Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Entity Information | ' |
Entity Registrant Name | 'Navios Maritime Holdings Inc. |
Trading Symbol | 'NM |
Entity Central Index Key | '0001333172 |
Document Type | '6-K |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
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 | 104,984,363 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $232,435 | $187,831 |
Restricted cash | 2,631 | 2,041 |
Accounts receivable, net | 99,578 | 86,219 |
Due from affiliate companies | 18,856 | 8,328 |
Inventories | 39,774 | 26,588 |
Prepaid expenses and other current assets | 20,454 | 28,979 |
Total current assets | 413,728 | 339,986 |
Deposits for vessel acquisitions | 17,315 | 28 |
Vessels, port terminals and other fixed assets, net | 1,875,291 | 1,808,855 |
Other long-term assets | 68,107 | 67,977 |
Long-term receivable from affiliate companies | 7,167 | 5,144 |
Loan receivable from affiliate companies | 5,491 | 2,660 |
Investments in affiliates | 340,375 | 335,303 |
Investments in available-for-sale securities | 7,280 | 7,660 |
Intangible assets other than goodwill | 181,947 | 191,664 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 2,663,309 | 2,579,627 |
Total assets | 3,077,037 | 2,919,613 |
Current liabilities | ' | ' |
Accounts payable | 69,368 | 51,692 |
Accrued expenses and other liabilities | 101,047 | 64,199 |
Deferred income and cash received in advance | 10,419 | 13,215 |
Current portion of capital lease obligations | 1,544 | 1,400 |
Current portion of long-term debt | 22,261 | 19,261 |
Total current liabilities | 204,639 | 149,767 |
Senior and ship mortgage notes, including premium | 1,375,000 | 1,293,156 |
Long-term debt, net of current portion | 227,451 | 198,832 |
Capital lease obligations, net of current portion | 21,650 | 22,359 |
Unfavorable lease terms | 24,607 | 27,074 |
Other long-term liabilities and deferred income | 22,556 | 25,221 |
Deferred tax liability | 15,093 | 13,869 |
Total non-current liabilities | 1,686,357 | 1,580,511 |
Total liabilities | 1,890,996 | 1,730,278 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity | ' | ' |
Preferred stock - $0.0001 par value, authorized 1,000,000 shares, 27,918 and 8,479 issued and outstanding as of June 30, 2014 and December 31, 2013, respectively. | 0 | 0 |
Common stock - $0.0001 par value, authorized 250,000,000 shares, 104,984,363 and 104,261,029 issued and outstanding as of June 30, 2014 and December 31, 2013, respectively. | 11 | 10 |
Additional paid-in capital | 600,070 | 552,778 |
Accumulated other comprehensive loss | 0 | -11,172 |
Retained earnings | 474,188 | 524,079 |
Total Navios Holdings' stockholders' equity | 1,074,269 | 1,065,695 |
Noncontrolling interest | 111,772 | 123,640 |
Total stockholders' equity | 1,186,041 | 1,189,335 |
Total liabilities and stockholders' equity | $3,077,037 | $2,919,613 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 27,918 | 8,479 |
Preferred stock shares outstanding | 27,918 | 8,479 |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 104,984,363 | 104,261,029 |
Common stock shares outstanding | 104,984,363 | 104,261,029 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' |
Revenue | $145,408 | $125,572 | $267,599 | $259,409 |
Time charter, voyage and logistics business expenses | -63,514 | -65,632 | -114,692 | -135,640 |
Direct vessel expenses | -33,840 | -26,444 | -62,168 | -54,139 |
General and administrative expenses | -9,567 | -9,873 | -20,598 | -18,835 |
Depreciation and amortization | -25,828 | -24,233 | -51,502 | -48,556 |
Interest expense and finance cost, net | -28,521 | -27,372 | -56,567 | -52,730 |
Gain on sale of assets | 0 | 18 | 0 | 18 |
Loss on bond extinguishment | -27,281 | 0 | -27,281 | 0 |
Other (expense)/income, net | -7,481 | 9,778 | -5,415 | 6,474 |
Loss before equity in net earnings of affiliated companies | -50,624 | -18,186 | -70,624 | -43,999 |
Equity in net earnings of affiliated companies | 7,079 | 4,127 | 29,497 | 18,250 |
Loss before taxes | -43,545 | -14,059 | -41,127 | -25,749 |
Income tax (expense)/benefit | -848 | -128 | -1,136 | 3,572 |
Net loss | -44,393 | -14,187 | -42,263 | -22,177 |
Less: Net loss/(income) attributable to the noncontrolling interest | 7,713 | -1,694 | 7,636 | -3,859 |
Net loss attributable to Navios Holdings common stockholders | -36,680 | -15,881 | -34,627 | -26,036 |
Loss attributable to Navios Holdings common stockholders, basic | -38,253 | -16,304 | -37,427 | -26,877 |
Loss attributable to Navios Holdings common stockholders, diluted | -38,253 | -16,304 | -37,427 | -26,877 |
Basic net losses per share attributable to Navios Holdings common stockholders | ($0.37) | ($0.16) | ($0.36) | ($0.26) |
Weighted average number of shares, basic | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 |
Diluted net losses per share attributable to Navios Holdings common stockholders | ($0.37) | ($0.16) | ($0.36) | ($0.26) |
Weighted average number of shares, diluted | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Unrealized holding income/(loss) on investments in available-for-sale securities | 758 | -1,035 | -381 | -800 |
Reclassification to earnings | 11,553 | 0 | 11,553 | 0 |
Total other comprehensive income/(loss) | 12,311 | -1,035 | 11,172 | -800 |
Total comprehensive loss | -32,082 | -15,222 | -31,091 | -22,977 |
Comprehensive loss/(income) attributable to the noncontrolling interest | 7,713 | -1,694 | 7,636 | -3,859 |
Total comprehensive loss attributable to Navios Holdings common stockholders | ($24,369) | ($16,916) | ($23,455) | ($26,836) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net loss | ($42,263) | ($22,177) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Non-cash adjustments | 68,901 | 55,814 |
(Increase)/decrease in operating assets | -29,347 | 22,083 |
Increase/(decrease) in operating liabilities | 47,928 | -9,578 |
Payments for drydock and special survey costs | -4,727 | -8,269 |
Net cash provided by operating activities | 40,492 | 37,873 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of investments in affiliates | -2,233 | -111,495 |
Acquisition of vessels | -71,862 | 0 |
Deposits for vessel acquisitions | -17,287 | 0 |
Dividends from affiliate companies | 7,298 | 3,478 |
Acquisition of intangible assets | 0 | -2,092 |
Loan to affiliate company | -2,831 | 0 |
Loan repayment from affiliate company | 0 | 35,000 |
(Increase)/decrease in long-term receivable from affiliate companies | -2,263 | 4,453 |
Purchase of property, equipment and other fixed assets | -38,891 | -16,127 |
Net cash used in investing activities | -128,069 | -86,783 |
FINANCING ACTIVITIES: | ' | ' |
Repayment of long-term debt and payment of principal | -9,631 | -33,058 |
Repayment of senior notes | -290,000 | 0 |
Proceeds from long-term loans, net of deferred finance fees | 40,385 | 0 |
Proceeds from issuance of senior notes including premium, net of debt issuance costs | 365,732 | 90,284 |
Dividends paid | -14,351 | -13,205 |
Issuance of common stock | 638 | 279 |
Payments of obligations under capital leases | -565 | -662 |
Net proceeds from issuance of preferred stock | 47,847 | 0 |
Acquisition of noncontrolling interest | -10,889 | 0 |
Contribution from noncontrolling shareholders | 3,484 | 0 |
(Increase)/decrease in restricted cash | -469 | 18,501 |
Net cash provided by financing activities | 132,181 | 62,139 |
Increase in cash and cash equivalents | 44,604 | 13,229 |
Cash and cash equivalents, beginning of period | 187,831 | 257,868 |
Cash and cash equivalents, end of period | 232,435 | 271,097 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Cash paid for interest, net of capitalized interest | 30,957 | 53,485 |
Cash paid for income taxes | 669 | 774 |
Non-cash investing and financing activities | ' | ' |
Dividends payable | 913 | 0 |
Investments in available-for-sale securities | $0 | $17,715 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Changes In Equity (Unaudited) (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Navios Holdings' Stockholders' Equity | Noncontrolling Interest |
In Thousands, except Share data | ||||||||
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 | -22,177 | ' | ' | ' | -26,036 | ' | -26,036 | 3,859 |
Total other comprehensive loss | -800 | ' | ' | ' | ' | -800 | -800 | ' |
Reclassification to earnings (Note 13) | 0 | ' | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling shareholders (Note 3) | 0 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expenses, value | 1,648 | ' | ' | 1,648 | ' | ' | 1,648 | ' |
Stock-based compensation expenses, shares | ' | ' | 87,750 | ' | ' | ' | ' | ' |
Cancellation of shares | ' | ' | -12,452 | ' | ' | ' | ' | ' |
Dividends declared/paid | -13,205 | ' | ' | ' | -13,205 | ' | -13,205 | ' |
Balance, value at Jun. 30, 2013 | 1,288,505 | 0 | 10 | 549,025 | 620,306 | -1,358 | 1,167,983 | 120,522 |
Balance, shares at Jun. 30, 2013 | ' | 8,479 | 103,330,707 | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' |
Net (loss)/income | -42,263 | ' | ' | ' | -34,627 | ' | -34,627 | -7,636 |
Total other comprehensive loss | -381 | ' | ' | ' | ' | -381 | -381 | ' |
Reclassification to earnings (Note 13) | 11,553 | ' | ' | ' | ' | 11,553 | 11,553 | ' |
Issuance of preferred stock, net of expenses (Note 9), values | 47,847 | ' | ' | 47,847 | ' | ' | 47,847 | ' |
Issuance of preferred stock, net of expenses (Note 9), shares | ' | 20,000 | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock (Note 9), values | 1 | ' | 1 | ' | ' | ' | 1 | ' |
Conversion of preferred stock to common stock (Note 9), shares | ' | -561 | 561,000 | ' | ' | ' | ' | ' |
Contribution from noncontrolling shareholders (Note 3) | 3,484 | ' | ' | ' | ' | ' | ' | 3,484 |
Acquisition of noncontrolling interest (Note 1) | -10,889 | ' | ' | -3,173 | ' | ' | -3,173 | -7,716 |
Stock-based compensation expenses, value | 2,618 | ' | ' | 2,618 | ' | ' | 2,618 | ' |
Stock-based compensation expenses, shares | ' | ' | 166,959 | ' | ' | ' | ' | ' |
Cancellation of shares | ' | ' | -4,625 | ' | ' | ' | ' | ' |
Dividends declared/paid | -15,264 | ' | ' | ' | -15,264 | ' | -15,264 | ' |
Balance, value at Jun. 30, 2014 | $1,186,041 | $0 | $11 | $600,070 | $474,188 | $0 | $1,074,269 | $111,772 |
Balance, shares at Jun. 30, 2014 | ' | 27,918 | 104,984,363 | ' | ' | ' | ' | ' |
Description_of_Business
Description of Business | 6 Months Ended |
Jun. 30, 2014 | |
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. As of June 30, 2014, Navios Holdings 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 and owned 51.0% of Navios Asia. In May 2014, Navios Holdings became the sole shareholder of Navios Asia by acquiring the remaining 49.0% for a total cash consideration of $10,889. | |
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 June 30, 2014, Navios Holdings owned a 20.0% 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 June 30, 2014, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition was 43.1% and its economic interest was 46.4%. | |
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. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
(a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings' consolidated financial positions, statement of stockholders' equity, statements of comprehensive income and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. The December 31, 2013 balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes included in Navios Holdings' 2013 annual report filed on Form 20-F with the Securities and Exchange Commission (“SEC”). | |
For the six month period ended June 30, 2013, the Company has revised its statement of cash flows to appropriately classify the amount of $3,478 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 interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. | |
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 was 51.0%, until May 2014, when Navios Holdings became the sole shareholder by acquiring the remaining 49.0% noncontrolling interest. | |
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: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2014 was 20.0%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of June 30, 2014 was 46.4%); (iii) Acropolis Chartering and Shipping Inc. (“Acropolis”) (ownership interest as of June 30, 2014 was 50.0%); and (iv) Navios Europe and its subsidiaries (ownership interest as of June 30, 2014 was 47.5%). | |
(b) Recent Accounting Pronouncements: | |
In April 2014, the FASB issued ASU No. 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment” changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. The Company plans to adopt No. ASU 2014-08 effective January 1, 2015. | |
In May 2014, the FASB issued No. ASU 2014-09 "Revenue from Contracts with Customers" clarifying the method used to determine the timing and requirements for revenue recognition on the statements of comprehensive income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently reviewing the effect of ASU No. 2014-09 on its revenue recognition. | |
Vessels_Port_Terminals_and_Oth
Vessels, Port Terminals and Other Fixed Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS [Abstract] | ' | |||||||
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS | ' | |||||||
NOTE 3: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS | ||||||||
Vessels, Port Terminals and Other Fixed Assets | Cost | Accumulated | Net Book | |||||
Depreciation | Value | |||||||
Balance December 31, 2013 | $ 2,233,353 | $ (424,498) | $ 1,808,855 | |||||
Additions | 110,753 | (44,250 | ) | 66,503 | ||||
Write-off | (211 | ) | 144 | (67 | ) | |||
Balance June 30, 2014 | $ 2,343,895 | $ (468,604) | $ 1,875,291 | |||||
Deposits for Vessel Acquisitions | ||||||||
On January 26, 2014, Navios Holdings entered into agreements to purchase two bulk carrier vessels, one 84,000 deadweight tons (“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. During the six month period ended June 30, 2014, Navios Holdings paid deposits for both vessels totaling $17,287. | ||||||||
Vessels Acquisitions | ||||||||
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 $17,634, of which $2,900 was paid from the Company's cash, $3,484 from the noncontrolling shareholders' cash and $11,250 was financed through a loan. | ||||||||
On June 4, 2014, Navios Asia took delivery of the Navios Gem, a 2014- built 181,336 dwt capesize vessel for a purchase price of $54,228, of which $24,228 was paid in cash and $30,000 was financed through a loan. | ||||||||
Navios Logistics | ||||||||
On June 26, 2013, Navios Logistics acquired three pushboats for a total purchase price of $20,250, which were delivered in the first quarter of 2014. During the six months ended June 30, 2014, Navios Logistics paid $583 and as of June 30, 2014 the purchase price of the pushboats had been paid in full. | ||||||||
On August 5, 2013, Navios Logistics entered into an agreement for the construction of 36 dry barges for a total purchase price of $19,080 and on October 8, 2013 Navios Logistics exercised the option for the construction of additional 36 dry barges for a total purchase price of $19,080, based on the initial agreement. As of June 30, 2014, Navios Logistics had paid $26,712 for the construction of the new barges, out of which 36 were delivered in the second quarter of 2014 and the remaining 36 were delivered in the third quarter of 2014. | ||||||||
On February 11, 2014, Navios Logistics entered into an agreement for the construction of three newbuilding pushboats with a purchase price of $7,400 each. During the six months ended June 30, 2014, Navios Logistics paid $4,440 for the construction of the new pushboats, which are expected to be delivered in the first quarter of 2015. | ||||||||
Intangible_Assets_Other_Than_G
Intangible Assets Other Than Goodwill | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | ' | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL | ' | ||||
NOTE 4: INTANGIBLE ASSETS OTHER THAN GOODWILL | |||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Intangible assets | |||||
Acquisition Cost (*) (**) | $379,747 | $379,117 | |||
Accumulated amortization | (197,800 | ) | (187,453 | ) | |
Total Intangible assets net book value | 181,947 | 191,664 | |||
Unfavorable lease terms | |||||
Acquisition Cost (***) | (121,028 | ) | (121,028 | ) | |
Accumulated amortization | 96,421 | 93,954 | |||
Unfavorable lease terms net book value | -24,607 | -27,074 | |||
Total Intangibles net book value | $ 157,340 | $ 164,590 | |||
(*) As of June 30, 2014, intangible assets associated with favorable lease terms included an amount of $21,782 related to purchase options for the vessels. | |||||
(**) 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 approximately 12 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 of $2,092 was recorded under port terminals operating rights. | |||||
(***) As of June 30, 2014, the intangible liability associated with the unfavorable lease terms included an amount of $9,405 related to purchase options held by third parties. | |||||
Amortization expense, net for the three month periods ended June 30, 2014 and 2013 amounted to $3,632 and $3,639, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $7,252 and $7,247, respectively. | |||||
The remaining aggregate amortization of acquired intangibles as of June 30, 2014 will be as follows: | |||||
Period | |||||
Year One | $14,139 | ||||
Year Two | 15,146 | ||||
Year Three | 15,376 | ||||
Year Four | 7,411 | ||||
Year Five | 5,094 | ||||
Thereafter | 87,797 | ||||
Total | $144,963 | ||||
Borrowings
Borrowings | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
BORROWINGS [Abstract] | ' | |||||
BORROWINGS | ' | |||||
NOTE 5: BORROWINGS | ||||||
Borrowings, as of June 30, 2014 and December 31, 2013, consisted of the following: | ||||||
Facility | June 30, | December 31, | ||||
2014 | 2013 | |||||
Secured credit facilities | $249,218 | $217,565 | ||||
2019 Notes | 350,000 | 350,000 | ||||
2022 Notes | 650,000 | 650,000 | ||||
2019 Logistics Senior Notes | — | 290,000 | ||||
2022 Logistics Senior Notes | 375,000 | — | ||||
Navios Logistics other long-term loans | 494 | 528 | ||||
Total borrowings | 1,624,712 | 1,508,093 | ||||
Plus: unamortized premium | — | 3,156 | ||||
Less: current portion | (22,261 | ) | (19,261 | ) | ||
Total long-term borrowings | $1,602,451 | $ 1,491,988 | ||||
Secured credit facilities | ||||||
On December 20, 2013, Navios Asia entered into a facility with Crédit Agricole Corporate and Investment Bank for an amount of up to $22,500 in two equal tranches 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. During the first quarter of 2014, Navios Asia had drawn the second tranche of $11,250 in order to finance the acquisition of N Bonanza, which is repayable in ten equal semi-annual installments of $563, with a final balloon payment of $5,625 on the last repayment date. | ||||||
On June 27, 2014, Navios Holdings refinanced its existing facility with DVB Bank SE, Crédit Agricole Corporate and Investment Bank and Norddeutsche Landesbank Girozentrale, entering into a new tranche for an amount of $30,000 in order to finance the acquisition of the Navios Gem, which was delivered in June 2014. The loan bears interest at a rate of LIBOR plus 275 basis points. As of June 30, 2014, the Company had drawn the entire available amount under the new tranche facility, which is repayable in 24 quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. | ||||||
During the six month period ended June 30, 2014, the Company paid an amount of $9,596 relating to scheduled repayment installments. | ||||||
As of June 30, 2014, the Company had secured credit facilities with various banks with a total outstanding balance of $249,218. The purpose of the facilities was to finance the construction or acquisition of vessels or refinance existing indebtedness. All of the facilities are denominated in U.S. Dollars and bear interest based on LIBOR plus spread ranging from 2.25% to 3.60% per annum. The facilities are repayable in either semi-annual or quarterly installments, followed by balloon payments with maturities, ranging from September 2018 to May 2022. See also the maturity table included below. | ||||||
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 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. | ||||||
As of June 30, 2014, the Company was in compliance with all of the covenants under each of its credit facilities. | ||||||
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, the Company 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 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 Logistics 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 June 30, 2014. | ||||||
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 2017 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 net proceeds of the offering of the 2022 Notes have been used: (i) to repay in full 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 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 2022 Notes are unregistered and 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 (ii) 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 June 30, 2014. | ||||||
2019 Logistics Senior Notes | ||||||
On April 12, 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 aggregate principal amount of senior notes due on April 15, 2019 at a fixed rate of 9.25% (the “Existing 2019 Logistics Senior Notes”). On March 12, 2013, the Logistics Co-Issuers issued $90,000 in aggregate principal amount of 9.25% Logistics Senior Notes due 2019 (the “Additional 2019 Logistics Senior Notes”, and together with the Existing 2019 Logistics Senior Notes, the “2019 Logistics Senior Notes”) at a premium, with a price of 103.750%. | ||||||
On May 5, 2014, the Logistics Co-Issuers completed a cash tender offer (the “ Tender Offer”) and related solicitation of consents for certain proposed amendments to the indenture governing the 2019 Logistics Senior Notes, for a total amount of $305,558 including $22,153 of tender premium fees, for any and all of their outstanding 2019 Logistics Senior Notes. After the purchase by the Logistics Co-Issuers of all of the 2019 Logistics Senior Notes validly tendered and not validly withdrawn prior to the consent payment deadline, $6,595 in aggregate principal amount of the 2019 Logistics Senior Notes remained outstanding. On May 22, 2014, the Logistics Co-Issuers also redeemed for cash all 2019 Logistics Senior Notes that remained outstanding after the completion of the Tender Offer, at a redemption price of $1,069.38 per $1,000 principal amount of 2019 Logistics Senior Notes, plus accrued and unpaid interest to, but not including, the redemption date. The effect of this transaction was the recognition of a $27,281 loss in the statement of comprehensive income under “Loss on bond extinguishment”, consisting of a $7,881 loss relating to the accelerated amortization of unamortized deferred finance costs, a $3,095 gain relating to the accelerated amortization of unamortized Additional 2019 Logistics Senior Notes premium and a $22,495 loss relating to tender premium fees and expenses. | ||||||
2022 Logistics Senior Notes | ||||||
On April 22, 2014, Navios Logistics and Logistics Finance (the “2022 Logistics Co-Issuers”) completed the sale of $375,000 in aggregate principal amount of senior notes due on May 1, 2022 at a fixed rate of 7.25% (the “2022 Logistics Senior Notes”). The 2022 Logistics Senior Notes are unregistered and fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics' direct and indirect subsidiaries except for Horamar do Brasil Navegação Ltda (“Horamar do Brasil”), which is deemed to be minor, and Logistics Finance, which is the co-issuer of the 2022 Logistics Senior Notes. The subsidiary guarantees are “full and unconditional” , except that the indenture provides for an individual subsidiary's guarantee to be automatically released in certain customary circumstances, such as in connection with a sale or other disposition of all or substantially all of the assets of the subsidiary, in connection with the sale of a majority of the capital stock of the subsidiary, if the subsidiary is designated as an “unrestricted subsidiary” in accordance with the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Logistics Senior Notes. | ||||||
The 2022 Logistics Co-Issuers have the option to redeem the 2022 Logistics Senior Notes in whole or in part, at their option, at any time (i) before May 1, 2017, 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 May 1, 2017, at a fixed price of 105.438%, which price declines ratably until it reaches par in 2020. At any time before May 1, 2017, the 2022 Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2022 Logistics Senior Notes with the net proceeds of an equity offering at 107.250% of the principal amount of the 2022 Logistics Senior 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 2022 Logistics Senior Notes remains outstanding after such redemption. In addition, upon the occurrence of certain change of control events, the holders of the 2022 Logistics Senior Notes will have the right to require the 2022 Logistics Co-Issuers to repurchase some or all of the 2022 Logistics Senior Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | ||||||
The 2022 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 2022 Logistics Co-Issuers were in compliance with the covenants as of June 30, 2014. | ||||||
The annualized weighted average interest rates of the Company's total borrowings were 7.13% and 7.81% for the three month periods ended June 30, 2014 and 2013, respectively, and 7.28% and 7.81% for the six month periods ended June 30, 2014 and 2013, 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 June 30, 2014, based on the repayment schedules of the respective loan facilities (as described above) and the outstanding amount due under the debt securities. | ||||||
Payment due by period | ||||||
30-Jun-15 | $ 22,261 | |||||
30-Jun-16 | 22,636 | |||||
30-Jun-17 | 22,761 | |||||
30-Jun-18 | 22,761 | |||||
30-Jun-19 | 415,255 | |||||
June 30, 2020 and thereafter | 1,119,038 | |||||
Total | $1,624,712 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||
NOTE 6: 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 2019 Notes, the 2022 Notes and the 2019 and 2022 Logistics Senior 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 companies: 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 receivable 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 income. | |||||||||
The estimated fair values of the Company's financial instruments are as follows: | |||||||||
30-Jun-14 | December 31, 2013 | ||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||
Cash and cash equivalents | $ 232,435 | $ 232,435 | $ 187,831 | $ 187,831 | |||||
Restricted cash | $ 2,631 | $ 2,631 | $ 2,041 | $ 2,041 | |||||
Accounts receivable, net | $ 99,578 | $ 99,578 | $ 86,219 | $ 86,219 | |||||
Investments in available-for-sale-securities | $ 7,280 | $ 7,280 | $ 7,660 | $ 7,660 | |||||
Loan receivable from affiliate companies | $ 5,491 | $ 5,491 | $ 2,660 | $ 2,660 | |||||
Long-term receivable from affiliate companies | $ 7,167 | $ 7,167 | $ 5,144 | $ 5,144 | |||||
Accounts payable | $ (69,368) | $ (69,368) | $ (51,692) | $ (51,692) | |||||
Capital lease obligations, including current portion | $ (23,194) | $ (23,194) | $ (23,759) | $ (23,759) | |||||
Senior and ship mortgage notes, including premium | $ (1,375,000) | $ (1,433,023) | ($1,293,156) | ($1,326,897) | |||||
Long-term debt, including current portion | $ (249,712) | $ (249,712) | ($218,093) | $ (218,093) | |||||
The following tables set forth our assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets 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 June 30, 2014 | |||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||
Active Markets for | Observable | Unobservable | |||||||
Identical Assets | Inputs | Inputs | |||||||
(Level I) | (Level II) | (Level III) | |||||||
Investments in available-for-sale securities | $ 7,280 | $ 7,280 | $ — | $ — | |||||
Total | $ 7,280 | $ 7,280 | $ — | $ — | |||||
Fair Value Measurements as of December 31, 2013 | |||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||
Active Markets for | Observable | Unobservable | |||||||
Identical Assets | Inputs | Inputs | |||||||
(Level I) | (Level II) | (Level III) | |||||||
Investments in available-for-sale securities | $ 7,660 | $ 7,660 | $ — | $ — | |||||
Total | $ 7,660 | $ 7,660 | $ — | $ — | |||||
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. | |||||||||
Fair Value Measurements at June 30, 2014 | |||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||
Cash and cash equivalents | $ 232,435 | $ 232,435 | $ — | $ — | |||||
Restricted cash | $ 2,631 | $ 2,631 | $ — | $ — | |||||
Senior and ship mortgage notes, including premium | ($1,433,023) | ($1,433,023) | $ — | $ — | |||||
Capital lease obligations, including current portion(1) | $ (23,194) | $ — | $ (23,194) | $ — | |||||
Long-term debt, including current portion(1) | $ (249,712) | $ — | $ (249,712) | $ — | |||||
Loan receivable from affiliate companies(2) | $ 5,491 | $ — | $ 5,491 | $ — | |||||
Long-term receivable from affiliate companies(2) | $ 7,167 | $ — | $ 7,167 | $ — | |||||
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, including premium | ($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) | $ — | |||||
Loan receivable from affiliate companies(2) | $ 2,660 | $ — | $ 2,660 | $ — | |||||
Long-term receivable from affiliate companies(2) | $ 5,144 | $ — | $ 5,144 | $ — | |||||
(1) The fair value of the Company's long-term debt is estimated based on currently available debt with similar contract terms, interest rates 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 companies 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||
NOTE 7: COMMITMENTS AND CONTINGENCIES | ||||||||
As of June 30, 2014, the Company was contingently liable for letters of guarantee and letters of credit amounting to $590 (December 31, 2013: $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 2021. As of June 30, 2014, the remaining liability related to these pre-acquisition contingencies amounted to $691 (December 31, 2013: $829) 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 June 30, 2014, the Company's future minimum commitments, net of commissions under chartered-in vessels, barges and pushboats were as follows: | ||||||||
In Operation | To be delivered | Total | ||||||
June 30, 2015 | $ 74,373 | $ 3,318 | $ 77,691 | |||||
June 30, 2016 | 59,891 | 18,437 | 78,328 | |||||
June 30, 2017 | 54,685 | 33,983 | 88,668 | |||||
June 30, 2018 | 51,877 | 39,876 | 91,753 | |||||
June 30, 2019 | 45,721 | 39,877 | 85,598 | |||||
June 30, 2020 and thereafter | 87,256 | 206,688 | 293,944 | |||||
Total | $ 373,803 | $ 342,179 | $ 715,982 | |||||
As of June 30, 2014, the Company has future remaining contractual deposits for two newbuilding owned vessels, which are expected to be delivered in the fourth quarter of 2015, and Navios Logistics has obligations related to the acquisition of new dry barges, the acquisition of three new pushboats, the dredging of its dry port and the acquisition of the chartered-in fleet of $11,448, $17,760, $10,200 and $9,308, respectively. The table below reflects the remaining future payments of these commitments. | ||||||||
Drybulk Vessels | Navios Logistics | |||||||
June 30, 2015 | $ 4,190 | $ 33,796 | ||||||
June 30, 2016 | 62,850 | 14,920 | ||||||
Total | $ 67,040 | $ 48,716 | ||||||
Transactions_with_Related_Part
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | ' |
TRANSACTIONS WITH RELATED PARTIES | ' |
NOTE 8: 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 €943 (approximately $1,292) 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, as a broker. Commissions charged from Acropolis for the three month periods ended June 30, 2014 and 2013 were $0 and $30, respectively, and for the six month periods ended June 30, 2014 and 2013 were $0 and $40, respectively. During both the three and the six month periods ended June 30, 2014 and 2013, the Company received dividends of $271 and $0, respectively. Included in the trade accounts payable at both June 30, 2014 and December 31, 2013 was an amount of $76, 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 was approximately two years at a net daily rate of $12.5 for the first year and $13.5 for the second year, plus 50/50 profit sharing based on actual earnings. In January 2014, the Company extended this charter for approximately six months at a net daily rate of $13.5 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 was approximately one year with two six-month extension options granted to the Company, at a net daily rate of $12.0 plus profit sharing. In April 2014, the Company extended this charter for approximately one year. 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 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 February 2014, the Company exercised its first option to extend this charter for six months, and in August 2014, the Company exercised its second option to extend this charter for additional six months. | |
In May 2013, the Company chartered in from Navios Partners the Navios Aldebaran, a 2008-built Panamax vessel, for six months with a six-month extension option. In December 2013, the Company exercised its option to extend this charter. The extended 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. The charter-in contract was completed in July 2014. | |
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 December 2013, the Company extended this charter for approximately another six months at a net daily rate of $10.0 plus 50/50 profit sharing based on actual earnings. | |
In July 2013, the Company chartered in from Navios Partners the Navios Melodia, a 2010-built Capesize vessel for a net daily rate of $15.0. The charter-in contract was completed in October 2013. | |
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 three month periods ended June 30, 2014 and 2013 were $6,416 and $4,366, respectively, and for the six month periods ended June 30, 2014 and 2013 were $12,761 and $7,697, respectively, and were included in the statement of comprehensive 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 of: (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 delivery through December 31, 2015. Drydocking expenses under this agreement will be reimbursed by Navios Partners at cost at occurrence. Total management fees for the three month periods ended June 30, 2014 and 2013 amounted to $12,240 and $8,585, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $24,244 and $17,077, respectively. | |
Pursuant to its Management Agreement dated May 28, 2010, as amended on May 4, 2012, 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 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. | |
In May 2014, Navios Holdings extended the duration of its existing Management Agreement with Navios Acquisition until May 2020 and fixed the fees for ship management services of Navios Acquisition owned fleet for two additional years through May 2016 at current rates for product tanker and chemical tanker vessels, being $6.0 daily rate per MR2 product tanker and chemical tanker vessel, $7.0 daily rate per LR1 product tanker vessel and reduced the daily rate to $9.5 per VLCC vessel. Drydocking expenses under this agreement will be reimbursed at cost at occurrence for all vessels. | |
Effective March 30, 2012, Navios Acquisition can, upon request to Navios Holdings, partially or fully defer the reimbursement of drydocking and other extraordinary fees and expenses under the Management Agreement to a later date, but not later than January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. Commencing September 28, 2012, Navios Acquisition could, upon request, reimburse Navios Holdings partially or fully for any fixed management fees outstanding for a period of not more than nine months under the Management Agreement at a later date, but not later than December 31, 2014, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. Total management fees for the three month periods ended June 30, 2014 and 2013 amounted to $23,787 and $15,826, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $46,087 and $29,924, 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 three month periods ended June 30, 2014 and 2013 amounted to $4,861 and $0, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $9,299 and $0, respectively. | |
Navios Partners Guarantee: In November 2012 (as amended to update for charters 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 June 30, 2014, 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 three month periods ended June 30, 2014 and 2013 amounted to $1,500 and $1,050, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $2,986 and $2,100, respectively. | |
On May 28, 2010, Navios Acquisition entered into an administrative services agreement 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. In May 2014, Navios Acquisition extended the duration of its existing Administrative Services Agreement with Navios Holdings, until May 2020 pursuant to its existing terms. 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 three month periods ended June 30, 2014 and 2013 amounted to $1,803 and $755, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $3,498 and $1,414, 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 both the three month periods ended June 30, 2014 and 2013 amounted to $190, and for the six month periods ended June 30, 2014 and 2013 amounted to $380 and $360, 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 three month periods ended June 30, 2014 and 2013 amounted to $199 and $0, respectively, and for the six month periods ended June 30, 2014 and 2013 amounted to $397 and $0, respectively. | |
Balance due from affiliates (excluding Navios Europe): Balance due from affiliates as of June 30, 2014 amounted to $21,181 (December 31, 2013: $12,064) which included the current amounts due from Navios Partners and Navios Acquisition, which were $3,265 (December 31, 2013: $390) and $10,749 (December 31, 2013: $6,530), respectively, and the non-current amount of $7,167 (December 31, 2013: $5,144) 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. As of June 30, 2014 and December 31, 2013, the unamortized deferred gain for all vessels and rights sold totaled $17,770 and $21,578, respectively, and for the three month periods ended June 30, 2014 and 2013, Navios Holdings recognized $735 and $1,370, respectively, of the deferred gain in “Equity in net earnings of affiliated companies”. For the six months ended June 30, 2014 and 2013, Navios Holdings recognized $3,808 and $4,071, 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 June 30, 2014, the outstanding amount under this facility was $0 (December 31, 2013: $0). | |
Balance due from Navios Europe: Current balance due from Navios Europe as of June 30, 2014, amounted to $5,173 (December 31, 2013: $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”). | |
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 June 30, 2014, Navios Holdings' portion of the investment in Navios Europe is $4,903 (December 31, 2013: $4,750), under the caption “Investment in affiliates” and the outstanding amount relating to the Navios Revolving Loans capital is $5,491 (December 31, 2013: $2,660), under the caption “Loan receivable from affiliate companies.” As of June 30, 2014, the amount undrawn from the revolving facility was $12,540, of which Navios Holdings is committed to fund $5,957. | |
Preferred_and_Common_Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2014 | |
PREFERRED AND COMMON STOCK [Abstract] | ' |
PREFERRED AND COMMON STOCK | ' |
NOTE 9: PREFERRED AND COMMON STOCK | |
Issuances to Employees and Exercise of Options | |
During the six month periods ended June 30, 2014 and 2013, pursuant to the stock plan approved by the Board of Directors, 141,839 and 87,750 shares were issued following the exercise of options for a total of $638 and $279, respectively. | |
Vested, Surrendered and Forfeited | |
During the six month periods ended June 30, 2014 and 2013, 25,120 and 0 restricted stock units, respectively, issued to the Company's employees vested. | |
During the six month periods ended June 30, 2014 and 2013, 4,625 and 12,452 restricted shares of common stock, respectively, were forfeited upon termination of employment. | |
Issuance of Preferred Stock | |
On January 28, 2014, the Company completed the sale of 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 (the “Series G”), with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable quarterly in arrears on the Series G at a rate of 8.75% per annum of the stated liquidation preference. The net proceeds of $47,847 from the offering (after deducting underwriting discounts and offering expenses) will be used for general corporate purposes, including acquisition of vessels. At any time on or after January 28, 2019, the Series G may be redeemed (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefor, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Series G is recorded at fair market value on issuance. | |
Conversion of Preferred Stock | |
On June 30, 2014, 561 convertible preferred stock out of the total 1,870 shares of convertible preferred stock issued in June 2009 (at a $10,000 nominal value per share), were automatically converted into shares of 561,000 shares of common stock. The shares of convertible preferred stock were converted pursuant to their original terms, which provided that five years after the issuance date of the convertible preferred stock, 30% of the then-outstanding shares of preferred stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per preferred share. | |
Navios Holdings had outstanding as of June 30, 2014 and December 31, 2013, 104,984,363 and 104,261,029 shares of common stock, respectively, and 27,918 (20,000 Series G and 7,918 shares of convertible preferred stock) and 8,479 shares of convertible preferred stock, respectively. | |
Other_ExpenseIncome_Net
Other (Expense)/Income, Net | 6 Months Ended |
Jun. 30, 2014 | |
OTHER (EXPENSE)/INCOME, NET [Abstract] | ' |
OTHER (EXPENSE)/INCOME, NET | ' |
NOTE 10: OTHER (EXPENSE)/INCOME, NET | |
During the three months ended June 30, 2014, Navios Holdings received cash compensation of $7,203 from the sale of a defaulted counterparty claim to an unrelated third party. Navios Holdings has no continuing obligation to provide any further services to the counterparty or any further recourse or obligation to the third party to which it sold the claim and has therefore recognized the entire compensation received immediately in the statement of comprehensive loss within the caption of “Other (expense)/income, net”. | |
As of March 25, 2014, the Company terminated the amended credit default insurance policy. In connection with the termination, Navios Holdings received compensation of $4,044 (which was received in April 2014). From the total compensation, $3,551 was recorded immediately in the statement of income within the caption "Other income" and the remaining amount within the caption “Revenue”, representing reimbursements for insurance claims submitted for the period prior to the date of the termination of the credit default insurance policy. The Company has no future requirement to repay any of the lump sum cash payment back to the insurance company or provide any further services. | |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SEGMENT INFORMATION [Abstract] | ' | |||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||
NOTE 11: SEGMENT INFORMATION | ||||||||||||||
The Company currently has two reportable segments from which it derives its revenues: Drybulk Vessel Operations and Logistics Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. 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 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 | Logistics Business | Total | ||||||||||||
Three Month | Three Month | Three Month | Three Month | Three Month | Three Month | |||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | |||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenue | $ 75,440 | $ 62,105 | $ 69,968 | $ 63,467 | $ 145,408 | $ 125,572 | ||||||||
Interest expense and finance cost, net | (21,075 | ) | (20,715 | ) | (7,446 | ) | (6,657 | ) | (28,521 | ) | (27,372 | ) | ||
Depreciation and amortization | (19,847 | ) | (18,454 | ) | (5,981 | ) | (5,779 | ) | (25,828 | ) | (24,233 | ) | ||
Equity in net earnings of affiliated companies | 7,079 | 4,127 | — | — | 7,079 | 4,127 | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (22,999 | ) | (18,704 | ) | (13,681 | ) | 2,823 | (36,680 | ) | (15,881 | ) | |||
Total assets | 2,472,563 | 2,422,071 | 604,474 | 551,620 | 3,077,037 | 2,973,691 | ||||||||
Capital expenditures | (54,311 | ) | (338 | ) | (26,579 | ) | (8,395 | ) | (80,890 | ) | (8,733 | ) | ||
Goodwill | 56,240 | 56,240 | 104,096 | 104,096 | 160,336 | 160,336 | ||||||||
Investments in affiliates | 340,375 | 303,103 | — | — | 340,375 | 303,103 | ||||||||
Cash and cash equivalents | 116,049 | 146,554 | 116,386 | 124,543 | 232,435 | 271,097 | ||||||||
Restricted cash | 2,631 | 6,011 | — | — | 2,631 | 6,011 | ||||||||
Long-term debt (including current and non-current portion) | $ 1,249,218 | $1,124,910 | $ 375,494 | $ 293,818 | $1,624,712 | $ 1,418,728 | ||||||||
Drybulk Vessel Operations | Logistics Business | Total | ||||||||||||
Six Month | Six Month | Six Month | Six Month | Six Month | Six Month | |||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | |||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenue | $ 152,033 | $ 122,712 | $ 115,566 | $ 136,697 | $ 267,599 | $ 259,409 | ||||||||
Interest expense and finance cost, net | (42,405 | ) | (40,692 | ) | (14,162 | ) | (12,038 | ) | (56,567 | ) | (52,730 | ) | ||
Depreciation and amortization | (39,454 | ) | (36,684 | ) | (12,048 | ) | (11,872 | ) | (51,502 | ) | (48,556 | ) | ||
Equity in net earnings of affiliated companies | 29,497 | 18,250 | — | — | 29,497 | 18,250 | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (20,833 | ) | (32,647 | ) | (13,794 | ) | 6,611 | (34,627 | ) | (26,036 | ) | |||
Total assets | 2,472,563 | 2,422,071 | 604,474 | 551,620 | 3,077,037 | 2,973,691 | ||||||||
Capital expenditures | (72,013 | ) | (435 | ) | (38,740 | ) | (17,784 | ) | (110,753 | ) | (18,219 | ) | ||
Goodwill | 56,240 | 56,240 | 104,096 | 104,096 | 160,336 | 160,336 | ||||||||
Investments in affiliates | 340,375 | 303,103 | — | — | 340,375 | 303,103 | ||||||||
Cash and cash equivalents | 116,049 | 146,554 | 116,386 | 124,543 | 232,435 | 271,097 | ||||||||
Restricted cash | 2,631 | 6,011 | — | — | 2,631 | 6,011 | ||||||||
Long-term debt (including current and non-current portion) | $ 1,249,218 | $1,124,910 | $ 375,494 | $ 293,818 | $1,624,712 | $ 1,418,728 | ||||||||
Loss_Per_Common_Share
Loss Per Common Share | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
LOSS PER COMMON SHARE [Abstract] | ' | |||||||||
LOSS PER COMMON SHARE | ' | |||||||||
NOTE 12: LOSS PER COMMON SHARE | ||||||||||
Loss per share is calculated by dividing net loss by the weighted average number of shares of Navios Holdings outstanding during the period. | ||||||||||
For the three month period ended June 30, 2014, 3,692,158 potential common shares and 8,472,835 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 loss per share. | ||||||||||
For the three month period ended June 30, 2013, 2,283,704 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 loss per share. | ||||||||||
For the six month period ended June 30, 2014, 4,010,213 potential common shares and 8,475,918 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 loss per share. | ||||||||||
For the six month period ended June 30, 2013, 2,074,295 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 loss per share. | ||||||||||
Three Month | Three Month | Six Month | Six Month | |||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||
Numerator: | ||||||||||
Net loss attributable to Navios Holdings common stockholders | $ (36,680) | $ (15,881) | $ (34,627) | $ (26,036) | ||||||
Less: | ||||||||||
Dividend on Preferred Stock and on unvested restricted shares | (1,573 | ) | (423 | ) | (2,800 | ) | (841 | ) | ||
Loss available to Navios Holdings common stockholders, basic | $ (38,253) | $ (16,304) | (37,427 | ) | $ (26,877) | |||||
Loss available to Navios Holdings common stockholders, diluted | $ (38,253) | $ (16,304) | (37,427 | ) | $ (26,877) | |||||
Denominator: | ||||||||||
Denominator for basic net loss per share attributable to Navios | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 | ||||||
Holdings common stockholders — weighted average shares | ||||||||||
Denominator for diluted net loss per share attributable to | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 | ||||||
Navios Holdings common stockholders- weighted average shares | ||||||||||
Basic net losses per share attributable to Navios Holdings common stockholders | $ (0.37) | $ (0.16) | $ (0.36) | $ (0.26) | ||||||
Diluted net losses per share attributable to Navios Holdings common stockholders | $ (0.37) | $ (0.16) | $ (0.36) | $ (0.26) | ||||||
Investment_in_Affiliates_and_A
Investment in Affiliates and Available-for-Sale Securities | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
INVESTMENT IN AFFILIATES AND AVAILABLE-FOR-SALE SECURITIES [Abstract] | ' | ||||||||||||
INVESTMENT IN AFFILIATES AND AVAILABLE-FOR-SALE SECURITIES | ' | ||||||||||||
NOTE 13: INVESTMENT IN AFFILIATES AND AVAILABLE-FOR-SALE SECURITIES | |||||||||||||
Navios Maritime Partners L.P. | |||||||||||||
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. | |||||||||||||
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 $106,732. 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). The Company determined that the issuance of shares qualified as sales of shares by the equity method investee. As a result, gains of $11,230 and $7,963 were recognized in “Equity in net earnings of affiliated companies” for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||
As of June 30, 2014, Navios Holdings holds a total of 14,223,763 common units, representing an 18.0% common interest in Navios Partners and the entire investment in Navios Partners is accounted for under the equity method. | |||||||||||||
As of June 30, 2014 and December 31, 2013, 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 $36,983 and $42,412, respectively. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Partners tangible and intangible assets. | |||||||||||||
Equity method income of $7,784 and $6,109 were recognized in “Equity in net earnings of affiliated companies” for the three month periods ended June 30, 2014 and 2013, respectively, and equity method income of $28,074 and $21,538 for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||
As of June 30, 2014 and December 31, 2013, the carrying amount of the investment in Navios Partners was $122,045 and $110,516, respectively. | |||||||||||||
Dividends received during the three month periods ended June 30, 2014 and 2013 were $7,536 and $7,343, respectively, and for the six month periods ended June 30, 2014 and 2013 were $14,971 and $14,685, respectively. | |||||||||||||
Acropolis Chartering and Shipping Inc. | |||||||||||||
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 June 30, 2014 and December 31, 2013, the carrying amount of the investment was $420 and $350, respectively. During both the three and six month periods ended June 30, 2014 and 2013, the Company received dividends of $271 and $0, respectively. | |||||||||||||
Navios Maritime Acquisition Corporation | |||||||||||||
In February 2014, Navios Acquisition completed a public offering of 14,950,000 shares of its common stock, at a price of $3.85 per share, raising gross proceeds of $57,556. Following this offering and as of June 30, 2014, Navios Holdings has a 43.1% voting and a 46.4% economic interest in Navios Acquisition. The Company determined that the issuance of shares qualified as a sale of shares by the equity method investee. As a result, $0 and a loss of $2,096 were recognized in “Equity in net earnings of affiliated companies” for the three month periods ended June 30, 2014 and 2013, respectively, and income of $6,193 and a loss of $5,049 for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||
As of June 30, 2014 and December 31, 2013, 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 $7,990 and $12,052, respectively. This difference is amortized through “Equity in net earnings of affiliated companies” over the remaining life of Navios Acquisition tangible and intangible assets. | |||||||||||||
Equity method loss of $1,190 and of $2,055 were recognized in “Equity in net earnings of affiliated companies” for the three month periods ended June 30, 2014 and 2013, respectively, and equity method income of $619 and loss of $3,468 for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||
As of June 30, 2014 and December 31, 2013, the carrying amount of the investment in Navios Acquisition was $212,985 and $219,664, respectively. | |||||||||||||
Dividends received during the three month periods ended June 30, 2014 and 2013 were $3,649 and $2,178, respectively, and for the six month periods ended June 30, 2014 and 2013 were $7,298 and $3,478, respectively. | |||||||||||||
Navios Europe | |||||||||||||
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 $117,753 senior loan facilities (the “Senior Loans”) and loans aggregating to $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 Loans) according to a defined waterfall calculation. | |||||||||||||
The Navios Term Loans 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 variable interest entity and that they are not the party most closely associated with Navios Europe and, accordingly, is not the primary beneficiary of Navios Europe. | |||||||||||||
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 June 30, 2014 and December 31, 2013, the estimated maximum potential loss by Navios Holdings in Navios Europe would have been $10,241 and $7,410, respectively, 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 $5,491 (December 31, 2013: $2,660) and does not include the undrawn portion of the Navios Revolving Loans. | |||||||||||||
Income of $311 and $0 was recognized in “Equity in net earnings of affiliated companies” for the three month periods ended June 30, 2014 and 2013, respectively, and income of $462 and $0 for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||
As of June 30, 2014 and December 31, 2013, the carrying amount of the investment in Navios Europe was $4,903 and $4,750, respectively. | |||||||||||||
Summarized financial information of the affiliated companies is presented below: | |||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||
Balance Sheet | Navios | Navios | Navios Europe | Navios | Navios | Navios Europe | |||||||
Partners | Acquisition | Partners | Acquisition | ||||||||||
Current assets | $ 196,107 | $ 86,644 | $ 13,039 | $ 54,484 | $ 120,801 | $ 8,224 | |||||||
Non-current assets | 1,140,747 | 1,699,448 | 196,692 | 1,195,595 | 1,535,860 | 199,761 | |||||||
Current liabilities | 19,887 | 74,188 | 17,107 | 15,606 | 65,400 | 14,792 | |||||||
Non-current liabilities | 523,429 | 1,223,782 | 198,782 | 527,966 | 1,128,439 | 194,288 | |||||||
Three Month Period Ended | Three Month Period Ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||
Income Statement | Navios | Navios | Navios Europe | Navios | Navios | Navios Europe | |||||||
Partners | Acquisition | Partners | Acquisition | ||||||||||
Revenue | $ 55,178 | $ 62,242 | $ 8,450 | $ 49,154 | $ 47,057 | $ — | |||||||
Net income/(loss) | 29,985 | (2,804 | ) | (2,632 | ) | 19,511 | (1,536 | ) | — | ||||
Six Month Period Ended | Six Month Period Ended | ||||||||||||
June 30,2014 | 30-Jun-13 | ||||||||||||
Income Statement | Navios | Navios | Navios Europe | Navios | Navios | Navios Europe | |||||||
Partners | Acquisition | Partners | Acquisition | ||||||||||
Revenue | $ 112,676 | $ 123,211 | $ 17,109 | $ 99,435 | $ 91,229 | $ — | |||||||
Net income/(loss) | 48,346 | (15,622 | ) | (5,063 | ) | 35,757 | (801 | ) | — | ||||
Investments in available-for-sale securities | |||||||||||||
During the year ended December 2013, 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 both June 30, 2014 and December 31, 2013, the Company retained a total of 314,077 KLC shares. | |||||||||||||
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 income. The Company has no other types of available-for-sale securities. | |||||||||||||
As of June 30, 2014 and December 31, 2013, the carrying amount of the available-for-sale securities related to KLC was $7,280 and $7,660, respectively, and the unrealized holding losses related to these AFS Securities included in “Accumulated Other Comprehensive Loss” were $0 and $1,358, respectively. As of June 30, 2014, the Company considered the decline in fair value of the KLC shares as “other-than-temporary” and therefore, recognized a loss out of accumulated other comprehensive loss of $11,553. The respective loss was included in other (expense)/income, net in the accompanying consolidated statement of comprehensive loss. | |||||||||||||
Other_Financial_Information
Other Financial Information | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
OTHER FINANCIAL INFORMATION [Abstract] | ' | |||||||||||
OTHER FINANCIAL INFORMATION | ' | |||||||||||
NOTE 14: 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 and Navios GP L.L.C. The subsidiary guarantees are “full and unconditional”, 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-guarantor Navios Logistics 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 a discussion of amounts reclassified. | ||||||||||||
In May 2014, Navios Holdings became the sole shareholder of Navios Asia by acquiring the remaining 49.0% noncontrolling interest. From that point onwards Navios Asia and its subsidiaries became guarantors under the 2019 Notes and the following footnote has been adjusted to reflect Navios Asia and its subsidiaries as guarantors. | ||||||||||||
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. | ||||||||||||
Navios | Guarantor | Non | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Guarantor | ||||||||||
Holdings Inc. | Subsidiaries | |||||||||||
Issuer | ||||||||||||
Statement of comprehensive income for the three months ended June 30, 2014 | ||||||||||||
Revenue | $ — | $ 75,440 | $ 69,968 | $ — | $ 145,408 | |||||||
Time charter, voyage and logistics business expenses | — | (39,088 | ) | (24,426 | ) | — | (63,514 | ) | ||||
Direct vessel expenses | — | (13,863 | ) | (19,977 | ) | — | (33,840 | ) | ||||
General and administrative expenses | (1,427 | ) | (4,789 | ) | (3,351 | ) | — | (9,567 | ) | |||
Depreciation and amortization | (701 | ) | (19,146 | ) | (5,981 | ) | — | (25,828 | ) | |||
Interest expense and finance cost, net | (19,643 | ) | (1,432 | ) | (7,446 | ) | — | (28,521 | ) | |||
Loss on bond extinguishment | — | — | (27,281 | ) | — | (27,281 | ) | |||||
Other income/(expense), net | 2 | (5,300 | ) | (2,183 | ) | — | (7,481 | ) | ||||
Loss before equity in net earnings of affiliated companies | -21,769 | -8,178 | -20,677 | — | -50,624 | |||||||
(Loss)/income from subsidiaries | (19,639 | ) | (13,681 | ) | — | 33,320 | — | |||||
Equity in net earnings of affiliated companies | 4,729 | 1,218 | 1,132 | — | 7,079 | |||||||
Loss before taxes | -36,679 | -20,641 | -19,545 | 33,320 | -43,545 | |||||||
Income tax expense | — | (90 | ) | (758 | ) | — | (848 | ) | ||||
Net loss | -36,679 | -20,731 | -20,303 | 33,320 | -44,393 | |||||||
Less: Net (income)/loss attributable to the noncontrolling interest | — | (41 | ) | 7,754 | — | 7,713 | ||||||
Net loss attributable to Navios Holdings common stockholders | ($36,679) | $ (20,772) | $ (12,549) | $ 33,320 | $ (36,680) | |||||||
Other Comprehensive income | ||||||||||||
Unrealized holding income on investments in available-for-sale securities | $ 758 | $ 758 | $ — | $ (758) | $ 758 | |||||||
Reclassification to earnings | 11,553 | 11,553 | — | (11,553 | ) | 11,553 | ||||||
Total other comprehensive income | $ 12,311 | $ 12,311 | $ — | $ (12,311) | $ 12,311 | |||||||
Total comprehensive loss | $ (24,368) | $ (8,420) | $ (20,303) | $ 21,009 | $ (32,082) | |||||||
Comprehensive (income)/ loss attributable to noncontrolling interest | — | (41 | ) | 7,754 | — | 7,713 | ||||||
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (24,368) | $ (8,461) | $ (12,549) | $ 21,009 | $ (24,369) | |||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Statement of comprehensive (loss)/income for the three months ended June 30, 2013 | ||||||||||||
Revenue | $ — | $ 62,104 | $ 63,468 | $ — | $ 125,572 | |||||||
Time charter, voyage and logistics business expenses | — | (41,565 | ) | (24,067 | ) | — | (65,632 | ) | ||||
Direct vessel expenses | — | (9,634 | ) | (16,810 | ) | — | (26,444 | ) | ||||
General and administrative expenses | (1,420 | ) | (4,912 | ) | (3,541 | ) | — | (9,873 | ) | |||
Depreciation and amortization | (701 | ) | (17,752 | ) | (5,780 | ) | — | (24,233 | ) | |||
Interest expense and finance cost, net | (19,103 | ) | (1,612 | ) | (6,657 | ) | — | (27,372 | ) | |||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||
Other (expense)/income, net | (6 | ) | 11,841 | (2,057 | ) | — | 9,778 | |||||
(Loss)/income before equity in net earnings of affiliated companies | -21,230 | -1,530 | 4,574 | — | -18,186 | |||||||
Income from subsidiaries | 3,504 | 2,823 | — | (6,327 | ) | — | ||||||
Equity in net earnings of affiliated companies | 1,845 | 1,442 | 840 | — | 4,127 | |||||||
(Loss)/income before taxes | -15,881 | 2,735 | 5,414 | -6,327 | -14,059 | |||||||
Income tax expense | — | (71 | ) | (57 | ) | — | (128 | ) | ||||
Net (loss)/income | -15,881 | 2,664 | 5,357 | -6,327 | -14,187 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (1,694 | ) | — | (1,694 | ) | |||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (15,881) | $ 2,664 | $ 3,663 | $ (6,327) | $ (15,881) | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (1,035) | $ (1,035) | $ — | $ 1,035 | $ (1,035) | |||||||
Total other comprehensive loss | $ (1,035) | $ (1,035) | $ — | $ 1,035 | $ (1,035) | |||||||
Total comprehensive (loss)/income | $ (16,916) | $ 1,629 | $ 5,357 | $ (5,292) | $ (15,222) | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (1,694 | ) | — | (1,694 | ) | |||||
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | $ (16,916) | $ 1,629 | $ 3,663 | $ (5,292) | $ (16,916) | |||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Statement of comprehensive loss for the six months ended June 30, 2014 | ||||||||||||
Revenue | $ — | $ 152,033 | $ 115,566 | $ — | $ 267,599 | |||||||
Time charter, voyage and logistics business expenses | — | (77,468 | ) | (37,224 | ) | — | (114,692 | ) | ||||
Direct vessel expenses | — | (26,532 | ) | (35,636 | ) | — | (62,168 | ) | ||||
General and administrative expenses | (3,737 | ) | (10,102 | ) | (6,759 | ) | — | (20,598 | ) | |||
Depreciation and amortization | (1,394 | ) | (38,060 | ) | (12,048 | ) | — | (51,502 | ) | |||
Interest expense and finance cost, net | (39,336 | ) | (3,069 | ) | (14,162 | ) | — | (56,567 | ) | |||
Loss on bond extinguishment | — | — | (27,281 | ) | — | (27,281 | ) | |||||
Other expense, net | (13 | ) | (2,292 | ) | (3,110 | ) | — | (5,415 | ) | |||
Loss before equity in net earnings of affiliated companies | -44,480 | -5,490 | -20,654 | — | -70,624 | |||||||
Loss from subsidiaries | (13,001 | ) | (13,794 | ) | — | 26,795 | — | |||||
Equity in net earnings of affiliated companies | 22,854 | 4,611 | 2,032 | — | 29,497 | |||||||
Loss before taxes | -34,627 | -14,673 | -18,622 | 26,795 | -41,127 | |||||||
Income tax expense | — | (178 | ) | (958 | ) | — | (1,136 | ) | ||||
Net loss | -34,627 | -14,851 | -19,580 | 26,795 | -42,263 | |||||||
Less: Net (income)/loss attributable to the noncontrolling interest | — | (182 | ) | 7,818 | — | 7,636 | ||||||
Net loss attributable to Navios Holdings common stockholders | $ (34,627) | $ (15,033) | $ (11,762) | $ 26,795 | $ (34,627) | |||||||
Other Comprehensive income | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (381) | $ (381) | $ — | $ 381 | $ (381) | |||||||
Reclassification to earnings | 11,553 | 11,553 | — | (11,553 | ) | 11,553 | ||||||
Total other comprehensive income | $ 11,172 | $ 11,172 | $ — | $ (11,172) | $ 11,172 | |||||||
Total comprehensive loss | $ (23,455) | $ (3,679) | $ (19,580) | $ 15,623 | $ (31,091) | |||||||
Comprehensive (income)/loss attributable to noncontrolling interest | — | (182 | ) | 7,818 | — | 7,636 | ||||||
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (23,455) | $ (3,861) | $ (11,762) | $ 15,623 | $ (23,455) | |||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Statement of comprehensive (loss)/income for the six months ended June 30, 2013 | ||||||||||||
Revenue | $ — | $ 122,711 | $ 136,698 | $ — | $ 259,409 | |||||||
Time charter, voyage and logistics business expenses | — | (76,104 | ) | (59,536 | ) | — | (135,640 | ) | ||||
Direct vessel expenses | — | (19,105 | ) | (35,034 | ) | — | (54,139 | ) | ||||
General and administrative expenses | (2,890 | ) | (9,334 | ) | (6,611 | ) | — | (18,835 | ) | |||
Depreciation and amortization | (1,394 | ) | (35,289 | ) | (11,873 | ) | — | (48,556 | ) | |||
Interest expense and finance cost, net | (37,403 | ) | (3,289 | ) | (12,038 | ) | — | (52,730 | ) | |||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||
Other income/(expense), net | 31 | 11,310 | (4,867 | ) | — | 6,474 | ||||||
(Loss)/income before equity in net earnings of affiliated companies | -41,656 | -9,100 | 6,757 | — | -43,999 | |||||||
Income from subsidiaries | 3,235 | 6,611 | — | (9,846 | ) | — | ||||||
Equity in net earnings of affiliated companies | 12,385 | 4,251 | 1,614 | — | 18,250 | |||||||
(Loss)/income before taxes | -26,036 | 1,762 | 8,371 | -9,846 | -25,749 | |||||||
Income tax (expense)/benefit | — | (141 | ) | 3,713 | — | 3,572 | ||||||
Net (loss)/income | -26,036 | 1,621 | 12,084 | -9,846 | -22,177 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (3,859 | ) | — | (3,859 | ) | |||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (26,036) | $ 1,621 | $ 8,225 | $ (9,846) | $ (26,036) | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (800) | $ (800) | $ — | $ 800 | $ (800) | |||||||
Total other comprehensive loss | $ (800) | $ (800) | $ — | $ 800 | $ (800) | |||||||
Total comprehensive (loss)/income | $ (26,836) | $ 821 | $ 12,084 | $ (9,046) | $ (22,977) | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (3,859 | ) | — | $ (3,859) | ||||||
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | $ (26,836) | $ 821 | $ 8,225 | $ (9,046) | $ (26,836) | |||||||
Balance Sheet as of June 30, 2014 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 47,341 | $ 68,707 | $ 116,387 | $ — | $ 232,435 | |||||||
Restricted cash | — | 2,631 | — | — | 2,631 | |||||||
Accounts receivable, net | — | 64,908 | 34,670 | — | 99,578 | |||||||
Intercompany receivables | 8,506 | — | 71,305 | (79,811 | ) | — | ||||||
Due from affiliate companies | 3,787 | 15,069 | — | — | 18,856 | |||||||
Prepaid expenses and other current assets | 5 | 36,620 | 23,603 | — | 60,228 | |||||||
Total current assets | 59,639 | 187,935 | 245,965 | -79,811 | 413,728 | |||||||
Vessels, port terminals and other fixed assets, net | — | 1,450,894 | 424,397 | — | 1,875,291 | |||||||
Deposits for vessel acquisitions | — | 17,315 | — | — | 17,315 | |||||||
Investments in subsidiaries | 1,619,258 | 268,401 | — | (1,887,659 | ) | — | ||||||
Investment in available-for-sale securities | — | 7,280 | — | — | 7,280 | |||||||
Investment in affiliates | 326,270 | 442 | 13,663 | — | 340,375 | |||||||
Long-term receivable from affiliate companies | — | 7,167 | — | — | 7,167 | |||||||
Loan receivable from affiliate companies | — | 5,491 | — | — | 5,491 | |||||||
Other long-term assets | 18,350 | 18,450 | 31,307 | — | 68,107 | |||||||
Goodwill and other intangibles | 90,979 | 91,382 | 159,922 | — | 342,283 | |||||||
Total non-current assets | 2,054,857 | 1,866,822 | 629,289 | -1,887,659 | 2,663,309 | |||||||
Total assets | $ 2,114,496 | $ 2,054,757 | $ 875,254 | ($1,967,470) | $3,077,037 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ 1,141 | $ 31,818 | $ 36,409 | — | $ 69,368 | |||||||
Accrued expenses and other liabilities | 39,086 | 42,199 | 19,762 | — | 101,047 | |||||||
Deferred income and cash received in advance | — | 7,022 | 3,397 | — | 10,419 | |||||||
Intercompany payables | — | 76,298 | 3,513 | (79,811 | ) | — | ||||||
Current portion of capital lease obligations | — | — | 1,544 | — | 1,544 | |||||||
Current portion of long-term debt | — | 22,192 | 69 | — | 22,261 | |||||||
Total current liabilities | 40,227 | 179,529 | 64,694 | -79,811 | 204,639 | |||||||
Long-term debt, net of current portion | 1,000,000 | 227,026 | 375,425 | 1,602,451 | ||||||||
Capital lease obligations, net of current portion | — | — | 21,650 | — | 21,650 | |||||||
Unfavorable lease terms | — | 24,607 | — | — | 24,607 | |||||||
Other long-term liabilities and deferred income | — | 15,654 | 6,902 | — | 22,556 | |||||||
Deferred tax liability | — | — | 15,093 | — | 15,093 | |||||||
Total non-current liabilities | 1,000,000 | 267,287 | 419,070 | — | 1,686,357 | |||||||
Total liabilities | 1,040,227 | 446,816 | 483,764 | -79,811 | 1,890,996 | |||||||
Noncontrolling interest | — | — | 111,772 | — | 111,772 | |||||||
Total Navios Holdings stockholders' equity | 1,074,269 | 1,607,941 | 279,718 | -1,887,659 | 1,074,269 | |||||||
Total liabilities and stockholders' equity | $ 2,114,496 | $ 2,054,757 | $ 875,254 | ($1,967,470) | $3,077,037 | |||||||
Balance Sheet as of December 31, 2013 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 33,769 | $ 67,492 | $ 86,570 | $ — | $ 187,831 | |||||||
Restricted cash | — | 2,041 | — | — | 2,041 | |||||||
Accounts receivable, net | — | 64,716 | 21,503 | — | 86,219 | |||||||
Intercompany receivables | — | 48,395 | 71,305 | (119,700 | ) | — | ||||||
Due from affiliate companies | 4,861 | 3,467 | — | — | 8,328 | |||||||
Prepaid expenses and other current assets | — | 37,874 | 17,693 | — | 55,567 | |||||||
Total current assets | 38,630 | 223,985 | 197,071 | -119,700 | 339,986 | |||||||
Vessels, port terminal and other fixed assets, net | — | 1,413,004 | 395,879 | — | 1,808,883 | |||||||
Investments in subsidiaries | 1,632,901 | 282,197 | — | (1,915,098 | ) | — | ||||||
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 | 20,296 | 28,602 | — | 67,977 | |||||||
Goodwill and other intangibles | 92,372 | 97,813 | 161,815 | — | 352,000 | |||||||
Total non-current assets | 2,062,751 | 1,833,896 | 598,078 | -1,915,098 | 2,579,627 | |||||||
Total assets | $ 2,101,381 | $ 2,057,881 | $ 795,149 | ($2,034,798) | $2,919,613 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ 267 | $ 27,765 | $ 23,660 | $ — | $ 51,692 | |||||||
Accrued expenses and other liabilities | 16,307 | 29,582 | 18,310 | — | 64,199 | |||||||
Deferred income and cash received in advance | — | 12,331 | 884 | — | 13,215 | |||||||
Intercompany payables | 19,112 | 97,546 | 3,042 | (119,700 | ) | — | ||||||
Current portion of capital lease obligations | — | — | 1,400 | — | 1,400 | |||||||
Current portion of long-term debt | — | 19,192 | 69 | — | 19,261 | |||||||
Total current liabilities | 35,686 | 186,416 | 47,365 | -119,700 | 149,767 | |||||||
Long-term debt, net of current portion | 1,000,000 | 198,373 | 293,615 | — | 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 | 243,799 | 336,712 | — | 1,580,511 | |||||||
Total liabilities | 1,035,686 | 430,215 | 384,077 | -119,700 | 1,730,278 | |||||||
Noncontrolling interest | — | 4,050 | 119,590 | — | 123,640 | |||||||
Total Navios Holdings stockholders' equity | 1,065,695 | 1,623,616 | 291,482 | -1,915,098 | 1,065,695 | |||||||
Total liabilities and stockholders' equity | $ 2,101,381 | $ 2,057,881 | $ 795,149 | ($2,034,798) | $2,919,613 | |||||||
Cash flow statement for the six months ended June 30, 2014 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Net cash (used in)/provided by operating activities | $ (12,714) | $ 59,782 | $ (6,576) | $ — | $ 40,492 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of investments in affiliates | — | — | (2,233 | ) | — | (2,233 | ) | |||||
Loan to affiliate company | — | (2,831 | ) | — | — | (2,831 | ) | |||||
Increase in long-term receivable from affiliate companies | — | (2,263 | ) | — | — | (2,263 | ) | |||||
Dividends from affiliate companies | 7,298 | — | — | — | 7,298 | |||||||
Deposits for vessel acquisitions | — | (17,287 | ) | — | — | (17,287 | ) | |||||
Acquisition of vessels | — | (71,862 | ) | — | — | (71,862 | ) | |||||
Purchase of property, equipment and other fixed assets | (15 | ) | (136 | ) | (38,740 | ) | — | (38,891 | ) | |||
Net cash provided/(used in) in investing activities | 7,283 | -94,379 | -40,973 | — | -128,069 | |||||||
Cash flows from financing activities | ||||||||||||
Transfer (to)/from other group subsidiaries | (15,131 | ) | 12,898 | 2,233 | — | — | ||||||
Issuance of common stock | 638 | — | — | — | 638 | |||||||
Net proceeds from issuance of preferred stock | 47,847 | — | — | — | 47,847 | |||||||
Proceeds from long-term loans, net of deferred finance fees | — | 40,385 | — | — | 40,385 | |||||||
Proceeds from issuance of senior notes, net of debt issuance costs | — | — | 365,732 | — | 365,732 | |||||||
Repayment of long-term debt and payment of principal | — | (9,597 | (34 | ) | — | (9,631 | ||||||
Repayment of senior notes | — | — | (290,000 | ) | — | (290,000 | ) | |||||
Contribution from noncontrolling shareholders | — | 3,484 | — | — | 3,484 | |||||||
Dividends paid | (14,351 | ) | — | — | — | (14,351 | ) | |||||
Increase in restricted cash | — | (469 | ) | — | — | (469 | ) | |||||
Acquisition of noncontrolling interest | — | (10,889 | ) | — | — | (10,889 | ) | |||||
Payments of obligations under capital leases | — | — | (565 | ) | — | (565 | ) | |||||
Net cash provided by financing activities | 19,003 | 35,812 | 77,366 | — | 132,181 | |||||||
Net increase in cash and cash equivalents | 13,572 | 1,215 | 29,817 | — | 44,604 | |||||||
Cash and cash equivalents, at beginning of period | 33,769 | 67,492 | 86,570 | — | 187,831 | |||||||
Cash and cash equivalents, at end of period | $ 47,341 | $ 68,707 | $ 116,387 | $ — | $ 232,435 | |||||||
Cash flow statement for the six months ended June 30, 2013 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Net cash (used in)/provided by operating activities | $ (7,931) | $ 38,605 | $ 7,199 | $ — | $ 37,873 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of intangible assets | — | — | (2,092 | ) | — | (2,092 | ) | |||||
Acquisition of investments in affiliates | (110,001) | — | (1,494 | ) | — | (111,495 | ) | |||||
Loan repayment from affiliate company | 35,000 | — | — | — | 35,000 | |||||||
Decrease in long-term receivable from affiliate companies | — | 4,453 | — | — | 4,453 | |||||||
Purchase of property, equipment and other fixed assets | — | (435 | ) | (15,692 | ) | — | (16,127 | ) | ||||
Dividends from affiliate companies | 3,478 | — | — | — | 3,478 | |||||||
Net cash (used in)/provided investing activities | -71,523 | 4,018 | -19,278 | — | -86,783 | |||||||
Cash flows from financing activities | ||||||||||||
Transfer from/(to) other group subsidiaries | 61,991 | (63,485 | ) | 1,494 | — | — | ||||||
Issuance of common stock | 279 | — | — | — | 279 | |||||||
Proceeds from issuance of senior notes including premium, net of debt issuance costs | — | — | 90,284 | — | 90,284 | |||||||
Repayment of long-term debt and payment of principal | (5,433 | ) | (27,593 | ) | (32 | ) | — | (33,058 | ) | |||
Dividends paid | (13,205 | ) | — | — | — | (13,205 | ) | |||||
Decrease in restricted cash | 9,139 | 9,362 | — | — | 18,501 | |||||||
Payments of obligations under capital leases | — | — | (662 | ) | — | (662 | ) | |||||
Net cash provided by/(used in) financing activities | 52,771 | -81,716 | 91,084 | — | 62,139 | |||||||
Net (decrease)/increase in cash and cash equivalents | -26,683 | -39,093 | 79,005 | — | 13,229 | |||||||
Cash and cash equivalents, at beginning of period | 79,213 | 133,116 | 45,539 | — | 257,868 | |||||||
Cash and cash equivalents, at end of period | $ 52,530 | $ 94,023 | $ 124,544 | $ — | $ 271,097 | |||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 15: SUBSEQUENT EVENTS | |
a) In July 2014, Navios Holdings received $3,649 as a dividend distribution from its affiliate Navios Acquisition for the first quarter of 2014. | |
b) On July 8, 2014, the Company completed the sale of 4,800,000 American Depositary Shares, each of which represents 1/100th of a share of the Company's Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H”), with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable quarterly in arrears at a rate of 8.625% per annum of the stated liquidation preference. The net proceeds of approximately $115,840 from the offering (after deducting underwriting discounts and offering expenses) will be used for general corporate purposes, including acquisition of vessels. | |
c) On July 15, 2014, Navios Holdings paid a dividend of $1,094 to its Series G preferred stockholders. | |
d) In August 2014, Navios Holdings received $7,536 as a dividend distribution from its affiliate Navios Partners for the second quarter of 2014. | |
e) On August 14, 2014, the Board of Directors of Navios Holdings declared a dividend of $0.06 per share of common stock, which will be paid on September 26, 2014 to stockholders of record on September 18, 2014. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Basis of presentation | ' |
(a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings' consolidated financial positions, statement of stockholders' equity, statements of comprehensive income and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. The December 31, 2013 balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes included in Navios Holdings' 2013 annual report filed on Form 20-F with the Securities and Exchange Commission (“SEC”). | |
For the six month period ended June 30, 2013, the Company has revised its statement of cash flows to appropriately classify the amount of $3,478 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 interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. | |
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 was 51.0%, until May 2014, when Navios Holdings became the sole shareholder by acquiring the remaining 49.0% noncontrolling interest. | |
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: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2014 was 20.0%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of June 30, 2014 was 46.4%); (iii) Acropolis Chartering and Shipping Inc. (“Acropolis”) (ownership interest as of June 30, 2014 was 50.0%); and (iv) Navios Europe and its subsidiaries (ownership interest as of June 30, 2014 was 47.5%). | |
Recent Accounting Pronouncements | ' |
(b) Recent Accounting Pronouncements: | |
In April 2014, the FASB issued ASU No. 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment” changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. The Company plans to adopt No. ASU 2014-08 effective January 1, 2015. | |
In May 2014, the FASB issued No. ASU 2014-09 "Revenue from Contracts with Customers" clarifying the method used to determine the timing and requirements for revenue recognition on the statements of comprehensive income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently reviewing the effect of ASU No. 2014-09 on its revenue recognition. |
Vessels_Port_Terminals_and_Oth1
Vessels, Port Terminals and Other Fixed Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Vessels, Port Terminals and Other Fixed Assets [Abstract] | ' | |||||||
Vessels | ' | |||||||
Vessels, Port Terminals and Other Fixed Assets | Cost | Accumulated | Net Book | |||||
Depreciation | Value | |||||||
Balance December 31, 2013 | $ 2,233,353 | $ (424,498) | $ 1,808,855 | |||||
Additions | 110,753 | (44,250 | ) | 66,503 | ||||
Write-off | (211 | ) | 144 | (67 | ) | |||
Balance June 30, 2014 | $ 2,343,895 | $ (468,604) | $ 1,875,291 |
Intangible_Assets_Other_Than_G1
Intangible Assets Other Than Goodwill (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | ' | ||||
Schedule of intangible assets | ' | ||||
June 30, | December 31, | ||||
2014 | 2013 | ||||
Intangible assets | |||||
Acquisition Cost (*) (**) | $ 379,747 | $ 379,117 | |||
Accumulated amortization | (197,800 | ) | (187,453 | ) | |
Total Intangible assets net book value | 181,947 | 191,664 | |||
Unfavorable lease terms | |||||
Acquisition Cost (***) | (121,028 | ) | (121,028 | ) | |
Accumulated amortization | 96,421 | 93,954 | |||
Unfavorable lease terms net book value | -24,607 | -27,074 | |||
Total Intangibles net book value | $ 157,340 | $ 164,590 | |||
(*) As of June 30, 2014, intangible assets associated with favorable lease terms included an amount of $21,782 related to purchase options for the vessels. | |||||
(**) 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 approximately 12 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 of $2,092 was recorded under port terminals operating rights. | |||||
(***) As of June 30, 2014, the intangible liability associated with the unfavorable lease terms included an amount of $9,405 related to purchase options held by third parties. | |||||
Schedule of aggregate amortization expense | ' | ||||
Period | |||||
Year One | $ 14,139 | ||||
Year Two | 15,146 | ||||
Year Three | 15,376 | ||||
Year Four | 7,411 | ||||
Year Five | 5,094 | ||||
Thereafter | 87,797 | ||||
Total | $ 144,963 |
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
BORROWINGS [Abstract] | ' | |||||
Loans' outstanding amounts | ' | |||||
Facility | June 30, | December 31, | ||||
2014 | 2013 | |||||
Secured credit facilities | $ 249,218 | $ 217,565 | ||||
2019 Notes | 350,000 | 350,000 | ||||
2022 Notes | 650,000 | 650,000 | ||||
2019 Logistics Senior Notes | — | 290,000 | ||||
2022 Logistics Senior Notes | 375,000 | — | ||||
Navios Logistics other long-term loans | 494 | 528 | ||||
Total borrowings | 1,624,712 | 1,508,093 | ||||
Plus: unamortized premium | — | 3,156 | ||||
Less: current portion | (22,261 | ) | (19,261 | ) | ||
Total long-term borrowings | $ 1,602,451 | $ 1,491,988 | ||||
Principal payments | ' | |||||
Payment due by period | ||||||
30-Jun-15 | $ 22,261 | |||||
30-Jun-16 | 22,636 | |||||
30-Jun-17 | 22,761 | |||||
30-Jun-18 | 22,761 | |||||
30-Jun-19 | 415,255 | |||||
June 30, 2020 and thereafter | 1,119,038 | |||||
Total | $ 1,624,712 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
Fair value of financial instruments | ' | ||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||
Cash and cash equivalents | $ 232,435 | $ 232,435 | $ 187,831 | $ 187,831 | |||||||||||||
Restricted cash | $ 2,631 | $ 2,631 | $ 2,041 | $ 2,041 | |||||||||||||
Accounts receivable, net | $ 99,578 | $ 99,578 | $ 86,219 | $ 86,219 | |||||||||||||
Investments in available-for-sale-securities | $ 7,280 | $ 7,280 | $ 7,660 | $ 7,660 | |||||||||||||
Loan receivable from affiliate companies | $ 5,491 | $ 5,491 | $ 2,660 | $ 2,660 | |||||||||||||
Long-term receivable from affiliate companies | $ 7,167 | $ 7,167 | $ 5,144 | $ 5,144 | |||||||||||||
Accounts payable | $ (69,368) | $ (69,368) | $ (51,692) | $ (51,692) | |||||||||||||
Capital lease obligations, including current portion | $ (23,194) | $ (23,194) | $ (23,759) | $ (23,759) | |||||||||||||
Senior and ship mortgage notes, including premium | $ (1,375,000) | $ (1,433,023) | ($1,293,156) | ($1,326,897) | |||||||||||||
Long-term debt, including current portion | $ (249,712) | $ (249,712) | $ (218,093) | $ (218,093) | |||||||||||||
Fair Value Measurements on a recurring basis | ' | ||||||||||||||||
Fair Value Measurements as of June 30, 2014 | |||||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level I) | (Level II) | (Level III) | |||||||||||||||
Investments in available-for-sale securities | $ 7,280 | $ 7,280 | $ — | $ — | |||||||||||||
Total | $ 7,280 | $ 7,280 | $ — | $ — | |||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level I) | (Level II) | (Level III) | |||||||||||||||
Investments in available-for-sale securities | $ 7,660 | $ 7,660 | $ — | $ — | |||||||||||||
Total | $ 7,660 | $ 7,660 | $ — | $ — | |||||||||||||
Fair Value Measurements on a nonrecurring basis | ' | ||||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||||||||||
Cash and cash equivalents | $ 232,435 | $ 232,435 | $ — | $ — | |||||||||||||
Restricted cash | $ 2,631 | $ 2,631 | $ — | $ — | |||||||||||||
Senior and ship mortgage notes, including premium | ($1,433,023) | ($1,433,023) | $ — | $ — | |||||||||||||
Capital lease obligations, including current portion(1) | $ (23,194) | $ — | $ (23,194) | $ — | |||||||||||||
Long-term debt, including current portion(1) | $ (249,712) | $ — | $ (249,712) | $ — | |||||||||||||
Loan receivable from affiliate companies(2) | $ 5,491 | $ — | $ 5,491 | $ — | |||||||||||||
Long-term receivable from affiliate companies(2) | $ 7,167 | $ — | $ 7,167 | $ — | |||||||||||||
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, including premium | ($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) | $ — | |||||||||||||
Loan receivable from affiliate companies(2) | $ 2,660 | $ — | $ 2,660 | $ — | |||||||||||||
Long-term receivable from affiliate companies(2) | $ 5,144 | $ — | $ 5,144 | $ — | |||||||||||||
(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 companies 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. | |||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |||||||
Future minimum contractual obligations under chartered-in vessels, barges and pushboats | ' | |||||||
In Operation | To be delivered | Total | ||||||
June 30, 2015 | $ 74,373 | $ 3,318 | $ 77,691 | |||||
June 30, 2016 | 59,891 | 18,437 | 78,328 | |||||
June 30, 2017 | 54,685 | 33,983 | 88,668 | |||||
June 30, 2018 | 51,877 | 39,876 | 91,753 | |||||
June 30, 2019 | 45,721 | 39,877 | 85,598 | |||||
June 30, 2020 and thereafter | 87,256 | 206,688 | 293,944 | |||||
Total | $ 373,803 | $ 342,179 | $ 715,982 | |||||
Future minimum contractual obligations for newbuildings and subsidiary's obligations | ' | |||||||
Drybulk Vessels | Navios Logistics | |||||||
June 30, 2015 | $ 4,190 | $ 33,796 | ||||||
June 30, 2016 | 62,850 | 14,920 | ||||||
Total | $ 67,040 | $ 48,716 |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SEGMENT INFORMATION [Abstract] | ' | |||||||||||||
Segment summarized financial information | ' | |||||||||||||
Drybulk Vessel Operations | Logistics Business | Total | ||||||||||||
Three Month | Three Month | Three Month | Three Month | Three Month | Three Month | |||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | |||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenue | $ 75,440 | $ 62,105 | $ 69,968 | $ 63,467 | $ 145,408 | $ 125,572 | ||||||||
Interest expense and finance cost, net | (21,075 | ) | (20,715 | ) | (7,446 | ) | (6,657 | ) | (28,521 | ) | (27,372 | ) | ||
Depreciation and amortization | (19,847 | ) | (18,454 | ) | (5,981 | ) | (5,779 | ) | (25,828 | ) | (24,233 | ) | ||
Equity in net earnings of affiliated companies | 7,079 | 4,127 | — | — | 7,079 | 4,127 | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (22,999 | ) | (18,704 | ) | (13,681 | ) | 2,823 | (36,680 | ) | (15,881 | ) | |||
Total assets | 2,472,563 | 2,422,071 | 604,474 | 551,620 | 3,077,037 | 2,973,691 | ||||||||
Capital expenditures | (54,311 | ) | (338 | ) | (26,579 | ) | (8,395 | ) | (80,890 | ) | (8,733 | ) | ||
Goodwill | 56,240 | 56,240 | 104,096 | 104,096 | 160,336 | 160,336 | ||||||||
Investments in affiliates | 340,375 | 303,103 | — | — | 340,375 | 303,103 | ||||||||
Cash and cash equivalents | 116,049 | 146,554 | 116,386 | 124,543 | 232,435 | 271,097 | ||||||||
Restricted cash | 2,631 | 6,011 | — | — | 2,631 | 6,011 | ||||||||
Long-term debt (including current and non-current portion) | $ 1,249,218 | $1,124,910 | $ 375,494 | $ 293,818 | $1,624,712 | $ 1,418,728 | ||||||||
Drybulk Vessel Operations | Logistics Business | Total | ||||||||||||
Six Month | Six Month | Six Month | Six Month | Six Month | Six Month | |||||||||
Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | Period Ended | |||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenue | $ 152,033 | $ 122,712 | $ 115,566 | $ 136,697 | $ 267,599 | $ 259,409 | ||||||||
Interest expense and finance cost, net | (42,405 | ) | (40,692 | ) | (14,162 | ) | (12,038 | ) | (56,567 | ) | (52,730 | ) | ||
Depreciation and amortization | (39,454 | ) | (36,684 | ) | (12,048 | ) | (11,872 | ) | (51,502 | ) | (48,556 | ) | ||
Equity in net earnings of affiliated companies | 29,497 | 18,250 | — | — | 29,497 | 18,250 | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (20,833 | ) | (32,647 | ) | (13,794 | ) | 6,611 | (34,627 | ) | (26,036 | ) | |||
Total assets | 2,472,563 | 2,422,071 | 604,474 | 551,620 | 3,077,037 | 2,973,691 | ||||||||
Capital expenditures | (72,013 | ) | (435 | ) | (38,740 | ) | (17,784 | ) | (110,753 | ) | (18,219 | ) | ||
Goodwill | 56,240 | 56,240 | 104,096 | 104,096 | 160,336 | 160,336 | ||||||||
Investments in affiliates | 340,375 | 303,103 | — | — | 340,375 | 303,103 | ||||||||
Cash and cash equivalents | 116,049 | 146,554 | 116,386 | 124,543 | 232,435 | 271,097 | ||||||||
Restricted cash | 2,631 | 6,011 | — | — | 2,631 | 6,011 | ||||||||
Long-term debt (including current and non-current portion) | $ 1,249,218 | $1,124,910 | $ 375,494 | $ 293,818 | $1,624,712 | $ 1,418,728 | ||||||||
Loss_Per_Common_Share_Tables
Loss Per Common Share (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
LOSS PER COMMON SHARE [Abstract] | ' | |||||||||
Loss per share, basic and diluted | ' | |||||||||
Three Month | Three Month | Six Month | Six Month | |||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||
Numerator: | ||||||||||
Net loss attributable to Navios Holdings common stockholders | $ (36,680) | $ (15,881) | $ (34,627) | $ (26,036) | ||||||
Less: | ||||||||||
Dividend on Preferred Stock and on unvested restricted shares | (1,573 | ) | (423 | ) | (2,800 | ) | (841 | ) | ||
Loss available to Navios Holdings common stockholders, basic | $ (38,253) | $ (16,304) | (37,427 | ) | $ (26,877) | |||||
Loss available to Navios Holdings common stockholders,diluted | $ (38,253) | $ (16,304) | (37,427 | ) | $ (26,877) | |||||
Denominator: | ||||||||||
Denominator for basic net loss per share attributable to Navios | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 | ||||||
Holdings common stockholders — weighted average shares | ||||||||||
Denominator for diluted net loss per share attributable to | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 | ||||||
Navios Holdings common stockholders- weighted average shares | ||||||||||
Basic net losses per share attributable to Navios Holdings common stockholders | $ (0.37) | $ (0.16) | $ (0.36) | $ (0.26) | ||||||
Diluted net losses per share attributable to Navios Holdings common stockholders | $ (0.37) | $ (0.16) | $ (0.36) | $ (0.26) |
Investment_in_Affiliates_and_A1
Investment in Affiliates and Available-for-Sale Securities (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
INVESTMENT IN AFFILIATES AND AVAILABLE-FOR-SALE SECURITIES [Abstract] | ' | |||||||||||||
Financial information of affiliate companies, balance sheet | ' | |||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||
Balance Sheet | Navios | Navios | Navios Europe | Navios | Navios | Navios Europe | ||||||||
Partners | Acquisition | Partners | Acquisition | |||||||||||
Current assets | $ 196,107 | $ 86,644 | $ 13,039 | $ 54,484 | $ 120,801 | $ 8,224 | ||||||||
Non-current assets | 1,140,747 | 1,699,448 | 196,692 | 1,195,595 | 1,535,860 | 199,761 | ||||||||
Current liabilities | 19,887 | 74,188 | 17,107 | 15,606 | 65,400 | 14,792 | ||||||||
Non-current liabilities | 523,429 | 1,223,782 | 198,782 | 527,966 | 1,128,439 | 194,288 | ||||||||
Financial information of affiliate companies, income statement | ' | |||||||||||||
Three Month Period Ended | Three Month Period Ended | |||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||
Income Statement | Navios | Navios | Navios Europe | Navios | Navios | Navios Europe | ||||||||
Partners | Acquisition | Partners | Acquisition | |||||||||||
Revenue | $ 55,178 | $ 62,242 | $ 8,450 | $ 49,154 | $ 47,057 | $ — | ||||||||
Net income/(loss) | 29,985 | (2,804 | ) | (2,632 | ) | 19,511 | (1,536 | ) | — | |||||
Six Month Period Ended | Six Month Period Ended | |||||||||||||
June 30,2014 | 30-Jun-13 | |||||||||||||
Income Statement | Navios | Navios | Navios Europe | Navios | Navios | Navios Europe | ||||||||
Partners | Acquisition | Partners | Acquisition | |||||||||||
Revenue | $ 112,676 | $ 123,211 | $ 17,109 | $ 99,435 | $ 91,229 | $ — | ||||||||
Net income/(loss) | 48,346 | (15,622 | ) | (5,063 | ) | 35,757 | (801 | ) | — |
Other_Financial_Information_Ta
Other Financial Information (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
OTHER FINANCIAL INFORMATION [Abstract] | ' | |||||||||||
Other Financial Information Income Statement | ' | |||||||||||
Navios | Guarantor | Non | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Guarantor | ||||||||||
Holdings Inc. | Subsidiaries | |||||||||||
Issuer | ||||||||||||
Statement of comprehensive income for the three months ended June 30, 2014 | ||||||||||||
Revenue | $ — | $ 75,440 | $69,968 | $ — | $ 145,408 | |||||||
Time charter, voyage and logistics business expenses | — | (39,088 | ) | (24,426 | ) | — | (63,514 | ) | ||||
Direct vessel expenses | — | (13,863 | ) | (19,977 | ) | — | (33,840 | ) | ||||
General and administrative expenses | (1,427 | ) | (4,789 | ) | (3,351 | ) | — | (9,567 | ) | |||
Depreciation and amortization | (701 | ) | (19,146 | ) | (5,981 | ) | — | (25,828 | ) | |||
Interest expense and finance cost, net | (19,643 | ) | (1,432 | ) | (7,446 | ) | — | (28,521 | ) | |||
Loss on bond extinguishment | — | — | (27,281 | ) | — | (27,281 | ) | |||||
Other income/(expense), net | 2 | (5,300 | ) | (2,183 | ) | — | (7,481 | ) | ||||
Loss before equity in net earnings of affiliated companies | -21,769 | -8,178 | -20,677 | — | -50,624 | |||||||
(Loss)/income from subsidiaries | (19,639 | ) | (13,681 | ) | — | 33,320 | — | |||||
Equity in net earnings of affiliated companies | 4,729 | 1,218 | 1,132 | — | 7,079 | |||||||
Loss before taxes | -36,679 | -20,641 | -19,545 | 33,320 | -43,545 | |||||||
Income tax expense | — | (90 | ) | (758 | ) | — | (848 | ) | ||||
Net loss | -36,679 | -20,731 | -20,303 | 33,320 | -44,393 | |||||||
Less: Net (income)/loss attributable to the noncontrolling interest | — | (41 | ) | 7,754 | — | 7,713 | ||||||
Net loss attributable to Navios Holdings common stockholders | ($36,679) | ($20,772) | ($12,549) | $ 33,320 | $ (36,680) | |||||||
Other Comprehensive income | ||||||||||||
Unrealized holding income on investments in available-for-sale securities | $ 758 | $ 758 | $ — | $ (758) | $ 758 | |||||||
Reclassification to earnings | 11,553 | 11,553 | — | (11,553 | ) | 11,553 | ||||||
Total other comprehensive income | $ 12,311 | $ 12,311 | $ — | $ (12,311) | $ 12,311 | |||||||
Total comprehensive loss | $ (24,368) | $ (8,420) | $ (20,303) | $ 21,009 | $ (32,082) | |||||||
Comprehensive (income)/ loss attributable to noncontrolling interest | — | (41 | ) | 7,754 | — | 7,713 | ||||||
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (24,368) | $ (8,461) | $ (12,549) | $ 21,009 | $ (24,369) | |||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Statement of comprehensive (loss)/income for the three months ended June 30, 2013 | ||||||||||||
Revenue | $ — | $ 62,104 | $ 63,468 | $ — | $ 125,572 | |||||||
Time charter, voyage and logistics business expenses | — | (41,565 | ) | (24,067 | ) | — | (65,632 | ) | ||||
Direct vessel expenses | — | (9,634 | ) | (16,810 | ) | — | (26,444 | ) | ||||
General and administrative expenses | (1,420 | ) | (4,912 | ) | (3,541 | ) | — | (9,873 | ) | |||
Depreciation and amortization | (701 | ) | (17,752 | ) | (5,780 | ) | — | (24,233 | ) | |||
Interest expense and finance cost, net | (19,103 | ) | (1,612 | ) | (6,657 | ) | — | (27,372 | ) | |||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||
Other (expense)/income, net | (6 | ) | 11,841 | (2,057 | ) | — | 9,778 | |||||
(Loss)/income before equity in net earnings of affiliated companies | -21,230 | -1,530 | 4,574 | — | -18,186 | |||||||
Income from subsidiaries | 3,504 | 2,823 | — | (6,327 | ) | — | ||||||
Equity in net earnings of affiliated companies | 1,845 | 1,442 | 840 | — | 4,127 | |||||||
(Loss)/income before taxes | -15,881 | 2,735 | 5,414 | -6,327 | -14,059 | |||||||
Income tax expense | — | (71 | ) | (57 | ) | — | (128 | ) | ||||
Net (loss)/income | -15,881 | 2,664 | 5,357 | -6,327 | -14,187 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (1,694 | ) | — | (1,694 | ) | |||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (15,881) | $ 2,664 | $ 3,663 | $ (6,327) | $ (15,881) | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (1,035) | $ (1,035) | $ — | $ 1,035 | $ (1,035) | |||||||
Total other comprehensive loss | $ (1,035) | $ (1,035) | $ — | $ 1,035 | $ (1,035) | |||||||
Total comprehensive (loss)/income | $ (16,916) | $ 1,629 | $ 5,357 | $ (5,292) | $ (15,222) | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (1,694 | ) | — | (1,694 | ) | |||||
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | $ (16,916) | $ 1,629 | $ 3,663 | $ (5,292) | $ (16,916) | |||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Statement of comprehensive loss for the six months ended June 30, 2014 | ||||||||||||
Revenue | $ — | $ 152,033 | $ 115,566 | $ — | $ 267,599 | |||||||
Time charter, voyage and logistics business expenses | — | (77,468 | ) | (37,224 | ) | — | (114,692 | ) | ||||
Direct vessel expenses | — | (26,532 | ) | (35,636 | ) | — | (62,168 | ) | ||||
General and administrative expenses | (3,737 | ) | (10,102 | ) | (6,759 | ) | — | (20,598 | ) | |||
Depreciation and amortization | (1,394 | ) | (38,060 | ) | (12,048 | ) | — | (51,502 | ) | |||
Interest expense and finance cost, net | (39,336 | ) | (3,069 | ) | (14,162 | ) | — | (56,567 | ) | |||
Loss on bond extinguishment | — | — | (27,281 | ) | — | (27,281 | ) | |||||
Other expense, net | (13 | ) | (2,292 | ) | (3,110 | ) | — | (5,415 | ) | |||
Loss before equity in net earnings of affiliated companies | -44,480 | -5,490 | -20,654 | — | -70,624 | |||||||
Loss from subsidiaries | (13,001 | ) | (13,794 | ) | — | 26,795 | — | |||||
Equity in net earnings of affiliated companies | 22,854 | 4,611 | 2,032 | — | 29,497 | |||||||
Loss before taxes | -34,627 | -14,673 | -18,622 | 26,795 | -41,127 | |||||||
Income tax expense | — | (178 | ) | (958 | ) | — | (1,136 | ) | ||||
Net loss | -34,627 | -14,851 | -19,580 | 26,795 | -42,263 | |||||||
Less: Net (income)/loss attributable to the noncontrolling interest | — | (182 | ) | 7,818 | — | 7,636 | ||||||
Net loss attributable to Navios Holdings common stockholders | $ (34,627) | $ (15,033) | $ (11,762) | $ 26,795 | $ (34,627) | |||||||
Other Comprehensive income | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (381) | $ (381) | $ — | $ 381 | $ (381) | |||||||
Reclassification to earnings | 11,553 | 11,553 | — | (11,553 | ) | 11,553 | ||||||
Total other comprehensive income | $ 11,172 | $ 11,172 | $ — | $ (11,172) | $ 11,172 | |||||||
Total comprehensive loss | $ (23,455) | $ (3,679) | $ (19,580) | $ 15,623 | $ (31,091) | |||||||
Comprehensive (income)/loss attributable to noncontrolling interest | — | (182 | ) | 7,818 | — | 7,636 | ||||||
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (23,455) | $ (3,861) | $ (11,762) | $ 15,623 | $ (23,455) | |||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | ||||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Statement of comprehensive (loss)/income for the six months ended June 30, 2013 | ||||||||||||
Revenue | $ — | $ 122,711 | $ 136,698 | $ — | $ 259,409 | |||||||
Time charter, voyage and logistics business expenses | — | (76,104 | ) | (59,536 | ) | — | (135,640 | ) | ||||
Direct vessel expenses | — | (19,105 | ) | (35,034 | ) | — | (54,139 | ) | ||||
General and administrative expenses | (2,890 | ) | (9,334 | ) | (6,611 | ) | — | (18,835 | ) | |||
Depreciation and amortization | (1,394 | ) | (35,289 | ) | (11,873 | ) | — | (48,556 | ) | |||
Interest expense and finance cost, net | (37,403 | ) | (3,289 | ) | (12,038 | ) | — | (52,730 | ) | |||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||
Other income/(expense), net | 31 | 11,310 | (4,867 | ) | — | 6,474 | ||||||
(Loss)/income before equity in net earnings of affiliated companies | -41,656 | -9,100 | 6,757 | — | -43,999 | |||||||
Income from subsidiaries | 3,235 | 6,611 | — | (9,846 | ) | — | ||||||
Equity in net earnings of affiliated companies | 12,385 | 4,251 | 1,614 | — | 18,250 | |||||||
(Loss)/income before taxes | -26,036 | 1,762 | 8,371 | -9,846 | -25,749 | |||||||
Income tax (expense)/benefit | — | (141 | ) | 3,713 | — | 3,572 | ||||||
Net (loss)/income | -26,036 | 1,621 | 12,084 | -9,846 | -22,177 | |||||||
Less: Net income attributable to the noncontrolling interest | — | — | (3,859 | ) | — | (3,859 | ) | |||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ (26,036) | $ 1,621 | $ 8,225 | $ (9,846) | $ (26,036) | |||||||
Other Comprehensive loss | ||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ (800) | $ (800) | $ — | $ 800 | $ (800) | |||||||
Total other comprehensive loss | $ (800) | $ (800) | $ — | $ 800 | $ (800) | |||||||
Total comprehensive (loss)/income | $ (26,836) | $ 821 | $ 12,084 | $ (9,046) | $ (22,977) | |||||||
Comprehensive income attributable to noncontrolling interest | — | — | (3,859 | ) | — | $ (3,859) | ||||||
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | $ (26,836) | $ 821 | $ 8,225 | $ (9,046) | $ (26,836) | |||||||
Other Financial Information Balance Sheet | ' | |||||||||||
Balance Sheet as of June 30, 2014 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 47,341 | $ 68,707 | $ 116,387 | $ — | $ 232,435 | |||||||
Restricted cash | — | 2,631 | — | — | 2,631 | |||||||
Accounts receivable, net | — | 64,908 | 34,670 | — | 99,578 | |||||||
Intercompany receivables | 8,506 | — | 71,305 | (79,811 | ) | — | ||||||
Due from affiliate companies | 3,787 | 15,069 | — | — | 18,856 | |||||||
Prepaid expenses and other current assets | 5 | 36,620 | 23,603 | — | 60,228 | |||||||
Total current assets | 59,639 | 187,935 | 245,965 | -79,811 | 413,728 | |||||||
Vessels, port terminals and other fixed assets, net | — | 1,450,894 | 424,397 | — | 1,875,291 | |||||||
Deposits for vessel acquisitions | — | 17,315 | — | — | 17,315 | |||||||
Investments in subsidiaries | 1,619,258 | 268,401 | — | (1,887,659 | ) | — | ||||||
Investment in available-for-sale securities | — | 7,280 | — | — | 7,280 | |||||||
Investment in affiliates | 326,270 | 442 | 13,663 | — | 340,375 | |||||||
Long-term receivable from affiliate companies | — | 7,167 | — | — | 7,167 | |||||||
Loan receivable from affiliate companies | — | 5,491 | — | — | 5,491 | |||||||
Other long-term assets | 18,350 | 18,450 | 31,307 | — | 68,107 | |||||||
Goodwill and other intangibles | 90,979 | 91,382 | 159,922 | — | 342,283 | |||||||
Total non-current assets | 2,054,857 | 1,866,822 | 629,289 | -1,887,659 | 2,663,309 | |||||||
Total assets | $ 2,114,496 | $ 2,054,757 | $ 875,254 | ($1,967,470) | $3,077,037 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ 1,141 | $ 31,818 | $ 36,409 | — | $ 69,368 | |||||||
Accrued expenses and other liabilities | 39,086 | 42,199 | 19,762 | — | 101,047 | |||||||
Deferred income and cash received in advance | — | 7,022 | 3,397 | — | 10,419 | |||||||
Intercompany payables | — | 76,298 | 3,513 | (79,811 | ) | — | ||||||
Current portion of capital lease obligations | — | — | 1,544 | — | 1,544 | |||||||
Current portion of long-term debt | — | 22,192 | 69 | — | 22,261 | |||||||
Total current liabilities | 40,227 | 179,529 | 64,694 | -79,811 | 204,639 | |||||||
Long-term debt, net of current portion | 1,000,000 | 227,026 | 375,425 | 1,602,451 | ||||||||
Capital lease obligations, net of current portion | — | — | 21,650 | — | 21,650 | |||||||
Unfavorable lease terms | — | 24,607 | — | — | 24,607 | |||||||
Other long-term liabilities and deferred income | — | 15,654 | 6,902 | — | 22,556 | |||||||
Deferred tax liability | — | — | 15,093 | — | 15,093 | |||||||
Total non-current liabilities | 1,000,000 | 267,287 | 419,070 | — | 1,686,357 | |||||||
Total liabilities | 1,040,227 | 446,816 | 483,764 | -79,811 | 1,890,996 | |||||||
Noncontrolling interest | — | — | 111,772 | — | 111,772 | |||||||
Total Navios Holdings stockholders' equity | 1,074,269 | 1,607,941 | 279,718 | -1,887,659 | 1,074,269 | |||||||
Total liabilities and stockholders' equity | $ 2,114,496 | $ 2,054,757 | $ 875,254 | ($1,967,470) | $3,077,037 | |||||||
Balance Sheet as of December 31, 2013 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ 33,769 | $ 67,492 | $ 86,570 | $ — | $ 187,831 | |||||||
Restricted cash | — | 2,041 | — | — | 2,041 | |||||||
Accounts receivable, net | — | 64,716 | 21,503 | — | 86,219 | |||||||
Intercompany receivables | — | 48,395 | 71,305 | (119,700 | ) | — | ||||||
Due from affiliate companies | 4,861 | 3,467 | — | — | 8,328 | |||||||
Prepaid expenses and other current assets | — | 37,874 | 17,693 | — | 55,567 | |||||||
Total current assets | 38,630 | 223,985 | 197,071 | -119,700 | 339,986 | |||||||
Vessels, port terminal and other fixed assets, net | — | 1,413,004 | 395,879 | — | 1,808,883 | |||||||
Investments in subsidiaries | 1,632,901 | 282,197 | — | (1,915,098 | ) | — | ||||||
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 | 20,296 | 28,602 | — | 67,977 | |||||||
Goodwill and other intangibles | 92,372 | 97,813 | 161,815 | — | 352,000 | |||||||
Total non-current assets | 2,062,751 | 1,833,896 | 598,078 | -1,915,098 | 2,579,627 | |||||||
Total assets | $ 2,101,381 | $ 2,057,881 | $ 795,149 | ($2,034,798) | $2,919,613 | |||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ 267 | $ 27,765 | $ 23,660 | $ — | $ 51,692 | |||||||
Accrued expenses and other liabilities | 16,307 | 29,582 | 18,310 | — | 64,199 | |||||||
Deferred income and cash received in advance | — | 12,331 | 884 | — | 13,215 | |||||||
Intercompany payables | 19,112 | 97,546 | 3,042 | (119,700 | ) | — | ||||||
Current portion of capital lease obligations | — | — | 1,400 | — | 1,400 | |||||||
Current portion of long-term debt | — | 19,192 | 69 | — | 19,261 | |||||||
Total current liabilities | 35,686 | 186,416 | 47,365 | -119,700 | 149,767 | |||||||
Long-term debt, net of current portion | 1,000,000 | 198,373 | 293,615 | — | 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 | 243,799 | 336,712 | — | 1,580,511 | |||||||
Total liabilities | 1,035,686 | 430,215 | 384,077 | -119,700 | 1,730,278 | |||||||
Noncontrolling interest | — | 4,050 | 119,590 | — | 123,640 | |||||||
Total Navios Holdings stockholders' equity | 1,065,695 | 1,623,616 | 291,482 | -1,915,098 | 1,065,695 | |||||||
Total liabilities and stockholders' equity | $ 2,101,381 | $ 2,057,881 | $ 795,149 | ($2,034,798) | $2,919,613 | |||||||
Other Financial Information Cash Flow Statement | ' | |||||||||||
Cash flow statement for the six months ended June 30, 2014 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Net cash (used in)/provided by operating activities | $ (12,714) | $ 59,782 | $ (6,576) | $ — | $ 40,492 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of investments in affiliates | — | — | (2,233 | ) | — | (2,233 | ) | |||||
Loan to affiliate company | — | (2,831 | ) | — | — | (2,831 | ) | |||||
Increase in long-term receivable from affiliate companies | — | (2,263 | ) | — | — | (2,263 | ) | |||||
Dividends from affiliate companies | 7,298 | — | — | — | 7,298 | |||||||
Deposits for vessel acquisitions | — | (17,287 | ) | — | — | (17,287 | ) | |||||
Acquisition of vessels | — | (71,862 | ) | — | — | (71,862 | ) | |||||
Purchase of property, equipment and other fixed assets | (15 | ) | (136 | ) | (38,740 | ) | — | (38,891 | ) | |||
Net cash provided/(used in) in investing activities | 7,283 | -94,379 | -40,973 | — | -128,069 | |||||||
Cash flows from financing activities | ||||||||||||
Transfer (to)/from other group subsidiaries | (15,131 | ) | 12,898 | 2,233 | — | — | ||||||
Issuance of common stock | 638 | — | — | — | 638 | |||||||
Net proceeds from issuance of preferred stock | 47,847 | — | — | — | 47,847 | |||||||
Proceeds from long-term loans, net of deferred finance fees | — | 40,385 | — | — | 40,385 | |||||||
Proceeds from issuance of senior notes, net of debt issuance costs | — | — | 365,732 | — | 365,732 | |||||||
Repayment of long-term debt and payment of principal | — | (9,597 | (34 | ) | — | (9,631 | ||||||
Repayment of senior notes | — | — | (290,000 | ) | — | (290,000 | ) | |||||
Contribution from noncontrolling shareholders | — | 3,484 | — | — | 3,484 | |||||||
Dividends paid | (14,351 | ) | — | — | — | (14,351 | ) | |||||
Increase in restricted cash | — | (469 | ) | — | — | (469 | ) | |||||
Acquisition of noncontrolling interest | — | (10,889 | ) | — | — | (10,889 | ) | |||||
Payments of obligations under capital leases | — | — | (565 | ) | — | (565 | ) | |||||
Net cash provided by financing activities | 19,003 | 35,812 | 77,366 | — | 132,181 | |||||||
Net increase in cash and cash equivalents | 13,572 | 1,215 | 29,817 | — | 44,604 | |||||||
Cash and cash equivalents, at beginning of period | 33,769 | 67,492 | 86,570 | — | 187,831 | |||||||
Cash and cash equivalents, at end of period | $ 47,341 | $ 68,707 | $ 116,387 | $ — | $ 232,435 | |||||||
Cash flow statement for the six months ended June 30, 2013 | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||
Maritime | Subsidiaries | Subsidiaries | ||||||||||
Holdings Inc. | ||||||||||||
Issuer | ||||||||||||
Net cash (used in)/provided by operating activities | $ (7,931) | $ 38,605 | $ 7,199 | $ — | $ 37,873 | |||||||
Cash flows from investing activities | ||||||||||||
Acquisition of intangible assets | — | — | (2,092 | ) | — | (2,092 | ) | |||||
Acquisition of investments in affiliates | (110,001) | — | (1,494 | ) | — | (111,495 | ) | |||||
Loan repayment from affiliate company | 35,000 | — | — | — | 35,000 | |||||||
Decrease in long-term receivable from affiliate companies | — | 4,453 | — | — | 4,453 | |||||||
Purchase of property, equipment and other fixed assets | — | (435 | ) | (15,692 | ) | — | (16,127 | ) | ||||
Dividends from affiliate companies | 3,478 | — | — | — | 3,478 | |||||||
Net cash (used in)/provided investing activities | -71,523 | 4,018 | -19,278 | — | -86,783 | |||||||
Cash flows from financing activities | ||||||||||||
Transfer from/(to) other group subsidiaries | 61,991 | (63,485 | ) | 1,494 | — | — | ||||||
Issuance of common stock | 279 | — | — | — | 279 | |||||||
Proceeds from issuance of senior notes including premium, net of debt issuance costs | — | — | 90,284 | — | 90,284 | |||||||
Repayment of long-term debt and payment of principal | (5,433 | ) | (27,593 | ) | (32 | ) | — | (33,058 | ) | |||
Dividends paid | (13,205 | ) | — | — | — | (13,205 | ) | |||||
Decrease in restricted cash | 9,139 | 9,362 | — | — | 18,501 | |||||||
Payments of obligations under capital leases | — | — | (662 | ) | — | (662 | ) | |||||
Net cash provided by/(used in) financing activities | 52,771 | -81,716 | 91,084 | — | 62,139 | |||||||
Net (decrease)/increase in cash and cash equivalents | -26,683 | -39,093 | 79,005 | — | 13,229 | |||||||
Cash and cash equivalents, at beginning of period | 79,213 | 133,116 | 45,539 | — | 257,868 | |||||||
Cash and cash equivalents, at end of period | $ 52,530 | $ 94,023 | $ 124,544 | $ — | $ 271,097 |
Description_of_Business_Detail
Description of Business (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | 31-May-14 | 30-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 09, 2013 |
Navios Logistics | Navios Asia | Navios Asia | Navios Partners | Navios Acquisition | Navios Europe | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of Navios Holdings | ' | ' | 63.80% | ' | 51.00% | ' | ' | ' |
Ownership percentage of third party | ' | ' | ' | ' | 49.00% | ' | ' | ' |
Ownership percentage of Navios Holdings | ' | ' | ' | ' | ' | 20.00% | 46.40% | 47.50% |
General partner interest of Navios Holdings | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Remaining noncontrolling interest percentage acquired | ' | ' | ' | 49.00% | ' | ' | ' | ' |
Acquisition of noncontrolling interest | $10,889 | $0 | ' | $10,889 | ' | ' | ' | ' |
Percentage of voting stock of Navios Holdings in Navios Acquisition | ' | ' | ' | ' | ' | ' | 43.10% | ' |
Description_of_Business_Relate
Description of Business - Related Parties (Table) (Details) | Oct. 09, 2013 |
Navios Holdings | ' |
Related Party Transaction [Line Items] | ' |
Percentage of ownership in Navios Europe | 47.50% |
Navios Acquisition | ' |
Related Party Transaction [Line Items] | ' |
Percentage of ownership in Navios Europe | 47.50% |
Navios Partners | ' |
Related Party Transaction [Line Items] | ' |
Percentage of ownership in Navios Europe | 5.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | 31-May-14 | 30-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Navios Logistics | Navios Asia | Navios Asia | Navios Partners and its subsidiaries | Navios Acquisition and its subsidiaries | Navios Acquisition and its subsidiaries | Navios Acquisition and its subsidiaries | Navios Acquisition and its subsidiaries | Navios Acquisition and its subsidiaries | Acropolis Chartering and Shipping Inc. ("Acropolis") | Acropolis Chartering and Shipping Inc. ("Acropolis") | Acropolis Chartering and Shipping Inc. ("Acropolis") | Acropolis Chartering and Shipping Inc. ("Acropolis") | Navios Europe and its subsidiaries | |||
Percentage of Navios Holdings ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification from operating to investing activities of dividends received | $7,298 | $3,478 | ' | ' | ' | ' | $3,649 | $2,178 | $7,298 | $3,478 | ' | $271 | $0 | $271 | $0 | ' |
Ownership percentage of Navios Holdings | ' | ' | ' | ' | ' | 20.00% | 46.40% | ' | 46.40% | ' | 46.40% | 50.00% | ' | 50.00% | ' | 47.50% |
Ownership percentage of Navios Holdings | ' | ' | 63.80% | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining noncontrolling interest percentage acquired | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partner Interest | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessels_Port_Terminals_and_Oth2
Vessels, Port Terminals and Other Fixed Assets (Table) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Cost | ' |
Property Plant And Equipment [Line Items] | ' |
Balance December 31, 2013 | $2,233,353 |
Additions | 110,753 |
Write-off | -211 |
Balance June 30, 2014 | 2,343,895 |
Accumulated Depreciation | ' |
Property Plant And Equipment [Line Items] | ' |
Balance December 31, 2013 | -424,498 |
Additions | -44,250 |
Write-off | 144 |
Balance June 30, 2014 | -468,604 |
Net Book Value | ' |
Property Plant And Equipment [Line Items] | ' |
Balance December 31, 2013 | 1,808,855 |
Additions | 66,503 |
Write-off | -67 |
Balance June 30, 2014 | $1,875,291 |
Vessels_Port_Terminals_and_Oth3
Vessels, Port Terminals and Other Fixed Assets (Details) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 26, 2014 | Jun. 30, 2014 | Jan. 26, 2014 | Jun. 30, 2014 | Jan. 26, 2014 | Jun. 30, 2014 | Jan. 27, 2014 | Jun. 30, 2014 | Jun. 04, 2014 | Jun. 30, 2014 | Jan. 27, 2014 | Jan. 27, 2014 |
Panamax vessel | Panamax vessel | Capesize vessel | Capesize vessel | Both newbuilding vessels | Navios Bonanza | Navios Bonanza | Navios Gem | Navios Gem | Navios Holdings | Noncontrolling Shareholders | ||||
Navios Bonanza | Navios Bonanza | |||||||||||||
Property Plant And Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels under construction | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel capacity in DWT | ' | ' | ' | '84,000 dwt | ' | '180,600 dwt | ' | ' | ' | '76,596 dwt | ' | '181,336 dwt | ' | ' |
Total consideration paid for sale of vessel | ' | ' | ' | ' | $31,800 | ' | $52,000 | ' | $17,634 | ' | $54,228 | ' | ' | ' |
Deposits for vessel acquisitions | 17,287 | 0 | ' | ' | ' | ' | ' | 17,287 | ' | ' | ' | ' | ' | ' |
Date of expected delivery | ' | ' | ' | ' | ' | ' | ' | 'Q4 2015 | ' | ' | ' | ' | ' | ' |
Date of delivery | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'January 27, 2014 | ' | 'June 4, 2014 | ' | ' |
Year built | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2006 | ' | '2014 | ' | ' |
Cash consideration for purchase of vessel | 71,862 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 24,228 | ' | 2,900 | 3,484 |
Amount of loan used to finance purchase of vessel | ' | ' | ' | ' | ' | ' | ' | ' | $11,250 | ' | $30,000 | ' | ' | ' |
Vessels_Port_Terminals_and_Oth4
Vessels, Port Terminals and Other Fixed Assets - Navios Logistics (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 26, 2013 | Jun. 30, 2014 | Aug. 05, 2013 | Oct. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 11, 2014 |
Three pushboats | Three pushboats | 36 Dry Barges | Additional 36 Dry Barges | Newbuilding Dry Barges | Three newbuilding pushboats, value per each | Three newbuilding pushboats, value per each | |||
Property Plant And Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid for sale of vessel | ' | ' | $20,250 | ' | $19,080 | $19,080 | ' | ' | $7,400 |
Cash consideration for purchase of vessel | $71,862 | $0 | ' | $583 | ' | ' | $26,712 | $4,440 | ' |
Date of delivery | ' | ' | 'Q1 2014 | ' | 'Q2 2014 | 'Q3 2014 | ' | ' | ' |
Date of expected delivery | ' | ' | ' | ' | ' | ' | ' | 'Q1 2015 | ' |
Intangible_Assets_Other_Than_G2
Intangible Assets Other Than Goodwill (Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total Intangible assets | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | $379,747 | $379,117 |
Accumulated Amortization | -197,800 | -187,453 |
Net Book Value | 181,947 | 191,664 |
Unfavorable lease terms | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Acquisition Cost | -121,028 | -121,028 |
Accumulated Amortization | 96,421 | 93,954 |
Net Book Value | -24,607 | -27,074 |
Total | ' | ' |
Acquired Finite Lived Intangible Assets [Line Items] | ' | ' |
Net Book Value | $157,340 | $164,590 |
Intangible_Assets_Other_Than_G3
Intangible Assets Other Than Goodwill - Amortization Schedule (Table) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Acquired Finite Lived Intangible Assets [Line Items] | ' |
Year One | $14,139 |
Year Two | 15,146 |
Year Three | 15,376 |
Year Four | 7,411 |
Year Five | 5,094 |
Thereafter | 87,797 |
Total | $144,963 |
Intangible_Assets_Other_Than_G4
Intangible Assets Other Than Goodwill - Additional Details (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Intangible asset | $181,947 | ' | $181,947 | ' | $191,664 |
Acquisition of intangible assets - Enresur | ' | ' | 0 | 2,092 | ' |
Below Market Lease Net | 24,607 | ' | 24,607 | ' | 27,074 |
Amortization of intangible assets | 3,632 | 3,639 | 7,252 | 7,247 | ' |
Favorable lease terms | ' | ' | ' | ' | ' |
Intangible asset | 21,782 | ' | 21,782 | ' | ' |
Unfavorable lease terms | ' | ' | ' | ' | ' |
Below Market Lease Net | $9,405 | ' | $9,405 | ' | ' |
Borrowings_Table_Details
Borrowings (Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total borrowings | $1,624,712 | ' |
Less: current portion | 22,261 | 19,261 |
Navios Holdings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured credit facilities | 249,218 | 217,565 |
Navios Logistics | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other long-term loans | 494 | 528 |
Total Loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total borrowings | 1,624,712 | 1,508,093 |
Plus: unamortized premium | 0 | 3,156 |
Less: current portion | -22,261 | -19,261 |
Total long-term borrowings | 1,602,451 | 1,491,988 |
2019 Notes | Navios Holdings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes | 350,000 | 350,000 |
2022 Notes | Navios Holdings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes | 650,000 | 650,000 |
2019 Senior Notes | Navios Logistics | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 290,000 |
2022 Senior Notes | Navios Logistics | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $375,000 | $0 |
Borrowings_Principal_Payments_
Borrowings - Principal Payments (Table) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
BORROWINGS [Abstract] | ' |
30-Jun-15 | $22,261 |
30-Jun-16 | 22,636 |
30-Jun-17 | 22,761 |
30-Jun-18 | 22,761 |
30-Jun-19 | 415,255 |
June 30, 2020 and thereafter | 1,119,038 |
Total | $1,624,712 |
Borrowings_Secured_Credit_Faci
Borrowings - Secured Credit Facilities Navios Holdings and Navios Asia (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 20, 2013 | Jun. 30, 2014 | Jun. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Loan Facility Credit Agricole ($22,500) | Loan Facility Credit Agricole ($22,500) | Loan Facility DVB Bank SE, Credit Agricole Corporate, Investment Bank and Norddeutsche Landesbank Girozentrale ($30,000) | Loan Facility DVB Bank SE, Credit Agricole Corporate, Investment Bank and Norddeutsche Landesbank Girozentrale ($30,000) | Secured debt | ||
Navios Asia | Navios Asia | Navios Holdings | Navios Holdings | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Issuance date/Date of agreement | ' | 20-Dec-13 | ' | 27-Jun-14 | ' | ' |
Face amount at issuance date | ' | $22,500 | ' | $30,000 | ' | ' |
Interest Rate | ' | 'LIBOR plus 3,00% | ' | 'LIBOR plus 2,75% | ' | 'LIBOR plus spread ranging from 2,25% to 3,60% |
Number of loan tranches | ' | 2 | ' | ' | ' | ' |
Debt instrument amount drawn down | ' | ' | 11,250 | ' | 30,000 | ' |
Amount repaid | 9,596 | ' | ' | ' | ' | ' |
Loans outstanding | ' | ' | ' | ' | ' | $249,218 |
Borrowings_Senior_and_Ship_Mor
Borrowings - Senior and Ship Mortgage Notes Navios Holdings and Navios Logistics (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 11 Months Ended | 11 Months Ended | 4 Months Ended | 5 Months Ended | 4 Months Ended | 5 Months Ended | 4 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2006 | Jan. 28, 2011 | Mar. 12, 2013 | Apr. 12, 2011 | Nov. 30, 2009 | Jul. 31, 2012 | Nov. 29, 2013 | Nov. 29, 2013 | 5-May-14 | 22-May-14 | 5-May-14 | 22-May-14 | 22-May-14 | 22-May-14 | Apr. 22, 2014 |
Senior Notes due 2014 | Senior Notes due 2019 | Senior Notes due 2019 | Senior Notes due 2019 | 2017 Notes | 2017 Notes | 2022 Notes | 2022 Notes | Senior Notes due 2019 Amendment | Senior Notes due 2019 Amendment | Senior Notes due 2019 Amendment | Senior Notes due 2019 Amendment | Senior Notes due 2019 Amendment | Senior Notes due 2019 Amendment | Senior Notes due 2022 | |||||
Navios Holdings | Navios Holdings | Navios Logistics | Navios Logistics | Navios Holdings | Navios Holdings | Navios Holdings | Navios Holdings | Navios Logistics | Navios Logistics | Navios Logistics | Navios Logistics | Navios Logistics | Navios Logistics | Navios Logistics | |||||
Indebtedness in connection with six vessels added as collateral | Premium fees included in amendment amount | Accelerated amortization - Deferred finance cost | Accelerated amortization - Senior Notes premium | Premium fees and expenses | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance date/Date of agreement | ' | ' | ' | ' | 31-Dec-06 | 28-Jan-11 | 12-Mar-13 | 12-Apr-11 | 30-Nov-09 | ' | 29-Nov-13 | ' | ' | ' | ' | ' | ' | ' | 22-Apr-14 |
Face amount at issuance date | ' | ' | ' | ' | $300,000 | $350,000 | $90,000 | $200,000 | $400,000 | $88,000 | $650,000 | ' | ' | ' | ' | ' | ' | ' | $375,000 |
Interest Rate | ' | ' | ' | ' | 'FIXED 9,5% | 'FIXED 8,125% | 'FIXED 9,25% | 'FIXED 9,25% | 'FIXED 8,875% | ' | '7,375% | ' | ' | ' | ' | ' | ' | ' | 'FIXED 7,25% |
Debt instrument maturity date | ' | ' | ' | ' | 15-Dec-14 | 15-Feb-19 | 15-Apr-19 | 15-Apr-19 | 1-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-22 |
Amout used for repayment of debt | ' | ' | 9,596 | ' | ' | ' | ' | ' | ' | ' | 488,000 | 123,257 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument price premium | ' | ' | ' | ' | ' | ' | 103.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount amended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 305,558 | ' | 22,153 | ' | ' | ' | ' |
Gain/(loss) on bond extinguishment | ($27,281) | $0 | ($27,281) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($27,281) | ' | ($7,881) | $3,095 | ($22,495) | ' |
Redemption description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'After the purchase by the Logistics Co-Issuers of all of the 2019 Logistics Senior Notes validly tendered and not validly withdrawn prior to the consent payment deadline, $6,595 in aggregate principal amount of the 2019 Logistics Senior Notes remained outstanding. On May 22, 2014, the Logistics Co-Issuers also redeemed for cash all 2019 Logistics Senior Notes that remained outstanding after the completion of the Tender Offer, at a redemption price of $1,069.38 per $1,000 principal amount of 2019 Logistics Senior Notes, plus accrued and unpaid interest to, but not including, the redemption date. | ' | ' | ' | ' | ' |
Borrowings_Repayment_Terms_and
Borrowings - Repayment Terms and Covenats (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Navios Holdings | ' |
Debt Instrument [Line Items] | ' |
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. Additionally, the credit facilities require 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. As of June 30, 2014, the Company was in compliance with all of the covenants under each of its credit facilities. |
Loan Facility Credit Agricole ($22,500) | Navios Asia | ' |
Debt Instrument [Line Items] | ' |
Repayment terms | 'Each tranche is repayable in ten equal semi-annual installments of $563, with a final balloon payment of $5,625 on the last repayment date. |
Loan Facility DVB Bank SE, Credit Agricole Corporate, Investment Bank and Norddeutsche Landesbank Girozentrale ($30,000) | Navios Holdings | ' |
Debt Instrument [Line Items] | ' |
Repayment terms | 'The facility is repayable in 24 quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. |
Senior Notes due 2019 | Navios Holdings | ' |
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. |
Covenant description | '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 June 30, 2014. |
2022 Notes | Navios Holdings | ' |
Debt Instrument [Line Items] | ' |
Repayment terms | '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 (ii) on or after January 15, 2017, at a fixed price of 105.531%, which price declines ratably until it reaches par in 2020. |
Covenant description | '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 June 30, 2014. |
Senior Notes due 2022 | Navios Logistics | ' |
Debt Instrument [Line Items] | ' |
Repayment terms | 'The 2022 Logistics Co-Issuers have the option to redeem the 2022 Logistics Senior Notes in whole or in part, at their option, at any time (i) before May 1, 2017, 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 May 1, 2017, at a fixed price of 105.438%, which price declines ratably until it reaches par in 2020. At any time before May 1, 2017, the 2022 Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2022 Logistics Senior Notes with the net proceeds of an equity offering at 107.250% of the principal amount of the 2022 Logistics Senior 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 2022 Logistics Senior Notes remains outstanding after such redemption. In addition, upon the occurrence of certain change of control events, the holders of the 2022 Logistics Senior Notes will have the right to require the 2022 Logistics Co-Issuers to repurchase some or all of the 2022 Logistics Senior Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. |
Covenant description | 'The 2022 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 2022 Logistics Co-Issuers were in compliance with the covenants as of June 30, 2014. |
Borrowings_Additional_Informat
Borrowings - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
BORROWINGS [Abstract] | ' | ' | ' | ' |
Annual weighted average interest rate | 7.13% | 7.81% | 7.28% | 7.81% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Fair Value (Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $232,435 | $187,831 | $271,097 | $257,868 |
Restricted cash | 2,631 | 2,041 | 6,011 | ' |
Accounts receivable, net | 99,578 | 86,219 | ' | ' |
Investments in available-for-sale securities | 7,280 | 7,660 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Accounts payable | -69,368 | -51,692 | ' | ' |
Senior and ship mortgage notes, including premium | 1,375,000 | 1,293,156 | ' | ' |
Book Value | ' | ' | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 232,435 | 187,831 | ' | ' |
Restricted cash | 2,631 | 2,041 | ' | ' |
Accounts receivable, net | 99,578 | 86,219 | ' | ' |
Investments in available-for-sale securities | 7,280 | 7,660 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Accounts payable | 69,368 | 51,692 | ' | ' |
Capital lease obligations, including current portion | -23,194 | -23,759 | ' | ' |
Senior and ship mortgage notes, including premium | -1,375,000 | -1,293,156 | ' | ' |
Long-term debt, including current portion | -249,712 | -218,093 | ' | ' |
Fair Value | ' | ' | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 232,435 | 187,831 | ' | ' |
Restricted cash | 2,631 | 2,041 | ' | ' |
Accounts receivable, net | 99,578 | 86,219 | ' | ' |
Investments in available-for-sale securities | 7,280 | 7,660 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Accounts payable | 69,368 | 51,692 | ' | ' |
Capital lease obligations, including current portion | -23,194 | -23,759 | ' | ' |
Senior and ship mortgage notes, including premium | -1,433,023 | -1,326,897 | ' | ' |
Long-term debt, including current portion | ($249,712) | ($218,093) | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Investments in available-for-sale securities | $7,280 | $7,660 |
Total | 7,280 | 7,660 |
Quoted Prices in Active Markets for Identical Assets (Level I) | ' | ' |
Assets | ' | ' |
Investments in available-for-sale securities | 7,280 | 7,660 |
Total | 7,280 | 7,660 |
Significant Other Observable Inputs (Level II) | ' | ' |
Assets | ' | ' |
Investments in available-for-sale securities | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level III) | ' | ' |
Assets | ' | ' |
Investments in available-for-sale securities | 0 | 0 |
Total | $0 | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $232,435 | $187,831 | $271,097 | $257,868 |
Restricted cash | 2,631 | 2,041 | 6,011 | ' |
Senior and ship mortgage notes, including premium | 1,375,000 | 1,293,156 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Total | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 232,435 | 187,831 | ' | ' |
Restricted cash | 2,631 | 2,041 | ' | ' |
Senior and ship mortgage notes, including premium | -1,433,023 | -1,326,897 | ' | ' |
Capital lease obligations, including current portion | -23,194 | -23,759 | ' | ' |
Long-term debt, including current portion | -249,712 | -218,093 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
(Level I) | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 232,435 | 187,831 | ' | ' |
Restricted cash | 2,631 | 2,041 | ' | ' |
Senior and ship mortgage notes, including premium | -1,433,023 | -1,326,897 | ' | ' |
Capital lease obligations, including current portion | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Loan receivable from affiliate companies | 0 | 0 | ' | ' |
Long-term receivable from affiliate companies | 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, including premium | 0 | 0 | ' | ' |
Capital lease obligations, including current portion | -23,194 | -23,759 | ' | ' |
Long-term debt, including current portion | -249,712 | -218,093 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
(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, including premium | 0 | 0 | ' | ' |
Capital lease obligations, including current portion | 0 | 0 | ' | ' |
Long-term debt, including current portion | 0 | 0 | ' | ' |
Loan receivable from affiliate companies | 0 | 0 | ' | ' |
Long-term receivable from affiliate companies | $0 | $0 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Navios Holdings Future Minimum Commitments for Chartered-In Vessels (Table) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
In Operation | ' |
Other Commitments [Line Items] | ' |
30-Jun-15 | $74,373 |
30-Jun-16 | 59,891 |
30-Jun-17 | 54,685 |
30-Jun-18 | 51,877 |
30-Jun-19 | 45,721 |
June 30, 2020 and thereafter | 87,256 |
Total | 373,803 |
To be delivered | ' |
Other Commitments [Line Items] | ' |
30-Jun-15 | 3,318 |
30-Jun-16 | 18,437 |
30-Jun-17 | 33,983 |
30-Jun-18 | 39,876 |
30-Jun-19 | 39,877 |
June 30, 2020 and thereafter | 206,688 |
Total | 342,179 |
Total | ' |
Other Commitments [Line Items] | ' |
30-Jun-15 | 77,691 |
30-Jun-16 | 78,328 |
30-Jun-17 | 88,668 |
30-Jun-18 | 91,753 |
30-Jun-19 | 85,598 |
June 30, 2020 and thereafter | 293,944 |
Total | $715,982 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Navios Holdings Future Minimum Commitments for Newbuildings and Navios Logistics Future Minimum Commitments (Table) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Drybulk Vessels | ' |
Future minimum commitments | ' |
30-Jun-15 | $4,190 |
30-Jun-16 | 62,850 |
Total | 67,040 |
Navios Logistics | ' |
Future minimum commitments | ' |
30-Jun-15 | 33,796 |
30-Jun-16 | 14,920 |
Total | $48,716 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 691 | 829 |
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 others | ' | ' |
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 | ' |
Navios Logistics obligation related to the acquisition of new dry barges | ' | ' |
Contractual Obligation | 11,448 | ' |
Navios Logistics obligation related to the acquisition of three new pushboats | ' | ' |
Contractual Obligation | 17,760 | ' |
Navios Logistics obligation related to the dredging of its dry port | ' | ' |
Contractual Obligation | 10,200 | ' |
Navios Logistics obligation related to the acquisition of the chartered-in fleet | ' | ' |
Contractual Obligation | $9,308 | ' |
Transactions_with_Related_Part1
Transactions with Related Parties (Details) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 09, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Acropolis | Acropolis | Acropolis | Acropolis | Acropolis | Navios Partners Agreement | Navios Partners Agreement | Navios Partners Agreement | Navios Partners Agreement | Navios Partners Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Europe Agreement | Navios Europe Agreement | Navios Europe Agreement | Navios Europe Agreement | Navios Partners | Navios Partners | Navios Partners | Navios Partners | Navios Partners | Navios Acquisition | Navios Acquisition | Navios Europe | Navios Europe | Navios Holdings, Acquisition, Partners | Navios Holdings, Acquisition, Partners | Navios Holdings | Navios Holdings | Navios Holdings | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 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 | ' | ' | $1,292 | € 943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commisions paid | ' | ' | ' | ' | ' | ' | 0 | 30 | 0 | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received | ' | ' | ' | ' | ' | ' | 271 | 0 | 271 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | 76 | ' | 76 | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payout of company under Navios Partner's guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of future charter payments covered by guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | 1,050 | 2,986 | 2,100 | ' | 1,803 | 755 | 3,498 | 1,414 | 190 | 190 | 380 | 360 | 199 | 0 | 397 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from affiliate, total | 21,181 | ' | 21,181 | ' | ' | 12,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,173 | 1,407 | ' | ' | ' | ' | ' |
Due from affiliate, current | 18,856 | ' | 18,856 | ' | ' | 8,328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,265 | ' | 3,265 | ' | 390 | 10,749 | 6,530 | ' | ' | ' | ' | ' | ' | ' |
Due from affiliate companies, non-current | 7,167 | ' | 7,167 | ' | ' | 5,144 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,167 | 5,144 | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred gain for vessels and rights sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,700 | ' | 17,700 | ' | 21,578 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain recognized in Statement of Comprehensive Income | 7,079 | 4,127 | 29,497 | ' | 18,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 735 | 1,370 | 3,808 | 4,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Spread on variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '300 basis points | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Loan receivable from affiliate company | 5,491 | ' | 5,491 | ' | ' | 2,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Navios Europe - Revolving loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,100 | ' | ' | ' | ' |
Preferred Distribution Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.70% | ' | ' | ' |
Long-term debt | 1,624,712 | 1,418,728 | 1,624,712 | ' | 1,418,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in affiliates | 340,375 | 303,103 | 340,375 | ' | 303,103 | 335,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,903 | 4,750 | ' | ' | ' | ' | ' |
Loans receivable from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,491 | 2,660 | ' |
Available amount of loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,540 | ' | ' | $5,957 |
Transactions_with_Related_Part2
Transactions with Related Parties - Vessels Charter Hire and Management Fees (Details) (USD $) | 6 Months Ended | 11 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 2 Months Ended | 24 Months Ended | 2 Months Ended | 24 Months Ended | 2 Months Ended | 24 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Navios Apollon | Navios Apollon | Navios Apollon | Navios Prosperity | Navios Libra | Navios Felicity | Navios Aldebaran | Navios Hope | Navios Melodia | All ships | All ships | All ships | All ships | Navios Partners' Ultra-Handymax vessel | Navios Partners' Panamax vessel | Navios Partners' Capesize vessel | Navios Partners' Container vessel | Navios Partners' Ultra-Handymax, Panamax, Capesize and Container vessel | Navios Partners' Ultra-Handymax, Panamax, Capesize and Container vessel | Navios Partners' Ultra-Handymax, Panamax, Capesize and Container vessel | Navios Partners' Ultra-Handymax, Panamax, Capesize and Container vessel | Navios Acquisition's MR2 product tanker and chemical tanker vessel | Navios Acquisition's MR2 product tanker and chemical tanker vessel | Navios Acquisition's LR1 product tanker vessel | Navios Acquisition's LR1 product tanker vessel | Navios Acquisition's VLCC vessel | Navios Acquisition's VLCC vessel | Navios Acquisition's MR2, LR1 and VLCC vessel | Navios Acquisition's MR2, LR1 and VLCC vessel | Navios Acquisition's MR2, LR1 and VLCC vessel | Navios Acquisition's MR2, LR1 and VLCC vessel | Navios Acquisition Agreement | Navios Europe's tanker and container vessel | Navios Europe's tanker and container vessel | Navios Europe's tanker and container vessel | Navios Europe's tanker and container vessel | |
Lease term in years | '2 years | ' | ' | '1 year with two six-month extension options | '3 years | '1 year with two six-month extension options | '6 months with a six-month extension option | '1 year | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charter hire daily rate | $13,500 | $12,500 | $13,500 | $12,000 | $12,000 | $12,000 | $11,000 | $10,000 | $15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of settlement of related party transaction | '50/50 profit sharing based on actual earnings. | ' | ' | 'The owners will receive 100% of the first $1.5 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. | '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. | '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. | '50/50 profit sharing based on actual earnings. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voyage expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,416,000 | 4,366,000 | 12,761,000 | 7,697,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Daily management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 4,100 | 5,100 | 6,500 | ' | ' | ' | ' | 6,000 | 6,000 | 7,000 | 7,000 | 9,500 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual fee received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,240,000 | 8,585,000 | 24,244,000 | 17,077,000 | ' | ' | ' | ' | ' | ' | 23,787,000 | 15,826,000 | 46,087,000 | 29,924,000 | ' | 4,861,000 | 0 | 9,299,000 | 0 |
Terms of reimbursement of fees and expenses under the management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Effective March 30, 2012, Navios Acquisition can, upon request to Navios Holdings, partially or fully defer the reimbursement of drydocking and other extraordinary fees and expenses under the Management Agreement to a later date, but not later than January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. Commencing September 28, 2012, Navios Acquisition could, upon request, reimburse the Navios Holdings partially or fully for any fixed management fees outstanding for a period of not more than nine months under the Management Agreement at a later date, but not later than December 31, 2014, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | ' | ' | ' | ' |
Fixed drydocking expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 08, 2014 | Jan. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
American Depositary Shares | American Depositary Shares | Convertible preferred stock | Series G | ||||
Exercised number of shares | 141,389 | 87,750 | ' | ' | ' | ' | ' |
Total amount of shares issued | $638 | $279 | ' | ' | ' | ' | ' |
Vested restricted stock units | 25,120 | 0 | ' | ' | ' | ' | ' |
Forfeited restricted shares | 4,625 | 12,452 | ' | ' | ' | ' | ' |
Sale of stock - Number of shares issued in transaction | ' | ' | ' | 4,800,000 | 2,000,000 | ' | ' |
Preferred stock dividend rate percentage | ' | ' | ' | 8.63% | 8.75% | ' | ' |
Sale of stock - Net proceeds | ' | ' | ' | $115,840 | $47,847 | ' | ' |
Sale of stock - Redemption price per share | ' | ' | ' | $2,500 | $2,500 | ' | ' |
Sale of American Depositary Shares | ' | ' | ' | 'American Depositary Shares, each of which represents 1/100th of a share of the Company's Series H Cumulative Redeemable Perpetual Preferred Stock (the "Series H"), with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable quarterly in arrears at a rate of 8.625% per annum of the stated liquidation preference. | 'American Depositary Shares, each of which represents 1/100th of a share of the Company's Series G Cumulative Redeemable Perpetual Preferred Stock (the "Series G"), with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable quarterly in arrears on the Series G at a rate of 8.75% per annum of the stated liquidation preference. | ' | ' |
Sale of stock - Redemption terms | ' | ' | ' | ' | 'At any time on or after January 28, 2019, the Series G may be redeemed (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefor, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. | ' | ' |
Preferred stock converted into common shares | ' | ' | ' | ' | ' | 561 | ' |
Maximum number of preferred stock to be converted | 1,870 | ' | ' | ' | ' | ' | ' |
Par value of preferred stock | $0.00 | ' | $0.00 | ' | ' | $10,000 | ' |
Common stock issued upon conversion | 561,000 | ' | ' | ' | ' | ' | ' |
Conversion terms of preferred stock | 'The shares of convertible preferred stock were converted pursuant to their original terms, which provided that five years after the issuance date of the convertible preferred stock, 30% of the then-outstanding shares of preferred stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per preferred share. | ' | ' | ' | ' | ' | ' |
Common stock shares outstanding | 104,984,363 | ' | 104,261,029 | ' | ' | ' | ' |
Preferred stock shares outstanding | 27,918 | ' | 8,479 | ' | ' | 7,918 | 20,000 |
Other_ExpenseIncome_Net_Detail
Other (Expense)/Income, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 30, 2014 |
Defaulted counterparty | Credit default insurance | |||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Other (expense)/income, net | ($7,481) | $9,778 | ($5,415) | $6,474 | $7,203 | ' |
Compensation received for credit insurance policy termination | ' | ' | ' | ' | ' | 4,044 |
Other Income | ' | ' | ' | ' | ' | $3,551 |
Segment_Information_Table_Deta
Segment Information (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | $145,408 | $125,572 | $267,599 | $259,409 | ' | ' |
Interest expense and finance cost, net | -28,521 | -27,372 | -56,567 | -52,730 | ' | ' |
Depreciation and amortization | -25,828 | -24,233 | -51,502 | -48,556 | ' | ' |
Equity in net earnings of affiliated companies | 7,079 | 4,127 | 29,497 | 18,250 | ' | ' |
Net (loss)/income attributable to Navios Holdings common stockholders | -36,680 | -15,881 | -34,627 | -26,036 | ' | ' |
Total assets | 3,077,037 | 2,973,691 | 3,077,037 | 2,973,691 | 2,919,613 | ' |
Capital expenditures | -80,890 | -8,733 | -110,753 | -18,219 | ' | ' |
Goodwill | 160,336 | 160,336 | 160,336 | 160,336 | 160,336 | ' |
Investments in affiliates | 340,375 | 303,103 | 340,375 | 303,103 | 335,303 | ' |
Cash and cash equivalents | 232,435 | 271,097 | 232,435 | 271,097 | 187,831 | 257,868 |
Restricted cash | 2,631 | 6,011 | 2,631 | 6,011 | 2,041 | ' |
Long-term debt (including current and non-current portion) | 1,624,712 | 1,418,728 | 1,624,712 | 1,418,728 | ' | ' |
Drybulk Vessel Operations | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 75,440 | 62,105 | 152,033 | 122,712 | ' | ' |
Interest expense and finance cost, net | -21,075 | -20,715 | -42,405 | -40,692 | ' | ' |
Depreciation and amortization | -19,847 | -18,454 | -39,454 | -36,684 | ' | ' |
Equity in net earnings of affiliated companies | 7,079 | 4,127 | 29,497 | 18,250 | ' | ' |
Net (loss)/income attributable to Navios Holdings common stockholders | -22,999 | -18,704 | -20,833 | -32,647 | ' | ' |
Total assets | 2,472,563 | 2,422,071 | 2,472,563 | 2,422,071 | ' | ' |
Capital expenditures | -54,311 | -338 | -72,013 | -435 | ' | ' |
Goodwill | 56,240 | 56,240 | 56,240 | 56,240 | ' | ' |
Investments in affiliates | 340,375 | 303,103 | 340,375 | 303,103 | ' | ' |
Cash and cash equivalents | 116,049 | 146,554 | 116,049 | 146,554 | ' | ' |
Restricted cash | 2,631 | 6,011 | 2,631 | 6,011 | ' | ' |
Long-term debt (including current and non-current portion) | 1,249,218 | 1,124,910 | 1,249,218 | 1,124,910 | ' | ' |
Logistics Business | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 69,968 | 63,467 | 115,566 | 136,697 | ' | ' |
Interest expense and finance cost, net | -7,446 | -6,657 | -14,162 | -12,038 | ' | ' |
Depreciation and amortization | -5,981 | -5,779 | -12,048 | -11,872 | ' | ' |
Equity in net earnings of affiliated companies | 0 | 0 | 0 | 0 | ' | ' |
Net (loss)/income attributable to Navios Holdings common stockholders | -13,681 | 2,823 | -13,794 | 6,611 | ' | ' |
Total assets | 604,474 | 551,620 | 604,474 | 551,620 | ' | ' |
Capital expenditures | -26,579 | -8,395 | -38,740 | -17,784 | ' | ' |
Goodwill | 104,096 | 104,096 | 104,096 | 104,096 | ' | ' |
Investments in affiliates | 0 | 0 | 0 | 0 | ' | ' |
Cash and cash equivalents | 116,386 | 124,543 | 116,386 | 124,543 | ' | ' |
Restricted cash | 0 | 0 | 0 | 0 | ' | ' |
Long-term debt (including current and non-current portion) | $375,494 | $293,818 | $375,494 | $293,818 | ' | ' |
Loss_Per_Common_Share_Table_De
Loss Per Common Share (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net loss attributable to Navios Holdings common stockholders | ($36,680) | ($15,881) | ($34,627) | ($26,036) |
Less: | ' | ' | ' | ' |
Dividend on Preferred Stock and on unvested restricted shares | -1,573 | -423 | -2,800 | -841 |
Loss available to Navios Holdings common stockholders, basic | -38,253 | -16,304 | -37,427 | -26,877 |
Loss available to Navios Holdings common stockholders, diluted | ($38,253) | ($16,304) | ($37,427) | ($26,877) |
Denominator: | ' | ' | ' | ' |
Denominator for basic net loss per share attributable to Navios Holdings common stockholders - weighted average shares | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 |
Denominator for diluted net loss per share attributable to Navios Holdings common stockholders - weighted average shares | 102,947,944 | 101,783,378 | 102,718,368 | 101,771,451 |
Basic net losses per share attributable to Navios Holdings common stockholders | ($0.37) | ($0.16) | ($0.36) | ($0.26) |
Diluted net losses per share attributable to Navios Holdings common stockholders | ($0.37) | ($0.16) | ($0.36) | ($0.26) |
Loss_Per_Common_Share_Details
Loss Per Common Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Common shares | ' | ' | ' | ' |
Shares with anti-dilutive effect, not included in calculation of earnings per share | 3,692,158 | 2,283,704 | 4,010,213 | 2,074,295 |
Convertible Preferred Stock | ' | ' | ' | ' |
Shares with anti-dilutive effect, not included in calculation of earnings per share | 8,472,835 | 8,479,000 | 8,475,918 | 8,479,000 |
Investment_in_Affiliates_and_A2
Investment in Affiliates and Available-for-Sale Securities (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Navios Partners | ' | ' | ' | ' | ' |
Balance sheet | ' | ' | ' | ' | ' |
Current assets | $196,107 | ' | $196,107 | ' | $54,484 |
Non-current assets | 1,140,747 | ' | 1,140,747 | ' | 1,195,595 |
Current liabilities | 19,887 | ' | 19,887 | ' | 15,606 |
Non-current liabilities | 523,429 | ' | 523,429 | ' | 527,966 |
Income Statement | ' | ' | ' | ' | ' |
Revenue | 55,178 | 49,154 | 112,676 | 99,435 | ' |
Net income/(loss) | 29,985 | 19,511 | 48,346 | 35,757 | ' |
Navios Acquisition | ' | ' | ' | ' | ' |
Balance sheet | ' | ' | ' | ' | ' |
Current assets | 86,644 | ' | 86,644 | ' | 120,801 |
Non-current assets | 1,699,448 | ' | 1,699,448 | ' | 1,535,860 |
Current liabilities | 74,188 | ' | 74,188 | ' | 65,400 |
Non-current liabilities | 1,223,782 | ' | 1,223,782 | ' | 1,128,439 |
Income Statement | ' | ' | ' | ' | ' |
Revenue | 62,242 | 47,057 | 123,211 | 91,229 | ' |
Net income/(loss) | -2,804 | -1,536 | -15,622 | -801 | ' |
Navios Europe | ' | ' | ' | ' | ' |
Balance sheet | ' | ' | ' | ' | ' |
Current assets | 13,039 | ' | 13,039 | ' | 8,224 |
Non-current assets | 196,692 | ' | 196,692 | ' | 199,761 |
Current liabilities | 17,107 | ' | 17,107 | ' | 14,792 |
Non-current liabilities | 198,782 | ' | 198,782 | ' | 194,288 |
Income Statement | ' | ' | ' | ' | ' |
Revenue | 8,450 | 0 | 17,109 | 0 | ' |
Net income/(loss) | ($2,632) | $0 | ($5,063) | $0 | ' |
Investment_in_Affiliates_and_A3
Investment in Affiliates and Available-for-Sale Securities (Details) (USD $) | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | $638 | $279 | ' |
Common stock shares outstanding | ' | 104,984,363 | ' | 104,984,363 | ' | 104,261,029 |
Equity in net earnings of affiliated companies | ' | 7,079 | 4,127 | 29,497 | 18,250 | ' |
Investments in affiliates | ' | 340,375 | 303,103 | 340,375 | 303,103 | 335,303 |
Dividends received | ' | ' | ' | 7,298 | 3,478 | ' |
Navios Maritime Partners L.P. | ' | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
General Partner Interest | ' | ' | ' | 2.00% | ' | ' |
Units issued in public offering | 6,325,000 | ' | ' | ' | ' | ' |
Shares issued - price per share | $17.30 | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 106,732 | ' | ' | ' | ' | ' |
Payments to acquire common stock | 2,233 | ' | ' | ' | ' | ' |
Gain/(loss) from the sale of shares by the equity method | ' | ' | ' | 11,230 | 7,963 | ' |
Common stock shares outstanding | ' | 14,223,763 | ' | 14,223,763 | ' | ' |
Percentage of ownership | 20.00% | 18.00% | ' | 18.00% | ' | ' |
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | ' | 36,983 | ' | 36,983 | ' | 42,412 |
Equity in net earnings of affiliated companies | ' | 7,784 | 6,109 | 28,074 | 21,538 | ' |
Investments in affiliates | ' | 122,045 | ' | 122,045 | ' | 110,516 |
Dividends received | ' | 7,536 | 7,343 | 14,971 | 14,685 | ' |
Acropolis Chartering and Shipping Inc. | ' | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | 50.00% | ' | 50.00% | ' | ' |
Investments in affiliates | ' | 420 | ' | 420 | ' | 350 |
Dividends received | ' | 271 | 0 | 271 | 0 | ' |
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. | ' | ' |
Navios Acquisition | ' | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Shares issued in public offering | 14,950,000 | ' | ' | ' | ' | ' |
Shares issued - price per share | $3.85 | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 57,556 | ' | ' | ' | ' | ' |
Gain/(loss) from the sale of shares by the equity method | ' | 0 | -2,096 | 6,193 | -5,049 | ' |
Percentage of ownership | 46.40% | 46.40% | ' | 46.40% | ' | ' |
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | ' | 7,990 | ' | 7,990 | ' | 12,052 |
Equity in net earnings of affiliated companies | ' | -1,190 | -2,055 | 619 | -3,468 | ' |
Investments in affiliates | ' | 212,985 | ' | 212,985 | ' | 219,664 |
Dividends received | ' | $3,649 | $2,178 | $7,298 | $3,478 | ' |
Percentage of voting stock of Navios Holdings in Navios Acquisition | 43.10% | ' | ' | ' | ' | ' |
Investment_in_Affiliates_and_A4
Investment in Affiliates and Available-for-Sale Securities - Navios Europe (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Oct. 09, 2013 | Dec. 18, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Funded from Senior Loan $117,753 | New Junior Loan | New Junior Loan | Navios Holdings, Acquisition, Partners | Navios Holdings, Acquisition, Partners | Navios Europe | Navios Europe | Navios Europe | Navios Europe | Navios Europe | Navios Holdings | Navios Holdings | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | $127,753 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,624,712 | 1,418,728 | 1,624,712 | 1,418,728 | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Face Amount | ' | ' | ' | ' | ' | ' | ' | 173,367 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable Fair Value Disclosure | ' | ' | ' | ' | ' | ' | 71,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan facility to fund working capital requirements, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 24,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated maximum potential loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,241 | 7,410 |
Investments in affiliates | 340,375 | 303,103 | 340,375 | 303,103 | 335,303 | ' | ' | ' | ' | ' | 4,903 | ' | 4,903 | ' | 4,750 | ' | ' |
Portion of the carrying balance of related party loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,491 | 2,660 |
Equity in net earnings of affiliated companies | $7,079 | $4,127 | $29,497 | $18,250 | ' | ' | ' | ' | ' | ' | $311 | $0 | $462 | $0 | ' | ' | ' |
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. | ' | ' | ' | ' |
Investment_in_Affiliates_and_A5
Investment in Affiliates and Available-for-Sale Securities - Available for Sale Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in available-for-sale securities | $7,280 | ' | $7,280 | ' | $7,660 |
Accumulated other comprehensive (loss)/income | 0 | ' | 0 | ' | -11,172 |
Reclassification of accumulated other comprehensive income to net loss | 11,553 | 0 | 11,553 | 0 | ' |
Korea Line Corporation | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investment held in shares | 314,077 | ' | 314,077 | ' | 314,077 |
Investments in available-for-sale securities | 7,280 | ' | 7,280 | ' | 7,660 |
Accumulated other comprehensive (loss)/income | 0 | ' | 0 | ' | -1,358 |
Reclassification of accumulated other comprehensive income to net loss | ' | ' | $11,553 | ' | ' |
Other_Financial_Information_St
Other Financial Information - Statement of Comprehensive (Loss)/Income (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
Revenue | $145,408 | $125,572 | $267,599 | $259,409 |
Time charter, voyage and logistics business expenses | -63,514 | -65,632 | -114,692 | -135,640 |
Direct vessel expenses | -33,840 | -26,444 | -62,168 | -54,139 |
General and administrative expenses | -9,567 | -9,873 | -20,598 | -18,835 |
Depreciation and amortization | -25,828 | -24,233 | -51,502 | -48,556 |
Loss on bond extinguishment | -27,281 | 0 | -27,281 | 0 |
Gain on sale of assets | 0 | 18 | 0 | 18 |
(Loss)/income before equity in net earnings of affiliated companies | -50,624 | -18,186 | -70,624 | -43,999 |
Equity in net earnings of affiliated companies | 7,079 | 4,127 | 29,497 | 18,250 |
(Loss)/income before taxes | -43,545 | -14,059 | -41,127 | -25,749 |
Income tax (expense)/benefit | -848 | -128 | -1,136 | 3,572 |
Net (loss)/income | -44,393 | -14,187 | -42,263 | -22,177 |
Less: Net (income)/loss attributable to the noncontrolling interest | 7,713 | -1,694 | 7,636 | -3,859 |
Net (loss)/income attributable to Navios Holdings common stockholders | -36,680 | -15,881 | -34,627 | -26,036 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Unrealized holding income/(loss) on investments in available-for-sale securities | 758 | -1,035 | -381 | -800 |
Reclassification to earnings | 11,553 | 0 | 11,553 | 0 |
Total other comprehensive income/(loss) | 12,311 | -1,035 | 11,172 | -800 |
Total comprehensive (loss)/income | -32,082 | -15,222 | -31,091 | -22,977 |
Comprehensive loss/(income) attributable to the noncontrolling interest | 7,713 | -1,694 | 7,636 | -3,859 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -24,369 | -16,916 | -23,455 | -26,836 |
Navios Maritime Holdings Inc. Issuer | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
General and administrative expenses | -1,427 | -1,420 | -3,737 | -2,890 |
Depreciation and amortization | -701 | -701 | -1,394 | -1,394 |
Interest expense and finance cost, net | -19,643 | -19,103 | -39,336 | -37,403 |
Other income/(expense), net | 2 | -6 | -13 | 31 |
(Loss)/income before equity in net earnings of affiliated companies | -21,769 | -21,230 | -44,480 | -41,656 |
(Loss)/income from subsidiaries | -19,639 | 3,504 | -13,001 | 3,235 |
Equity in net earnings of affiliated companies | 4,729 | 1,845 | 22,854 | 12,385 |
(Loss)/income before taxes | -36,679 | -15,881 | -34,627 | -26,036 |
Net (loss)/income | -36,679 | -15,881 | -34,627 | -26,036 |
Net (loss)/income attributable to Navios Holdings common stockholders | -36,679 | -15,881 | -34,627 | -26,036 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Unrealized holding income/(loss) on investments in available-for-sale securities | 758 | -1,035 | -381 | -800 |
Reclassification to earnings | 11,553 | ' | 11,553 | ' |
Total other comprehensive income/(loss) | 12,311 | -1,035 | 11,172 | -800 |
Total comprehensive (loss)/income | -24,368 | -16,916 | -23,455 | -26,836 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -24,368 | -16,916 | -23,455 | -26,836 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
Revenue | 75,440 | 62,104 | 152,033 | 122,711 |
Time charter, voyage and logistics business expenses | -39,088 | -41,565 | -77,468 | -76,104 |
Direct vessel expenses | -13,863 | -9,634 | -26,532 | -19,105 |
General and administrative expenses | -4,789 | -4,912 | -10,102 | -9,334 |
Depreciation and amortization | -19,146 | -17,752 | -38,060 | -35,289 |
Interest expense and finance cost, net | -1,432 | -1,612 | -3,069 | -3,289 |
Other income/(expense), net | -5,300 | 11,841 | -2,292 | 11,310 |
(Loss)/income before equity in net earnings of affiliated companies | -8,178 | -1,530 | -5,490 | -9,100 |
(Loss)/income from subsidiaries | -13,681 | 2,823 | -13,794 | 6,611 |
Equity in net earnings of affiliated companies | 1,218 | 1,442 | 4,611 | 4,251 |
(Loss)/income before taxes | -20,641 | 2,735 | -14,673 | 1,762 |
Income tax (expense)/benefit | -90 | -71 | -178 | -141 |
Net (loss)/income | -20,731 | 2,664 | -14,851 | 1,621 |
Less: Net (income)/loss attributable to the noncontrolling interest | -41 | ' | -182 | ' |
Net (loss)/income attributable to Navios Holdings common stockholders | -20,772 | 2,664 | -15,033 | 1,621 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Unrealized holding income/(loss) on investments in available-for-sale securities | 758 | -1,035 | -381 | -800 |
Reclassification to earnings | 11,553 | ' | 11,553 | ' |
Total other comprehensive income/(loss) | 12,311 | -1,035 | 11,172 | -800 |
Total comprehensive (loss)/income | -8,420 | 1,629 | -3,679 | 821 |
Comprehensive loss/(income) attributable to the noncontrolling interest | -41 | ' | -182 | ' |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -8,461 | 1,629 | -3,861 | 821 |
Non Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
Revenue | 69,968 | 63,468 | 115,566 | 136,698 |
Time charter, voyage and logistics business expenses | -24,426 | -24,067 | -37,224 | -59,536 |
Direct vessel expenses | -19,977 | -16,810 | -35,636 | -35,034 |
General and administrative expenses | -3,351 | -3,541 | -6,759 | -6,611 |
Depreciation and amortization | -5,981 | -5,780 | -12,048 | -11,873 |
Interest expense and finance cost, net | -7,446 | -6,657 | -14,162 | -12,038 |
Loss on bond extinguishment | -27,281 | ' | -27,281 | ' |
Gain on sale of assets | ' | 18 | ' | 18 |
Other income/(expense), net | -2,183 | -2,057 | -3,110 | -4,867 |
(Loss)/income before equity in net earnings of affiliated companies | -20,677 | 4,574 | -20,654 | 6,757 |
Equity in net earnings of affiliated companies | 1,132 | 840 | 2,032 | 1,614 |
(Loss)/income before taxes | -19,545 | 5,414 | -18,622 | 8,371 |
Income tax (expense)/benefit | -758 | -57 | -958 | 3,713 |
Net (loss)/income | -20,303 | 5,357 | -19,580 | 12,084 |
Less: Net (income)/loss attributable to the noncontrolling interest | 7,754 | -1,694 | 7,818 | -3,859 |
Net (loss)/income attributable to Navios Holdings common stockholders | -12,549 | 3,663 | -11,762 | 8,225 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Total comprehensive (loss)/income | -20,303 | 5,357 | -19,580 | 12,084 |
Comprehensive loss/(income) attributable to the noncontrolling interest | 7,754 | -1,694 | -7,818 | 3,859 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -12,549 | 3,663 | -11,762 | 8,225 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
(Loss)/income from subsidiaries | 33,320 | -6,327 | 26,795 | -9,846 |
(Loss)/income before taxes | 33,320 | -6,327 | 26,795 | -9,846 |
Net (loss)/income | 33,320 | -6,327 | 26,795 | -9,846 |
Net (loss)/income attributable to Navios Holdings common stockholders | 33,320 | -6,327 | 26,795 | -9,846 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Unrealized holding income/(loss) on investments in available-for-sale securities | -758 | 1,035 | 381 | 800 |
Reclassification to earnings | -11,553 | ' | -11,553 | ' |
Total other comprehensive income/(loss) | -12,311 | 1,035 | -11,172 | 800 |
Total comprehensive (loss)/income | 21,009 | -5,292 | 15,623 | -9,046 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | 21,009 | -5,292 | 15,623 | -9,046 |
Total | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
Revenue | 145,408 | 125,572 | 267,599 | 259,409 |
Time charter, voyage and logistics business expenses | -63,514 | -65,632 | -114,692 | -135,640 |
Direct vessel expenses | -33,840 | -26,444 | -62,168 | -54,139 |
General and administrative expenses | -9,567 | -9,873 | -20,598 | -18,835 |
Depreciation and amortization | -25,828 | -24,233 | -51,502 | -48,556 |
Interest expense and finance cost, net | -28,521 | -27,372 | -56,567 | -52,730 |
Loss on bond extinguishment | -27,281 | ' | -27,281 | ' |
Gain on sale of assets | ' | 18 | ' | 18 |
Other income/(expense), net | -7,481 | 9,778 | -5,415 | 6,474 |
(Loss)/income before equity in net earnings of affiliated companies | -50,624 | -18,186 | -70,624 | -43,999 |
(Loss)/income from subsidiaries | 0 | 0 | 0 | 0 |
Equity in net earnings of affiliated companies | 7,079 | 4,127 | 29,497 | 18,250 |
(Loss)/income before taxes | -43,545 | -14,059 | -41,127 | -25,749 |
Income tax (expense)/benefit | -848 | -128 | -1,136 | 3,572 |
Net (loss)/income | -44,393 | -14,187 | -42,263 | -22,177 |
Less: Net (income)/loss attributable to the noncontrolling interest | 7,713 | -1,694 | 7,636 | -3,859 |
Net (loss)/income attributable to Navios Holdings common stockholders | -36,680 | -15,881 | -34,627 | -26,036 |
Other Comprehensive income/(loss) | ' | ' | ' | ' |
Unrealized holding income/(loss) on investments in available-for-sale securities | 758 | -1,035 | -381 | -800 |
Reclassification to earnings | 11,553 | ' | 11,553 | ' |
Total other comprehensive income/(loss) | 12,311 | -1,035 | 11,172 | -800 |
Total comprehensive (loss)/income | -32,082 | -15,222 | -31,091 | -22,977 |
Comprehensive loss/(income) attributable to the noncontrolling interest | 7,713 | -1,694 | 7,636 | -3,859 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | ($24,369) | ($16,916) | ($23,455) | ($26,836) |
Other_Financial_Information_Ba
Other Financial Information - Balance Sheet (Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $232,435 | $187,831 | $271,097 | $257,868 |
Restricted cash | 2,631 | 2,041 | 6,011 | ' |
Accounts receivable, net | 99,578 | 86,219 | ' | ' |
Due from affiliate companies | 18,856 | 8,328 | ' | ' |
Total current assets | 413,728 | 339,986 | ' | ' |
Vessels, port terminals and other fixed assets, net | 1,875,291 | 1,808,855 | ' | ' |
Deposits for vessel acquisitions | 17,315 | 28 | ' | ' |
Investment in available-for-sale securities | 7,280 | 7,660 | ' | ' |
Investment in affiliates | 340,375 | 335,303 | 303,103 | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Total non-current assets | 2,663,309 | 2,579,627 | ' | ' |
Total assets | 3,077,037 | 2,919,613 | 2,973,691 | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 69,368 | 51,692 | ' | ' |
Accrued expenses and other liabilities | 101,047 | 64,199 | ' | ' |
Deferred income and cash received in advance | 10,419 | 13,215 | ' | ' |
Current portion of capital lease obligations | 1,544 | 1,400 | ' | ' |
Current portion of long-term debt | 22,261 | 19,261 | ' | ' |
Total current liabilities | 204,639 | 149,767 | ' | ' |
Capital lease obligations, net of current portion | 21,650 | 22,359 | ' | ' |
Unfavorable lease terms | 24,607 | 27,074 | ' | ' |
Other long-term liabilities and deferred income | 22,556 | 25,221 | ' | ' |
Deferred tax liability | 15,093 | 13,869 | ' | ' |
Total non-current liabilities | 1,686,357 | 1,580,511 | ' | ' |
Total liabilities | 1,890,996 | 1,730,278 | ' | ' |
Noncontrolling interest | 111,772 | 123,640 | ' | ' |
Total Navios Holdings stockholders' equity | 1,074,269 | 1,065,695 | ' | ' |
Total liabilities and stockholders' equity | 3,077,037 | 2,919,613 | ' | ' |
Navios Maritime Holdings Inc. Issuer | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 47,341 | 33,769 | 52,530 | 79,213 |
Intercompany receivables | 8,506 | ' | ' | ' |
Due from affiliate companies | 3,787 | 4,861 | ' | ' |
Prepaid expenses and other current assets | 5 | ' | ' | ' |
Total current assets | 59,639 | 38,630 | ' | ' |
Investments in subsidiaries | 1,619,258 | 1,632,901 | ' | ' |
Investment in affiliates | 326,270 | 318,399 | ' | ' |
Other long-term assets | 18,350 | 19,079 | ' | ' |
Goodwill and other intangibles | 90,979 | 92,372 | ' | ' |
Total non-current assets | 2,054,857 | 2,062,751 | ' | ' |
Total assets | 2,114,496 | 2,101,381 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 1,141 | 267 | ' | ' |
Accrued expenses and other liabilities | 39,086 | 16,307 | ' | ' |
Intercompany payables | ' | 19,112 | ' | ' |
Total current liabilities | 40,227 | 35,686 | ' | ' |
Long-term debt, net of current portion | 1,000,000 | 1,000,000 | ' | ' |
Total non-current liabilities | 1,000,000 | 1,000,000 | ' | ' |
Total liabilities | 1,040,227 | 1,035,686 | ' | ' |
Total Navios Holdings stockholders' equity | 1,074,269 | 1,065,695 | ' | ' |
Total liabilities and stockholders' equity | 2,114,496 | 2,101,381 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 68,707 | 67,492 | 94,023 | 133,116 |
Restricted cash | 2,631 | 2,041 | ' | ' |
Accounts receivable, net | 64,908 | 64,716 | ' | ' |
Intercompany receivables | ' | 48,395 | ' | ' |
Due from affiliate companies | 15,069 | 3,467 | ' | ' |
Prepaid expenses and other current assets | 36,620 | 37,874 | ' | ' |
Total current assets | 187,935 | 223,985 | ' | ' |
Vessels, port terminals and other fixed assets, net | 1,450,894 | 1,413,004 | ' | ' |
Deposits for vessel acquisitions | 17,315 | ' | ' | ' |
Investments in subsidiaries | 268,401 | 282,197 | ' | ' |
Investment in available-for-sale securities | 7,280 | 7,660 | ' | ' |
Investment in affiliates | 442 | 5,122 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Other long-term assets | 18,450 | 20,296 | ' | ' |
Goodwill and other intangibles | 91,382 | 97,813 | ' | ' |
Total non-current assets | 1,866,822 | 1,833,896 | ' | ' |
Total assets | 2,054,757 | 2,057,881 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 31,818 | 27,765 | ' | ' |
Accrued expenses and other liabilities | 42,199 | 29,582 | ' | ' |
Deferred income and cash received in advance | 7,022 | 12,331 | ' | ' |
Intercompany payables | 76,298 | 97,546 | ' | ' |
Current portion of long-term debt | 22,192 | 19,192 | ' | ' |
Total current liabilities | 179,529 | 186,416 | ' | ' |
Long-term debt, net of current portion | 227,026 | 198,373 | ' | ' |
Unfavorable lease terms | 24,607 | 27,074 | ' | ' |
Other long-term liabilities and deferred income | 15,654 | 18,352 | ' | ' |
Total non-current liabilities | 267,287 | 243,799 | ' | ' |
Total liabilities | 446,816 | 430,215 | ' | ' |
Noncontrolling interest | ' | 4,050 | ' | ' |
Total Navios Holdings stockholders' equity | 1,607,941 | 1,623,616 | ' | ' |
Total liabilities and stockholders' equity | 2,054,757 | 2,057,881 | ' | ' |
Non Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 116,387 | 86,570 | 124,544 | 45,539 |
Accounts receivable, net | 34,670 | 21,503 | ' | ' |
Intercompany receivables | 71,305 | 71,305 | ' | ' |
Prepaid expenses and other current assets | 23,603 | 17,693 | ' | ' |
Total current assets | 245,965 | 197,071 | ' | ' |
Vessels, port terminals and other fixed assets, net | 424,397 | 395,879 | ' | ' |
Investment in affiliates | 13,663 | 11,782 | ' | ' |
Other long-term assets | 31,307 | 28,602 | ' | ' |
Goodwill and other intangibles | 159,922 | 161,815 | ' | ' |
Total non-current assets | 629,289 | 598,078 | ' | ' |
Total assets | 875,254 | 795,149 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 36,409 | 23,660 | ' | ' |
Accrued expenses and other liabilities | 19,762 | 18,310 | ' | ' |
Deferred income and cash received in advance | 3,397 | 884 | ' | ' |
Intercompany payables | 3,513 | 3,042 | ' | ' |
Current portion of capital lease obligations | 1,544 | 1,400 | ' | ' |
Current portion of long-term debt | 69 | 69 | ' | ' |
Total current liabilities | 64,694 | 47,365 | ' | ' |
Long-term debt, net of current portion | 375,425 | 293,615 | ' | ' |
Capital lease obligations, net of current portion | 21,650 | 22,359 | ' | ' |
Other long-term liabilities and deferred income | 6,902 | 6,869 | ' | ' |
Deferred tax liability | 15,093 | 13,869 | ' | ' |
Total non-current liabilities | 419,070 | 336,712 | ' | ' |
Total liabilities | 483,764 | 384,077 | ' | ' |
Noncontrolling interest | 111,772 | 119,590 | ' | ' |
Total Navios Holdings stockholders' equity | 279,718 | 291,482 | ' | ' |
Total liabilities and stockholders' equity | 875,254 | 795,149 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Intercompany receivables | -79,811 | -119,700 | ' | ' |
Total current assets | -79,811 | -119,700 | ' | ' |
Investments in subsidiaries | -1,887,659 | -1,915,098 | ' | ' |
Total non-current assets | -1,887,659 | -1,915,098 | ' | ' |
Total assets | -1,967,470 | -2,034,798 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Intercompany payables | -79,811 | -119,700 | ' | ' |
Total current liabilities | -79,811 | -119,700 | ' | ' |
Total liabilities | -79,811 | -119,700 | ' | ' |
Total Navios Holdings stockholders' equity | -1,887,659 | -1,915,098 | ' | ' |
Total liabilities and stockholders' equity | -1,967,470 | -2,034,798 | ' | ' |
Total | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 232,435 | 187,831 | 271,097 | 257,868 |
Restricted cash | 2,631 | 2,041 | ' | ' |
Accounts receivable, net | 99,578 | 86,219 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Due from affiliate companies | 18,856 | 8,328 | ' | ' |
Prepaid expenses and other current assets | 60,228 | 55,567 | ' | ' |
Total current assets | 413,728 | 339,986 | ' | ' |
Vessels, port terminals and other fixed assets, net | 1,875,291 | 1,808,883 | ' | ' |
Deposits for vessel acquisitions | 17,315 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Investment in available-for-sale securities | 7,280 | 7,660 | ' | ' |
Investment in affiliates | 340,375 | 335,303 | ' | ' |
Long-term receivable from affiliate companies | 7,167 | 5,144 | ' | ' |
Loan receivable from affiliate companies | 5,491 | 2,660 | ' | ' |
Other long-term assets | 68,107 | 67,977 | ' | ' |
Goodwill and other intangibles | 342,283 | 352,000 | ' | ' |
Total non-current assets | 2,663,309 | 2,579,627 | ' | ' |
Total assets | 3,077,037 | 2,919,613 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 69,368 | 51,692 | ' | ' |
Accrued expenses and other liabilities | 101,047 | 64,199 | ' | ' |
Deferred income and cash received in advance | 10,419 | 13,215 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Current portion of capital lease obligations | 1,544 | 1,400 | ' | ' |
Current portion of long-term debt | 22,261 | 19,261 | ' | ' |
Total current liabilities | 204,639 | 149,767 | ' | ' |
Long-term debt, net of current portion | 1,602,451 | 1,491,988 | ' | ' |
Capital lease obligations, net of current portion | 21,650 | 22,359 | ' | ' |
Unfavorable lease terms | 24,607 | 27,074 | ' | ' |
Other long-term liabilities and deferred income | 22,556 | 25,221 | ' | ' |
Deferred tax liability | 15,093 | 13,869 | ' | ' |
Total non-current liabilities | 1,686,357 | 1,580,511 | ' | ' |
Total liabilities | 1,890,996 | 1,730,278 | ' | ' |
Noncontrolling interest | 111,772 | 123,640 | ' | ' |
Total Navios Holdings stockholders' equity | 1,074,269 | 1,065,695 | ' | ' |
Total liabilities and stockholders' equity | $3,077,037 | $2,919,613 | ' | ' |
Other_Financial_Information_Ca
Other Financial Information - Cash Flow Statement (Table) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Net cash (used in)/provided by operating activities | $40,492 | $37,873 |
Cash flows from investing activities | ' | ' |
Acquisition of intangible assets | 0 | -2,092 |
Acquisition of investments in affiliates | -2,233 | -111,495 |
Loan to affiliate company | -2,831 | 0 |
Loan repayment from affiliate company | 0 | 35,000 |
(Increase)/decrease in long-term receivable from affiliate companies | -2,263 | 4,453 |
Dividends from affiliate companies | 7,298 | 3,478 |
Deposits for vessel acquisitions | -17,287 | 0 |
Acquisition of vessels | -71,862 | 0 |
Purchase of property, equipment and other fixed assets | -38,891 | -16,127 |
Net cash provided by/(used in) investing activities | -128,069 | -86,783 |
Cash flows from financing activities | ' | ' |
Net proceeds from issuance of preferred stock | 47,847 | 0 |
Proceeds from issuance of senior notes including premium, net of debt issuance costs | 365,732 | 90,284 |
Repayment of long-term debt and payment of principal | -9,631 | -33,058 |
Repayment of senior notes | -290,000 | 0 |
Contribution from noncontrolling shareholders | 3,484 | 0 |
Dividends paid | -14,351 | -13,205 |
(Increase)/decrease in restricted cash | -469 | 18,501 |
Acquisition of noncontrolling interest | -10,889 | 0 |
Net cash provided by/(used in) financing activities | 132,181 | 62,139 |
Net (decrease)/increase in cash and cash equivalents | 44,604 | 13,229 |
Cash and cash equivalents, beginning of period | 187,831 | 257,868 |
Cash and cash equivalents, end of period | 232,435 | 271,097 |
Navios Maritime Holdings Inc. Issuer | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Net cash (used in)/provided by operating activities | -12,714 | -7,931 |
Cash flows from investing activities | ' | ' |
Acquisition of investments in affiliates | ' | -110,001 |
Loan repayment from affiliate company | ' | 35,000 |
Dividends from affiliate companies | 7,298 | 3,478 |
Purchase of property, equipment and other fixed assets | -15 | ' |
Net cash provided by/(used in) investing activities | 7,283 | -71,523 |
Cash flows from financing activities | ' | ' |
Transfer from/(to) other group subsidiaries | -15,131 | 61,991 |
Issuance of common stock | 638 | 279 |
Net proceeds from issuance of preferred stock | 47,847 | ' |
Repayment of long-term debt and payment of principal | ' | -5,433 |
Dividends paid | -14,351 | -13,205 |
(Increase)/decrease in restricted cash | ' | 9,139 |
Net cash provided by/(used in) financing activities | 19,003 | 52,771 |
Net (decrease)/increase in cash and cash equivalents | 13,572 | -26,683 |
Cash and cash equivalents, beginning of period | 33,769 | 79,213 |
Cash and cash equivalents, end of period | 47,341 | 52,530 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Net cash (used in)/provided by operating activities | 59,782 | 38,605 |
Cash flows from investing activities | ' | ' |
Loan to affiliate company | -2,831 | ' |
(Increase)/decrease in long-term receivable from affiliate companies | -2,263 | 4,453 |
Deposits for vessel acquisitions | -17,287 | ' |
Acquisition of vessels | -71,862 | ' |
Purchase of property, equipment and other fixed assets | -136 | -435 |
Net cash provided by/(used in) investing activities | -94,379 | 4,018 |
Cash flows from financing activities | ' | ' |
Transfer from/(to) other group subsidiaries | 12,898 | -63,485 |
Proceeds from long-term loans, net of deferred finance fees | 40,385 | ' |
Repayment of long-term debt and payment of principal | -9,597 | -27,593 |
Contribution from noncontrolling shareholders | 3,484 | ' |
(Increase)/decrease in restricted cash | -469 | 9,362 |
Acquisition of noncontrolling interest | -10,889 | ' |
Net cash provided by/(used in) financing activities | 35,812 | -81,716 |
Net (decrease)/increase in cash and cash equivalents | 1,215 | -39,093 |
Cash and cash equivalents, beginning of period | 67,492 | 133,116 |
Cash and cash equivalents, end of period | 68,707 | 94,023 |
Non Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Net cash (used in)/provided by operating activities | -6,576 | 7,199 |
Cash flows from investing activities | ' | ' |
Acquisition of intangible assets | ' | -2,092 |
Acquisition of investments in affiliates | -2,233 | -1,494 |
Purchase of property, equipment and other fixed assets | -38,740 | -15,692 |
Net cash provided by/(used in) investing activities | -40,973 | -19,278 |
Cash flows from financing activities | ' | ' |
Transfer from/(to) other group subsidiaries | 2,233 | 1,494 |
Proceeds from issuance of senior notes including premium, net of debt issuance costs | 365,732 | 90,284 |
Repayment of long-term debt and payment of principal | -34 | -32 |
Repayment of senior notes | -290,000 | ' |
Payments of obligations under capital leases | -565 | -662 |
Net cash provided by/(used in) financing activities | 77,366 | 91,084 |
Net (decrease)/increase in cash and cash equivalents | 29,817 | 79,005 |
Cash and cash equivalents, beginning of period | 86,570 | 45,539 |
Cash and cash equivalents, end of period | 116,387 | 124,544 |
Total | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Net cash (used in)/provided by operating activities | 40,492 | 37,873 |
Cash flows from investing activities | ' | ' |
Acquisition of intangible assets | ' | -2,092 |
Acquisition of investments in affiliates | -2,233 | -111,495 |
Loan to affiliate company | -2,831 | 0 |
Loan repayment from affiliate company | 0 | 35,000 |
(Increase)/decrease in long-term receivable from affiliate companies | -2,263 | 4,453 |
Dividends from affiliate companies | 7,298 | 3,478 |
Deposits for vessel acquisitions | -17,287 | ' |
Acquisition of vessels | -71,862 | ' |
Purchase of property, equipment and other fixed assets | -38,891 | -16,127 |
Net cash provided by/(used in) investing activities | -128,069 | -86,783 |
Cash flows from financing activities | ' | ' |
Transfer from/(to) other group subsidiaries | 0 | 0 |
Issuance of common stock | 638 | 279 |
Net proceeds from issuance of preferred stock | 47,847 | ' |
Proceeds from long-term loans, net of deferred finance fees | 40,385 | ' |
Proceeds from issuance of senior notes including premium, net of debt issuance costs | 365,732 | 90,284 |
Repayment of long-term debt and payment of principal | -9,631 | -33,058 |
Repayment of senior notes | -290,000 | ' |
Contribution from noncontrolling shareholders | 3,484 | ' |
Dividends paid | -14,351 | -13,205 |
(Increase)/decrease in restricted cash | -469 | 18,501 |
Acquisition of noncontrolling interest | -10,889 | ' |
Payments of obligations under capital leases | -565 | -662 |
Net cash provided by/(used in) financing activities | 132,181 | 62,139 |
Net (decrease)/increase in cash and cash equivalents | 44,604 | 13,229 |
Cash and cash equivalents, beginning of period | 187,831 | 257,868 |
Cash and cash equivalents, end of period | $232,435 | $271,097 |
Other_Financial_Information_De
Other Financial Information (Details) (Navios Asia and its subsidiaries) | 31-May-14 |
Navios Asia and its subsidiaries | ' |
Condensed Financial Statements Captions [Line Items] | ' |
Remaining noncontrolling interest percentage acquired | 49.00% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Aug. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jul. 08, 2014 | Jan. 28, 2014 | Jul. 15, 2014 | Aug. 31, 2014 |
Navios Acquisition | American Depositary Shares | American Depositary Shares | Series G | Navios Partners | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received | ' | $7,298 | $3,478 | $3,649 | ' | ' | ' | $7,536 |
Sale of stock - Number of shares issued in transaction | ' | ' | ' | ' | 4,800,000 | 2,000,000 | ' | ' |
Preferred stock dividend rate percentage | ' | ' | ' | ' | 8.63% | 8.75% | ' | ' |
Sale of stock - Net proceeds | ' | ' | ' | ' | 115,840 | 47,847 | ' | ' |
Sale of stock - Redemption price per share | ' | ' | ' | ' | $2,500 | $2,500 | ' | ' |
Sale of American Depositary Shares | ' | ' | ' | ' | 'American Depositary Shares, each of which represents 1/100th of a share of the Company's Series H Cumulative Redeemable Perpetual Preferred Stock (the "Series H"), with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable quarterly in arrears at a rate of 8.625% per annum of the stated liquidation preference. | 'American Depositary Shares, each of which represents 1/100th of a share of the Company's Series G Cumulative Redeemable Perpetual Preferred Stock (the "Series G"), with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends will be payable quarterly in arrears on the Series G at a rate of 8.75% per annum of the stated liquidation preference. | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | ' | $1,094 | ' |
Common stock - Dividends per share declared | $0.06 | ' | ' | ' | ' | ' | ' | ' |
Dividend payable - Payment date | 26-Sep-14 | ' | ' | ' | ' | ' | ' | ' |
Dividend payable - Record date | 18-Sep-14 | ' | ' | ' | ' | ' | ' | ' |