock par value | $0.00 | $0.00 |
Common stock shares issued | 104,261,029 | 103,255,409 |
Common stock shares outstanding | 104,261,029 | 103,255,409 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss)/ Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Revenue | $512,279 | $616,494 | $689,355 |
Time charter, voyage and logistics business expenses | -244,412 | -269,279 | -273,312 |
Direct vessel expenses | -114,074 | -117,790 | -117,269 |
General and administrative expenses | -44,634 | -51,331 | -52,852 |
Depreciation and amortization | -98,124 | -108,206 | -107,395 |
Provision for losses on accounts receivable | -630 | -17,136 | -239 |
Interest income | 2,299 | 2,717 | 4,120 |
Interest expense and finance cost, net | -110,805 | -106,196 | -107,181 |
Loss on derivatives | -260 | -196 | -165 |
Gain on sale of assets | 18 | 323 | 38,822 |
Loss on change in control | 0 | 0 | -35,325 |
Loss on bond and debt extinguishment | -37,136 | 0 | -21,199 |
Other income | 17,031 | 189,239 | 1,660 |
Other expense | -10,447 | -10,993 | -12,990 |
(Loss)/income before equity in net earnings of affiliated companies | -128,895 | 127,646 | 6,030 |
Equity in net earnings of affiliated companies | 19,344 | 48,228 | 35,246 |
(Loss)/income before taxes | -109,551 | 175,874 | 41,276 |
Income tax benefit/(expense) | 4,260 | -312 | 56 |
Net (loss)/income | -105,291 | 175,562 | 41,332 |
Less: Net income attributable to the noncontrolling interest | -3,772 | -77 | -506 |
Preferred stock dividends of subsidiary | 0 | 0 | -27 |
Preferred stock dividends attributable to the noncontrolling interest | 0 | 0 | 12 |
Net (loss)/income attributable to Navios Holdings common stockholders | -109,063 | 175,485 | 40,811 |
(Loss)/income attributable to Navios Holdings common stockholders, basic | -110,990 | 173,780 | 39,115 |
(Loss)/income attributable to Navios Holdings common stockholders, diluted | -110,990 | 175,485 | 40,811 |
Basic net (losses)/earnings per share attributable to Navios Holdings common stockholders | ($1.09) | $1.72 | $0.39 |
Weighted average number of shares, basic | 101,854,415 | 101,232,720 | 100,926,448 |
Diluted net (losses)/earnings per share attributable to Navios Holdings common stockholders | ($1.09) | $1.58 | $0.37 |
Weighted average number of shares, diluted | 101,854,415 | 111,033,758 | 110,323,652 |
Other comprehensive (loss)/income | ' | ' | ' |
Unrealized holding loss on investments in-available-for-sale-securities | -10,614 | -566 | -26,458 |
Reclassification to investments in affiliates | 0 | -6,158 | 0 |
Total other comprehensive loss | -10,614 | -6,724 | -26,458 |
Total comprehensive (loss)/income | -115,905 | 168,838 | 14,859 |
Comprehensive income attributable to noncontrolling interest | -3,772 | -77 | -506 |
Total comprehensive (loss)/income attributable to Navios Holdings' common stockholders | ($119,677) | $168,761 | $14,353 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net (loss)/income | ($105,291) | $175,562 | $41,332 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 98,124 | 108,206 | 107,395 |
Amortization and write-off of deferred financing costs | 5,384 | 6,309 | 5,580 |
Amortization of deferred drydock and special survey costs | 9,581 | 7,289 | 5,364 |
Provision for losses on accounts receivable | 630 | 17,136 | 239 |
Unrealized loss/(gain) on FFA derivatives | 69 | 124 | -289 |
Share based compensation | 5,021 | 4,712 | 4,252 |
Gain on sale of assets | -18 | -323 | -38,822 |
Loss on bond and debt extinguishment | 12,142 | 0 | 5,573 |
Loss on change in control | 0 | 0 | 35,325 |
Income tax (benefit)/expense | -4,260 | 312 | -56 |
Equity in affiliates, net of dividends received | 19,781 | -7,519 | 3,008 |
Changes in operating assets and liabilities: | ' | ' | ' |
Decrease in restricted cash | 430 | 1,317 | 13,043 |
Increase in accounts receivable | -1,110 | -1,434 | -32,594 |
Decrease/(increase) in inventories | 4,966 | -9,820 | -2,311 |
(Increase)/decrease in prepaid expenses and other assets | -26,653 | 18,384 | -4,375 |
Decrease/(increase) in due from affiliate companies | 80,159 | -59,134 | -50,786 |
(Decrease)/increase in accounts payable | -12,916 | 6,701 | 1,333 |
(Decrease)/increase in accrued expenses | -12,156 | 9,483 | 18,539 |
(Decrease)/increase in deferred income | -2,112 | -13,340 | 10,168 |
Decrease in other long term liabilities | -1,109 | -20,739 | -6,742 |
Increase/(decrease) in derivative assets and liabilities | 1,206 | -121 | 335 |
Payments for dry dock and special survey costs | -12,119 | -14,461 | -12,769 |
Net cash provided by operating activities | 59,749 | 228,644 | 102,742 |
INVESTING ACTIVITIES: | ' | ' | ' |
Cash acquired through asset acquisition | 0 | 33 | 0 |
Deconsolidation of Navios Acquisition | 0 | 0 | -72,425 |
Acquisition of intangible assets | -2,092 | 0 | 0 |
Proceeds from sale of assets | 0 | 67,500 | 120,000 |
Loan to affiliate company | -2,660 | 0 | 0 |
Decrease in restricted cash | 0 | 0 | 778 |
Loan repayment from affiliate company | 35,000 | 10,000 | 6,000 |
Decrease/(increase) in long-term receivable from affiliate companies | 14,908 | -11,120 | -33,609 |
Dividends from affiliate companies | 10,126 | 5,202 | 3,901 |
Deposits for vessel acquisitions | 0 | 0 | -66,769 |
Investment in affiliate companies | -167,919 | -1,472 | -2,052 |
Acquisition of vessels | -85,699 | -38,357 | -56,059 |
Purchase of property, equipment and other fixed assets | -60,235 | -19,333 | -71,128 |
Net cash (used in)/provided by investing activities | -258,571 | 12,453 | -171,363 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from long-term loans | 51,250 | 52,230 | 86,379 |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 725,486 | 84,965 | 534,188 |
Repayment of long-term debt and payment of principal | -157,228 | -236,178 | -248,487 |
Repayment of ship mortgage and senior notes | -488,000 | 0 | -300,000 |
Payments of obligations under capital leases | -1,353 | -1,519 | -1,040 |
Debt issuance costs | -905 | -1,858 | -2,767 |
Decrease/(increase) in restricted cash | 22,234 | -19,623 | -284 |
Acquisition of noncontrolling interest | -750 | 0 | -8,638 |
Contribution from noncontrolling shareholders | 3,905 | 0 | 0 |
Issuance of common stock | 551 | 93 | 415 |
Dividends paid | -26,405 | -32,435 | -27,238 |
Acquisition of treasury stock | 0 | 0 | -221 |
Net cash provided by/(used in) financing activities | 128,785 | -154,325 | 32,307 |
(Decrease)/increase in cash and cash equivalents | -70,037 | 86,772 | -36,314 |
Cash and cash equivalents, beginning of year | 257,868 | 171,096 | 207,410 |
Cash and cash equivalents, end of year | 187,831 | 257,868 | 171,096 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' | ' |
Cash paid for interest, net of capitalized interest | 147,405 | 102,119 | 78,151 |
Cash paid for income taxes | 586 | 864 | 834 |
Non-cash investing and financing activities | ' | ' | ' |
Capitalized deferred financing costs into vessel cost | 0 | 135 | 291 |
Reclassification of investments in available for sale securities to investments in affiliates | 0 | 82,572 | 0 |
Reclassification of accumulated other comprehensive income to investments in affiliates | 0 | 6,158 | 0 |
Purchase of property and equipment | 0 | -15,413 | 0 |
Working capital acquired | 0 | 597 | 0 |
Revaluation of vessels due to restructuring of capital lease obligations | 0 | 4,590 | 0 |
Decrease in capital lease obligations due to restructuring | 0 | -4,590 | 0 |
Dividends declared but not paid | 0 | 0 | 6,149 |
Investments in available for sale securities | $17,715 | $810 | $10,283 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Navios Holdings' Stockholders' Equity | Noncontrolling Interest |
In Thousands, except Share data | ||||||||
Balance, value at Dec. 31, 2010 | $1,317,543 | $0 | $10 | $531,265 | $495,684 | $32,624 | $1,059,583 | $257,960 |
Balance, shares at Dec. 31, 2010 | ' | 8,479 | 101,563,766 | ' | ' | ' | ' | ' |
Net (loss)/income | 41,317 | ' | ' | ' | 40,811 | ' | 40,811 | 506 |
Total other comprehensive income / loss | -26,458 | ' | ' | ' | ' | -26,458 | -26,458 | ' |
Dividends paid by subsidiary to noncontrolling shareholders on common stock and preferred stock | -1,148 | ' | ' | ' | ' | ' | ' | -1,148 |
Preferred stock dividends of subsidiary attributable to the noncontrolling interest | 15 | ' | ' | ' | ' | ' | ' | 15 |
Navios Acquisition deconsolidation (Note 3) | -125,184 | ' | ' | ' | ' | ' | ' | -125,184 |
Navios Logistics acquisition of noncontrolling interest (including transaction expenses) (Note 23) | -8,638 | ' | ' | 6,925 | ' | ' | 6,925 | -15,563 |
Acquisition of treasury shares, shares | ' | ' | -73,651 | ' | ' | ' | ' | ' |
Acquisition of treasury shares, value | -221 | ' | ' | -221 | ' | ' | -221 | ' |
Stock-based compensation, shares (Note 17) | ' | ' | 928,118 | ' | ' | ' | ' | ' |
Stock-based compensation, value (Note 17) | 4,613 | ' | ' | 4,613 | ' | ' | 4,613 | ' |
Contribution from noncontrolling shareholders | 0 | ' | ' | ' | ' | ' | ' | ' |
Cancellation of shares | ' | ' | -8,869 | ' | ' | ' | ' | ' |
Dividends declared/paid | -26,147 | ' | ' | ' | -26,147 | ' | -26,147 | ' |
Balance, value at Dec. 31, 2011 | 1,175,692 | 0 | 10 | 542,582 | 510,348 | 6,166 | 1,059,106 | 116,586 |
Balance, shares at Dec. 31, 2011 | ' | 8,479 | 102,409,364 | ' | ' | ' | ' | ' |
Net (loss)/income | 175,562 | ' | ' | ' | 175,485 | ' | 175,485 | 77 |
Total other comprehensive income / loss | -6,724 | ' | ' | ' | ' | -6,724 | -6,724 | ' |
Stock-based compensation, shares (Note 17) | ' | ' | 852,247 | ' | ' | ' | ' | ' |
Stock-based compensation, value (Note 17) | 4,795 | ' | ' | 4,795 | ' | ' | 4,795 | ' |
Contribution from noncontrolling shareholders | 0 | ' | ' | ' | ' | ' | ' | ' |
Cancellation of shares | ' | ' | -6,202 | ' | ' | ' | ' | ' |
Dividends declared/paid | -26,286 | ' | ' | ' | -26,286 | ' | -26,286 | ' |
Balance, value at Dec. 31, 2012 | 1,323,039 | 0 | 10 | 547,377 | 659,547 | -558 | 1,206,376 | 116,663 |
Balance, shares at Dec. 31, 2012 | ' | 8,479 | 103,255,409 | ' | ' | ' | ' | ' |
Net (loss)/income | -105,291 | ' | ' | ' | -109,063 | ' | -109,063 | 3,772 |
Total other comprehensive income / loss | -10,614 | ' | ' | ' | ' | -10,614 | -10,614 | ' |
Navios Logistics acquisition of noncontrolling interest (including transaction expenses) (Note 23) | -750 | ' | ' | -50 | ' | ' | -50 | -700 |
Stock-based compensation, shares (Note 17) | ' | ' | 1,031,456 | ' | ' | ' | ' | ' |
Stock-based compensation, value (Note 17) | 5,451 | ' | ' | 5,451 | ' | ' | 5,451 | ' |
Contribution from noncontrolling shareholders | 3,905 | ' | ' | ' | ' | ' | ' | 3,905 |
Cancellation of shares | ' | ' | -25,836 | ' | ' | ' | ' | ' |
Dividends declared/paid | -26,405 | ' | ' | ' | -26,405 | ' | -26,405 | ' |
Balance, value at Dec. 31, 2013 | $1,189,335 | $0 | $10 | $552,778 | $524,079 | ($11,172) | $1,065,695 | $123,640 |
Balance, shares at Dec. 31, 2013 | ' | 8,479 | 104,261,029 | ' | ' | ' | ' | ' |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
DESCRIPTION OF BUSINESS [Abstract] | ' |
DESCRIPTION OF BUSINESS | ' |
NOTE 1: DESCRIPTION OF BUSINESS | |
On August 25, 2005, Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) was acquired by International Shipping Enterprises, Inc. (“ISE”) through the purchase of all of the outstanding shares of common stock of Navios Holdings. As a result of this acquisition, Navios Holdings became a wholly owned subsidiary of ISE. In addition, on August 25, 2005, simultaneously with the acquisition of Navios Holdings, ISE effected a reincorporation from the State of Delaware to the Republic of the Marshall Islands through a downstream merger with and into its newly acquired wholly owned subsidiary, whose name was and continues to be Navios Maritime Holdings Inc. | |
Navios Holdings is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities, including iron ore, coal and grain. | |
Navios Logistics | |
Navios South American Logistics Inc. (“Navios Logistics”), a consolidated subsidiary of the Company, is one of the largest logistics companies in the Hidrovia region of South America, serving the storage and marine transportation needs of its customers through two port storage and transfer facilities, one for grain commodities and the other for refined petroleum products, and a diverse fleet consisting of vessels, barges and pushboats. Navios Holdings currently owns 63.8% of Navios Logistics. | |
Navios Asia | |
In May 2013, Navios Holdings formed Navios Asia LLC (“Navios Asia”) in partnership with a third party. Navios Holdings owned 51.0% and the third party owns 49.0% of Navios Asia. | |
Navios Europe | |
On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (“Navios Europe”) and have ownership interests of 47.5%, 47.5% and 5.0%, respectively. | |
Navios Partners | |
Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM) is an international owner and operator of dry cargo vessels and is engaged in seaborne transportation services of a wide range of drybulk commodities including iron ore, coal, grain and fertilizer, chartering its vessels under medium to long-term charters. As of December 31, 2013, Navios Holdings owned a 21.6% interest in Navios Partners, including a 2.0% general partner interest. | |
Navios Acquisition | |
Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), an affiliate (former subsidiary) of the Company, is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. | |
As of December 31, 2013, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition was 47.8% and its economic interest in Navios Acquisition was 50.5%. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |||||||||||||||||
(a) Basis of Presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current year. | |||||||||||||||||
For the years ended December 31, 2012 and 2011, the Company has revised its statement of cash flows to appropriately classify amounts of $5,202 and $3,901 from operating cash inflows to investing cash inflows for dividends it received from one of its equity affiliate investees. These dividends represent a return of the investment (investing activity) rather than a return on the investment (operating activity). | |||||||||||||||||
b)Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. | |||||||||||||||||
The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (ii) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | |||||||||||||||||
Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics, which is 63.8% owned and Navios Asia, which is 51.0% owned. | |||||||||||||||||
Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of shares qualifies as a sale of shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. | |||||||||||||||||
Affiliates included in the financial statements accounted for under the equity method | |||||||||||||||||
In the consolidated financial statements of Navios Holdings, the following entities are included as affiliates and are accounted for under the equity method for such periods during which such entities were affiliates of Navios Holdings: (i) Navios Partners and its subsidiaries (ownership interest as of December 31, 2013 was 21.6%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2013 was 50.5%); (iii) Acropolis Chartering and Shipping Inc. (“Acropolis”) (ownership interest as of December 31, 2013 was 50.0%), (iv) Navios Europe and its subsidiaries (ownership interest as of December 31, 2013 was 47.5%). | |||||||||||||||||
Statement of Operations | |||||||||||||||||
Company name | Nature/ Vessel Name | Effective | Country | 2013 | 2012 | 2011 | |||||||||||
Ownership | Of | ||||||||||||||||
Intererest | incorporation | ||||||||||||||||
Navios Maritime Holdings Inc. | Holding Company | 100% | Marshall Is. | 1/1 -12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Corporation | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios International Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navimax Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Handybulk Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Hestia Shipping Ltd. | Operating Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Anemos Maritime Holdings Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios ShipManagement Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
NAV Holdings Limited | Sub-Holding Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kleimar N.V. | Operating Company/Vessel Owning Company | 100% | Belgium | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kleimar Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Bulkinvest S.A. | Operating Company | 100% | Luxembourg | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Primavera Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Ginger Services Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Aquis Marine Corp. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Tankers Management Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Astra Maritime Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Achilles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Apollon Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Herakles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Hios Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Ionian Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kypros Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Meridian Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Mercator Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Arc Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Horizon Shipping Enterprises Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Magellan Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Aegean Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Star Maritime Enterprises Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Corsair Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Rowboat Marine Inc. | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Beaufiks Shipping Corporation | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Nostos Shipmanagement Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Portorosa Marine Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Shikhar Ventures S.A. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Sizzling Ventures Inc. | Operating Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Rheia Associates Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Taharqa Spirit Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Rumer Holding Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Pharos Navigation S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Pueblo Holdings Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Quena Shipmanagement Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Aramis Navigation Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
White Narcissus Marine S.A. | Vessel Owning Company | 100% | Panama | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios GP L.L.C. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Floral Marine Ltd. | Vessel Owning Company | 100% | Marshall Is. | — | 1/1 - 14/6 | 1/1 - 12/31 | |||||||||||
Red Rose Shipping Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Highbird Management Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Ducale Marine Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kohylia Shipmanagement S.A. | Vessel Owning Company | 100% | Marshall Is. | — | — | 1/1 - 5/18 | |||||||||||
Vector Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Faith Marine Ltd. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Maritime Finance (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Maritime Finance II (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/12 - 12/31 | |||||||||||
Solange Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/16 - 12/31 | |||||||||||
Tulsi Shipmanagement Co. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 4/20 - 12/31 | |||||||||||
Cinthara Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 4/28 - 12/31 | |||||||||||
Rawlin Services Co. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/3 - 12/31 | |||||||||||
Mauve International S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/16 - 12/31 | |||||||||||
Mandora Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 10/17 - 12/31 | |||||||||||
Serenity Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 2/23 - 12/31 | — | |||||||||||
Navios Holdings Europe Finance Inc. | Sub-Holding Company | 100% | Marshall Is. | 06/04 - 12/31 | — | — | |||||||||||
Diesis Ship Management Ltd. | Operating Company | 100% | Marshall Is. | 05/14 - 12/31 | — | — | |||||||||||
All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and its subsidiaries, which is 63.8% owned and Navios Asia and its subsidiaries which is 51.0% owned | |||||||||||||||||
(c)Use of Estimates: The preparation of consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the carrying value of investments in affiliates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, pension benefits, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | |||||||||||||||||
(d)Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. | |||||||||||||||||
(e)Restricted Cash: As of December 31, 2013 and 2012, restricted cash included $1,451 and $10,914, respectively, which related to amounts held in retention account in order to service debt and interest payments and $0 and $13,200, respectively, which related to additional security, as required by certain of Navios Holdings' credit facilities. Also included in restricted cash as of December 31, 2013 and 2012 are amounts held as security in the form of letters of guarantee or letters of credit totaling $590 and $590, respectively. | |||||||||||||||||
(f)Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management's expectations as to their collection dates. | |||||||||||||||||
(g)Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board the vessels, as well as petroleum products held by Navios Logistics, are valued at the lower of cost or market value as determined on the first-in, first-out basis. | |||||||||||||||||
(h) Vessel, Port Terminal, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Vessels, port terminal, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations or asset acquisitions are recorded at fair value on the date of acquisition. Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. | |||||||||||||||||
Expenditures for routine maintenance and repairs are expensed as incurred. | |||||||||||||||||
Depreciation is computed using the straight line method over the useful life of the vessels, port terminal, tanker vessels, barges, push boats and other fixed assets, after considering the estimated residual value. | |||||||||||||||||
Annual depreciation rates used, which approximate the useful life of the assets are: | |||||||||||||||||
Vessels | 25 years | ||||||||||||||||
Port facilities and transfer station | 3 to 40 years | ||||||||||||||||
Tanker vessels, barges and push boats | 15 to 44 years | ||||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | ||||||||||||||||
Computer equipment and software | 5 years | ||||||||||||||||
Leasehold improvements | shorter of lease term or 6 years | ||||||||||||||||
Management estimates the residual values of the Company's dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Up to December 31, 2012, management estimated the residual values of the Company's vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels, the estimated scrap value per LWT was increased to $340. This change in accounting estimates did not materially affect the statements of income and the loss per share of the Company for the year ended December 31, 2013. | |||||||||||||||||
Management estimates the useful life of its vessels to be 25 years from the vessel's original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. | |||||||||||||||||
(i)Deposits for Vessel Acquisitions: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels and other long-lived fixed assets. Deposits for vessel acquisitions also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the vessel to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2013, 2012 and 2011 amounted to $1,831, $1,453 and $4,303, respectively. | |||||||||||||||||
(j)Assets Held for Sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented. | |||||||||||||||||
(k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings' management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. | |||||||||||||||||
Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel, and related carrying value of the intangible with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then-current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. | |||||||||||||||||
The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel's carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on the 10-year average historical one-year time charter rates adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, running cost based on current year actual, assuming an annual increase of 3.0% after 2015 and a utilization rate of 98.1% based on the fleet's historical performance. | |||||||||||||||||
The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels and the intangible assets existed as of December 31, 2013, as the undiscounted projected net operating cash flows exceeded the carrying value. | |||||||||||||||||
In the event that impairment would occur, the fair value of the related asset would be determined and an impairment charge would be recorded to operations calculated by comparing the asset's carrying value to its fair value. Fair value is typically estimated primarily through the use of third-party valuations performed on an individual vessel basis. | |||||||||||||||||
Although management believes the underlying assumptions supporting this assessment are reasonable, if the charter rate trends and the length of the market downturn, vary significantly from our forecasts, management may be required to perform step two of the impairment analysis in the future which could expose Navios Holdings to material impairment charges. | |||||||||||||||||
No impairment loss was recognized for any of the periods presented. | |||||||||||||||||
(l) Deferred Drydock and Special Survey Costs: The Company's vessels, barges and push boats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for vessels, every 60 months for oceangoing vessels and every 84 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and push boats sold are written-off to income in the year the vessel, barge or push boat is sold. | |||||||||||||||||
Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2013, 2012 and 2011, the amortization was $9,581, $7,289, and $5,364, respectively. | |||||||||||||||||
(m) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write offs for each of the years ended December 31, 2013, 2012 and 2011 were $5,384, $6,309 and $5,580, respectively. | |||||||||||||||||
(n) Goodwill and Other Intangibles | |||||||||||||||||
(i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually. | |||||||||||||||||
The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on discounted cash flow analysis and believes that the discounted cash flow analysis is the best indicator of fair value for its individual reporting units. | |||||||||||||||||
The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, using judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions, and direct vessel expense growth assumptions. The future cash flows from the shipping operations were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the non-fixed days (based on a combination of two-year forward freight agreements and the 10-year average historical charter rates available for each type of vessel adjusted for outliers), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long lived assets. The future cash flows from logistics operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. | |||||||||||||||||
If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step to determine the implied fair value of the reporting unit's goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. | |||||||||||||||||
No impairment loss was recognized for any of the periods presented. | |||||||||||||||||
(ii) Intangibles Other Than Goodwill: Navios Holdings' intangible assets and liabilities consist of favorable lease terms, unfavorable lease terms, customer relationships, trade name and port terminal operating rights. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm's length transaction to use that trade name. The asset is being amortized under the straight line method over 32 years. Navios Logistics' trade name is being amortized under the straight line method over 10 years. | |||||||||||||||||
The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method over 20 years. | |||||||||||||||||
Other intangibles that are being amortized, such as customer relationships and port terminal operating rights, would be considered impaired if their carrying value could not be recovered from the future undiscounted cash flows associated with the asset. | |||||||||||||||||
When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company's vessels and the Company's weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and results of operations. | |||||||||||||||||
The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statement of comprehensive (loss)/ income in the “Depreciation and Amortization” line item. | |||||||||||||||||
The amortizable value of favorable leases would be considered impaired if its fair market value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, are not amortized and would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. As of December 31, 2013, there was no impairment of intangible assets. | |||||||||||||||||
Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible will be written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date it will be written-off to the statements of income. | |||||||||||||||||
The weighted average amortization periods for intangibles are: | |||||||||||||||||
Intangible assets/liabilities | Years | ||||||||||||||||
Trade name | 21 | ||||||||||||||||
Favorable lease terms (*) | 6.6 | ||||||||||||||||
Unfavorable lease terms (**) | 4.7 | ||||||||||||||||
Port terminal operating rights | 30 | ||||||||||||||||
Customer relationships | 20 | ||||||||||||||||
(*) The intangible asset associated with the favorable lease terms includes an amount of $21,782 related to purchase options for the vessels. | |||||||||||||||||
(**) The intangible liability associated with the unfavorable lease terms includes an amount of $9,405 related to purchase options held by third parties. | |||||||||||||||||
(o) Foreign Currency Translation: The Company's functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company's subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Reales and Guaranies whereas the Company's wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statement of comprehensive (loss)/ income. The foreign currency exchange gains/(losses) recognized in the consolidated statement of comprehensive (loss)/ income for each of the years ended December 31, 2013, 2012 and 2011, were $184, ($217) and ($383), respectively. | |||||||||||||||||
(p) Provisions: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide the lower amount within the range. See Note 14, “Commitments and Contingencies” for further discussion. | |||||||||||||||||
The Company participates in Protection and Indemnity (P&I) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. | |||||||||||||||||
Provisions for estimated losses on uncompleted voyages and vessels time chartered to others are provided for in the period in which such losses are determined. As of December 31, 2013 and 2012, the balance for provision for loss making voyages in progress was $801 and $4,974, respectively. | |||||||||||||||||
(q) Segment Reporting: Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company's methods of internal reporting and management structure, the Company currently has two reportable segments: the Drybulk Vessel Operations segment and the Logistics Business segment. Previously, the Company had a Tanker Vessel Operations segment until the deconsolidation of Navios Acquisition on March 30, 2011. | |||||||||||||||||
(r) Revenue and Expense Recognition: | |||||||||||||||||
Revenue Recognition: Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from transportation of cargo, time charter of vessels, port terminal operations, bareboat charters, contracts of affreightment/voyage contracts, demurrages and contracts covering dry or liquid port terminal operations. | |||||||||||||||||
Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, the Company agrees to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo. | |||||||||||||||||
Revenue from time chartering and bareboat chartering is earned and recognized on a daily basis as the service is delivered. Revenue from contracts of affreightment/voyage contracts is recognized based upon the percentage of voyage completion. A voyage is deemed to commence upon the departure of the barge after discharge under the previous voyage and is deemed to end upon the completion of discharge under the current voyage. The percentage of voyage completion is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. | |||||||||||||||||
Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | |||||||||||||||||
Revenues arising from contracts that provide our customers with continuous access to convoy capacity are recognized ratably over the period of the contracts. | |||||||||||||||||
Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement. | |||||||||||||||||
Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. | |||||||||||||||||
Revenues from port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into the silos for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. | |||||||||||||||||
Revenues from liquid port terminal operations consist mainly of sales of petroleum products in the Paraguayan market. Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. | |||||||||||||||||
Recovery of lost revenue under credit default insurance for charterers is accounted for as gain contingency and is recognized when all contingencies are resolved. The amount of recovery of lost revenue is recorded within the caption “Revenue” and any amount recovered in excess of the lost revenue is recorded within the caption “Other income”. | |||||||||||||||||
Expenses related to our revenue-generating contracts are recognized as incurred. | |||||||||||||||||
Forward Freight Agreements (FFAs): Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, the FFAs are “marked to market” quarterly to determine the fair values which generate unrealized gains or losses. Trading of FFAs could lead to material fluctuations in the Company's reported results from operations on a period to period basis. See Note 12. | |||||||||||||||||
Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. | |||||||||||||||||
Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers' liability insurances, provision for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. | |||||||||||||||||
Direct Vessel Expenses: Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees. | |||||||||||||||||
Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. | |||||||||||||||||
(s) Employee benefits: | |||||||||||||||||
Pension and Retirement Obligations-Crew: The Company's ship-owning subsidiaries employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits. | |||||||||||||||||
Provision for Employees' Severance and Retirement Compensation: The employees in the Company's office in Greece are protected by Greek labor law. According to the law, the Company is required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years' salary. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts for it under FASB guidance on employer's accounting for pension. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees' termination indemnities liability. This liability amounted to $660 and $686 at December 31, 2013 and 2012, respectively. | |||||||||||||||||
U.S. Retirement Savings Plan: The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See Note 13. | |||||||||||||||||
Other Post-Retirement Obligations: The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans. These obligations are valued annually by independent actuaries. | |||||||||||||||||
Stock-Based Compensation: In December 2013, 2012 and 2011, the Company authorized the issuance of shares of restricted common stock, restricted stock units and stock options in accordance with the Company's stock option plan for its employees, officers and directors. These awards of restricted common stock restricted stock units and stock options are based on service conditions only and vest over three years. In December 2013, the Company also authorized the issuance of shares of restricted common stock, restricted stock units and stock options for its employees, officers and directors that vest on April 30, 2015 upon achievement of certain internal performance criteria and set targets. | |||||||||||||||||
The fair value of stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met. | |||||||||||||||||
(t) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. | |||||||||||||||||
Financial Risk Management: The Company's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. | |||||||||||||||||
Credit Risk: The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. Derivative counterparties and cash transactions are limited to high quality credit financial institutions. | |||||||||||||||||
Interest Rate Risk: Any differential to be paid or received on an interest rate swap agreement is recognized as a component of gain/loss on derivatives over the period of the agreement. Gains and losses on early termination of interest rate swaps are taken to the consolidated statement of income. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity. | |||||||||||||||||
Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances adequately to meet working capital needs. | |||||||||||||||||
Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. | |||||||||||||||||
Accounting for Derivative Financial Instruments and Hedging Activities: | |||||||||||||||||
The Company may enter into drybulk shipping FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including drybulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. In entering into these contracts, the Company has assumed the risk that might arise from the possible inability of counterparties to perform in accordance with the terms of their contracts. | |||||||||||||||||
The Company also trades drybulk shipping FFAs which are cleared through LCH, the London clearing house. LCH calls for both base and margin collateral, which are funded by Navios Holdings, and which in turn substantially eliminate counterparty risk. Certain portions of these collateral funds may be restricted at any given time as determined by LCH. | |||||||||||||||||
At the end of each calendar quarter, the fair value of drybulk shipping FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with LCH is determined from the LCH valuations. | |||||||||||||||||
The Company records all of its derivative financial instruments and hedges as economic hedges. | |||||||||||||||||
The Company classifies cash flows related to derivative financial instruments within cash provided by operating activities in the consolidated statements of cash flows. | |||||||||||||||||
(u) (Losses)/Earnings Per Share: Basic (losses)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities (convertible preferred stock, stock options and warrants) are assumed to be exercised and the proceeds used to repurchase common shares at the weighted average market price of the Company's common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted earnings per share computation. For the year ended December 31, 2011, preferred stock dividends of subsidiaries and preferred stock dividends attributable to the noncontrolling interest were included in the calculation of net income attributable to Navios Holdings common stockholders. Restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings per share, based on the weighted average number of restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 21. | |||||||||||||||||
(v) Income Taxes: The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and United States of America. The tax expense reflected in the Company's consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regime. | |||||||||||||||||
The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||||||
(w) Dividends: Dividends are recorded in the Company's financial statements in the period in which they are declared. | |||||||||||||||||
(x) Guarantees: A liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made. | |||||||||||||||||
On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Notes 16 and 25). | |||||||||||||||||
(y) Leases: Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease. | |||||||||||||||||
For charters classified as finance type leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. | |||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r) “Revenue and Expense Recognition”. | |||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight line basis over the rental periods of such charter agreements. The expense is included under the line “Time charter, voyage and logistics business expenses”. | |||||||||||||||||
(z) Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital. | |||||||||||||||||
(aa) Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings and FFA counterparties, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | |||||||||||||||||
(ab) Convertible Preferred Stock: The Company's 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) are recorded at fair market value on issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date all Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per preferred share. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per preferred share. | |||||||||||||||||
(ac) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss) unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the statements of income. Management evaluates securities for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||
Investment in Equity Securities: Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Europe for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Europe, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners and Navios Europe for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||
(ad) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level I measurements) and the lowest priority to unobservable inputs (level III measurements). | |||||||||||||||||
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements. | |||||||||||||||||
AcquisitionsDeconsolidation
Acquisitions/Deconsolidation | 12 Months Ended |
Dec. 31, 2013 | |
DECONSOLIDATION [Abstract] | ' |
DECONSOLIDATION | ' |
NOTE 3: DECONSOLIDATION | |
Deconsolidation of Navios Acquisition | |
On March 30, 2011, Navios Holdings completed an exchange whereby Navios Holdings exchanged 7,676,000 shares of Navios Acquisition's common stock for non-voting Series C preferred stock of Navios Acquisition pursuant to an Exchange Agreement entered into on March 30, 2011 between Navios Acquisition and Navios Holdings (the “Navios Acquisition Share Exchange”). The fair value of the exchange was $30,474, which was based on the share price of the publicly traded common shares of Navios Acquisition on March 30, 2011. Immediately after the Navios Acquisition Share Exchange, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition decreased to 45% and Navios Holdings no longer controlled a majority of the voting power of Navios Acquisition. From that date onwards, Navios Acquisition has been considered as an affiliate entity of Navios Holdings and not as a controlled subsidiary of the Company, and the investment in Navios Acquisition has been accounted for under the equity method due to the Company's significant influence over Navios Acquisition. Navios Acquisition has been accounted for under the equity method of accounting based on Navios Holdings' economic interest in Navios Acquisition, since the preferred stock is considered to be, in substance, common stock for accounting purposes. | |
On March 30, 2011, based on the equity method, the Company recorded an investment in Navios Acquisition of $103,250, which represents the fair value of the common stock and Series C preferred stock (in-substance common stock) that were held by Navios Holdings on such date. On March 30, 2011, the Company calculated a loss on change in control of $35,325, which was calculated as the fair value of the Company's equity method investment in Navios Acquisition of $103,250 less the Company's 53.7% interest in Navios Acquisition's net assets on March 30, 2011. | |
As of December 31, 2013, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition was 47.8% and its economic interest in Navios Acquisition was 50.5%. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
CASH AND CASH EQUIVALENTS [Abstract] | ' | |||||
CASH AND CASH EQUIVALENTS | ' | |||||
NOTE 4: CASH AND CASH EQUIVALENTS | ||||||
Cash and cash equivalents consist of the following: | ||||||
31-Dec-13 | 31-Dec-12 | |||||
Cash on hand and at banks | $ 158,037 | $ 61,283 | ||||
Short-term deposits and highly liquid funds | 29,794 | 196,585 | ||||
Total cash and cash equivalents | $ 187,831 | $ 257,868 | ||||
Short term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with duration of less than three months. | ||||||
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings also minimizes exposure to credit risk by dealing with a diversified group of major financial institutions. | ||||||
Accounts_Receivables_Net
Accounts Receivables, Net | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
ACCOUNTS RECEIVABLE,NET [Abstract] | ' | |||||||||
ACCOUNTS RECEIVABLE, NET | ' | |||||||||
NOTE 5: ACCOUNTS RECEIVABLE, NET | ||||||||||
Accounts receivable consist of the following: | ||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||
Accounts receivable | $ 112,676 | $ 111,657 | ||||||||
Less: provision for doubtful receivables | (26,457 ) | (25,936 | ) | |||||||
Accounts receivables, net | $ 86,219 | $ 85,721 | ||||||||
Changes to the provisions for doubtful accounts are summarized as follows: | ||||||||||
Allowance for doubtful receivables | Balance at Beginning of Period | Charges to Costs and expenses | Amount Utilized | Balance at End of Period | ||||||
Year ended December 31, 2011 | $ (8,635) | $ (239) | $ — | $ (8,874) | ||||||
Year ended December 31, 2012 | $ (8,874) | $ (17,136) | $ 74 | $ (25,936) | ||||||
Year ended December 31, 2013 | $ (25,936) | $ (630) | $ 109 | $ (26,457) | ||||||
During the year ended December 31, 2012, the increase in the Company's provision for losses on accounts receivable (which resulted from the recognition of $17,136 of bad debt expense during the period) relates mainly to (i) $4,593 of receivable balances from various defaulted charterers that are no longer covered by the Company's Charter Insurance following the Insurance Restructuring (each as defined in Note 25); and (ii) $12,543 of receivable balances from charterers whose financial condition and creditworthiness deteriorated during the period causing the Company to determine that these receivables may no longer be recoverable. | ||||||||||
Concentration of credit risk with respect to accounts receivable are limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables. For the years ended December 31, 2013, 2012 and 2011, none of the customers accounted for more than 10% of the Company's revenue. | ||||||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ' | ||||||
Prepaid Expenses and Other Current Assets | ' | ||||||
NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS | |||||||
Prepaid expenses and other current assets consist of the following: | |||||||
31-Dec-13 | 31-Dec-12 | ||||||
Prepaid voyage and operating costs | $ 12,621 | $ 6,414 | |||||
Claim receivables | 8,658 | 3,953 | |||||
Advances to agents | 795 | 669 | |||||
Short-term derivative assets | — | 1,275 | |||||
Prepaid taxes | 4,750 | 2,986 | |||||
Other | 2,155 | 4,585 | |||||
Total prepaid expenses and other current assets | $ 28,979 | $ 19,882 | |||||
Claims receivable mainly represents claims against vessels' insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. | |||||||
Vessels_Port_Terminals_and_Oth
Vessels, Port Terminals and Other Fixed Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
VESSELS PORT TERMINAL AND OTHER FIXED ASSETS [Abstract] | ' | |||||||
VESSELS PORT TERMINAL AND OTHER FIXED ASSETS | ' | |||||||
NOTE 7: VESSELS, PORT TERMINAL AND OTHER FIXED ASSETS | ||||||||
Vessels | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 1,548,383 | $ (127,082) | $ 1,421,301 | |||||
Additions | 133,874 | (63,203 | ) | 70,671 | ||||
Disposals | (81,454 | ) | 4,707 | (76,747 | ) | |||
Balance December 31, 2011 | 1,600,803 | -185,578 | 1,415,225 | |||||
Additions | 102,306 | (63,737 | ) | 38,569 | ||||
Disposals | (71,209 | ) | 4,141 | (67,068 | ) | |||
Balance December 31, 2012 | 1,631,900 | -245,174 | 1,386,726 | |||||
Additions | 85,727 | (63,287 | ) | 22,440 | ||||
Balance December 31, 2013 | $ 1,717,627 | $ (308,461) | $1,409,166 | |||||
Port Terminals (Navios Logistics) | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 65,258 | $ (9,031) | $ 56,227 | |||||
Additions | 9,230 | (2,538 | ) | 6,692 | ||||
Disposals | (152 | ) | 103 | (49 | ) | |||
Balance December 31, 2011 | 74,336 | -11,466 | 62,870 | |||||
Additions | 11,904 | (2,785 | ) | 9,119 | ||||
Balance December 31, 2012 | 86,240 | -14,251 | 71,989 | |||||
Additions | 16,812 | (2,853 | ) | 13,959 | ||||
Write-off | (22 | ) | 22 | — | ||||
Balance December 31, 2013 | $ 103,030 | $ (17,082) | $ 85,948 | |||||
Tanker vessels, barges and push boats (Navios Logistics) | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 278,837 | $ (42,637) | $ 236,200 | |||||
Additions | 62,153 | (15,378 | ) | 46,775 | ||||
Balance December 31, 2011 | 340,990 | -58,015 | 282,975 | |||||
Additions | 20,008 | (19,383 | ) | 625 | ||||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | |||
Balance December 31, 2012 | 356,408 | -77,398 | 279,010 | |||||
Additions | 40,586 | (16,384 | ) | 24,202 | ||||
Transfers | 3,030 | — | 3,030 | |||||
Balance December 31, 2013 | $ 400,024 | $ (93,782) | $ 306,242 | |||||
Tanker vessels (Navios Acquisition) | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 538,751 | $ (9,092) | $ 529,659 | |||||
Additions | 31,774 | (7,198 | ) | 24,576 | ||||
Navios Acquisition deconsolidation | (570,525 | ) | 16,290 | (554,235 | ) | |||
Balance December 31, 2011 | $ — | $ — | $ — | |||||
Other fixed assets | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 8,767 | $ (2,477) | $ 6,290 | |||||
Additions | 1,331 | (745 | ) | 586 | ||||
Balance December 31, 2011 | 10,098 | -3,222 | 6,876 | |||||
Additions | 2,832 | (903 | ) | 1,929 | ||||
Disposals | (37 | ) | — | (37 | ) | |||
Balance December 31, 2012 | 12,893 | -4,125 | 8,768 | |||||
Additions | 2,836 | (1,048 | ) | 1,788 | ||||
Transfers | (3,030 | ) | — | (3,030 | ) | |||
Balance December 31, 2013 | $ 12,699 | $ (5,173) | $ 7,526 | |||||
Total | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 2,439,996 | $ (190,319) | $ 2,249,677 | |||||
Additions | 238,362 | (89,062 | ) | 149,300 | ||||
Disposals | (81,606 | ) | 4,810 | (76,796 | ) | |||
Navios Acquisition deconsolidation | (570,525 | ) | 16,290 | (554,235 | ) | |||
Balance December 31, 2011 | 2,026,227 | -258,281 | 1,767,946 | |||||
Additions | 137,050 | (86,808 | ) | 50,242 | ||||
Disposals | (71,246 | ) | 4,141 | (67,105 | ) | |||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | |||
Balance December 31, 2012 | 2,087,441 | -340,948 | 1,746,493 | |||||
Additions | 145,962 | -83,572 | 62,390 | |||||
Write-off | (22 | ) | 22 | — | ||||
Balance December 31, 2013 | 2,233,381 | -424,498 | 1,808,883 | |||||
Sale of Vessels | ||||||||
On May 19, 2011, Navios Holdings sold the Navios Luz, a 2010-built Capesize vessel, and the Navios Orbiter, a 2004-built Panamax vessel, to Navios Partners for a total consideration of $130,000, of which $120,000 was paid in cash and $10,000 was paid through the receipt of 507,916 newly issued common units of Navios Partners (see Note 9, 16 and 19). | ||||||||
On June 15, 2012, Navios Holdings sold the Navios Buena Ventura, a 2010-built Capesize vessel to Navios Partners for a cash consideration of $67,500 (see Note 16 and 19). | ||||||||
Vessel Acquisitions | ||||||||
On January 28, 2011, Navios Holdings took delivery of the Navios Altamira, a new, 2010-built 179,165 dwt Capesize vessel, from a South Korean shipyard for an acquisition price of $55,427, of which $15,427 was paid in cash and the remaining amount of $40,000 was funded through a loan. | ||||||||
On February 14, 2011, Navios Holdings took delivery of the Navios Azimuth, a new, 2011-built 179,169 dwt Capesize vessel from a South Korean shipyard for a purchase price of approximately $55,672, of which $14,021 was paid in cash, $40,000 was financed through a loan and the remaining amount was funded through the issuance of 300 shares of preferred stock issued in 2010. | ||||||||
On February 21, 2011, Navios Holdings exercised its purchase option to acquire the Navios Astra, a 53,468 dwt Ultra- Handymax vessel and former long-term chartered-in vessel in operation, which was delivered to Navios Holdings' owned fleet. The Navios Astra's acquisition price was $22,775, of which $1,513 was the unamortized portion of the favorable lease term. On May 10, 2011, the amount of $18,850 was drawn to finance the acquisition of the Navios Astra. | ||||||||
On March 26, 2012, Navios Holdings took delivery of the Navios Serenity, a 2011-built 34,690 dwt Handysize vessel and former long-term chartered-in vessel in operation, for an acquisition price of $26,117, of which $26,000 was funded through a loan and the remaining amount was paid from existing cash. | ||||||||
On March 30, 2012, Navios Holdings took delivery of the Navios Centaurus, a new, 2012-built 81,472 dwt bulk carrier vessel from a South Korean shipyard for an acquisition price of $37,095, of which $15,645 was paid from existing cash and $21,450 was financed through a loan. | ||||||||
On May 14, 2012, Navios Holdings took delivery of the Navios Avior, a new, 2012-built 81,355 dwt bulk carrier vessel, from a South Korean shipyard for a purchase price of $39,094, of which $18,210 was paid from existing cash and $20,884 was financed through a loan. | ||||||||
On August 26, 2013, September 10, 2013, September 17, 2013 and September 19, 2013, Navios Holdings took delivery of the Navios Galileo (2006-built 76,596 dwt), the Navios Amitie (2005-built 75,395 dwt), the Navios Taurus (2005-built 76,596 dwt) and the Northern Star (2005-built 75,395 dwt). The total acquisition price for the four vessels was $67,795, of which $27,795 was paid from existing cash and $40,000 was financed through a loan. | ||||||||
In October, 2013, Navios Asia took delivery of the N Amalthia, a 2006-built 75,318 dwt bulk carrier vessel for a purchase price of $17,905, of which $6,655 was paid from the Company's and noncontrolling shareholders' cash and $11,250 was financed through a loan. | ||||||||
Navios Logistics | ||||||||
During the first quarter of 2010, Navios Logistics began the construction of a grain drying and conditioning facility at its dry port facility in Nueva Palmira, Uruguay. The facility, which has been operational since May 16, 2011, has been financed entirely with funds provided by Navios Logistics' dry port operations with a total cost of $3,891. During 2011, Navios Logistics used a portion of the proceeds from the Logistics Senior Notes (as defined in Note 11) to pay $10,819 for the acquisition of two pushboats named William Hank and Lonny Fugate and another $6,360 for the acquisition of a pushboat named WW Dyer. Additionally, Navios Logistics used a portion of such proceeds to pay $19,836 for the acquisition of 66 dry barges, $17,635 relating to transportation and other related costs associated with the acquired pushboats and barges, and $4,304 for the acquisition of a floating drydock facility. | ||||||||
In September 2011, Navios Logistics acquired an additional 23 acre parcel of land located south of the Nueva Palmira Free Zone as part of a project to develop a new transshipment facility for mineral ores and liquid bulks. | ||||||||
On May 9, 2012, Navios Logistics entered into an agreement for the restructuring of its capital leases for the San San H and the Ferni H (formerly known as the Stavroula), by extending their duration until June 2016 and amending the purchase price obligations to $9,850 and $9,800, respectively, each at the end of the extended period. As of December 31, 2013, the obligations for these vessels were accounted for as capital leases and the lease payments during the year ended December 31, 2013 for both vessels were $1,353. | ||||||||
During the second quarter of 2012, Navios Logistics began the construction of a new conveyor belt in its dry port facility in Nueva Palmira, which became operational in October 2013. As of December 31, 2013, Navios Logistics had paid $21,773 for the construction of the new conveyor belt. | ||||||||
Navios Logistics constructed four new tank barges. Two barges were delivered in October and December 2012 and two were delivered in April and June, 2013, with a cost of $1,900 each. | ||||||||
On June 26, 2013, Navios Logistics entered into an agreement for the acquisition of three pushboats for a total acquisition price of $20,250. As of December 31, 2013, Navios Logistics had paid $19,767 for the acquisition of the three pushboats. | ||||||||
On August 5, 2013, Navios Logistics entered into an agreement for the construction of 36 dry barges for a total consideration of $19,080, and on October 8, 2013 the company exercised the option for the construction of an additional 36 dry barges for a total consideration of $19,080, based on the initial agreement. As of December 31, 2013, Navios Logistics had paid $11,448 for the construction of the new barges. | ||||||||
Intangible_Assets_Other_Than_G
Intangible Assets Other Than Goodwill | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | ' | ||||||||||||||||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ' | ||||||||||||||||||
NOTE 8: INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||||||||||||||||
Net Book Value of Intangible Assets other than Goodwill as at December 31, 2013 | |||||||||||||||||||
Acquisition Cost | Accumulated Amortization | Additions/ Transfer to vessel cost/ Write off | Net Book Value December 31, 2013 | ||||||||||||||||
Trade name | $ 100,420 | $ (29,738) | $ — | $ 70,682 | |||||||||||||||
Port terminal operating rights (****) | 34,060 | (7,444 | ) | 2,092 | 28,708 | ||||||||||||||
Customer relationships | 35,490 | (10,647 | ) | — | 24,843 | ||||||||||||||
Favorable lease terms (*)(***) | 210,835 | (139,624 | ) | (3,780 | ) | 67,431 | |||||||||||||
Total Intangible assets | 380,805 | -187,453 | -1,688 | 191,664 | |||||||||||||||
Unfavorable lease terms (**) | (121,028 | ) | 93,954 | — | (27,074 | ) | |||||||||||||
Total | $ 259,777 | $ (93,499) | -1,688 | $ 164,590 | |||||||||||||||
Net Book Value of Intangible Assets other than Goodwill as at December 31,2012 | |||||||||||||||||||
Acquisition Cost | Accumulated Amortization | Transfer to vessel cost/ Write off | Net Book Value December 31, 2012 | ||||||||||||||||
Trade name | $ 100,420 | $ (25,885) | $ — | $ 74,535 | |||||||||||||||
Port terminal operating rights | 34,060 | (6,462 | ) | — | 27,598 | ||||||||||||||
Customer relationships | 35,490 | -8,872 | — | 26,618 | |||||||||||||||
Favorable lease terms (*) (***) | 220,042 | (130,528 | ) | -9,207 | 80,307 | ||||||||||||||
Total Intangible assets | 390,012 | -171,747 | -9,207 | 209,058 | |||||||||||||||
Unfavorable lease terms (**) | (127,513 | ) | 89,022 | 6,485 | (32,006 | ) | |||||||||||||
Total | $ 262,499 | $ (82,725) | $ (2,722) | $ 177,052 | |||||||||||||||
(*) As of December 31, 2013, the intangible asset associated with the favorable lease terms includes an amount of $21,782 related to purchase options for the vessels (see Note 2(n)). As of December 31, 2012, $9,207 was written off because the purchase option was not exercised. | |||||||||||||||||||
(**) As of December 31, 2013, the intangible liability associated with the unfavorable lease terms includes an amount of $9,405 related to purchase options held by third parties (see Note 2(n)). As of December 31, 2013 and 2012, no purchase options held by third parties have been exercised. As of December 31, 2012 $6,485 was written off because the purchase option was not exercised. | |||||||||||||||||||
(***) During the years ended December 31, 2013 and 2012, acquisition costs and accumulated amortization of $3,780 and $14,470, respectively, of fully amortized favorable lease terms were written off. | |||||||||||||||||||
(****) On March 19, 2013, Navios Logistics acquired Energias Renovables del Sur S.A (“Enresur”), a Uruguayan company, for a total consideration of $2,092. Enersur, as a free zone direct user, holds the right to occupy approximately12 hectares of undeveloped land located in the Nueva Palmira free zone in Uruguay, near to Navios Logistics' existing port. Navios Logistics accounted for the acquisition as an asset acquisition and as a result, an intangible asset related to the contractual rights was recorded under port terminals operating rights. | |||||||||||||||||||
Amortization Expense and Write Offs Year Ended December 31, 2013 | Amortization Expense and Write Offs Year Ended December 31, 2012 | Amortization Expense and Write Offs Year Ended December 31,2011 | |||||||||||||||||
Trade name | $ (3,853) | $ (3,860) | $ (3,853) | ||||||||||||||||
Port terminal operating rights | (983) | (930) | (927) | ||||||||||||||||
Customer relationships | (1,774) | (1,775) | (1,775) | ||||||||||||||||
Favorable lease terms | (12,876) | (27,652) | (18,388) | ||||||||||||||||
Unfavorable lease terms | 4,933 | 12,819 | 6,610 | ||||||||||||||||
Total | $ (14,553) | $ (21,398) | $ (18,333) | ||||||||||||||||
The remaining aggregate amortization of acquired intangibles (for the Company) will be as follows: | |||||||||||||||||||
Description | Within one year | Year Two | Year Three | Year Four | Year Five | Thereafter | Total | ||||||||||||
Trade name | $ 3,853 | $ 3,853 | $ 3,853 | $ 3,853 | $ 2,811 | $ 52,459 | $ 70,682 | ||||||||||||
Favorable lease terms | 12,539 | 11,398 | 11,324 | 7,022 | 641 | 2,725 | 45,649 | ||||||||||||
Unfavorable lease terms | (4,933 | ) | (3,545 | ) | (2,129 | ) | (1,273 | ) | (1,102 | ) | (4,687 | ) | (17,669 | ) | |||||
Port terminal operating rights | 983 | 983 | 983 | 983 | 983 | 23,793 | 28,708 | ||||||||||||
Customer relationships | 1,775 | 1,775 | 1,775 | 1,775 | 1,775 | 15,968 | 24,843 | ||||||||||||
Total | $14,217 | $ 14,464 | $ 15,806 | $ 12,360 | $ 5,108 | $ 90,258 | $ 152,213 | ||||||||||||
Investment_in_Affiliates
Investment in Affiliates | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
INVESTMENT IN AFFILIATES [Abstract] | ' | |||||||||||||||
INVESTMENT IN AFFILIATES | ' | |||||||||||||||
NOTE 9: INVESTMENT IN AFFILIATES | ||||||||||||||||
Navios Partners | ||||||||||||||||
On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest. | ||||||||||||||||
On January 1, 2012, all of the outstanding subordinated units converted into 7,621,843 common units of Navios Partners (excluding the Series A Subordinated Units, which are a separate class of subordinated units) (“the Conversion”). The Company concluded that the Conversion resulted in a change in the form of its investment in Navios Partners that was a reconsideration event pursuant to ASC 323-10-15-16a. In connection with that reconsideration, the Company concluded that the common units of Navios Partners, which prior to January 1, 2012 did not meet the definition of common stock or “in-substance common stock,” met the definition of “in-substance common stock” starting January 1, 2012. Although the common units continued to enjoy certain preferences by comparison to the Series A Subordinated Units, the Series A Subordinated Units constituted such a small portion of the capital structure of Navios Partners and, as such, the liquidation preference was not considered to be substantive under ASC 323-10-15-13a. In addition, at the time of the reconsideration, it was known that the Series A Subordinated Units would themselves automatically convert to common units of Navios Partners on June 29, 2012. Accordingly, the Company concluded that the risk and reward profile of the common units and Series A Subordinated Units were substantially the same in accordance with ASC 323-10-15-13b. As a result, the Company's entire investment in Navios Partners (a portion of which was previously accounted for as available-for-sale securities) is accounted for by the equity method from January 1, 2012. As a result, the carrying value of the available-for sale securities of $82,572 plus the amount reflected in other comprehensive losses of $6,158 (in each case, as of December 31, 2011) was reclassified to “Investments in Affiliates.” | ||||||||||||||||
On June 29, 2012, the outstanding subordinated Series A units converted into 1,000,000 shares of common units which have the same distribution rights as all other common unit holders. | ||||||||||||||||
In May 2012, Navios Partners completed its public offering of 4,600,000 common units. Navios Holdings paid $1,472 in order to retain its 2.0% general partner interest. Following this offering Navios Holdings' interest in Navios Partners decreased. The Company deemed that the issuance of shares qualified as a sale of shares by the equity method investee. As a result, a gain of $9,497 was recognized in “Equity in net earnings of affiliated companies”. | ||||||||||||||||
In February and September 2013, Navios Partners completed two public offerings in an aggregate amount of 10,925,000 common units, including the full exercise of the underwriters' overallotment options. Navios Holdings paid $3,168 in order to retain its 2.0% general partner interest. Following these offerings Navios Holdings' interest in Navios Partners decreased. The Company determined that the issuance of shares qualified as sales of shares by the equity method investee. As a result, gains of $15,991 were recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2013. | ||||||||||||||||
As of December 31, 2013, Navios Holdings holds a total of 14,223,763 common units, representing a 19.6% common interest in Navios Partners and the entire investment in Navios Partners is accounted for under the equity method. | ||||||||||||||||
As of December 31, 2013 and 2012, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company's underlying equity in net assets of Navios Partners was $42,412 and $51,528, respectively. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Partners tangible and intangible assets. | ||||||||||||||||
Gains of $32,857, $36,294 and $14,962 were recognized in - "Equity in net earnings of affiliated companies” for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
As of December 31, 2013 and December 31, 2012, the carrying amount of the investment in Navios Partners accounted for under the equity method was $110,516 and $103,953, respectively. | ||||||||||||||||
Dividends received during the year ended December 31, 2013, 2012 and 2011 were $29,461, $27,916 and $25,640, respectively. | ||||||||||||||||
Acropolis | ||||||||||||||||
Navios Holdings has a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. Although Navios Holdings owns 50% of Acropolis' stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends will be allocated 35% to the Company with the balance to the other shareholder. As of December 31, 2013 and December 31, 2012, the carrying amount of the investment was $350 and $420, respectively. Dividends received for each of the years ended December 31, 2013, 2012 and 2011 were $433, $140 and $602, respectively. | ||||||||||||||||
Navios Acquisition | ||||||||||||||||
From March 30, 2011, Navios Acquisition has been considered as an affiliate entity of Navios Holdings and not as a controlled subsidiary of the Company. In February, May and September 2013, Navios Acquisition completed multiple offerings, including registered direct offerings and private placements to Navios Holdings and certain members of the management of Navios Acquisition, Navios Partners and Navios Holdings. A total of 94,097,529 shares were issued. As part of these offerings, Navios Holdings purchased in private placements an aggregate of 46,969,669 shares of Navios Acquisition common stock for $160,001. Following these offerings, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition increased and its economic interest in Navios Acquisition decreased. The Company determined that the issuance of shares qualified as sales of shares by the equity method investee. As a result, losses of $6,171 were recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2013. | ||||||||||||||||
As of December 31, 2013 and 2012, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company's underlying equity in net assets of Navios Acquisition was $12,052 and $17,450, respectively. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Acquisition tangible and intangible assets. | ||||||||||||||||
(Losses)/gains of $(20,759), $(1,070) and $6,526 were recognized in “Equity in net earnings of affiliated companies” for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
As of December 31, 2013 and December 31, 2012, the carrying amount of the investment in Navios Acquisition accounted for under the equity method was $219,664 and $92,896, respectively. | ||||||||||||||||
Dividends received for each of the years ended December 31, 2013, 2012 and 2011 were $10,126, $5,202 and $3,901, respectively. | ||||||||||||||||
As of December 31, 2013, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition was 47.8% and its economic interest in Navios Acquisition was 50.5%. | ||||||||||||||||
Navios Europe | ||||||||||||||||
On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe and have ownership interests of 47.5%, 47.5% and 5.0%, respectively, which were received for nominal consideration, On December 18, 2013, Navios Europe acquired ten vessels for aggregate consideration consisting of (i) cash consideration of $127,753 (which was funded with the proceeds of a $117,753 senior loan facility (the “Senior Loan”) and loans aggregating $10,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their ownership interests in Navios Europe) (collectively, the “Navios Term Loans”)and (ii) the assumption of a junior participating loan facility (the "Junior Loan") with a face amount of $173,367 and fair value of $71,929 as of December 31, 2013. In addition to the Navios Term Loans, Navios Holdings, Navios Acquisition and Navios Partners will also make available to Navios Europe (in each case, in proportion to their ownership interests in Navios Europe) revolving loans up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans”). | ||||||||||||||||
On an ongoing basis, Navios Europe is required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loan) according to a defined waterfall calculation as follows: | ||||||||||||||||
• First, Navios Holdings, Navios Acquisition and Navios Partners will each earn a 12.7% preferred distribution on the Navios Term Loans and the Navios Revolving Loans; | ||||||||||||||||
• Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan holder and (ii) the holders of the Navios Term Loans. | ||||||||||||||||
The Navios Term Loan will be repaid from the future sale of vessels owned by Navios Europe and is deemed to be the initial investment by Navios Holdings. Navios Holdings evaluated its investment in Navios Europe under ASC 810 and concluded that Navios Europe is a VIE and that they are not the party most closely associated with Navios Europe and, accordingly, is not the primary beneficiary of Navios Europe based on the following: | ||||||||||||||||
• the power to direct the activities that most significantly impact the economic performance of Navios Europe are shared jointly between (i) Navios Holdings, Navios Acquisition and Navios Partners and (ii) and the Junior Loan holder; | ||||||||||||||||
• while Navios Europe's residual is shared on an 80%/20% basis, respectively, between (i) the Junior Loan holder and (ii) Navios Holdings, Navios Acquisition and Navios Partners, the Junior Loan holder is exposed to a substantial portion of Navios Europe's risks and rewards. | ||||||||||||||||
Navios Holdings further evaluated its investment in the common stock of Navios Europe under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe and, therefore, its investment in Navios Europe is accounted for under the equity method. | ||||||||||||||||
As of December 31, 2013, the estimated maximum potential loss by Navios Holdings in Navios Europe would have been $7,410, which represents the Company's portion of the initial investment of $4,750 plus the Company's portion of the carrying balance of the Navios Revolving Loans of $2,660 and does not include the undrawn portion of the revolving loans. | ||||||||||||||||
For the year ended December 31, 2013, Navios Europe had minimal operations and therefore, the Company did not record any equity method investee income/(loss). | ||||||||||||||||
Summarized financial information of the affiliated companies is presented below: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Balance Sheet | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | ||||||||
Current assets | $ 54,484 | $ 120,801 | $ 1,524 | 8,224 | $ 70,033 | $ 71,795 | $ 1,698 | — | ||||||||
Non-current assets | 1,195,595 | 1,535,860 | 22 | 199,760 | 884,919 | 1,298,849 | 25 | — | ||||||||
Current liabilities | 15,606 | 65,400 | 370 | 14,792 | 60,276 | 67,828 | 235 | — | ||||||||
Non-current liabilities | 527,966 | 1,128,439 | — | 194,289 | 275,982 | 1,071,512 | — | — | ||||||||
Year December 31, 2013 | Year December 31, 2012 | Year December 31, 2011 | ||||||||||||||
Income Statement | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios | ||||
Europe | ||||||||||||||||
Revenue | $198,159 | $202,397 | $2,230 | $1,151 | $205,435 | $151,097 | $2,262 | $- | $186,935 | $121,925 | $2,686 | - | ||||
Net Income/(loss) | 59,006 | (55,690 | )775 | (1,097 | )95,898 | (3,284 | )1,237 | - | 65,335 | (3,378 | )1,401 | - | ||||
. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
ACCRUED EXPENSE [Abstract] | ' | |||||
ACCRUED EXPENSE | ' | |||||
NOTE 10: ACCRUED EXPENSES | ||||||
Accrued expenses consist of the following: | ||||||
31-Dec-13 | 31-Dec-12 | |||||
Payroll | $ 9,954 | $ 10,408 | ||||
Accrued interest | 21,081 | 22,714 | ||||
Accrued voyage expenses | 8,717 | 16,709 | ||||
Accrued running costs | 13,270 | 10,879 | ||||
Provision for losses on voyages in progress | 801 | 4,974 | ||||
Audit fees and related services | 1,066 | 565 | ||||
Accrued taxes | 5,175 | 5,929 | ||||
Professional fees | 934 | 961 | ||||
Other accrued expenses | 3,201 | 2,542 | ||||
Total accrued expenses | 64,199 | 75,681 | ||||
. |
Borrowings
Borrowings | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
BORROWINGS [Abstact] | ' | |||||||||
BORROWINGS | ' | |||||||||
NOTE 11: BORROWINGS | ||||||||||
Borrowings consist of the following: | ||||||||||
Navios Holdings loans | 31-Dec-13 | 31-Dec-12 | ||||||||
Loan Facility HSH Nordbank and Commerzbank A.G. | $ — | $ 41,659 | ||||||||
Revolver Facility HSH Nordbank and Commerzbank A.G. | — | 4,428 | ||||||||
Commerzbank A.G. | 66,086 | 71,706 | ||||||||
Loan Facility Credit Agricole Bank ($130,000) | — | 30,308 | ||||||||
Loan Facility Credit Agricole ($75,000) | — | 32,000 | ||||||||
Loan Facility Credit Agricole ($40,000) | 26,112 | 32,700 | ||||||||
Loan Facility Credit Agricole ($23,000) | 18,841 | 20,203 | ||||||||
Loan Facility Credit Agricole ($23,000) | 19,350 | 20,750 | ||||||||
Loan DNB NOR Bank ($40,000) | — | 30,394 | ||||||||
Loan Facility DVB Bank SE ($42,000) | 36,801 | 39,325 | ||||||||
Loan Facility Credit Agricole ($22,500) | 11,250 | — | ||||||||
Loan Facility DVB ($40,000) | 39,125 | — | ||||||||
8.125% Senior notes due 2019 | 350,000 | 350,000 | ||||||||
2022 Notes | 650,000 | — | ||||||||
2017 Notes | — | 488,000 | ||||||||
Total Navios Holdings loans | $ 1,217,565 | $ 1,161,473 | ||||||||
Navios Logistics loans | 31-Dec-13 | 31-Dec-12 | ||||||||
Senior notes | $ 290,000 | $ 200,000 | ||||||||
Other long-term loans | 528 | 598 | ||||||||
Total Navios Logistics loans | $ 290,528 | $ 200,598 | ||||||||
Total loans | 31-Dec-13 | 31-Dec-12 | ||||||||
Total borrowings | $ 1,508,093 | $ 1,362,071 | ||||||||
Plus: unamortized premium | 3,156 | — | ||||||||
Less: unamortized discount | — | (3,859 | ) | |||||||
Less: current portion | (19,261 | ) | (33,095 | ) | ||||||
Total long-term borrowings | $ 1,491,988 | $ 1,325,117 | ||||||||
Navios Holdings loans | ||||||||||
Senior Notes | ||||||||||
In December 2006, the Company issued $300,000 in senior notes at a fixed rate of 9.5% due on December 15, 2014 (the “2014 Notes”). On January 28, 2011, Navios Holdings and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the “2019 Co - Issuers”) completed the sale of $350,000 of 8.125% Senior Notes due 2019 (the “2019 Notes”). The net proceeds from the sale of the 2019 Notes were used to redeem any and all of Navios Holdings' outstanding 2014 Notes and pay related transaction fees and expenses and for general corporate purposes. The effect of this transaction was the recognition of a $21,199 loss in the statement of income under “Loss on bond and debt extinguishment”, which comprises a $5,573 loss relating to the accelerated amortization of unamortized deferred finance costs and a $15,626 loss relating to cash payments for transaction fees and expenses in connection with the 2014 Notes extinguishment. | ||||||||||
The 2019 Notes are fully and unconditionally guaranteed, jointly and severally and on an unsecured senior basis, by all of the Company's subsidiaries, other than Navios Maritime Finance II (US) Inc., Navios Maritime Finance (US) Inc., Navios South American Logistics Inc. and its subsidiaries, Navios Asia and its subsidiaries and Navios GP L.L.C. The subsidiary guarantees are “full and unconditional”, as those terms are used in Regulation S-X Rule 3-10, except that the indenture provides for an individual subsidiary's guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2019 Notes. The 2019 Co-Issuers have the option to redeem the 2019 Notes in whole or in part, at any time (i) before February 15, 2015, at a redemption price equal to 100% of the principal amount, plus a make-whole premium, plus accrued and unpaid interest, if any, and (ii) on or after February 15, 2015, at a fixed price of 104.063% of the principal amount, which price declines ratably until it reaches par in 2017, plus accrued and unpaid interest, if any. In addition, upon the occurrence of certain change of control events, the holders of the 2019 Notes will have the right to require the 2019 Co-Issuers to repurchase some or all of the 2019 Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | ||||||||||
The 2019 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2019 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2019 Co-Issuers were in compliance with the covenants as of December 31, 2013. | ||||||||||
Ship Mortgage Notes | ||||||||||
In November 2009, the Company and its wholly owned subsidiary, Navios Maritime Finance (US) Inc. (together, the “Mortgage Notes Co- Issuers”) issued $400,000 of first priority ship mortgage notes due on November 1, 2017 at a fixed rate of 8.875% (“the 2017 Notes”). In July 2012, the Mortgage Notes Co- Issuers issued an additional $88,000 of the ship mortgage notes at par value. On November 29, 2013, Navios Holdings completed the sale of $650,000 of its 7.375% First Priority Ship Mortgage Notes due 2022 (the “2022 Notes”). The 2022 Notes are guaranteed by all of the Company's subsidiaries that guarantee the 2019 Notes. The net proceeds of the offering of the 2022 Notes have been used: (i) to repay in full the $488,000 of the 2017 Notes; and (ii) to repay in full indebtedness of $123,257 relating to six vessels added as collateral under the 2022 Notes. The remainder has been used for general corporate purposes. The effect of this transaction was the recognition of a $37,136 loss in the statement of income under “Loss on bond and debt extinguishment”, which comprises a $12,142 loss relating to the accelerated amortization of unamortized deferred finance costs and a $24,994 loss relating to cash payments for transaction fees and expenses in connection with the 2017 Notes extinguishment . | ||||||||||
The 2022 Notes are senior obligations of Navios Holdings and Navios Maritime Finance II (US) Inc. (the “2022 Co-Issuers” ) and are secured by first priority ship mortgages on 23 drybulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights (the “Collateral”). The 2022 Notes are fully and unconditionally guaranteed, jointly and severally by all of the Company's direct and indirect subsidiaries that guarantee the 2019 Notes and Navios Maritime Finance II (US) Inc. The guarantees of the Company's subsidiaries that own mortgage vessels are senior secured guarantees and the guarantees of the Company's subsidiaries that do not own mortgage vessels are senior unsecured guarantees. In addition, the 2022 Co-Issuers have the option to redeem the 2022 Notes in whole or in part, at any time (i) before January 15, 2017, at a redemption price equal to 100% of the principal amount plus a make whole price which is based on a formula calculated using a discount rate of treasury bonds plus 50 basis points, and (2) on or after January 15, 2017, at a fixed price of 105.531%, which price declines ratably until it reaches par in 2020. | ||||||||||
Furthermore, upon occurrence of certain change of control events, the holders of the 2022 Notes may require the 2022 Co-Issuers to repurchase some or all of the notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliates, merging or consolidating or selling all or substantially all of the 2022 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2022 Co-Issuers were in compliance with the covenants as of December 31, 2013. | ||||||||||
Loan Facilities | ||||||||||
The majority of the Company's senior secured credit facilities include maintenance covenants, including loan-to-value ratio covenants, based on either charter-adjusted valuations, or charter-free valuations. As of December 31, 2013, the Company and its subsidiaries were in compliance with all of the covenants under each of its credit facilities outlined below. | ||||||||||
HSH/Commerzbank Facility: In February 2007, Navios Holdings entered into a secured loan facility with HSH Nordbank and Commerzbank AG maturing on October 31, 2014. The facility was initially composed of a $280,000 term loan facility and a $120,000 reducing revolving facility and it has been amended and repaid as certain vessels have been sold. | ||||||||||
The interest rate of the loan facility was based on a margin ranging from 115 basis points to 175 basis points depending on the specified security value. | ||||||||||
On November 29, 2013, the Company repaid the loan and revolving credit facility in full using a portion of the proceeds of the 2022 Notes issued in November 2013. As of December 31, 2013, no amount was available under these facilities. | ||||||||||
Credit Agricole (formerly Emporiki) Facilities: In December 2012, the Emporiki Bank of Greece facilities were transferred to Credit Agricole Corporate and Investment Bank. | ||||||||||
In December 2007, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $154,000 in order to partially finance the construction of two Capesize bulk carriers. | ||||||||||
The interest rate of the amended facility was based on a margin of 175 basis points. On November 29, 2013, the Company repaid in full the loan using a portion of the proceeds of the 2022 Notes issued in November 2013. | ||||||||||
In August 2009, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $75,000 to partially finance the acquisition costs of two Capesize vessels. The loan bears interest at a rate of LIBOR plus 175 basis points. On November 29, 2013, the Company repaid the loan in full using a portion of the proceeds of the 2022 Notes issued in November 2013. | ||||||||||
In September 2010, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $40,000 in order to partially finance the construction of one Capesize bulk carrier. As of December 31, 2013, the outstanding amount under the loan facility was repayable in 15 semi-annual equal installments of $1,206 with a final balloon payment of $8,022 on the last payment date. The loan bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain financial covenants and the covenants contained in the 2019 Notes. As of December 31, 2013, the outstanding amount under this facility was $26,112. | ||||||||||
In August 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. As of December 31, 2013, the facility is repayable in 17 semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. The loan bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain covenants and with the covenants contained in the 2019 Notes. As of December 31, 2013, the outstanding amount under this facility was $18,841. | ||||||||||
In December 2011, Navios Holdings entered into another facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. As of December 31, 2013, the outstanding amount under the loan facility was repayable in 17 semi-annual equal installments of $700 after the drawdown date, with a final balloon payment of $7,450 on the last payment date. The loan bears interest at a rate of LIBOR plus 325 basis points. The loan facility requires compliance with certain covenants and with the covenants contained in the 2019 Notes. As of December 31, 2013, the outstanding amount under this facility was $19,350. | ||||||||||
On December 20, 2013, Navios Asia entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $22,500 in two tranches of $11,250 each, in order to finance the acquisition of the N Amalthia, which was delivered in October 2013, and the N Bonanza which was delivered in January 2014. The two tranches bear interest at a rate of LIBOR plus 300 basis points. As of December 31, 2013, Navios Asia had drawn $11,250. Each tranche is repayable in ten equal semi-annual instalments of $563, with a final balloon payment of $5,625 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2013, the outstanding amount of the loan was $11,250. | ||||||||||
DNB Facilities: In June 2008, Navios Holdings entered into a facility agreement with DNB NOR BANK ASA for an amount of up to $133,000 in order to partially finance the construction of two Capesize bulk carriers. The interest rate of the amended facility was based on a margin of 225 basis points. On July 10, 2012, the Company repaid in full the loan using a portion of the proceeds of the ship mortgage notes issued in July 2012 and cash on hand. | ||||||||||
In August 2010, Navios Holdings entered into a facility agreement with DNB NOR BANK ASA for an amount of up to $40,000 in order to partially finance the construction of one Capesize bulk carrier. The loan bears interest at a rate of LIBOR plus 275 basis points. On November 29, 2013, the Company repaid the loan in full using a portion of the proceeds of the 2022 Notes issued in November 2013. | ||||||||||
Dekabank Facility: In February 2009 (amended and restated in May 2009), Navios Holdings entered into a facility of up to $120,000 with Dekabank Deutsche Girozentrale to finance the acquisition of two Capesize vessels. The interest rate of the facility was based on a margin of 190 basis points. On June 15, 2012, the Company sold the Navios Buena Ventura and fully repaid the outstanding balance associated with the vessel. On July 9, 2012, the Company repaid in full the loan using a portion of the proceeds of the ship mortgage notes issued in July 2012 and cash on hand. | ||||||||||
Commerzbank Facility: In June 2009, Navios Holdings entered into a facility agreement for an amount of up to $240,000 (divided into four tranches of $60,000) with Commerzbank AG in order to partially finance the acquisition of a Capesize vessel and the construction of three Capesize vessels. Following the delivery of two Capesize vessels, Navios Holdings cancelled two of the four tranches and in October 2010 fully repaid their outstanding loan balances of $53,600 and $54,500, respectively. As of December 31, 2013, the third tranche of the facility is repayable in 22 quarterly installments of $882, with a final balloon payment of $13,814 on the last payment date; and the fourth tranche of the facility is repayable in 28 quarterly installments of $835, with a final balloon payment of $9,488 on the last payment date. The loan bears interest at a rate based on a margin of 225 basis points. The loan facility requires compliance with certain covenants and with the covenants contained in the 2019 Notes. As of December 31, 2013, the outstanding amount was $66,086. | ||||||||||
DVB Bank SE Facilities: On March 23, 2012, Navios Holdings entered into a facility agreement with a syndicate of banks led by DVB Bank SE for an amount of up to $42,000 in two tranches: (i) the first tranche is for an amount of up to $26,000 in order to finance the acquisition of a handysize vessel; and (ii) the second tranche is for an amount of up to $16,000 to refinance the Navios Astra loan facility with Cyprus Popular Bank Public Co. Ltd. The two tranches bear interest at a rate of LIBOR plus 285 basis points and 360 basis points, respectively. As of December 31, 2013, Navios Holdings had drawn $26,000 under the first tranche and $14,950 under the second tranche. As of December 31, 2013, the first tranche is repayable in 25 quarterly installments of $362, with a final balloon payment of $14,412 on the last repayment date and the second tranche is repayable in 26 quarterly installments of $269, with a final balloon payment of $6,344 on the last repayment date. The loan facility requires compliance with certain financial covenants and the covenants contained in the 2019 Notes. As of December 31, 2013, the total outstanding amount was $36,801. | ||||||||||
In September 2013, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $40,000 in order to finance the acquisition of four Panamax vessels, delivered in August and September 2013. The facility bears interest at a rate of LIBOR plus 325 basis points. As of December 31, 2013, Navios Holdings had drawn the entire available amount under the facility. As of December 31, 2013, the facility is repayable in seven quarterly installments of $875, followed by 12 quarterly installments of $1,000, with a final balloon payment of $21,000 payable on the last repayment date. | ||||||||||
Unsecured Bond: In July 2009, Navios Holdings issued a $20,000 unsecured bond due in July 2012 as a partial payment for the acquisition price of a Capesize vessel. Interest accrued on the principal amount of the unsecured bond at the rate of 6% per annum. All accrued interest (which was not compounded) would have been first due and payable in July 2012, which was the maturity date. The outstanding amount was repaid in full on July 24, 2012 in accordance with its terms. | ||||||||||
Amounts drawn under the facilities are secured by first priority mortgages on Navios Holdings' vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Holdings' vessels; changing the commercial and technical management of Navios Holdings' vessels; selling or changing the ownership of Navios Holdings' vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, the credit facilities require compliance with a number of financial covenants including debt coverage ratios and minimum liquidity, and compliance with the covenants contained in the indentures governing the 2019 Notes and the 2022 Notes. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or if Angeliki Frangou and her affiliates, together own less than 20% of the outstanding share capital of Navios Holdings. | ||||||||||
Navios Logistics loans | ||||||||||
Logistics Senior Notes | ||||||||||
In April 2011, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together, the “Logistics Co-Issuers”) issued $200,000 in senior notes due on April 15, 2019 at a fixed rate of 9.25% (the “Existing Logistics Senior Notes”). In March 2013, the Logistics Co-Issuers issued an additional $90,000 of the senior notes due on April 15, 2019 (the “Additional Logistics Senior Notes”, together with the Existing Logistics Senior Notes, the “Logistics Senior Notes”) at a premium, with a price of 103.750%. The terms of the Additional Logistics Senior Notes issued in March 2013 are identical to the $200,000 Existing Logistics Senior Notes that were issued in April 2011. | ||||||||||
The Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by Navios Logistics and all of Navios Logistics' direct and indirect subsidiaries, except for Logistics Finance and Horamar do Brazil. The subsidiary guarantees are “full and unconditional”, as those terms are used in Regulation S-X Rule 3-10, except that the indenture provides for an individual subsidiary's guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the notes. The Logistics Co-Issuers have the option to redeem the notes in whole or in part, at their option, at any time (i) before April 15, 2014, at a redemption price equal to 100% of the principal amount plus the applicable make-whole premium plus accrued and unpaid interest, if any, to the redemption date and (ii) on or after April 15, 2014, at a fixed price of 106.938%, which price declines ratably until it reaches par in 2017. At any time before April 15, 2014, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the Logistics Senior Notes with the net proceeds of an equity offering at 109.25% of the principal amount of the notes, plus accrued and unpaid interest, if any, to the redemption date so long as at least 65% of the originally issued aggregate principal amount of the notes remains outstanding after such redemption. | ||||||||||
In addition, upon the occurrence of certain change of control events, the holders of the Logistics Senior Notes will have the right to require the Logistics Co-Issuers to repurchase some or all of the notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | ||||||||||
The Logistics Senior Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, in excess of 6% per annum of the net proceeds received by or contributed to Navios Logistics in or from any public offering, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics properties and assets and creation or designation of restricted subsidiaries. | ||||||||||
The Logistics Co-Issuers were in compliance with the covenants as of December 31, 2013. | ||||||||||
See also Note 27 for Navios Logistics 7.25% senior notes due 2022. | ||||||||||
Non-Wholly Owned Subsidiaries' Indebtedness | ||||||||||
On July 25, 2011, Navios Logistics acquired the noncontrolling interests of its joint ventures Thalassa Energy S.A., HS Tankers Inc., HS Navigation Inc., HS Shipping Ltd .Inc. and HS South Inc., in accordance with the terms of certain stock purchase agreements with HS Energy Ltd., an affiliate of Vitol S.A. and simultaneously paid $53,155 in full and final settlement of all amounts of indebtedness of such joint ventures. | ||||||||||
Other Indebtedness | ||||||||||
In connection with the acquisition of Hidronave S.A. on October 29, 2009, Navios Logistics assumed an $817 loan facility that was entered into by Hidronave S.A. in 2001 in order to finance the construction of a pushboat (Nazira). As of December 31, 2013, the outstanding loan balance was $528. The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. The loan also requires compliance with certain covenants. | ||||||||||
The annual weighted average interest rates of the Company's total borrowings were 7.75% and 7.32% for the year ended December 31, 2013 and 2012, respectively. | ||||||||||
The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of December 31, 2013, based on the repayment schedules of the respective loan facilities (as described above) and the outstanding amount due under the debt securities. | ||||||||||
Year | Amount in | |||||||||
thousands of | ||||||||||
USD | ||||||||||
2014 | $19,261 | |||||||||
2015 | 19,386 | |||||||||
2016 | 19,761 | |||||||||
2017 | 19,761 | |||||||||
2018 | 45,386 | |||||||||
2019 and thereafter | 1,384,538 | |||||||||
Total | $1,508,093 |
Derivatives_and_Fair_Value_of_
Derivatives and Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | ' | ||||||||||||||
DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||
NOTE 12: DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||
Forward Freight Agreements (FFAs) | |||||||||||||||
Drybulk shipping FFAs generally have the following characteristics: they cover periods from one month to one year; they can be based on time charter rates or freight rates on specific quoted routes; they are executed between two parties and give rise to a certain degree of credit risk depending on the counterparties involved and they are settled monthly based on publicly quoted indices. | |||||||||||||||
At December 31, 2013 and December 31, 2012, none of the “mark-to-market” positions of the open dry bulk FFA contracts, qualified for hedge accounting treatment. Drybulk FFAs traded by the Company that do not qualify for hedge accounting are shown at fair value through the statements of comprehensive (loss)/ income. | |||||||||||||||
The net losses from FFAs recorded in the statement of comprehensive (loss)/ income amounted to $260, $196 and $165, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||
During each of the years ended December 31, 2013, 2012 and 2011, the changes in net unrealized (losses)/gains on FFAs amounted to $(69), $(124) and $289, respectively. | |||||||||||||||
Fair value of financial instruments | |||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||
Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. | |||||||||||||||
Restricted cash: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. | |||||||||||||||
Borrowings: The carrying amount of the floating rate loans approximates their fair value. The senior and ship mortgage notes are fixed rate borrowings and their fair value, which was determined based on quoted market prices, is indicated in the table below. | |||||||||||||||
Capital leases: The capital leases are fixed rate obligations and their carrying amounts approximate their fair value as indicated in the table below. | |||||||||||||||
Loan receivable from affiliate company: The carrying amount of the floating rate loan approximates its fair value. | |||||||||||||||
Long-term receivable from affiliate companies: The carrying amount of the floating rate payable approximates its fair value. | |||||||||||||||
Accounts receivable, net: Carrying amounts are considered to approximate fair value due to the short-term nature of these accounts receivables and because there were no significant changes in interest rates. All amounts that are assumed to be uncollectable are written off and/or reserved. | |||||||||||||||
Accounts payable: The carrying amounts of accounts payable reported in the balance sheet approximates their fair value due to the short-term nature of these accounts payable and because there were no significant changes in interest rates. | |||||||||||||||
Investments in available-for-sale securities: The carrying amount of the investments in available-for-sale securities reported in the balance sheet represents unrealized gains and losses on these securities, which are reflected directly in equity unless an unrealized loss is considered “other-than-temporary”, in which case it is transferred to the statements of comprehensive (loss)/ income. | |||||||||||||||
Forward freight agreements: The fair value of forward freight agreements is the estimated amount that the Company would receive or pay to terminate the agreement at the reporting date by obtaining quotes from brokers or exchanges. | |||||||||||||||
The estimated fair values of the Company's financial instruments are as follows: | |||||||||||||||
December 31,2013 | December 31, 2012 | ||||||||||||||
BookValue | Fair Value | Book Value | Fair Value | ||||||||||||
Cash and cash equivalents | $187,831 | $187,831 | $257,868 | $257,868 | |||||||||||
Restricted cash | $2,041 | $2,041 | $24,704 | $24,704 | |||||||||||
Accounts receivable, net | $86,219 | $86,219 | $85,721 | $85,721 | |||||||||||
Investments in available-for-sale securities | $7,660 | $7,660 | $559 | $559 | |||||||||||
Forward Freight Agreements, net | $— | $— | $1,275 | $1,275 | |||||||||||
Long-term receivable from affiliate companies | $5,144 | $5,144 | $57,701 | $57,701 | |||||||||||
Loan receivable from affiliate companies | $2,660 | $2,660 | $35,000 | $35,000 | |||||||||||
Accounts payable | ($51,692) | $(51,692 | ($63,921) | ($63,921) | |||||||||||
Capital lease obligations, including current portion | ($23,759) | ($23,759) | ($25,112) | ($25,112) | |||||||||||
2017 Notes and 2022 Notes including premium and net of discount | ($1,293,156) | ($1,326,897) | ($1,034,141) | ($973,940) | |||||||||||
Long term debt, including current portion | ($218,093) | ($218,093) | ($324,071) | ($324,071) | |||||||||||
The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets and liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||
Assets | Total | Quoted Prices in Active Markets for Identical Assets (Level I) | Significant Other Observable Inputs (Level II) | Significant Unobservable Inputs (Level III) | |||||||||||
Investments in available-for-sale securities | $ 7,660 | $ 7,660 | $ — | $ — | |||||||||||
Total | $ 7,660 | $ 7,660 | $ — | $ — | |||||||||||
Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Assets | Total | Quoted Prices in Active Markets for Identical Assets (Level I) | Significant Other Observable Inputs (Level II) | Significant Unobservable Inputs (Level III) | |||||||||||
FFAs | $ 1,275 | $ 1,275 | $ — | $ — | |||||||||||
Investments in available-for-sale securities | 559 | 559 | — | — | |||||||||||
Total | $ 1,834 | $ 1,834 | $ — | $ — | |||||||||||
Fair Value Measurements | |||||||||||||||
The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: | |||||||||||||||
Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. | |||||||||||||||
Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. | |||||||||||||||
Level III: Inputs that are unobservable. The Company did not use any Level III inputs as of December 31, 2013 and December 31, 2012. | |||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||||||||
Cash and cash equivalents | $ 187,831 | $ 187,831 | $ — | $ — | |||||||||||
Restricted cash | $ 2,041 | $ 2,041 | $ — | $ — | |||||||||||
Senior and ship mortgage notes, net of discount | ($1,326,897) | ($1,326,897) | $ — | $ — | |||||||||||
Capital lease obligations, including current portion(1) | $ (23,759) | $ — | $ (23,759) | $ — | |||||||||||
Long-term debt, including current portion(1) | $ (218,093) | $ — | $ (218,093) | $ — | |||||||||||
Due from related companies, long-term | $ 2,660 | $ — | $ 2,660 | $ — | |||||||||||
Due from affiliate companies, long-term(2) | $ 5,144 | $ — | $ 5,144 | $ — | |||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||||||||
Cash and cash equivalents | $ 257,868 | $ 257,868 | $ — | $ — | |||||||||||
Restricted cash | $ 24,704 | $ 24,704 | $ — | $ — | |||||||||||
Senior and ship mortgage notes, net of discount | $ (973,940) | $ (973,940) | $ — | $ — | |||||||||||
Capital lease obligations, including current portion(1) | $ (25,112) | $ — | $ (25,112) | $ — | |||||||||||
Long-term debt, including current portion(1) | $ (324,071) | $ — | $ (324,071) | $ — | |||||||||||
Loan receivable from affiliate company(2) | $ 35,000 | $ — | $ 35,000 | $ — | |||||||||||
Due from affiliate companies, long term(2) | $ 57,701 | $ — | $ 57,701 | $ — | |||||||||||
(1 | )The fair value of the Company's long-term debt is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities, published quoted market prices as well as taking into account the Company's creditworthiness. | ||||||||||||||
(2 | )The fair value of the Company's loan receivable from affiliate company and long-term receivable from affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as after taking into account the counterparty's creditworthiness. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||
NOTE 13: EMPLOYEE BENEFIT PLANS | ||||||||||
Retirement Saving Plan | ||||||||||
The Company sponsors an employee saving plan covering all of its employees in the United States. The Company's contributions to the employee saving plan during the years ended December 31, 2013, 2012 and 2011, were approximately $97, $119 and $108, respectively, which included a discretionary contribution of $14, $15, and $15, respectively. | ||||||||||
Defined Benefit Pension Plan | ||||||||||
The Company sponsors a legacy unfunded defined benefit pension plan that covers certain Bahamian and Uruguayan nationals and former Navios Corporation employees. The liability related to the plan is recognized based on actuarial valuations. The current portion of the liability is included in accrued expenses and the non-current portion of the liability is included in other long-term liabilities. There are no pension plan assets. | ||||||||||
The Greek office employees are protected by the Greek Labor Law. According to the law, the Company is required to pay retirement indemnities to employees on dismissal, or on leaving with an entitlement to a full security retirement pension. Please refer to Note 2(s). | ||||||||||
Stock Plan | ||||||||||
The Company has awarded shares of restricted stock and restricted stock units to its employees, officers and directors. The restriction lapses in two or three equal tranches, over the requisite service periods, of one, two and three years from the grant date. The Company has also awarded stock options to its officers and directors only, based on service conditions only, which vest in three equal tranches over the requisite service periods of one, two and three years from the grant date. Each option remains exercisable for seven years after its vesting date. | ||||||||||
On December 11, 2013, the Company awarded shares of restricted stock and restricted stock units to its employees, officers and directors and stock options to its officers and directors, which vest all at once upon achievement of the internal performance criteria and completion of a service period on April 30, 2015. | ||||||||||
The fair value of all stock option awards has been calculated based on the modified Black-Scholes method. A description of the significant assumptions used to estimate the fair value of the stock option awards is set out below: | ||||||||||
Expected term: The Company began granting stock options in October 2007. The first stock option exercise was in 2010 and the number of options exercised during each of the years ended December 31, 2013 (153,556), 2012 (29,251), 2011 (130,578) and 2010 (130,577) was small in relation to the total number of options granted. Therefore, due to limited historical share option exercise experience to provide for a reasonable basis upon which to estimate expected term, the Company opted to apply the simplified method. | ||||||||||
The “simplified method” used includes taking the average of the weighted average time to vesting and the contractual term of the option award. The service conditions option awards vest over three years at 33.3%, 33.3% and 33.4% respectively, resulting in a weighted average time to vest of approximately 2 years. The contractual term of the award is 7 years. Utilizing the simplified approach formula, the derived expected term estimate for the Company's service conditions option award is 4.5 years. | ||||||||||
The performance conditions option awards vest in one year and only upon achievement of the performance criteria. | ||||||||||
Expected volatility: The historical volatility of Navios Holdings' shares was used in order to estimate the volatility of the stock option awards. The final expected volatility estimate, which equals the historical estimate, for the service conditions option awards is 42.62%, 43.87% and 68.14% for 2013, 2012 and 2011, respectively, and for the performance conditions option awards is 41.48% for 2013. | ||||||||||
Expected dividends: The expected dividend is based on the current dividend, our historical pattern of dividend increases and the market price of our stock. | ||||||||||
Risk-free rate: Navios Holdings has selected to employ the risk-free yield-to-maturity rate to match the expected term estimated under the “simplified method”. For the service conditions option awards, the 4.5 year yield-to-maturity rate as of the grant date is 1.28%, 0.68% and 0.80% for 2013, 2012 and 2011, respectively. For the performance conditions option awards, the one year yield-to-maturity rate as of the grant date is 0.13% for 2013. | ||||||||||
The fair value of restricted stock and restricted stock unit grants excludes dividends to which holders of restricted stock and restricted stock units are not entitled. The expected dividend assumption used in the valuation of restricted stock and restricted stock units grant is $0.06 for 2013, 2012 and 2011. | ||||||||||
The weighted average grant date fair value of stock options, restricted stock and restricted stock units granted during the year ended December 31, 2013 was $2.11, $8.63 and $8.63, respectively. | ||||||||||
The weighted average grant date fair value of stock options, restricted stock and restricted stock units granted during the year ended December 31, 2012 was $0.52, $3.44 and $3.44, respectively. | ||||||||||
The weighted average grant date fair value of stock options, restricted stock and restricted stock units granted during the year ended December 31, 2011 was $1.43, $3.81 and $3.81, respectively. | ||||||||||
The effect of compensation expense arising from the stock-based arrangements described above amounts to $5,021, $4,712 and $4,252 as of December 31, 2013, 2012 and 2011, respectively and it is reflected in general and administrative expenses on the income statement. The recognized compensation expense for the year is presented as adjustment to reconcile net income to net cash provided by operating activities on the statements of cash flows. | ||||||||||
The summary of stock-based awards is summarized as follows (in thousands except share and per share data): | ||||||||||
Shares | Weighted average exercise price | Weighted average remaining term | Aggregate fair value | |||||||
Options | ||||||||||
Outstanding as of December 31, 2010 | 2,088,896 | $6.47 | 7.98 | $5,546 | ||||||
Vested at December 31, 2010 | 421,544 | — | — | — | ||||||
Exercisable at December 31, 2010 | 316,279 | — | — | — | ||||||
Exercised | (130,578 | ) | — | — | (158 | ) | ||||
Granted | 1,344,353 | 3.81 | — | 1,929 | ||||||
Outstanding as of December 31, 2011 | 3,302,671 | 5.52 | 7.81 | 7,317 | ||||||
Vested at December 31, 2011 | 643,824 | — | — | — | ||||||
Exercisable at December 31, 2011 | 522,934 | — | — | — | ||||||
Exercised | (29,251 | ) | — | — | (36 | ) | ||||
Granted | 1,344,357 | 3.44 | — | 700 | ||||||
Outstanding as of December 31, 2012 | 4,617,777 | 4.93 | 7.07 | 7,981 | ||||||
Vested at December 31, 2012 | 901,520 | — | — | — | ||||||
Exercisable at December 31, 2012 | 841,644 | — | — | — | ||||||
Exercised | (153,556 | ) | — | — | (216 | ) | ||||
Granted | 674,809 | 8.63 | — | 1,444 | ||||||
Outstanding as of December 31, 2013 | 5,139,030 | 5.5 | 6.37 | 9,209 | ||||||
Vested at December 31, 2013 | 911,493 | — | — | — | ||||||
Exercisable at December 31, 2013 | 753,562 | — | — | — | ||||||
Restricted stock and restricted stock units | ||||||||||
Non Vested as of December 31, 2010 | 802,416 | — | 2.61 | 4,301 | ||||||
Granted | 813,273 | — | — | 3,098 | ||||||
Vested | (318,644 | — | — | (1,692 | ) | |||||
Forfeited or expired | (9,869 | ) | — | — | (54 | ) | ||||
Non Vested as of December 31, 2011 | 1,287,176 | — | 2.49 | 5,653 | ||||||
Granted | 832,028 | — | — | 2,862 | ||||||
Vested | (553,846 | ) | — | — | (2,565 | ) | ||||
Forfeited or expired | (9,166 | ) | — | — | (42 | ) | ||||
Non Vested as of December 31, 2012 | 1,556,192 | — | 1.81 | 5,908 | ||||||
Granted | 886,437 | — | — | 7,650 | ||||||
Vested | (546,194 | ) | — | — | (2,287 | ) | ||||
Forfeited or expired | (12,452 | ) | — | — | (51 | ) | ||||
Non Vested as of December 31, 2013 | 1,883,983 | — | 1.4 | 11,220 | ||||||
The estimated compensation cost relating to service conditions of non-vested (i) stock options and (ii) restricted stock and restricted stock unit awards, not yet recognized was $1,005 and $4,436, respectively, as of December 31, 2013 and is expected to be recognized over the weighted average period of 2.25 years. | ||||||||||
The estimated compensation cost relating to performance conditions of non-vested (i) stock options and (ii) restricted stock and restricted stock unit awards, not yet recognized was $303 and $3,462, respectively, as of December 31, 2013 and is expected to be recognized when it is probable that the performance criteria will be met. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
NOTE 14: COMMITMENTS AND CONTINGENCIES: | ||||
As of December 31, 2013, the Company was contingently liable for letters of guarantee and letters of credit amounting to $590 (2012: $590) issued by various banks in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash. | ||||
In connection with the acquisition of Horamar, Navios Logistics recorded liabilities for certain pre-acquisition contingencies amounting to $6,632 ($2,907 relating to VAT-related matters, $1,703 for withholding tax-related matters, $1,511 relating to provisions for claims and others and $511 for income tax-related matters) that were included in the allocation of the purchase price based on their respective fair values. As it relates to these contingencies, the prior owners of Horamar agreed to indemnify Navios Logistics in the event that any of the above contingencies materialize before agreed-upon dates, extending to various dates through January 2020. As of December 31, 2013, the remaining liability related to these pre-acquisition contingencies amounted to $829 ($1,039 in 2012; $2,764 in 2011) and was entirely offset by an indemnification asset for the same amount, which was reflected in other non-current assets. | ||||
The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date the financial statements were prepared. In the opinion of management, the ultimate disposition of these matters is expected to be immaterial to the financial statements individually and in the aggregate and will not adversely affect the Company's financial position, results of operations or liquidity. | ||||
The Company, in the normal course of business, entered into contracts to time charter-in vessels for various periods through April 2026. | ||||
As of December 31, 2013, Navios Logistics has obligations related to the acquisition of new dry barges, the acquisition of three pushboats and the acquisition of the chartered-in fleet of $26,712, $483 and $11,076, respectively. As of December 31, 2013, Navios Asia concluded the acquisition of a bulk carrier vessel to be named N Bonanza for an acquisition cost of $17,500. The N Bonanza was delivered on January 27, 2014. The table below reflects the future payments for these commitments. | ||||
Amounts in thousands of U.S. Dollars | ||||
31-Dec-14 | $ 50,091 | |||
31-Dec-15 | 3,754 | |||
31-Dec-16 | 1,926 | |||
Total | $ 55,771 | |||
Leases
Leases | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
LEASES [Abstract] | ' | |||||||
LEASES | ' | |||||||
NOTE 15: LEASES | ||||||||
Chartered-in and office space: | ||||||||
As of December 31, 2013 the Company's future minimum commitments, net of commissions under lease obligations for chartered-in vessels, barges, pushboats and office space were as follows: | ||||||||
Charter-in vessels in operation | Charter-in vessels to be delivered | Office space | ||||||
2014 | $ 82,553 | $ 184 | $ 3,135 | |||||
2015 | 64,279 | 5,697 | 3,032 | |||||
2016 | 58,720 | 12,842 | 2,667 | |||||
2017 | 56,768 | 14,910 | 2,505 | |||||
2018 | 54,795 | 14,910 | 1,736 | |||||
2019 and thereafter | 133,267 | 98,815 | 984 | |||||
Total | $ 450,382 | $147,358 | $ 14,059 | |||||
Charter hire expense for Navios Holdings chartered-in vessels amounted to $116,962, $112,536 and $113,550, for the each of the years ended December 31, 2013, 2012 and 2011, respectively. Charter hire expense for logistics business chartered-in vessels amounted to $1,286, $3,587 and $5,910, for the each of the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Rent expense for office space amounted to $2,899, $2,267, and $2,229 for each of the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The Company leases approximately 16,703 square feet of space at 825 3rd Avenue, New York, New York, pursuant to a lease that expires in April 2019. The Company also leases approximately 3,882 square meters of space at 85 Akti Miaouli, Piraeus, Greece, pursuant to lease agreements that expires in 2017 and 2019. The Company also leases office space in Monaco pursuant to a lease that expires on June 2015. On July 1, 2010, the Company signed a new contract for the lease of approximately 632 square meters of office space in Antwerp, Belgium that expires in 2019. The Company also leases approximately 254 square meters at 85 Akti Miaouli, Piraeus pursuant to a lease that expires in 2019. | ||||||||
Navios Logistics' subsidiaries lease various premises in Argentina and Paraguay that expire on various dates through 2025. The above table incorporates the lease commitments on all offices as disclosed above. | ||||||||
Chartered-out: | ||||||||
The future minimum revenue, net of commissions, (i) for drybulk vessels, expected to be earned on non-cancelable time charters and (ii) for the Company's logistics business, expected to be earned on non-cancelable time charters, COA's with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics' ports, are as follows: | ||||||||
Drybulk vessels | Logistics business | |||||||
2014 | $ 96,281 | $ 100,198 | ||||||
2015 | 28,722 | 83,118 | ||||||
2016 | 11,401 | 54,518 | ||||||
2017 | 10,715 | 13,708 | ||||||
2018 | 10,715 | 770 | ||||||
2019 and thereafter | 20,607 | — | ||||||
Total minimum revenue, net of commissions | $ 178,441 | $ 252,312 | ||||||
Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel. | ||||||||
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | ' |
TRANSACTIONS WITH RELATED PARTIES | ' |
NOTE 16: TRANSACTIONS WITH RELATED PARTIES | |
Office rent: The Company has entered into lease agreements with Goldland Ktimatiki-Ikodomiki-Touristiki Xenodohiaki Anonimos Eteria and Emerald Ktimatiki-Ikodomiki Touristiki Xenodohiaki Anonimos Eteria, both of which are Greek corporations that are currently majority-owned by Angeliki Frangou, Navios Holdings' Chairman and Chief Executive Officer. The lease agreements provide for the leasing of facilities located in Piraeus, Greece to house the operations of most of the Company's subsidiaries. The total annual lease payments are in the aggregate €959 (approximately $1,320) and the lease agreements expire in 2017 and 2019. These payments are subject to annual adjustments, which are based on the inflation rate prevailing in Greece as reported by the Greek State at the end of each year. | |
Purchase of services: The Company utilizes its affiliate company, Acropolis (See Note 9), as a broker. Commissions paid to Acropolis for each of the years ended December 31, 2013, 2012 and 2011 were $63, $48 and $17, respectively. During the years ended December 31, 2013, 2012 and 2011, the Company received dividends of $433, $140, and $602, respectively. Included in the trade accounts payable at December 31, 2013 and 2012 was an amount of $76 and $115, respectively, which was due to Acropolis. | |
Vessels charter hire: In February 2012, the Company chartered in from Navios Partners the Navios Apollon, a 2000-built Ultra-Handymax vessel. The term of this charter is approximately two years at a net daily rate of $12.5 per day for the first year and $13.5 net per day for the second year, plus 50/50 profit sharing based on actual earnings. | |
In May 2012, the Company chartered in from Navios Partners the Navios Prosperity, a 2007-built Panamax vessel. The term of this charter is approximately one year with two six-month extension options granted to the Company, at a net daily rate of $12.0 plus profit sharing. The owners will receive 100% of the first $1.5 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. | |
In September 2012, the Company chartered in from Navios Partners the Navios Libra, a 1995-built Panamax vessel. The term of this charter is approximately three years at a net daily rate of $12.0 plus 50/50 profit sharing based on actual earnings. | |
In May 2013, the Company chartered in from Navios Partners the Navios Felicity, a 1997-built Panamax vessel. The term of this charter is approximately one year at a net daily rate of $12.0 plus 50/50 profit sharing based on actual earnings. | |
In May 2013, the Company chartered in from Navios Partners the Navios Aldebaran, a 2008-built Panamax vessel. The term of this charter is approximately six months at a net daily rate of $11.0 plus profit sharing. The owners will receive 100% of the first $2.5 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. | |
In July 2013, the Company chartered in from Navios Partners the Navios Hope, a 2005-built Panamax vessel. The term of this charter is approximately one year at a net daily rate of $10.0. | |
In July 2013, the Company chartered in from Navios Partners the Navios Melodia, a 2010-built Capesize vessel. The term of this charter is approximately four months at a net daily rate of $15.0. | |
In July 2013, the Company chartered in from Navios Partners the Navios Pollux, a 2009-built Capesize vessel, under a voyage charter which was completed in August 2013. | |
Total charter hire expense for all vessels for the years ended December 31, 2013, 2012 and 2011 were $22,386, $7,484 and $0, respectively, and were included in the statement of comprehensive (loss)/ income under “Time charter, voyage and logistics business expenses”. | |
Management fees: Navios Holdings provides commercial and technical management services to Navios Partners' vessels for a daily fixed fee. As of December 31, 2012, the daily fees are $4.7 per owned Ultra Handymax vessel, $4.6 per owned Panamax vessel and $5.7 per owned Capesize vessel until December 31, 2013. This daily fee covers all of the vessels' operating expenses, including the cost of drydock and special surveys. In October 2013, the Company amended its existing Management Agreement with Navios Partners to fix the fees for ship management services of its owned fleet at: (i) $4.0 daily rate per Ultra-Handymax vessel; (ii) $4.1 daily rate per Panamax vessel; (iii) $5.1 daily rate per Capesize vessel effective from January 1, 2014 through December 31, 2015; and (iv) $6.5 daily rate per Container vessel effective from the delivery through December 31, 2015. From January 1, 2016 to December 31, 2017, Navios Partners will reimburse Navios Holdings for all of the actual operating costs and expenses in connection with the management of Navios Partners' fleet. Drydocking expenses under this agreement will be reimbursed by Navios Partners at cost at occurrence. Total management fees for the years ended December 31, 2013, 2012 and 2011 amounted to $36,173, $31,689 and $26,343, respectively. | |
Navios Holdings provides commercial and technical management services to Navios Acquisition's vessels for a daily fee of $6.0 per owned MR2 product tanker and chemical tanker vessel, $7.0 per owned LR1 product tanker vessel and $10.0 per owned VLCC vessel. This daily fee covers all of the vessels' operating expenses, other than certain extraordinary fees and costs. Actual operating costs and expenses will be determined in a manner consistent with how the initial fixed fees were determined. Drydocking expenses will be fixed under this agreement for up to $300 per vessel and will be reimbursed at cost for VLCC vessels. Navios Acquisition may, upon request, reimburse the manager partially or fully for drydocking and other extraordinary fees and expenses under the management agreement at a later date, but not later than January 5, 2015, bearing interest of 1% over LIBOR. Navios Acquisition may, upon request, reimburse the manager partially or fully for any fixed management fees outstanding for a period of not more than nine months at a later date, but no later than December 31, 2014, bearing interest of 1% over LIBOR. Total management fees for the years ended December 31, 2013, 2012 and 2011 amounted to $71,392, $47,043 and $35,678, respectively. | |
Pursuant to a management agreement dated December 13, 2013, Navios Holdings provides commercial and technical management services to Navios Europe's tanker and container vessels. The term of this agreement is for a period of six years. Management fees under this agreement will be reimbursed at cost at occurrence. Total management fees for the year ended December 31, 2013 amounted to $645. | |
Navios Partners Guarantee: Contemporaneously with the Insurance Restructuring (as defined in Note 25), in November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners that provided Navios Partners with guarantees against counterparty default on certain existing charters (the “Navios Partners Guarantee”). The Navios Partners Guarantee provided Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. The Navios Partners Guarantee provides for a maximum possible payout of $20,000 by the Company to Navios Partners. Premiums that are calculated on the same basis as the restructured charter insurance are included in the management fee that is paid by Navios Partners to Navios Holdings pursuant to the management agreement. As of December 31, 2013, no claims had been submitted to Navios Holdings. | |
General & administrative expenses: Navios Holdings provides administrative services to Navios Partners. Such services include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other services. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the years ended December 31, 2013, 2012 and 2011 amounted to $4,366, $3,883 and $3,447, respectively. | |
On May 28, 2010, Navios Acquisition has entered into an administrative services agreement, expiring May 28, 2015, with Navios Holdings, pursuant to which Navios Holdings provides office space and certain administrative management services to Navios Acquisition which include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the years ended December 31, 2013, 2012 and 2011 amounted to $3,476, $2,110 and $1,527, respectively. | |
On April 12, 2011, Navios Holdings entered into an administrative services agreement with Navios Logistics for a term of five years, pursuant to which Navios Holdings will provide certain administrative management services to Navios Logistics. Such services include bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the year ended December 31, 2013, 2012 and 2011 amounted to $740, $600 and $375, respectively. The general and administrative fees have been eliminated upon consolidation. | |
Pursuant to a management agreement dated December 13, 2013, Navios Holdings provides administrative services to Navios Europe's tanker and container vessels. Such services include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other services. The term of this agreement is for a period of six years. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the year ended December 31, 2013 amounted to $25. | |
Pursuant to a management agreement dated May 15, 2013, Navios Holdings provides commercial and administrative services to Navios Asia' vessels. Such services include: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other services. The agreement will continue unless terminated by either party. The annual fee that Navios Asia pays to Navios Holdings is $50 per vessel. Total general and administrative fees charged for the year ended December 31, 2013 amounted to $9. The general and administrative fees have been eliminated upon consolidation. | |
Balance due from affiliate (excluding Navios Europe): Balance due from affiliate as of December 31, 2013 amounted to $12,064 (December 31, 2012: $108,538) which included the current amounts due from Navios Partners and Navios Acquisition, which were $390 (December 31, 2012: $21,716) and $6,530 (December 31, 2012: $29,121), respectively, and the non-current amount of $5,144 (December 31, 2012: $57,701) due from Navios Acquisition. The balances mainly consisted of management fees, administrative fees, drydocking and other expenses and other amounts payable. | |
Omnibus agreements: Navios Holdings has entered into an omnibus agreement with Navios Partners (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners' IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain drybulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize drybulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years. | |
Navios Acquisition entered into an omnibus agreement (the “Acquisition Omnibus Agreement”) with Navios Holdings and Navios Partners in connection with the closing of Navios Acquisition's initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for container vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter drybulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its drybulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party. | |
Sale of Vessels and Sale of Rights to Navios Partners: Upon the sale of vessels to Navios Partners, Navios Holdings recognizes the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and defers recognition of the gain to the extent of its own ownership interest in Navios Partners (the “deferred gain”). Subsequently, the deferred gain is amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain is accelerated in the event that (i) the vessel is subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company's ownership interest in Navios Partners is reduced. In connection with the public offerings of common units by Navios Partners, a pro rata portion of the deferred gain is released to income upon dilution of the Company's ownership interest in Navios Partners (See also Note 19 “Disposal of Assets”). As of December 31, 2013 and 2012, the unamortized deferred gain for all vessels and rights sold totaled $21,578 and $28,459, respectively, and for the years ended December 31, 2013, 2012 and 2011, Navios Holdings recognized $6,881, $12,652 and $12,024 respectively, of the deferred gain in “Equity in net earnings of affiliated companies”. | |
The Navios Holdings Credit Facility: Navios Acquisition entered into a $40,000 credit facility with Navios Holdings in 2010 which was amended in 2010 and 2011. The facility is available for multiple drawings up to a limit of $40,000, has a margin of LIBOR plus 300 basis points and matures in December 2014. As of December 31, 2013, the outstanding amount under this facility was $0 (December 31, 2012: $35,000) and was recorded under “Loan receivable from affiliate company”. | |
Balance due from Navios Europe: Current balance due from Navios Europe as of December 31, 2013, amounted to $1,407 and mainly consists of management fees and other expenses. | |
Navios Holdings, Navios Acquisition and Navios Partners will make available to Navios Europe (in each case, in proportion to their ownership interests in Navios Europe) revolving loans up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans”). See Note 9 for the investment in Navios Europe and respective ownership interests. | |
The Navios Revolving Loans earn a 12.7% preferred distribution and are repaid from Free Cash Flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates. | |
As of December 31, 2013, Navios Holdings' portion of the outstanding amount relating to portion of the investment in Navios Europe (47.5% of the $10,000) is $4,750, under the caption “Investment in affiliates” and the outstanding amount relating to the Navios revolving loans capital is $2,660, under caption “Loan receivable from affiliate companies.” As of December 31, 2013, the amount undrawn from the revolving facility was $18,500, of which Navios Holdings is committed to fund $8,788. |
Preferred_and_Common_Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
PREFERRED AND COMMON STOCK [Abstract] | ' |
PREFERRED AND COMMON STOCK | ' |
NOTE 17: PREFERRED AND COMMON STOCK | |
Navios Holdings | |
In November 2008, the Board of Directors approved a share repurchase program for up to $25,000 of Navios Holdings' common stock. Share repurchases are made pursuant to a program adopted under Rule 10b5-1 under the Exchange Act. The program does not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in Navios Holdings' discretion and without notice. Repurchases are subject to restrictions under the terms of the Company's credit facilities and indentures. During 2011, Navios Holdings repurchased 73,651 shares for a total cost of $221. There were no shares repurchased during 2013 and 2012. | |
Issuances to Employees and Exercise of Options | |
During 2013, pursuant to the stock plan approved by the Board of Directors, 106,032, 29,243, 10,969 and 7,312 shares were issued following the exercise of options for cash at an exercise price of $3.18, $3.81, $5.87 and $5.15 per share, respectively, for a total of $551. | |
On December 11, 2013, pursuant to the stock plan approved by the Board of Directors Navios Holdings issued to its employees 856,437 shares of restricted common stock, 30,000 restricted stock units and 674,809 stock options. | |
During 2012, pursuant to the stock plan approved by the Board of Directors, 29,251 shares were issued following the exercise of options for cash at an exercise price of $3.18 per share for a total of $93. | |
On December 20, 2012, pursuant to the stock plan approved by the Board of Directors Navios Holdings issued to its employees 801,028 shares of restricted common stock, 31,000 restricted stock units and 1,344,357 stock options. | |
Vested, Surrendered and Forfeited | |
During 2013, 21,463 restricted stock units, issued to the Company's employees in 2012, 2011 and 2010, have vested. | |
During 2012, 24,932 restricted stock units, issued to the Company's employees in 2011, 2010 and 2009, have vested. | |
During the years ended December 31, 2013 and 2012, 12,452 and 9,166 restricted shares of common stock, respectively, were forfeited upon termination of employment. | |
Navios Holdings had as of December 31, 2013 and 2012, 104,261,029 and 103,255,409 shares of common stock, respectively, and 8,479 Preferred Stock outstanding for both years. |
Interest_Expense_and_Finance_C
Interest Expense and Finance Cost, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
INTEREST EXPENSE AND FINANCE COST, NET [Abstract] | ' | |||||||
INTEREST EXPENSE AND FINANCE COST, NET | ' | |||||||
NOTE 18: INTEREST EXPENSE AND FINANCE COST, NET | ||||||||
Interest expense and finance cost, net consist of the following: | ||||||||
For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | For the Year Ended December 31, 2011 | ||||||
Interest expense | $ 105,422 | $ 99,887 | $ 101,011 | |||||
Amortization of finance charges | 5,383 | 6,309 | 5,198 | |||||
Other | — | — | 972 | |||||
Total interest expense and finance cost, net | $ 110,805 | $ 106,196 | $ 107,181 | |||||
Disposal_Of_Assets
Disposal Of Assets | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disposal of assets [Abstract] | ' | ||||||
DISPOSAL OF ASSETS | ' | ||||||
NOTE 19: DISPOSAL OF ASSETS | |||||||
Gain on sale of assets during 2013 was $18 and relates to the Logistics Business segment. | |||||||
The Company disposed of the following asset in 2012: | |||||||
Navios Buena Ventura | |||||||
Cash consideration received | $ 67,500 | ||||||
Book value of vessel | (67,068 | ) | |||||
Total gain | 432 | ||||||
Deferred gain | (109 | ) | |||||
Gain recognized on sale of Navios Buena Ventura | $ 323 | ||||||
Total gain on sale of assets | $ 323 | ||||||
The Company disposed of the following assets in 2011: | |||||||
Navios Luz | |||||||
Cash consideration received | 71,975 | ||||||
Shares consideration received | 6,000 | ||||||
Book value of vessel | (53,548 | ) | |||||
Total gain | 24,427 | ||||||
Deferred gain | (6,623 | ) | |||||
Gain recognized on sale of Navios Luz | 17,804 | ||||||
Navios Orbiter | |||||||
Cash consideration received | 47,984 | ||||||
Shares consideration received | 4,000 | ||||||
Book value of vessel | (23,198 | ) | |||||
Total gain | 28,786 | ||||||
Deferred gain | (7,804 | ) | |||||
Gain recognized on sale of Navios Orbiter | $ 20,982 | ||||||
Gain on sale of other assets | $ 36 | ||||||
Total gain on sale of assets | $ 38,822 | ||||||
All the above mentioned vessels were sold to Navios Partners. See also Note 16 “Transactions with Related Parties - Sale of Vessels and Sale of Rights to Navios Partners”. | |||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
SEGMENT INFORMATION [Abstract] | ' | |||||||||
SEGMENT INFORMATION | ' | |||||||||
NOTE 20: SEGMENT INFORMATION | ||||||||||
The Company currently has two reportable segments from which it derives its revenues: Drybulk Vessel Operations and Logistics Business, and previously had a Tanker Vessel Operations segment until the deconsolidation of Navios Acquisition on March 30, 2011. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. Starting in 2008, following the acquisition of Horamar and the formation of Navios Logistics, the Company renamed its Port Terminal segment as its Logistics Business segment, and this segment includes the activities of Horamar, which provides similar products and services in the region as Navios Holdings' legacy port facility. The Drybulk Vessel Operations business consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels, freight, and FFAs. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and push boats as well as upriver transport facilities in the Hidrovia region. The Tanker Vessel Operations segment consisted of the transportation and handling of liquid cargoes through the ownership, operation, and trading of tanker vessels. | ||||||||||
The Company measures segment performance based on net income attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company's reportable segments is as follows: | ||||||||||
Drybulk Vessel Operations for the Year Ended December 31, 2013 | Logistics Business for the Year Ended December 31, 2013 | Total for the Year Ended December 31, 2013 | ||||||||
Revenue | $ 275,195 | $ 237,084 | $ 512,279 | |||||||
Loss on derivatives | (260 | ) | — | (260 | ) | |||||
Interest income | 2,080 | 219 | 2,299 | |||||||
Interest expense and finance cost, net | (85,657 | ) | (25,148 | ) | (110,805 | ) | ||||
Depreciation and amortization | (74,770 | ) | (23,354 | ) | (98,124 | ) | ||||
Equity in net earnings of affiliated companies | 19,344 | — | 19,344 | |||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (115,264 | ) | 6,201 | (109,063 | ) | |||||
Total assets | 2,393,364 | 526,249 | 2,919,613 | |||||||
Goodwill | 56,240 | 104,096 | 160,336 | |||||||
Capital expenditures | (86,538 | ) | (59,396 | ) | (145,934 | ) | ||||
Investment in affiliates | 335,303 | — | 335,303 | |||||||
Cash and cash equivalents | 101,263 | 86,568 | 187,831 | |||||||
Restricted cash | 2,041 | — | 2,041 | |||||||
Long-term debt (including current and noncurrent portion) | $ 1,217,565 | $ 293,684 | $ 1,511,249 | |||||||
Drybulk Vessel Operations for the Year Ended December 31, 2012 | Logistics Business for the Year Ended December 31, 2012 | Total for the Year Ended December 31, 2012 | ||||||||
Revenue | $ 369,461 | $ 247,033 | $ 616,494 | |||||||
Loss on derivatives | (196 | ) | — | (196 | ) | |||||
Interest income | 2,329 | 388 | 2,717 | |||||||
Interest expense and finance cost, net | (86,139 | ) | (20,057 | ) | (106,196) | |||||
Depreciation and amortization | (81,267 | ) | (26,939 | ) | -108,206 | |||||
Equity in net earnings of affiliated companies | 48,228 | — | 48,228 | |||||||
Net income attributable to Navios Holdings common stockholders | 175,388 | 97 | 175,485 | |||||||
Total assets | 2,490,929 | 450,533 | 2,941,462 | |||||||
Goodwill | 56,240 | 104,096 | 160,336 | |||||||
Capital expenditures | (40,024 | ) | (17,666 | ) | (57,690 | ) | ||||
Investment in affiliates | 197,291 | — | 197,291 | |||||||
Cash and cash equivalents | 212,330 | 45,538 | 257,868 | |||||||
Restricted cash | 24,704 | — | 24,704 | |||||||
Long-term debt (including current and noncurrent portion) | $ 1,157,614 | $ 200,598 | $ 1,358,212 | |||||||
Drybulk Vessel Operations for the Year Ended December 31, 2011 | Logistics Business for the Year Ended December 31, 2011 | Tanker Vessel Operations for the Year Ended December 31, 2011 | Total for the Year Ended December 31, 2011 | |||||||
Revenue | $ 429,538 | $ 234,687 | 25,130 | 689,355 | ||||||
Loss on derivatives | (165 | ) | — | — | (165 | ) | ||||
Interest income | 2,899 | 843 | 378 | 4,120 | ||||||
Interest expense and finance cost, net | (81,379 | ) | (17,074 | ) | (8,728 | ) | (107,181 | ) | ||
Depreciation and amortization | (76,734 | ) | (22,616 | ) | (8,045 | ) | (107,395 | ) | ||
Equity in net earnings of affiliated companies | 35,246 | — | — | 35,246 | ||||||
Net income/(loss) attributable to Navios Holdings common stockholders | 77,717 | (125 | ) | (36,781 | ) | 40,811 | ||||
Total assets | 2,478,400 | 435,424 | — | 2,913,824 | ||||||
Goodwill | 56,240 | 104,096 | — | 160,336 | ||||||
Capital expenditures | (115,830 | ) | (70,598 | ) | (7,528 | ) | (193,956 | ) | ||
Investment in affiliates | 117,088 | — | — | 117,088 | ||||||
Cash and cash equivalents | 130,567 | 40,529 | — | 171,096 | ||||||
Restricted cash | 6,399 | — | — | 6,399 | ||||||
Long-term debt (including current and noncurrent portion) | $ 1,252,889 | $ 200,668 | $ — | $ 1,453,557 | ||||||
The following table sets out operating revenue by geographic region for the Company's reportable segments. Drybulk Vessel Operation, Tanker Vessel Operation and Logistics Business revenue is allocated on the basis of the geographic region in which the customer is located. Drybulk vessels and tanker vessels operate worldwide. Logistics business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paraná, Paraguay and Uruguay River systems in South America (commonly known as the “Hidrovia” or the “waterway”). | ||||||||||
Revenues from specific geographic regions which contribute over 10% of total revenue are disclosed separately. | ||||||||||
Revenue by Geographic Region | ||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31 2011 | ||||||||
North America | $ 17,487 | $ 14,622 | $ 20,157 | |||||||
Europe | 141,464 | 127,521 | 144,846 | |||||||
Asia | 99,636 | 225,366 | 283,275 | |||||||
South America | 241,852 | 247,033 | 234,688 | |||||||
Other | 11,840 | 1,952 | 6,389 | |||||||
Total | $ 512,279 | $ 616,494 | $ 689,355 | |||||||
The following describes long-lived assets by country for the Company's reportable segments. Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for drybulk vessels amounted to $1,409,166 and $1,386,726 at December 31, 2013 and 2012, respectively. For Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics business amounted to $395,879 and $356,039 at December 31, 2013 and 2012, respectively. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
EARNINGS PER COMMON SHARE [Abstract] | ' | |||||||
EARNINGS PER COMMON SHARE | ' | |||||||
NOTE 21: EARNINGS PER COMMON SHARE | ||||||||
(Loss)/earnings per share are calculated by dividing net (loss)/income by the average number of shares of Navios Holdings outstanding during the period. | ||||||||
For the year ended December 31, 2013, 2,649,796 potential common shares and 8,479,000 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share), and are therefore excluded from the calculation of diluted net income per share. | ||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||
Numerator: | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (109,063) | $ 175,485 | $ 40,811 | |||||
Less: | ||||||||
Dividend on Preferred Stock and on unvested restricted shares | (1,927 | ) | (1,705 | ) | (1,696 | ) | ||
(Loss)/income available to Navios Holdings common stockholders, basic | (110,990 | ) | 173,780 | 39,115 | ||||
Plus: | ||||||||
Dividend on Preferred Stock and on unvested restricted shares | — | 1,705 | 1,696 | |||||
(Loss)/income available to Navios Holdings common stockholders,diluted | $ (110,990) | $ 175,485 | $ 40,811 | |||||
Denominator: | ||||||||
Denominator for basic net income per share attributable to Navios Holdings stockholders — weighted average shares | 101,854,415 | 101,232,720 | 100,926,448 | |||||
Dilutive potential common shares — weighted average restricted stock and restricted units | — | 1,322,038 | 918,204 | |||||
Convertible preferred stock and convertible debt | — | 8,479,000 | 8,479,000 | |||||
Dilutive effect of securities | — | 9,801,038 | 9,397,204 | |||||
Denominator for diluted net income per share attributable to Navios Holdings stockholders — adjusted weighted shares and assumed conversions | 101,854,415 | 111,033,758 | 110,323,652 | |||||
Basic net (loss)/income per share attributable to Navios Holdings stockholders | $ (1.09) | $ 1.72 | $ 0.39 | |||||
Diluted net (loss)/income per share attributable to Navios Holdings stockholders | $ (1.09) | $ 1.58 | $ 0.37 | |||||
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
NOTE 22: INCOME TAXES | |
Marshall Islands, Greece, Malta, Liberia, Panama and Malta, do not impose a tax on international shipping income. Under the laws of Marshall Islands, Greece, Liberia and Panama the countries of the companies' incorporation and vessels' registration, the companies are subject to registration and tonnage taxes which have been included in vessel operating expenses in the accompanying consolidated statements of income. | |
Certain of the Company's subsidiaries are registered as Law 89 companies in Greece. These Law 89 companies are exempt from Greek income tax on their income derived from certain activities related to shipping. Since all the Law 89 companies conduct only business activities that qualify for the exemption of Greek income tax, no provision has been made for Greek income tax with respect to income derived by these Law 89 companies from their business operations in Greece. | |
In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessel's tonnage. The payment of said duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. | |
Additionally, under a new tax bill ratified on January 14, 2013, an annual contribution, applying only to fiscal years 2012-2015, was imposed on offices or branches of foreign enterprises that have been established in Greece and are engaged in the exploitation, chartering, insurance, average (damage) settlements, purchase, chartering or shipbuilding brokerage, or chartering or insurance of ships under Greek or foreign flag, as well as the representation of ship-owner companies or undertakings, whose object is identical to the abovementioned activities. This contribution is imposed on the total amount of imported foreign exchange, calculated on a minimum $50. | |
In Belgium profit from ocean shipping is taxable based on the tonnage of the sea-going vessels from which the profit is obtained (“tonnage tax”). | |
Pursuant to Section 883 of the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company operating the ships meets certain incorporation and ownership requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. All the Company's ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. Subject to proposed regulations becoming finalized in their current form, management of the Company believes by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like the Company, the second criterion can also be satisfied based on the trading volume and ownership of the Company's shares, but no assurance can be given that this will remain so in the future. | |
The tax expense reflected in the Company's consolidated financial statements for the year ended December 31, 2013 and 2012 is mainly attributable to Navios Holdings' subsidiaries in South America, which are subject to the Argentinean, Brazilian and Paraguayan income tax regime. | |
CNSA is located in a tax free zone and is not liable to income or other tax. Navios Logistics' operations in Uruguay are exempted from income taxes. | |
Income tax liabilities of the Argentinean companies for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, using a tax rate of 35% on the taxable net income. Tax rates and tax laws used to assess the income tax liability are those that are effective on the close of the fiscal period. Additionally, at the end the fiscal year, Argentinean companies in Argentina have to calculate an assets tax (“Impuesto a la Ganancia Minima Presunta” or Alternative Minimum Tax). This tax is supplementary to income tax and is calculated by applying the effective tax rate of 1% over the gross value of the corporate assets (based on tax law criteria). The subsidiaries' tax liabilities will be the higher of income tax or Alternative Minimum Tax. However, if the Alternative Minimum Tax exceeds income tax during any fiscal year, such excess may be computed as a prepayment of any income tax excess over the Alternative Minimum Tax that may arise in the next ten fiscal years. | |
Under the tax laws of Argentina, the subsidiaries of the Company in that country are subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 4.9% for the year ended December 31, 2013 (4.72% for 2012). | |
There are two possible options to determine the income tax liability of Paraguayan companies. Under the first option income tax liabilities for the current and prior periods are measured by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights are considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, Alternatively, only 30% of revenues derived from international freights are considered Paraguayan sourced. Companies whose operations are considered international freights can choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, are neither deducted nor carried forward. | |
The corporate income tax rate in Brazil and Paraguay is 34% and 10%, respectively, for the year ended December 31, 2013. | |
During the year ended December 31, 2013, Navios Logistics decided to merge certain subsidiaries in Paraguay. As a result of the expected merger, Navios Logistics will distribute specifically identified earnings, which will be offset by retained net losses of $43,475. Navios Logistics' decision to merge the subsidiaries resulted in a one-off income tax benefit in deferred income tax of $4,333. | |
The Company's deferred taxes as of December 31, 2013 and 2012, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with the Horamar acquisition. | |
As of January 1, 2007, the Company adopted the provisions of FASB for Accounting for Uncertainty in Income Taxes. This guidance requires application of a more likely than not threshold to the recognition and derecognition of uncertain tax positions. This guidance permits the Company to recognize the amount of tax benefit that has a greater that 50 % likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter of such change. Kleimar's open tax years are 2006 and onwards. Argentinean companies have open tax years ranging from 2006 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2008 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions. |
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2013 | |
NONCONTROLLING INTEREST [Abstract] | ' |
NONCONTROLLING INTEREST | ' |
NOTE 23: NONCONTROLLING INTEREST | |
Navios Logistics | |
On July 25, 2011, the Company acquired the noncontrolling interests of its joint ventures Thalassa Energy S.A., HS Tankers Inc., HS Navigation Inc., HS Shipping Ltd .Inc. and HS South Inc., in accordance with the terms of certain stock purchase agreements with HS Energy Ltd., an affiliate of Vitol S.A. (“Vitol”). The Company paid a total consideration of $8,500 for such noncontrolling interests ($8,638 including transactions expenses), and simultaneously paid $53,155 in full and final settlement of all amounts of indebtedness of such joint ventures under certain loan agreements. The transaction was considered a step acquisition (with control maintained by Navios Logistics) and was accounted for as an equity transaction. | |
On July 10, 2013, Navios Logistics became the sole shareholder of Hidronave South American Logistics S.A. by acquiring the remaining 49% noncontrolling interest for a total cash consideration of $750. The transaction was considered a step acquisition (with control maintained by Navios Logistics) and was accounted for as an equity transaction. | |
Navios Asia | |
On May 14, 2013, Navios Holdings formed Navios Asia. As of December 31, 2013, Navios Asia is owned 51.0% by Diesis Shipmanagement Ltd., a wholly owned subsidiary of Navios Holdings and 49.0% by Global United Shipping LLC, a wholly owned subsidiary of Synergy Marine Pte Ltd. The Company recorded income of $145 in the statement of comprehensive (loss)/ income within the caption “Net income attributable to the noncontrolling interest”. As of December 31, 2013, the noncontrolling shareholders' contribution for the acquisition of the N. Amalthia including working capital needs was $3,905. | |
Navios Acquisition | |
On March 30, 2011, Navios Holdings completed the Navios Acquisition Share Exchange whereby Navios Holdings exchanged 7,676,000 shares of Navios Acquisition's common stock it held for non-voting Series C preferred stock of Navios Acquisition pursuant to an Exchange Agreement entered into on March 30, 2011 between Navios Acquisition and Navios Holdings. The fair value of the exchange was $30,474, which was based on the share price of the publicly traded common shares of Navios Acquisition on March 30, 2011. Immediately after the Navios Acquisition Share Exchange, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition decreased to 45% and Navios Holdings no longer controls a majority of the voting power of Navios Acquisition. From that date onwards, Navios Acquisition has been considered as an affiliate entity of Navios Holdings and not as a controlled subsidiary of the Company, and the investment in Navios Acquisition has been accounted for under the equity method due to the Company's significant influence over Navios Acquisition. Navios Acquisition has been accounted for under the equity method of accounting based on Navios Holdings' economic interest in Navios Acquisition, since the preferred stock is considered to be, in substance, common stock for accounting purposes. | |
On November 4, 2011, of the 1,378,122 contingently returnable shares of common stock of Navios Acquisition that were issued on September 10, 2010 and deposited into escrow for the VLCC Acquisition (see also Note 3), 1,160,963 shares were released to the sellers and the remaining 217,159 shares were returned to Navios Acquisition in settlement of representations and warranties attributable to the prior sellers. |
Investments_in_Available_For_S
Investments in Available For Sale Securities | 12 Months Ended |
Dec. 31, 2013 | |
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES [Abstract] | ' |
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES | ' |
NOTE 24: INVESTMENTS IN AVAILABLE FOR SALE SECURITIES | |
On May 19, 2011, Navios Holdings sold to Navios Partners both the Navios Luz and the Navios Orbiter. Out of the $130,000 total purchase price of these two vessels, $120,000 was paid in cash and the remaining amount of $10,000 was paid through the receipt of 507,916 newly issued common units of Navios Partners (see Note 7 and 19). Common units that the Company received from the sale of the vessels to Navios Partners were accounted for under guidance for available-for-sale securities until December 31, 2011. | |
On January 1, 2012, all of the outstanding subordinated units converted into 7,621,843 common units of Navios Partners (excluding the Series A subordinated units, which are a separate class of subordinated units). As a result, the Company's entire investment in Navios Partners (a portion of which was previously accounted for as available-for-sale securities) is accounted for by the equity method from January 1, 2012. As a result, the carrying value of the available-for sale securities of $82,572 plus the amount reflected in other comprehensive losses of $6,158 (in each case, as of December 31, 2011) was reclassified to “Investments in Affiliates” (See Note 9). | |
During the years ended December 31, 2013 and 2012, the Company received shares of Korea Line Corporation (“KLC”) as partial compensation for the claims filed under the Korean court for all unpaid amounts by KLC in respect of the employment of the vessels. The shares were valued at fair value upon the day of issuance. As of December 31, 2013 and December 31, 2012 the Company retained a total of 314,077 and 138,479 KLC shares, respectively. As of December 31, 2013 and December 31, 2012, the carrying amount of the available-for-sale securities related to KLC was $7,660 and $559, respectively. | |
The shares received from KLC were accounted for under the guidance for available-for-sale securities (the “AFS Securities”). Accordingly, unrealized gains and losses on these securities are reflected directly in equity unless an unrealized loss is considered “other-than-temporary”, in which case it is transferred to statements of comprehensive (loss)/ income. The Company has no other types of available-for-sale securities. | |
The unrealized holding (losses)/gains related to these AFS Securities included in “Accumulated Other Comprehensive (Loss)/Income” were $(11,172), $(558) and $6,166, respectively, as of December 31, 2013, 2012 and 2011. During 2013, 2012, and 2011, the Company did not recognize in earnings any realized losses. |
Other_Income
Other Income | 12 Months Ended |
Dec. 31, 2013 | |
OTHER INCOME [Abstract] | ' |
OTHER INCOME | ' |
NOTE 25: OTHER INCOME | |
On November 15, 2012, Navios Holdings agreed with its credit default insurer to restructure their existing insurance policy (the "Charter Insurance") with respect to counterparty defaults pursuant to certain charter agreements (the “Insurance Restructuring”). In connection with the Insurance Restructuring, Navios Holdings received a one-time upfront cash payment equal to $175,433 and agreed to maintain certain long-term charters under the Charter Insurance. Contemporaneously, the Company entered into an agreement with Navios Partners that provided Navios Partners with guarantees against counterparty default (up to $20,000) on certain existing charters (the "Navios Partners Guarantee")(see also Note 16). The one-time upfront cash payment was accounted for as follows: | |
$168,013 of the proceeds, which represents the irrevocable/non-refundable portion of the total proceeds, were recorded immediately in the statements of comprehensive (loss)/ income within the caption "Other income"; and | |
$7,420 of the proceeds, which represents reimbursements for insurance claims submitted for the period prior to the date of the restructuring, were recorded immediately in the statements of comprehensive (loss)/ income within the caption “Revenue.” | |
Following consummation of the Insurance Restructuring, the Company also reversed to income ("Other income" within the statements of comprehensive (loss)/ income) an amount equal to $21,592 recorded on the Company's balance sheet as a liability (“cash received in advance”) related to an on-going claim. In connection with the Insurance Restructuring, these amounts also became irrevocable/non-refundable. | |
During the year ended December 31, 2013 the Company received shares of KLC, which were valued at fair value upon the day of issuance. As a result of the valuation of the KLC shares and settlement in full of KLC's claims, the Company also recorded income of $14,995 in the statement of comprehensive (loss)/ income within the caption “Other income”. |
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
[EquityMethodInvestmentSummarizedFinancialInformationAbstract] | ' | |||||||||||
OTHER FINANCIAL INFORMATION | ' | |||||||||||
NOTE 26: OTHER FINANCIAL INFORMATION | ||||||||||||
The Company's 2019 Notes issued on January 28, 2011, are fully and unconditionally guaranteed on a joint and several basis by all of the Company's subsidiaries with the exception of Navios Maritime Finance II (US) Inc., Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries, Navios GP L.L.C. and Navios Asia L.L.C. and its subsidiaries. The subsidiary guarantees are “full and unconditional”, as those terms are used in Regulation S-X Rule 3-10, except that the indenture provides for an individual subsidiary's guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the notes. All subsidiaries, except for the non-guarantors Navios Logistics and its subsidiaries and Navios Asia and its subsidiaries, are 100% owned. | ||||||||||||
The Company revised the classification of certain amounts in its condensed statements of cash flows see Note 2(a) “Basis of Presentation” for amounts reclassified. | ||||||||||||
These condensed consolidated statements of Navios Holdings, the guarantor subsidiaries and the non-guarantor subsidiaries have been prepared in accordance on an equity basis as permitted by U.S. GAAP. | ||||||||||||
Income Statement for the year ended December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Revenue | $ — | $ 274,229 | $ 238,050 | $ — | $ 512,279 | |||||||
Time charter, voyage and logistics business expenses | — | (159,203 | ) | (85,209 | ) | — | (244,412 | ) | ||||
Direct vessel expenses | — | (37,584 | ) | (76,490 | ) | — | (114,074 | ) | ||||
General and administrative expenses | (8,261 | ) | (21,733 | ) | (14,640 | ) | — | (44,634 | ) | |||
Depreciation and amortization | (2,811 | ) | (71,815 | ) | (23,498 | ) | — | (98,124 | ) | |||
Interest income/expense and finance cost, net | (76,227 | ) | (7,253 | ) | (25,026 | ) | — | (108,506 | ) | |||
Loss on bond and debt extinguishment | (37,136 | ) | — | — | — | (37,136 | ) | |||||
Loss on derivatives | — | (260 | ) | — | — | (260 | ) | |||||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||
Other income/(expense), net | 10 | 13,578 | (7,634 | ) | — | 5,954 | ||||||
(Loss)/income before equity in net earnings of affiliated companies | -124,425 | -10,041 | 5,571 | — | -128,895 | |||||||
(Loss)/Income from subsidiaries | 6,320 | 6,353 | — | (12,673 | ) | — | ||||||
Equity in net earnings of affiliated companies | 9,042 | 7,245 | 3,057 | — | 19,344 | |||||||
(Loss)/income before taxes | -109,063 | 3,557 | 8,628 | -12,673 | -109,551 | |||||||
Income tax (expense)/benefit | — | (294 | ) | 4,554 | — | 4,260 | ||||||
Net (loss)/income | -109,063 | 3,263 | 13,182 | -12,673 | -105,291 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (3,772 | ) | — | (3,772 | ) | |||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (109,063) | $ 3,263 | $ 9,410 | $ (12,673) | ($109,063) | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (10,614) | $ (10,614) | $ — | $ 10,614 | $ (10,614) | |||||||
Reclassification to investments in affiliates | — | — | — | — | — | |||||||
Total other comprehensive (loss)/income | -10,614 | -10,614 | — | 10,614 | -10,614 | |||||||
Total comprehensive (loss)/ income | -119,677 | -7,351 | 13,182 | -2,059 | -115,905 | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (3,772 | ) | — | (3,772 | ) | |||||
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | $ (119,677) | $ (7,351) | $ 9,410 | $ (2,059) | $ (119,677) | |||||||
Income Statement for the year ended December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Revenue | $ — | $ 364,364 | $ 252,130 | $ — | $ 616,494 | |||||||
Time charter, voyage and logistic business expenses | — | (162,273 | ) | (107,006 | ) | — | (269,279 | ) | ||||
Direct vessel expenses | — | (45,484 | ) | (72,306 | ) | — | (117,790 | ) | ||||
General and administrative expenses | (12,391 | ) | (24,003 | ) | (14,937 | ) | — | (51,331 | ) | |||
Depreciation and amortization | (2,818 | ) | (77,281 | ) | (28,107 | ) | — | (108,206 | ) | |||
Interest income/expense and finance cost, net | (70,757 | ) | (12,357 | ) | (20,365 | ) | — | (103,479 | ) | |||
Loss on derivatives | — | (196 | ) | — | — | (196 | ) | |||||
Gain on sale of assets | — | 323 | — | — | 323 | |||||||
Other (expense)/income, net | (276 | ) | 169,138 | (7,752 | ) | — | 161,110 | |||||
(Loss)/ income before equity in net earnings of affiliated companies | -86,242 | 212,231 | 1,657 | — | 127,646 | |||||||
Income from subsidiaries | 228,833 | 1,547 | — | (230,380 | ) | — | ||||||
Equity in net earnings of affiliated companies | 32,894 | 13,002 | 2,332 | — | 48,228 | |||||||
Income before taxes | 175,485 | 226,780 | 3,989 | (230,380) | 175,874 | |||||||
Income taxes | — | (277 | ) | (35 | ) | — | (312) | |||||
Net income/(loss) | 175,485 | 226,503 | 3,954 | (230,380) | 175,562 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (77 | ) | — | (77) | ||||||
Net income/(loss) attributable to Navios Holdings common stockholders | $ 175,485 | $ 226,503 | $ 3,877 | $ (230,380) | $ 175,485 | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (566) | $ (566) | $ — | $ 566 | $ (566) | |||||||
Reclassification to investments in affiliates | (6,158 | ) | — | — | — | (6,158 | ) | |||||
Total other comprehensive loss | -6,724 | (566 | ) | — | 566 | (6,724 | ) | |||||
Total comprehensive income/(loss) | 168,761 | 225,937 | 3,954 | -229,814 | 168,838 | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (77 | ) | — | (77 | ) | |||||
Total other comprehensive income attributable to Navios Holdings common stockholders | $ 168,761 | $ 225,937 | $ 3,877 | $ (229,814) | $ 168,761 | |||||||
Income Statement for the year ended December 31, 2011 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Revenue | $ — | $ 408,756 | $ 280,599 | $ — | $ 689,355 | |||||||
Time charter, voyage and logistic business expenses | — | (163,809 | ) | (109,503 | ) | — | (273,312 | ) | ||||
Direct vessel expenses | — | (40,819 | ) | (76,450 | ) | — | (117,269 | ) | ||||
General and administrative expenses | (15,473 | ) | (22,320 | ) | (15,059 | ) | — | (52,852 | ) | |||
Depreciation and amortization | (2,810 | ) | (70,221 | ) | (34,364 | ) | — | (107,395 | ) | |||
Interest income, expense and finance cost, net | (61,376 | ) | (15,831 | ) | (25,854 | ) | — | (103,061 | ) | |||
Loss on derivatives | — | (165 | ) | — | — | (165 | ) | |||||
Gain on sale of assets | — | 38,787 | 35 | — | 38,822 | |||||||
Loss on bond extinguishment | (21,199 | ) | — | — | — | (21,199 | ) | |||||
Loss on change in control | (35,325 | ) | — | — | — | (35,325 | ) | |||||
Other income/ (expense), net | 181 | (2,203 | ) | (9,547 | ) | — | (11,569 | ) | ||||
(Loss) / income before equity in net earnings of affiliated companies | -136,002 | 132,175 | 9,857 | — | 6,030 | |||||||
Income/(loss) from subsidiaries | 155,325 | 9,838 | — | (165,163 | ) | — | ||||||
Equity in net earnings of affiliated companies | 21,488 | 12,451 | 1,307 | — | 35,246 | |||||||
Income before taxes | 40,811 | 154,464 | 11,164 | -165,163 | 41,276 | |||||||
Income tax (expense)/benefit | — | (292 | ) | 348 | — | 56 | ||||||
Net income | 40,811 | 154,172 | 11,512 | -165,163 | 41,332 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (506 | ) | — | (506 | ) | |||||
Preferred stock dividends attributable to the noncontrolling interest | — | — | 12 | — | 12 | |||||||
Preferred stock dividends of subsidiary | — | — | (27 | ) | — | (27 | ) | |||||
Net income/(loss) attributable to Navios Holdings common stockholders | $ 40,811 | $ 154,172 | $ 10,991 | $ (165,163) | $ 40,811 | |||||||
Other comprehensive loss | ||||||||||||
Unrealized holdings loss on investments in available-for-sale | $ (26,458) | $ — | $ — | $ — | $ (26,458) | |||||||
Total other comprehensive loss | -26,458 | — | — | — | -26,458 | |||||||
Total comprehensive income | 14,353 | 154,172 | 11,497 | -165,163 | 14,859 | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | -506 | — | -506 | |||||||
Total comprehensive income attributable to Navios Holdings common stockholders | $ 14,353 | $ 154,172 | $ 10,991 | $ (165,163) | $ 14,353 | |||||||
Balance Sheet as of December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 33,769 | $ 65,348 | $ 88,714 | $ — | $ 187,831 | |||||||
Restricted cash | — | 2,041 | — | — | 2,041 | |||||||
Accounts receivable, net | — | 64,656 | 21,563 | — | 86,219 | |||||||
Intercompany receivables | — | 48,395 | 71,305 | (119,700 | ) | — | ||||||
Due from affiliate companies | 4,861 | 3,548 | — | (81 | ) | 8,328 | ||||||
Prepaid expenses and other current assets | — | 37,843 | 17,724 | — | 55,567 | |||||||
Total current assets | 38,630 | 221,831 | 199,306 | -119,781 | 339,986 | |||||||
Vessels, port terminal and other fixed assets, net | — | 1,395,236 | 413,647 | — | 1,808,883 | |||||||
Investments in subsidiaries | 1,633,052 | 286,413 | — | -1,919,465 | — | |||||||
Investment in available for sale securities | — | 7,660 | — | — | 7,660 | |||||||
Investment in affiliates | 318,399 | 5,122 | 11,782 | — | 335,303 | |||||||
Long-term receivable from affiliate companies | — | 5,144 | — | — | 5,144 | |||||||
Loan receivable from affiliate companies | — | 2,660 | — | — | 2,660 | |||||||
Other long-term assets | 19,079 | 20,040 | 28,858 | — | 67,977 | |||||||
Goodwill and other intangibles | 92,372 | 97,813 | 161,815 | — | 352,000 | |||||||
Total non-current assets | 2,062,902 | 1,820,088 | 616,102 | -1,919,465 | 2,579,627 | |||||||
Total assets | $ 2,101,532 | $ 2,041,919 | $ 815,408 | $ (2,039,246) | $ 2,919,613 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ 267 | $ 27,370 | $ 24,055 | $ — | $ 51,692 | |||||||
Accrued expenses and other liabilities | 16,307 | 29,528 | 18,364 | — | 64,199 | |||||||
Deferred income and cash received in advance | — | 12,170 | 1,045 | — | 13,215 | |||||||
Due to affiliate companies | — | — | 81 | (81 | ) | — | ||||||
Intercompany payables | 19,263 | 97,343 | 3,094 | (119,700 | ) | — | ||||||
Capital lease obligations, net of current portion | — | — | 1,400 | — | 1,400 | |||||||
Current portion of long-term debt | — | 18,067 | 1,194 | — | 19,261 | |||||||
Total current liabilities | 35,837 | 184,478 | 49,233 | -119,781 | 149,767 | |||||||
Long-term debt, net of current portion | 1,000,000 | 188,248 | 303,740 | — | 1,491,988 | |||||||
Capital lease obligations, net of current portion | — | — | 22,359 | — | 22,359 | |||||||
Unfavorable lease terms | — | 27,074 | — | — | 27,074 | |||||||
Other long-term liabilities and deferred income | — | 18,352 | 6,869 | — | 25,221 | |||||||
Deferred tax liability | — | — | 13,869 | — | 13,869 | |||||||
Total non-current liabilities | 1,000,000 | 233,674 | 346,837 | — | 1,580,511 | |||||||
Total liabilities | 1,035,837 | 418,152 | 396,070 | -119,781 | 1,730,278 | |||||||
Noncontrolling interest | — | — | 123,640 | — | 123,640 | |||||||
Total Navios Holdings stockholders' equity | 1,065,695 | 1,623,767 | 295,698 | -1,919,465 | 1,065,695 | |||||||
Total liabilities and stockholders' equity | $ 2,101,532 | $ 2,041,919 | $ 815,408 | $ (2,039,246) | $ 2,919,613 | |||||||
Balance Sheet as of December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 79,213 | $ 133,116 | $ 45,539 | $ — | $ 257,868 | |||||||
Restricted cash | 14,278 | 10,426 | — | — | 24,704 | |||||||
Accounts receivable, net | — | 56,599 | 29,122 | — | 85,721 | |||||||
Intercompany receivables | 49,852 | — | 71,379 | (121,231 | ) | — | ||||||
Due from affiliate companies | 1,300 | 49,974 | — | (437 | ) | 50,837 | ||||||
Prepaid expenses and other current assets | — | 27,502 | 23,935 | — | 51,437 | |||||||
Total current assets | 144,643 | 277,617 | 169,975 | -121,668 | 470,567 | |||||||
Vessels, port terminal and other fixed assets, net | — | 1,390,455 | 356,038 | — | 1,746,493 | |||||||
Loan receivable from affiliate company | 35,000 | — | — | — | 35,000 | |||||||
Investments in subsidiaries | 1,626,699 | 276,042 | — | -1,902,741 | — | |||||||
Investment in available for sale securities | — | 559 | — | — | 559 | |||||||
Investment in affiliates | 187,008 | 442 | 9,841 | — | 197,291 | |||||||
Long-term receivable from affiliate companies | — | 57,701 | — | — | 57,701 | |||||||
Other long-term assets | 16,212 | 29,077 | 19,168 | — | 64,457 | |||||||
Goodwill and other intangibles | 95,183 | 110,690 | 163,521 | — | 369,394 | |||||||
Total non-current assets | 1,960,102 | 1,864,966 | 548,568 | -1,902,741 | 2,470,895 | |||||||
Total assets | 2,104,745 | 2,142,583 | 718,543 | -2,024,409 | 2,941,462 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | — | 25,440 | 38,481 | — | 63,921 | |||||||
Accrued expenses and other liabilities | 18,142 | 40,411 | 17,128 | — | 75,681 | |||||||
Deferred income and cash received in advance | — | 12,322 | 3,004 | — | 15,326 | |||||||
Due to affiliate companies | — | — | 437 | (437 | ) | — | ||||||
Intercompany payables | — | 115,335 | 5,896 | (121,231 | ) | — | ||||||
Current portion of capital lease obligations | — | — | 1,353 | — | 1,353 | |||||||
Current portion of long-term debt | 5,433 | 27,593 | 69 | — | 33,095 | |||||||
Total current liabilities | 23,575 | 221,101 | 66,368 | -121,668 | 189,376 | |||||||
Long term debt, net of current portion | 874,794 | 249,794 | 200,529 | — | 1,325,117 | |||||||
Capital lease obligations, net of current portion | — | — | 23,759 | — | 23,759 | |||||||
Unfavorable lease terms | — | 32,006 | — | — | 32,006 | |||||||
Other long-term liabilities and deferred income | — | 19,211 | 10,432 | — | 29,643 | |||||||
Deferred tax liability | — | — | 18,522 | — | 18,522 | |||||||
Total non-current liabilities | 874,794 | 301,011 | 253,242 | — | 1,429,047 | |||||||
Total liabilities | 898,369 | 522,112 | 319,610 | -121,668 | 1,618,423 | |||||||
Noncontrolling interest | — | — | 116,663 | — | 116,663 | |||||||
Total Navios Holdings stockholders' equity | 1,206,376 | 1,620,471 | 282,270 | -1,902,741 | 1,206,376 | |||||||
Total liabilities and stockholders' equity | 2,104,745 | 2,142,583 | 718,543 | -2,024,409 | 2,941,462 | |||||||
Cash flow statement for the year ended December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Net cash (used in)/provided by operating activities | $ (58,695) | $ 92,981 | $ 25,463 | $ — | $ 59,749 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of investments in affiliates | (160,001 | ) | — | (3,168 | ) | — | (163,169 | ) | ||||
Acquisition of intangible assets | — | — | (2,092 | ) | — | (2,092 | ) | |||||
Decrease in long-term receivable from affiliate companies | (4,065 | ) | 14,908 | 4,065 | — | 14,908 | ||||||
Loan to affiliate company | — | (2,660 | ) | — | — | (2,660 | ) | |||||
Loan repayment from affiliate company | 35,000 | — | — | — | 35,000 | |||||||
Dividends from affiliate companies | 10,126 | — | — | — | 10,126 | |||||||
Investment in affiliate companies | — | (4,750 | ) | — | — | (4,750 | ) | |||||
Acquisition of vessels | — | (67,794 | ) | (17,905 | ) | — | (85,699 | ) | ||||
Purchase of property, equipment and other fixed assets | — | (839 | ) | (59,396 | ) | — | (60,235 | ) | ||||
Net cash (used in)/provided by investing activities | -118,940 | -61,135 | -78,496 | — | -258,571 | |||||||
Cash flows from financing activities | ||||||||||||
Transfer from/(to) other group subsidiaries | 42,562 | (35,849 | ) | (6,713 | ) | — | — | |||||
Issuance of common stock | 551 | — | — | — | 551 | |||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 635,291 | — | 90,195 | — | 725,486 | |||||||
Proceeds from long-term loans, net of finance costs | — | 39,352 | 10,993 | — | 50,345 | |||||||
Repayment of long-term debt and payment of principal | (46,086 | ) | (111,073 | ) | (69 | ) | — | (157,228 | ) | |||
Repayment of shipmortgage notes | (488,000 | ) | — | — | — | (488,000 | ) | |||||
Contribution from noncontrolling shareholders | — | — | 3,905 | — | 3,905 | |||||||
Acquisition of noncontrolling interest | — | — | (750 | ) | — | (750 | ) | |||||
Decrease in restricted cash | 14,278 | 7,956 | — | — | 22,234 | |||||||
Payments of obligations under capital leases | — | — | (1,353 | ) | — | (1,353 | ) | |||||
Dividends paid | (26,405 | ) | — | — | — | (26,405 | ) | |||||
Net cash provided by/(used in) financing activities | 132,191 | -99,614 | 96,208 | — | 128,785 | |||||||
Net (decrease)/increase in cash and cash equivalents | -45,444 | -67,768 | 43,175 | — | -70,037 | |||||||
Cash and cash equivalents, beginning of year | 79,213 | 133,116 | 45,539 | — | 257,868 | |||||||
Cash and cash equivalents, end of year | $33,769 | $ 65, 348 | $88,714 | — | $187,831 | |||||||
Cash flow statement for the year ended December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Net cash provided by operating activities | $ 23,001 | $ 177,162 | $ 28,481 | $ — | $228,644 | |||||||
Cash flows from investing activities | ||||||||||||
Cash acquired through asset acquisition | — | — | 33 | — | 33 | |||||||
Acquisition of General Partner units | — | — | (1,472 | ) | — | (1,472 | ) | |||||
Proceeds from sale of assets | — | 67,500 | — | — | 67,500 | |||||||
Loan proceeds to affiliate company | (5,000 | ) | (6,120 | ) | — | — | (11,120 | ) | ||||
Dividends from affiliate companies | 5,202 | — | — | — | 5,202 | |||||||
Acquisition of vessels | — | (38,357 | ) | — | — | (38,357 | ) | |||||
Loan repayment from affiliate company | 10,000 | — | — | — | 10,000 | |||||||
Purchase of property, equipment and other fixed assets | — | (1,667 | ) | (17,666 | ) | — | (19,333 | ) | ||||
Net cash provided by/(used in) investing activities | 10,202 | 21,356 | -19,105 | — | 12,453 | |||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock | 93 | — | — | — | 93 | |||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 84,965 | — | — | — | 84,965 | |||||||
Proceeds from long term loans, net of finance costs | — | 50,372 | — | — | 50,372 | |||||||
Repayment of long-term debt and payment of principal | (23,405 | ) | (181,703 | ) | (31,070 | ) | — | (236,178 | ) | |||
Increase in restricted cash | (11,681 | ) | (7,942 | ) | — | — | (19,623 | ) | ||||
Transfer to/from other group subsidiaries | (45,687 | ) | 17,465 | 28,222 | — | — | ||||||
Payments of obligations under capital leases | — | — | (1,519 | ) | — | (1,519 | ) | |||||
Dividends paid | -32,435 | — | — | — | -32,435 | |||||||
Net cash used in financing activities | -28,150 | -121,808 | -4,367 | — | -154,325 | |||||||
Net increase in cash and cash equivalents | 5,053 | 76,710 | 5,009 | — | 86,772 | |||||||
Cash and cash equivalents, beginning of year | 74,160 | 56,406 | 40,530 | — | 171,096 | |||||||
Cash and cash equivalents, end of year | $ 79,213 | $ 133,116 | $ 45,539 | $ — | $257,868 | |||||||
Cash flow statement for the year ended December 31, 2011 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Net cash provided by operating activities | $50,995 | $24,979 | $28,068 | ($1,300) | $102,742 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of General Partner units | — | — | (2,052 | ) | — | (2,052 | ) | |||||
Proceeds from sale of assets | — | 120,000 | — | — | 120,000 | |||||||
Decrease in restricted cash | — | — | 778 | — | 778 | |||||||
Acquisition of vessels | — | (51,526 | ) | (4,533 | ) | — | (56,059 | ) | ||||
Deposits for vessel acquisitions | — | (63,774 | ) | (2,995 | ) | — | (66,769 | ) | ||||
Purchase of property, equipment and other fixed assets | — | (530 | ) | (70,598 | ) | — | (71,128 | ) | ||||
Loan repayment from affiliate company | 6,000 | — | — | — | 6,000 | |||||||
Loan proceeds to affiliate company | (33,609 | ) | — | — | — | (33,609 | ) | |||||
Dividends from affiliate companies | 3,901 | — | — | — | 3,901 | |||||||
Deconsolidation of Navios Acquisition | — | — | (72,425 | ) | — | (72,425 | ) | |||||
Net cash (used in)/provided by investing activities | -23,708 | 4,170 | -151,825 | — | -171,363 | |||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock | 415 | — | — | — | 415 | |||||||
Acquisition of noncontrolling interest | — | — | (8,638 | ) | — | (8,638 | ) | |||||
Decrease/(increase) in restricted cash | 13,129 | (12,788 | ) | (625 | ) | — | (284 | ) | ||||
Proceeds from long-term loans, net of finance costs | 18,578 | 62,002 | 3,032 | — | 83,612 | |||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 340,981 | — | 193,207 | — | 534,188 | |||||||
Repayment of senior notes | (300,000 | ) | — | — | — | (300,000 | ) | |||||
Repayment of long-term debt and payment of principal | (28,064 | ) | (48,646 | ) | (171,777 | ) | — | (248,487 | ) | |||
Acquisition of treasury stock | (221 | ) | — | — | — | (221 | ) | |||||
Payments of obligations under capital leases | — | — | (1,040 | ) | — | (1,040 | ) | |||||
Transfer to/from other group subsidiaries | 21,823 | (68,000 | ) | 46,177 | — | — | ||||||
Dividends paid | (26,091 | ) | — | (2,447 | ) | 1,300 | (27,238 | ) | ||||
Net cash provided by/(used in) financing activities | 40,550 | (67,432 | ) | 57,889 | 1,300 | 32,307 | ||||||
Increase/(decrease) in cash and cash equivalents | 67,837 | (38,283 | ) | (65,868 | ) | — | (36,314 | ) | ||||
Cash and cash equivalents, beginning of year | 6,323 | 94,689 | 106,398 | — | 207,410 | |||||||
Cash and cash equivalents, end of year | $74,160 | $56,406 | $ 40,530 | — | $171,096 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 27: SUBSEQUENT EVENTS | |
(a) On January 7, 2014, Navios Holdings received an amount of $3,649, as a dividend distribution from Navios Acquisition. | |
(b) On January 26, 2014, Navios Holdings entered into agreements to purchase two bulk carrier vessels, one 84,000 dwt Panamax vessel and one 180,600 dwt Capesize vessel, to be built in Japan. The vessels' acquisition prices are $31,800 and $52,000, respectively. Both vessels are scheduled for delivery in the fourth quarter of 2015. The vessels will be financed with debt and cash from operations. | |
(c) On January 27, 2014, Navios Asia took delivery of the N Bonanza, a 2006-built 76,596 dwt bulk carrier vessel for a purchase price of $17,500, of which $6,250 was paid from the Company's and noncontrolling shareholders' cash and $11,250 was financed through a loan. | |
(d) On January 28, 2014, the Company completed the sale 2,000,000 American Depositary Shares, each of which represents 1/100th of a share of the Company's Series G Cumulative Redeemable Perpetual Preferred Stock, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable on the Series G Cumulative Redeemable Perpetual Preferred Stock at a rate of 8.75% per annum of the stated liquidation preference. The net proceeds of approximately $47,725 from the offering (after deducting underwriting discounts and estimated offering expenses) will be used for general corporate purposes, including acquisition of vessels. | |
(e) In January 2014, Navios Holdings entered into agreements to charter-in five new building Japanese Kamsarmax vessels. The vessels are expected to be delivered between the second quarter of 2015 and the fourth quarter of 2016 and are chartered-in for periods from seven to ten years. Navios has purchase option on all of the vessels. | |
(f) On February 14, 2014, Navios Holdings received an amount of $7,435, as a dividend distribution from Navios Partners. | |
(g) On February 17, 2014, the Board of Directors of Navios Holdings declared a dividend of $0.06 per share of common stock. The dividend was paid on March 27, 2014 to stockholders of record on March 20, 2014. | |
(h) In February, 2014, Navios Partners completed a public offering of 6,325,000 common units, including the full exercise of the underwriters' overallotment option, at $17.30 per unit and raised net proceeds of approximately $106,718. Navios Holdings paid $2,233 in order to retain its 2.0% general partner interest. Following this offering, Navios Holdings' interest in Navios Partners decreased to 20.0% (which includes a 2.0% general partner interest). | |
(i ) In February 2014, Navios Acquisition completed a public offering of 14,950,000 shares of its common stock, including the full exercise of the underwriters' overallotment option at a price of $3.85 per share, raising gross proceeds of $57,558. Following this offering, Navios Holdings has a 43.1% voting and a 45.8% economic interest in Navios Acquisition. | |
(j) With effect from March 25, 2014, the Company entered into an agreement to terminate the amended credit default insurance policy. In connection with the termination Navios Holdings received compensation of $ 4,044 in cash direct from the credit default insurer during the second quarter of 2014. The Company is expected to receive an additional $ 7,229 in the second quarter of 2014 from the settlement proceeds of a defaulted counterparty related claim. | |
(k) On April 22, 2014, Navios Logistics and Navios Logistics Finance (US) Inc. competed the sale of $375,000 of its 7.25% senior notes due 2022 (the “2022 Logistics Notes”). The net proceeds of this offering were used (i) to fund its current tender offer and consent solicitation for certain outstanding notes and pay related fees and expenses, (ii) to discharge and redeem any of such notes that are not purchased in the tender offer after all conditions to the tender offer are satisfied or waived, including the payment of any related fees and expenses and any redemption premium, and (iii) for general corporate purposes. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||||||
Basis of presentation | ' | ||||||||||||||||
(a) Basis of Presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current year. | |||||||||||||||||
For the years ended December 31, 2012 and 2011, the Company has revised its statement of cash flows to appropriately classify amounts of $5,202 and $3,901 from operating cash inflows to investing cash inflows for dividends it received from one of its equity affiliate investees. These dividends represent a return of the investment (investing activity) rather than a return on the investment (operating activity). | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
b)Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. | |||||||||||||||||
The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (ii) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | |||||||||||||||||
Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics, which is 63.8% owned and Navios Asia, which is 51.0% owned. | |||||||||||||||||
Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of shares qualifies as a sale of shares. When the Company's share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. | |||||||||||||||||
Affiliates included in the financial statements accounted for under the equity method | |||||||||||||||||
In the consolidated financial statements of Navios Holdings, the following entities are included as affiliates and are accounted for under the equity method for such periods during which such entities were affiliates of Navios Holdings: (i) Navios Partners and its subsidiaries (ownership interest as of December 31, 2013 was 21.6%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2013 was 50.5%); (iii) Acropolis Chartering and Shipping Inc. (“Acropolis”) (ownership interest as of December 31, 2013 was 50.0%), (iv) Navios Europe and its subsidiaries (ownership interest as of December 31, 2013 was 47.5%). | |||||||||||||||||
Statement of Operations | |||||||||||||||||
Company name | Nature/ Vessel Name | Effective | Country | 2013 | 2012 | 2011 | |||||||||||
Ownership | Of | ||||||||||||||||
Intererest | incorporation | ||||||||||||||||
Navios Maritime Holdings Inc. | Holding Company | 100% | Marshall Is. | 1/1 -12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Corporation | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios International Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navimax Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Handybulk Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Hestia Shipping Ltd. | Operating Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Anemos Maritime Holdings Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios ShipManagement Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
NAV Holdings Limited | Sub-Holding Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kleimar N.V. | Operating Company/Vessel Owning Company | 100% | Belgium | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kleimar Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Bulkinvest S.A. | Operating Company | 100% | Luxembourg | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Primavera Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Ginger Services Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Aquis Marine Corp. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Tankers Management Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Astra Maritime Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Achilles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Apollon Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Herakles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Hios Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Ionian Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kypros Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Meridian Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Mercator Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Arc Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Horizon Shipping Enterprises Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Magellan Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Aegean Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Star Maritime Enterprises Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Corsair Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Rowboat Marine Inc. | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Beaufiks Shipping Corporation | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Nostos Shipmanagement Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Portorosa Marine Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Shikhar Ventures S.A. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Sizzling Ventures Inc. | Operating Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Rheia Associates Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Taharqa Spirit Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Rumer Holding Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Pharos Navigation S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Pueblo Holdings Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Quena Shipmanagement Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Aramis Navigation Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
White Narcissus Marine S.A. | Vessel Owning Company | 100% | Panama | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios GP L.L.C. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Floral Marine Ltd. | Vessel Owning Company | 100% | Marshall Is. | — | 1/1 - 14/6 | 1/1 - 12/31 | |||||||||||
Red Rose Shipping Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Highbird Management Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Ducale Marine Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kohylia Shipmanagement S.A. | Vessel Owning Company | 100% | Marshall Is. | — | — | 1/1 - 5/18 | |||||||||||
Vector Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Faith Marine Ltd. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Maritime Finance (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Maritime Finance II (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/12 - 12/31 | |||||||||||
Solange Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/16 - 12/31 | |||||||||||
Tulsi Shipmanagement Co. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 4/20 - 12/31 | |||||||||||
Cinthara Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 4/28 - 12/31 | |||||||||||
Rawlin Services Co. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/3 - 12/31 | |||||||||||
Mauve International S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/16 - 12/31 | |||||||||||
Mandora Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 10/17 - 12/31 | |||||||||||
Serenity Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 2/23 - 12/31 | — | |||||||||||
Navios Holdings Europe Finance Inc. | Sub-Holding Company | 100% | Marshall Is. | 06/04 - 12/31 | — | — | |||||||||||
Diesis Ship Management Ltd. | Operating Company | 100% | Marshall Is. | 05/14 - 12/31 | — | — | |||||||||||
All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and its subsidiaries, which is 63.8% owned and Navios Asia and its subsidiaries which is 51.0% owned | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
(c)Use of Estimates: The preparation of consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the carrying value of investments in affiliates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, pension benefits, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
(d)Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less | |||||||||||||||||
Restricted Cash | ' | ||||||||||||||||
(e)Restricted Cash: As of December 31, 2013 and 2012, restricted cash included $1,451 and $10,914, respectively, which related to amounts held in retention account in order to service debt and interest payments and $0 and $13,200, respectively, which related to additional security, as required by certain of Navios Holdings' credit facilities. Also included in restricted cash as of December 31, 2013 and 2012 are amounts held as security in the form of letters of guarantee or letters of credit totaling $590 and $590, respectively. | |||||||||||||||||
Insurance Claims | ' | ||||||||||||||||
(f)Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management's expectations as to their collection dates. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
(g)Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board the vessels, as well as petroleum products held by Navios Logistics, are valued at the lower of cost or market value as determined on the first-in, first-out basis. | |||||||||||||||||
Vessel, Port Terminal, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net | ' | ||||||||||||||||
(h) Vessel, Port Terminal, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Vessels, port terminal, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations or asset acquisitions are recorded at fair value on the date of acquisition. Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. | |||||||||||||||||
Expenditures for routine maintenance and repairs are expensed as incurred. | |||||||||||||||||
Depreciation is computed using the straight line method over the useful life of the vessels, port terminal, tanker vessels, barges, push boats and other fixed assets, after considering the estimated residual value. | |||||||||||||||||
Annual depreciation rates used, which approximate the useful life of the assets are: | |||||||||||||||||
Vessels | 25 years | ||||||||||||||||
Port facilities and transfer station | 3 to 40 years | ||||||||||||||||
Tanker vessels, barges and push boats | 15 to 44 years | ||||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | ||||||||||||||||
Computer equipment and software | 5 years | ||||||||||||||||
Leasehold improvements | shorter of lease term or 6 years | ||||||||||||||||
Management estimates the residual values of the Company's dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Up to December 31, 2012, management estimated the residual values of the Company's vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels, the estimated scrap value per LWT was increased to $340. This change in accounting estimates did not materially affect the statements of income and the loss per share of the Company for the year ended December 31, 2013. | |||||||||||||||||
Management estimates the useful life of its vessels to be 25 years from the vessel's original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. | |||||||||||||||||
Deposits for Vessel Acquisitions | ' | ||||||||||||||||
(i)Deposits for Vessel Acquisitions: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels and other long-lived fixed assets. Deposits for vessel acquisitions also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the vessel to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2013, 2012 and 2011 amounted to $1,831, $1,453 and $4,303, respectively. | |||||||||||||||||
Assets Held for Sale | ' | ||||||||||||||||
(j)Assets Held for Sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented. | |||||||||||||||||
Impairment of Long Lived Assets | ' | ||||||||||||||||
(k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings' management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. | |||||||||||||||||
Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel, and related carrying value of the intangible with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then-current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. | |||||||||||||||||
The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel's carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on the 10-year average historical one-year time charter rates adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, running cost based on current year actual, assuming an annual increase of 3.0% after 2015 and a utilization rate of 98.1% based on the fleet's historical performance. | |||||||||||||||||
The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels and the intangible assets existed as of December 31, 2013, as the undiscounted projected net operating cash flows exceeded the carrying value. | |||||||||||||||||
In the event that impairment would occur, the fair value of the related asset would be determined and an impairment charge would be recorded to operations calculated by comparing the asset's carrying value to its fair value. Fair value is typically estimated primarily through the use of third-party valuations performed on an individual vessel basis. | |||||||||||||||||
Although management believes the underlying assumptions supporting this assessment are reasonable, if the charter rate trends and the length of the market downturn, vary significantly from our forecasts, management may be required to perform step two of the impairment analysis in the future which could expose Navios Holdings to material impairment charges. | |||||||||||||||||
No impairment loss was recognized for any of the periods presented. | |||||||||||||||||
Deferred Drydock and Special Survey Costs | ' | ||||||||||||||||
(l) Deferred Drydock and Special Survey Costs: The Company's vessels, barges and push boats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for vessels, every 60 months for oceangoing vessels and every 84 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and push boats sold are written-off to income in the year the vessel, barge or push boat is sold. | |||||||||||||||||
Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2013, 2012 and 2011, the amortization was $9,581, $7,289, and $5,364, respectively. | |||||||||||||||||
Deferred Financing Costs | ' | ||||||||||||||||
(m) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write offs for each of the years ended December 31, 2013, 2012 and 2011 were $5,384, $6,309 and $5,580, respectively. | |||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||
(n) Goodwill and Other Intangibles | |||||||||||||||||
(i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually. | |||||||||||||||||
The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on discounted cash flow analysis and believes that the discounted cash flow analysis is the best indicator of fair value for its individual reporting units. | |||||||||||||||||
The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, using judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions, and direct vessel expense growth assumptions. The future cash flows from the shipping operations were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the non-fixed days (based on a combination of two-year forward freight agreements and the 10-year average historical charter rates available for each type of vessel adjusted for outliers), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long lived assets. The future cash flows from logistics operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. | |||||||||||||||||
If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step to determine the implied fair value of the reporting unit's goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. | |||||||||||||||||
No impairment loss was recognized for any of the periods presented. | |||||||||||||||||
(ii) Intangibles Other Than Goodwill: Navios Holdings' intangible assets and liabilities consist of favorable lease terms, unfavorable lease terms, customer relationships, trade name and port terminal operating rights. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm's length transaction to use that trade name. The asset is being amortized under the straight line method over 32 years. Navios Logistics' trade name is being amortized under the straight line method over 10 years. | |||||||||||||||||
The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method over 20 years. | |||||||||||||||||
Other intangibles that are being amortized, such as customer relationships and port terminal operating rights, would be considered impaired if their carrying value could not be recovered from the future undiscounted cash flows associated with the asset. | |||||||||||||||||
When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company's vessels and the Company's weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and results of operations. | |||||||||||||||||
The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statement of comprehensive (loss)/ income in the “Depreciation and Amortization” line item. | |||||||||||||||||
The amortizable value of favorable leases would be considered impaired if its fair market value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, are not amortized and would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. As of December 31, 2013, there was no impairment of intangible assets. | |||||||||||||||||
Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible will be written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date it will be written-off to the statements of income. | |||||||||||||||||
The weighted average amortization periods for intangibles are: | |||||||||||||||||
Intangible assets/liabilities | Years | ||||||||||||||||
Trade name | 21 | ||||||||||||||||
Favorable lease terms (*) | 6.6 | ||||||||||||||||
Unfavorable lease terms (**) | 4.7 | ||||||||||||||||
Port terminal operating rights | 30 | ||||||||||||||||
Customer relationships | 20 | ||||||||||||||||
(*) The intangible asset associated with the favorable lease terms includes an amount of $21,782 related to purchase options for the vessels. | |||||||||||||||||
(**) The intangible liability associated with the unfavorable lease terms includes an amount of $9,405 related to purchase options held by third parties. | |||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
(o) Foreign Currency Translation: The Company's functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. Additionally, the Company's subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Reales and Guaranies whereas the Company's wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statement of comprehensive (loss)/ income. The foreign currency exchange gains/(losses) recognized in the consolidated statement of comprehensive (loss)/ income for each of the years ended December 31, 2013, 2012 and 2011, were $184, ($217) and ($383), respectively. | |||||||||||||||||
Provisions | ' | ||||||||||||||||
(p) Provisions: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide the lower amount within the range. See Note 14, “Commitments and Contingencies” for further discussion. | |||||||||||||||||
The Company participates in Protection and Indemnity (P&I) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. | |||||||||||||||||
Provisions for estimated losses on uncompleted voyages and vessels time chartered to others are provided for in the period in which such losses are determined. As of December 31, 2013 and 2012, the balance for provision for loss making voyages in progress was $801 and $4,974, respectively. | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
(q) Segment Reporting: Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company's methods of internal reporting and management structure, the Company currently has two reportable segments: the Drybulk Vessel Operations segment and the Logistics Business segment. Previously, the Company had a Tanker Vessel Operations segment until the deconsolidation of Navios Acquisition on March 30, 2011. | |||||||||||||||||
Revenue and Expense Recognition | ' | ||||||||||||||||
(r) Revenue and Expense Recognition: | |||||||||||||||||
Revenue Recognition: Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from transportation of cargo, time charter of vessels, port terminal operations, bareboat charters, contracts of affreightment/voyage contracts, demurrages and contracts covering dry or liquid port terminal operations. | |||||||||||||||||
Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, the Company agrees to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo. | |||||||||||||||||
Revenue from time chartering and bareboat chartering is earned and recognized on a daily basis as the service is delivered. Revenue from contracts of affreightment/voyage contracts is recognized based upon the percentage of voyage completion. A voyage is deemed to commence upon the departure of the barge after discharge under the previous voyage and is deemed to end upon the completion of discharge under the current voyage. The percentage of voyage completion is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. | |||||||||||||||||
Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | |||||||||||||||||
Revenues arising from contracts that provide our customers with continuous access to convoy capacity are recognized ratably over the period of the contracts. | |||||||||||||||||
Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement. | |||||||||||||||||
Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel at the charterers' disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. | |||||||||||||||||
Revenues from port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into the silos for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. | |||||||||||||||||
Revenues from liquid port terminal operations consist mainly of sales of petroleum products in the Paraguayan market. Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. | |||||||||||||||||
Recovery of lost revenue under credit default insurance for charterers is accounted for as gain contingency and is recognized when all contingencies are resolved. The amount of recovery of lost revenue is recorded within the caption “Revenue” and any amount recovered in excess of the lost revenue is recorded within the caption “Other income”. | |||||||||||||||||
Expenses related to our revenue-generating contracts are recognized as incurred. | |||||||||||||||||
Forward Freight Agreements (FFAs): Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, the FFAs are “marked to market” quarterly to determine the fair values which generate unrealized gains or losses. Trading of FFAs could lead to material fluctuations in the Company's reported results from operations on a period to period basis. See Note 12. | |||||||||||||||||
Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. | |||||||||||||||||
Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers' liability insurances, provision for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. | |||||||||||||||||
Direct Vessel Expenses: Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees. | |||||||||||||||||
Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. | |||||||||||||||||
Employee benefits | ' | ||||||||||||||||
(s) Employee benefits: | |||||||||||||||||
Pension and Retirement Obligations-Crew: The Company's ship-owning subsidiaries employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits. | |||||||||||||||||
Provision for Employees' Severance and Retirement Compensation: The employees in the Company's office in Greece are protected by Greek labor law. According to the law, the Company is required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years' salary. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts for it under FASB guidance on employer's accounting for pension. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees' termination indemnities liability. This liability amounted to $660 and $686 at December 31, 2013 and 2012, respectively. | |||||||||||||||||
U.S. Retirement Savings Plan: The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See Note 13. | |||||||||||||||||
Other Post-Retirement Obligations: The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans. These obligations are valued annually by independent actuaries. | |||||||||||||||||
Stock-Based Compensation: In December 2013, 2012 and 2011, the Company authorized the issuance of shares of restricted common stock, restricted stock units and stock options in accordance with the Company's stock option plan for its employees, officers and directors. These awards of restricted common stock restricted stock units and stock options are based on service conditions only and vest over three years. In December 2013, the Company also authorized the issuance of shares of restricted common stock, restricted stock units and stock options for its employees, officers and directors that vest on April 30, 2015 upon achievement of certain internal performance criteria and set targets. | |||||||||||||||||
The fair value of stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met. | |||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
(t) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. | |||||||||||||||||
Financial Risk Management: The Company's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. | |||||||||||||||||
Credit Risk: The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. Derivative counterparties and cash transactions are limited to high quality credit financial institutions. | |||||||||||||||||
Interest Rate Risk: Any differential to be paid or received on an interest rate swap agreement is recognized as a component of gain/loss on derivatives over the period of the agreement. Gains and losses on early termination of interest rate swaps are taken to the consolidated statement of income. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity. | |||||||||||||||||
Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances adequately to meet working capital needs. | |||||||||||||||||
Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. | |||||||||||||||||
Accounting for Derivative Financial Instruments and Hedging Activities: | |||||||||||||||||
The Company may enter into drybulk shipping FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including drybulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. In entering into these contracts, the Company has assumed the risk that might arise from the possible inability of counterparties to perform in accordance with the terms of their contracts. | |||||||||||||||||
The Company also trades drybulk shipping FFAs which are cleared through LCH, the London clearing house. LCH calls for both base and margin collateral, which are funded by Navios Holdings, and which in turn substantially eliminate counterparty risk. Certain portions of these collateral funds may be restricted at any given time as determined by LCH. | |||||||||||||||||
At the end of each calendar quarter, the fair value of drybulk shipping FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with LCH is determined from the LCH valuations. | |||||||||||||||||
The Company records all of its derivative financial instruments and hedges as economic hedges. | |||||||||||||||||
The Company classifies cash flows related to derivative financial instruments within cash provided by operating activities in the consolidated statements of cash flows. | |||||||||||||||||
(Losses)/Earnings Per Share | ' | ||||||||||||||||
(u) (Losses)/Earnings Per Share: Basic (losses)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities (convertible preferred stock, stock options and warrants) are assumed to be exercised and the proceeds used to repurchase common shares at the weighted average market price of the Company's common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted earnings per share computation. For the year ended December 31, 2011, preferred stock dividends of subsidiaries and preferred stock dividends attributable to the noncontrolling interest were included in the calculation of net income attributable to Navios Holdings common stockholders. Restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings per share, based on the weighted average number of restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 21. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
(v) Income Taxes: The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and United States of America. The tax expense reflected in the Company's consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regime. | |||||||||||||||||
The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. | |||||||||||||||||
Dividends | ' | ||||||||||||||||
(w) Dividends: Dividends are recorded in the Company's financial statements in the period in which they are declared. | |||||||||||||||||
Guarantees | ' | ||||||||||||||||
(x) Guarantees: A liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made. | |||||||||||||||||
On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Notes 16 and 25). | |||||||||||||||||
Leases | ' | ||||||||||||||||
(y) Leases: Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease. | |||||||||||||||||
For charters classified as finance type leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. | |||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r) “Revenue and Expense Recognition”. | |||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight line basis over the rental periods of such charter agreements. The expense is included under the line “Time charter, voyage and logistics business expenses”. | |||||||||||||||||
Treasury Stock | ' | ||||||||||||||||
(z) Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital. | |||||||||||||||||
Trade Accounts Receivable | ' | ||||||||||||||||
(aa) Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings and FFA counterparties, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | |||||||||||||||||
Convertible Preferred Stock | ' | ||||||||||||||||
(ab) Convertible Preferred Stock: The Company's 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) are recorded at fair market value on issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date all Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per preferred share. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per preferred share. | |||||||||||||||||
Investment in Available-for-Sale Securities | ' | ||||||||||||||||
(ac) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss) unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the statements of income. Management evaluates securities for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||
Investment in Equity Securities: Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Europe for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Europe, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners and Navios Europe for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||
Financial Instruments and Fair Value | ' | ||||||||||||||||
(ad) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level I measurements) and the lowest priority to unobservable inputs (level III measurements). | |||||||||||||||||
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | |||||||||||||||
Entities included in the consolidation | ' | |||||||||||||||
Statement of Operations | ||||||||||||||||
Company name | Nature/ Vessel Name | Effective | Country | 2013 | 2012 | 2011 | ||||||||||
Ownership | Of | |||||||||||||||
Intererest | incorporation | |||||||||||||||
Navios Maritime Holdings Inc. | Holding Company | 100% | Marshall Is. | 1/1 -12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Corporation | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios International Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navimax Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Handybulk Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Hestia Shipping Ltd. | Operating Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Anemos Maritime Holdings Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios ShipManagement Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
NAV Holdings Limited | Sub-Holding Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kleimar N.V. | Operating Company/Vessel Owning Company | 100% | Belgium | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kleimar Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Bulkinvest S.A. | Operating Company | 100% | Luxembourg | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Primavera Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ginger Services Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aquis Marine Corp. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Tankers Management Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Astra Maritime Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Achilles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Apollon Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Herakles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Hios Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ionian Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kypros Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Meridian Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Mercator Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Arc Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Horizon Shipping Enterprises Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Magellan Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aegean Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Star Maritime Enterprises Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Corsair Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rowboat Marine Inc. | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Beaufiks Shipping Corporation | Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Nostos Shipmanagement Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Portorosa Marine Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Shikhar Ventures S.A. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Sizzling Ventures Inc. | Operating Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rheia Associates Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Taharqa Spirit Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rumer Holding Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Pharos Navigation S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Pueblo Holdings Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Quena Shipmanagement Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aramis Navigation Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
White Narcissus Marine S.A. | Vessel Owning Company | 100% | Panama | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios GP L.L.C. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Floral Marine Ltd. | Vessel Owning Company | 100% | Marshall Is. | — | 1/1 - 14/6 | 1/1 - 12/31 | ||||||||||
Red Rose Shipping Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Highbird Management Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ducale Marine Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kohylia Shipmanagement S.A. | Vessel Owning Company | 100% | Marshall Is. | — | — | 1/1 - 5/18 | ||||||||||
Vector Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Faith Marine Ltd. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Maritime Finance (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Maritime Finance II (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/12 - 12/31 | ||||||||||
Solange Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/16 - 12/31 | ||||||||||
Tulsi Shipmanagement Co. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 4/20 - 12/31 | ||||||||||
Cinthara Shipping Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 4/28 - 12/31 | ||||||||||
Rawlin Services Co. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/3 - 12/31 | ||||||||||
Mauve International S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/16 - 12/31 | ||||||||||
Mandora Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 10/17 - 12/31 | ||||||||||
Serenity Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 2/23 - 12/31 | — | ||||||||||
Navios Holdings Europe Finance Inc. | Sub-Holding Company | 100% | Marshall Is. | 06/04 - 12/31 | — | — | ||||||||||
Diesis Ship Management Ltd. | Operating Company | 100% | Marshall Is. | 05/14 - 12/31 | — | — | ||||||||||
Depreciation rates | ' | |||||||||||||||
Vessels | 25 years | |||||||||||||||
Port facilities and transfer station | 3 to 40 years | |||||||||||||||
Tanker vessels, barges and push boats | 15 to 44 years | |||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | |||||||||||||||
Computer equipment and software | 5 years | |||||||||||||||
Leasehold improvements | shorter of lease term or 6 years | |||||||||||||||
Finite lived acquired intangible assets | ' | |||||||||||||||
Intangible assets/liabilities | Years | |||||||||||||||
Trade name | 21 | |||||||||||||||
Favorable lease terms (*) | 6.6 | |||||||||||||||
Unfavorable lease terms (**) | 4.7 | |||||||||||||||
Port terminal operating rights | 30 | |||||||||||||||
Customer relationships | 20 |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
CASH AND CASH EQUIVALENTS [Abstract] | ' | ||||
Cash And Cash Equivalents | ' | ||||
31-Dec-13 | 31-Dec-12 | ||||
Cash on hand and at banks | $ 158,037 | $ 61,283 | |||
Short-term deposits and highly liquid funds | 29,794 | 196,585 | |||
Total cash and cash equivalents | $ 187,831 | $ 257,868 |
Accounts_Receivables_Net_Table
Accounts Receivables, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACCOUNTS RECEIVABLE,NET [Abstract] | ' | ||||||||
Accounts Receivable, Net | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Accounts receivable | $ 112,676 | $ 111,657 | |||||||
Less: provision for doubtful receivables | (26,457 ) | (25,936 | ) | ||||||
Accounts receivables, net | $ 86,219 | $ 85,721 | |||||||
Allowance for doubtfull receivables | ' | ||||||||
Allowance for doubtful receivables | Balance at Beginning of Period | Charges to Costs and expenses | Amount Utilized | Balance at End of Period | |||||
Year ended December 31, 2011 | $ (8,635) | $ (239) | $ — | $ (8,874) | |||||
Year ended December 31, 2012 | $ (8,874) | $ (17,136) | $ 74 | $ (25,936) | |||||
Year ended December 31, 2013 | $ (25,936) | $ (630) | $ 109 | $ (26,457) |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Prepaid And Other Current Assets [Abstract] | ' | |||||
Prepaid expenses and other current assets | ' | |||||
31-Dec-13 | 31-Dec-12 | |||||
Prepaid voyage and operating costs | $ 12,621 | $ 6,414 | ||||
Claim receivables | 8,658 | 3,953 | ||||
Advances to agents | 795 | 669 | ||||
Short-term derivative assets | — | 1,275 | ||||
Prepaid taxes | 4,750 | 2,986 | ||||
Other | 2,155 | 4,585 | ||||
Total prepaid expenses and other current assets | $ 28,979 | $ 19,882 |
Vessels_Port_Terminals_and_Oth1
Vessels, Port Terminals and Other Fixed Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Vessels | ' | |||||||
Vessels | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 1,548,383 | $ (127,082) | $ 1,421,301 | |||||
Additions | 133,874 | (63,203 | ) | 70,671 | ||||
Disposals | (81,454 | ) | 4,707 | (76,747 | ) | |||
Balance December 31, 2011 | 1,600,803 | -185,578 | 1,415,225 | |||||
Additions | 102,306 | (63,737 | ) | 38,569 | ||||
Disposals | (71,209 | ) | 4,141 | (67,068 | ) | |||
Balance December 31, 2012 | 1,631,900 | -245,174 | 1,386,726 | |||||
Additions | 85,727 | (63,287 | ) | 22,440 | ||||
Balance December 31, 2013 | $ 1,717,627 | $ (308,461) | $1,409,166 | |||||
Port Terminals | ' | |||||||
Port Terminals (Navios Logistics) | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 65,258 | $ (9,031) | $ 56,227 | |||||
Additions | 9,230 | (2,538 | ) | 6,692 | ||||
Disposals | (152 | ) | 103 | (49 | ) | |||
Balance December 31, 2011 | 74,336 | -11,466 | 62,870 | |||||
Additions | 11,904 | (2,785 | ) | 9,119 | ||||
Balance December 31, 2012 | 86,240 | -14,251 | 71,989 | |||||
Additions | 16,812 | (2,853 | ) | 13,959 | ||||
Write-off | (22 | ) | 22 | — | ||||
Balance December 31, 2013 | $ 103,030 | $ (17,082) | $ 85,948 | |||||
Tanker vessels, barges and push boats | ' | |||||||
Tanker vessels, barges and push boats (Navios Logistics) | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 278,837 | $ (42,637) | $ 236,200 | |||||
Additions | 62,153 | (15,378 | ) | 46,775 | ||||
Balance December 31, 2011 | 340,990 | -58,015 | 282,975 | |||||
Additions | 20,008 | (19,383 | ) | 625 | ||||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | |||
Balance December 31, 2012 | 356,408 | -77,398 | 279,010 | |||||
Additions | 40,586 | (16,384 | ) | 24,202 | ||||
Transfers | 3,030 | — | 3,030 | |||||
Balance December 31, 2013 | $ 400,024 | $ (93,782) | $ 306,242 | |||||
Tanker Vessels | ' | |||||||
Tanker vessels (Navios Acquisition) | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 538,751 | $ (9,092) | $ 529,659 | |||||
Additions | 31,774 | (7,198 | ) | 24,576 | ||||
Navios Acquisition deconsolidation | (570,525 | ) | 16,290 | (554,235 | ) | |||
Balance December 31, 2011 | $ — | $ — | $ — | |||||
Other fixed assets | ' | |||||||
Other fixed assets | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 8,767 | $ (2,477) | $ 6,290 | |||||
Additions | 1,331 | (745 | ) | 586 | ||||
Balance December 31, 2011 | 10,098 | -3,222 | 6,876 | |||||
Additions | 2,832 | (903 | ) | 1,929 | ||||
Disposals | (37 | ) | — | (37 | ) | |||
Balance December 31, 2012 | 12,893 | -4,125 | 8,768 | |||||
Additions | 2,836 | (1,048 | ) | 1,788 | ||||
Transfers | (3,030 | ) | — | (3,030 | ) | |||
Balance December 31, 2013 | $ 12,699 | $ (5,173) | $ 7,526 | |||||
Total | ' | |||||||
Total | Cost | Accumulated Depreciation | Net Book Value | |||||
Balance December 31, 2010 | $ 2,439,996 | $ (190,319) | $ 2,249,677 | |||||
Additions | 238,362 | (89,062 | ) | 149,300 | ||||
Disposals | (81,606 | ) | 4,810 | (76,796 | ) | |||
Navios Acquisition deconsolidation | (570,525 | ) | 16,290 | (554,235 | ) | |||
Balance December 31, 2011 | 2,026,227 | -258,281 | 1,767,946 | |||||
Additions | 137,050 | (86,808 | ) | 50,242 | ||||
Disposals | (71,246 | ) | 4,141 | (67,105 | ) | |||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | |||
Balance December 31, 2012 | 2,087,441 | -340,948 | 1,746,493 | |||||
Additions | 145,962 | -83,572 | 62,390 | |||||
Write-off | (22 | ) | 22 | — | ||||
Balance December 31, 2013 | 2,233,381 | -424,498 | 1,808,883 | |||||
Intangible_Assets_Other_Than_G1
Intangible Assets Other Than Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | ' | |||||||||||||||||||
Schedule of intangible assets | ' | |||||||||||||||||||
Net Book Value of Intangible Assets other than Goodwill as at December 31, 2013 | ||||||||||||||||||||
Acquisition Cost | Accumulated Amortization | Additions/ Transfer to vessel cost/ Write off | Net Book Value December 31, 2013 | |||||||||||||||||
Trade name | $ 100,420 | $ (29,738) | $ — | $ 70,682 | ||||||||||||||||
Port terminal operating rights (****) | 34,060 | (7,444 | ) | 2,092 | 28,708 | |||||||||||||||
Customer relationships | 35,490 | (10,647 | ) | — | 24,843 | |||||||||||||||
Favorable lease terms (*)(***) | 210,835 | (139,624 | ) | (3,780 | ) | 67,431 | ||||||||||||||
Total Intangible assets | 380,805 | -187,453 | -1,688 | 191,664 | ||||||||||||||||
Unfavorable lease terms (**) | (121,028 | ) | 93,954 | — | (27,074 | ) | ||||||||||||||
Total | $ 259,777 | $ (93,499) | -1,688 | $ 164,590 | ||||||||||||||||
Net Book Value of Intangible Assets other than Goodwill as at December 31,2012 | ||||||||||||||||||||
Acquisition Cost | Accumulated Amortization | Transfer to vessel cost/ Write off | Net Book Value December 31, 2012 | |||||||||||||||||
Trade name | $ 100,420 | $ (25,885) | $ — | $ 74,535 | ||||||||||||||||
Port terminal operating rights | 34,060 | (6,462 | ) | — | 27,598 | |||||||||||||||
Customer relationships | 35,490 | -8,872 | — | 26,618 | ||||||||||||||||
Favorable lease terms (*) (***) | 220,042 | (130,528 | ) | -9,207 | 80,307 | |||||||||||||||
Total Intangible assets | 390,012 | -171,747 | -9,207 | 209,058 | ||||||||||||||||
Unfavorable lease terms (**) | (127,513 | ) | 89,022 | 6,485 | (32,006 | ) | ||||||||||||||
Total | $ 262,499 | $ (82,725) | $ (2,722) | $ 177,052 | ||||||||||||||||
Amortization expense | ' | |||||||||||||||||||
Amortization Expense and Write Offs Year Ended December 31, 2013 | Amortization Expense and Write Offs Year Ended December 31, 2012 | Amortization Expense and Write Offs Year Ended December 31,2011 | ||||||||||||||||||
Trade name | $ (3,853) | $ (3,860) | $ (3,853) | |||||||||||||||||
Port terminal operating rights | (983) | (930) | (927) | |||||||||||||||||
Customer relationships | (1,774) | (1,775) | (1,775) | |||||||||||||||||
Favorable lease terms | (12,876) | (27,652) | (18,388) | |||||||||||||||||
Unfavorable lease terms | 4,933 | 12,819 | 6,610 | |||||||||||||||||
Total | $ (14,553) | $ (21,398) | $ (18,333) | |||||||||||||||||
Schedule of aggregate amortization expense | ' | |||||||||||||||||||
Description | Within one year | Year Two | Year Three | Year Four | Year Five | Thereafter | Total | |||||||||||||
Trade name | $ 3,853 | $ 3,853 | $ 3,853 | $ 3,853 | $ 2,811 | $ 52,459 | $ 70,682 | |||||||||||||
Favorable lease terms | 12,539 | 11,398 | 11,324 | 7,022 | 641 | 2,725 | 45,649 | |||||||||||||
Unfavorable lease terms | (4,933 | ) | (3,545 | ) | (2,129 | ) | (1,273 | ) | (1,102 | ) | (4,687 | ) | (17,669 | ) | ||||||
Port terminal operating rights | 983 | 983 | 983 | 983 | 983 | 23,793 | 28,708 | |||||||||||||
Customer relationships | 1,775 | 1,775 | 1,775 | 1,775 | 1,775 | 15,968 | 24,843 | |||||||||||||
Total | $14,217 | $ 14,464 | $ 15,806 | $ 12,360 | $ 5,108 | $ 90,258 | $ 152,213 |
Investment_in_Affiliates_Table
Investment in Affiliates (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
INVESTMENT IN AFFILIATES [Abstract] | ' | ||||||||||||||
Financial information of affiliate companies, balance sheet | ' | ||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||
Balance Sheet | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | |||||||
Current assets | $ 54,484 | $ 120,801 | $ 1,524 | 8,224 | $ 70,033 | $ 71,795 | $ 1,698 | — | |||||||
Non-current assets | 1,195,595 | 1,535,860 | 22 | 199,760 | 884,919 | 1,298,849 | 25 | — | |||||||
Current liabilities | 15,606 | 65,400 | 370 | 14,792 | 60,276 | 67,828 | 235 | — | |||||||
Non-current liabilities | 527,966 | 1,128,439 | — | 194,289 | 275,982 | 1,071,512 | — | — | |||||||
Financial information of affiliate comapnies, income statement | ' | ||||||||||||||
Year December 31, 2013 | Year December 31, 2012 | Year December 31, 2011 | |||||||||||||
Income Statement | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios | |||
Europe | |||||||||||||||
Revenue | $198,159 | $202,397 | $2,230 | $1,151 | $205,435 | $151,097 | $2,262 | $- | $186,935 | $121,925 | $2,686 | - | |||
Net Income/(loss) | 59,006 | (55,690 | )775 | (1,097 | )95,898 | (3,284 | )1,237 | - | 65,335 | (3,378 | )1,401 | - | |||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accrued Liabilities Current [Abstract] | ' | ||||
Accrued Expenses | ' | ||||
31-Dec-13 | 31-Dec-12 | ||||
Payroll | $ 9,954 | $ 10,408 | |||
Accrued interest | 21,081 | 22,714 | |||
Accrued voyage expenses | 8,717 | 16,709 | |||
Accrued running costs | 13,270 | 10,879 | |||
Provision for losses on voyages in progress | 801 | 4,974 | |||
Audit fees and related services | 1,066 | 565 | |||
Accrued taxes | 5,175 | 5,929 | |||
Professional fees | 934 | 961 | |||
Other accrued expenses | 3,201 | 2,542 | |||
Total accrued expenses | 64,199 | 75,681 | |||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loans' outstanding amounts | ' | ||||||||
Navios Holdings loans | 31-Dec-13 | 31-Dec-12 | |||||||
Loan Facility HSH Nordbank and Commerzbank A.G. | $ — | $ 41,659 | |||||||
Revolver Facility HSH Nordbank and Commerzbank A.G. | — | 4,428 | |||||||
Commerzbank A.G. | 66,086 | 71,706 | |||||||
Loan Facility Credit Agricole Bank ($130,000) | — | 30,308 | |||||||
Loan Facility Credit Agricole ($75,000) | — | 32,000 | |||||||
Loan Facility Credit Agricole ($40,000) | 26,112 | 32,700 | |||||||
Loan Facility Credit Agricole ($23,000) | 18,841 | 20,203 | |||||||
Loan Facility Credit Agricole ($23,000) | 19,350 | 20,750 | |||||||
Loan DNB NOR Bank ($40,000) | — | 30,394 | |||||||
Loan Facility DVB Bank SE ($42,000) | 36,801 | 39,325 | |||||||
Loan Facility Credit Agricole ($22,500) | 11,250 | — | |||||||
Loan Facility DVB ($40,000) | 39,125 | — | |||||||
8.125% Senior notes due 2019 | 350,000 | 350,000 | |||||||
2022 Notes | 650,000 | — | |||||||
2017 Notes | — | 488,000 | |||||||
Total Navios Holdings loans | $ 1,217,565 | $ 1,161,473 | |||||||
Navios Logistics loans | 31-Dec-13 | 31-Dec-12 | |||||||
Senior notes | $ 290,000 | $ 200,000 | |||||||
Other long-term loans | 528 | 598 | |||||||
Total Navios Logistics loans | $ 290,528 | $ 200,598 | |||||||
Total loans | 31-Dec-13 | 31-Dec-12 | |||||||
Total borrowings | $ 1,508,093 | $ 1,362,071 | |||||||
Plus: unamortized premium | 3,156 | — | |||||||
Less: unamortized discount | — | (3,859 | ) | ||||||
Less: current portion | (19,261 | ) | (33,095 | ) | |||||
Total long-term borrowings | $ 1,491,988 | $ 1,325,117 | |||||||
Principal payments | ' | ||||||||
Year | Amount in | ||||||||
thousands of | |||||||||
USD | |||||||||
2014 | $19,261 | ||||||||
2015 | 19,386 | ||||||||
2016 | 19,761 | ||||||||
2017 | 19,761 | ||||||||
2018 | 45,386 | ||||||||
2019 and thereafter | 1,384,538 | ||||||||
Total | $1,508,093 |
Derivatives_and_Fair_Value_of_1
Derivatives and Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
DERIVATIVES AND FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | ' | ||||||||||||||
Fair value of financial instruments | ' | ||||||||||||||
December 31,2013 | December 31, 2012 | ||||||||||||||
BookValue | Fair Value | Book Value | Fair Value | ||||||||||||
Cash and cash equivalents | $187,831 | $187,831 | $257,868 | $257,868 | |||||||||||
Restricted cash | $2,041 | $2,041 | $24,704 | $24,704 | |||||||||||
Accounts receivable, net | $86,219 | $86,219 | $85,721 | $85,721 | |||||||||||
Investments in available-for-sale securities | $7,660 | $7,660 | $559 | $559 | |||||||||||
Forward Freight Agreements, net | $— | $— | $1,275 | $1,275 | |||||||||||
Long-term receivable from affiliate companies | $5,144 | $5,144 | $57,701 | $57,701 | |||||||||||
Loan receivable from affiliate companies | $2,660 | $2,660 | $35,000 | $35,000 | |||||||||||
Accounts payable | ($51,692) | $(51,692 | ($63,921) | ($63,921) | |||||||||||
Capital lease obligations, including current portion | ($23,759) | ($23,759) | ($25,112) | ($25,112) | |||||||||||
2017 Notes and 2022 Notes including premium and net of discount | ($1,293,156) | ($1,326,897) | ($1,034,141) | ($973,940) | |||||||||||
Long term debt, including current portion | ($218,093) | ($218,093) | ($324,071) | ($324,071) | |||||||||||
Fair Value Measurements on a recurring basis | ' | ||||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||
Assets | Total | Quoted Prices in Active Markets for Identical Assets (Level I) | Significant Other Observable Inputs (Level II) | Significant Unobservable Inputs (Level III) | |||||||||||
Investments in available-for-sale securities | $ 7,660 | $ 7,660 | $ — | $ — | |||||||||||
Total | $ 7,660 | $ 7,660 | $ — | $ — | |||||||||||
Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Assets | Total | Quoted Prices in Active Markets for Identical Assets (Level I) | Significant Other Observable Inputs (Level II) | Significant Unobservable Inputs (Level III) | |||||||||||
FFAs | $ 1,275 | $ 1,275 | $ — | $ — | |||||||||||
Investments in available-for-sale securities | 559 | 559 | — | — | |||||||||||
Total | $ 1,834 | $ 1,834 | $ — | $ — | |||||||||||
Fair Value Measurements on a nonrecurring basis | ' | ||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||||||||
Cash and cash equivalents | $ 187,831 | $ 187,831 | $ — | $ — | |||||||||||
Restricted cash | $ 2,041 | $ 2,041 | $ — | $ — | |||||||||||
Senior and ship mortgage notes, net of discount | ($1,326,897) | ($1,326,897) | $ — | $ — | |||||||||||
Capital lease obligations, including current portion(1) | $ (23,759) | $ — | $ (23,759) | $ — | |||||||||||
Long-term debt, including current portion(1) | $ (218,093) | $ — | $ (218,093) | $ — | |||||||||||
Due from related companies, long-term | $ 2,660 | $ — | $ 2,660 | $ — | |||||||||||
Due from affiliate companies, long-term(2) | $ 5,144 | $ — | $ 5,144 | $ — | |||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||||||||
Cash and cash equivalents | $ 257,868 | $ 257,868 | $ — | $ — | |||||||||||
Restricted cash | $ 24,704 | $ 24,704 | $ — | $ — | |||||||||||
Senior and ship mortgage notes, net of discount | $ (973,940) | $ (973,940) | $ — | $ — | |||||||||||
Capital lease obligations, including current portion(1) | $ (25,112) | $ — | $ (25,112) | $ — | |||||||||||
Long-term debt, including current portion(1) | $ (324,071) | $ — | $ (324,071) | $ — | |||||||||||
Loan receivable from affiliate company(2) | $ 35,000 | $ — | $ 35,000 | $ — | |||||||||||
Due from affiliate companies, long term(2) | $ 57,701 | $ — | $ 57,701 | $ — | |||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||
Summary of stock based awards | ' | |||||||||
Shares | Weighted average exercise price | Weighted average remaining term | Aggregate fair value | |||||||
Options | ||||||||||
Outstanding as of December 31, 2010 | 2,088,896 | $6.47 | 7.98 | $5,546 | ||||||
Vested at December 31, 2010 | 421,544 | — | — | — | ||||||
Exercisable at December 31, 2010 | 316,279 | — | — | — | ||||||
Exercised | (130,578 | ) | — | — | (158 | ) | ||||
Granted | 1,344,353 | 3.81 | — | 1,929 | ||||||
Outstanding as of December 31, 2011 | 3,302,671 | 5.52 | 7.81 | 7,317 | ||||||
Vested at December 31, 2011 | 643,824 | — | — | — | ||||||
Exercisable at December 31, 2011 | 522,934 | — | — | — | ||||||
Exercised | (29,251 | ) | — | — | (36 | ) | ||||
Granted | 1,344,357 | 3.44 | — | 700 | ||||||
Outstanding as of December 31, 2012 | 4,617,777 | 4.93 | 7.07 | 7,981 | ||||||
Vested at December 31, 2012 | 901,520 | — | — | — | ||||||
Exercisable at December 31, 2012 | 841,644 | — | — | — | ||||||
Exercised | (153,556 | ) | — | — | (216 | ) | ||||
Granted | 674,809 | 8.63 | — | 1,444 | ||||||
Outstanding as of December 31, 2013 | 5,139,030 | 5.5 | 6.37 | 9,209 | ||||||
Vested at December 31, 2013 | 911,493 | — | — | — | ||||||
Exercisable at December 31, 2013 | 753,562 | — | — | — | ||||||
Restricted stock and restricted stock units | ||||||||||
Non Vested as of December 31, 2010 | 802,416 | — | 2.61 | 4,301 | ||||||
Granted | 813,273 | — | — | 3,098 | ||||||
Vested | (318,644 | — | — | (1,692 | ) | |||||
Forfeited or expired | (9,869 | ) | — | — | (54 | ) | ||||
Non Vested as of December 31, 2011 | 1,287,176 | — | 2.49 | 5,653 | ||||||
Granted | 832,028 | — | — | 2,862 | ||||||
Vested | (553,846 | ) | — | — | (2,565 | ) | ||||
Forfeited or expired | (9,166 | ) | — | — | (42 | ) | ||||
Non Vested as of December 31, 2012 | 1,556,192 | — | 1.81 | 5,908 | ||||||
Granted | 886,437 | — | — | 7,650 | ||||||
Vested | (546,194 | ) | — | — | (2,287 | ) | ||||
Forfeited or expired | (12,452 | ) | — | — | (51 | ) | ||||
Non Vested as of December 31, 2013 | 1,883,983 | — | 1.4 | 11,220 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||
Future minimum contractual obligations | ' | ||
Amounts in thousands of U.S. Dollars | |||
31-Dec-14 | $ 50,091 | ||
31-Dec-15 | 3,754 | ||
31-Dec-16 | 1,926 | ||
Total | $ 55,771 | ||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
LEASES [Abstract] | ' | |||||||
Charter-in and office space | ' | |||||||
Charter-in vessels in operation | Charter-in vessels to be delivered | Office space | ||||||
2014 | $ 82,553 | $ 184 | $ 3,135 | |||||
2015 | 64,279 | 5,697 | 3,032 | |||||
2016 | 58,720 | 12,842 | 2,667 | |||||
2017 | 56,768 | 14,910 | 2,505 | |||||
2018 | 54,795 | 14,910 | 1,736 | |||||
2019 and thereafter | 133,267 | 98,815 | 984 | |||||
Total | $ 450,382 | $147,358 | $ 14,059 | |||||
Charter-out | ' | |||||||
Drybulk vessels | Logistics business | |||||||
2014 | $ 96,281 | $ 100,198 | ||||||
2015 | 28,722 | 83,118 | ||||||
2016 | 11,401 | 54,518 | ||||||
2017 | 10,715 | 13,708 | ||||||
2018 | 10,715 | 770 | ||||||
2019 and thereafter | 20,607 | — | ||||||
Total minimum revenue, net of commissions | $ 178,441 | $ 252,312 | ||||||
Interest_Expense_and_Finance_C1
Interest Expense and Finance Cost, Net (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INTEREST EXPENSE AND FINANCE COST, NET [Abstract] | ' | ||||||
Interest expense and finance cost, net | ' | ||||||
For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | For the Year Ended December 31, 2011 | |||||
Interest expense | $ 105,422 | $ 99,887 | $ 101,011 | ||||
Amortization of finance charges | 5,383 | 6,309 | 5,198 | ||||
Other | — | — | 972 | ||||
Total interest expense and finance cost, net | $ 110,805 | $ 106,196 | $ 107,181 | ||||
Disposals_of_Assets_Tables
Disposals of Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Disposal of assets [Abstract] | ' | |||||
Disposal of Assets | ' | |||||
Navios Buena Ventura | ||||||
Cash consideration received | $ 67,500 | |||||
Book value of vessel | (67,068 | ) | ||||
Total gain | 432 | |||||
Deferred gain | (109 | ) | ||||
Gain recognized on sale of Navios Buena Ventura | $ 323 | |||||
Total gain on sale of assets | $ 323 | |||||
Navios Luz | ||||||
Cash consideration received | 71,975 | |||||
Shares consideration received | 6,000 | |||||
Book value of vessel | (53,548 | ) | ||||
Total gain | 24,427 | |||||
Deferred gain | (6,623 | ) | ||||
Gain recognized on sale of Navios Luz | 17,804 | |||||
Navios Orbiter | ||||||
Cash consideration received | 47,984 | |||||
Shares consideration received | 4,000 | |||||
Book value of vessel | (23,198 | ) | ||||
Total gain | 28,786 | |||||
Deferred gain | (7,804 | ) | ||||
Gain recognized on sale of Navios Orbiter | $ 20,982 | |||||
Gain on sale of other assets | $ 36 | |||||
Total gain on sale of assets | $ 38,822 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
SEGMENT INFORMATION [Abstract] | ' | |||||||||
Segment summarized financial information | ' | |||||||||
Drybulk Vessel Operations for the Year Ended December 31, 2013 | Logistics Business for the Year Ended December 31, 2013 | Total for the Year Ended December 31, 2013 | ||||||||
Revenue | $ 275,195 | $ 237,084 | $ 512,279 | |||||||
Loss on derivatives | (260 | ) | — | (260 | ) | |||||
Interest income | 2,080 | 219 | 2,299 | |||||||
Interest expense and finance cost, net | (85,657 | ) | (25,148 | ) | (110,805 | ) | ||||
Depreciation and amortization | (74,770 | ) | (23,354 | ) | (98,124 | ) | ||||
Equity in net earnings of affiliated companies | 19,344 | — | 19,344 | |||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (115,264 | ) | 6,201 | (109,063 | ) | |||||
Total assets | 2,393,364 | 526,249 | 2,919,613 | |||||||
Goodwill | 56,240 | 104,096 | 160,336 | |||||||
Capital expenditures | (86,538 | ) | (59,396 | ) | (145,934 | ) | ||||
Investment in affiliates | 335,303 | — | 335,303 | |||||||
Cash and cash equivalents | 101,263 | 86,568 | 187,831 | |||||||
Restricted cash | 2,041 | — | 2,041 | |||||||
Long-term debt (including current and noncurrent portion) | $ 1,217,565 | $ 293,684 | $ 1,511,249 | |||||||
Drybulk Vessel Operations for the Year Ended December 31, 2012 | Logistics Business for the Year Ended December 31, 2012 | Total for the Year Ended December 31, 2012 | ||||||||
Revenue | $ 369,461 | $ 247,033 | $ 616,494 | |||||||
Loss on derivatives | (196 | ) | — | (196 | ) | |||||
Interest income | 2,329 | 388 | 2,717 | |||||||
Interest expense and finance cost, net | (86,139 | ) | (20,057 | ) | (106,196) | |||||
Depreciation and amortization | (81,267 | ) | (26,939 | ) | -108,206 | |||||
Equity in net earnings of affiliated companies | 48,228 | — | 48,228 | |||||||
Net income attributable to Navios Holdings common stockholders | 175,388 | 97 | 175,485 | |||||||
Total assets | 2,490,929 | 450,533 | 2,941,462 | |||||||
Goodwill | 56,240 | 104,096 | 160,336 | |||||||
Capital expenditures | (40,024 | ) | (17,666 | ) | (57,690 | ) | ||||
Investment in affiliates | 197,291 | — | 197,291 | |||||||
Cash and cash equivalents | 212,330 | 45,538 | 257,868 | |||||||
Restricted cash | 24,704 | — | 24,704 | |||||||
Long-term debt (including current and noncurrent portion) | $ 1,157,614 | $ 200,598 | $ 1,358,212 | |||||||
Drybulk Vessel Operations for the Year Ended December 31, 2011 | Logistics Business for the Year Ended December 31, 2011 | Tanker Vessel Operations for the Year Ended December 31, 2011 | Total for the Year Ended December 31, 2011 | |||||||
Revenue | $ 429,538 | $ 234,687 | 25,130 | 689,355 | ||||||
Loss on derivatives | (165 | ) | — | — | (165 | ) | ||||
Interest income | 2,899 | 843 | 378 | 4,120 | ||||||
Interest expense and finance cost, net | (81,379 | ) | (17,074 | ) | (8,728 | ) | (107,181 | ) | ||
Depreciation and amortization | (76,734 | ) | (22,616 | ) | (8,045 | ) | (107,395 | ) | ||
Equity in net earnings of affiliated companies | 35,246 | — | — | 35,246 | ||||||
Net income/(loss) attributable to Navios Holdings common stockholders | 77,717 | (125 | ) | (36,781 | ) | 40,811 | ||||
Total assets | 2,478,400 | 435,424 | — | 2,913,824 | ||||||
Goodwill | 56,240 | 104,096 | — | 160,336 | ||||||
Capital expenditures | (115,830 | ) | (70,598 | ) | (7,528 | ) | (193,956 | ) | ||
Investment in affiliates | 117,088 | — | — | 117,088 | ||||||
Cash and cash equivalents | 130,567 | 40,529 | — | 171,096 | ||||||
Restricted cash | 6,399 | — | — | 6,399 | ||||||
Long-term debt (including current and noncurrent portion) | $ 1,252,889 | $ 200,668 | $ — | $ 1,453,557 | ||||||
Revenue by geographic region | ' | |||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31 2011 | ||||||||
North America | $ 17,487 | $ 14,622 | $ 20,157 | |||||||
Europe | 141,464 | 127,521 | 144,846 | |||||||
Asia | 99,636 | 225,366 | 283,275 | |||||||
South America | 241,852 | 247,033 | 234,688 | |||||||
Other | 11,840 | 1,952 | 6,389 | |||||||
Total | $ 512,279 | $ 616,494 | $ 689,355 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
EARNINGS PER COMMON SHARE [Abstract] | ' | |||||||
Earnings per share, basic and diluted | ' | |||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||
Numerator: | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (109,063) | $ 175,485 | $ 40,811 | |||||
Less: | ||||||||
Dividend on Preferred Stock and on unvested restricted shares | (1,927 | ) | (1,705 | ) | (1,696 | ) | ||
(Loss)/income available to Navios Holdings common stockholders, basic | (110,990 | ) | 173,780 | 39,115 | ||||
Plus: | ||||||||
Dividend on Preferred Stock and on unvested restricted shares | — | 1,705 | 1,696 | |||||
(Loss)/income available to Navios Holdings common stockholders,diluted | $ (110,990) | $ 175,485 | $ 40,811 | |||||
Denominator: | ||||||||
Denominator for basic net income per share attributable to Navios Holdings stockholders — weighted average shares | 101,854,415 | 101,232,720 | 100,926,448 | |||||
Dilutive potential common shares — weighted average restricted stock and restricted units | — | 1,322,038 | 918,204 | |||||
Convertible preferred stock and convertible debt | — | 8,479,000 | 8,479,000 | |||||
Dilutive effect of securities | — | 9,801,038 | 9,397,204 | |||||
Denominator for diluted net income per share attributable to Navios Holdings stockholders — adjusted weighted shares and assumed conversions | 101,854,415 | 111,033,758 | 110,323,652 | |||||
Basic net (loss)/income per share attributable to Navios Holdings stockholders | $ (1.09) | $ 1.72 | $ 0.39 | |||||
Diluted net (loss)/income per share attributable to Navios Holdings stockholders | $ (1.09) | $ 1.58 | $ 0.37 | |||||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
[EquityMethodInvestmentSummarizedFinancialInformationAbstract] | ' | |||||||||||
Other Financial information Income Statement | ' | |||||||||||
Income Statement for the year ended December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Revenue | $ — | $ 274,229 | $ 238,050 | $ — | $ 512,279 | |||||||
Time charter, voyage and logistics business expenses | — | (159,203 | ) | (85,209 | ) | — | (244,412 | ) | ||||
Direct vessel expenses | — | (37,584 | ) | (76,490 | ) | — | (114,074 | ) | ||||
General and administrative expenses | (8,261 | ) | (21,733 | ) | (14,640 | ) | — | (44,634 | ) | |||
Depreciation and amortization | (2,811 | ) | (71,815 | ) | (23,498 | ) | — | (98,124 | ) | |||
Interest income/expense and finance cost, net | (76,227 | ) | (7,253 | ) | (25,026 | ) | — | (108,506 | ) | |||
Loss on bond and debt extinguishment | (37,136 | ) | — | — | — | (37,136 | ) | |||||
Loss on derivatives | — | (260 | ) | — | — | (260 | ) | |||||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||
Other income/(expense), net | 10 | 13,578 | (7,634 | ) | — | 5,954 | ||||||
(Loss)/income before equity in net earnings of affiliated companies | -124,425 | -10,041 | 5,571 | — | -128,895 | |||||||
(Loss)/Income from subsidiaries | 6,320 | 6,353 | — | (12,673 | ) | — | ||||||
Equity in net earnings of affiliated companies | 9,042 | 7,245 | 3,057 | — | 19,344 | |||||||
(Loss)/income before taxes | -109,063 | 3,557 | 8,628 | -12,673 | -109,551 | |||||||
Income tax (expense)/benefit | — | (294 | ) | 4,554 | — | 4,260 | ||||||
Net (loss)/income | -109,063 | 3,263 | 13,182 | -12,673 | -105,291 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (3,772 | ) | — | (3,772 | ) | |||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (109,063) | $ 3,263 | $ 9,410 | $ (12,673) | ($109,063) | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (10,614) | $ (10,614) | $ — | $ 10,614 | $ (10,614) | |||||||
Reclassification to investments in affiliates | — | — | — | — | — | |||||||
Total other comprehensive (loss)/income | -10,614 | -10,614 | — | 10,614 | -10,614 | |||||||
Total comprehensive (loss)/ income | -119,677 | -7,351 | 13,182 | -2,059 | -115,905 | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (3,772 | ) | — | (3,772 | ) | |||||
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | $ (119,677) | $ (7,351) | $ 9,410 | $ (2,059) | $ (119,677) | |||||||
Income Statement for the year ended December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Revenue | $ — | $ 364,364 | $ 252,130 | $ — | $ 616,494 | |||||||
Time charter, voyage and logistic business expenses | — | (162,273 | ) | (107,006 | ) | — | (269,279 | ) | ||||
Direct vessel expenses | — | (45,484 | ) | (72,306 | ) | — | (117,790 | ) | ||||
General and administrative expenses | (12,391 | ) | (24,003 | ) | (14,937 | ) | — | (51,331 | ) | |||
Depreciation and amortization | (2,818 | ) | (77,281 | ) | (28,107 | ) | — | (108,206 | ) | |||
Interest income/expense and finance cost, net | (70,757 | ) | (12,357 | ) | (20,365 | ) | — | (103,479 | ) | |||
Loss on derivatives | — | (196 | ) | — | — | (196 | ) | |||||
Gain on sale of assets | — | 323 | — | — | 323 | |||||||
Other (expense)/income, net | (276 | ) | 169,138 | (7,752 | ) | — | 161,110 | |||||
(Loss)/ income before equity in net earnings of affiliated companies | -86,242 | 212,231 | 1,657 | — | 127,646 | |||||||
Income from subsidiaries | 228,833 | 1,547 | — | (230,380 | ) | — | ||||||
Equity in net earnings of affiliated companies | 32,894 | 13,002 | 2,332 | — | 48,228 | |||||||
Income before taxes | 175,485 | 226,780 | 3,989 | (230,380) | 175,874 | |||||||
Income taxes | — | (277 | ) | (35 | ) | — | (312) | |||||
Net income/(loss) | 175,485 | 226,503 | 3,954 | (230,380) | 175,562 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (77 | ) | — | (77) | ||||||
Net income/(loss) attributable to Navios Holdings common stockholders | $ 175,485 | $ 226,503 | $ 3,877 | $ (230,380) | $ 175,485 | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (566) | $ (566) | $ — | $ 566 | $ (566) | |||||||
Reclassification to investments in affiliates | (6,158 | ) | — | — | — | (6,158 | ) | |||||
Total other comprehensive loss | -6,724 | (566 | ) | — | 566 | (6,724 | ) | |||||
Total comprehensive income/(loss) | 168,761 | 225,937 | 3,954 | -229,814 | 168,838 | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (77 | ) | — | (77 | ) | |||||
Total other comprehensive income attributable to Navios Holdings common stockholders | $ 168,761 | $ 225,937 | $ 3,877 | $ (229,814) | $ 168,761 | |||||||
Income Statement for the year ended December 31, 2011 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Revenue | $ — | $ 408,756 | $ 280,599 | $ — | $ 689,355 | |||||||
Time charter, voyage and logistic business expenses | — | (163,809 | ) | (109,503 | ) | — | (273,312 | ) | ||||
Direct vessel expenses | — | (40,819 | ) | (76,450 | ) | — | (117,269 | ) | ||||
General and administrative expenses | (15,473 | ) | (22,320 | ) | (15,059 | ) | — | (52,852 | ) | |||
Depreciation and amortization | (2,810 | ) | (70,221 | ) | (34,364 | ) | — | (107,395 | ) | |||
Interest income, expense and finance cost, net | (61,376 | ) | (15,831 | ) | (25,854 | ) | — | (103,061 | ) | |||
Loss on derivatives | — | (165 | ) | — | — | (165 | ) | |||||
Gain on sale of assets | — | 38,787 | 35 | — | 38,822 | |||||||
Loss on bond extinguishment | (21,199 | ) | — | — | — | (21,199 | ) | |||||
Loss on change in control | (35,325 | ) | — | — | — | (35,325 | ) | |||||
Other income/ (expense), net | 181 | (2,203 | ) | (9,547 | ) | — | (11,569 | ) | ||||
(Loss) / income before equity in net earnings of affiliated companies | -136,002 | 132,175 | 9,857 | — | 6,030 | |||||||
Income/(loss) from subsidiaries | 155,325 | 9,838 | — | (165,163 | ) | — | ||||||
Equity in net earnings of affiliated companies | 21,488 | 12,451 | 1,307 | — | 35,246 | |||||||
Income before taxes | 40,811 | 154,464 | 11,164 | -165,163 | 41,276 | |||||||
Income tax (expense)/benefit | — | (292 | ) | 348 | — | 56 | ||||||
Net income | 40,811 | 154,172 | 11,512 | -165,163 | 41,332 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (506 | ) | — | (506 | ) | |||||
Preferred stock dividends attributable to the noncontrolling interest | — | — | 12 | — | 12 | |||||||
Preferred stock dividends of subsidiary | — | — | (27 | ) | — | (27 | ) | |||||
Net income/(loss) attributable to Navios Holdings common stockholders | $ 40,811 | $ 154,172 | $ 10,991 | $ (165,163) | $ 40,811 | |||||||
Other comprehensive loss | ||||||||||||
Unrealized holdings loss on investments in available-for-sale | $ (26,458) | $ — | $ — | $ — | $ (26,458) | |||||||
Total other comprehensive loss | -26,458 | — | — | — | -26,458 | |||||||
Total comprehensive income | 14,353 | 154,172 | 11,497 | -165,163 | 14,859 | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | -506 | — | -506 | |||||||
Total comprehensive income attributable to Navios Holdings common stockholders | $ 14,353 | $ 154,172 | $ 10,991 | $ (165,163) | $ 14,353 | |||||||
Other Financial information Balance Sheet | ' | |||||||||||
Balance Sheet as of December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 33,769 | $ 65,348 | $ 88,714 | $ — | $ 187,831 | |||||||
Restricted cash | — | 2,041 | — | — | 2,041 | |||||||
Accounts receivable, net | — | 64,656 | 21,563 | — | 86,219 | |||||||
Intercompany receivables | — | 48,395 | 71,305 | (119,700 | ) | — | ||||||
Due from affiliate companies | 4,861 | 3,548 | — | (81 | ) | 8,328 | ||||||
Prepaid expenses and other current assets | — | 37,843 | 17,724 | — | 55,567 | |||||||
Total current assets | 38,630 | 221,831 | 199,306 | -119,781 | 339,986 | |||||||
Vessels, port terminal and other fixed assets, net | — | 1,395,236 | 413,647 | — | 1,808,883 | |||||||
Investments in subsidiaries | 1,633,052 | 286,413 | — | -1,919,465 | — | |||||||
Investment in available for sale securities | — | 7,660 | — | — | 7,660 | |||||||
Investment in affiliates | 318,399 | 5,122 | 11,782 | — | 335,303 | |||||||
Long-term receivable from affiliate companies | — | 5,144 | — | — | 5,144 | |||||||
Loan receivable from affiliate companies | — | 2,660 | — | — | 2,660 | |||||||
Other long-term assets | 19,079 | 20,040 | 28,858 | — | 67,977 | |||||||
Goodwill and other intangibles | 92,372 | 97,813 | 161,815 | — | 352,000 | |||||||
Total non-current assets | 2,062,902 | 1,820,088 | 616,102 | -1,919,465 | 2,579,627 | |||||||
Total assets | $ 2,101,532 | $ 2,041,919 | $ 815,408 | $ (2,039,246) | $ 2,919,613 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ 267 | $ 27,370 | $ 24,055 | $ — | $ 51,692 | |||||||
Accrued expenses and other liabilities | 16,307 | 29,528 | 18,364 | — | 64,199 | |||||||
Deferred income and cash received in advance | — | 12,170 | 1,045 | — | 13,215 | |||||||
Due to affiliate companies | — | — | 81 | (81 | ) | — | ||||||
Intercompany payables | 19,263 | 97,343 | 3,094 | (119,700 | ) | — | ||||||
Capital lease obligations, net of current portion | — | — | 1,400 | — | 1,400 | |||||||
Current portion of long-term debt | — | 18,067 | 1,194 | — | 19,261 | |||||||
Total current liabilities | 35,837 | 184,478 | 49,233 | -119,781 | 149,767 | |||||||
Long-term debt, net of current portion | 1,000,000 | 188,248 | 303,740 | — | 1,491,988 | |||||||
Capital lease obligations, net of current portion | — | — | 22,359 | — | 22,359 | |||||||
Unfavorable lease terms | — | 27,074 | — | — | 27,074 | |||||||
Other long-term liabilities and deferred income | — | 18,352 | 6,869 | — | 25,221 | |||||||
Deferred tax liability | — | — | 13,869 | — | 13,869 | |||||||
Total non-current liabilities | 1,000,000 | 233,674 | 346,837 | — | 1,580,511 | |||||||
Total liabilities | 1,035,837 | 418,152 | 396,070 | -119,781 | 1,730,278 | |||||||
Noncontrolling interest | — | — | 123,640 | — | 123,640 | |||||||
Total Navios Holdings stockholders' equity | 1,065,695 | 1,623,767 | 295,698 | -1,919,465 | 1,065,695 | |||||||
Total liabilities and stockholders' equity | $ 2,101,532 | $ 2,041,919 | $ 815,408 | $ (2,039,246) | $ 2,919,613 | |||||||
Balance Sheet as of December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 79,213 | $ 133,116 | $ 45,539 | $ — | $ 257,868 | |||||||
Restricted cash | 14,278 | 10,426 | — | — | 24,704 | |||||||
Accounts receivable, net | — | 56,599 | 29,122 | — | 85,721 | |||||||
Intercompany receivables | 49,852 | — | 71,379 | (121,231 | ) | — | ||||||
Due from affiliate companies | 1,300 | 49,974 | — | (437 | ) | 50,837 | ||||||
Prepaid expenses and other current assets | — | 27,502 | 23,935 | — | 51,437 | |||||||
Total current assets | 144,643 | 277,617 | 169,975 | -121,668 | 470,567 | |||||||
Vessels, port terminal and other fixed assets, net | — | 1,390,455 | 356,038 | — | 1,746,493 | |||||||
Loan receivable from affiliate company | 35,000 | — | — | — | 35,000 | |||||||
Investments in subsidiaries | 1,626,699 | 276,042 | — | -1,902,741 | — | |||||||
Investment in available for sale securities | — | 559 | — | — | 559 | |||||||
Investment in affiliates | 187,008 | 442 | 9,841 | — | 197,291 | |||||||
Long-term receivable from affiliate companies | — | 57,701 | — | — | 57,701 | |||||||
Other long-term assets | 16,212 | 29,077 | 19,168 | — | 64,457 | |||||||
Goodwill and other intangibles | 95,183 | 110,690 | 163,521 | — | 369,394 | |||||||
Total non-current assets | 1,960,102 | 1,864,966 | 548,568 | -1,902,741 | 2,470,895 | |||||||
Total assets | 2,104,745 | 2,142,583 | 718,543 | -2,024,409 | 2,941,462 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | — | 25,440 | 38,481 | — | 63,921 | |||||||
Accrued expenses and other liabilities | 18,142 | 40,411 | 17,128 | — | 75,681 | |||||||
Deferred income and cash received in advance | — | 12,322 | 3,004 | — | 15,326 | |||||||
Due to affiliate companies | — | — | 437 | (437 | ) | — | ||||||
Intercompany payables | — | 115,335 | 5,896 | (121,231 | ) | — | ||||||
Current portion of capital lease obligations | — | — | 1,353 | — | 1,353 | |||||||
Current portion of long-term debt | 5,433 | 27,593 | 69 | — | 33,095 | |||||||
Total current liabilities | 23,575 | 221,101 | 66,368 | -121,668 | 189,376 | |||||||
Long term debt, net of current portion | 874,794 | 249,794 | 200,529 | — | 1,325,117 | |||||||
Capital lease obligations, net of current portion | — | — | 23,759 | — | 23,759 | |||||||
Unfavorable lease terms | — | 32,006 | — | — | 32,006 | |||||||
Other long-term liabilities and deferred income | — | 19,211 | 10,432 | — | 29,643 | |||||||
Deferred tax liability | — | — | 18,522 | — | 18,522 | |||||||
Total non-current liabilities | 874,794 | 301,011 | 253,242 | — | 1,429,047 | |||||||
Total liabilities | 898,369 | 522,112 | 319,610 | -121,668 | 1,618,423 | |||||||
Noncontrolling interest | — | — | 116,663 | — | 116,663 | |||||||
Total Navios Holdings stockholders' equity | 1,206,376 | 1,620,471 | 282,270 | -1,902,741 | 1,206,376 | |||||||
Total liabilities and stockholders' equity | 2,104,745 | 2,142,583 | 718,543 | -2,024,409 | 2,941,462 | |||||||
Other Financial Information Cash Flow Statement | ' | |||||||||||
Cash flow statement for the year ended December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Net cash (used in)/provided by operating activities | $ (58,695) | $ 92,981 | $ 25,463 | $ — | $ 59,749 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of investments in affiliates | (160,001 | ) | — | (3,168 | ) | — | (163,169 | ) | ||||
Acquisition of intangible assets | — | — | (2,092 | ) | — | (2,092 | ) | |||||
Decrease in long-term receivable from affiliate companies | (4,065 | ) | 14,908 | 4,065 | — | 14,908 | ||||||
Loan to affiliate company | — | (2,660 | ) | — | — | (2,660 | ) | |||||
Loan repayment from affiliate company | 35,000 | — | — | — | 35,000 | |||||||
Dividends from affiliate companies | 10,126 | — | — | — | 10,126 | |||||||
Investment in affiliate companies | — | (4,750 | ) | — | — | (4,750 | ) | |||||
Acquisition of vessels | — | (67,794 | ) | (17,905 | ) | — | (85,699 | ) | ||||
Purchase of property, equipment and other fixed assets | — | (839 | ) | (59,396 | ) | — | (60,235 | ) | ||||
Net cash (used in)/provided by investing activities | -118,940 | -61,135 | -78,496 | — | -258,571 | |||||||
Cash flows from financing activities | ||||||||||||
Transfer from/(to) other group subsidiaries | 42,562 | (35,849 | ) | (6,713 | ) | — | — | |||||
Issuance of common stock | 551 | — | — | — | 551 | |||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 635,291 | — | 90,195 | — | 725,486 | |||||||
Proceeds from long-term loans, net of finance costs | — | 39,352 | 10,993 | — | 50,345 | |||||||
Repayment of long-term debt and payment of principal | (46,086 | ) | (111,073 | ) | (69 | ) | — | (157,228 | ) | |||
Repayment of shipmortgage notes | (488,000 | ) | — | — | — | (488,000 | ) | |||||
Contribution from noncontrolling shareholders | — | — | 3,905 | — | 3,905 | |||||||
Acquisition of noncontrolling interest | — | — | (750 | ) | — | (750 | ) | |||||
Decrease in restricted cash | 14,278 | 7,956 | — | — | 22,234 | |||||||
Payments of obligations under capital leases | — | — | (1,353 | ) | — | (1,353 | ) | |||||
Dividends paid | (26,405 | ) | — | — | — | (26,405 | ) | |||||
Net cash provided by/(used in) financing activities | 132,191 | -99,614 | 96,208 | — | 128,785 | |||||||
Net (decrease)/increase in cash and cash equivalents | -45,444 | -67,768 | 43,175 | — | -70,037 | |||||||
Cash and cash equivalents, beginning of year | 79,213 | 133,116 | 45,539 | — | 257,868 | |||||||
Cash and cash equivalents, end of year | $33,769 | $ 65, 348 | $88,714 | — | $187,831 | |||||||
Cash flow statement for the year ended December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Net cash provided by operating activities | $ 23,001 | $ 177,162 | $ 28,481 | $ — | $228,644 | |||||||
Cash flows from investing activities | ||||||||||||
Cash acquired through asset acquisition | — | — | 33 | — | 33 | |||||||
Acquisition of General Partner units | — | — | (1,472 | ) | — | (1,472 | ) | |||||
Proceeds from sale of assets | — | 67,500 | — | — | 67,500 | |||||||
Loan proceeds to affiliate company | (5,000 | ) | (6,120 | ) | — | — | (11,120 | ) | ||||
Dividends from affiliate companies | 5,202 | — | — | — | 5,202 | |||||||
Acquisition of vessels | — | (38,357 | ) | — | — | (38,357 | ) | |||||
Loan repayment from affiliate company | 10,000 | — | — | — | 10,000 | |||||||
Purchase of property, equipment and other fixed assets | — | (1,667 | ) | (17,666 | ) | — | (19,333 | ) | ||||
Net cash provided by/(used in) investing activities | 10,202 | 21,356 | -19,105 | — | 12,453 | |||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock | 93 | — | — | — | 93 | |||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 84,965 | — | — | — | 84,965 | |||||||
Proceeds from long term loans, net of finance costs | — | 50,372 | — | — | 50,372 | |||||||
Repayment of long-term debt and payment of principal | (23,405 | ) | (181,703 | ) | (31,070 | ) | — | (236,178 | ) | |||
Increase in restricted cash | (11,681 | ) | (7,942 | ) | — | — | (19,623 | ) | ||||
Transfer to/from other group subsidiaries | (45,687 | ) | 17,465 | 28,222 | — | — | ||||||
Payments of obligations under capital leases | — | — | (1,519 | ) | — | (1,519 | ) | |||||
Dividends paid | -32,435 | — | — | — | -32,435 | |||||||
Net cash used in financing activities | -28,150 | -121,808 | -4,367 | — | -154,325 | |||||||
Net increase in cash and cash equivalents | 5,053 | 76,710 | 5,009 | — | 86,772 | |||||||
Cash and cash equivalents, beginning of year | 74,160 | 56,406 | 40,530 | — | 171,096 | |||||||
Cash and cash equivalents, end of year | $ 79,213 | $ 133,116 | $ 45,539 | $ — | $257,868 | |||||||
Cash flow statement for the year ended December 31, 2011 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||
Net cash provided by operating activities | $50,995 | $24,979 | $28,068 | ($1,300) | $102,742 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of General Partner units | — | — | (2,052 | ) | — | (2,052 | ) | |||||
Proceeds from sale of assets | — | 120,000 | — | — | 120,000 | |||||||
Decrease in restricted cash | — | — | 778 | — | 778 | |||||||
Acquisition of vessels | — | (51,526 | ) | (4,533 | ) | — | (56,059 | ) | ||||
Deposits for vessel acquisitions | — | (63,774 | ) | (2,995 | ) | — | (66,769 | ) | ||||
Purchase of property, equipment and other fixed assets | — | (530 | ) | (70,598 | ) | — | (71,128 | ) | ||||
Loan repayment from affiliate company | 6,000 | — | — | — | 6,000 | |||||||
Loan proceeds to affiliate company | (33,609 | ) | — | — | — | (33,609 | ) | |||||
Dividends from affiliate companies | 3,901 | — | — | — | 3,901 | |||||||
Deconsolidation of Navios Acquisition | — | — | (72,425 | ) | — | (72,425 | ) | |||||
Net cash (used in)/provided by investing activities | -23,708 | 4,170 | -151,825 | — | -171,363 | |||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock | 415 | — | — | — | 415 | |||||||
Acquisition of noncontrolling interest | — | — | (8,638 | ) | — | (8,638 | ) | |||||
Decrease/(increase) in restricted cash | 13,129 | (12,788 | ) | (625 | ) | — | (284 | ) | ||||
Proceeds from long-term loans, net of finance costs | 18,578 | 62,002 | 3,032 | — | 83,612 | |||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 340,981 | — | 193,207 | — | 534,188 | |||||||
Repayment of senior notes | (300,000 | ) | — | — | — | (300,000 | ) | |||||
Repayment of long-term debt and payment of principal | (28,064 | ) | (48,646 | ) | (171,777 | ) | — | (248,487 | ) | |||
Acquisition of treasury stock | (221 | ) | — | — | — | (221 | ) | |||||
Payments of obligations under capital leases | — | — | (1,040 | ) | — | (1,040 | ) | |||||
Transfer to/from other group subsidiaries | 21,823 | (68,000 | ) | 46,177 | — | — | ||||||
Dividends paid | (26,091 | ) | — | (2,447 | ) | 1,300 | (27,238 | ) | ||||
Net cash provided by/(used in) financing activities | 40,550 | (67,432 | ) | 57,889 | 1,300 | 32,307 | ||||||
Increase/(decrease) in cash and cash equivalents | 67,837 | (38,283 | ) | (65,868 | ) | — | (36,314 | ) | ||||
Cash and cash equivalents, beginning of year | 6,323 | 94,689 | 106,398 | — | 207,410 | |||||||
Cash and cash equivalents, end of year | $74,160 | $56,406 | $ 40,530 | — | $171,096 |
Description_of_Business_Detail
Description of Business (Details) | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 09, 2013 |
Navios Asia | Navios Acquisition | Navios Partners | Navios Logistics | Navios Europe | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership percentage of Navios Holdings | 51.00% | 50.50% | 21.60% | 63.80% | 47.50% |
Ownership percentage of third party | 49.00% | ' | ' | ' | ' |
General partner interest of Navios Holdings | ' | ' | 2.00% | ' | ' |
Description_Of_Business_Relate
Description Of Business Related Parties (Table) (Details) | 12 Months Ended | 12 Months Ended | |||
Dec. 31, 2011 | Oct. 09, 2013 | Oct. 09, 2013 | Dec. 31, 2013 | Oct. 09, 2013 | |
Navios Holdings | Navios Partners | Navios Acquisition | Navios Acquisition | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in Navios Europe | ' | 47.50% | 47.50% | ' | 5.00% |
Percentage of voting stock of Navios Holdings in Navios Acquisition | 45.00% | ' | ' | 47.80% | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Navios Maritime Holdings Inc | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Holding Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 -12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Sub-Holding Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios International Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navimax Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios Handybulk Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Hestia Shipping Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Malta |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Anemos Maritime Holdings Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Sub-Holding Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios Shipmanagement Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Management Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
NAV Holdings Limited | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Sub-Holding Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Malta |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Kleimar N.V. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company/Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Belgium |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Kleimar Ltd | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Bulkinvest S.A. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Luxembourg |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Primavera Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Ginger Services Co. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Aquis Marine Corp. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Sub-Holding Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios Tankers Management Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Management Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Astra Maritime Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Achilles Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Apollon Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Herakles Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Hios Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Ionian Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Kypros Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Meridian Shipping Enterprises Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Mercator Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Arc Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Horizon Shipping Enterprises Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Magellan Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Aegean Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Star Maritime Enterprises Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Corsair Shipping Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Rowboat Marine Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Nostos Shipmanagement Corp. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Portorosa Marine Corp. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Shikhar Ventures S.A. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Liberia |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Sizzling Ventures Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Liberia |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Beaufiks Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Rheia Associates Co. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Taharqa Spirit Corp. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Rumer Holding Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Pharos Navigation S.A. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Pueblo Holdings Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Quena Shipmanagement Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Aramis Navigation Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
White Narcissus Marine S.A. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Panama |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios GP L.L.C. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Floral Marine Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2012 | '1/1 - 14/6 |
2011 | '1/1 - 12/31 |
Red Rose Shipping Corp. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Highbird Management Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Ducale Marine Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Kohylia Shipmanagement S.A. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2011 | '1/1 - 5/18 |
Vector Shipping Corporation | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Faith Marine Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Liberia |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios Maritime Finance (US) Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Delaware |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/1 - 12/31 |
Navios Maritime Finance II (US) Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Delaware |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '1/12 - 12/31 |
Solange Shipping Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '5/16 - 12/31 |
Tulsi Shipmanagement Co. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '4/20 - 12/31 |
Cinthara Shipping Ltd | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '4/28 - 12/31 |
Rawlin Services Co. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '5/3 - 12/31 |
Mauve International S.A. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '5/16 - 12/31 |
Mandora Shipping Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '1/1 - 12/31 |
2011 | '10/17 - 12/31 |
Serenity Shipping Enterprises Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Vessel Owning Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '1/1 - 12/31 |
2012 | '2/23 - 12/31 |
Navios Holdings Europe Finance Inc. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Sub-Holding Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '06/04 - 12/31 |
Diesis Ship Management Ltd. | ' |
Entity Information [Line Items] | ' |
Nature / Vessel Name | 'Operating Company |
Effective ownership interest | 100.00% |
Country of Incorporation | 'Marshall Is. |
Statement of Operations | ' |
2013 | '05/14 - 12/31 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Depreciation Of Assets (Table) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Vessels | ' |
Useful life assets | '25 years |
Port facilities and transfer station | ' |
Useful life assets | '3 to 40 years |
Tanker vessels, barges and push boats | ' |
Useful life assets | '15 to 44 years |
Furniture, fixtures and equipment | ' |
Useful life assets | '3 to 10 years |
Computer equipment and software | ' |
Useful life assets | '5 years |
Leasehold improvements | ' |
Useful life assets | 'shorter of lease term or 6 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Amortization Of Assets (Table) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Trade name | ' |
Acquired Finite Lived Intangible Assets | ' |
Weighted average amortization periods | '21 years |
Favorable lease terms | ' |
Acquired Finite Lived Intangible Assets | ' |
Weighted average amortization periods | '6 years 7 months |
Unfavorable lease terms | ' |
Acquired Finite Lived Intangible Assets | ' |
Weighted average amortization periods | '4 years 8 months |
Port terminal operating rights | ' |
Acquired Finite Lived Intangible Assets | ' |
Weighted average amortization periods | '30 years |
Customer relationships | ' |
Acquired Finite Lived Intangible Assets | ' |
Weighted average amortization periods | '20 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Affiliates And Restricted Cash (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Percentage of Navios Holdings ownership | ' | ' | ' |
Inflows from dividends received | $10,126 | $5,202 | $3,901 |
Restricted Cash And Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | 2,041 | 24,704 | 6,399 |
Retention account | ' | ' | ' |
Restricted Cash And Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | 1,451 | 10,914 | ' |
Credit facilities additional security | ' | ' | ' |
Restricted Cash And Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | 0 | 13,200 | ' |
Amounts held as security | ' | ' | ' |
Restricted Cash And Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | 590 | 590 | ' |
Navios Logistics | ' | ' | ' |
Percentage of Navios Holdings ownership | ' | ' | ' |
Ownership percentage of Navios Holdings | 63.80% | ' | ' |
Navios Asia | ' | ' | ' |
Percentage of Navios Holdings ownership | ' | ' | ' |
Ownership percentage of Navios Holdings | 51.00% | ' | ' |
Navios Partners and its subsidiaries | ' | ' | ' |
Percentage of Navios Holdings ownership | ' | ' | ' |
Ownership percentage of Navios Holdings | 21.60% | ' | ' |
General Partner Interest | 2.00% | ' | ' |
Navios Acquisition and its subsidiaries | ' | ' | ' |
Percentage of Navios Holdings ownership | ' | ' | ' |
Inflows from dividends received | 10,126 | 5,202 | 3,901 |
Ownership percentage of Navios Holdings | 50.50% | ' | ' |
Acropolis | ' | ' | ' |
Percentage of Navios Holdings ownership | ' | ' | ' |
Inflows from dividends received | $433 | $140 | $602 |
Ownership percentage of Navios Holdings | 50.00% | ' | ' |
Navios Europe | ' | ' | ' |
Percentage of Navios Holdings ownership | ' | ' | ' |
Ownership percentage of Navios Holdings | 47.50% | ' | ' |
Recovered_Sheet1
Summary Of Significant Accounting Policies - Vessels Longlived Assets And Deferred Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization of deferred drydock and special survey costs | $9,581 | $7,289 | $5,364 |
Amortization and write-off of deferred financing costs | 5,384 | 6,309 | 5,580 |
Annual Growth Factor Management Fees | 3.00% | ' | ' |
Utilization Rate Of Fleet | 98.10% | ' | ' |
Vessels | ' | ' | ' |
Scrap value of vessels per LWT | '$340 per LWT | '$285 per LWT | ' |
Interest Costs Capitalized | $1,831 | $1,453 | $4,303 |
Period Of Review Of Special Costs Of Assets | '30 and 60 months | ' | ' |
Oceangoing Vessels | ' | ' | ' |
Period Of Review Of Special Costs Of Assets | '60 months | ' | ' |
Pushboats and barges | ' | ' | ' |
Period Of Review Of Special Costs Of Assets | '84 months | ' | ' |
Recovered_Sheet2
Summary Of Significant Accounting Policies - Intangibles Other Than Goodwill (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Trade name | Trade name | Customer relationships | Unfavorable lease terms purchase options for vessels | Favorable lease terms purchase options for vessels | ||
Navios Holdings | Navios Logistics | Navios Holdings | |||||
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Useful life of assets | ' | ' | '32 years | '10 years | '20 years | ' | ' |
Finite lived intangible assets amortization method | ' | ' | 'straight line | 'straight line | 'straight line | ' | ' |
Intangibles other than goodwill | $191,664 | $209,058 | ' | ' | ' | ' | $21,782 |
Below Market Lease Net | $27,074 | $32,006 | ' | ' | ' | $9,405 | ' |
Recovered_Sheet3
Summary Of Significant Accounting Policies - Additional Details (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Convertible Preferred Stock | ' | ' | ' |
Par value of preferred stock | $0.00 | $0.00 | ' |
Annual dividend percentage for each holder of preferred stock | 2.00% | ' | ' |
Conversion terms of preferred stock | 'Five years after the issuance date all Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per preferred share. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per preferred share. | ' | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' |
Foreign Currency Exchange Gains / (Losses) | $184 | ($217) | ($383) |
Provision for loss making voyages in progress | 801 | 4,974 | ' |
Termination of indemnities liability | $660 | $686 | ' |
Stock-based compensation | ' | ' | ' |
Vesting Period | '3 years | ' | ' |
Vesting Date | 30-Apr-15 | ' | ' |
Retirement compensation | ' | ' | ' |
Description Of Defined Contribution Pension And Other Postretirement Plans | 'The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years' salary. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. | ' | ' |
US retirement plan | ' | ' | ' |
Description Of Defined Contribution Pension And Other Postretirement Plans | 'The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services | ' | ' |
Deconsolidation_Details
Deconsolidation (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 30, 2011 | Dec. 31, 2013 |
Navios Acquisition | Navios Acquisition | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business Deconsolidation Effective Date | ' | ' | ' | 30-Mar-11 | ' |
Gain/(loss) on change in control | $0 | $0 | ($35,325) | ($35,325) | ' |
Variable Interest Entity Ownership Percentage | ' | ' | 45.00% | 45.00% | 47.80% |
Deconsolidation of subsidiary, shares | ' | ' | ' | 7,676,000 | ' |
Deconsolidation of subsidiary, value | ' | ' | ' | 30,474 | ' |
Investments In Affiliates | ' | ' | ' | $103,250 | ' |
Percentage of economic interest of Navios Holdings in Navios Acquisition | ' | ' | ' | 53.70% | 50.50% |
Calculation of gain loss on change In control | ' | ' | ' | 'On March 30, 2011, based on the equity method, the Company recorded an investment in Navios Acquisition of $103,250, which represents the fair value of the common stock and Series C preferred stock (in-substance common stock) that were held by Navios Holdings on such date. On March 30, 2011, the Company calculated a loss on change in control of $35,325, which was calculated as the fair value of the Company's equity method investment in Navios Acquisition of $103,250 less the Company's 53.7% interest in Navios Acquisition's net assets on March 30, 2011. | ' |
Cash_and_Cash_Equivalents_Tabl1
Cash and Cash Equivalents (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
CASH AND CASH EQUIVALENTS [Abstract] | ' | ' | ' | ' |
Cash on hand and at banks | $158,037 | $61,283 | ' | ' |
Short-term deposits and highly liquid funds | 29,794 | 196,585 | ' | ' |
Total cash and cash equivalents | $187,831 | $257,868 | $171,096 | $207,410 |
Accounts_Receivables_Net_Table1
Accounts Receivables, Net (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ACCOUNTS RECEIVABLE,NET [Abstract] | ' | ' | ' | ' |
Accounts receivable | $112,676 | $111,657 | ' | ' |
Less: provision for doubtful receivables | -26,457 | -25,936 | -8,874 | -8,635 |
Accounts receivables, net | $86,219 | $85,721 | ' | ' |
Accounts_Receivables_Net_Provi
Accounts Receivables, Net - Provisions For Doubtful Accounts (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ACCOUNTS RECEIVABLE,NET [Abstract] | ' | ' | ' |
Balance at Beggining of Period | ($25,936) | ($8,874) | ($8,635) |
Charges to Costs and expenses | -630 | -17,136 | -239 |
Amount Utilized | 109 | 74 | 0 |
Balance at End of Period | ($26,457) | ($25,936) | ($8,874) |
Accounts_Receivables_Net_Detai
Accounts Receivables, Net (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
ACCOUNTS RECEIVABLE,NET [Abstract] | ' | ' |
Concentration of credit risk with respect to accounts receivable | 'Concentration of credit risk with respect to accounts receivable are limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables. For the years ended December 31, 2013, 2012 and 2011, none of the customers accounted for more than 10% of the Company's revenue. | ' |
Provisions for doubtful accounts | ' | ' |
Provision of losses on accounts receivable due to defaulted charterers no longer covered by insurance | ' | $4,593 |
Provision of losses on accounts receivable due to defaulted charterers | ' | $12,543 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ' | ' |
Prepaid voyage and operating costs | $12,621 | $6,414 |
Claim receivables | 8,658 | 3,953 |
Advances to agents | 795 | 669 |
Short-term derivative assets | 0 | 1,275 |
Prepaid taxes | 4,750 | 2,986 |
Other | 2,155 | 4,585 |
Total prepaid expenses and other current assets | $28,979 | $19,882 |
Vessels_Port_Terminals_and_Oth2
Vessels, Port Terminals and Other Fixed Assets (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Transfers | $0 | $4,590 | $0 |
Cost | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 2,087,441 | 2,026,227 | 2,439,996 |
Additions | 145,962 | 137,050 | 238,362 |
Disposals | ' | -71,246 | -81,606 |
Restructure of capital lease | ' | -4,590 | ' |
Write-off | -22 | ' | ' |
Navios Acquisition deconsolidation | ' | ' | -570,525 |
Balance | 2,233,381 | 2,087,441 | 2,026,227 |
Accumulated Depreciation | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | -340,948 | -258,281 | -190,319 |
Additions | -83,572 | -86,808 | -89,062 |
Disposals | ' | 4,141 | 4,810 |
Restructure of capital lease | ' | 0 | ' |
Write-off | 22 | ' | ' |
Navios Acquisition deconsolidation | ' | ' | 16,290 |
Balance | -424,498 | -340,948 | -258,281 |
Net Book Value | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 1,746,493 | 1,767,946 | 2,249,677 |
Additions | 62,390 | 50,242 | 149,300 |
Disposals | ' | -67,105 | -76,796 |
Restructure of capital lease | ' | -4,590 | ' |
Write-off | 0 | ' | ' |
Navios Acquisition deconsolidation | ' | ' | -554,235 |
Balance | 1,808,883 | 1,746,493 | 1,767,946 |
Vessels | Cost | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 1,631,900 | 1,600,803 | 1,548,383 |
Additions | 85,727 | 102,306 | 133,874 |
Disposals | ' | -71,209 | -81,454 |
Balance | 1,717,627 | 1,631,900 | 1,600,803 |
Vessels | Accumulated Depreciation | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | -245,174 | -185,578 | -127,082 |
Additions | -63,287 | -63,737 | -63,203 |
Disposals | ' | 4,141 | 4,707 |
Balance | -308,461 | -245,174 | -185,578 |
Vessels | Net Book Value | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 1,386,726 | 1,415,225 | 1,421,301 |
Additions | 22,440 | 38,569 | 70,671 |
Disposals | ' | -67,068 | -76,747 |
Balance | 1,409,166 | 1,386,726 | 1,415,225 |
Port Terminals (Navios Logistics) | Cost | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 86,240 | 74,336 | 65,258 |
Additions | 16,812 | 11,904 | 9,230 |
Disposals | ' | ' | -152 |
Write-off | -22 | ' | ' |
Balance | 103,030 | 86,240 | 74,336 |
Port Terminals (Navios Logistics) | Accumulated Depreciation | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | -14,251 | -11,466 | -9,031 |
Additions | -2,853 | -2,785 | -2,538 |
Disposals | ' | ' | 103 |
Write-off | 22 | ' | ' |
Balance | -17,082 | -14,251 | -11,466 |
Port Terminals (Navios Logistics) | Net Book Value | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 71,989 | 62,870 | 56,227 |
Additions | 13,959 | 9,119 | 6,692 |
Disposals | ' | ' | -49 |
Write-off | 0 | ' | ' |
Balance | 85,948 | 71,989 | 62,870 |
Tanker vessels, barges and push boats (Navios Logistics) | Cost | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 356,408 | 340,990 | 278,837 |
Additions | 40,586 | 20,008 | 62,153 |
Restructure of capital lease | ' | -4,590 | ' |
Transfers | 3,030 | ' | ' |
Balance | 400,024 | 356,408 | 340,990 |
Tanker vessels, barges and push boats (Navios Logistics) | Accumulated Depreciation | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | -77,398 | -58,015 | -42,637 |
Additions | -16,384 | -19,383 | -15,378 |
Restructure of capital lease | ' | 0 | ' |
Transfers | 0 | ' | ' |
Balance | -93,782 | -77,398 | -58,015 |
Tanker vessels, barges and push boats (Navios Logistics) | Net Book Value | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 279,010 | 282,975 | 236,200 |
Additions | 24,202 | 625 | 46,775 |
Restructure of capital lease | ' | -4,590 | ' |
Transfers | 3,030 | ' | ' |
Balance | 306,242 | 279,010 | 282,975 |
Tanker vessels (Navios Acquisition) | Cost | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | ' | ' | 538,751 |
Additions | ' | ' | 31,774 |
Navios Acquisition deconsolidation | ' | ' | -570,525 |
Balance | ' | ' | 0 |
Tanker vessels (Navios Acquisition) | Accumulated Depreciation | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | ' | ' | -9,092 |
Additions | ' | ' | -7,198 |
Navios Acquisition deconsolidation | ' | ' | 16,290 |
Balance | ' | ' | 0 |
Tanker vessels (Navios Acquisition) | Net Book Value | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | ' | ' | 529,659 |
Additions | ' | ' | 24,576 |
Navios Acquisition deconsolidation | ' | ' | -554,235 |
Balance | ' | ' | 0 |
Other fixed assets | Cost | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 12,893 | 10,098 | 8,767 |
Additions | 2,836 | 2,832 | 1,331 |
Disposals | ' | -37 | ' |
Transfers | -3,030 | ' | ' |
Balance | 12,699 | 12,893 | 10,098 |
Other fixed assets | Accumulated Depreciation | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | -4,125 | -3,222 | -2,477 |
Additions | -1,048 | -903 | -745 |
Disposals | ' | 0 | ' |
Transfers | 0 | ' | ' |
Balance | -5,173 | -4,125 | -3,222 |
Other fixed assets | Net Book Value | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Balance | 8,768 | 6,876 | 6,290 |
Additions | 1,788 | 1,929 | 586 |
Disposals | ' | -37 | ' |
Transfers | -3,030 | ' | ' |
Balance | $7,526 | $8,768 | $6,876 |
Vessels_Port_Terminals_and_Oth3
Vessels, Port Terminals and Other Fixed Assets (Details) (USD $) | 12 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 4 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 10 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 19-May-11 | Jun. 15, 2012 | Dec. 31, 2012 | Jan. 28, 2011 | Feb. 14, 2011 | Feb. 21, 2011 | 10-May-11 | Mar. 26, 2012 | Mar. 30, 2012 | 14-May-12 | Aug. 26, 2013 | Sep. 10, 2011 | Sep. 17, 2013 | Sep. 19, 2013 | Dec. 31, 2013 | Oct. 31, 2012 |
Navios Luz/Navios Orbiter | Navios Buena Ventura | Navios Buena Ventura | Navios Altamira | Navios Azimuth | Navios Astra | Navios Astra | Navios Serenity | Navios Centaurus | Navios Avior | Navios Galileo | Navios Amitie | Navios Taurus | Navios Northern Star | Navios Galileo, Navios Amitie, Navios Taurus and Navios Northern Star | Navios Amalthia | ||||
Property Plant And Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal date | ' | ' | ' | 19-May-11 | 15-Jun-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of delivery | ' | ' | ' | ' | ' | ' | 'January 28, 2011 | 'February 14, 2011 | 'February 21, 2011 | ' | 'March 26, 2012 | 'March 30, 2012 | 'May 14, 2012 | 'August 26,2013 | 'September 10, 2013 | 'September 17, 2013 | 'September 19, 2013 | ' | 'October 2013 |
Year Built | ' | ' | ' | 'Navios Luz: 2010 and Navios Orbiter: 2004 | '2010 | ' | '2010 | '2011 | ' | ' | '2011 | '2012 | '2012 | '2006 | '2005 | '2005 | '2005 | ' | '2006 |
Vessel capacity in DWT | ' | ' | ' | ' | ' | ' | '179.165 | '179.169 | '53,468 | ' | '34,690 | '81.472 | '81.355 | '76,596 | '75,395 | '76,596 | '75,395 | ' | '75,318 |
Cash consideration received | ' | ' | ' | $120,000 | $67,500 | $67,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration for purchase of vessel | 85,699 | 38,357 | 56,059 | ' | ' | ' | 15,427 | 14,021 | ' | ' | ' | 15,645 | 18,210 | ' | ' | ' | 19,657 | 27,795 | 6,655 |
Total consideration paid/received from acquisition/sale | ' | ' | ' | 130,000 | ' | ' | 55,427 | 55,672 | 22,775 | ' | 26,117 | 37,095 | 39,094 | ' | ' | ' | ' | 67,795 | 17,905 |
Number of common units exchanged for sale of vessel | ' | ' | ' | 507,916 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units exchanged for sale of vessel | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loan used to finance purchase of vessel | ' | ' | ' | ' | ' | ' | 40,000 | 40,000 | ' | ' | 26,000 | 21,450 | 20,884 | ' | ' | ' | 36,987 | 40,000 | 11,250 |
Issuance of preferred shares to finance purchase of vessel | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' |
Release of restricted cash to finance purchase of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized portion of favorable lease term | ' | ' | ' | ' | ' | ' | ' | ' | 1,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of obligations under capital leases | $1,353 | $1,519 | $1,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessels_Pushboats_and_Other_Fi
Vessels Pushboats and Other Fixed Assets - Navios Logistics (Details) (USD $) | 12 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 12 Months Ended | 10 Months Ended | 12 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | 9-May-12 | Dec. 31, 2011 | Dec. 31, 2011 | 9-May-12 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Aug. 05, 2013 | Dec. 31, 2013 | Jun. 26, 2013 |
Floating Drydock Facility | Dry Port Facility Nueva Palmira, Uruguay | Pushboats William Hank and Lonny Fugate | San San H | Silo in Nueva Palmira Uruguay | 66 Dry Barges | Ferni H | San San H and Ferni H | WW Dyer | Conveyor Belt | Tank Barge 1 | Tank Barge 2 | Tank Barge 3 | Tank Barge 4 | 36 Dry Barges | 36 Dry Barges | Three push boats | Three push boats | ||||
Property Plant And Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'October 2012 | 'December 2012 | 'April 2013 | 'June 2013 | ' | ' | ' | ' |
Total consideration paid for sale of vessel | ' | ' | ' | $4,304 | ' | $10,819 | ' | $9,736 | $19,836 | ' | ' | $6,360 | ' | $1,900 | $1,900 | $1,900 | $1,900 | ' | $19,080 | ' | $20,250 |
Cash consideration for purchase of vessel | 85,699 | 38,357 | 56,059 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,773 | ' | ' | ' | ' | 11,448 | ' | 19,767 | ' |
Purchase price obligation capital lease | ' | ' | ' | ' | ' | ' | 9,850 | ' | ' | 9,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of obligations under capital leases | 1,353 | 1,519 | 1,040 | ' | ' | ' | ' | ' | ' | ' | 1,353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transportation and other related costs | ' | ' | ' | ' | $3,891 | ' | ' | ' | $17,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Other_Than_G2
Intangible Assets Other Than Goodwill (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trade name | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | $100,420 | $100,420 |
Accumulated Amortization | -29,738 | -25,885 |
Additions/ Transfer to vessel cost/ Write off | 0 | 0 |
Net Book Value | 70,682 | 74,535 |
Port terminal operating rights | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | 34,060 | 34,060 |
Accumulated Amortization | -7,444 | -6,462 |
Additions/ Transfer to vessel cost/ Write off | 2,092 | 0 |
Net Book Value | 28,708 | 27,598 |
Customer relationships | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | 35,490 | 35,490 |
Accumulated Amortization | -10,647 | -8,872 |
Additions/ Transfer to vessel cost/ Write off | 0 | 0 |
Net Book Value | 24,843 | 26,618 |
Favorable lease terms | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | 210,835 | 220,042 |
Accumulated Amortization | -139,624 | -130,528 |
Additions/ Transfer to vessel cost/ Write off | -3,780 | -9,207 |
Net Book Value | 67,431 | 80,307 |
Total Intangible assets | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | 380,805 | 390,012 |
Accumulated Amortization | -187,453 | -171,747 |
Additions/ Transfer to vessel cost/ Write off | -1,688 | -9,207 |
Net Book Value | 191,664 | 209,058 |
Unfavorable lease terms | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | -121,028 | -127,513 |
Accumulated Amortization | 93,954 | 89,022 |
Additions/ Transfer to vessel cost/ Write off | 0 | 6,485 |
Net Book Value | -27,074 | -32,006 |
Total | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | 259,777 | 262,499 |
Accumulated Amortization | -93,499 | -82,725 |
Additions/ Transfer to vessel cost/ Write off | -1,688 | -2,722 |
Net Book Value | $164,590 | $177,052 |
Intangible_Assets_Other_Than_G3
Intangible Assets Other Than Goodwill - Amortization Expense (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Trade name | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense and Write Offs | ($3,853) | ($3,860) | ($3,853) |
Port terminal operating rights | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense and Write Offs | -983 | -930 | -927 |
Customer relationships | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense and Write Offs | -1,774 | -1,775 | -1,775 |
Favorable lease terms | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense and Write Offs | -12,876 | -27,652 | -18,388 |
Unfavorable lease terms | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense and Write Offs | 4,933 | 12,819 | 6,610 |
Total | ' | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization Expense and Write Offs | ($14,553) | ($21,398) | ($18,333) |
Intangible_Assets_Other_Than_G4
Intangible Assets Other Than Goodwill - Amortization Schedule (Table) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Within one year | $14,217 |
Year Two | 14,464 |
Year Three | 15,806 |
Year Four | 12,360 |
Year Five | 5,108 |
Thereafter | 90,258 |
Total | 152,213 |
Trade name | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Within one year | 3,853 |
Year Two | 3,853 |
Year Three | 3,853 |
Year Four | 3,853 |
Year Five | 2,811 |
Thereafter | 52,459 |
Total | 70,682 |
Favorable lease terms | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Within one year | 12,539 |
Year Two | 11,398 |
Year Three | 11,324 |
Year Four | 7,022 |
Year Five | 641 |
Thereafter | 2,725 |
Total | 45,649 |
Unfavorable lease terms | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Within one year | -4,933 |
Year Two | -3,545 |
Year Three | -2,129 |
Year Four | -1,273 |
Year Five | -1,102 |
Thereafter | -4,687 |
Total | -17,669 |
Port terminal operating rights | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Within one year | 983 |
Year Two | 983 |
Year Three | 983 |
Year Four | 983 |
Year Five | 983 |
Thereafter | 23,793 |
Total | 28,708 |
Customer relationships | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Within one year | 1,775 |
Year Two | 1,775 |
Year Three | 1,775 |
Year Four | 1,775 |
Year Five | 1,775 |
Thereafter | 15,968 |
Total | $24,843 |
Intangible_Assets_Other_Than_G5
Intangible Assets Other Than Goodwill - Additional Details (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible asset | $191,664 | $209,058 |
Below Market Lease Net | 27,074 | 32,006 |
Favorable lease terms | ' | ' |
Intangible asset | 21,782 | ' |
Acquisition Costs Amortization Of Intangible Assets | 3,780 | 14,470 |
Unfavorable lease terms | ' | ' |
Below Market Lease Net | $9,405 | ' |
Intangible_Assets_Other_Than_G6
Intangible Assets Other Than Goodwill - Enruser (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Payments To Acquire Intangible Assets | $2,092 | $0 | $0 |
Enersur | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Date of acquisition/disposal | 19-Mar-13 | ' | ' |
Payments To Acquire Intangible Assets | $2,092 | ' | ' |
Investment_in_Affiliates_Table1
Investment in Affiliates (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Navios Partners | ' | ' | ' |
Balance sheet | ' | ' | ' |
Current Assets | $54,484 | $70,033 | ' |
Non-current assets | 1,195,595 | 884,919 | ' |
Current liabilities | 15,606 | 60,276 | ' |
Non-current liabilities | 527,966 | 275,982 | ' |
Income Statement | ' | ' | ' |
Revenue | 198,159 | 205,435 | 186,935 |
Net Income/(loss) | 59,006 | 95,898 | 65,335 |
Navios Acquisition | ' | ' | ' |
Balance sheet | ' | ' | ' |
Current Assets | 120,801 | 71,795 | ' |
Non-current assets | 1,535,860 | 1,298,849 | ' |
Current liabilities | 65,400 | 67,828 | ' |
Non-current liabilities | 1,128,439 | 1,071,512 | ' |
Income Statement | ' | ' | ' |
Revenue | 202,397 | 151,097 | 121,925 |
Net Income/(loss) | -55,690 | -3,284 | -3,378 |
Acropolis | ' | ' | ' |
Balance sheet | ' | ' | ' |
Current Assets | 1,524 | 1,698 | ' |
Non-current assets | 22 | 25 | ' |
Current liabilities | 370 | 235 | ' |
Non-current liabilities | 0 | 0 | ' |
Income Statement | ' | ' | ' |
Revenue | 2,230 | 2,262 | 2,686 |
Net Income/(loss) | 775 | 1,237 | 1,401 |
Navios Europe | ' | ' | ' |
Balance sheet | ' | ' | ' |
Current Assets | 8,224 | 0 | ' |
Non-current assets | 199,760 | 0 | ' |
Current liabilities | 14,792 | 0 | ' |
Non-current liabilities | 194,289 | 0 | ' |
Income Statement | ' | ' | ' |
Revenue | 1,151 | 0 | ' |
Net Income/(loss) | ($1,097) | $0 | ' |
Investment_in_Affiliates_Detai
Investment in Affiliates (Details) (USD $) | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Navios Partners | Navios Partners | Navios Partners | Navios Partners | Navios Partners | Navios Partners | Acropolis | Acropolis | Acropolis | Navios Acquisition | Navios Acquisition | Navios Acquisition | Navios Acquisition | ||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partner Interest | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding subordinated units converted into common units | ' | ' | ' | ' | ' | ' | 7,621,843 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of investments in available for sale securities to investments in affiliates | $0 | $82,572 | $0 | ' | ' | ' | ' | $82,572 | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of accumulated other comprehensive income to investments in affiliates | 0 | 6,158 | 0 | ' | ' | ' | ' | 6,158 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding subordinated Series A units converted into common units | ' | ' | ' | ' | ' | ' | 7,621,843 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Units issued in public offering | ' | ' | ' | 4,600,000 | 10,925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments For Repurchase Of Initial Public Offering | ' | ' | ' | 1,472 | 3,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before equity in net earnings of affiliated companies | -128,895 | 127,646 | 6,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net earnings of affiliated companies | 19,344 | 48,228 | 35,246 | ' | 15,991 | 32,857 | 36,294 | 14,962 | ' | ' | ' | ' | -6,171 | -20,759 | -1,070 | 6,526 |
Gain from the sale of shares by the equity method | ' | ' | ' | 9,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Outstanding | 104,261,029 | 103,255,409 | ' | ' | ' | 14,223,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of Navios Holdings | ' | ' | ' | ' | ' | 19.60% | ' | ' | ' | 50.00% | ' | ' | ' | 50.50% | ' | ' |
General Partners Capital Account Units Outstanding | ' | ' | ' | ' | ' | ' | 14,223,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in affiliates | 335,303 | 197,291 | 117,088 | ' | ' | 110,516 | 103,953 | ' | ' | 350 | 420 | ' | ' | 219,664 | 92,896 | ' |
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | ' | ' | ' | ' | ' | 42,412 | 51,528 | ' | ' | ' | ' | ' | ' | 12,052 | 17,450 | ' |
Carrying amount of available for sale securities | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received | 10,126 | 5,202 | 3,901 | ' | ' | 29,461 | 27,916 | 25,640 | ' | 433 | 140 | 602 | ' | 10,126 | 5,202 | 3,901 |
Percentage of voting stock of Navios Holdings in Navios Acquisition | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.80% | ' | ' |
Shares issued in multiple offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,097,529 | ' | ' |
Acquisition of common stock shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,969,669 | ' | ' |
Payments to acquire common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $160,001 | ' | ' |
Profit Sharing Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Navios Holdings has a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. Although Navios Holdings owns 50% of Acropolis' stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends will be allocated 35% to the Company with the balance to the other shareholder. | ' | ' | ' | ' | ' | ' |
Investment_in_affiliates_Navio
Investment in affiliates - Navios Europe (Details) (USD $) | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 09, 2013 | Oct. 09, 2013 | Oct. 09, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Oct. 09, 2013 |
In Thousands, unless otherwise specified | Navios Holdings | Navios Holdings | Navios Acquisition | Navios Partners | Funded from Senior Loan $117,753 | New Junior Loan | New Junior Loan | Navios Holdings, Navios Acquisition and Navios Partners | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | 47.50% | 47.50% | 5.00% | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | $127,753 | ' | ' | ' |
Investment in affiliates | 335,303 | ' | 197,291 | 117,088 | 4,750 | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt | 1,511,249 | 10,000 | 1,358,212 | 1,453,557 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,367 | ' | ' |
Loans Payable Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,929 | ' |
Estimated Maximum Potential Loss | ' | ' | ' | ' | 7,410 | ' | ' | ' | ' | ' | ' | ' |
Revolving loan facility to fund working capital requirements, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,100 |
Loans and Leases Receivable Related Parties | ' | ' | ' | ' | $2,660 | ' | ' | ' | ' | ' | ' | ' |
Profit Sharing Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On an ongoing basis, Navios Europe is required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loan) according to a defined waterfall calculation as follows: First, Navios Holdings, Navios Acquisition and Navios Partners will each earn a 12.7% preferred distribution on the Navios Term Loans and the Navios Revolving Loans; Second, any remaining cash is then distributed on an 80%/20% basis, respectively, between (i) the Junior Loan holder and (ii) the holders of the Navios Term Loans. | ' | ' |
Accrued_Expenses_Table_Details
Accrued Expenses (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSE [Abstract] | ' | ' |
Payroll | $9,954 | $10,408 |
Accrued interest | 21,081 | 22,714 |
Accrued voyage expenses | 8,717 | 16,709 |
Accrued running costs | 13,270 | 10,879 |
Provision for losses on voyages in progress | 801 | 4,974 |
Audit fees and related services | 1,066 | 565 |
Accrued taxes | 5,175 | 5,929 |
Professional fees | 934 | 961 |
Other accrued expenses | 3,201 | 2,542 |
Total accrued expenses | $64,199 | $75,681 |
Borrowings_Table_Details
Borrowings (Table) (Details ) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Navios Holdings | Navios Holdings | Navios Logistics loans | Navios Logistics loans | Total Loans | Total Loans | Loan Facility HSH Nordbank and Commerzbank A.G. | Loan Facility HSH Nordbank and Commerzbank A.G. | Revolver Facility HSH Nordbank and Commerzbank A.G. | Revolver Facility HSH Nordbank and Commerzbank A.G. | Commerzbank A.G. | Commerzbank A.G. | Loan Facility Credit Agricole ($130,000) | Loan Facility Credit Agricole ($130,000) | Loan Facility Credit Agricole ($75,000) | Loan Facility Credit Agricole ($75,000) | Loan Facility Credit Agricole ($40,000) | Loan Facility Credit Agricole ($40,000) | Loan Facility Credit Agricole ($23,000) | Loan Facility Credit Agricole ($23,000) | Loan Facility Credit Agricole ($23,000) | Loan Facility Credit Agricole ($23,000) | Loan DNB NOR Bank ($40,000) | Loan DNB NOR Bank ($40,000) | Loan Facility DVB Bank SE ($42,000) | Loan Facility DVB Bank SE ($42,000) | Loan Facility Credit Agricole ($22,500) | Loan Facility Credit Agricole ($22,500) | Loan Facility DVB ($40,000) | Loan Facility DVB ($40,000) | 8.125% Senior notes due 2019 | 8.125% Senior notes due 2019 | 2022 Notes | 2022 Notes | 2017 Notes | 2017 Notes | Senior notes | Senior notes | Total Navios Logistics loans | Total Navios Logistics loans | ||
Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Logistics loans | Navios Logistics loans | Navios Logistics loans | Navios Logistics loans | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan facility | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $41,659 | $0 | $4,428 | $66,086 | $71,706 | $0 | $30,308 | $0 | $32,000 | $26,112 | $32,700 | $18,841 | $20,203 | $19,350 | $20,750 | $0 | $30,394 | $36,801 | $39,325 | $11,250 | $0 | $39,125 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | 350,000 | ' | ' | ' | ' | 290,000 | 200,000 | ' | ' |
Ship mortgage notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000 | 0 | 0 | 488,000 | ' | ' | ' | ' |
Other long-term loans | ' | ' | ' | ' | 528 | 598 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowings | 1,508,093 | ' | 1,217,565 | 1,161,473 | ' | ' | 1,508,093 | 1,362,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,528 | 200,598 |
Plus: unamortized premium | ' | ' | ' | ' | ' | ' | 3,156 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: unamortized discount | ' | ' | ' | ' | ' | ' | 0 | -3,859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current portion | 19,261 | 33,095 | ' | ' | ' | ' | -19,261 | -33,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term borrowings | $1,491,988 | $1,325,117 | ' | ' | ' | ' | $1,491,988 | $1,325,117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Table_Details1
Borrowings (Table) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
BORROWINGS [Abstact] | ' |
2014 | $19,261 |
2015 | 19,386 |
2016 | 19,761 |
2017 | 19,761 |
2018 | 45,386 |
2019 and thereafter | 1,384,538 |
Total | $1,508,093 |
Borrowings_Notes_Navios_Holdin
Borrowings - Notes Navios Holdings Navios Logistics (Details) (USD $) | 12 Months Ended | 11 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2006 | Nov. 29, 2013 | Nov. 29, 2013 | Nov. 29, 2013 | Nov. 29, 2013 | Nov. 30, 2009 | Jul. 31, 2012 | Jan. 28, 2011 | Jan. 28, 2011 | Jan. 28, 2011 | Mar. 31, 2013 | Apr. 30, 2011 |
Senior Notes due 2014 | 2022 Notes | 2022 Notes | 2022 Notes | 2022 Notes | 2017 Notes | 2017 Notes | Senior Notes due 2019 | Senior Notes due 2019 | Senior Notes due 2019 | Senior Notes due 2019 | Senior Notes due 2019 | |
Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Logistics | Navios Logistics | |
Accelerated Amortization | Transaction fees and expenses | Indebtedness in connection with six vessels added as collateral | Accelerated Amortization | Transaction fees and expenses | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount at issuance date | $300,000 | $650,000 | ' | ' | ' | $400,000 | $88,000 | $350,000 | ' | ' | $90,000 | $200,000 |
Issuance date/Date of agreement | 31-Dec-06 | 29-Nov-13 | ' | ' | ' | 30-Nov-09 | ' | 28-Jan-11 | ' | ' | ' | 30-Apr-11 |
Interest Rate | 'FIXED 9,5% | '7,375% | ' | ' | ' | 'FIXED 8,875% | ' | 'FIXED 8,125% | ' | ' | ' | 'FIXED 9,25% |
Maturity date | 15-Dec-14 | ' | ' | ' | ' | 1-Nov-17 | ' | 15-Feb-19 | ' | ' | 15-Apr-19 | 15-Apr-19 |
Amount of debt sold | ' | 37,136 | 12,142 | 24,994 | ' | ' | ' | 21,199 | 5,573 | 15,626 | ' | ' |
Debt instrument price premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.75% | ' |
Amout used for repayment of debt | ' | $488,000 | ' | ' | $123,257 | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Facilities_Navios_H
Borrowings - Facilities Navios Holdings Navios Logistics(Details) (USD $) | 12 Months Ended | 2 Months Ended | 2 Months Ended | 12 Months Ended | 8 Months Ended | 9 Months Ended | 8 Months Ended | 12 Months Ended | 6 Months Ended | 8 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 10 Months Ended | 7 Months Ended | 10 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2007 | Feb. 28, 2007 | Feb. 28, 2009 | Dec. 31, 2007 | Aug. 31, 2009 | Sep. 30, 2010 | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2008 | Aug. 31, 2010 | Mar. 23, 2012 | Mar. 23, 2012 | Mar. 23, 2012 | Sep. 30, 2013 | Jun. 30, 2009 | Oct. 31, 2010 | Oct. 31, 2010 | Jul. 31, 2009 | Jul. 31, 2011 | Oct. 29, 2009 |
Loan Facility HSH Nordbank and Commerzbank A.G. | Revolver Facility HSH Nordbank and Commerzbank A.G. | Dekabank Deutsche Girozentrale | Loan Facility Credit Agricole Bank to finance construction of two Capesize bulk carriers | Loan Facility Credit Agricole Bank ($75,000) to finance construction of two Capesize vessels | Loan Facility Credit Agricole Bank ($40,000) to finance construction of one Capesize bulk carrier | Loan Facility Credit Agricole Bank ($23,000) to finance construction of one newbuilding bulk carrier | Loan Facility Credit Agricole Bank ($23,000) to finance construction of one newbuilding bulk carrier | Loan Facility Credit Agricole ($22,500) | Loan Facility Credit Agricole ($22,500) | Loan Facility Credit Agricole ($22,500) | Loan DNB NOR Bank to finance construction of one newbuilding bulk carrier | Loan DNB NOR Bank ($40,000) to finance construction of one Capesize bulk carrier | Loan Facility DVB Bank SE ($42,000) | Loan Facility DVB Bank SE ($42,000) | Loan Facility DVB Bank SE ($42,000) | Loan Facility DVB ($40,000) | Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Unsecured bond | Non-Wholly Owned Subsidiaries' Indebtedness | Other long-term loans | ||||
Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Asia | Navios Asia | Navios Asia | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Logistics | Navios Logistics | Navios Logistics | ||||
Tranche A | Tranche B | Tranche A | Tranche B | Tranche A | Tranche B | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance date/Date of agreement | ' | ' | ' | 28-Feb-07 | ' | 28-Feb-09 | 31-Dec-07 | 31-Aug-09 | 30-Sep-10 | 31-Aug-11 | 31-Dec-11 | 1-Sep-13 | ' | ' | 30-Jun-08 | 31-Aug-10 | ' | 23-Mar-12 | ' | 30-Sep-13 | 30-Jun-09 | ' | ' | 31-Jul-09 | ' | ' |
Face amount at issuance date | ' | ' | ' | $280,000 | $120,000 | $120,000 | $154,000 | $75,000 | $40,000 | $23,000 | $23,000 | $22,500 | ' | ' | $133,000 | $40,000 | $42,000 | ' | ' | $40,000 | $240,000 | ' | ' | $20,000 | ' | ' |
Interest Rate | ' | ' | ' | 'margin ranging from 115 basis points to 175 basis points | ' | 'margin of 1,9% | 'margin of 1.75% | 'LIBOR plus 1.75% | 'LIBOR plus 2,75% | 'LIBOR plus 2,75% | 'LIBOR plus 3,25% | 'LIBOR plus 3,00% | ' | ' | 'margin of 2,25% | 'LIBOR plus 2,75% | ' | 'LIBOR plus 2,85% | 'LIBOR plus 3,6% | 'LIBOR plus 3,25% | 'margin of 2,25% | ' | ' | 'FIXED 6% | ' | 'FIXED 6% |
Maturity date | ' | ' | ' | 31-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amount per tranche | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,250 | 11,250 | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' |
Amount drawn down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000 | 14,950 | ' | ' | ' | ' | ' | ' | ' |
Amount of facility agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 817 |
Loss on bond extinguishment | -37,136 | 0 | -21,199 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available amount of loan facility | ' | ' | ' | ' | ' | ' | 130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 528 |
Number Of Loan Tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 2 | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Amount repaid through payment of tranche | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,000 | $16,000 | ' | ' | $54,500 | $53,600 | ' | $53,155 | ' |
Annual weighted average interest rate | 7.75% | 7.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Repayment_Terms_And
Borrowings - Repayment Terms And Covenats (Details) | 12 Months Ended | 2 Months Ended | 9 Months Ended | 8 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2009 | Sep. 30, 2010 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2009 | Dec. 31, 2013 | |
Navios Holdings | 2019 Notes | 2019 Notes | 2022 Notes | Senior notes | Dekabank Facility | Loan Facility Credit Agricole ($40,000) | Loan Facility Credit Agricole ($23,000) | Loan Facility Credit Agricole ($23,000) | Loan Facility DVB Bank SE ($42,000) | Loan Facility DVB ($40,000) | Loan Facility Credit Agricole ($22,500) | Commerzbank A.G. | Other long-term loans | |
Navios Holdings | Navios Logistics | Navios Holdings | Navios Logistics | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Logistics | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment terms | ' | 'The 2019 Co-Issuers have the option to redeem the 2019 Notes in whole or in part, at any time (i) before February 15, 2015, at a redemption price equal to 100% of the principal amount, plus a make-whole premium, plus accrued and unpaid interest, if any, and (ii) on or after February 15, 2015, at a fixed price of 104.063% of the principal amount, which price declines ratably until it reaches par in 2017, plus accrued and unpaid interest, if any. In addition, upon the occurrence of certain change of control events, the holders of the 2019 Notes will have the right to require the 2019 Co-Issuers to repurchase some or all of the 2019 Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | ' | 'The guarantees of the Company's subsidiaries that own mortgage vessels are senior secured guarantees and the guarantees of the Company's subsidiaries that do not own mortgage vessels are senior unsecured guarantees. In addition, the 2022 Co-Issuers have the option to redeem the 2022 Notes in whole or in part, at any time (i) before January 15, 2017, at a redemption price equal to 100% of the principal amount plus a make whole price which is based on a formula calculated using a discount rate of treasury bonds plus 50 basis points, and (2) on or after January 15, 2017, at a fixed price of 105.531%, which price declines ratably until it reaches par in 2020. | 'The Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by Navios Logistics and all of Navios Logistics' direct and indirect subsidiaries except for Logistics Finance and Horamar do Brazil. The subsidiary guarantees are 'full and unconditional', as those terms are used in Regulation S-X Rule 3-10, except that the indenture provides for an individual subsidiary's guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an 'unrestricted subsidiary' for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the notes. The Logistics Co-Issuers have the option to redeem the notes in whole or in part, at their option, at any time (i) before April 15, 2014, at a redemption price equal to 100% of the principal amount plus the applicable make-whole premium plus accrued and unpaid interest, if any, to the redemption date and (ii) on or after April 15, 2014, at a fixed price of 106.938%, which price declines ratably until it reaches par in 2017. At any time before April 15, 2014, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the Logistics Senior Notes with the net proceeds of an equity offering at 109.25% of the principal amount of the notes, plus accrued and unpaid interest, if any, to the redemption date so long as at least 65% of the originally issued aggregate principal amount of the notes remains outstanding after such redemption. | 'On June 15, 2012, the Company sold the Navios Buena Ventura and fully repaid the outstanding balance associated with the vessel. On July 9, 2012, the Company repaid in full the loan using a portion of the proceeds of the ship mortgage notes issued in July 2012 and cash on hand. | 'As of December 31, 2013, the outstanding amount under the loan facility was repayable in 15 semi-annual equal installments of $1,206 with a final balloon payment of $8,022 on the last payment date. | 'As of December 31, 2013, the facility is repayable in 17 semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. | 'As of December 31, 2013, the outstanding amount under the loan facility was repayable in 17 semi-annual equal installments of $700 after the drawdown date, with a final balloon payment of $7,450 on the last payment date. | 'As of December 31, 2013, the first tranche is repayable in 25 quarterly installments of $362, with a final balloon payment of $14,412 on the last repayment date and the second tranche is repayable in 26 quarterly installments of $269, with a final balloon payment of $6,344 on the last repayment date. | 'As of December 31, 2013, the facility is repayable in seven quarterly installments of $875, followed by 12 quarterly installments of $1,000, with a final balloon payment of $21,000 payable on the last repayment date. | 'Each tranche is repayable in ten equal semi-annual instalments of $563, with a final balloon payment of $5,625 on the last repayment date. | 'As of December 31, 2013, the third tranche of the facility is repayable in 22 quarterly installments of $882, with a final balloon payment of $13,814 on the last payment date; and the fourth tranche of the facility is repayable in 28 quarterly installments of $835, with a final balloon payment of $9,488 on the last payment date. | 'The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. |
Debt Instrument Covenant Description | 'Amounts drawn under the facilities are secured by first priority mortgages on Navios Holdings' vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Holdings' vessels; changing the commercial and technical management of Navios Holdings' vessels; selling or changing the ownership of Navios Holdings' vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. The credit facilities also require compliance with a number of financial covenants including debt coverage ratios and minimum liquidity, and compliance with the covenants contained in the indentures governing the 2019 Notes and the 2022 Notes. Among other events, it wil be an event of default under the credit facilities if the financial covenants are not complied with or if Angeliki Frangou and her affiliates, together own less than 20% of the outstanding share capital of Navios Holdings. | ' | 'In addition, upon the occurrence of certain change of control events, the holders of the Logistics Senior Notes will have the right to require the Logistics Co Issuers to repurchase some or all of the notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | 'Furthermore, upon occurrence of certain change of control events, the holders of the 2022 Notes may require the 2022 Co-Issuers to repurchase some or all of the notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2022 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2022 Co-Issuers were in compliance with the covenants as of December 31, 2013. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Fair_Value_of_2
Derivatives and Fair Value of Financial Instruments - Fair Value (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $187,831 | $257,868 | $171,096 | $207,410 |
Restricted cash | 2,041 | 24,704 | 6,399 | ' |
Accounts receivables, net | 86,219 | 85,721 | ' | ' |
Investment in available for sale securities | 7,660 | 559 | ' | ' |
Forward Freight Agreements, net | 0 | 1,275 | ' | ' |
Long-term receivable from affiliate companies | 5,144 | 57,701 | ' | ' |
Loan receivable from affiliate companies | 2,660 | 35,000 | ' | ' |
Accounts payable | 51,692 | 63,921 | ' | ' |
Senior 2017 Notes and 2022 Notes including premium and net of discount | 1,293,156 | 1,034,141 | ' | ' |
Book Value | ' | ' | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 187,831 | 257,868 | ' | ' |
Restricted cash | 2,041 | 24,704 | ' | ' |
Accounts receivables, net | 86,219 | 85,721 | ' | ' |
Investment in available for sale securities | 7,660 | 559 | ' | ' |
Forward Freight Agreements, net | 0 | 1,275 | ' | ' |
Long-term receivable from affiliate companies | 5,144 | 57,701 | ' | ' |
Loan receivable from affiliate companies | 2,660 | 35,000 | ' | ' |
Accounts payable | -51,692 | -63,921 | ' | ' |
Capital lease obligations, including current portion | -23,759 | -25,112 | ' | ' |
Senior 2017 Notes and 2022 Notes including premium and net of discount | -1,293,156 | -1,034,141 | ' | ' |
Long-term debt, including current portion | -218,093 | -324,071 | ' | ' |
Fair Value | ' | ' | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 187,831 | 257,868 | ' | ' |
Restricted cash | 2,041 | 24,704 | ' | ' |
Accounts receivables, net | 86,219 | 85,721 | ' | ' |
Investment in available for sale securities | 7,660 | 559 | ' | ' |
Forward Freight Agreements, net | 0 | 1,275 | ' | ' |
Long-term receivable from affiliate companies | 5,144 | 57,701 | ' | ' |
Loan receivable from affiliate companies | 2,660 | 35,000 | ' | ' |
Accounts payable | -51,692 | -63,921 | ' | ' |
Capital lease obligations, including current portion | -23,759 | -25,112 | ' | ' |
Senior 2017 Notes and 2022 Notes including premium and net of discount | -1,326,897 | -973,940 | ' | ' |
Long-term debt, including current portion | ($218,093) | ($324,071) | ' | ' |
Derivatives_and_Fair_Value_of_3
Derivatives and Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
FFAs | ' | $1,275 |
Investment in available for sale securities | 7,660 | 559 |
Total | 7,660 | 1,834 |
Quoted Prices in Active Markets for Identical Assets (Level I) | ' | ' |
Assets | ' | ' |
FFAs | ' | 1,275 |
Investment in available for sale securities | 7,660 | 559 |
Total | 7,660 | 1,834 |
Significant Other Observable Inputs (Level II) | ' | ' |
Assets | ' | ' |
FFAs | ' | 0 |
Investment in available for sale securities | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level III) | ' | ' |
Assets | ' | ' |
FFAs | ' | 0 |
Investment in available for sale securities | 0 | 0 |
Total | $0 | $0 |
Derivatives_and_Fair_Value_of_4
Derivatives and Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $187,831 | $257,868 | $171,096 | $207,410 |
Restricted cash | 2,041 | 24,704 | 6,399 | ' |
Senior and ship mortgage notes, net of discount | 1,293,156 | 1,034,141 | ' | ' |
Due from related companies, long term | 2,660 | 35,000 | ' | ' |
Due from affiliate companies, long term | 5,144 | 57,701 | ' | ' |
(Level I) | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 187,831 | 257,868 | ' | ' |
Restricted cash | 2,041 | 24,704 | ' | ' |
Senior and ship mortgage notes, net of discount | -1,326,897 | -973,940 | ' | ' |
Capital lease obligations, including current portion | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Due from related companies, long term | 0 | 0 | ' | ' |
Due from affiliate companies, long term | 0 | 0 | ' | ' |
(Level II) | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Senior and ship mortgage notes, net of discount | 0 | 0 | ' | ' |
Capital lease obligations, including current portion | -23,759 | -25,112 | ' | ' |
Long-term debt, including current portion | -218,093 | -324,071 | ' | ' |
Due from related companies, long term | 2,660 | 35,000 | ' | ' |
Due from affiliate companies, long term | 5,144 | 57,701 | ' | ' |
(Level III) | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Senior and ship mortgage notes, net of discount | 0 | 0 | ' | ' |
Capital lease obligations, including current portion | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Due from related companies, long term | 0 | 0 | ' | ' |
Due from affiliate companies, long term | 0 | 0 | ' | ' |
Total Fair Value Input Levels [Member] | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 187,831 | 257,868 | ' | ' |
Restricted cash | 2,041 | 24,704 | ' | ' |
Senior and ship mortgage notes, net of discount | -1,326,897 | -973,940 | ' | ' |
Capital lease obligations, including current portion | -23,759 | -25,112 | ' | ' |
Long-term debt, including current portion | -218,093 | -324,071 | ' | ' |
Due from related companies, long term | 2,660 | 35,000 | ' | ' |
Due from affiliate companies, long term | $5,144 | $57,701 | ' | ' |
Derivatives_and_Fair_Value_of_5
Derivatives and Fair Value of Financial Instruments - Additional Information - Forward Freight Agreements (FFAs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Net losses on FFA's derivatives | ($260) | ($196) | ($165) |
Net unrealized (losses)/ gains on FFAs | ($69) | ($124) | $289 |
Employee_Benefit_Plans_Table_D
Employee Benefit Plans (Table) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Options | ' | ' | ' | ' |
Weighted average remaining term | '6 years 4 months 13 days | '7 years 10 months 26 days | '7 years 9 months 26 days | '7 years 11 months 28 days |
Restricted stock and restricted stock units | ' | ' | ' | ' |
Weighted average remaining term | '1 year 4 months 24 days | '1 year 9 months 26 days | '2 years 5 months 29 days | '2 years 7 months 13 days |
Shares | ' | ' | ' | ' |
Options | ' | ' | ' | ' |
Outstanding, shares | 5,139,030 | 4,617,777 | 3,302,671 | 2,088,896 |
Vested, shares | 911,493 | 901,520 | 643,824 | 421,544 |
Exercisable, shares | 753,562 | 841,644 | 522,934 | 316,279 |
Exercised, shares | ' | -153,566 | -29,251 | -130,578 |
Granted, shares | ' | 674,809 | 1,344,357 | 1,344,353 |
Restricted stock and restricted stock units | ' | ' | ' | ' |
Non Vested, shares | 1,883,983 | 1,556,192 | 1,287,176 | 802,416 |
Granted, shares | ' | 886,437 | 832,028 | 813,273 |
Vested, shares | ' | -546,194 | -553,846 | -318,644 |
Forfeited or expired, shares | ' | -12,452 | -9,166 | -9,869 |
Weighted average exercise price | ' | ' | ' | ' |
Options | ' | ' | ' | ' |
Outstanding | 5.5 | 4.93 | 5.52 | 6.47 |
Granted | ' | 8.63 | 3.44 | 3.81 |
Aggregate fair value | ' | ' | ' | ' |
Options | ' | ' | ' | ' |
Outstanding, value | 9,209 | 7,981 | 7,317 | 5,546 |
Exercised, value | ' | -216 | -36 | -158 |
Granted, value | ' | 1,444 | 700 | 1,929 |
Restricted stock and restricted stock units | ' | ' | ' | ' |
Non vested, value | 11,220 | 5,908 | 5,653 | 4,301 |
Granted, value | ' | 7,650 | 2,862 | 3,098 |
Vested, value | ' | -2,287 | -2,565 | -1,692 |
Forfeited or expired, value | ' | -51 | -42 | -54 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Details (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Company's contributions to employee saving plan | $97 | $119 | $108 | ' |
Discretionary company's contribition to employee saving plan | 14 | 15 | 15 | ' |
Compensation expense | 5,021 | 4,712 | 4,252 | ' |
Options | ' | ' | ' | ' |
Exercised, shares | -153,556 | -29,251 | -130,578 | -130,577 |
Expected term simplified method | 'The simplified method used includes taking the average of the weighted average time to vesting and the contractual term of the option award. The service conditions option awards vest over three years at 33.3%, 33.3% and 33.4% respectively, resulting in a weighted average time to vest of approximately 2 years. The contractual term of the award is 7 years. Utilizing the simplified approach formula, the derived expected term estimate for the Company's service conditions option award is 4.5 years. | ' | ' | ' |
Fair value of stock granted | $2.11 | $0.52 | $1.43 | ' |
Estimated compensation cost relating to non-vested service conditions restricted stock and restricted stock units awards not yet recognized | 1,005 | ' | ' | ' |
Estimated compensation cost relating to non-vested service conditions stock option not yet recognized | 303 | ' | ' | ' |
Restricted stock | ' | ' | ' | ' |
Fair value of stock granted | $8.63 | $3.44 | $3.81 | ' |
Expected dividend assumption | $0.06 | $0.06 | $0.06 | ' |
Estimated compensation cost relating to non-vested service conditions restricted stock and restricted stock units awards not yet recognized | 4,436 | ' | ' | ' |
Estimated compensation cost relating to non-vested service conditions stock option not yet recognized | $3,462 | ' | ' | ' |
Restricted stock unit awards | ' | ' | ' | ' |
Fair value of stock granted | $8.63 | $3.44 | $3.81 | ' |
Service Conditions | ' | ' | ' | ' |
Expected volatility | 42.62% | 43.87% | 68.14% | ' |
Risk free rate | 1.28% | 0.68% | 0.80% | ' |
Non vested stock option remaining contractual term | '2 years 3 months | ' | ' | ' |
Years to maturity | '4 years 6 months | ' | ' | ' |
Performance Conditions | ' | ' | ' | ' |
Expected volatility | 41.48% | ' | ' | ' |
Risk free rate | 0.13% | ' | ' | ' |
Years to maturity | '1 year | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Table) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
31-Dec-14 | $50,091 |
31-Dec-15 | 3,754 |
31-Dec-16 | 1,926 |
Total | $55,771 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Letters of guarantee and letters of credit | $590 | $590 | ' |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 829 | 1,039 | 2,764 |
Contractual Obligation | 55,771 | ' | ' |
VAT-related | ' | ' | ' |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 2,907 | ' | ' |
Withholding tax-related | ' | ' | ' |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 1,703 | ' | ' |
Provisions for claims and other | ' | ' | ' |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 1,511 | ' | ' |
Income tax-related | ' | ' | ' |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 511 | ' | ' |
Horamar | ' | ' | ' |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 6,632 | ' | ' |
New Dry Barges | ' | ' | ' |
Contractual Obligation | 26,712 | ' | ' |
Three Pushboats | ' | ' | ' |
Contractual Obligation | 483 | ' | ' |
Chartered In Fleet | ' | ' | ' |
Contractual Obligation | 11,076 | ' | ' |
N Bonanza | ' | ' | ' |
Contractual Obligation | $17,500 | ' | ' |
Leases_Chartered_in_and_office
Leases - Chartered in and office space (Table) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Charter-in vessels in operation | ' |
Operating Leased Assets [Line Items] | ' |
2014 | $82,553 |
2015 | 64,279 |
2016 | 58,720 |
2017 | 56,768 |
2018 | 54,795 |
2019 and thereafter | 133,267 |
Total | 450,382 |
Charter-in vessels to be delivered | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 184 |
2015 | 5,697 |
2016 | 12,842 |
2017 | 14,910 |
2018 | 14,910 |
2019 and thereafter | 98,815 |
Total | 147,358 |
Office Space | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 3,135 |
2015 | 3,032 |
2016 | 2,667 |
2017 | 2,505 |
2018 | 1,736 |
2019 and thereafter | 984 |
Total | $14,059 |
Leases_Chartered_out_Table_Det
Leases - Chartered out (Table) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Drybulk Vessels | ' |
Property Subject To Or Available For Operating Lease [Line Items] | ' |
2014 | $96,281 |
2015 | 28,722 |
2016 | 11,401 |
2017 | 10,715 |
2018 | 10,715 |
2019 and thereafter | 20,607 |
Total minimum revenue, net of commissions | 178,441 |
Logistics business | ' |
Property Subject To Or Available For Operating Lease [Line Items] | ' |
2014 | 100,198 |
2015 | 83,118 |
2016 | 54,518 |
2017 | 13,708 |
2018 | 770 |
2019 and thereafter | 0 |
Total minimum revenue, net of commissions | $252,312 |
Leases_Details
Leases (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | EUR (€) | Navios Holdings | Navios Holdings | Navios Holdings | Logistics business | Logistics business | Logistics business | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Property Subject To Or Available For Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense for office space | $1,320 | € 959 | $2,899 | $2,267 | $2,229 | ' | ' | ' |
Charter hire expense | ' | ' | $116,962 | $112,536 | $113,550 | $1,286 | $3,587 | $5,910 |
Transactions_with_Related_Part1
Transactions with Related Parties (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | Acropolis | Acropolis | Acropolis | Navios Partners Agreement | Navios Partners Agreement | Navios Partners Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Europe | Navios Partners | Navios Partners | Navios Partners | Navios Acquisition | Navios Acquisition | Navios Asia | Navios Holdings, Acquisition, Partners | Navios Holdings, Acquisition, Partners | Navios Holdings | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Annual lease payments of office | $1,320 | € 959 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commisions paid | ' | ' | ' | ' | ' | 63 | 48 | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received | ' | ' | ' | ' | ' | 433 | 140 | 602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | 76 | 115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of future charter payments covered by guarantee | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payout of company under Navios Partner's guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses | 44,634 | ' | 51,331 | 52,852 | ' | ' | ' | ' | 4,366 | 3,883 | 3,447 | 3,476 | 2,110 | 1,527 | 740 | 600 | 375 | 25 | ' | ' | ' | ' | ' | 9 | ' | ' | ' |
Due from affiliate, total | 12,064 | ' | 108,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from affiliate, current | 8,328 | ' | 50,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,407 | 390 | 21,716 | ' | 6,530 | 29,121 | ' | ' | ' | ' |
Due from affiliate, non current | 5,144 | ' | 57,701 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,144 | 57,701 | ' | ' | ' | ' |
Unamortized deferred gain for vessels and rights sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,578 | 28,459 | ' | ' | ' | ' | ' | ' | ' |
Deferred gain recognized in Statement of Comprehensive Income | 19,344 | ' | 48,228 | 35,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,881 | 12,652 | 12,024 | ' | ' | ' | ' | ' | ' |
Debt Instrument Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' |
Face amount of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' |
Spread on variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '300 basis points | ' | ' | ' | ' | ' |
Loan receivable from affiliate company | 2,660 | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 35,000 | ' | ' | ' | ' |
Navios Europe - Revolving loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,660 |
Revolving loan facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,100 | 18,500 | 8,788 |
Long Term Debt | 1,511,249 | ' | 1,358,212 | 1,453,557 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 |
Ownership percentage of Navios Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.50% |
Investment in affiliates | $335,303 | ' | $197,291 | $117,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,750 |
Preferred Distribution Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.70% |
Recovered_Sheet4
Transactions With Related Parties - Additional Details (Details) (USD $) | 12 Months Ended | 24 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
Navios Acquisition Agreement | Navios Apollon | Navios Apollon | Navios Prosperity | Navios Libra | Navios Felicity | Navios Aldebaran | Navios Hope | Navios Melodia | Navios Partners' Ultra Handymax | Navios Partners' Ultra Handymax | Navios Partners' Ultra Handymax, Panamax, Capesize | Navios Partners' Ultra Handymax, Panamax, Capesize | Navios Partners' Ultra Handymax, Panamax, Capesize | Navios Partners' Panamax | Navios Partners' Panamax | Navios Partners' Capesize | Navios Partners' Capesize | Container Vessel | Navios Acquisitions' MR2 Product Tanker Chemical Tanker | Navios Acquisitions' LR1 Product Tanker | Navios Acquisitions' VLCC | All ships | All ships | All ships | Navios Asia | Navios Europe | ||||
Lease Term In Years | ' | ' | ' | ' | '2 years | ' | '1 year with two six month extension options | '3 years | '1 year | '6 months | '1 year | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years |
Daily management fee / charter fee | ' | ' | ' | ' | $13,500 | $12,500 | $12,000 | $12,000 | $12,000 | $11,000 | $10,000 | $15,000 | $4,700 | $4,000 | ' | ' | ' | $4,600 | $4,100 | $5,700 | $5,100 | $6,500 | $6,000 | $7,000 | $10,000 | ' | ' | ' | ' | ' |
Terms of settlement of related party transaction | ' | ' | ' | ' | '50/50 profit sharing based on actual earnings | ' | 'The owners will receive 100% of the first $1.500 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. | '50/50 profit sharing based on actual earnings | '50/50 profit sharing based on actual earnings | 'The owners will receive 100% of the first $2.500 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of reimbursement of fees and expenses under the management agreement | ' | ' | ' | 'Navios Acquisition may, upon request, reimburse the manager partially or fully for drydocking and other extraordinary fees and expenses under the management agreement at a later date, but not later than January 5, 2015, bearing interest of 1% over LIBOR. Navios Acquisition may, upon request, reimburse the manager partially or fully for any fixed management fees outstanding for a period of not more than nine months at a later date, but no later than December 31, 2014, bearing interest of 1% over LIBOR. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voyage Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,386,000 | 7,484,000 | 0 | ' | ' |
Annual fee received | 71,392,000 | 47,043,000 | 35,678,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,173,000 | 31,689,000 | 26,343,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 645,000 |
Fixed Drydocking Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 11, 2013 | Nov. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Value of shares repurchased | ' | ' | ' | ' | ($221) |
Common Stock Shares Issued | ' | ' | 104,261,029 | 103,255,409 | ' |
Preferred stock shares outstanding | ' | ' | 8,479 | 8,479 | ' |
Common stock shares outstanding | ' | ' | 104,261,029 | 103,255,409 | ' |
Navios Holdings | ' | ' | ' | ' | ' |
Limit of share repurchase program | ' | 25,000 | ' | ' | ' |
Number of shares repurchased | ' | ' | ' | ' | 73,651 |
Value of shares repurchased | ' | ' | ' | ' | 221 |
Exercised number of shares | ' | ' | ' | 29,251 | ' |
Total amount of shares issued | ' | ' | $551 | $93 | ' |
Exercise price | ' | ' | ' | $3.18 | ' |
Number of restricted common stock issued to employees | 856,437 | ' | ' | 801,028 | ' |
Number of restricted stock units issued to employees | 30,000 | ' | ' | 31,000 | ' |
Number of stock options issued to employees | 674,809 | ' | ' | 1,344,357 | ' |
Vested restricted stock units | ' | ' | 21,463 | 24,932 | ' |
Forfeited restricted shares | ' | ' | 12,452 | 9,166 | ' |
Preferred stock shares outstanding | ' | ' | 8,479 | 8,479 | ' |
Common stock shares outstanding | ' | ' | 104,261,029 | 103,255,409 | ' |
First stock issuance | ' | ' | ' | ' | ' |
Exercised number of shares | ' | ' | 106,032 | ' | ' |
Exercise price | ' | ' | $3.18 | ' | ' |
Second stock issuance | ' | ' | ' | ' | ' |
Exercised number of shares | ' | ' | 29,243 | ' | ' |
Exercise price | ' | ' | $3.81 | ' | ' |
Third stock issuance | ' | ' | ' | ' | ' |
Exercised number of shares | ' | ' | 10,969 | ' | ' |
Exercise price | ' | ' | $5.87 | ' | ' |
Fourth stock issuance | ' | ' | ' | ' | ' |
Exercised number of shares | ' | ' | 7,312 | ' | ' |
Exercise price | ' | ' | $5.15 | ' | ' |
Interest_Expense_and_Finance_C2
Interest Expense and Finance Cost, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST EXPENSE AND FINANCE COST, NET [Abstract] | ' | ' | ' |
Interest expense | $105,422 | $99,887 | $101,011 |
Amortization of finance charges | 5,383 | 6,309 | 5,198 |
Other | 0 | 0 | 972 |
Total interest expense and finance cost, net | $110,805 | $106,196 | $107,181 |
Disposals_of_Assets_Table_Deta
Disposals of Assets (Table) (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 15, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 |
Navios Buena Ventura | Navios Buena Ventura | Navios Luz | Navios Orbiter | Logistics Business | ||||
Significant Acquisitions And Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration received | ' | ' | ' | $67,500 | $67,500 | $71,975 | $47,984 | ' |
Shares consideration received | ' | ' | ' | ' | ' | 6,000 | 4,000 | ' |
Book value of vessel | 1,808,883 | 1,746,493 | ' | ' | -67,068 | -53,548 | -23,198 | ' |
Total gain | ' | ' | ' | ' | 432 | 24,427 | 28,786 | ' |
Deferred gain | ' | ' | ' | ' | -109 | -6,623 | -7,804 | ' |
Gain on sale of other assets | ' | ' | 36 | ' | ' | ' | ' | ' |
Gain recognized on sale of vessel | $18 | $323 | $38,822 | ' | $323 | $17,804 | $20,982 | $18 |
Segment_Information_Table_Deta
Segment Information (Table) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 18, 2013 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $512,279 | $616,494 | $689,355 | ' | ' |
Loss on derivatives | -260 | -196 | -165 | ' | ' |
Interest income | 2,299 | 2,717 | 4,120 | ' | ' |
Interest expense and finance cost, net | -110,805 | -106,196 | -107,181 | ' | ' |
Depreciation and amortization | -98,124 | -108,206 | -107,395 | ' | ' |
Equity in net earnings of affiliated companies | 19,344 | 48,228 | 35,246 | ' | ' |
Net (loss)/income attributable to Navios Holdings' common stockholders | -109,063 | 175,485 | 40,811 | ' | ' |
Total assets | 2,919,613 | 2,941,462 | 2,913,824 | ' | ' |
Goodwill | 160,336 | 160,336 | 160,336 | ' | ' |
Capital expenditures | -145,934 | -57,690 | -193,956 | ' | ' |
Investment in affiliates | 335,303 | 197,291 | 117,088 | ' | ' |
Cash and cash equivalents | 187,831 | 257,868 | 171,096 | ' | 207,410 |
Restricted cash | 2,041 | 24,704 | 6,399 | ' | ' |
Long term debt (including current and noncurrent portion) | 1,511,249 | 1,358,212 | 1,453,557 | 10,000 | ' |
Drybulk Vessel Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 275,195 | 369,461 | 429,538 | ' | ' |
Loss on derivatives | -260 | -196 | -165 | ' | ' |
Interest income | 2,080 | 2,329 | 2,899 | ' | ' |
Interest expense and finance cost, net | -85,657 | -86,139 | -81,379 | ' | ' |
Depreciation and amortization | -74,770 | -81,267 | -76,734 | ' | ' |
Equity in net earnings of affiliated companies | 19,344 | 48,228 | 35,246 | ' | ' |
Net (loss)/income attributable to Navios Holdings' common stockholders | -115,264 | 175,388 | 77,717 | ' | ' |
Total assets | 2,393,364 | 2,490,929 | 2,478,400 | ' | ' |
Goodwill | 56,240 | 56,240 | 56,240 | ' | ' |
Capital expenditures | -86,538 | -40,024 | -115,830 | ' | ' |
Investment in affiliates | 335,303 | 197,291 | 117,088 | ' | ' |
Cash and cash equivalents | 101,263 | 212,330 | 130,567 | ' | ' |
Restricted cash | 2,041 | 24,704 | 6,399 | ' | ' |
Long term debt (including current and noncurrent portion) | 1,217,565 | 1,157,614 | 1,252,889 | ' | ' |
Logistics Business | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 237,084 | 247,033 | 234,687 | ' | ' |
Loss on derivatives | 0 | 0 | 0 | ' | ' |
Interest income | 219 | 388 | 843 | ' | ' |
Interest expense and finance cost, net | -25,148 | -20,057 | -17,074 | ' | ' |
Depreciation and amortization | -23,354 | -26,939 | -22,616 | ' | ' |
Equity in net earnings of affiliated companies | 0 | 0 | 0 | ' | ' |
Net (loss)/income attributable to Navios Holdings' common stockholders | 6,201 | 97 | -125 | ' | ' |
Total assets | 526,249 | 450,533 | 435,424 | ' | ' |
Goodwill | 104,096 | 104,096 | 104,096 | ' | ' |
Capital expenditures | -59,396 | -17,666 | -70,598 | ' | ' |
Investment in affiliates | 0 | 0 | 0 | ' | ' |
Cash and cash equivalents | 86,568 | 45,538 | 40,529 | ' | ' |
Restricted cash | 0 | 0 | 0 | ' | ' |
Long term debt (including current and noncurrent portion) | 293,684 | 200,598 | 200,668 | ' | ' |
Tanker Vessel Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | ' | ' | 25,130 | ' | ' |
Loss on derivatives | ' | ' | 0 | ' | ' |
Interest income | ' | ' | 378 | ' | ' |
Interest expense and finance cost, net | ' | ' | -8,728 | ' | ' |
Depreciation and amortization | ' | ' | -8,045 | ' | ' |
Equity in net earnings of affiliated companies | ' | ' | 0 | ' | ' |
Net (loss)/income attributable to Navios Holdings' common stockholders | ' | ' | -36,781 | ' | ' |
Total assets | ' | ' | 0 | ' | ' |
Goodwill | ' | ' | 0 | ' | ' |
Capital expenditures | ' | ' | -7,528 | ' | ' |
Investment in affiliates | ' | ' | 0 | ' | ' |
Cash and cash equivalents | ' | ' | 0 | ' | ' |
Restricted cash | ' | ' | 0 | ' | ' |
Long term debt (including current and noncurrent portion) | ' | ' | $0 | ' | ' |
Segment_Information_Revenue_by
Segment Information - Revenue by geographic region (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' |
Revenue per geographic region | $512,279 | $616,494 | $689,355 |
North America | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' |
Revenue per geographic region | 17,487 | 14,622 | 20,157 |
Europe | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' |
Revenue per geographic region | 141,464 | 127,521 | 144,846 |
Asia | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' |
Revenue per geographic region | 99,636 | 225,366 | 283,275 |
South America | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' |
Revenue per geographic region | 241,852 | 247,033 | 234,688 |
Other | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' |
Revenue per geographic region | $11,840 | $1,952 | $6,389 |
Segment_Information_Details
Segment Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Net book value of long-lived assets | $1,808,883 | $1,746,493 |
Logistics Business | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net book value of long-lived assets | 395,879 | 356,039 |
Drybulk vessels | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net book value of long-lived assets | $1,409,166 | $1,386,726 |
Earnings_Per_Common_Share_Tabl1
Earnings Per Common Share (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' |
Net (loss)/income attributable to Navios Holdings common stockholders | ($109,063) | $175,485 | $40,811 |
Dividend on Preferred Stock and on unvested restricted shares | -1,927 | -1,705 | -1,696 |
(Loss)/income available to Navios Holdings common stockholders, basic | -110,990 | 173,780 | 39,115 |
Dividend on Preferred Stock and on unvested restricted shares | 0 | 1,705 | 1,696 |
(Loss)/income available to Navios Holdings common stockholders, diluted | ($110,990) | $175,485 | $40,811 |
Denominator: | ' | ' | ' |
Denominator for basic net income per share attributable to Navios Holdings stockholders - weighted average shares | 101,854,415 | 101,232,720 | 100,926,448 |
Dilutive potential common shares - weighted average restricted stock and restricted units | 0 | 1,322,038 | 918,204 |
Convertible preferred stock and convertible debt | 0 | 8,479,000 | 8,479,000 |
Dilutive effect of securities | 0 | 9,801,038 | 9,397,204 |
Denominator for diluted net income per share attributable to Navios Holdings stockholders - adjusted weighted shares and assumed conversions | 101,854,415 | 111,033,758 | 110,323,652 |
Basic net (losses)/earnings per share attributable to Navios Holdings common stockholders | ($1.09) | $1.72 | $0.39 |
Diluted net (loss)/income per share attributable to Navios Holdings stockholders | ($1.09) | $1.58 | $0.37 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contribution on imported foreign exchange | $50 | ' | ' |
Income/(loss) before income taxes and non controlling interest | -109,551 | 175,874 | 41,276 |
One-off income tax benefit in deferred income tax | -4,260 | 312 | -56 |
Argentina | ' | ' | ' |
Income tax rate | 35.00% | ' | ' |
Effective Tax Rate On Corporate Assets | 1.00% | ' | ' |
Tax rate on revenues | 4.90% | 4.72% | ' |
Paraguay | ' | ' | ' |
Income tax rate | 10.00% | ' | ' |
Tax rate on revenues | 1.00% | ' | ' |
Corporate Income Tax Rate | 10.00% | ' | ' |
Options to determine income tax liabilities | 'Under the first option income tax liabilities for the current and prior periods are measured by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights are considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, Alternatively, only 30% of revenues derived from international freights are considered Paraguayan sourced. | ' | ' |
Brazil | ' | ' | ' |
Corporate Income Tax Rate | 34.00% | ' | ' |
Merge of subsidiaries of Navios Logistics | ' | ' | ' |
Income/(loss) before income taxes and non controlling interest | 43,475 | ' | ' |
One-off income tax benefit in deferred income tax | $4,333 | ' | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 12 Months Ended | 3 Months Ended | 10 Months Ended | 0 Months Ended | 7 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 30, 2011 | Nov. 04, 2011 | Jul. 10, 2013 | Jul. 25, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Navios Acquisition | VLCC Acquisition | Navios Logistics | Navios Logistics | Diesis Shipmanagement Ltd. ownership percentage in Navios Asia | Synergy Marine Pte Ltd. ownership percentage in Navios Asia | Navios Asia | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Navios Logistics - release of restricted cash | $0 | $0 | ($778) | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interests of joint venture | -750 | ' | -8,638 | ' | ' | ' | 8,500 | ' | ' | ' |
Repayment of amounts of indebtness of joint ventures | ' | ' | ' | ' | ' | ' | -53,155 | ' | ' | ' |
Acquisition of noncontrolling interests of joint venture, including transaction fees | ' | ' | ' | ' | ' | ' | 8,638 | ' | ' | ' |
Deconsolidation of subsidiary, shares | ' | ' | ' | 7,676,000 | ' | ' | ' | ' | ' | ' |
Deconsolidation of subsidiary, value | ' | ' | ' | 30,474 | ' | ' | ' | ' | ' | ' |
Release Escrow Number Shares | ' | ' | ' | ' | 1,160,963 | ' | ' | ' | ' | ' |
Escrow shares | ' | ' | ' | ' | 1,378,122 | ' | ' | ' | ' | ' |
Shares returned to the company | ' | ' | ' | ' | 217,159 | ' | ' | ' | ' | ' |
Percentage of Navios Holdings in Navios Acquisition | ' | ' | 45.00% | 45.00% | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | 51.00% | 49.00% | ' |
Cash consideration | ' | ' | ' | ' | ' | 750 | ' | ' | ' | ' |
Remaining Non Controlling Interest Percentage Acquired | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' |
Net income attributable to the noncontrolling interest | 3,772 | 77 | 506 | ' | ' | ' | ' | ' | ' | 145 |
Noncontrolling shareholders' contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,905 |
Investments_in_Available_For_S1
Investments in Available For Sale Securities (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 15, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 29, 2012 | 19-May-11 |
Korea Line Corporation | Korea Line Corporation | Navios Partners | Navios Partners | Navios Partners | Navios Partners | Navios Luz / Navios Orbiter | ||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-May-11 |
Total consideration paid for sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | $130,000 |
Cash consideration from sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000 |
Number of common units exchanged for sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 507,916 |
Value of common units exchanged for sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 |
Number of outstanding subordinated units converted into common units | ' | ' | ' | ' | ' | ' | ' | 7,621,843 | 1,000,000 | ' |
Reclassification of investments in available for sale securities to investments in affiliates | 0 | 82,572 | 0 | ' | ' | ' | 82,572 | ' | ' | ' |
Other Income | 17,031 | 189,239 | 1,660 | ' | ' | 168,013 | ' | ' | ' | ' |
Reclassification of accumulated other comprehensive income to investments in affiliates | 0 | 6,158 | 0 | ' | ' | ' | 6,158 | ' | ' | ' |
Investment held in shares | ' | ' | ' | 314,077 | 138,479 | ' | ' | ' | ' | ' |
Investment in available for sale securities | 7,660 | 559 | ' | 7,660 | 559 | ' | ' | ' | ' | ' |
Accumulated other comprehensive (loss)/income | ($11,172) | ($558) | $6,166 | ' | ' | ' | ' | ' | ' | ' |
Other_Income_Details
Other Income (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 15, 2011 | Dec. 31, 2013 | Nov. 15, 2011 |
Navios Partners | KLC shares early repayment | Insurance restructuring | ||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
One-time upfront cash payment from insurance restructuring | ' | ' | ' | ' | ' | $175,433 |
Maximum Payout Under Navios Partners Guarantee | ' | ' | ' | 20,000 | ' | ' |
Other Income | 17,031 | 189,239 | 1,660 | 168,013 | 14,995 | ' |
Revenue | 512,279 | 616,494 | 689,355 | 7,420 | ' | ' |
Cash received in advance | $25,221 | $29,643 | ' | ' | ' | $21,592 |
Other_Financial_Information_In
Other Financial Information - Income Statement (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Revenue | $512,279 | $616,494 | $689,355 |
Time charter, voyage and logistics business expenses | -244,412 | -269,279 | -273,312 |
Direct vessel expenses | -114,074 | -117,790 | -117,269 |
General and administrative expenses | -44,634 | -51,331 | -52,852 |
Depreciation and amortization | -98,124 | -108,206 | -107,395 |
Interest income/expense and finance cost, net | -108,506 | -103,479 | -103,061 |
Loss on bond and debt extinguishment | -37,136 | 0 | -21,199 |
Loss on derivatives | -260 | -196 | -165 |
Gain on sale of assets | 18 | 323 | 38,822 |
Loss on change in control | 0 | 0 | -35,325 |
Other income/(expense), net | 5,954 | 161,110 | -11,569 |
(Loss)/income before equity in net earnings of affiliated companies | -128,895 | 127,646 | 6,030 |
(Loss)/Income from subsidiaries | 0 | 0 | 0 |
Equity in net earnings of affiliated companies | 19,344 | 48,228 | 35,246 |
(Loss)/income before taxes | -109,551 | 175,874 | 41,276 |
Income tax (expense)/benefit | 4,260 | -312 | 56 |
Net (loss)/income | -105,291 | 175,562 | 41,332 |
Less: Net income attributable to the noncontrolling interest | -3,772 | -77 | -506 |
Preferred stock dividends of subsidiary | 0 | 0 | -27 |
Preferred stock dividends attributable to the noncontrolling interest | 0 | 0 | 12 |
Net (loss)/income attributable to Navios Holdings common stockholders | -109,063 | 175,485 | 40,811 |
Other comprehensive (loss)/income | ' | ' | ' |
Unrealized holding loss on investments in-available-for-sale-securities | -10,614 | -566 | -26,458 |
Reclassification to investments in affiliates | 0 | -6,158 | 0 |
Total other comprehensive (loss)/income | -10,614 | -6,724 | -26,458 |
Total comprehensive (loss)/ income | -115,905 | 168,838 | 14,859 |
Comprehensive income attributable to noncontrolling interest | -3,772 | -77 | -506 |
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | -119,677 | 168,761 | 14,353 |
Navios Maritime Holdings Inc. Issuer | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
General and administrative expenses | -8,261 | -12,391 | -15,473 |
Depreciation and amortization | -2,811 | -2,818 | -2,810 |
Interest income/expense and finance cost, net | -76,227 | -70,757 | -61,376 |
Loss on bond and debt extinguishment | -37,136 | ' | -21,199 |
Loss on change in control | ' | ' | -35,325 |
Other income/(expense), net | 10 | -276 | 181 |
(Loss)/income before equity in net earnings of affiliated companies | -124,425 | -86,242 | -136,002 |
(Loss)/Income from subsidiaries | 6,320 | 228,833 | 155,325 |
Equity in net earnings of affiliated companies | 9,042 | 32,894 | 21,488 |
(Loss)/income before taxes | -109,063 | 175,485 | 40,811 |
Net (loss)/income | -109,063 | 175,485 | 40,811 |
Net (loss)/income attributable to Navios Holdings common stockholders | -109,063 | 175,485 | 40,811 |
Other comprehensive (loss)/income | ' | ' | ' |
Unrealized holding loss on investments in-available-for-sale-securities | -10,614 | -566 | -26,458 |
Reclassification to investments in affiliates | ' | -6,158 | ' |
Total other comprehensive (loss)/income | -10,614 | -6,724 | -26,458 |
Total comprehensive (loss)/ income | -119,677 | 168,761 | 14,353 |
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | -119,677 | 168,761 | 14,353 |
Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Revenue | 274,229 | 364,364 | 408,756 |
Time charter, voyage and logistics business expenses | -159,203 | -162,273 | -163,809 |
Direct vessel expenses | -37,584 | -45,484 | -40,819 |
General and administrative expenses | -21,733 | -24,003 | -22,320 |
Depreciation and amortization | -71,815 | -77,281 | -70,221 |
Interest income/expense and finance cost, net | -7,253 | -12,357 | -15,831 |
Loss on derivatives | -260 | -196 | -165 |
Gain on sale of assets | ' | 323 | 38,787 |
Other income/(expense), net | 13,578 | 169,138 | -2,203 |
(Loss)/income before equity in net earnings of affiliated companies | -10,041 | 212,231 | 132,175 |
(Loss)/Income from subsidiaries | 6,353 | 1,547 | 9,838 |
Equity in net earnings of affiliated companies | 7,245 | 13,002 | 12,451 |
(Loss)/income before taxes | 3,557 | 226,780 | 154,464 |
Income tax (expense)/benefit | -294 | -277 | -292 |
Net (loss)/income | 3,263 | 226,503 | 154,172 |
Net (loss)/income attributable to Navios Holdings common stockholders | 3,263 | 226,503 | 154,172 |
Other comprehensive (loss)/income | ' | ' | ' |
Unrealized holding loss on investments in-available-for-sale-securities | -10,614 | -566 | ' |
Total other comprehensive (loss)/income | -10,614 | -566 | ' |
Total comprehensive (loss)/ income | -7,351 | 225,937 | 154,172 |
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | -7,351 | 225,937 | 154,172 |
Non Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Revenue | 238,050 | 252,130 | 280,599 |
Time charter, voyage and logistics business expenses | -85,209 | -107,006 | -109,503 |
Direct vessel expenses | -76,490 | -72,306 | -76,450 |
General and administrative expenses | -14,640 | -14,937 | -15,059 |
Depreciation and amortization | -23,498 | -28,107 | -34,364 |
Interest income/expense and finance cost, net | -25,026 | -20,365 | -25,854 |
Gain on sale of assets | 18 | ' | 35 |
Other income/(expense), net | -7,634 | -7,752 | -9,547 |
(Loss)/income before equity in net earnings of affiliated companies | 5,571 | 1,657 | 9,857 |
Equity in net earnings of affiliated companies | 3,057 | 2,332 | 1,307 |
(Loss)/income before taxes | 8,628 | 3,989 | 11,164 |
Income tax (expense)/benefit | 4,554 | -35 | 348 |
Net (loss)/income | 13,182 | 3,954 | 11,512 |
Less: Net income attributable to the noncontrolling interest | -3,772 | -77 | -506 |
Preferred stock dividends of subsidiary | ' | ' | -27 |
Preferred stock dividends attributable to the noncontrolling interest | ' | ' | 12 |
Net (loss)/income attributable to Navios Holdings common stockholders | 9,410 | 3,877 | 10,991 |
Other comprehensive (loss)/income | ' | ' | ' |
Total comprehensive (loss)/ income | 13,182 | 3,954 | 11,497 |
Comprehensive income attributable to noncontrolling interest | -3,772 | -77 | -506 |
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | 9,410 | 3,877 | 10,991 |
Eliminations | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
(Loss)/Income from subsidiaries | -12,673 | -230,380 | -165,163 |
(Loss)/income before taxes | -12,673 | -230,380 | -165,163 |
Net (loss)/income | -12,673 | -230,380 | -165,163 |
Net (loss)/income attributable to Navios Holdings common stockholders | -12,673 | -230,380 | -165,163 |
Other comprehensive (loss)/income | ' | ' | ' |
Unrealized holding loss on investments in-available-for-sale-securities | 10,614 | 566 | ' |
Total other comprehensive (loss)/income | 10,614 | 566 | ' |
Total comprehensive (loss)/ income | -2,059 | -229,814 | -165,163 |
Total other comprehensive (loss)/income attributable to Navios Holdings' common stockholders | ($2,059) | ($229,814) | ($165,163) |
Other_Financial_Information_Ba
Other Financial Information - Balance Sheet (Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $187,831 | $257,868 | $171,096 | $207,410 |
Restricted cash | 2,041 | 24,704 | 6,399 | ' |
Accounts receivables, net | 86,219 | 85,721 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Due from affiliate companies | 8,328 | 50,837 | ' | ' |
Prepaid expenses and other current assets | 55,567 | 51,437 | ' | ' |
Total current assets | 339,986 | 470,567 | ' | ' |
Vessels, port terminal and other fixed assets, net | 1,808,883 | 1,746,493 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Investment in available for sale securities | 7,660 | 559 | ' | ' |
Investment in affiliates | 335,303 | 197,291 | 117,088 | ' |
Long-term receivable from affiliate companies | 5,144 | 57,701 | ' | ' |
Loan receivable from affiliate companies | 2,660 | 35,000 | ' | ' |
Other long-term assets | 67,977 | 64,457 | ' | ' |
Goodwill and other intangibles | 352,000 | 369,394 | ' | ' |
Total non-current assets | 2,579,627 | 2,470,895 | ' | ' |
Total assets | 2,919,613 | 2,941,462 | 2,913,824 | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 51,692 | 63,921 | ' | ' |
Accrued expenses and other liabilities | 64,199 | 75,681 | ' | ' |
Deferred income and cash received in advance | 13,215 | 15,326 | ' | ' |
Due to affiliate companies | 0 | 0 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Capital lease obligations, net of current portion | 1,400 | 1,353 | ' | ' |
Current portion of long term debt | 19,261 | 33,095 | ' | ' |
Total current liabilities | 149,767 | 189,376 | ' | ' |
Long-term debt, net of current portion | 1,491,988 | 1,325,117 | ' | ' |
Capital lease obligations, net of current portion | 22,359 | 23,759 | ' | ' |
Unfavorable lease terms | 27,074 | 32,006 | ' | ' |
Other long-term liabilities and deferred income | 25,221 | 29,643 | ' | ' |
Deferred tax liability | 13,869 | 18,522 | ' | ' |
Total non-current liabilities | 1,580,511 | 1,429,047 | ' | ' |
Total liabilities | 1,730,278 | 1,618,423 | ' | ' |
Noncontrolling interest | 123,640 | 116,663 | ' | ' |
Total Navios Holdings stockholders' equity | 1,065,695 | 1,206,376 | ' | ' |
Total liabilities and stockholders' equity | 2,919,613 | 2,941,462 | ' | ' |
Navios Maritime Holdings Inc. Issuer | ' | ' | ' | ' |
Current assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 33,769 | 79,213 | 74,160 | 6,323 |
Restricted cash | ' | 14,278 | ' | ' |
Intercompany receivables | ' | 49,852 | ' | ' |
Due from affiliate companies | 4,861 | 1,300 | ' | ' |
Total current assets | 38,630 | 144,643 | ' | ' |
Investments in subsidiaries | 1,633,052 | 1,626,699 | ' | ' |
Investment in affiliates | 318,399 | 187,008 | ' | ' |
Loan receivable from affiliate companies | ' | 35,000 | ' | ' |
Other long-term assets | 19,079 | 16,212 | ' | ' |
Goodwill and other intangibles | 92,372 | 95,183 | ' | ' |
Total non-current assets | 2,062,902 | 1,960,102 | ' | ' |
Total assets | 2,101,532 | 2,104,745 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 267 | ' | ' | ' |
Accrued expenses and other liabilities | 16,307 | 18,142 | ' | ' |
Intercompany payables | 19,263 | ' | ' | ' |
Current portion of long term debt | ' | 5,433 | ' | ' |
Total current liabilities | 35,837 | 23,575 | ' | ' |
Long-term debt, net of current portion | 1,000,000 | 874,794 | ' | ' |
Total non-current liabilities | 1,000,000 | 874,794 | ' | ' |
Total liabilities | 1,035,837 | 898,369 | ' | ' |
Total Navios Holdings stockholders' equity | 1,065,695 | 1,206,376 | ' | ' |
Total liabilities and stockholders' equity | 2,101,532 | 2,104,745 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 65,348 | 133,116 | 56,406 | 94,689 |
Restricted cash | 2,041 | 10,426 | ' | ' |
Accounts receivables, net | 64,656 | 56,599 | ' | ' |
Intercompany receivables | 48,395 | ' | ' | ' |
Due from affiliate companies | 3,548 | 49,974 | ' | ' |
Prepaid expenses and other current assets | 37,843 | 27,502 | ' | ' |
Total current assets | 221,831 | 277,617 | ' | ' |
Vessels, port terminal and other fixed assets, net | 1,395,236 | 1,390,455 | ' | ' |
Investments in subsidiaries | 286,413 | 276,042 | ' | ' |
Investment in available for sale securities | 7,660 | 559 | ' | ' |
Investment in affiliates | 5,122 | 442 | ' | ' |
Long-term receivable from affiliate companies | 5,144 | 57,701 | ' | ' |
Loan receivable from affiliate companies | 2,660 | ' | ' | ' |
Other long-term assets | 20,040 | 29,077 | ' | ' |
Goodwill and other intangibles | 97,813 | 110,690 | ' | ' |
Total non-current assets | 1,820,088 | 1,864,966 | ' | ' |
Total assets | 2,041,919 | 2,142,583 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 27,370 | 25,440 | ' | ' |
Accrued expenses and other liabilities | 29,528 | 40,411 | ' | ' |
Deferred income and cash received in advance | 12,170 | 12,322 | ' | ' |
Intercompany payables | 97,343 | 115,335 | ' | ' |
Current portion of long term debt | 18,067 | 27,593 | ' | ' |
Total current liabilities | 184,478 | 221,101 | ' | ' |
Long-term debt, net of current portion | 188,248 | 249,794 | ' | ' |
Unfavorable lease terms | 27,074 | 32,006 | ' | ' |
Other long-term liabilities and deferred income | 18,352 | 19,211 | ' | ' |
Total non-current liabilities | 233,674 | 301,011 | ' | ' |
Total liabilities | 418,152 | 522,112 | ' | ' |
Total Navios Holdings stockholders' equity | 1,623,767 | 1,620,471 | ' | ' |
Total liabilities and stockholders' equity | 2,041,919 | 2,142,583 | ' | ' |
Non Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 88,714 | 45,539 | 40,530 | 106,398 |
Accounts receivables, net | 21,563 | 29,122 | ' | ' |
Intercompany receivables | 71,305 | 71,379 | ' | ' |
Prepaid expenses and other current assets | 17,724 | 23,935 | ' | ' |
Total current assets | 199,306 | 169,975 | ' | ' |
Vessels, port terminal and other fixed assets, net | 413,647 | 356,038 | ' | ' |
Investment in affiliates | 11,782 | 9,841 | ' | ' |
Other long-term assets | 28,858 | 19,168 | ' | ' |
Goodwill and other intangibles | 161,815 | 163,521 | ' | ' |
Total non-current assets | 616,102 | 548,568 | ' | ' |
Total assets | 815,408 | 718,543 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 24,055 | 38,481 | ' | ' |
Accrued expenses and other liabilities | 18,364 | 17,128 | ' | ' |
Deferred income and cash received in advance | 1,045 | 3,004 | ' | ' |
Due to affiliate companies | 81 | 437 | ' | ' |
Intercompany payables | 3,094 | 5,896 | ' | ' |
Capital lease obligations, net of current portion | 1,400 | 1,353 | ' | ' |
Current portion of long term debt | 1,194 | 69 | ' | ' |
Total current liabilities | 49,233 | 66,368 | ' | ' |
Long-term debt, net of current portion | 303,740 | 200,529 | ' | ' |
Capital lease obligations, net of current portion | 22,359 | 23,759 | ' | ' |
Other long-term liabilities and deferred income | 6,869 | 10,432 | ' | ' |
Deferred tax liability | 13,869 | 18,522 | ' | ' |
Total non-current liabilities | 346,837 | 253,242 | ' | ' |
Total liabilities | 396,070 | 319,610 | ' | ' |
Noncontrolling interest | 123,640 | 116,663 | ' | ' |
Total Navios Holdings stockholders' equity | 295,698 | 282,270 | ' | ' |
Total liabilities and stockholders' equity | 815,408 | 718,543 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets [Abstract] | ' | ' | ' | ' |
Intercompany receivables | -119,700 | -121,231 | ' | ' |
Due from affiliate companies | -81 | -437 | ' | ' |
Total current assets | -119,781 | -121,668 | ' | ' |
Investments in subsidiaries | -1,919,465 | -1,902,741 | ' | ' |
Total non-current assets | -1,919,465 | -1,902,741 | ' | ' |
Total assets | -2,039,246 | -2,024,409 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Due to affiliate companies | -81 | -437 | ' | ' |
Intercompany payables | -119,700 | -121,231 | ' | ' |
Total current liabilities | -119,781 | -121,668 | ' | ' |
Total liabilities | -119,781 | -121,668 | ' | ' |
Total Navios Holdings stockholders' equity | -1,919,465 | -1,902,741 | ' | ' |
Total liabilities and stockholders' equity | ($2,039,246) | ($2,024,409) | ' | ' |
Other_Financial_Information_Ca
Other Financial Information - Cash Flow (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Net cash (used in)/provided by operating activities | $59,749 | $228,644 | $102,742 |
Cash flows from investing activities | ' | ' | ' |
Cash acquired through asset acquisition | 0 | 33 | 0 |
Acquisition of investments in affiliates / of General Partner units | -163,169 | -1,472 | -2,052 |
Proceeds from sale of assets | 0 | 67,500 | 120,000 |
Acquisition of intangible assets | -2,092 | 0 | 0 |
Decrease in long-term receivable from affiliate companies | 14,908 | -11,120 | -33,609 |
Loan to affiliate company | -2,660 | 0 | 0 |
Loan repayment from affiliate company | 35,000 | 10,000 | 6,000 |
Dividends from affiliate companies | 10,126 | 5,202 | 3,901 |
Acquisition of vessels | -85,699 | -38,357 | -56,059 |
Investment in affiliate companies | -4,750 | ' | ' |
Purchase of property, equipment and other fixed assets | -60,235 | -19,333 | -71,128 |
Investment in affiliate companies | -167,919 | -1,472 | -2,052 |
Decrease in restricted cash | 0 | 0 | 778 |
Deposits for vessel acquisitions | 0 | 0 | -66,769 |
Deconsolidation of Navios Acquisition | 0 | 0 | -72,425 |
Net cash provided by/(used in) investing activities | -258,571 | 12,453 | -171,363 |
Cash flow from financing activities | ' | ' | ' |
Transfer from/(to) other group subsidiaries | 0 | 0 | 0 |
Issuance of common stock | 551 | 93 | 415 |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 725,486 | 84,965 | 534,188 |
Proceeds from long-term loans, net of finance costs | 50,345 | 50,372 | 83,612 |
Repayment of long-term debt and payment of principal | -157,228 | -236,178 | -248,487 |
Repayment of shipmortgage/senior notes | -488,000 | 0 | -300,000 |
Contribution from noncontrolling shareholders | 3,905 | 0 | 0 |
Acquisition of noncontrolling interest | -750 | 0 | -8,638 |
Decrease in restricted cash | 22,234 | -19,623 | -284 |
Payments of obligations under capital leases | -1,353 | -1,519 | -1,040 |
Dividends paid | -26,405 | -32,435 | -27,238 |
Acquisition of treasury stock | 0 | 0 | -221 |
Net cash provided by/(used in) financing activities | 128,785 | -154,325 | 32,307 |
Net (decrease)/increase in cash and cash equivalents | -70,037 | 86,772 | -36,314 |
Cash and cash equivalents, beginning of year | 257,868 | 171,096 | 207,410 |
Cash and cash equivalents, end of year | 187,831 | 257,868 | 171,096 |
Navios Maritime Holdings Inc. Issuer | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Net cash (used in)/provided by operating activities | -58,695 | 23,001 | 50,995 |
Cash flows from investing activities | ' | ' | ' |
Acquisition of investments in affiliates / of General Partner units | -160,001 | ' | ' |
Decrease in long-term receivable from affiliate companies | -4,065 | -5,000 | -33,609 |
Loan repayment from affiliate company | 35,000 | 10,000 | 6,000 |
Dividends from affiliate companies | 10,126 | 5,202 | 3,901 |
Net cash provided by/(used in) investing activities | -118,940 | 10,202 | -23,708 |
Cash flow from financing activities | ' | ' | ' |
Transfer from/(to) other group subsidiaries | 42,562 | -45,687 | 21,823 |
Issuance of common stock | 551 | 93 | 415 |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 635,291 | 84,965 | 340,981 |
Proceeds from long-term loans, net of finance costs | ' | ' | 18,578 |
Repayment of long-term debt and payment of principal | -46,086 | -23,405 | -28,064 |
Repayment of shipmortgage/senior notes | -488,000 | ' | -300,000 |
Decrease in restricted cash | 14,278 | -11,681 | 13,129 |
Dividends paid | -26,405 | -32,435 | -26,091 |
Acquisition of treasury stock | ' | ' | -221 |
Net cash provided by/(used in) financing activities | 132,191 | -28,150 | 40,550 |
Net (decrease)/increase in cash and cash equivalents | -45,444 | 5,053 | 67,837 |
Cash and cash equivalents, beginning of year | 79,213 | 74,160 | 6,323 |
Cash and cash equivalents, end of year | 33,769 | 79,213 | 74,160 |
Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Net cash (used in)/provided by operating activities | 92,981 | 177,162 | 24,979 |
Cash flows from investing activities | ' | ' | ' |
Proceeds from sale of assets | ' | 67,500 | 120,000 |
Decrease in long-term receivable from affiliate companies | 14,908 | -6,120 | ' |
Loan to affiliate company | 2,660 | ' | ' |
Acquisition of vessels | -67,794 | -38,357 | -51,526 |
Investment in affiliate companies | -4,750 | ' | ' |
Purchase of property, equipment and other fixed assets | -839 | -1,667 | -530 |
Deposits for vessel acquisitions | ' | ' | -63,774 |
Net cash provided by/(used in) investing activities | -61,135 | 21,356 | 4,170 |
Cash flow from financing activities | ' | ' | ' |
Transfer from/(to) other group subsidiaries | -35,849 | 17,465 | -68,000 |
Proceeds from long-term loans, net of finance costs | 39,352 | 50,372 | 62,002 |
Repayment of long-term debt and payment of principal | -111,073 | -181,703 | -48,646 |
Decrease in restricted cash | 7,956 | -7,942 | -12,788 |
Net cash provided by/(used in) financing activities | -99,614 | -121,808 | -67,432 |
Net (decrease)/increase in cash and cash equivalents | -67,768 | 76,710 | -38,283 |
Cash and cash equivalents, beginning of year | 133,116 | 56,406 | 94,689 |
Cash and cash equivalents, end of year | 65,348 | 133,116 | 56,406 |
Non Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Net cash (used in)/provided by operating activities | 25,463 | 28,481 | 28,068 |
Cash flows from investing activities | ' | ' | ' |
Cash acquired through asset acquisition | ' | 33 | ' |
Acquisition of investments in affiliates / of General Partner units | -3,168 | -1,472 | -2,052 |
Acquisition of intangible assets | -2,092 | ' | ' |
Decrease in long-term receivable from affiliate companies | 4,065 | ' | ' |
Acquisition of vessels | -17,905 | ' | -4,533 |
Purchase of property, equipment and other fixed assets | -59,396 | -17,666 | -70,598 |
Decrease in restricted cash | ' | ' | 778 |
Deposits for vessel acquisitions | ' | ' | -2,995 |
Deconsolidation of Navios Acquisition | ' | ' | -72,425 |
Net cash provided by/(used in) investing activities | -78,496 | -19,105 | -151,825 |
Cash flow from financing activities | ' | ' | ' |
Transfer from/(to) other group subsidiaries | -6,713 | 28,222 | 46,177 |
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 90,195 | ' | 193,207 |
Proceeds from long-term loans, net of finance costs | 10,993 | ' | 3,032 |
Repayment of long-term debt and payment of principal | -69 | -31,070 | -171,777 |
Contribution from noncontrolling shareholders | 3,905 | ' | ' |
Acquisition of noncontrolling interest | -750 | ' | -8,638 |
Decrease in restricted cash | ' | ' | -625 |
Payments of obligations under capital leases | -1,353 | -1,519 | -1,040 |
Dividends paid | ' | ' | -2,447 |
Net cash provided by/(used in) financing activities | 96,208 | -4,367 | 57,889 |
Net (decrease)/increase in cash and cash equivalents | 43,175 | 5,009 | -65,868 |
Cash and cash equivalents, beginning of year | 45,539 | 40,530 | 106,398 |
Cash and cash equivalents, end of year | 88,714 | 45,539 | 40,530 |
Eliminations | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' |
Net cash (used in)/provided by operating activities | ' | ' | -1,300 |
Cash flow from financing activities | ' | ' | ' |
Dividends paid | ' | ' | 1,300 |
Net cash provided by/(used in) financing activities | ' | ' | $1,300 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 28, 2014 | Feb. 17, 2014 | Feb. 14, 2014 | Jan. 07, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Jan. 27, 2014 | Jan. 26, 2014 | Jan. 26, 2014 | Feb. 28, 2014 | Mar. 25, 2014 | Apr. 22, 2014 |
American depository shares | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Acquisition | Bonanza | Panamax Bulk Carrier | Capesize Bulk Carrier | Navios Partners | Navios Holdings | Navios Logistics, 2022 Logistics Notes | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received | $10,126 | $5,202 | $3,901 | ' | ' | $7,435 | $3,649 | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel capacity in DWT | ' | ' | ' | ' | ' | ' | ' | ' | ' | '76.596 | '84,000 | '180,600 | ' | ' | ' |
Total consideration paid for sale of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500 | 31,800 | 52,000 | ' | ' | ' |
Date Of Delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Q4 2015 | 'Q4 2015 | ' | ' | ' |
Amount Financed Through Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,250 | ' | ' | ' | ' | ' |
Sale Of Stock Number Of Shares Issued In Transaction | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | 14,950,000 | ' | ' | ' | 6,325,000 | ' | ' |
Sale Of Stock Correspond Description | ' | ' | ' | 'American Depositary Shares, each of which represents 1/100th of a share of the Company's Series G Cumulative Redeemable Perpetual Preferred Stock, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend Rate Percentage | 2.00% | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Initial Public Offering | ' | ' | ' | 47,725 | ' | ' | ' | ' | 57,558 | ' | ' | ' | 106,718 | ' | ' |
Common Stock Dividends Per Share Declared | ' | ' | ' | ' | $0.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of economic interest of Navios Holdings in Navios Acquisition | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting stock of Navios Holdings in Navios Acquisition | ' | ' | 45.00% | ' | ' | ' | ' | ' | 43.10% | ' | ' | ' | ' | ' | ' |
Ownership percentage of Navios Holdings | ' | ' | ' | ' | ' | ' | ' | ' | 45.80% | ' | ' | ' | 20.00% | ' | ' |
General Partner Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Cash consideration for purchase of vessel | 85,699 | 38,357 | 56,059 | ' | ' | ' | ' | ' | ' | 6,250 | ' | ' | ' | ' | ' |
Payments for repurchase of initial public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,233 | ' | ' |
Payments for repurchase of common stock | 0 | 0 | 221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from cancellation of insurance policy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,044 | ' |
Proceeds from settlement of defaulted counterparty related claim | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,229 | ' |
Common Stock Par Or Stated Value Per Share | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | $3.85 | ' | ' | ' | $17.30 | ' | ' |
Face amount at issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $375,000 |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7.25% |