Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Entity Information | |
Entity Registrant Name | Navios Maritime Holdings Inc. |
Trading Symbol | NM |
Entity Central Index Key | 1333172 |
Document Type | 20-F |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | -19 |
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 | 105,831,718 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $247,556 | $187,831 |
Restricted cash | 2,564 | 2,041 |
Accounts receivable, net | 85,581 | 86,219 |
Due from affiliate companies | 27,196 | 8,328 |
Inventories | 32,521 | 26,588 |
Prepaid expenses and other current assets | 21,713 | 28,979 |
Total current assets | 417,131 | 339,986 |
Deposits for vessels, port terminals and other fixed assets | 45,365 | 31,426 |
Vessels, port terminals and other fixed assets, net | 1,911,143 | 1,777,457 |
Deferred financing costs, net | 31,692 | 33,160 |
Deferred dry dock and special survey costs, net | 28,630 | 29,354 |
Loan receivable from affiliate companies | 7,791 | 2,660 |
Long-term receivable from affiliate companies | 9,625 | 5,144 |
Investments in affiliates | 344,453 | 335,303 |
Investments in available-for-sale securities | 6,701 | 7,660 |
Other long-term assets | 7,030 | 5,463 |
Intangibles other than goodwill | 189,492 | 191,664 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 2,742,258 | 2,579,627 |
Total assets | 3,159,389 | 2,919,613 |
Current liabilities | ||
Accounts payable | 53,837 | 51,692 |
Accrued expenses and other liabilities | 107,320 | 64,199 |
Deferred income and cash received in advance | 12,445 | 13,215 |
Current portion of capital lease obligations | 1,449 | 1,400 |
Current portion of long-term debt | 24,186 | 19,261 |
Total current liabilities | 199,237 | 149,767 |
Senior and ship mortgage notes, including premium | 1,375,000 | 1,293,156 |
Long-term debt, net of current portion | 245,396 | 198,832 |
Capital lease obligations, net of current portion | 20,911 | 22,359 |
Unfavorable lease terms | 22,141 | 27,074 |
Other long-term liabilities and deferred income | 17,459 | 25,221 |
Deferred tax liability | 12,735 | 13,869 |
Total non-current liabilities | 1,693,642 | 1,580,511 |
Total liabilities | 1,892,879 | 1,730,278 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred Stock - $0.0001 par value, authorized 1,000,000 shares, 75,069 and 8,479 issued and outstanding as of December 31, 2014 and 2013, respectively. | 0 | 0 |
Common stock - $0.0001 par value, authorized 250,000,000 shares, 105,831,718 and 104,261,029 issued and outstanding, as of December 31, 2014 and 2013, respectively. | 11 | 10 |
Additional paid-in capital | 721,465 | 552,778 |
Accumulated other comprehensive loss | -578 | -11,172 |
Retained earnings | 432,065 | 524,079 |
Total Navios Holdings stockholders' equity | 1,152,963 | 1,065,695 |
Noncontrolling interest | 113,547 | 123,640 |
Total stockholders' equity | 1,266,510 | 1,189,335 |
Total liabilities and stockholders' equity | $3,159,389 | $2,919,613 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 75,069 | 8,479 |
Preferred stock shares outstanding | 75,069 | 8,479 |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 105,831,718 | 104,261,029 |
Common stock shares outstanding | 105,831,718 | 104,261,029 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss)/Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME [Abstract] | |||
Revenue | $569,016 | $512,279 | $616,494 |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 |
Time charter, voyage and logistics business expenses | -263,304 | -244,412 | -269,279 |
Direct vessel expenses | -130,064 | -114,074 | -117,790 |
General and administrative expenses incurred on behalf of affiliates | -14,300 | -7,868 | -5,994 |
General and administrative expenses | -45,590 | -44,634 | -51,331 |
Depreciation and amortization | -104,690 | -98,124 | -108,206 |
Provision for losses on accounts receivable | -792 | -630 | -17,136 |
Interest income | 5,515 | 2,299 | 2,717 |
Interest expense and finance cost | -113,660 | -110,805 | -106,196 |
Loss on derivatives | 0 | -260 | -196 |
Gain on sale of assets | 0 | 18 | 323 |
Loss on bond and debt extinguishment | -27,281 | -37,136 | 0 |
Other income | 15,639 | 17,031 | 189,239 |
Other expense | -24,520 | -10,447 | -10,993 |
(Loss)/income before equity in net earnings of affiliated companies | -119,731 | -128,895 | 127,646 |
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 |
(Loss)/income before taxes | -61,980 | -109,551 | 175,874 |
Income tax (expense)/benefit | -84 | 4,260 | -312 |
Net (loss)/income | -62,064 | -105,291 | 175,562 |
Less: Net loss/(income) attributable to the noncontrolling interest | 5,861 | -3,772 | -77 |
Net (loss)/income attributable to Navios Holdings common stockholders | -56,203 | -109,063 | 175,485 |
(Loss)/income attributable to Navios Holdings common stockholders, basic | -66,976 | -110,990 | 173,780 |
(Loss)/income attributable to Navios Holdings common stockholders, diluted | -66,976 | -110,990 | 175,485 |
Basic net (loss)/earnings per share attributable to Navios Holdings common stockholders | ($0.65) | ($1.09) | $1.72 |
Weighted average number of shares, basic | 103,476,614 | 101,854,415 | 101,232,720 |
Diluted net (loss)/earnings per share attributable to Navios Holdings common stockholders | ($0.65) | ($1.09) | $1.58 |
Weighted average number of shares, diluted | 103,476,614 | 101,854,415 | 111,033,758 |
Other comprehensive income/(loss) | |||
Unrealized holding loss on investments in-available-for-sale-securities | -959 | -10,614 | -566 |
Reclassification to earnings | 11,553 | 0 | 0 |
Reclassification to investments in affiliates | 0 | 0 | -6,158 |
Total other comprehensive income/(loss) | 10,594 | -10,614 | -6,724 |
Total comprehensive (loss)/income | -51,470 | -115,905 | 168,838 |
Comprehensive loss/(income) attributable to noncontrolling interest | 5,861 | -3,772 | -77 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | ($45,609) | ($119,677) | $168,761 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net (loss)/income | ($62,064) | ($105,291) | $175,562 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Depreciation and amortization | 104,690 | 98,124 | 108,206 |
Amortization and write-off of deferred financing costs | 4,061 | 5,384 | 6,309 |
Amortization of deferred drydock and special survey costs | 12,263 | 9,581 | 7,289 |
Provision for losses on accounts receivable | 792 | 630 | 17,136 |
Unrealized loss on FFA derivatives | 0 | 69 | 124 |
Share based compensation | 7,719 | 5,021 | 4,712 |
Gain on sale of assets | 0 | -18 | -323 |
Loss on bond and debt extinguishment | 4,786 | 12,142 | 0 |
Income tax expense/(benefit) | 84 | -4,260 | 312 |
Realized holding loss on investments in-available-for-sale-securities | 11,553 | 0 | 0 |
Equity in affiliates, net of dividends received | -22,179 | 19,781 | -7,519 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in restricted cash | -168 | 430 | 1,317 |
Increase in accounts receivable | -107 | -1,110 | -1,434 |
(Increase)/decrease in inventories | -5,933 | 4,966 | -9,820 |
Decrease/(increase) in prepaid expenses and other assets | 6,446 | -26,653 | 18,384 |
(Increase)/decrease in due from affiliate companies | -18,263 | 80,159 | -59,134 |
Increase/(decrease) in accounts payable | 1,738 | -12,916 | 6,701 |
Increase/(decrease) in accrued expenses and other liabilities | 31,154 | -12,156 | 9,483 |
Decrease in deferred income and cash received in advance | -770 | -2,112 | -13,340 |
Decrease in other long-term liabilities and deferred income | -8,509 | -1,109 | -20,739 |
Increase/(decrease) in derivative assets and liabilities | 0 | 1,206 | -121 |
Payments for drydock and special survey costs | -10,970 | -12,119 | -14,461 |
Net cash provided by operating activities | 56,323 | 59,749 | 228,644 |
INVESTING ACTIVITIES: | |||
Cash acquired through asset acquisition | 0 | 0 | 33 |
Acquisition of intangible assets | -10,200 | -2,092 | 0 |
Proceeds from sale of assets | 0 | 0 | 67,500 |
Loan to affiliate company | -4,465 | -2,660 | 0 |
Loan repayment from affiliate company | 0 | 35,000 | 10,000 |
(Increase)/decrease in long-term receivable from affiliate companies | -5,087 | 14,908 | -11,120 |
Dividends from affiliate companies | 14,595 | 10,126 | 5,202 |
Deposits for vessels, port terminals and other fixed assets | -45,337 | -31,398 | -8,534 |
Acquisition of investments in affiliates | -2,233 | -167,919 | -1,472 |
Acquisition of vessels | -123,541 | -85,699 | -38,357 |
Purchase of property, equipment and other fixed assets | -68,620 | -28,837 | -10,799 |
Net cash (used in)/provided by investing activities | -244,888 | -258,571 | 12,453 |
FINANCING ACTIVITIES: | |||
Proceeds from long-term loans | 72,250 | 51,250 | 52,230 |
Proceeds from issuance of senior and ship mortgage notes including premium, net of debt issuance costs | 365,668 | 725,486 | 84,965 |
Repayment of long-term debt and payment of principal | -20,761 | -157,228 | -236,178 |
Repayment of senior and ship mortgage notes | -290,000 | -488,000 | 0 |
Payments of obligations under capital leases | -1,399 | -1,353 | -1,519 |
Debt issuance costs | -1,223 | -905 | -1,858 |
Net proceeds from issuance of preferred stock | 163,602 | 0 | 0 |
(Increase)/decrease in restricted cash | -355 | 22,234 | -19,623 |
Acquisition of noncontrolling interest | -10,889 | -750 | 0 |
Contribution from noncontrolling shareholders | 3,484 | 3,905 | 0 |
Issuance of common stock | 643 | 551 | 93 |
Dividends paid | -32,730 | -26,405 | -32,435 |
Net cash provided by/(used in) financing activities | 248,290 | 128,785 | -154,325 |
Increase/(decrease) in cash and cash equivalents | 59,725 | -70,037 | 86,772 |
Cash and cash equivalents, beginning of year | 187,831 | 257,868 | 171,096 |
Cash and cash equivalents, end of year | 247,556 | 187,831 | 257,868 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of capitalized interest | 92,776 | 147,405 | 102,119 |
Cash paid for income taxes | 694 | 586 | 864 |
Non-cash investing and financing activities | |||
Capitalized deferred financing costs into vessel cost | 0 | 0 | 135 |
Reclassification of investments in available-for-sale securities to investments in affiliates | 0 | 0 | 82,572 |
Reclassification of accumulated other comprehensive income to investments in affiliates | 0 | 0 | 6,158 |
Purchase of property, equipment and other fixed assets | -624 | 0 | -15,413 |
Acquisition of intangible assets | -6,800 | 0 | 0 |
Debt issuance costs | -225 | 0 | 0 |
Working capital acquired | 0 | 0 | 597 |
Revaluation of vessels due to restructuring of capital lease obligations | 0 | 0 | 4,590 |
Decrease in capital lease obligations due to restructuring | 0 | 0 | -4,590 |
Dividends payable | 3,081 | 0 | 0 |
Investments in available-for-sale securities | 0 | 17,715 | 810 |
Accrued interest on loan receivable from affiliate company | $645 | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Navios Holdings' Stockholders' Equity | Noncontrolling Interest |
In Thousands, except Share data | ||||||||
Balance, value at Dec. 31, 2011 | $1,175,692 | $0 | $10 | $542,582 | $510,348 | $6,166 | $1,059,106 | $116,586 |
Balance, shares at Dec. 31, 2011 | 8,479 | 102,409,364 | ||||||
Net (loss)/income | 175,562 | 175,485 | 175,485 | 77 | ||||
Total other comprehensive (loss)/income | -6,724 | -6,724 | -6,724 | |||||
Contribution from noncontrolling shareholders (Note 6 and 21) | 0 | |||||||
Stock-based compensation expenses, value (Note 16) | 4,795 | 4,795 | 4,795 | |||||
Stock-based compensation expenses, shares (Note 16) | 852,247 | |||||||
Cancellation of shares (Note 16) | -6,202 | |||||||
Dividends declared/paid | -26,286 | -26,286 | -26,286 | |||||
Balance, value at Dec. 31, 2012 | 1,323,039 | 0 | 10 | 547,377 | 659,547 | -558 | 1,206,376 | 116,663 |
Balance, shares at Dec. 31, 2012 | 8,479 | 103,255,409 | ||||||
Net (loss)/income | -105,291 | -109,063 | -109,063 | 3,772 | ||||
Total other comprehensive (loss)/income | -10,614 | -10,614 | -10,614 | |||||
Navios Logistics acquisition of noncontrolling interest (Note 21) | -750 | -50 | -50 | -700 | ||||
Contribution from noncontrolling shareholders (Note 6 and 21) | 3,905 | 3,905 | ||||||
Stock-based compensation expenses, value (Note 16) | 5,451 | 5,451 | 5,451 | |||||
Stock-based compensation expenses, shares (Note 16) | 1,031,456 | |||||||
Cancellation of shares (Note 16) | -25,836 | |||||||
Dividends declared/paid | -26,405 | -26,405 | -26,405 | |||||
Balance, value at Dec. 31, 2013 | 1,189,335 | 0 | 10 | 552,778 | 524,079 | -11,172 | 1,065,695 | 123,640 |
Balance, shares at Dec. 31, 2013 | 8,479 | 104,261,029 | ||||||
Net (loss)/income | -62,064 | -56,203 | -56,203 | -5,861 | ||||
Total other comprehensive (loss)/income | 10,594 | 10,594 | 10,594 | |||||
Issuance of preferred stock, net of expenses (Note 16), values | 163,602 | 163,602 | 163,602 | |||||
Issuance of preferred stock, net of expenses (Note 16), shares | 68,000 | |||||||
Conversion of preferred stock to common stock (Note 16), values | 1 | 1 | 1 | |||||
Conversion of preferred stock to common stock (Note 16), shares | -1,410 | -1,410 | 1,410,000 | |||||
Contribution from noncontrolling shareholders (Note 6 and 21) | 3,484 | 3,484 | ||||||
Acquisition of noncontrolling interest (Note 21) | -10,889 | -3,173 | -3,173 | -7,716 | ||||
Stock-based compensation expenses, value (Note 16) | 8,258 | 8,258 | 8,258 | |||||
Stock-based compensation expenses, shares (Note 16) | 184,937 | |||||||
Cancellation of shares (Note 16) | -24,248 | |||||||
Dividends declared/paid | -35,811 | -35,811 | -35,811 | |||||
Balance, value at Dec. 31, 2014 | $1,266,510 | $0 | $11 | $721,465 | $432,065 | ($578) | $1,152,963 | $113,547 |
Balance, shares at Dec. 31, 2014 | 75,069 | 105,831,718 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
DESCRIPTION OF BUSINESS [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1: DESCRIPTION OF BUSINESS |
Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk 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, focusing on the Hidrovia river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of December 31, 2014, Navios Holdings owns 63.8% of Navios Logistics. | |
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 dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to long-term charters. | |
As of December 31, 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 of the Company, is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. | |
As of December 31, 2014, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition was 43.1% and its economic interest was 46.2%. | |
Navios Midstream | |
Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NYSE: NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. | |
As of December 31, 2014, Navios Holdings owns no direct equity interest in Navios Midstream. | |
Navios Europe | |
On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (“Navios Europe”) and had economic interest of 47.5%, 47.5% and 5.0%, respectively. Effective November 2014, Navios Holdings, Navios Acquisition and Navios Partners have voting interest of 50%, 50% and 0%, respectively. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 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 consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current year. | ||||||||||||||||
The company has revised its classification of administrative fee revenue from affiliates to appropriately record such amounts as revenues in the statement of comprehensive (loss)/income.The impact of the revision, which management determined was not material to the financial statements, was to seperately present administrative fee revenue from affiliates of $7,868 and $5,994 in the year ended December 31, 2013 and 2012, respectively, and to separately present an equal amount related to general and administrative expenses incurred on behalf of affiliates. | ||||||||||||||||
(b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. | ||||||||||||||||
The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | ||||||||||||||||
Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of the entity. 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 by Navios Holdings and Navios Asia LLC (“Navios Asia”) and its wholly-owned subsidiaries, which were 51.0% owned by Navios Holdings, until May 2014, when Navios Holdings became the sole shareholder. | ||||||||||||||||
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 December 31, 2014 was 20.0%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2014 was 46.2%); (iii) Acropolis Chartering and Shipping Inc. (“Acropolis”) (economic interest as of December 31, 2014 was 35.0%); and (iv) Navios Europe and its subsidiaries (economic interest as of December 31, 2014 was 47.5%). | ||||||||||||||||
Subsidiaries Included in the Consolidation: | ||||||||||||||||
Statement of Operations | ||||||||||||||||
Company Name | Nature | Country of Incorporation | 2014 | 2013 | 2012 | |||||||||||
Ownership | ||||||||||||||||
Interest | ||||||||||||||||
Navios Maritime Holdings Inc. | Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Corporation | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios International Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navimax Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Handybulk Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Hestia Shipping Ltd. | Operating Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Anemos Maritime Holdings Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Shipmanagement Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
NAV Holdings Limited | Sub-Holding Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kleimar N.V. | 100% | Belgium | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Operating Company/ | ||||||||||||||||
Vessel Owning Company/ Management Company | ||||||||||||||||
Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kleimar Ltd. | ||||||||||||||||
Bulkinvest S.A. | Operating Company | 100% | Luxembourg | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Primavera Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ginger Services Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aquis Marine Corp. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Tankers Management Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Astra Maritime Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Achilles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Apollon Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Herakles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Hios Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ionian Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kypros Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Meridian Shipping Enterprises Inc. | ||||||||||||||||
Mercator Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Arc Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Horizon Shipping Enterprises Corporation | ||||||||||||||||
Magellan Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aegean Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Star Maritime Enterprises Corporation | ||||||||||||||||
Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Corsair Shipping Ltd. | ||||||||||||||||
Rowboat Marine Inc. | Operating Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Beaufiks Shipping Corporation | Operating Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Nostos Shipmanagement Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Portorosa Marine Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Shikhar Ventures S.A. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Sizzling Ventures Inc. | Operating Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rheia Associates Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Taharqa Spirit Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rumer Holding Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Pharos Navigation S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Pueblo Holdings Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Quena Shipmanagement Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aramis Navigation Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
White Narcissus Marine S.A. | Vessel Owning Company | 100% | Panama | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios GP L.L.C. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Floral Marine Ltd. | Vessel Owning Company | 100% | Marshall Is. | - | - | 1/1 - 6/14 | ||||||||||
Red Rose Shipping Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Highbird Management Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ducale Marine Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vector Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Faith Marine Ltd. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Maritime Finance (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Maritime Finance II (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Tulsi Shipmanagement Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Cinthara Shipping Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rawlin Services Company | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Mauve International S.A. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Serenity Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 3/26 - 12/31 | ||||||||||
Mandora Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 3/30 - 12/31 | ||||||||||
Solange Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/14 - 12/31 | ||||||||||
Diesis Ship Management Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 5/14 - 12/31 | - | ||||||||||
Navios Holdings Europe Finance Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 6/14 - 12/31 | - | ||||||||||
Navios Asia LLC | Sub-Holding Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | ||||||||||
Iris Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | ||||||||||
Jasmine Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | ||||||||||
Emery Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 6/4 - 12/31 | - | - | ||||||||||
Lavender Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 11/24 - 12/31 | - | - | ||||||||||
Esmeralda Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | - | - | - | ||||||||||
Triangle Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | - | - | - | ||||||||||
(c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the carrying value of investments in affiliates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, impairment test for goodwill provisions necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | ||||||||||||||||
(d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. | ||||||||||||||||
(e) Restricted Cash: As of December 31, 2014 and 2013, restricted cash included $1,974 and $1,451, respectively, which related to amounts held in a retention account in order to service debt and interest payments. Also included in restricted cash as of December 31, 2014 and 2013 are amounts held as security in the form of letters of guarantee or letters of credit totaling $590 for both reporting periods. | ||||||||||||||||
(f) Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management's expectations as to their collection dates. | ||||||||||||||||
(g) Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis. | ||||||||||||||||
(h) Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive (loss)/income. | ||||||||||||||||
Expenditures for routine maintenance and repairs are expensed as incurred. | ||||||||||||||||
Depreciation is computed using the straight line method over the useful life of the vessels, port terminals, tanker vessels, barges, push boats and other fixed assets, after considering the estimated residual value. | ||||||||||||||||
Annual depreciation rates used, which approximate the useful life of the assets are: | ||||||||||||||||
Vessels | 25 years | |||||||||||||||
Port terminals | 5 to 40 years | |||||||||||||||
Tanker vessels, barges and push boats | 15 to 45 years | |||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | |||||||||||||||
Computer equipment and software | 5 years | |||||||||||||||
Leasehold improvements | shorter of lease term or 6 years | |||||||||||||||
Management estimates the residual values of the Company's dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Until December 31, 2012, management estimated the residual values of the Company's vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels, the estimated scrap value per LWT was increased to $340. | ||||||||||||||||
Management estimates the useful life of its vessels to be 25 years from the vessel's original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. | ||||||||||||||||
(i) Deposits for Vessels, Port Terminals and Other Fixed Assets: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2014, 2013 and 2012 amounted to $2,334, $1,831 and $1,453, respectively. | ||||||||||||||||
(j) Assets Held for Sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented. | ||||||||||||||||
(k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings' management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. | ||||||||||||||||
Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel, and the related carrying value of the intangible assets with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then-current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. | ||||||||||||||||
During the fourth quarter of fiscal year 2014, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings' long-lived assets might exist. These indicators included continued deterioration in the spot market, and the related impact of the current dry bulk sector has on management's expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. | ||||||||||||||||
The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel's carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on the 10-year average historical one-year time charter rates adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, running cost based on current year actual, assuming an annual increase of 3.0% after 2016 and a utilization rate of 99.8% based on the fleet's historical performance. | ||||||||||||||||
For the deposits for new building vessels, the net cash flows also included the future cash out flows to make vessels ready for use, all remaining progress payments to shipyards and other pre-delivery expenses (e.g. capitalized interest). | ||||||||||||||||
The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels, deposits for vessel acquisitions and the related intangible assets existed as of December 31, 2014 and 2013, as the undiscounted projected net operating cash flows exceeded the carrying value. | ||||||||||||||||
In the event that impairment would occur, the fair value of the related asset would be determined and an impairment charge would be recorded to operations calculated by comparing the asset's carrying value to its fair value. Fair value is typically estimated primarily through the use of third-party valuations performed on an individual vessel basis. | ||||||||||||||||
Although management believes the underlying assumptions supporting this assessment are reasonable, if the charter rate trends and the length of the market downturn, vary significantly from our forecasts, Navios Holdings may be exposed to material impairment charges in the future. | ||||||||||||||||
No impairment loss was recognized for any of the periods presented. | ||||||||||||||||
(l) Deferred Drydock and Special Survey Costs: The Company's vessels, barges and push boats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and every 84 months for push boats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and push boats sold are written-off to income in the year the vessel, barge or push boat is sold. | ||||||||||||||||
Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2014, 2013 and 2012, the amortization of deferred drydockand special survey costs was $12,263, $9,581, and $7,289, respectively. | ||||||||||||||||
(m) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs for each of the years ended December 31, 2014, 2013 and 2012 were $4,061, $5,384 and $6,309, respectively. See Note 17. | ||||||||||||||||
(n) Goodwill and Other Intangibles | ||||||||||||||||
(i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually. | ||||||||||||||||
The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill (step one). The Company determines the fair value of the reporting unit based on discounted cash flow analysis and believes that the discounted cash flow analysis is the best indicator of fair value for its individual reporting units. | ||||||||||||||||
The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, using judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions, and direct vessel expense growth assumptions. The future cash flows from shipping operations were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one-year average historical charter rates and the 10-year average historical charter rates adjusted for outliers, as available for each type of vessel), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long lived assets. The future cash flows from logistics operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. | ||||||||||||||||
If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step to determine the implied fair value of the reporting unit's goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. | ||||||||||||||||
No impairment loss was recognized for any of the periods presented. | ||||||||||||||||
(ii) Intangibles Other Than Goodwill: Navios Holdings' intangible assets and liabilities consist of favorable lease terms, unfavorable lease terms, customer relationships, trade name and port terminal operating rights. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm's length transaction to use that trade name. The asset is being amortized under the straight line method over 32 years. Navios Logistics' trade name is being amortized under the straight line method over 10 years. | ||||||||||||||||
The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method. | ||||||||||||||||
Other intangibles that are being amortized, such as customer relationships and port terminal operating rights, would be considered impaired if their carrying value could not be recovered from the future undiscounted cash flows associated with the asset. | ||||||||||||||||
When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company's vessels and the Company's weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and results of operations. | ||||||||||||||||
The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the consolidated statements of comprehensive (loss)/income in the “Depreciation and amortization” line item. | ||||||||||||||||
The amortizable value of favorable leases would be considered impaired if its fair market value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, are not amortized and would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. No impairment loss was recognized for any the periods presented. | ||||||||||||||||
Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date it is written-off in the consolidated statements of comprehensive (loss)/income. | ||||||||||||||||
The weighted average amortization periods for intangibles are: | ||||||||||||||||
Intangible assets/liabilities | Years | |||||||||||||||
Trade name | 21 | |||||||||||||||
Favorable lease terms | 11.1 | |||||||||||||||
Unfavorable lease terms | 9.4 | |||||||||||||||
Port terminal operating rights | 32.5 | |||||||||||||||
Customer relationships | 20.0-45.0 | |||||||||||||||
See also Note 7. | ||||||||||||||||
(o) Foreign Currency Translation: The Company's functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company's subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies whereas the Company's wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized under the caption “Other income” and “Other expense”, respectively, in the consolidated statements of comprehensive (loss)/income for each of the years ended December 31, 2014, 2013 and 2012, were $1,945, $184 and ($217), respectively. | ||||||||||||||||
(p) Provisions: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. See Note 13, “Commitments and Contingencies” for further discussion. | ||||||||||||||||
The Company participates in Protection and Indemnity (P&I) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. | ||||||||||||||||
Provisions for estimated losses on uncompleted voyages and vessels under time charter are provided for in the period in which such losses are determined. As of December 31, 2014 and 2013, the balance for provision for loss making voyages in progress was $1,893 and $801, respectively. | ||||||||||||||||
(q) Segment Reporting: Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company's methods of internal reporting and management structure, the Company currently has two reportable segments: the Dry Bulk Vessel Operations segment and the Logistics Business segment. | ||||||||||||||||
(r) Revenue and Expense Recognition: | ||||||||||||||||
Revenue Recognition: Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from transportation of cargo, time charter of vessels, port terminal operations, bareboat charters, contracts of affreightment/voyage contracts, demurrages and contracts covering dry or liquid port terminal operations. | ||||||||||||||||
Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, the Company agrees to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo. | ||||||||||||||||
Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. | ||||||||||||||||
Revenue from time chartering and bareboat chartering is earned and recognized on a daily basis as the service is delivered. Revenue from contracts of affreightment(“COA”)/voyage contracts relating to our barges is recognized based upon the percentage of voyage completion. A voyage is deemed to commence upon the departure of the barge after discharge under the previous voyage and is deemed to end upon the completion of discharge under the current voyage. The percentage of voyage completion is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. | ||||||||||||||||
Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | ||||||||||||||||
Revenues arising from contracts that provide our customers with continuous access to convoy capacity are recognized ratably over the period of the contracts. | ||||||||||||||||
Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement. | ||||||||||||||||
Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel at the charterer's disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. | ||||||||||||||||
Revenues from port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. | ||||||||||||||||
Revenues from liquid port terminal operations consist mainly of sales of petroleum products in the Paraguayan market. Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. | ||||||||||||||||
Recovery of lost revenue under credit default insurance for charterers is accounted for as gain contingency and is recognized when all contingencies are resolved. The amount of recovery of lost revenue is recorded within the caption “Revenue” and any amount recovered in excess of the lost revenue is recorded within the caption “Other income”. | ||||||||||||||||
Expenses related to our revenue-generating contracts are recognized as incurred. | ||||||||||||||||
Administrative fee revenue from affiliates: Administrative fee revenue from affiliates consists of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliates (Refer to Note 15). Administrative 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 general and administrative services. These revenues are recognized as the services are provided to affiliates. The general and administrative expenses incurred on behalf of affiliates are determined based on a combination of actual expenses incurred on behalf of the affiliates as well as a reasonable allocation of expenses that are not affiliate specific but incurred on behalf of all affiliates. | ||||||||||||||||
Forward Freight Agreements (“FFAs”): Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, FFAs are “marked to market” quarterly to determine the fair values which generate unrealized gains or losses. Trading of FFAs could lead to material fluctuations in the Company's reported results from operations on a period to period basis. See Note 11. | ||||||||||||||||
Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. | ||||||||||||||||
Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers' liability insurances, provision for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. | ||||||||||||||||
Direct Vessel Expenses: Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs net of related party management fees. | ||||||||||||||||
Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. | ||||||||||||||||
(s) Employee benefits: | ||||||||||||||||
Pension and Retirement Obligations-Crew: The Company's ship-owning subsidiaries employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits. | ||||||||||||||||
Provision for Employees' Severance and Retirement Compensation: The employees in the Company's office in Greece are protected by Greek labor law. According to the law, the Company is required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years' salary. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts for it under relevant guidance on employer's accounting for pensions. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees' termination indemnities liability. This liability amounted to $819 and $660 at December 31, 2014 and 2013, respectively. | ||||||||||||||||
U.S. Retirement Savings Plan: The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See Note 12. | ||||||||||||||||
Other Post-Retirement Obligations: The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans. These obligations are valued annually by independent actuaries. | ||||||||||||||||
Stock-Based Compensation: In December 2014, 2013 and 2012, the Company authorized the issuance of shares of restricted common stock, restricted stock units and stock options in accordance with the Company's stock option plan for its employees, officers and directors. These awards of restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three years. In December 2013 and 2014, the Company also authorized the issuance of shares of restricted common stock, restricted stock units and stock options for its employees, officers and directors that vest on April 30, 2015 and June 2, 2016, respectively, upon achievement of certain internal performance criteria including certain targets on operational performance and cost efficiency. See Note 12. | ||||||||||||||||
The fair value of stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity. | ||||||||||||||||
(t) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. | ||||||||||||||||
Financial Risk Management: The Company's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. | ||||||||||||||||
Credit Risk: The Company closely monitors its credit exposure to customers and counterparties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. Derivative counterparties and cash transactions are limited to high quality credit financial institutions. | ||||||||||||||||
Interest Rate Risk: Any differential to be paid or received on an interest rate swap agreement is recognized as a component of gain/loss on derivatives over the period of the agreement. Gains and losses on early termination of interest rate swaps are reflected in the consolidated statements of comprehensive (loss)/income. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity. | ||||||||||||||||
Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs. | ||||||||||||||||
Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive (loss)/income. | ||||||||||||||||
Accounting for Derivative Financial Instruments and Hedging Activities: The Company may enter into dry bulk shipping FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including dry bulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. In entering into these contracts, the Company has assumed the risks that might arise from the possible inability of counterparties to perform in accordance with the terms of their contracts. | ||||||||||||||||
The Company also trades dry bulk shipping FFAs which are cleared through LCH, the London clearing house. LCH calls for both base and margin collateral, which are funded by Navios Holdings, and which in turn substantially eliminate counterparty risk. Certain portions of these collateral funds may be restricted at any given time as determined by LCH. | ||||||||||||||||
At the end of each calendar quarter, the fair value of dry bulk shipping FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with LCH is determined from the LCH valuations. | ||||||||||||||||
The Company records all of its derivative financial instruments and hedges as economic hedges. | ||||||||||||||||
The Company classifies cash flows related to derivative financial instruments within cash provided by operating activities in the consolidated statements of cash flows. | ||||||||||||||||
(u) (Loss)/Earnings Per Share: Basic (losses)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company's common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation. Restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings per share, based on the weighted average number of restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 19. | ||||||||||||||||
(v) Income Taxes: The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. The tax expense reflected in the Company's consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes. | ||||||||||||||||
The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. | ||||||||||||||||
(w) Dividends: Dividends are recorded in the Company's financial statements in the period in which they are declared. Navios Holdings paid $25,228, $24,710 and $30,730 to its common stockholders during the years ended December 31, 2014, 2013 and 2012, respectively, and $7,502, $1,695 and $1,705 to its preferred stockholders during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
(x) Guarantees: A liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made. | ||||||||||||||||
On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Notes 15 and 23). | ||||||||||||||||
(y) Leases: Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease. | ||||||||||||||||
For charters classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. | ||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r) “Revenue and Expense Recognition”. | ||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight line basis over the rental periods of such charter agreements. The expense is included under the line item “Time charter, voyage and logistics business expenses”. | ||||||||||||||||
(z) Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital. | ||||||||||||||||
(aa) Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings and FFA counterparties, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | ||||||||||||||||
(ab) Convertible Preferred Stock: The Company's 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) is recorded at fair market value on the date of issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% 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 share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. | ||||||||||||||||
(ac) Cumulative Redeemable Perpetual Preferred Stock: The Company's 2,000,000 American Depositary Shares, Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G”) and the 4,800,000 American Depositary Shares, Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H”) are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company's option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company's option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, 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 Company has accounted for these shares as equity. | ||||||||||||||||
(ad) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive (loss)/income unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the consolidated statements of comprehensive (loss)/income. Management evaluates securities for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||||||||
Investment in Equity Securities: Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Europe for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Europe, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners and Navios Europe for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||||||||
(ae) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). | ||||||||||||||||
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements. | ||||||||||||||||
(af) Recent Accounting Pronouncements: | ||||||||||||||||
In April 2014, the Financial Accounting Standards Board (“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 adoption of the new standard is not expected to have a material impact on Navios Holdings' results of operations, financial position or cash flows. | ||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", changing 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 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. | ||||||||||||||||
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items”. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. We plan to adopt this standard effective January 1, 2016. The adoption of this ASU is not expected to have a material impact on the Company's results of operations, financial position or cash flows. | ||||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis”, which amends the criteria for determining which entities are considered VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this ASU to have a material impact on the Company's results of operations, financial position or cash flows, except if Navios Holdings was to enter into new arrangements in 2015 that fall into the scope prior to adoption of this standard. | ||||||||||||||||
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
CASH AND CASH EQUIVALENTS [Abstract] | ||||||||
CASH AND CASH EQUIVALENTS | NOTE 3: CASH AND CASH EQUIVALENTS | |||||||
Cash and cash equivalents consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Cash on hand and at banks | $ | 157,975 | $ | 158,037 | ||||
Short-term deposits and highly liquid funds | 89,581 | 29,794 | ||||||
Cash and cash equivalents | $ | 247,556 | $ | 187,831 | ||||
Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months. | ||||||||
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. | ||||||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
ACCOUNTS RECEIVABLE,NET [Abstract] | ||||||||||||||
ACCOUNTS RECEIVABLE, NET | NOTE 4: ACCOUNTS RECEIVABLE, NET | |||||||||||||
Accounts receivable consisted of the following: | ||||||||||||||
December 31, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Accounts receivable | $ | 104,045 | $ | 112,676 | ||||||||||
Less: provision for doubtful receivables | (18,464 | ) | (26,457 | ) | ||||||||||
Accounts receivable, net | $ | 85,581 | $ | 86,219 | ||||||||||
Changes to the provisions for doubtful accounts are summarized as follows: | ||||||||||||||
Allowance for doubtful receivables | Balance at | Charges to | Amount | Balance at | ||||||||||
Beginning of | Costs and | Utilized | End of | |||||||||||
Period | expenses | Period | ||||||||||||
Year ended December 31, 2012 | $ | (8,874 | ) | $ | (17,136 | ) | $ | 74 | $ | (25,936 | ) | |||
Year ended December 31, 2013 | $ | (25,936 | ) | $ | (630 | ) | $ | 109 | $ | (26,457 | ) | |||
Year ended December 31, 2014 | $ | (26,457 | ) | $ | (792 | ) | $ | 8,785 | $ | (18,464 | ) | |||
During the year ended December 31, 2012, the increase in the Company's provision for losses on accounts receivable (which resulted from the recognition of $17,136 of bad debt expense during the period) relates mainly to (i) $4,593 of receivable balances from various defaulted charterers that are no longer covered by the Company's Charter Insurance following the Insurance Restructuring (each as defined in Note 23); and (ii) $12,543 of receivable balances from charterers whose financial condition and creditworthiness deteriorated during the period causing the Company to determine that these receivables may no longer be recoverable. | ||||||||||||||
Concentration of credit risk with respect to accounts receivable are limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables. For the year ended December 31, 2014, one customer accounted for 11.9% of the Company's revenue and for the years ended December 31, 2013 and 2012, none of the Company's customers accounted for more than 10% of the Company's revenue. | ||||||||||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ||||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 5: PREPAID EXPENSES AND OTHER CURRENT ASSETS | |||||||
Prepaid expenses and other current assets consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Prepaid voyage and operating costs | $ | 8,996 | $ | 12,621 | ||||
Claims receivables | 5,186 | 8,658 | ||||||
Advances to agents | 22 | 795 | ||||||
Prepaid other taxes | 5,090 | 4,750 | ||||||
Other | 2,419 | 2,155 | ||||||
Total prepaid expenses and other current assets | $ | 21,713 | $ | 28,979 | ||||
Claims receivable mainly represents claims against vessels' insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. | ||||||||
Vessels_Port_Terminal_and_Othe
Vessels, Port Terminal and Other Fixed Assets, Net | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET [Abstract] | |||||||||||
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET | NOTE 6: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET | ||||||||||
Vessels | Cost | Accumulated | Net Book | ||||||||
Depreciation | Value | ||||||||||
Balance December 31, 2011 | $ | 1,600,803 | $ | -185,578 | $ | 1,415,225 | |||||
Additions | 102,306 | (63,737 | ) | 38,569 | |||||||
Disposals | (71,209 | ) | 4,141 | (67,068 | ) | ||||||
Balance December 31, 2012 | 1,631,900 | -245,174 | 1,386,726 | ||||||||
Additions | 85,699 | (63,287 | ) | 22,412 | |||||||
Balance December 31, 2013 | 1,717,599 | -308,461 | 1,409,138 | ||||||||
Additions | 123,541 | (68,333 | ) | 55,208 | |||||||
Balance December 31, 2014 | $ | 1,841,140 | $ | -376,794 | $ | 1,464,346 | |||||
Port Terminals (Navios Logistics) | Cost | Accumulated | Net Book | ||||||||
Depreciation | Value | ||||||||||
Balance December 31, 2011 | $ | 74,336 | $ | -11,466 | $ | 62,870 | |||||
Additions | 4,153 | (2,785 | ) | 1,368 | |||||||
Balance December 31, 2012 | 78,489 | -14,251 | 64,238 | ||||||||
Additions | 24,563 | (2,853 | ) | 21,710 | |||||||
Write-off | (22 | ) | 22 | — | |||||||
Balance December 31, 2013 | 103,030 | -17,082 | 85,948 | ||||||||
Additions | 3,369 | (3,385 | ) | (16 | ) | ||||||
Balance December 31, 2014 | $ | 106,399 | $ | -20,467 | $ | 85,932 | |||||
Tanker vessels, barges and push boats (Navios Logistics) | Cost | Accumulated Depreciation | Net Book Value | ||||||||
Balance December 31, 2011 | $ | 340,990 | $ | -58,015 | $ | 282,975 | |||||
Additions | 19,225 | (19,383 | ) | (158 | ) | ||||||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | ||||||
Balance December 31, 2012 | 355,625 | -77,398 | 278,227 | ||||||||
Additions | 9,971 | (16,384 | ) | (6,413 | ) | ||||||
Transfers | 3,030 | — | 3,030 | ||||||||
Balance December 31, 2013 | 368,626 | -93,782 | 274,844 | ||||||||
Additions | 96,387 | (17,355 | ) | 79,032 | |||||||
Write-off | (47 | ) | — | (47 | ) | ||||||
Balance December 31, 2014 | $ | 464,966 | $ | -111,137 | $ | 353,829 | |||||
Other fixed assets | Cost | Accumulated | Net Book | ||||||||
Depreciation | Value | ||||||||||
Balance December 31, 2011 | $ | 10,098 | $ | -3,222 | $ | 6,876 | |||||
Additions | 2,832 | (903 | ) | 1,929 | |||||||
Disposals | (37 | ) | — | (37 | ) | ||||||
Balance December 31, 2012 | 12,893 | -4,125 | 8,768 | ||||||||
Additions | 2,837 | (1,048 | ) | 1,789 | |||||||
Transfers | (3,030 | ) | — | (3,030 | ) | ||||||
Balance December 31, 2013 | 12,700 | -5,173 | 7,527 | ||||||||
Additions | 887 | (1,378 | ) | (491 | ) | ||||||
Write-off | (161 | ) | 161 | — | |||||||
Balance December 31, 2014 | $ | 13,426 | $ | -6,390 | $ | 7,036 | |||||
Total | Cost | Accumulated | Net Book | ||||||||
Depreciation | Value | ||||||||||
Balance December 31, 2011 | $ | 2,026,227 | $ | -258,281 | $ | 1,767,946 | |||||
Additions | 128,516 | (86,808 | ) | 41,708 | |||||||
Disposals | (71,246 | ) | 4,141 | (67,105 | ) | ||||||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | ||||||
Balance December 31, 2012 | 2,078,907 | -340,948 | 1,737,959 | ||||||||
Additions | 123,070 | (83,572 | ) | 39,498 | |||||||
Write-off | (22 | ) | 22 | — | |||||||
Balance December 31, 2013 | 2,201,955 | -424,498 | 1,777,457 | ||||||||
Additions | 224,184 | (90,451 | ) | 133,733 | |||||||
Write-off | (208 | ) | 161 | (47 | ) | ||||||
Balance December 31, 2014 | $ | 2,425,931 | $ | -514,788 | $ | 1,911,143 | |||||
Deposits for Vessels and Port Terminals 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, and are scheduled for delivery in the third and fourth quarter of 2015, respectively. During the year ended December 31, 2014, Navios Holdings paid deposits for both vessels totaling $22,112. | |||||||||||
On February 11, 2014, Navios Logistics entered into an agreement for the construction of three new pushboats with a purchase price of $7,552 for each pushboat. During the year ended December 31, 2014, Navios Logistics paid $6,920 for the construction of the new pushboats, which are expected to be delivered in the third quarter of 2015. | |||||||||||
During the year ended December 31, 2014, Navios Logistics paid $16,305 for dredging works related to the expansion of its dry port in Uruguay, which is currently an asset under construction. | |||||||||||
Capitalized interest included in deposits for vessels, port terminals and other fixed assets amounted to $1,851 for the year ended December 31, 2014. | |||||||||||
Sale of Vessels | |||||||||||
On June 15, 2012, Navios Holdings sold the Navios Buena Ventura, a 2010-built Capesize vessel to Navios Partners for a cash consideration of $67,500 (see Note 15). | |||||||||||
Vessel Acquisitions | |||||||||||
On March 26, 2012, Navios Holdings took delivery of the Navios Serenity, a 2011-built 34,690 dwt Handysize vessel and former long-term chartered-in vessel in operation, for a purchase price of $26,117, of which $26,000 was funded through a loan and the remaining amount was paid from existing cash. | |||||||||||
On March 30, 2012, Navios Holdings took delivery of the Navios Centaurus, a new, 2012-built 81,472 dwt Panamax vessel from a South Korean shipyard for a purchase price of $37,095, of which $15,645 was paid from existing cash and $21,450 was financed through a loan. | |||||||||||
On May 14, 2012, Navios Holdings took delivery of the Navios Avior, a new, 2012-built 81,355 dwt Panamax vessel, from a South Korean shipyard for a purchase price of $39,094, of which $18,210 was paid from existing cash and $20,884 was financed through a loan. | |||||||||||
On August 26, 2013, September 10, 2013, September 17, 2013 and September 19, 2013, Navios Holdings took delivery of the Navios Galileo (2006-built 76,596 dwt), the Navios Amitie (2005-built 75,395 dwt), the Navios Taurus (2005-built 76,596 dwt) and the Northern Star (2005-built 75,395 dwt) Panamax vessels. The total purchase price for the four vessels was $67,795, of which $27,795 was paid from existing cash and $40,000 was financed through a loan. | |||||||||||
On October 25, 2013, Navios Asia took delivery of the N Amalthia, a 2006-built 75,318 dwt Panamax vessel for a purchase price of $17,904, of which $2,750 was paid from the Company's cash, $3,905 from the noncontrolling shareholders' cash and $11,250 was financed through a loan. | |||||||||||
On January 27, 2014, Navios Asia took delivery of the N Bonanza, a 2006-built 76,596 dwt Panamax 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 Holdings took delivery of the Navios Gem, a 2014-built 181,336 dwt Capesize vessel for a purchase price of $54,368, of which $24,368 was paid in cash and $30,000 was financed through a loan. | |||||||||||
On November 24, 2014, Navios Holdings took delivery of the Navios Ray, a 2012-built 179,515 dwt Capesize vessel for a purchase price of $51,539, of which $20,539 was paid in cash and $31,000 was financed through a loan. | |||||||||||
Navios Logistics | |||||||||||
On May 9, 2012, Navios Logistics entered into an agreement for the restructuring of its capital leases for the San San H and the Ferni H, by extending their duration until June 2016 and amending the purchase price obligations to $9,850 and $9,800, respectively, each at the end of the extended period. As of December 31, 2014, the obligations for these vessels were accounted for as capital leases and the lease payments during each of the the years ended December 31, 2014, 2013 and 2012 for both vessels were $1,399, $1,353 and $1,519, respectively. | |||||||||||
During the second quarter of 2012, Navios Logistics began the construction of a new conveyor belt in its dry port facility in Nueva Palmira, which became operational in October 2013. As of December 31, 2014, Navios Logistics had paid $22,516 ($743 of which was paid during the year ended December 31, 2014) and the construction of the new conveyor belt had been completed. | |||||||||||
Navios Logistics constructed four new tank barges. Two barges were delivered in October and December 2012 and two were delivered in April and June 2013, with a cost of $1,900 each. | |||||||||||
On June 26, 2013, Navios Logistics acquired three pushboats for a total purchase price of $20,250. These pushboats were delivered in the first quarter of 2014. During the year ended December 31, 2013, Navios Logistics had paid $19,766 and the respective amount was presented under deposits for vessels, port terminals and other fixed assets in the accompanying consolidated balance sheets. During the year ended December 31, 2014, Navios Logistics paid $3,710, representing the balance of the purchase price and other acquisition costs, including transportation. | |||||||||||
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. These barges were delivered in the second quarter of 2014. During the year ended December 31, 2013, Navios Logistics had paid $11,632 and the respective amount was presented under deposits for vessels, port terminals and other fixed assets in the accompanying consolidated balance sheets. On October 8, 2013, Navios Logistics exercised the option for the construction of additional 36 dry barges based on the same terms of the initial agreement. These barges were delivered in the third quarter of 2014. During the year ended December 31, 2014, Navios Logistics paid $52,672 for both sets of barges, representing the balance of the purchase price and other acquisition costs, including transportation. | |||||||||||
On August 22, 2014, Navios Logistics entered into an agreement for the acquisition of a second-hand bunker vessel, which was delivered to its core fleet in September 2014. As of December 31, 2014, Navios Logistics had paid $5,504, representing full purchase price and other costs, including relocation expenses. | |||||||||||
Intangible_AssetsLiabilities_O
Intangible Assets/Liabilities Other Than Goodwill | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL [Abstract] | |||||||||||||||||||||||
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL | NOTE 7: INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL | ||||||||||||||||||||||
Net Book Value of Intangible Assets/Liabilities other than Goodwill as at December 31,2014 | |||||||||||||||||||||||
Acquisition | Accumulated | Additions / Write off | Net Book Value | ||||||||||||||||||||
Cost | Amortization | December 31, | |||||||||||||||||||||
2014 | |||||||||||||||||||||||
Trade name | $ | 100,420 | $ | (33,591) | $ | — | $ | 66,829 | |||||||||||||||
Port terminal operating | 36,152 | (8,450 | ) | 17,000 | 44,702 | ||||||||||||||||||
rights(****) | |||||||||||||||||||||||
Customer relationships | 35,490 | (12,421 | ) | — | 23,069 | ||||||||||||||||||
Favorable lease terms(*) (***) | 207,055 | (103,287 | ) | (48,876 | ) | 54,892 | |||||||||||||||||
Total Intangible assets | 379,117 | -157,749 | -31,876 | 189,492 | |||||||||||||||||||
Unfavorable lease terms(**) | (121,028 | ) | 98,887 | — | (22,141 | ) | |||||||||||||||||
Total | $ | 258,089 | $ | -58,862 | $ | -31,876 | $ | 167,351 | |||||||||||||||
Net Book Value of Intangible Assets/Liabilities other than Goodwill as at December 31, 2013 | |||||||||||||||||||||||
Acquisition | Accumulated | Additions / Write off | Net Book Value | ||||||||||||||||||||
Cost | Amortization | December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||||
Trade name | $ | 100,420 | $ | (29,738 | ) | $ | — | $ | 70,682 | ||||||||||||||
Port terminal operating | 34,060 | (7,444 | ) | 2,092 | 28,708 | ||||||||||||||||||
rights(****) | |||||||||||||||||||||||
Customer relationships | 35,490 | (10,647 | ) | — | 24,843 | ||||||||||||||||||
Favorable lease terms(*) (***) | 210,835 | (139,624 | ) | (3,780 | ) | 67,431 | |||||||||||||||||
Total Intangible assets | 380,805 | -187,453 | -1,688 | 191,664 | |||||||||||||||||||
Unfavorable lease terms(**) | (121,028 | ) | 93,954 | — | (27,074 | ) | |||||||||||||||||
Total | $ | 259,777 | $ | -93,499 | $ | -1,688 | $ | 164,590 | |||||||||||||||
(*) As of December 31, 2014 and 2013, intangible assets associated with the favorable lease terms included an amount of $21,782 related to purchase options for the vessels (see Note 2(n)). | |||||||||||||||||||||||
(**) As of December 31, 2014 and 2013, the intangible liability associated with the unfavorable lease terms includes an amount of $9,405 related to purchase options held by third parties (see Note 2(n)). As of December 31, 2014 and 2013, no purchase options held by third parties have been exercised. | |||||||||||||||||||||||
(***) During the years ended December 31, 2014 and 2013, acquisition costs and accumulated amortization of $48,876 and $3,780, respectively, of fully amortized favorable lease terms were written off. | |||||||||||||||||||||||
(****)On March 19, 2013, Navios Logistics acquired Energias Renovables del Sur S.A (“Enresur”), a Uruguayan company, for a total consideration of $2,092. Enersur, as a free zone direct user, holds the right to occupy approximately 29 acres of undeveloped land located in the Nueva Palmira free zone in Uruguay, near to Navios Logistics' existing port. Navios Logistics accounted for this transaction as an asset acquisition. | |||||||||||||||||||||||
On December 15, 2014, Navios Logistics acquired two companies, for a total consideration of $17,000. These companies, as free zone direct users, hold the right to occupy approximately 53 acres of undeveloped riverfront land located in the Nueva Palmira free zone in Uruguay, adjacent to Navios Logistics' existing port. The acquisitions were accounted for as asset acquisitions. During the year ended December 31, 2014, Navios Logistics paid $10,200 of the purchase price and the remaining balance of $6,800 will be paid in full during the third quarter of 2015 and is presented in the consolidated balance sheet within the caption “Accrued expenses and other liabilities”. | |||||||||||||||||||||||
Amortization | Amortization | Amortization | |||||||||||||||||||||
Expense and | Expense and | Expense and | |||||||||||||||||||||
Write Offs | Write Offs | Write Offs | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Trade name | $ | 3,853 | $ | 3,853 | $ | 3,860 | |||||||||||||||||
Port terminal operating | 1,006 | 983 | 930 | ||||||||||||||||||||
rights | |||||||||||||||||||||||
Customer relationships | 1,774 | 1,774 | 1,775 | ||||||||||||||||||||
Favorable lease terms | 12,539 | 12,876 | 27,652 | ||||||||||||||||||||
Unfavorable lease terms | (4,933 | ) | (4,933 | ) | (12,819 | ) | |||||||||||||||||
Total | $ | 14,239 | $ | 14,553 | $ | 21,398 | |||||||||||||||||
The remaining aggregate amortization of acquired intangibles as of December 31, 2014 was as follows: | |||||||||||||||||||||||
Description | Within one | Year Two | Year Three | Year Four | Year Five | Thereafter | Total | ||||||||||||||||
year | |||||||||||||||||||||||
Trade name | $ | 3,853 | $ | 3,860 | $ | 3,853 | $ | 2,811 | $ | 2,811 | $ | 49,641 | $ | 66,829 | |||||||||
Favorable lease | 11,398 | 11,324 | 7,022 | 641 | 641 | 2,084 | 33,110 | ||||||||||||||||
terms | |||||||||||||||||||||||
Unfavorable | (3,545 | ) | (2,129 | ) | (1,273 | ) | (1,102 | ) | (1,102 | ) | (3,585 | ) | (12,736 | ) | |||||||||
lease | |||||||||||||||||||||||
terms | |||||||||||||||||||||||
Port terminal | 1,389 | 1,389 | 1,389 | 1,389 | 1,389 | 37,757 | 44,702 | ||||||||||||||||
operating rights | |||||||||||||||||||||||
Customer | 1,775 | 1,775 | 1,775 | 1,775 | 1,775 | 14,194 | 23,069 | ||||||||||||||||
relationships | |||||||||||||||||||||||
Total amortization | $ | 14,870 | $ | 16,219 | $ | 12,766 | $ | 5,514 | $ | 5,514 | $ | 100,091 | $ | 154,974 | |||||||||
Investments_in_Affiliates
Investments in Affiliates | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
INVESTMENTS IN AFFILIATES [Abstract] | ||||||||||||||||||||
INVESTMENTS IN AFFILIATES | NOTE 8: INVESTMENTS IN AFFILIATES | |||||||||||||||||||
Navios Partners | ||||||||||||||||||||
On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest. | ||||||||||||||||||||
On January 1, 2012, all of Navios Partners' outstanding subordinated units owned by Navios Holdings converted into 7,621,843 common units of Navios Partners (excluding the Series A Subordinated Units, which are a separate class of subordinated units) (“the Conversion”). The Company concluded that the Conversion resulted in a change in the form of its investment in Navios Partners that was a reconsideration event pursuant to ASC 323-10-15-16a. In connection with that reconsideration, the Company concluded that the common units of Navios Partners, which prior to January 1, 2012 did not meet the definition of common stock or “in-substance common stock,” met the definition of “in-substance common stock” starting January 1, 2012. Although the common units continued to enjoy certain preferences by comparison to the Series A Subordinated Units, the Series A Subordinated Units constituted such a small portion of the capital structure of Navios Partners and, as such, the liquidation preference was not considered to be substantive under ASC 323-10-15-13a. In addition, at the time of the reconsideration, it was known that the Series A Subordinated Units would themselves automatically convert to common units of Navios Partners on June 29, 2012. Accordingly, the Company concluded that the risk and reward profile of the common units and Series A Subordinated Units were substantially the same in accordance with ASC 323-10-15-13b. As a result, the Company's entire investment in Navios Partners (a portion of which was previously accounted for as available-for-sale securities) is accounted for by the equity method from January 1, 2012. As a result, the carrying value of the available-for sale securities of $82,572 plus the amount reflected in other comprehensive losses of $6,158 (in each case, as of December 31, 2011) was reclassified to “Investments in Affiliates.” | ||||||||||||||||||||
On June 29, 2012, the outstanding subordinated Series A units converted into 1,000,000 shares of common units which have the same distribution rights as all other common unit holders. | ||||||||||||||||||||
In May 2012, Navios Partners completed its public offering of 4,600,000 common units. Navios Holdings paid $1,472 in order to retain its 2.0% general partner interest. Following this offering Navios Holdings' interest in Navios Partners decreased. The Company deemed that the issuance of shares qualified as a sale of shares by the equity method investee. As a result, a gain of $9,497 was recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2012. | ||||||||||||||||||||
In February and September 2013, Navios Partners completed two public offerings in an aggregate amount of 10,925,000 common units. Navios Holdings paid $3,168 in order to retain its 2.0% general partner interest. Following these offerings Navios Holdings' interest in Navios Partners decreased. The Company determined that the issuance of shares qualified as sales of shares by the equity method investee. As a result, gains of $15,991 were recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2013. | ||||||||||||||||||||
In February 2014, Navios Partners completed a public offering of 6,325,000 common units. Navios Holdings paid $2,233 in order to retain its 2.0% general partner interest. The Company determined, under the equity method, that the issuance of shares qualified as sales of shares by the investee. As a result, a gain of $11,230 was recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2014. | ||||||||||||||||||||
As of December 31, 2014, Navios Holdings holds a total of 14,223,763 common units and 1,578,763 general partners units, representing a 20.0% interest in Navios Partners, including the 2.0% general partner interest, and the entire investment in Navios Partners is accounted for under the equity method. | ||||||||||||||||||||
As of December 31, 2014 and 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 $35,745 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. | ||||||||||||||||||||
Total equity method income and amortization of deferred gain of $36,959, $39,738 and $48,946 were recognized in “Equity in net earnings of affiliated companies” for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
As of December 31, 2014 and 2013, the carrying amount of the investment in Navios Partners was $114,387 and $110,516, respectively. | ||||||||||||||||||||
Dividends received during the year ended December 31, 2014, 2013 and 2012 were $30,043, $29,461 and $27,916, respectively. | ||||||||||||||||||||
As of December 31, 2014, the market value of the investment in Navios Partners was $155,181. | ||||||||||||||||||||
Acropolis | ||||||||||||||||||||
Navios Holdings has a 50% interest in Acropolis, a brokerage firm for freight and shipping charters. Although Navios Holdings owns 50% of Acropolis' stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends will be allocated 35% to the Company with the balance to the other shareholder. As of December 31, 2014 and 2013, the carrying amount of the investment was $525 and $350, respectively. Dividends received for each of the years ended December 31, 2014, 2013 and 2012 were $271, $433 and $140, respectively. | ||||||||||||||||||||
Navios Acquisition | ||||||||||||||||||||
In February, May and September 2013, Navios Acquisition completed multiple offerings, including registered direct offerings and private placements to Navios Holdings and certain members of the management of Navios Acquisition, Navios Partners and Navios Holdings. A total of 94,097,529 shares were issued. As part of these offerings, Navios Holdings purchased in private placements an aggregate of 46,969,669 shares of Navios Acquisition common stock for $160,001. The Company determined that the issuance of shares qualified as sales of shares by the equity method investee. As a result, losses of $6,171 were recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2013. | ||||||||||||||||||||
In February 2014, Navios Acquisition completed a public offering of 14,950,000 shares of its common stock. In October 2014, 699,994 Navios Acquisition's restricted stock awards vested. Following those events and as of December 31, 2014, Navios Holdings had a 43.1% voting and a 46.2% economic interest in Navios Acquisition. The Company determined, under the equity method, that the issuance of shares and the vesting of restricted stock awards qualified as a sale of shares by the investee. As a result, an income of $4,675 was recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2014. | ||||||||||||||||||||
As of December 31, 2014 and 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 $1,293 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. | ||||||||||||||||||||
Total equity method income of $19,513 and losses of $20,759 and $1,070 were recognized in “Equity in net earnings of affiliated companies” for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
As of December 31, 2014 and 2013, the carrying amount of the investment in Navios Acquisition was $224,582 and $219,664, respectively. | ||||||||||||||||||||
Dividends received for each of the years ended December 31, 2014, 2013 and 2012 were $14,595, $10,126 and $5,202, respectively. | ||||||||||||||||||||
As of December 31, 2014, the market value of the investment in Navios Acquisition was $261,258. | ||||||||||||||||||||
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 from two 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 VIE 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 December 31, 2014, the estimated maximum potential loss by Navios Holdings in Navios Europe would have been $13,415 which represents the Company's carrying value of its investment of $5,602, including accrued interest, plus the Company's balance of the Navios Revolving Loans of $7,813, including accrued interest, and does not include the undrawn portion of the Navios Revolving Loans. | ||||||||||||||||||||
Income of $831 was recognized in “Equity in net earnings of affiliated companies” for the year ended December 31, 2014 whilst for the year ended December 31, 2013, Navios Europe had minimal operations and therefore, the Company did not record any equity method investee income/(loss). | ||||||||||||||||||||
As of December 31, 2014 and 2013, the carrying amount of the investment in Navios Europe was $4,936 and $4,750, respectively. | ||||||||||||||||||||
Summarized financial information of the affiliated companies is presented below: | ||||||||||||||||||||
December | 31, | 2014 | December | 31, | 2014 | |||||||||||||||
Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | |||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | $ | 115,197 | $ | 89,528 | $ | 2,126 | $ | 13,764 | $ | 54,484 | $ | 120,801 | $ | 1,524 | $ | 8,224 | ||||
Non-current | ||||||||||||||||||||
assets | 1,230,817 | 1,626,274 | 21 | 190,913 | 1,195,595 | 1,535,860 | 22 | 199,761 | ||||||||||||
Current liabilities | ||||||||||||||||||||
32,275 | 73,147 | 450 | 16,257 | 15,606 | 65,400 | 370 | 14,792 | |||||||||||||
Non-current liabilities | ||||||||||||||||||||
564,641 | 1,143,404 | - | 191,411 | 527,966 | 1,128,439 | - | 194,288 | |||||||||||||
Year | December | 31, 2014 | Year | December | 31, 2013 | Year | December | 31, 2012 | ||||||||||||
Income Statement | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | ||||||||
Revenue | $ | 227,356 | 264,877 | 2,825 | 35,119 | $ | 198,159 | 202,397 | 2,230 | 1,152 | $ | 205,435 | 151,097 | 2,262 | - | |||||
Net Income/ | 74,853 | 11,371 | 1,298 | (1,896 | ) | 59,006 | (55,690 | )775 | (1,096 | ) | 95,898 | (3,284 | )1,237 | - | ||||||
(loss) | ||||||||||||||||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | ||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | NOTE 9: ACCRUED EXPENSES AND OTHER LIABILITIES | |||||||
Accrued expenses and other liabilities as of December 31, 2014 and 2013 consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Payroll | $ | 12,175 | $ | 9,954 | ||||
Accrued interest | 37,846 | 21,081 | ||||||
Accrued voyage expenses | 10,289 | 8,717 | ||||||
Accrued running costs | 23,022 | 13,270 | ||||||
Provision for losses on voyages in progress | 1,893 | 801 | ||||||
Audit fees and related services | 458 | 1,066 | ||||||
Accrued taxes | 4,792 | 5,175 | ||||||
Professional fees | 1,087 | 934 | ||||||
Dividends | 3,081 | — | ||||||
Other accrued expenses | 5,877 | 3,201 | ||||||
Other liability | 6,800 | — | ||||||
Total accrued expenses | $ | 107,320 | $ | 64,199 | ||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
BORROWINGS [Abstract] | |||||||||
BORROWINGS | NOTE 10: BORROWINGS | ||||||||
Borrowings as of December 31, 2014 and 2013 consisted of the following: | |||||||||
Navios Holdings borrowings | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Commerzbank A.G. ($240,000) | $ | 59,216 | $ | 66,086 | |||||
Loan Facility Credit Agricole ($40,000) | 23,702 | 26,112 | |||||||
Loan Facility Credit Agricole ($23,000) | 17,479 | 18,841 | |||||||
Loan Facility Credit Agricole ($23,000) | 17,950 | 19,350 | |||||||
Loan Facility DVB Bank SE ($72,000) | 63,339 | 36,801 | |||||||
Loan Facility Credit Agricole ($22,500) | 20,812 | 11,250 | |||||||
Loan Facility DVB ($40,000) | 35,625 | 39,125 | |||||||
Alpha Bank ($31,000) | 31,000 | — | |||||||
2019 Notes | 350,000 | 350,000 | |||||||
2022 Notes | 650,000 | 650,000 | |||||||
Total Navios Holdings borrowings | $ | 1,269,123 | $ | 1,217,565 | |||||
Navios Logistics borrowings | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
2019 Logistics Senior Notes | $ | — | $ | 290,000 | |||||
2022 Logistics Senior Notes | 375,000 | — | |||||||
Other long-term loans | 459 | 528 | |||||||
Total Navios Logistics borrowings | $ | 375,459 | $ | 290,528 | |||||
Total | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Total borrowings | $ | 1,644,582 | $ | 1,508,093 | |||||
Plus: unamortized premium | — | 3,156 | |||||||
Less: current portion | (24,186 | ) | (19,261 | ) | |||||
Total long-term borrowings | $ | 1,620,396 | $ | 1,491,988 | |||||
Navios Holdings loans | |||||||||
Senior 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' then-outstanding 9.5% Senior Notes due 2014 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”, 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 on or after February 15, 2015, at a fixed price of 104.063% of the principal amount, which price declines ratably until it reaches par in 2017, plus accrued and unpaid interest, if any. In addition, upon the occurrence of certain change of control events, the holders of the 2019 Notes will have the right to require the 2019 Co-Issuers to repurchase some or all of the 2019 Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | |||||||||
The 2019 Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliates, merging or consolidating or selling all or substantially all of the 2019 Co-Issuers' properties and assets and creation or designation of restricted subsidiaries. The 2019 Co-Issuers were in compliance with the covenants as of December 31, 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 effect of this transaction was the recognition of a $37,136 loss in the consolidated statement of comprehensive (loss)/income under “Loss on bond and debt extinguishment”, which comprises a $12,142 loss relating to the accelerated amortization of unamortized deferred finance costs and a $24,994 loss relating to cash payments for transaction fees and expenses in connection with the 2017 Notes extinguishment. | |||||||||
The 2022 Notes are senior obligations of Navios Holdings and Navios Maritime Finance II (US) Inc. (the “2022 Co- Issuers”) and are secured by first priority ship mortgages on 23 dry bulk 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 mortgaged vessels are senior secured guarantees and the guarantees of the Company's subsidiaries that do not own mortgaged 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 December 31, 2014. | |||||||||
Secured credit facilities | |||||||||
The majority of the Company's senior secured credit facilities include maintenance covenants, including (i) loan-to-value ratio covenants, based on either charter-adjusted valuations, or charter-free valuations, (ii) minimum liquidity and (iii) total liabilities divided by total assets. As of December 31, 2014, the Company and its subsidiaries were in compliance with all of the covenants under each of its credit facilities outlined below. | |||||||||
HSH/Commerzbank Facility: In February 2007, Navios Holdings entered into a secured loan facility with HSH Nordbank and Commerzbank AG. The facility was initially composed of a $280,000 term loan facility and a $120,000 reducing revolving facility and it has been amended and repaid as certain vessels have been sold. | |||||||||
The interest rate of the loan facility was based on a margin ranging from 115 basis points to 175 basis points depending on the specified security value. | |||||||||
On November 29, 2013, the Company repaid the loan and revolving credit facility in full using a portion of the proceeds of the 2022 Notes issued in November 2013. | |||||||||
Credit Agricole (formerly Emporiki) Facilities: In December 2012, the Emporiki Bank of Greece's facilities were transferred to Credit Agricole Corporate and Investment Bank. | |||||||||
In December 2007, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $154,000 in order to partially finance the construction of two Capesize bulk carriers. The interest rate of the amended facility was based on a margin of 175 basis points. On November 29, 2013, the Company repaid in full the loan using a portion of the proceeds of the 2022 Notes. | |||||||||
In August 2009, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $75,000 to partially finance the acquisition costs of two Capesize vessels. The loan bears interest at a rate of LIBOR plus 175 basis points. On November 29, 2013, the Company repaid the loan in full using a portion of the proceeds of the 2022 Notes. | |||||||||
In September 2010, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $40,000 in order to partially finance the construction of one Capesize bulk carrier. As of December 31, 2014, the outstanding amount under the loan facility was repayable in 13 semi-annual equal installments of $1,206 with a final balloon payment of $8,022 on the last payment date. The loan bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain financial covenants. As of December 31, 2014, the outstanding amount under this facility was $23,702. | |||||||||
In August 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. As of December 31, 2014, the facility is repayable in 15 semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. The loan bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain covenants. As of December 31, 2014, the outstanding amount under this facility was $17,479. | |||||||||
In December 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. As of December 31, 2014, the outstanding amount under the loan facility was repayable in 15 semi-annual equal installments of $700 after the drawdown date, with a final balloon payment of $7,450 on the last payment date. The loan bears interest at a rate of LIBOR plus 325 basis points. The loan facility requires compliance with certain covenants. As of December 31, 2014, the outstanding amount under this facility was $17,950. | |||||||||
On December 20, 2013, Navios Asia entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $22,500 in two 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. As of December 31, 2014, Navios Asia had drawn the whole available amount. 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. The loan facility requires compliance with certain financial covenants. As of December 31, 2014, the outstanding amount of the loan was $20,812. | |||||||||
DNB Facilities: In August 2010, Navios Holdings entered into a facility agreement with DNB NOR BANK ASA for an amount of up to $40,000 in order to partially finance the construction of one Capesize bulk carrier. The loan bears interest at a rate of LIBOR plus 275 basis points. On November 29, 2013, the Company repaid the loan in full using a portion of the proceeds of the 2022 Notes. | |||||||||
Commerzbank Facility: In June 2009, Navios Holdings entered into a facility agreement for an amount of up to $240,000 (divided into four tranches of $60,000) with Commerzbank AG in order to partially finance the acquisition of a Capesize vessel and the construction of three Capesize vessels. Following the delivery of two Capesize vessels, Navios Holdings cancelled two of the four tranches and in October 2010 fully repaid their outstanding loan balances of $53,600 and $54,500, respectively. As of December 31, 2014, the third tranche of the facility is repayable in 18 quarterly installments of $882, with a final balloon payment of $13,814 on the last payment date; and the fourth tranche of the facility is repayable in 24 quarterly installments of $835, with a final balloon payment of $9,488 on the last payment date. The loan bears interest at a rate based on a margin of 225 basis points. The loan facility requires compliance with certain covenants. As of December 31, 2014, the outstanding amount was $59,216. | |||||||||
DVB Bank SE Facilities: On March 23, 2012, Navios Holdings entered into a facility agreement with a syndicate of banks led by DVB Bank SE for an amount of up to $42,000 in two tranches: (i) the first tranche is for an amount of up to $26,000 in order to finance the acquisition of a handysize vessel; and (ii) the second tranche is for an amount of up to $16,000 to refinance the Navios Astra loan facility with Cyprus Popular Bank Public Co. Ltd. The two tranches bear interest at a rate of LIBOR plus 285 basis points and 360 basis points, respectively. On June 27, 2014, Navios Holdings refinanced the existing facility, 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 new tranche bears interest at a rate of LIBOR plus 275 basis points. As of December 31, 2014, Navios Holdings had drawn $26,000, $14,950 and $30,000 under each tranche. As of December 31, 2014, the first tranche is repayable in 21 quarterly installments of $362, with a final balloon payment of $14,412 on the last repayment date, the second tranche is repayable in 22 quarterly installments of $269, with a final balloon payment of $6,344 on the last repayment date and the third tranche is repayable in 22 quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2014, the total outstanding amount was $63,339. | |||||||||
In September 2013, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $40,000 in order to finance the acquisition of four Panamax vessels, delivered in August and September 2013. The facility bears interest at a rate of LIBOR plus 325 basis points. As of December 31, 2014, Navios Holdings had drawn the entire available amount under the facility. As of December 31, 2014, the facility is repayable in three quarterly installments of $875, followed by 12 quarterly installments of $1,000, with a final balloon payment of $21,000 payable on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2014, the outstanding amount was $35,625. | |||||||||
Alpha Bank A.E.: On November 6, 2014, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of $31,000 in order to finance part of the acquisition of a 2012-built 179,515 dwt Capesize vessel. The loan bears interest at a rate of LIBOR plus 300 basis points. As of December 31, 2014, Navios Holdings had drawn the entire available amount under the facility. As of December 31, 2014, the facility is repayable in 32 quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date and the outstanding amount was $31,000. The loan facility requires compliance with certain financial covenants. | |||||||||
The facilities are secured by first priority mortgages on certain of Navios Holdings' vessels and other collateral. | |||||||||
The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or certain of its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels securing such facilities; changing the flag, class, management or ownership of certain Navios Holdings' vessels; changing the commercial and technical management of certain Navios Holdings' vessels; selling or changing the ownership of certain 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. | |||||||||
Navios Logistics loans | |||||||||
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 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 the Logistics Co-Issuers redeemed for cash all the 2019 Logistics Senior Notes that remained outstanding after the completion of the Tender Offer, 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 consolidated statement of comprehensive loss under “Loss on bond and debt extinguishment”, consisting of a $7,881 loss relating to the accelerated amortization of the 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, the 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”) and Naviera Alto Parana S.A. (“Naviera Alto Parana”), which are deemed to be immaterial, 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 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 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 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 indenture governing the 2022 Logistics Senior Notes contains covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends in excess of 6% per annum of the net proceeds received by or contributed to Navios Logistics in or from any public offering, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics properties and assets and creation or designation of restricted subsidiaries. | |||||||||
The Logistics Co-Issuers were in compliance with the covenants as of December 31, 2014. | |||||||||
Other indebtedness | |||||||||
In connection with the acquisition of Hidronave South American Logistics S.A. (“Hidronave”) on October 29, 2009, Navios Logistics assumed a $817 loan facility that was in 2001 in order to finance the construction of a pushboat (Nazira). As of December 31, 2014, the outstanding loan balance was $459. The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. The loan also requires compliance with certain covenants. | |||||||||
During the year ended December 31, 2014, the Company paid $20,761 relating to scheduled repayment installments. | |||||||||
The annual weighted average interest rates of the Company's total borrowings were 7.18%, 7.75% and 7.32% for the year ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of December 31, 2014, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities. | |||||||||
Year | |||||||||
2015 | $ | 24,186 | |||||||
2016 | 24,561 | ||||||||
2017 | 24,561 | ||||||||
2018 | 50,187 | ||||||||
2019 | 386,540 | ||||||||
2020 and thereafter | 1,134,547 | ||||||||
Total | $ | 1,644,582 | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 11: FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||
Forward Freight Agreements (FFAs) | ||||||||||||||||||||
Dry bulk shipping FFAs generally have the following characteristics: they cover periods from one month to one year; they can be based on time charter rates or freight rates on specific quoted routes; they are executed between two parties and give rise to a certain degree of credit risk depending on the counterparties involved and they are settled monthly based on publicly quoted indices. | ||||||||||||||||||||
At December 31, 2014 and 2013, none of the “mark-to-market” positions of the open dry bulk FFA contracts, qualified for hedge accounting treatment. Dry bulk FFAs traded by the Company that do not qualify for hedge accounting are shown at fair value through the consolidated statements of comprehensive (loss)/income. | ||||||||||||||||||||
The net losses from FFAs recorded in the consolidated statements of comprehensive (loss)/income amounted to $0, $260 and $196, for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
During each of the years ended December 31, 2014, 2013 and 2012, the changes in net unrealized losses on FFAs amounted to $0, $(69) and $(124), respectively. | ||||||||||||||||||||
Fair value of financial instruments | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||||||||
Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits and money market funds 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, the 2019 and 2022 Logistics Senior Notes and the Navios Logistics loan are fixed rate borrowings and their fair value was determined based on quoted market prices. | ||||||||||||||||||||
Capital leases: The capital leases are fixed rate obligations and their carrying amounts approximate their fair value. | ||||||||||||||||||||
Loan receivable from affiliate companies: The carrying amount of the fixed rate loan approximates its fair value. | ||||||||||||||||||||
Long-term receivable from affiliate companies: The carrying amount of the floating rate receivable approximates its fair value. | ||||||||||||||||||||
Investments in available-for-sale securities: The carrying amount of the investments in available-for-sale securities reported in the consolidated balance sheets 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 consolidated statements of comprehensive income/(loss). | ||||||||||||||||||||
The estimated fair values of the Company's financial instruments were as follows: | ||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | |||||||||||||||||
Cash and cash equivalents | $ | 247,556 | $ | 247,556 | $ | 187,831 | $ | 187,831 | ||||||||||||
Restricted cash | $ | 2,564 | $ | 2,564 | $ | 2,041 | $ | 2,041 | ||||||||||||
Investments in available-for-sale- | $ | 6,701 | $ | 6,701 | $ | 7,660 | $ | 7,660 | ||||||||||||
securities | ||||||||||||||||||||
Loan receivable from affiliate companies | $ | 7,791 | $ | 7,791 | $ | 2,660 | $ | 2,660 | ||||||||||||
Long-term receivable from affiliate | $ | 9,625 | $ | 9,625 | $ | 5,144 | $ | 5,144 | ||||||||||||
companies | ||||||||||||||||||||
Capital lease obligations, including | $ | (22,360 | ) | $ | (22,360 | ) | $ | (23,759 | ) | $ | (23,759 | ) | ||||||||
current portion | ||||||||||||||||||||
Senior and ship mortgage notes, including | $ | (1,375,000 | ) | $ | (1,300,021 | ) | $ | (1,293,156 | ) | $ | (1,326,897 | ) | ||||||||
premium | ||||||||||||||||||||
Long-term debt, including current portion | $ | (269,582 | ) | $ | (269,582 | ) | $ | (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 | ||||||||||||||||||||
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 as of December 31, 2014 | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant Unobservable | ||||||||||||||||||
Active Markets for | Observable | Inputs | ||||||||||||||||||
Assets | Total | Identical Assets (Level I) | Inputs (Level II) | (Level III) | ||||||||||||||||
Investments in available-for-sale | $ | 6,701 | $ | 6,701 | $ | — | $ | — | ||||||||||||
securities | ||||||||||||||||||||
Total | $ | 6,701 | $ | 6,701 | $ | — | $ | — | ||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant Unobservable | ||||||||||||||||||
Active Markets for | Observable | Inputs | ||||||||||||||||||
Identical Assets | Inputs | (Level III) | ||||||||||||||||||
Assets | Total | (Level I) | (Level II) | |||||||||||||||||
Investments in available-for-sale | $ | 7,660 | $ | 7,660 | $ | — | $ | — | ||||||||||||
securities | ||||||||||||||||||||
Total | $ | 7,660 | $ | 7,660 | $ | — | $ | — | ||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Total | (Level I) | (Level II) | (Level III) | |||||||||||||||||
Cash and cash equivalents | $ | 247,556 | $ | 247,556 | $ | — | $ | — | ||||||||||||
Restricted cash | $ | 2,564 | $ | 2,564 | $ | — | $ | — | ||||||||||||
Senior and ship mortgage | $ | (1,300,021 | ) | $ | (1,300,021 | ) | $ | — | $ | — | ||||||||||
notes | ||||||||||||||||||||
Capital lease obligations, | $ | (22,360 | ) | $ | — | $ | (22,360 | ) | $ | — | ||||||||||
including current portion(1) | ||||||||||||||||||||
Long-term debt, including | $ | (269,582 | ) | $ | — | $ | (269,582 | ) | $ | — | ||||||||||
current portion(1) | ||||||||||||||||||||
Loan receivable from affiliate | $ | 7,791 | $ | — | $ | 7,791 | $ | — | ||||||||||||
companies(2) | ||||||||||||||||||||
Long-term receivable from | $ | 9,625 | $ | — | $ | 9,625 | $ | — | ||||||||||||
affiliate companies(2) | ||||||||||||||||||||
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 | $ | (1,326,897 | ) | $ | (1,326,897) | $ | — | $ | — | |||||||||||
notes, including premium | ||||||||||||||||||||
Capital lease obligations, | $ | (23,759 | ) | $ | — | $ | (23,759) | $ | — | |||||||||||
including current portion(1) | ||||||||||||||||||||
Long-term debt, including | $ | (218,093 | ) | $ | — | $ | (218,093 | ) | $ | — | ||||||||||
current portion(1) | ||||||||||||||||||||
Loan receivable from affiliate | $ | 2,660 | $ | — | $ | 2,660 | $ | — | ||||||||||||
companies(2) | ||||||||||||||||||||
Long-term receivable from | $ | 5,144 | $ | — | $ | 5,144 | $ | — | ||||||||||||
affiliate companies(2) | ||||||||||||||||||||
(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 taking into | ||||||||||||||||||||
account the counterparty's creditworthiness. | ||||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | NOTE 12: EMPLOYEE BENEFIT PLANS | |||||||||||||||
Retirement Saving Plan | ||||||||||||||||
The Company sponsors an employee saving plan covering all of its employees in the United States. The Company's contributions to the employee saving plan during the years ended December 31, 2014, 2013 and 2012, were approximately $101, $97 and $119, respectively, which included a discretionary contribution of $17, $14, and $15, respectively. | ||||||||||||||||
Defined Benefit Pension Plan | ||||||||||||||||
The Company sponsors a legacy unfunded defined benefit pension plan that covers certain Bahamian and Uruguayan nationals and former Navios Corporation employees. The liability related to the plan is recognized based on actuarial valuations. The current portion of the liability is included in accrued expenses and the non-current portion of the liability is included in other long-term liabilities. There are no pension plan assets. | ||||||||||||||||
The Greek office employees are protected by the Greek Labor Law. According to the law, the Company is required to pay retirement indemnities to employees on dismissal, or on leaving with an entitlement to a full security retirement pension. Please refer to Note 2(s). | ||||||||||||||||
Stock Plan | ||||||||||||||||
The Company has awarded shares of restricted stock and restricted stock units to its employees, officers and directors. The restriction lapses in two or three equal tranches, over the requisite service periods, of one, two and three years from the grant date. The Company has also awarded stock options to its officers and directors only, based on service conditions only, which vest in three equal tranches over the requisite service periods of one, two and three years from the grant date. Each option expires seven years after its grant date. | ||||||||||||||||
On December 11, 2013, the Company awarded shares of restricted stock and restricted stock units to its employees, officers and directors and stock options to its officers and directors, which vest all at once upon achievement of the internal performance criteria and completion of a service period on April 30, 2015. As of December 31, 2014, the Company determined that it is probable that the performance criteria of these awards would be met and recognized a compensation expense of $3,753. | ||||||||||||||||
On December 15, 2014, the Company awarded shares of restricted stock and restricted stock units to its employees, officers and directors and stock options to its officers and directors, which vest all at once upon achievement of the internal performance criteria and completion of a service period on June 2, 2016. | ||||||||||||||||
The fair value of all stock option awards has been calculated based on the modified Black-Scholes method. A description of the significant assumptions used to estimate the fair value of the stock option awards is set out below: | ||||||||||||||||
Expected term: The Company began granting stock options in October 2007. The first stock option exercise was in 2010 and the number of options exercised during each of the years ended December 31, 2014 (143,189), 2013 (153,556), 2012 (29,251), 2011 (130,578) and 2010 (130,577) was small in relation to the total number of options granted. Therefore, due to limited historical share option exercise experience to provide for a reasonable basis upon which to estimate expected term, the Company opted to apply the simplified method. | ||||||||||||||||
The “simplified method” used includes taking the average of the weighted average time to vesting and the contractual term of the option award. The service conditions option awards vest over three years at 33.3%, 33.3% and 33.4% respectively, resulting in a weighted average time to vest of approximately 2 years. The contractual term of the award is 7 years. Utilizing the simplified approach formula, the derived expected term estimate for the Company's service conditions option award is 4.5 years. | ||||||||||||||||
Expected volatility: The historical volatility of Navios Holdings' shares was used in order to estimate the volatility of the stock option awards. The final expected volatility estimate, which equals the historical estimate, for the service conditions option awards is 47.06%, 42.62% and 43.87% for 2014, 2013 and 2012, respectively, and for the performance conditions option awards is 58.78% and 41.48% for 2014 and 2013, respectively. | ||||||||||||||||
Expected dividends: The expected dividend is based on the current dividend, our historical pattern of dividend increases and the market price of our stock. | ||||||||||||||||
Risk-free rate: Navios Holdings has selected to employ the risk-free yield-to-maturity rate to match the expected term estimated under the “simplified method”. For the service conditions option awards, the 4.5 year yield-to-maturity rate as of the grant date is 1.44%, 1.28% and 0.68% for 2014, 2013 and 2012, respectively. For the performance conditions option awards, the one year yield-to-maturity rate as of the grant date is 0.22% and 0.13% for 2014 and 2013, respectively. | ||||||||||||||||
The fair value of restricted stock and restricted stock unit grants excludes dividends to which holders of restricted stock and restricted stock units are not entitled. The expected dividend assumption used in the valuation of restricted stock and restricted stock units grant is $0.06 for 2014, 2013 and 2012. | ||||||||||||||||
The weighted average grant date fair value of stock options, restricted stock and restricted stock units granted during the year ended December 31, 2014 was $1.14, $3.64 and $3.64, respectively. | ||||||||||||||||
The weighted average grant date fair value of stock options, restricted stock and restricted stock units granted during the year ended December 31, 2013 was $2.11, $8.63 and $8.63, respectively. | ||||||||||||||||
The weighted average grant date fair value of stock options, restricted stock and restricted stock units granted during the year ended December 31, 2012 was $0.84, $3.44 and $3.44, respectively. | ||||||||||||||||
The effect of compensation expense arising from the stock-based arrangements described above amounted to $7,719, $5,021 and $4,712 for the years ended December 31, 2014, 2013 and 2012, respectively and it was reflected in general and administrative expenses on the consolidated statements of comprehensive (loss)/income. The recognized compensation expense for the year is presented as adjustment to reconcile net income to net cash provided by operating activities on the consolidated statements of cash flows. | ||||||||||||||||
The summary of stock-based awards is summarized as follows (in thousands except share and per share data): | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
average | average | fair value | ||||||||||||||
exercise | remaining | |||||||||||||||
price | term | |||||||||||||||
Options | ||||||||||||||||
Outstanding as of December 31, 2011 | 3,302,671 | $ | 5.52 | 5.77 | $ | 7,317 | ||||||||||
Vested at December 31, 2011 | 643,824 | — | — | — | ||||||||||||
Exercisable at December 31, 2011 | 522,934 | — | — | — | ||||||||||||
Exercised | (29,251 | ) | — | — | (36 | ) | ||||||||||
Granted | 1,344,357 | 3.44 | — | 700 | ||||||||||||
Outstanding as of December 31, 2012 | 4,617,777 | 4.93 | 5.42 | 7,981 | ||||||||||||
Vested at December 31, 2012 | 901,520 | — | — | — | ||||||||||||
Exercisable at December 31, 2012 | 841,644 | — | — | — | ||||||||||||
Exercised | (153,556 | ) | — | — | (216 | ) | ||||||||||
Granted | 674,809 | 8.63 | — | 1,444 | ||||||||||||
Outstanding as of December 31, 2013 | 5,139,030 | 5.5 | 4.81 | 9,209 | ||||||||||||
Vested at December 31, 2013 | 911,493 | — | — | — | ||||||||||||
Exercisable at December 31, 2013 | 753,562 | — | — | — | ||||||||||||
Exercised | (143,189 | ) | — | — | (273 | ) | ||||||||||
Forfeited or expired | (314,250 | ) | — | — | (1,610 | ) | ||||||||||
Granted | 1,123,003 | 3.64 | — | 1,084 | ||||||||||||
Outstanding as of December 31, 2014 | 5,804,594 | 4.57 | 4.64 | 8,410 | ||||||||||||
Vested at December 31, 2014 | 1,643,665 | — | — | — | ||||||||||||
Exercisable at December 31, 2014 | 1,500,476 | — | — | — | ||||||||||||
Restricted stock and restricted stock | ||||||||||||||||
units | ||||||||||||||||
Non Vested as of December 31, 2011 | 1,287,176 | — | 2.49 | 5,653 | ||||||||||||
Granted | 832,028 | — | — | 2,862 | ||||||||||||
Vested | (553,846 | ) | — | — | (2,565 | ) | ||||||||||
Forfeited or expired | (9,166 | ) | — | — | (42 | ) | ||||||||||
Non Vested as of December 31, 2012 | 1,556,192 | — | 1.81 | 5,908 | ||||||||||||
Granted | 886,437 | — | — | 7,650 | ||||||||||||
Vested | (546,194 | ) | — | — | (2,287 | ) | ||||||||||
Forfeited or expired | (12,452 | ) | — | — | (51 | ) | ||||||||||
Non Vested as of December 31, 2013 | 1,883,983 | — | 1.4 | 11,220 | ||||||||||||
Granted | 1,175,353 | — | — | 4,278 | ||||||||||||
Vested | (1,058,903 | ) | — | — | (4,580 | ) | ||||||||||
Forfeited or expired | (3,089 | ) | — | — | (19 | ) | ||||||||||
Non Vested as of December 31, 2014 | 1,997,344 | $ | — | 2 | $ | 10,899 | ||||||||||
The estimated compensation cost relating to service conditions of non-vested (i) stock options and (ii) restricted stock and restricted stock unit awards, not yet recognized was $1,019 and $3,697, respectively, as of December 31, 2014 and is expected to be recognized over the weighted average period of 4.56 years. | ||||||||||||||||
The estimated compensation cost relating to performance conditions of non-vested (i) stock options and (ii) restricted stock and restricted stock unit awards, not yet recognized was $422 and $2,212, respectively, as of December 31, 2014 and is expected to be recognized when it is probable that the performance criteria will be met. | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | |||||||
COMMITMENTS AND CONTINGENCIES | NOTE 13: COMMITMENTS AND CONTINGENCIES | ||||||
As of December 31, 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 on January 1, 2008, Navios Logistics recorded liabilities for certain pre-acquisition contingencies 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 by 2021. As of December 31, 2014, the remaining liability related to these pre-acquisition contingencies amounted to $81 (December 31, 2013: $829) and was entirely offset by an indemnification asset for the same amount, which was reflected in other long-term assets. | |||||||
Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2016. | |||||||
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 can be reasonably estimated, based upon facts known on the date the financial statements were prepared. Although the Company cannot predict with certainty the ultimate resolutions of these matters, in the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company's financial position, results of operations or liquidity. | |||||||
The Company, in the normal course of business, entered into contracts to time charter-in vessels for various periods through April 2026. | |||||||
As of December 31, 2014, the Company had future remaining contractual deposits for two newbuilding owned vessels, which are expected to be delivered in the third and fourth quarter of 2015. Navios Logistics had obligations related to the acquisition of three new pushboats, the payment of the deferred considerations for the acquisition of two companies, who hold the right to occupy approximately 53 acres of land located in the Nueva Palmira free zone in Uruguay and the remaining installments for the acquisition of the chartered-in fleet consisting of one pushboat and three liquid barges of $15,996, $6,800 and $7,510, respectively. The table below reflects the remaining future payments of these commitments. | |||||||
Dry bulk Vessels | Navios Logistics | ||||||
2015 | $ | 62,850 | $ | 28,380 | |||
2016 | — | 1,926 | |||||
Total | $ | 62,850 | $ | 30,306 | |||
Leases
Leases | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
LEASES [Abstract] | ||||||||||
LEASES | NOTE 14: LEASES | |||||||||
Chartered-in vessels, barges, pushboats and office space: | ||||||||||
As of December 31, 2014, the Company's future minimum commitments, net of commissions under chartered-in vessels, barges, pushboats and office space were as follows: | ||||||||||
Charter-in vessels in operation | Charter-in vessels to be delivered | Office space | ||||||||
2015 | $ | 67,450 | $ | 11,909 | $ | 3,275 | ||||
2016 | 58,136 | 24,185 | 3,083 | |||||||
2017 | 51,877 | 39,756 | 2,821 | |||||||
2018 | 49,904 | 39,876 | 1,832 | |||||||
2019 | 42,395 | 39,876 | 958 | |||||||
2020 and thereafter | 66,403 | 186,330 | 98 | |||||||
Total | $ | 336,165 | $ | 341,932 | $ | 12,067 | ||||
Charter hire expense for Navios Holdings chartered-in vessels amounted to $111,337, $116,962 and $112,536, for each of the years ended December 31, 2014, 2013 and 2012, respectively. Charter hire expense for logistics business chartered-in vessels amounted to $2,468, $1,286 and $3,587, for each of the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||
Rent expense for office space amounted to $2,804, $2,899, and $2,267 for each of the years ended December 31, 2014, 2013 and 2012, respectively. The Company leases approximately 16,703 square feet of space at 825 3rd Avenue, New York, New York, pursuant to a lease that expires in April 2019. The Company also leases approximately 4,136 square meters of space at 85 Akti Miaouli, Piraeus, Greece, pursuant to lease agreements that expire in 2017 and 2019. The Company also leases office space in Monaco pursuant to a lease that expires on June 2015. The Company also leases approximately 632 square meters of office space in Antwerp, Belgium pursuant to a lease that expires in 2019. | ||||||||||
Navios Logistics' subsidiaries lease various premises in Argentina and Paraguay that expire on various dates through 2025. The above table incorporates the lease commitments on all offices as disclosed above. | ||||||||||
Chartered-out vessels, barges and pushboats: | ||||||||||
The future minimum revenue, net of commissions, (i) for dry bulk vessels, expected to be earned on non-cancelable time charters and (ii) for the Company's logistics business, expected to be earned on non-cancelable time charters, COA's with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics' ports, are as follows: | ||||||||||
Dry bulk | Logistics | |||||||||
vessels | business | |||||||||
2015 | $ | 40,693 | $ | 166,311 | ||||||
2016 | 11,124 | 107,440 | ||||||||
2017 | 10,715 | 43,392 | ||||||||
2018 | 10,715 | 23,354 | ||||||||
2019 | 10,715 | 22,515 | ||||||||
2020 and thereafter | 9,893 | 11,087 | ||||||||
Total minimum revenue, net of commissions | $ | 93,855 | $ | 374,099 | ||||||
Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel. | ||||||||||
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 15: 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 aggregate €943 (approximately $1,253) 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 each of the years ended December 31, 2014, 2013 and 2012 were $2, $41 and $45, respectively. Included in the trade accounts payable at December 31, 2014 and 2013 was an amount due to Acropolis of $78 and $76, respectively. | |
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 and in October 2014, the Company further extended this charter for approximately one year at a net daily rate of $12.5 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 and 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. Effective from March 5, 2015 Navios Holdings and Navios Partners entered into a novation agreement with the respective owners of Navios Prosperity whereby the rights to the time charter contracts of the Navios Prosperity were transferred to Navios Holdings. | |
In September 2012, the Company chartered-in from Navios Partners the Navios Libra, a 1995-built Panamax vessel. The term of this charter is approximately three years at a net daily rate of $12.0 plus 50/50 profit sharing based on actual earnings. | |
In May 2013, the Company chartered-in from Navios Partners the Navios Felicity, a 1997-built Panamax vessel. The term of this charter is approximately one year, at a net daily rate of $12.0 plus profit sharing with two six-month extension options granted to the Company. 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, and in August 2014, the Company exercised its second option. | |
In May 2013, the Company chartered-in from Navios Partners the Navios Aldebaran, a 2008-built Panamax vessel, at a net daily rate of $11.0 plus profit sharing, for six months with a six-month extension option. In December 2013, the Company exercised its option to extend this charter. The owners will receive 100% of the first $2.5 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. In July 2014, the Company further extended this charter for approximately six to nine months. Effective from February 28, 2015, Navios Holdings and Navios Partners entered into a novation agreement with the respective owners of Navios Aldebaran whereby the rights to the time charter contracts of the Navios Aldebaran were transferred to Navios Holdings. | |
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 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. In August 2014, the Company chartered-in the Navios Pollux, for approximately three months at a net daily rate of $21.3. The contract was completed in November 2014. | |
Total charter hire expense for all vessels for the years ended December 31, 2014, 2013 and 2012 was $28,162, $22,386 and $7,484, respectively, and was included in the consolidated statements of comprehensive (loss)/income under “Time charter, voyage and logistics business expenses”. | |
Management fees: Navios Holdings provides commercial and technical management services to Navios Partners' vessels for a daily fixed fee. The daily fees were $4.7 per owned Ultra Handymax vessel, $4.6 per owned Panamax vessel and $5.7 per owned Capesize vessel until December 31, 2013. This daily fee covered all of the vessels' operating expenses, including the cost of drydock and special surveys. In each of October 2013, August 2014 and February 2015 the Company amended its existing management agreement with Navios Partners to fix the fees for ship management services of its owned fleet at: (i) $4.0 daily rate per Ultra-Handymax vessel; (ii) $4.1 daily rate per Panamax vessel; (iii) $5.1 daily rate per Capesize vessel; (iv) $6.5 daily rate per container vessel of TEU 6,800; (v) $7.2 daily rate per container vessel of more than TEU 8,000; and (vi) $8.5 daily rate per very large container vessel of more than TEU 13,000 through December 31, 2015. Drydocking expenses under this agreement will be reimbursed by Navios Partners at cost at occurrence. Total management fees for the years ended December 31, 2014, 2013 and 2012 amounted to $50,359, $36,173 and $31,689, respectively, and are presented net under the caption “Direct vessel expenses”. | |
Navios Holdings provides commercial and technical management services to Navios Acquisition's vessels for a daily fee that was fixed until May 2014, 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 until May 2014 were fixed under this agreement for up to $300 per LR1 and MR2 product tanker 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 the same rates for product tanker and chemical tanker vessels, 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 can, 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 January 5, 2016, 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 years ended December 31, 2014, 2013 and 2012 amounted to $95,827, $71,392 and $47,043, respectively, and are presented net under the caption “Direct vessel expenses”. | |
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 years ended December 31, 2014, 2013 and 2012 amounted to $20,098, $645 and $0, respectively, and are presented net under the caption “Direct vessel expenses”. | |
Pursuant to a management agreement dated November 18, 2014, Navios Holdings provides commercial and technical management services to Navios Midstream's vessels for a daily fixed fee of $9.5 per owned VLCC vessel effective through November 18, 2016. Drydocking expenses under this agreement will be reimbursed at cost at occurrence for all vessels. The term of this agreement is for a period of five years. Total management fees for the year ended December 31, 2014, 2013 and 2012 amounted to $1,672, $0 and $0, respectively, and are presented net under the caption “Direct vessel expenses”. | |
Navios Partners Guarantee: Contemporaneously with the Insurance Restructuring (as defined in Note 23), in November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the “Navios Partners Guarantee”) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. The Navios Partners Guarantee provides for a maximum possible payout of $20,000 by the Company to Navios Partners. Premiums that are calculated on the same basis as the restructured charter insurance are included in the management fee that is paid by Navios Partners to Navios Holdings pursuant to the management agreement. As of December 31, 2014, no claims had been submitted to Navios Holdings. | |
General and administrative expenses incurred on behalf of affiliates/ Administrative fee revenue from affiliates: Navios Holdings provides administrative services to Navios Partners. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for the years ended December 31, 2014, 2013 and 2012 amounted to $6,090, $4,366 and $3,883, respectively. | |
On May 28, 2010, Navios Holdings entered into an administrative services agreement with Navios Acquisition, pursuant to which Navios Holdings provides office space and certain administrative management services to Navios Acquisition. In May 2014, Navios Holdings extended the duration of its existing administrative services agreement with Navios Acquisition 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 for the years ended December 31, 2014, 2013 and 2012 amounted to $7,314, $3,477 and $2,111, 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. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for the years ended December 31, 2014, 2013 and 2012 amounted to $760, $740 and $600, respectively. The general and administrative fees have been eliminated upon consolidation. | |
Pursuant to an administrative services agreement dated December 13, 2013, Navios Holdings provides administrative services to Navios Europe's tanker and container vessels. 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 for years ended December 31, 2014, 2013 and 2012 amounted to $800, $25 and $0, respectively. | |
Pursuant to an administrative services agreement dated November 18, 2014, Navios Holdings provides administrative services to Navios Midstream. The term of this agreement is for a period of five years. Navios Holdings is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees for years ended December 31, 2014, 2013 and 2012 amounted to $96, $0 and $0, respectively. | |
Balance due from affiliates (excluding Navios Europe): Balance due from affiliates as of December 31, 2014 amounted to $33,400 (December 31, 2013: $12,064) which included the current amounts due from Navios Partners, Navios Acquisition and Navios Midstream, which were $1,575 (December 31, 2013: $390), $22,138 (December 31, 2013: $6,530) and $62 (December 31, 2013: $0), respectively, and the non-current amount of $9,625 (December 31, 2013: $5,144) due from Navios Acquisition. The balances mainly consisted of management fees, administrative fees, drydocking and other expenses and 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 dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk 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 Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the “Acquisition Omnibus Agreement”) 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 dry bulk 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 dry bulk 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. | |
Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliates generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliates to compete with Navios Midstream under specified circumstances. | |
Midstream General Partner Option Agreement: Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC, (“Midstream General Partner”) granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of December 31, 2014, Navios Holdings had not exercised any part of that option. | |
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 December 31, 2014 and 2013, the unamortized deferred gain for all vessels and rights sold totaled $16,301 and $21,578, respectively. For the years ended December 31, 2014, 2013 and 2012, Navios Holdings recognized $5,278, $6,881 and $12,652 of the deferred gain, respectively, in “Equity in net earnings of affiliated companies”. | |
Participation in offerings of affiliates: Refer to Note 8 and Note 25 for Navios Holdings participation in Navios Acquisition's and Navios Partners' offerings. On February 4, 2015, Navios Holdings entered into a share purchase agreement with Navios Partners pursuant to which Navios Holdings made an investment in Navios Partners by purchasing common units, and general partnership interests, in order to maintain its 20% partnership interest Navios Partners following its equity offering in February 2015. In connection with this agreement, Navios Holdings entered into a registration rights agreement with Navios Partners pursuant to which Navios Partners provided Navios Holdings with certain rights relating to the registration of the common units. | |
The Navios Holdings Credit Facilities: Navios Acquisition entered into a $40,000 credit facility with Navios Holdings in 2010, which was amended in 2010,2011 and 2014, and matures in December 2015. The facility is available for multiple drawings up to a limit of $40,000 and has a margin of LIBOR plus 300 basis points. As of December 31, 2014 and 2013, there was no outstanding amount under this facility. | |
On November 11, 2014, Navios Acquisition entered into a short-term credit facility with Navios Holdings pursuant to which Navios Acquisition could borrow up to $200,000 for general corporate purposes. The facility provided for an arrangement fee of $4,000, bared a fixed interest of 600 bps and matured on December 29, 2014. As of December 31, 2014, the facility was fully repaid. | |
Balance due from Navios Europe: Balance due from Navios Europe as of December 31, 2014 amounted to $4,087 (December 31, 2013: $1,407) which included the current amounts of $3,421 (December 31, 2013: $1,407) mainly consisting of management fees, accrued interest income earned under the Navios Revolving Loans (as defined in Note 8) and other expenses and the non-current amount of $666 (December 31, 2013: $0) related to the accrued interest income earned under the Navios Term Loans (as defined in Note 8). | |
The Navios Revolving Loans and the Navios Term Loans earn interest and an annual preferred return, respectively, at 1,270 basis points per annum, on a quarterly compounding basis and are repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There are no covenant requirements or stated maturity dates. | |
As of December 31, 2014, the outstanding amount relating to the Navios Revolving Loans is $7,125 (December 31, 2013: $2,660), under the caption “Loan receivable from affiliate companies.” As of December 31, 2014, the amount undrawn under the Revolving Loans was $9,100, of which Navios Holdings is committed to fund $4,323. | |
Preferred_and_Common_Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
PREFERRED AND COMMON STOCK [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 16: PREFERRED AND COMMON STOCK |
Issuances to Employees and Exercise of Options | |
During 2014, pursuant to the stock plan approved by the Board of Directors, 15,000, 30,303, 19,626, 55,860 and 22,400 shares were issued following the exercise of options for cash at an exercise price of $3.18, $3.81, $5.87, $5.15 and $3.44 per share, respectively, for a total of $643. | |
On December 15, 2014, pursuant to the stock plan approved by the Board of Directors, Navios Holdings granted to its employees 1,151,052 shares of restricted common stock, 24,301 restricted stock units and 1,123,003 stock options. | |
During 2013, pursuant to the stock plan approved by the Board of Directors, 106,032, 29,243, 10,969 and 7,312 shares were issued following the exercise of options for cash at an exercise price of $3.18, $3.81, $5.87 and $5.15 per share, respectively, for a total of $551. | |
On December 11, 2013, pursuant to the stock plan approved by the Board of Directors, Navios Holdings issued to its employees 856,437 shares of restricted common stock, 30,000 restricted stock units and 674,809 stock options. | |
Vested, Surrendered and Forfeited | |
During 2014, 41,748 restricted stock units, issued to the Company's employees in 2013, 2012 and 2011, vested. | |
During 2013, 21,463 restricted stock units, issued to the Company's employees in 2012, 2011 and 2010, vested. | |
During the year ended December 31, 2014 and 2013, 24,248 and 25,836 restricted shares of common stock, respectively, were forfeited upon termination of employment. | |
As of December 31, 2014, 314,250 stock options expired. | |
Issuance of Cumulative Perpetual Preferred Stock | |
On January 28, 2014, the Company completed the sale of the Series G raising net proceeds of $47,846 (after deducting underwriting discounts and offering expenses). | |
On July 8, 2014, the Company completed the sale of the Series H raising net proceeds of $115,756 (after deducting underwriting discounts and offering expenses). | |
Conversion of Preferred Stock | |
During the year ended December 31, 2014, 1,410 shares of convertible preferred stock were automatically converted into 1,410,000 shares of common stock. The shares of convertible preferred stock were converted pursuant to their original terms. | |
Navios Holdings had outstanding as of December 31, 2014 and 2013, 105,831,718 and 104,261,029 shares of common stock, respectively, and 75,069 (20,000 Series G, 48,000 Series H and 7,069 shares of convertible preferred stock) and 8,479 shares of convertible preferred stock, respectively. |
Interest_Expense_and_Finance_C
Interest Expense and Finance Cost | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
INTEREST EXPENSE AND FINANCE COST [Abstract] | |||||||||||
INTEREST EXPENSE AND FINANCE COST | NOTE 17: INTEREST EXPENSE AND FINANCE COST | ||||||||||
Interest expense and finance cost consisted of the following: | |||||||||||
For the Year | For the Year | For the Year | |||||||||
Ended | Ended | Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Interest expense | $ | 109,550 | $ | 105,421 | $ | 99,887 | |||||
Amortization and write-off of deferred financing costs | 4,061 | 5,384 | 6,309 | ||||||||
Other | 49 | — | — | ||||||||
Interest expense and finance cost | $ | 113,660 | $ | 110,805 | $ | 106,196 | |||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
SEGMENT INFORMATION [Abstract] | |||||||||||
SEGMENT INFORMATION | NOTE 18: SEGMENT INFORMATION | ||||||||||
The Company currently has two reportable segments from which it derives its revenues: Dry bulk 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 Dry bulk 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/(loss) 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: | |||||||||||
Dry Bulk Vessel | Logistics Business | Total | |||||||||
Operations | for the | for the | |||||||||
for the | Year Ended | Year Ended | |||||||||
Year Ended | December 31, | December 31, | |||||||||
December 31, | 2014 | 2014 | |||||||||
2014 | |||||||||||
Revenue | $ | 300,242 | $ | 268,774 | $ | 569,016 | |||||
Administrative fee revenue from affiliates | 14,300 | — | 14,300 | ||||||||
Interest income | 5,224 | 291 | 5,515 | ||||||||
Interest expense and finance cost | (85,823 | ) | (27,837 | ) | (113,660 | ) | |||||
Depreciation and amortization | (79,603 | ) | (25,087 | ) | (104,690 | ) | |||||
Equity in net earnings of affiliated companies | 57,751 | — | 57,751 | ||||||||
Net loss attributable to Navios Holdings common stockholders | (45,541 | ) | (10,662 | ) | (56,203 | ) | |||||
Total assets | 2,550,317 | 609,072 | 3,159,389 | ||||||||
Goodwill | 56,240 | 104,096 | 160,336 | ||||||||
Capital expenditures | (145,840 | ) | (91,658 | ) | (237,498 | ) | |||||
Investment in affiliates | 344,453 | — | 344,453 | ||||||||
Cash and cash equivalents | 175,625 | 71,931 | 247,556 | ||||||||
Restricted cash | 2,564 | — | 2,564 | ||||||||
Long-term debt (including current and noncurrent portion) | $ | 1,269,123 | $ | 375,459 | $ | 1,644,582 | |||||
Dry Bulk Vessel | Logistics Business | Total | |||||||||
Operations | for the | for the | |||||||||
for the | Year Ended | Year Ended | |||||||||
Year Ended | December 31, | December 31, | |||||||||
December 31, | 2013 | 2013 | |||||||||
2013 | |||||||||||
Revenue | $ | 275,195 | $ | 237,084 | $ | 512,279 | |||||
Administrative fee revenue from affiliates | 7,868 | — | 7,868 | ||||||||
Interest income | 2,080 | 219 | 2,299 | ||||||||
Interest expense and finance cost | (85,657 | ) | (25,148 | ) | (110,805 | ) | |||||
Depreciation and amortization | (74,770 | ) | (23,354 | ) | (98,124 | ) | |||||
Equity in net earnings of affiliated companies | 19,344 | — | 19,344 | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (115,264 | ) | 6,201 | (109,063 | ) | ||||||
Total assets | 2,393,364 | 526,249 | 2,919,613 | ||||||||
Goodwill | 56,240 | 104,096 | 160,336 | ||||||||
Capital expenditures | (86,538 | ) | (59,396 | ) | (145,934 | ) | |||||
Investment in affiliates | 335,303 | — | 335,303 | ||||||||
Cash and cash equivalents | 101,263 | 86,568 | 187,831 | ||||||||
Restricted cash | 2,041 | — | 2,041 | ||||||||
Long-term debt (including current and noncurrent portion) | $ | 1,217,565 | $ | 293,684 | $ | 1,511,249 | |||||
Dry Bulk Vessel | Logistics Business | Total | |||||||||
Operations | for the | for the | |||||||||
for the | Year Ended | Year Ended | |||||||||
Year Ended | December 31, | December 31, | |||||||||
December 31, | 2012 | 2012 | |||||||||
2012 | |||||||||||
Revenue | $ | 369,461 | $ | 247,033 | $ | 616,494 | |||||
Administrative fee revenue from affiliates | 5,994 | — | 5,994 | ||||||||
Interest income | 2,329 | 388 | 2,717 | ||||||||
Interest expense and finance cost | (86,139 | ) | (20,057 | ) | (106,196 | ) | |||||
Depreciation and amortization | (81,267 | ) | (26,939 | ) | (108,206 | ) | |||||
Equity in net earnings of affiliated companies | 48,228 | — | 48,228 | ||||||||
Net income attributable to Navios Holdings common stockholders | 175,388 | 97 | 175,485 | ||||||||
Total assets | 2,490,929 | 450,533 | 2,941,462 | ||||||||
Goodwill | 56,240 | 104,096 | 160,336 | ||||||||
Capital expenditures | (40,024 | ) | (17,666 | ) | (57,690 | ) | |||||
Investment in affiliates | 197,291 | — | 197,291 | ||||||||
Cash and cash equivalents | 212,330 | 45,538 | 257,868 | ||||||||
Restricted cash | 24,704 | — | 24,704 | ||||||||
Long-term debt (including current and noncurrent portion) | $ | 1,157,614 | $ | 200,598 | $ | 1,358,212 | |||||
The following table sets out the Company's revenue by geographic region. Dry bulk Vessel Operations (excluding administrative fee revenue from affiliates) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels operate worldwide. Logistics business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paraná, Paraguay and Uruguay River systems in South America (commonly known as the “Hidrovia” or the “waterway”). | |||||||||||
Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately. | |||||||||||
Revenue by Geographic Region | |||||||||||
Year ended | Year ended | Year ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
North America | $ | 30,299 | $ | 17,487 | $ | 14,622 | |||||
Europe | 173,100 | 141,464 | 127,521 | ||||||||
Asia | 84,766 | 99,636 | 225,366 | ||||||||
South America | 275,327 | 241,852 | 247,033 | ||||||||
Other | 5,524 | 11,840 | 1,952 | ||||||||
Total | $ | 569,016 | $ | 512,279 | $ | 616,494 | |||||
Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $1,486,486 and $1,409,166 at December 31, 2014 and 2013, respectively. For Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics business amounted to $462,986 and $392,190 at December 31, 2014 and 2013, respectively. | |||||||||||
LossEarnings_Per_Common_Share
(Loss)/Earnings Per Common Share | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
(LOSS)/EARNINGS PER COMMON SHARE [Abstract] | |||||||||||
(LOSS)/EARNINGS PER COMMON SHARE | NOTE 19: (LOSS)/EARNINGS PER COMMON SHARE | ||||||||||
(Loss)/earnings per share are calculated by dividing net (loss)/income by the weighted average number of shares of Navios Holdings outstanding during the period. | |||||||||||
For the year ended December 31, 2014, 3,437,148 potential common shares and 7,950,425 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 year ended December 31, 2013, 2,649,796 potential common shares and 8,479,000 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share), and are therefore excluded from the calculation of diluted net loss per share. | |||||||||||
Year ended | Year ended | Year ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ | (56,203 | ) | $ | (109,063 | ) | $ | 175,485 | |||
Less: | |||||||||||
Dividend on Preferred Stock and on | (10,773 | ) | (1,927 | ) | (1,705 | ) | |||||
unvested restricted shares | |||||||||||
(Loss)/income available to Navios | $ | (66,976 | ) | $ | (110,990 | ) | $ | 173,780 | |||
Holdings common stockholders, basic | |||||||||||
Plus: | |||||||||||
Dividend on Preferred Stock and on | — | — | 1,705 | ||||||||
unvested restricted shares | |||||||||||
(Loss)/income available to Navios | $ | (66,976 | ) | $ | (110,990 | ) | $ | 175,485 | |||
Holdings common stockholders, diluted | |||||||||||
Denominator: | |||||||||||
Denominator for basic net (loss)/income per share | 103,476,614 | 101,854,415 | 101,232,720 | ||||||||
attributable to Navios Holdings stockholders — | |||||||||||
weighted average shares | |||||||||||
Dilutive potential common shares — weighted | — | — | 1,322,038 | ||||||||
average restricted stock and restricted units | |||||||||||
Convertible preferred stock and convertible debt | — | — | 8,479,000 | ||||||||
Dilutive effect of securities | — | — | 9,801,038 | ||||||||
Denominator for diluted net (loss)/income per | 103,476,614 | 101,854,415 | 111,033,758 | ||||||||
share attributable to Navios Holdings stockholders | |||||||||||
— adjusted weighted shares and assumed | |||||||||||
conversions | |||||||||||
Basic net (loss)/earnings per share attributable to | $ | (0.65 | ) | $ | (1.09 | ) | $ | 1.72 | |||
Navios Holdings stockholders | |||||||||||
Diluted net (loss)/earnings per share attributable to | $ | (0.65 | ) | $ | (1.09 | ) | $ | 1.58 | |||
Navios Holdings stockholders | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 20: INCOME TAXES |
Marshall Islands, Greece, Liberia, Panama and Malta, do not impose a tax on international shipping income. Under the laws of Marshall Islands, Greece, Malta, Liberia and Panama the countries of incorporation of the Company and its subsidiaries and the vessels' registration, the companies are subject to registration and tonnage taxes which have been included in direct vessel expenses in the accompanying consolidated statements of comprehensive (loss)/income. | |
Certain of the Company's subsidiaries are registered as Law 89 companies in Greece. These Law 89 companies are exempt from Greek income tax on their income derived from certain activities related to shipping. Since all the Law 89 companies conduct only business activities that qualify for the exemption of Greek income tax, no provision has been made for Greek income tax with respect to income derived by these Law 89 companies from their business operations in Greece. | |
In accordance with the currently applicable Greek law, foreign flagged vessels that are managed by Greek or foreign ship management companies having established an office in Greece are subject to duties towards the Greek state which are calculated on the basis of the relevant vessel's tonnage. The payment of said duties exhausts the tax liability of the foreign ship owning company and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. | |
Additionally, under a new tax bill ratified on January 14, 2013, an annual contribution, applying only to fiscal years 2012-2015, was imposed on offices or branches of foreign enterprises that have been established in Greece and are engaged in the exploitation, chartering, insurance, average (damage) settlements, purchase, chartering or shipbuilding brokerage, or chartering or insurance of ships under Greek or foreign flag, as well as the representation of ship-owner companies or undertakings, whose object is identical to the abovementioned activities. This contribution is imposed on the total amount of imported foreign exchange, calculated on a minimum $50. | |
In Belgium, profit from ocean shipping is taxable based on the tonnage of the sea-going vessels from which the profit is obtained (“tonnage tax”). | |
Pursuant to Section 883 of the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operation of ships is generally exempt from U.S. income tax if the company that is treated for U.S. federal income tax purposes as earning such income meets certain requirements set forth in Section 883 of the Code and the U.S. Treasury regulations thereunder. Among other things, in order to qualify for this exemption, each relevant company must be incorporated in a country which grants an “equivalent exemption” from income taxes to U.S. corporations. In addition, either (i) the stock of each relevant company must be treated under Section 883 of the Code and the U.S. Treasury regulations thereunder as “primarily traded” and “regularly traded” on an “established securities market” in the United States or in another country that grants an “equivalent exemption” or (ii) more than 50% of the value of the stock of each relevant company must be owned, directly or indirectly, by (a) individuals who are residents in countries that grant an “equivalent exemption,” (b) foreign corporations organized in countries that grant an “equivalent exemption” and that meet the test described in (i) and/or (c) certain other shareholders described in Section 883 of the Code and the U.S. Treasury regulations thereunder. The management of the Company believes that the Company and each of its relevant subsidiaries qualifies for the tax exemption under Section 883 of the Code, provided that the Company's common stock represents more than 50% of the total combined voting power of classes of the Company's stock entitled to vote and of the total value of the Company's stock, and less than 50% of the Company's common stock is owned, actually or constructively under specified stock attribution rules, on more than half the number of days in the relevant year by persons who each own more 5% or more of the vote and value of the Company's common stock, but no assurance can be given that this will remain so in the future. | |
The tax expense reflected in the Company's consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 is mainly attributable to Navios Holdings' subsidiaries in South America, which are subject to the Argentinean, Brazilian and Paraguayan income tax regime. | |
CNSA is located in a tax free zone and is not liable to income or other tax. Navios Logistics' operations in Uruguay are exempted from income taxes. | |
Income tax liabilities of the Argentinean companies for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, using a tax rate of 35% on the taxable net income. Tax rates and tax laws used to assess the income tax liability are those that are effective on the close of the fiscal period. Additionally, at the end of the fiscal year, local companies in Argentina have to calculate an assets tax (“Impuesto a la Ganancia Minima Presunta” or Alternative Minimum Tax). This tax is supplementary to income tax and is calculated by applying the effective tax rate of 1% over the gross value of the corporate assets (based on tax law criteria). The subsidiaries' tax liabilities will be the higher of income tax or Alternative Minimum Tax. However, if the Alternative Minimum Tax exceeds income tax during any fiscal year, such excess may be computed as a prepayment of any income tax excess over the Alternative Minimum Tax that may arise in the next ten fiscal years. | |
Under the tax laws of Argentina, the subsidiaries of the Company in that country are subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 5.0% for the year ended December 31, 2014 (4.9% and 4.7% for 2013 and 2012, respectively). | |
There are two possible options to determine the income tax liability of Paraguayan companies. Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights are considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay. Alternatively, only 30% of revenues derived from international freights are considered Paraguayan sourced. Companies whose operations are considered international freights can choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, are neither deducted nor carried forward. | |
The corporate income tax rate in Brazil and Paraguay is 34% and 10%, respectively, for the year ended December 31, 2014. | |
During the year ended December 31, 2013, Navios Logistics decided to merge certain subsidiaries in Paraguay. As a result of the merger, Navios Logistics distributed specifically identified earnings, which were offset by retained net losses of $43,475. Navios Logistics' decision to merge the subsidiaries resulted in a one-off income tax benefit in deferred income tax of $4,333 in 2013. | |
The Company's deferred taxes as of December 31, 2014 and 2013, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with the Horamar acquisition. | |
As of January 1, 2007, the Company adopted the provisions of FASB for Accounting for Uncertainty in Income Taxes. This guidance requires application of a more likely than not threshold to the recognition and derecognition of uncertain tax positions. This guidance permits the Company to recognize the amount of tax benefit that has a greater that 50% likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter of such change. Kleimar's open tax years are 2007 and onwards. Argentinean companies have open tax years ranging from 2007 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2008 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions. |
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2014 | |
NONCONTROLLING INTEREST [Abstract] | |
NONCONTROLLING INTEREST | NOTE 21: NONCONTROLLING INTEREST |
Navios Logistics | |
On July 10, 2013, Navios Logistics became the sole shareholder of Hidronave by acquiring the remaining 49.0% noncontrolling interest for a total cash consideration of $750. The transaction was considered a step acquisition (with control maintained by Navios Logistics) and was accounted for as an equity transaction. | |
Navios Asia | |
On May 14, 2013, Navios Holdings formed Navios Asia. As of December 31, 2013, Navios Asia was owned 51.0% by Diesis Shipmanagement Ltd., a wholly owned subsidiary of Navios Holdings. During the years ended December 31, 2013 and 2014, the Company recorded income of $145 and $182, respectively, in the statement of comprehensive (loss)/income within the caption “Net loss/(income) attributable to the noncontrolling interest”. The noncontrolling shareholders' contribution for the acquisition of the N. Amalthia, including working capital needs, and N Bonanza in December 2013 and January 2014 was $3,905 and 3,484, respectively. 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. | |
Investments_in_AvailableForSal
Investments in Available-For-Sale Securities | 12 Months Ended |
Dec. 31, 2014 | |
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | NOTE 22: INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES |
On January 1, 2012, all of Navios Partners' outstanding subordinated units owned by Navios Holdings converted into 7,621,843 common units of Navios Partners (excluding the Series A subordinated units, which are a separate class of subordinated units). As a result, the Company's entire investment in Navios Partners (a portion of which was previously accounted for as available-for-sale securities) is accounted for by the equity method from January 1, 2012. | |
During the years ended December 31, 2013 and 2012, the Company received shares of Korea Line Corporation (“KLC”) as partial compensation for the claims filed under the Korean court for all unpaid amounts by KLC in respect of the employment of the vessels. The shares were valued at fair value upon the day of issuance. As of both December 31, 2014 and 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”). The Company has no other types of available-for-sale securities. | |
As of December 31, 2014 and 2013, the carrying amount of the available-for-sale securities related to KLC was $6,701 and $7,660, respectively. The unrealized holding losses related to these AFS Securities included in “Accumulated other comprehensive loss” were $578, $11,172 and $558 as of December 31, 2014, 2013 and 2012, 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)/income of $11,553. The respective loss was included within the caption “Other expense” in the accompanying consolidated statement of comprehensive (loss)/income. There were no OTTI losses during the years ended December 31, 2013 and 2012. | |
Other_Income_Other_Expense
Other Income - Other Expense | 12 Months Ended |
Dec. 31, 2014 | |
OTHER INCOME [Abstract] | |
OTHER INCOME- OTHER EXPENSE | NOTE 23: OTHER INCOME - OTHER EXPENSE |
On November 15, 2012, Navios Holdings agreed with its credit default insurer to restructure its existing insurance policy (the “Charter Insurance”) with respect to counterparty defaults pursuant to certain charter agreements (the “Insurance Restructuring”). In connection with the Insurance Restructuring, Navios Holdings received a one-time upfront cash payment equal to $175,433 and agreed to maintain certain long-term charters under the Charter Insurance. Contemporaneously, the Company entered into an agreement with Navios Partners that provided Navios Partners with guarantees against counterparty default (up to $20,000) on certain existing charters (the “Navios Partners Guarantee”) (see also Note 15). The one-time upfront cash payment was accounted for as follows: | |
$168,013 of the proceeds, which represented the irrevocable/non-refundable portion of the total proceeds, were recorded immediately in the statements of comprehensive (loss)/income within the caption “Other income”; and | |
$7,420 of the proceeds, which represents reimbursements for insurance claims submitted for the period prior to the date of the restructuring, were recorded immediately in the statements of comprehensive (loss)/income within the caption “Revenue.” | |
Following consummation of the Insurance Restructuring, the Company also reversed to income (“Other income” within the statements of comprehensive (loss)/income) an amount equal to $21,592 recorded on the Company's balance sheet as a liability (“cash received in advance”) related to an on-going claim. In connection with the Insurance Restructuring, these amounts also became irrevocable/non-refundable. | |
During the year ended December 31, 2013, the Company received shares of KLC as discussed in Note 22 above, which were valued at fair value upon the day of issuance. As a result of the valuation of the KLC shares and settlement in full of KLC's claims, the Company also recorded income of $14,995 in the statement of comprehensive (loss)/income within the caption “Other income”. | |
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. From the total compensation, $3,551 was recorded immediately in the statement of other comprehensive (loss)/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. | |
In May 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)/income within the caption of “Other income”. | |
During the years ended December 31, 2014, 2013 and 2012, taxes other than income taxes of Navios Logistics amounted to $9,275, $7,912 and $8,212, respectively, and were included in the statements of comprehensive (loss)/income within the caption “Other expense”. | |
Other_Financial_Information
Other Financial Information | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
OTHER FINANCIAL INFORMATION [Abstract] | |||||||||||||||||||
OTHER FINANCIAL INFORMATION | NOTE 24: 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 2019 Notes. All subsidiaries, except for the non-guarantor Navios Logistics and its subsidiaries, are 100% owned. | |||||||||||||||||||
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. | |||||||||||||||||||
The Company revised the classification of certain amounts in its consolidated statements of comprehensive (loss)/income. See Note 2(a) “Basis of Presentation” for amounts reclassified. | |||||||||||||||||||
These condensed consolidated statements of Navios Holdings, the guarantor subsidiaries and the non-guarantor subsidiaries have been prepared in accordance on an equity basis as permitted by U.S. GAAP. | |||||||||||||||||||
Navios | Guarantor | Non | Eliminations | Total | |||||||||||||||
Maritime | Subsidiaries | Guarantor | |||||||||||||||||
Holdings Inc. | Subsidiaries | ||||||||||||||||||
Issuer | |||||||||||||||||||
Statement of comprehensive loss for the year ended December 31, 2014 | |||||||||||||||||||
Revenue | $ | — | $ | 300,242 | $ | 268,774 | $ | — | $ | 569,016 | |||||||||
Administrative fee revenue from | — | 14,300 | — | — | 14,300 | ||||||||||||||
affiliates | |||||||||||||||||||
Time charter, voyage and logistics | — | (157,640 | ) | (105,664 | ) | — | (263,304 | ) | |||||||||||
business expenses | |||||||||||||||||||
Direct vessel expenses | — | (52,039 | ) | (78,025 | ) | — | (130,064 | ) | |||||||||||
General and administrative expenses | — | (14,300 | ) | — | — | (14,300 | ) | ||||||||||||
incurred on behalf of affiliates | |||||||||||||||||||
General and administrative expenses | (10,343 | ) | (20,483 | ) | (14,764 | ) | — | (45,590 | ) | ||||||||||
Depreciation and amortization | (2,811 | ) | (76,792 | ) | (25,087 | ) | — | (104,690 | ) | ||||||||||
Interest expense and finance cost, net | (73,272 | ) | (7,327 | ) | (27,546 | ) | — | (108,145 | ) | ||||||||||
Loss on bond extinguishment | — | — | (27,281 | ) | — | (27,281 | ) | ||||||||||||
Other income/(expense), net | 72 | (2,357 | ) | (7,388 | ) | — | (9,673 | ) | |||||||||||
Loss before equity in net earnings of affiliated companies | -86,354 | -16,396 | -16,981 | — | -119,731 | ||||||||||||||
Loss from subsidiaries | (17,418 | ) | (10,662 | ) | — | 28,080 | — | ||||||||||||
Equity in net earnings of affiliated companies | 47,569 | 6,555 | 3,627 | — | 57,751 | ||||||||||||||
Loss before taxes | -56,203 | -20,503 | -13,354 | 28,080 | -61,980 | ||||||||||||||
Income tax (expense)/benefit | — | (360 | ) | 276 | — | (84 | ) | ||||||||||||
Net loss | -56,203 | -20,863 | -13,078 | 28,080 | -62,064 | ||||||||||||||
Less: Net (income)/loss attributable to the noncontrolling interest | — | (182 | ) | 6,043 | — | 5,861 | |||||||||||||
Net loss attributable to Navios Holdings common stockholders | $ | -56,203 | $ | -21,045 | $ | -7,035 | $ | 28,080 | $ | -56,203 | |||||||||
Other Comprehensive income | |||||||||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ | (959 | ) | $ | (959 | ) | $ | — | $ | 959 | $ | (959 | ) | ||||||
Reclassification to earnings | 11,553 | 11,553 | — | (11,553 | ) | 11,553 | |||||||||||||
Total other comprehensive income | $ | 10,594 | $ | 10,594 | $ | — | $ | -10,594 | $ | 10,594 | |||||||||
Total comprehensive loss | $ | -45,609 | $ | -10,269 | $ | -13,078 | $ | 17,486 | $ | -51,470 | |||||||||
Comprehensive (income)/loss attributable to noncontrolling interest | — | (182 | ) | 6,043 | — | 5,861 | |||||||||||||
Total comprehensive loss attributable to Navios Holdings common stockholders | $ | -45,609 | $ | -10,451 | $ | -7,035 | $ | 17,486 | $ | -45,609 | |||||||||
Navios | |||||||||||||||||||
Maritime | Non | ||||||||||||||||||
Holdings Inc. | Guarantor | Guarantor | |||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Statement of comprehensive (loss)/income for the year ended December 31, 2013 | |||||||||||||||||||
Revenue | $ | — | $ | 275,195 | $ | 237,084 | $ | — | $ | 512,279 | |||||||||
Administrative fee revenue from | — | 7,868 | — | 7,868 | |||||||||||||||
affiliates | |||||||||||||||||||
Time charter, voyage and logistics | — | (159,225 | ) | (85,187 | ) | — | (244,412 | ) | |||||||||||
business expenses | |||||||||||||||||||
Direct vessel expenses | — | (37,969 | ) | (76,105 | ) | — | (114,074 | ) | |||||||||||
General and administrative expenses | — | (7,868 | ) | — | — | (7,868 | ) | ||||||||||||
incurred on behalf of affiliates | |||||||||||||||||||
General and administrative expenses | (8,261 | ) | (21,756 | ) | (14,617 | ) | — | (44,634 | ) | ||||||||||
Depreciation and amortization | (2,811 | ) | (71,959 | ) | (23,354 | ) | — | (98,124 | ) | ||||||||||
Interest expense and finance cost, net | (76,227 | ) | (7,350 | ) | (24,929 | ) | — | (108,506 | ) | ||||||||||
Loss on bond and debt extinguishment | (37,136 | ) | — | — | — | (37,136 | ) | ||||||||||||
Loss on derivatives | — | (260 | ) | — | — | (260 | ) | ||||||||||||
Gain on sale of assets | — | — | 18 | — | 18 | ||||||||||||||
Other income/(expense), net | 10 | 13,578 | (7,634 | ) | — | 5,954 | |||||||||||||
(Loss)/income before equity in net earnings of affiliated companies | -124,425 | -9,746 | 5,276 | — | -128,895 | ||||||||||||||
Income from subsidiaries | 6,320 | 6,202 | — | (12,522 | ) | — | |||||||||||||
Equity in net earnings of affiliated companies | 9,042 | 7,245 | 3,057 | — | 19,344 | ||||||||||||||
(Loss)/income before taxes | -109,063 | 3,701 | 8,333 | -12,522 | -109,551 | ||||||||||||||
Income tax (expense)/benefit | — | (294 | ) | 4,554 | — | 4,260 | |||||||||||||
Net (loss)/income | -109,063 | 3,407 | 12,887 | -12,522 | -105,291 | ||||||||||||||
Less: Net income attributable to the noncontrolling interest | — | (145 | ) | (3,627 | ) | — | (3,772 | ) | |||||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ | -109,063 | $ | 3,262 | $ | 9,260 | $ | -12,522 | $ | -109,063 | |||||||||
Other Comprehensive loss | |||||||||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ | (10,614 | ) | $ | (10,614 | ) | $ | — | $ | 10,614 | $ | (10,614 | ) | ||||||
Total other comprehensive loss | $ | -10,614 | $ | -10,614 | $ | — | $ | 10,614 | $ | -10,614 | |||||||||
Total comprehensive (loss)/income | $ | -119,677 | $ | -7,207 | $ | 12,887 | $ | -1,908 | $ | -115,905 | |||||||||
Comprehensive income attributable to noncontrolling interest | — | (145 | ) | (3,627 | ) | — | (3,772 | ) | |||||||||||
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | $ | -119,677 | $ | -7,352 | $ | 9,260 | $ | -1,908 | $ | -119,677 | |||||||||
Navios | |||||||||||||||||||
Maritime | Non | ||||||||||||||||||
Holdings Inc. | Guarantor | Guarantor | |||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
Statement of comprehensive income for the year ended December 31, 2012 | |||||||||||||||||||
Revenue | $ | — | $ | 364,364 | $ | 252,130 | $ | — | $ | 616,494 | |||||||||
Administrative fee revenue from | — | 5,994 | — | — | 5,994 | ||||||||||||||
affiliates | |||||||||||||||||||
Time charter, voyage and logistics | — | (162,273 | ) | (107,006 | ) | — | (269,279 | ) | |||||||||||
business expenses | |||||||||||||||||||
Direct vessel expenses | — | (45,484 | ) | (72,306 | ) | — | (117,790 | ) | |||||||||||
General and administrative expenses | — | (5,994 | ) | — | — | (5,994 | ) | ||||||||||||
incurred on behalf of affiliates | |||||||||||||||||||
General and administrative expenses | (12,391 | ) | (24,003 | ) | (14,937 | ) | — | (51,331 | ) | ||||||||||
Depreciation and amortization | (2,818 | ) | (77,281 | ) | (28,107 | ) | — | (108,206 | ) | ||||||||||
Interest expense and finance cost, net | (70,757 | ) | (12,357 | ) | (20,365 | ) | — | (103,479 | ) | ||||||||||
Loss on derivatives | — | (196 | ) | — | — | (196 | ) | ||||||||||||
Gain on sale of assets | — | 323 | — | — | 323 | ||||||||||||||
Other (expense)/income, net | (276 | ) | 169,138 | (7,752 | ) | — | 161,110 | ||||||||||||
(Loss)/income before equity in net earnings of affiliated companies | -86,242 | 212,231 | 1,657 | — | 127,646 | ||||||||||||||
Income from subsidiaries | 228,833 | 1,547 | — | (230,380 | — | ||||||||||||||
Equity in net earnings of affiliated companies | 32,894 | 13,002 | 2,332 | — | 48,228 | ||||||||||||||
Income before taxes | 175,485 | 226,780 | 3,989 | -230,380 | 175,874 | ||||||||||||||
Income tax expense | — | (277 | ) | (35 | ) | — | (312 | ) | |||||||||||
Net income | 175,485 | 226,503 | 3,954 | -230,380 | 175,562 | ||||||||||||||
Less: Net income attributable to the noncontrolling interest | — | — | (77 | ) | — | (77 | ) | ||||||||||||
Net income attributable to Navios Holdings common stockholders | $ | 175,485 | $ | 226,503 | $ | 3,877 | $ | -230,380 | $ | 175,485 | |||||||||
Other Comprehensive loss | |||||||||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ | (566 | ) | $ | (566 | ) | $ | — | $ | 566 | $ | (566 | ) | ||||||
Reclassification to investments in affiliates | (6,158 | ) | — | — | — | (6,158 | ) | ||||||||||||
Total other comprehensive loss | $ | -6,724 | $ | -566 | $ | — | $ | 566 | $ | -6,724 | |||||||||
Total comprehensive income | $ | 168,761 | $ | 225,937 | $ | 3,954 | $ | -229,814 | $ | 168,838 | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (77 | ) | — | (77 | ) | ||||||||||||
Total comprehensive income attributable to Navios Holdings common stockholders | $ | 168,761 | $ | 225,937 | $ | 3,877 | $ | -229,814 | $ | 168,761 | |||||||||
Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||||
Balance Sheet as of December 31, 2014 | Maritime | Subsidiaries | Subsidiaries | ||||||||||||||||
Holdings Inc. | |||||||||||||||||||
Issuer | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 98,539 | $ | 77,085 | $ | 71,932 | $ | — | $ | 247,556 | |||||||||
Restricted cash | — | 2,564 | — | — | 2,564 | ||||||||||||||
Accounts receivable, net | — | 56,265 | 29,316 | — | 85,581 | ||||||||||||||
Intercompany receivables | 23,567 | — | 71,442 | (95,009 | ) | — | |||||||||||||
Due from affiliate companies | 4,638 | 22,558 | — | — | 27,196 | ||||||||||||||
Prepaid expenses and other current assets | 2 | 31,179 | 23,053 | — | 54,234 | ||||||||||||||
Total current assets | 126,746 | 189,651 | 195,743 | -95,009 | 417,131 | ||||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | 22,140 | 23,225 | — | 45,365 | ||||||||||||||
Vessels, port terminals and other fixed assets, net | — | 1,467,518 | 443,625 | — | 1,911,143 | ||||||||||||||
Investments in subsidiaries | 1,622,239 | 271,532 | — | (1,893,771 | ) | — | |||||||||||||
Investments in available-for-sale securities | — | 6,701 | — | — | 6,701 | ||||||||||||||
Investments in affiliates | 331,130 | 548 | 12,775 | — | 344,453 | ||||||||||||||
Long-term receivable from affiliate companies | — | 9,625 | — | — | 9,625 | ||||||||||||||
Loan receivable from affiliate companies | — | 7,791 | — | — | 7,791 | ||||||||||||||
Other long-term assets | 16,976 | 21,636 | 28,740 | — | 67,352 | ||||||||||||||
Goodwill and other intangibles | 89,562 | 85,273 | 174,993 | — | 349,828 | ||||||||||||||
Total non-current assets | 2,059,907 | 1,892,764 | 683,358 | -1,893,771 | 2,742,258 | ||||||||||||||
Total assets | $ | 2,186,653 | $ | 2,082,415 | $ | 879,101 | $ | -1,988,780 | $ | 3,159,389 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Accounts payable | $ | 591 | $ | 18,399 | $ | 34,847 | $ | — | $ | 53,837 | |||||||||
Accrued expenses and other liabilities | 33,099 | 49,363 | 24,858 | — | 107,320 | ||||||||||||||
Deferred income and cash received in advance | — | 6,263 | 6,182 | — | 12,445 | ||||||||||||||
Intercompany payables | — | 93,226 | 1,783 | (95,009 | ) | — | |||||||||||||
Current portion of capital lease obligations | — | — | 1,449 | — | 1,449 | ||||||||||||||
Current portion of long-term debt | — | 24,117 | 69 | — | 24,186 | ||||||||||||||
Total current liabilities | 33,690 | 191,368 | 69,188 | -95,009 | 199,237 | ||||||||||||||
Long-term debt, net of current portion | 1,000,000 | 245,006 | 375,390 | — | 1,620,396 | ||||||||||||||
Capital lease obligations, net of current portion | — | — | 20,911 | — | 20,911 | ||||||||||||||
Unfavorable lease terms | — | 22,141 | — | — | 22,141 | ||||||||||||||
Other long-term liabilities and deferred income | — | 14,574 | 2,885 | — | 17,459 | ||||||||||||||
Deferred tax liability | — | — | 12,735 | — | 12,735 | ||||||||||||||
Total non-current liabilities | 1,000,000 | 281,721 | 411,921 | — | 1,693,642 | ||||||||||||||
Total liabilities | 1,033,690 | 473,089 | 481,109 | -95,009 | 1,892,879 | ||||||||||||||
Noncontrolling interest | — | — | 113,547 | — | 113,547 | ||||||||||||||
Total Navios Holdings stockholders' equity | 1,152,963 | 1,609,326 | 284,445 | -1,893,771 | 1,152,963 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 2,186,653 | $ | 2,082,415 | $ | 879,101 | $ | -1,988,780 | $ | 3,159,389 | |||||||||
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 | ||||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | 28 | 31,398 | — | 31,426 | ||||||||||||||
Vessels, port terminals and other fixed assets, net | — | 1,412,976 | 364,481 | — | 1,777,457 | ||||||||||||||
Investments in subsidiaries | 1,632,901 | 282,197 | — | (1,915,098 | ) | — | |||||||||||||
Investments in available-for-sale securities | — | 7,660 | — | — | 7,660 | ||||||||||||||
Investments 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 STOCKHOLDERS' 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 | — | — | 22,359 | — | 22,359 | ||||||||||||||
portion | |||||||||||||||||||
Unfavorable lease terms | — | 27,074 | — | — | 27,074 | ||||||||||||||
Other long-term liabilities and deferred | — | 18,352 | 6,869 | — | 25,221 | ||||||||||||||
income | |||||||||||||||||||
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 year ended December 31, 2014 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Net cash (used in)/provided by operating activities | $ | -9,357 | $ | 52,664 | $ | 13,016 | $ | — | $ | 56,323 | |||||||||
Cash flows from investing activities | |||||||||||||||||||
Acquisition of investments in affiliates | — | — | (2,233 | ) | — | (2,233 | ) | ||||||||||||
Loan to affiliate company | — | (4,465 | ) | — | — | (4,465 | ) | ||||||||||||
Increase in long-term receivable from affiliate companies | — | (5,087 | ) | — | — | (5,087 | ) | ||||||||||||
Dividends from affiliate companies | 14,595 | — | — | — | 14,595 | ||||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | (22,112 | ) | (23,225 | ) | — | (45,337 | ) | |||||||||||
Acquisition of intangible assets | — | — | (10,200 | ) | — | (10,200 | ) | ||||||||||||
Acquisition of vessels | — | (123,541 | ) | — | — | (123,541 | ) | ||||||||||||
Purchase of property, equipment and other fixed assets | (15 | ) | (172 | ) | (68,433 | ) | — | (68,620 | ) | ||||||||||
Net cash provided by/(used in) in investing activities | 14,580 | -155,377 | -104,091 | — | -244,888 | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||
Transfer (to)/from other group subsidiaries | (71,968 | ) | 69,731 | 2,237 | — | — | |||||||||||||
Issuance of common stock | 643 | — | — | — | 643 | ||||||||||||||
Net proceeds from issuance of preferred stock | 163,602 | — | — | — | 163,602 | ||||||||||||||
Proceeds from long-term loans, net of debt issuance costs | — | 71,027 | — | — | 71,027 | ||||||||||||||
Proceeds from issuance of senior notes, net of debt issuance costs | — | — | 365,668 | — | 365,668 | ||||||||||||||
Repayment of long-term debt and payment of principal | — | (20,692 | ) | (69 | ) | — | (20,761 | ) | |||||||||||
Repayment of senior notes | — | — | (290,000 | ) | — | (290,000 | ) | ||||||||||||
Contribution from noncontrolling shareholders | — | 3,484 | — | — | 3,484 | ||||||||||||||
Dividends paid | (32,730 | ) | — | — | — | (32,730 | ) | ||||||||||||
Increase in restricted cash | — | (355 | ) | — | — | (355 | ) | ||||||||||||
Acquisition of noncontrolling interest | — | (10,889 | ) | — | — | (10,889 | ) | ||||||||||||
Payments of obligations under capital leases | — | — | (1,399 | ) | — | (1,399 | ) | ||||||||||||
Net cash provided by financing activities | 59,547 | 112,306 | 76,437 | — | 248,290 | ||||||||||||||
Increase/(decrease) in cash and cash equivalents | 64,770 | 9,593 | (14,638 | — | 59,725 | ||||||||||||||
Cash and cash equivalents, beginning of year | 33,769 | 67,492 | 86,570 | — | 187,831 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 98,539 | $ | 77,085 | $ | 71,932 | $ | — | $ | 247,556 | |||||||||
Cash flow statement for the year ended December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Net cash (used in)/provided by operating activities | $ | -58,695 | $ | 105,317 | $ | 13,127 | $ | — | $ | 59,749 | |||||||||
Cash flows from investing activities | |||||||||||||||||||
Acquisition of investments in affiliates | (160,001) | (4,750 | ) | (3,168 | ) | — | (167,919 | ) | |||||||||||
Acquisition of intangible assets | — | — | (2,092 | ) | — | (2,092 | ) | ||||||||||||
(Increase)/decrease in long-term receivable from affiliate companies | (4,065 | ) | 18,973 | — | — | 14,908 | |||||||||||||
Loan to affiliate company | — | (2,660 | ) | — | — | (2,660 | ) | ||||||||||||
Loan repayment from affiliate company | 35,000 | — | — | — | 35,000 | ||||||||||||||
Dividends from affiliate companies | 10,126 | — | — | — | 10,126 | ||||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | — | (31,398 | ) | — | (31,398 | ) | ||||||||||||
Acquisition of vessels | — | (85,699 | ) | — | — | (85,699 | ) | ||||||||||||
Purchase of property, equipment and other fixed assets | — | (839 | ) | (27,998 | ) | — | (28,837 | ) | |||||||||||
Net cash used in investing activities | -118,940 | -74,975 | -64,656 | — | -258,571 | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||
Transfer from/(to) other group subsidiaries | 42,562 | (47,099 | ) | 4,537 | — | — | |||||||||||||
Issuance of common stock | 551 | — | — | — | 551 | ||||||||||||||
Proceeds from issuance of ship mortgage and senior notes including premium, net of debt issuance costs | 635,291 | — | 90,195 | — | 725,486 | ||||||||||||||
Proceeds from long-term loans, net of debt issuance costs | — | 50,345 | — | — | 50,345 | ||||||||||||||
Repayment of long-term debt and payment of principal | (46,086 | ) | (111,073 | ) | (69 | ) | — | (157,228 | ) | ||||||||||
Repayment of ship mortgage notes | (488,000 | ) | — | — | — | (488,000 | |||||||||||||
Contribution from noncontrolling shareholders | — | 3,905 | — | — | 3,905 | ||||||||||||||
Acquisition of noncontrolling interest | — | — | (750 | ) | — | (750 | ) | ||||||||||||
Decrease in restricted cash | 14,278 | 7,956 | — | — | 22,234 | ||||||||||||||
Payments of obligations under capital leases | — | — | (1,353 | ) | — | (1,353 | ) | ||||||||||||
Dividends paid | (26,405 | ) | — | — | — | (26,405 | ) | ||||||||||||
Net cash provided by/(used in) financing activities | 132,191 | -95,966 | 92,560 | — | 128,785 | ||||||||||||||
(Decrease)/increase in cash and cash equivalents | -45,444 | -65,624 | 41,031 | — | -70,037 | ||||||||||||||
Cash and cash equivalents, beginning of year | 79,213 | 133,116 | 45,539 | — | 257,868 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 33,769 | $ | 67,492 | $ | 86,570 | $ | — | $ | 187,831 | |||||||||
Cash flow statement for the year ended December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||
Net cash provided by operating activities | $ | 23,001 | $ | 177,162 | $ | 28,481 | $ | — | $ | 228,644 | |||||||||
Cash flows from investing activities | |||||||||||||||||||
Cash acquired through asset acquisition | — | — | 33 | — | 33 | ||||||||||||||
Acquisition of investments in affiliates | — | — | (1,472 | ) | — | (1,472 | ) | ||||||||||||
Proceeds from sale of assets | — | 67,500 | — | 67,500 | |||||||||||||||
Increase in long-term receivable from affiliate companies | (5,000 | ) | (6,120 | ) | — | — | (11,120 | ) | |||||||||||
Loan repayment from affiliate company | 10,000 | — | — | — | 10,000 | ||||||||||||||
Dividends from affiliate companies | 5,202 | — | — | — | 5,202 | ||||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | — | (8,534 | ) | — | (8,534 | ) | ||||||||||||
Acquisition of vessels | — | (38,357 | ) | — | — | (38,357 | ) | ||||||||||||
Purchase of property, equipment and other fixed assets | — | (1,667 | ) | (9,132 | ) | — | (10,799 | ) | |||||||||||
Net cash provided by/(used in) investing activities | 10,202 | 21,356 | -19,105 | — | 12,453 | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||
Transfer (to)/from other group subsidiaries | (45,687 | ) | 17,465 | 28,222 | — | — | |||||||||||||
Issuance of common stock | 93 | — | — | — | 93 | ||||||||||||||
Proceeds from issuance of ship mortgage notes, net of debt issuance costs | 84,965 | — | — | — | 84,965 | ||||||||||||||
Proceeds from long-term loans, net of debt issuance costs | — | 50,372 | — | — | 50,372 | ||||||||||||||
Repayment of long-term debt and payment of principal | (23,405 | ) | (181,703 | ) | (31,070 | ) | — | (236,178 | ) | ||||||||||
Increase in restricted cash | (11,681 | ) | (7,942 | ) | — | — | (19,623 | ) | |||||||||||
Payments of obligations under capital leases | — | — | (1,519 | ) | — | (1,519 | ) | ||||||||||||
Dividends paid | (32,435 | ) | — | — | — | (32,435 | ) | ||||||||||||
Net cash used in financing activities | -28,150 | -121,808 | -4,367 | — | -154,325 | ||||||||||||||
Increase in cash and cash equivalents | 5,053 | 76,710 | 5,009 | — | 86,772 | ||||||||||||||
Cash and cash equivalents, beginning of year | 74,160 | 56,406 | 40,530 | — | 171,096 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 79,213 | $ | 133,116 | $ | 45,539 | $ | — | $ | 257,868 | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 25: SUBSEQUENT EVENTS |
a) On January 6, 2015, Navios Holdings received a dividend of $3,649 from Navios Acquisition for the third quarter of 2014. | |
b) On January 15, 2015, Navios Holdings paid a dividend of $1,094 and $2,588 to its Series G and Series H preferred stockholders, respectively. | |
c) On February 11, 2015, Navios Partners completed a public offering of 4,600,000 common units, at $13.09 per unit, raising gross proceeds of $60,214. In addition, Navios Partners completed a private placement of 1,120,547 common units and 22,868 general partner units at $13.09 per unit to Navios Holdings raising additional gross proceeds of $14,967. Following the public offering and the private placement, Navios Holdings' owns 20.1% interest in Navios Partners, which includes the 2.0% general partner interest. | |
d) On February 13, 2015, Navios Holdings received a dividend of $8,124 from Navios Partners for the fourth quarter of 2014. | |
e) On February 16, 2015, the Board of Directors of Navios Holdings declared a dividend of $0.06 per share of common stock, which will was paid on March 27, 2015 to stockholders of record on March 20, 2015. | |
f) On March 27, 2015, the Board of Directors declared a quarterly dividend for the period from January 15, 2015 to April 14, 2015 of $0.546875 per American Depository Share on its Series G and $0.5390625 per American Depository Share on its Series H. This dividend will be paid on April 15, 2015 to holders of record as of April 8, 2015. | |
g) During the first quarter of 2015, the Company, in relation to its secured credit facilities, paid $24,135, representing its 2015 principal payments, and $6,870, representing portion of its 2016 principal payments. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||||||||||||||
Basis of presentation | ||||||||||||||||
(a) Basis of presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current year. | ||||||||||||||||
The company has revised its classification of administrative fee revenue from affiliates to appropriately record such amounts as revenues in the statement of comprehensive (loss)/income.The impact of the revision, which management determined was not material to the financial statements, was to seperately present administrative fee revenue from affiliates of $7,868 and $5,994 in the year ended December 31, 2013 and 2012, respectively, and to separately present an equal amount related to general and administrative expenses incurred on behalf of affiliates. | ||||||||||||||||
Principles of Consolidation | (b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. | |||||||||||||||
The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | ||||||||||||||||
Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of the entity. 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 by Navios Holdings and Navios Asia LLC (“Navios Asia”) and its wholly-owned subsidiaries, which were 51.0% owned by Navios Holdings, until May 2014, when Navios Holdings became the sole shareholder. | ||||||||||||||||
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 December 31, 2014 was 20.0%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2014 was 46.2%); (iii) Acropolis Chartering and Shipping Inc. (“Acropolis”) (economic interest as of December 31, 2014 was 35.0%); and (iv) Navios Europe and its subsidiaries (economic interest as of December 31, 2014 was 47.5%). | ||||||||||||||||
Subsidiaries Included in the Consolidation: | ||||||||||||||||
Statement of Operations | ||||||||||||||||
Company Name | Nature | Country of Incorporation | 2014 | 2013 | 2012 | |||||||||||
Ownership | ||||||||||||||||
Interest | ||||||||||||||||
Navios Maritime Holdings Inc. | Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Navios Corporation | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios International Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navimax Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Handybulk Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Hestia Shipping Ltd. | Operating Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Anemos Maritime Holdings Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Shipmanagement Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
NAV Holdings Limited | Sub-Holding Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kleimar N.V. | 100% | Belgium | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Operating Company/ | ||||||||||||||||
Vessel Owning Company/ Management Company | ||||||||||||||||
Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Kleimar Ltd. | ||||||||||||||||
Bulkinvest S.A. | Operating Company | 100% | Luxembourg | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Primavera Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ginger Services Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aquis Marine Corp. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Tankers Management Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Astra Maritime Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Achilles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Apollon Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Herakles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Hios Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ionian Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kypros Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Meridian Shipping Enterprises Inc. | ||||||||||||||||
Mercator Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Arc Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Horizon Shipping Enterprises Corporation | ||||||||||||||||
Magellan Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aegean Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Star Maritime Enterprises Corporation | ||||||||||||||||
Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||||
Corsair Shipping Ltd. | ||||||||||||||||
Rowboat Marine Inc. | Operating Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Beaufiks Shipping Corporation | Operating Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Nostos Shipmanagement Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Portorosa Marine Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Shikhar Ventures S.A. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Sizzling Ventures Inc. | Operating Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rheia Associates Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Taharqa Spirit Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rumer Holding Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Pharos Navigation S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Pueblo Holdings Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Quena Shipmanagement Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Aramis Navigation Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
White Narcissus Marine S.A. | Vessel Owning Company | 100% | Panama | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios GP L.L.C. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Floral Marine Ltd. | Vessel Owning Company | 100% | Marshall Is. | - | - | 1/1 - 6/14 | ||||||||||
Red Rose Shipping Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Highbird Management Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Ducale Marine Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Vector Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Faith Marine Ltd. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Maritime Finance (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Maritime Finance II (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Tulsi Shipmanagement Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Cinthara Shipping Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Rawlin Services Company | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Mauve International S.A. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Serenity Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 3/26 - 12/31 | ||||||||||
Mandora Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 3/30 - 12/31 | ||||||||||
Solange Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/14 - 12/31 | ||||||||||
Diesis Ship Management Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 5/14 - 12/31 | - | ||||||||||
Navios Holdings Europe Finance Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 6/14 - 12/31 | - | ||||||||||
Navios Asia LLC | Sub-Holding Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | ||||||||||
Iris Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | ||||||||||
Jasmine Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | ||||||||||
Emery Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 6/4 - 12/31 | - | - | ||||||||||
Lavender Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 11/24 - 12/31 | - | - | ||||||||||
Esmeralda Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | - | - | - | ||||||||||
Triangle Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | - | - | - | ||||||||||
Use of Estimates | (c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S.GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the carrying value of investments in affiliates, the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, impairment test for goodwill provisions necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | |||||||||||||||
Cash and Cash Equivalents | (d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. | |||||||||||||||
Restricted Cash | (e) Restricted Cash: As of December 31, 2014 and 2013, restricted cash included $1,974 and $1,451, respectively, which related to amounts held in a retention account in order to service debt and interest payments. Also included in restricted cash as of December 31, 2014 and 2013 are amounts held as security in the form of letters of guarantee or letters of credit totaling $590 for both reporting periods. | |||||||||||||||
Insurance Claims | (f) Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management's expectations as to their collection dates. | |||||||||||||||
Inventories | (g) Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis. | |||||||||||||||
Vessel, Port Terminal, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net | (h) Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive (loss)/income. | |||||||||||||||
Expenditures for routine maintenance and repairs are expensed as incurred. | ||||||||||||||||
Depreciation is computed using the straight line method over the useful life of the vessels, port terminals, tanker vessels, barges, push boats and other fixed assets, after considering the estimated residual value. | ||||||||||||||||
Annual depreciation rates used, which approximate the useful life of the assets are: | ||||||||||||||||
Vessels | 25 years | |||||||||||||||
Port terminals | 5 to 40 years | |||||||||||||||
Tanker vessels, barges and push boats | 15 to 45 years | |||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | |||||||||||||||
Computer equipment and software | 5 years | |||||||||||||||
Leasehold improvements | shorter of lease term or 6 years | |||||||||||||||
Management estimates the residual values of the Company's dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Until December 31, 2012, management estimated the residual values of the Company's vessels based on a scrap rate of $285 per LWT. Effective January 1, 2013, following management's reassessment after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels, the estimated scrap value per LWT was increased to $340. | ||||||||||||||||
Management estimates the useful life of its vessels to be 25 years from the vessel's original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. | ||||||||||||||||
Deposits for Vessels, Port Terminals, and Other Fixed Assets | (i) Deposits for Vessels, Port Terminals and Other Fixed Assets: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2014, 2013 and 2012 amounted to $2,334, $1,831 and $1,453, respectively. | |||||||||||||||
Assets Held for Sale | ||||||||||||||||
(j) Assets Held for Sale: It is the Company's policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented. | ||||||||||||||||
Impairment of Long Lived Assets | (k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings' management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. | |||||||||||||||
Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs related to the vessel, and the related carrying value of the intangible assets with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable or unfavorable when comparing the charter rate to then-current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. | ||||||||||||||||
During the fourth quarter of fiscal year 2014, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings' long-lived assets might exist. These indicators included continued deterioration in the spot market, and the related impact of the current dry bulk sector has on management's expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. | ||||||||||||||||
The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel's carrying value together with the carrying value of deferred drydock and special survey costs related to the vessel and the carrying value of the related intangible assets. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on the 10-year average historical one-year time charter rates adjusted for outliers) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, running cost based on current year actual, assuming an annual increase of 3.0% after 2016 and a utilization rate of 99.8% based on the fleet's historical performance. | ||||||||||||||||
For the deposits for new building vessels, the net cash flows also included the future cash out flows to make vessels ready for use, all remaining progress payments to shipyards and other pre-delivery expenses (e.g. capitalized interest). | ||||||||||||||||
The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels, deposits for vessel acquisitions and the related intangible assets existed as of December 31, 2014 and 2013, as the undiscounted projected net operating cash flows exceeded the carrying value. | ||||||||||||||||
In the event that impairment would occur, the fair value of the related asset would be determined and an impairment charge would be recorded to operations calculated by comparing the asset's carrying value to its fair value. Fair value is typically estimated primarily through the use of third-party valuations performed on an individual vessel basis. | ||||||||||||||||
Although management believes the underlying assumptions supporting this assessment are reasonable, if the charter rate trends and the length of the market downturn, vary significantly from our forecasts, Navios Holdings may be exposed to material impairment charges in the future. | ||||||||||||||||
No impairment loss was recognized for any of the periods presented. | ||||||||||||||||
Deferred Drydock and Special Survey Costs | (l) Deferred Drydock and Special Survey Costs: The Company's vessels, barges and push boats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and every 84 months for push boats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and push boats sold are written-off to income in the year the vessel, barge or push boat is sold. | |||||||||||||||
Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2014, 2013 and 2012, the amortization of deferred drydockand special survey costs was $12,263, $9,581, and $7,289, respectively. | ||||||||||||||||
Deferred Financing Costs | (m) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs for each of the years ended December 31, 2014, 2013 and 2012 were $4,061, $5,384 and $6,309, respectively. See Note 17. | |||||||||||||||
Goodwill and Other Intangibles | (n) Goodwill and Other Intangibles | |||||||||||||||
(i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually. | ||||||||||||||||
The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill (step one). The Company determines the fair value of the reporting unit based on discounted cash flow analysis and believes that the discounted cash flow analysis is the best indicator of fair value for its individual reporting units. | ||||||||||||||||
The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, using judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions, and direct vessel expense growth assumptions. The future cash flows from shipping operations were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company's remaining charter agreement rates) and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one-year average historical charter rates and the 10-year average historical charter rates adjusted for outliers, as available for each type of vessel), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long lived assets. The future cash flows from logistics operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. | ||||||||||||||||
If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step to determine the implied fair value of the reporting unit's goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. | ||||||||||||||||
No impairment loss was recognized for any of the periods presented. | ||||||||||||||||
(ii) Intangibles Other Than Goodwill: Navios Holdings' intangible assets and liabilities consist of favorable lease terms, unfavorable lease terms, customer relationships, trade name and port terminal operating rights. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm's length transaction to use that trade name. The asset is being amortized under the straight line method over 32 years. Navios Logistics' trade name is being amortized under the straight line method over 10 years. | ||||||||||||||||
The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method. | ||||||||||||||||
Other intangibles that are being amortized, such as customer relationships and port terminal operating rights, would be considered impaired if their carrying value could not be recovered from the future undiscounted cash flows associated with the asset. | ||||||||||||||||
When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company's vessels and the Company's weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and results of operations. | ||||||||||||||||
The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the consolidated statements of comprehensive (loss)/income in the “Depreciation and amortization” line item. | ||||||||||||||||
The amortizable value of favorable leases would be considered impaired if its fair market value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, are not amortized and would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. No impairment loss was recognized for any the periods presented. | ||||||||||||||||
Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date it is written-off in the consolidated statements of comprehensive (loss)/income. | ||||||||||||||||
The weighted average amortization periods for intangibles are: | ||||||||||||||||
Intangible assets/liabilities | Years | |||||||||||||||
Trade name | 21 | |||||||||||||||
Favorable lease terms | 11.1 | |||||||||||||||
Unfavorable lease terms | 9.4 | |||||||||||||||
Port terminal operating rights | 32.5 | |||||||||||||||
Customer relationships | 20.0-45.0 | |||||||||||||||
See also Note 7. | ||||||||||||||||
Foreign Currency Translation | ||||||||||||||||
(o) Foreign Currency Translation: The Company's functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although, its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company's subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies whereas the Company's wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries' primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized under the caption “Other income” and “Other expense”, respectively, in the consolidated statements of comprehensive (loss)/income for each of the years ended December 31, 2014, 2013 and 2012, were $1,945, $184 and ($217), respectively. | ||||||||||||||||
Provisions | (p) Provisions: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. See Note 13, “Commitments and Contingencies” for further discussion. | |||||||||||||||
The Company participates in Protection and Indemnity (P&I) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. | ||||||||||||||||
Provisions for estimated losses on uncompleted voyages and vessels under time charter are provided for in the period in which such losses are determined. As of December 31, 2014 and 2013, the balance for provision for loss making voyages in progress was $1,893 and $801, respectively. | ||||||||||||||||
Segment Reporting | (q) Segment Reporting: Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company's methods of internal reporting and management structure, the Company currently has two reportable segments: the Dry Bulk Vessel Operations segment and the Logistics Business segment. | |||||||||||||||
Revenue and Expense Recognition | (r) Revenue and Expense Recognition: | |||||||||||||||
Revenue Recognition: Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. The Company generates revenue from transportation of cargo, time charter of vessels, port terminal operations, bareboat charters, contracts of affreightment/voyage contracts, demurrages and contracts covering dry or liquid port terminal operations. | ||||||||||||||||
Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading and is deemed to end upon the completion of the discharge of the current cargo. Estimated losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, the Company agrees to provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight rate per ton of cargo. | ||||||||||||||||
Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. | ||||||||||||||||
Revenue from time chartering and bareboat chartering is earned and recognized on a daily basis as the service is delivered. Revenue from contracts of affreightment(“COA”)/voyage contracts relating to our barges is recognized based upon the percentage of voyage completion. A voyage is deemed to commence upon the departure of the barge after discharge under the previous voyage and is deemed to end upon the completion of discharge under the current voyage. The percentage of voyage completion is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. | ||||||||||||||||
Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. | ||||||||||||||||
Revenues arising from contracts that provide our customers with continuous access to convoy capacity are recognized ratably over the period of the contracts. | ||||||||||||||||
Profit-sharing revenues are calculated at an agreed percentage of the excess of the charterer's average daily income (calculated on a quarterly or half-yearly basis) over an agreed amount and accounted for on an accrual basis based on provisional amounts and for those contracts that provisional accruals cannot be made due to the nature of the profit sharing elements, these are accounted for on the actual cash settlement. | ||||||||||||||||
Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel at the charterer's disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. | ||||||||||||||||
Revenues from port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading. Storage fees are assessed and recognized when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. | ||||||||||||||||
Revenues from liquid port terminal operations consist mainly of sales of petroleum products in the Paraguayan market. Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. | ||||||||||||||||
Recovery of lost revenue under credit default insurance for charterers is accounted for as gain contingency and is recognized when all contingencies are resolved. The amount of recovery of lost revenue is recorded within the caption “Revenue” and any amount recovered in excess of the lost revenue is recorded within the caption “Other income”. | ||||||||||||||||
Expenses related to our revenue-generating contracts are recognized as incurred. | ||||||||||||||||
Administrative fee revenue from affiliates: Administrative fee revenue from affiliates consists of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliates (Refer to Note 15). Administrative 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 general and administrative services. These revenues are recognized as the services are provided to affiliates. The general and administrative expenses incurred on behalf of affiliates are determined based on a combination of actual expenses incurred on behalf of the affiliates as well as a reasonable allocation of expenses that are not affiliate specific but incurred on behalf of all affiliates. | ||||||||||||||||
Forward Freight Agreements (“FFAs”): Realized gains or losses from FFAs are recognized monthly concurrent with cash settlements. In addition, FFAs are “marked to market” quarterly to determine the fair values which generate unrealized gains or losses. Trading of FFAs could lead to material fluctuations in the Company's reported results from operations on a period to period basis. See Note 11. | ||||||||||||||||
Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. | ||||||||||||||||
Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers' liability insurances, provision for losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. | ||||||||||||||||
Direct Vessel Expenses: Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs net of related party management fees. | ||||||||||||||||
Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. | ||||||||||||||||
Employee benefits | (s) Employee benefits: | |||||||||||||||
Pension and Retirement Obligations-Crew: The Company's ship-owning subsidiaries employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits. | ||||||||||||||||
Provision for Employees' Severance and Retirement Compensation: The employees in the Company's office in Greece are protected by Greek labor law. According to the law, the Company is required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years' salary. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company considers this plan equivalent to a lump sum defined benefit pension plan and accounts for it under relevant guidance on employer's accounting for pensions. The Company is required to annually value the statutory terminations indemnities liability. Management obtains a valuation from independent actuaries to assist in the calculation of the benefits. The Company provides, in full, for the employees' termination indemnities liability. This liability amounted to $819 and $660 at December 31, 2014 and 2013, respectively. | ||||||||||||||||
U.S. Retirement Savings Plan: The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services. See Note 12. | ||||||||||||||||
Other Post-Retirement Obligations: The Company has a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits is only to these former employees. The expected costs of these benefits are accrued each year, using an accounting methodology similar to that for defined benefit pension plans. These obligations are valued annually by independent actuaries. | ||||||||||||||||
Stock-Based Compensation: In December 2014, 2013 and 2012, the Company authorized the issuance of shares of restricted common stock, restricted stock units and stock options in accordance with the Company's stock option plan for its employees, officers and directors. These awards of restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three years. In December 2013 and 2014, the Company also authorized the issuance of shares of restricted common stock, restricted stock units and stock options for its employees, officers and directors that vest on April 30, 2015 and June 2, 2016, respectively, upon achievement of certain internal performance criteria including certain targets on operational performance and cost efficiency. See Note 12. | ||||||||||||||||
The fair value of stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity. | ||||||||||||||||
Financial Instruments | (t) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, trade receivables and payables, other receivables and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. | |||||||||||||||
Financial Risk Management: The Company's activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. | ||||||||||||||||
Credit Risk: The Company closely monitors its credit exposure to customers and counterparties for credit risk. The Company has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. Derivative counterparties and cash transactions are limited to high quality credit financial institutions. | ||||||||||||||||
Interest Rate Risk: Any differential to be paid or received on an interest rate swap agreement is recognized as a component of gain/loss on derivatives over the period of the agreement. Gains and losses on early termination of interest rate swaps are reflected in the consolidated statements of comprehensive (loss)/income. The effective portion of changes in the fair value of interest rate swap agreements that are designated and qualify as cash flow hedges are recognized in equity. | ||||||||||||||||
Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs. | ||||||||||||||||
Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive (loss)/income. | ||||||||||||||||
Accounting for Derivative Financial Instruments and Hedging Activities: The Company may enter into dry bulk shipping FFAs as economic hedges relating to identifiable ship and/or cargo positions and as economic hedges of transactions the Company expects to carry out in the normal course of its shipping business. By utilizing certain derivative instruments, including dry bulk shipping FFAs, the Company manages the financial risk associated with fluctuating market conditions. In entering into these contracts, the Company has assumed the risks that might arise from the possible inability of counterparties to perform in accordance with the terms of their contracts. | ||||||||||||||||
The Company also trades dry bulk shipping FFAs which are cleared through LCH, the London clearing house. LCH calls for both base and margin collateral, which are funded by Navios Holdings, and which in turn substantially eliminate counterparty risk. Certain portions of these collateral funds may be restricted at any given time as determined by LCH. | ||||||||||||||||
At the end of each calendar quarter, the fair value of dry bulk shipping FFAs traded over-the-counter are determined from an index published in London, United Kingdom and the fair value of those FFAs traded with LCH is determined from the LCH valuations. | ||||||||||||||||
The Company records all of its derivative financial instruments and hedges as economic hedges. | ||||||||||||||||
The Company classifies cash flows related to derivative financial instruments within cash provided by operating activities in the consolidated statements of cash flows. | ||||||||||||||||
(Loss)/Earnings Per Share | (u) (Loss)/Earnings Per Share: Basic (losses)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company's dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company's common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation. Restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings per share, based on the weighted average number of restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 19. | |||||||||||||||
Income Taxes | (v) Income Taxes: The Company is a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. The tax expense reflected in the Company's consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes. | |||||||||||||||
The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. | ||||||||||||||||
Dividends | (w) Dividends: Dividends are recorded in the Company's financial statements in the period in which they are declared. Navios Holdings paid $25,228, $24,710 and $30,730 to its common stockholders during the years ended December 31, 2014, 2013 and 2012, respectively, and $7,502, $1,695 and $1,705 to its preferred stockholders during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||
Guarantees | (x) Guarantees: A liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made. | |||||||||||||||
On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Notes 15 and 23). | ||||||||||||||||
Leases | (y) Leases: Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease. | |||||||||||||||
For charters classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. | ||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r) “Revenue and Expense Recognition”. | ||||||||||||||||
For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight line basis over the rental periods of such charter agreements. The expense is included under the line item “Time charter, voyage and logistics business expenses”. | ||||||||||||||||
Treasury Stock | (z) Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital. | |||||||||||||||
Trade Accounts Receivable | (aa) Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings and FFA counterparties, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | |||||||||||||||
Convertible Preferred Stock | (ab) Convertible Preferred Stock: The Company's 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) is recorded at fair market value on the date of issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% 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 share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. | |||||||||||||||
Cumulative Redeemable Perpetual Preferred Stock | (ac) Cumulative Redeemable Perpetual Preferred Stock: The Company's 2,000,000 American Depositary Shares, Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G”) and the 4,800,000 American Depositary Shares, Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H”) are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company's option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company's option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, 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 Company has accounted for these shares as equity. | |||||||||||||||
Investment in Available-for-Sale Securities | (ad) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive (loss)/income unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the consolidated statements of comprehensive (loss)/income. Management evaluates securities for other than temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||
Investment in Equity Securities: Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Europe for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Europe, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners and Navios Europe for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||||||||
Financial Instruments and Fair Value | (ae) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). | |||||||||||||||
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements. | ||||||||||||||||
Recent Accounting Pronouncements | (af) Recent Accounting Pronouncements: | |||||||||||||||
In April 2014, the Financial Accounting Standards Board (“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 adoption of the new standard is not expected to have a material impact on Navios Holdings' results of operations, financial position or cash flows. | ||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", changing 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 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. | ||||||||||||||||
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items”. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. We plan to adopt this standard effective January 1, 2016. The adoption of this ASU is not expected to have a material impact on the Company's results of operations, financial position or cash flows. | ||||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis”, which amends the criteria for determining which entities are considered VIEs, amends the criteria for determining if a service provider possesses a variable interest in a VIE and ends the deferral granted to investment companies for application of the VIE consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. We do not expect the adoption of this ASU to have a material impact on the Company's results of operations, financial position or cash flows, except if Navios Holdings was to enter into new arrangements in 2015 that fall into the scope prior to adoption of this standard. | ||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||||
Entities included in the consolidation | Statement of Operations | ||||||||||||||
Company Name | Nature | Country of Incorporation | 2014 | 2013 | 2012 | ||||||||||
Ownership | |||||||||||||||
Interest | |||||||||||||||
Navios Maritime Holdings Inc. | Holding Company | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Navios Corporation | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios International Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navimax Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios Handybulk Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Hestia Shipping Ltd. | Operating Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Anemos Maritime Holdings Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios Shipmanagement Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
NAV Holdings Limited | Sub-Holding Company | 100% | Malta | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Kleimar N.V. | 100% | Belgium | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Operating Company/ | |||||||||||||||
Vessel Owning Company/ Management Company | |||||||||||||||
Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Kleimar Ltd. | |||||||||||||||
Bulkinvest S.A. | Operating Company | 100% | Luxembourg | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Primavera Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Ginger Services Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Aquis Marine Corp. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios Tankers Management Inc. | Management Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Astra Maritime Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Achilles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Apollon Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Herakles Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Hios Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Ionian Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Kypros Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Meridian Shipping Enterprises Inc. | |||||||||||||||
Mercator Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Arc Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Horizon Shipping Enterprises Corporation | |||||||||||||||
Magellan Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Aegean Shipping Corporation | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Star Maritime Enterprises Corporation | |||||||||||||||
Vessel Owning Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | ||||||||||
Corsair Shipping Ltd. | |||||||||||||||
Rowboat Marine Inc. | Operating Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Beaufiks Shipping Corporation | Operating Company | 100% | Marshall Is | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Nostos Shipmanagement Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Portorosa Marine Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Shikhar Ventures S.A. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Sizzling Ventures Inc. | Operating Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Rheia Associates Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Taharqa Spirit Corp. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Rumer Holding Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Pharos Navigation S.A. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Pueblo Holdings Ltd. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Quena Shipmanagement Inc. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Aramis Navigation Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
White Narcissus Marine S.A. | Vessel Owning Company | 100% | Panama | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios GP L.L.C. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Floral Marine Ltd. | Vessel Owning Company | 100% | Marshall Is. | - | - | 1/1 - 6/14 | |||||||||
Red Rose Shipping Corp. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Highbird Management Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Ducale Marine Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Vector Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Faith Marine Ltd. | Vessel Owning Company | 100% | Liberia | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios Maritime Finance (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Navios Maritime Finance II (US) Inc. | Operating Company | 100% | Delaware | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Tulsi Shipmanagement Co. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Cinthara Shipping Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Rawlin Services Company | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Mauve International S.A. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 1/1 - 12/31 | |||||||||
Serenity Shipping Enterprises Inc. | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 3/26 - 12/31 | |||||||||
Mandora Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 3/30 - 12/31 | |||||||||
Solange Shipping Ltd | Vessel Owning Company | 100% | Marshall Is. | 1/1 - 12/31 | 1/1 - 12/31 | 5/14 - 12/31 | |||||||||
Diesis Ship Management Ltd. | Operating Company | 100% | Marshall Is. | 1/1 - 12/31 | 5/14 - 12/31 | - | |||||||||
Navios Holdings Europe Finance Inc. | Sub-Holding Company | 100% | Marshall Is. | 1/1 - 12/31 | 6/14 - 12/31 | - | |||||||||
Navios Asia LLC | Sub-Holding Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | |||||||||
Iris Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | |||||||||
Jasmine Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 5/19 - 12/31 | - | - | |||||||||
Emery Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 6/4 - 12/31 | - | - | |||||||||
Lavender Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | 11/24 - 12/31 | - | - | |||||||||
Esmeralda Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | - | - | - | |||||||||
Triangle Shipping Corporation | Vessel Owning Company | 100% | Marshall Is. | - | - | - | |||||||||
Depreciation rates | Vessels | 25 years | |||||||||||||
Port terminals | 5 to 40 years | ||||||||||||||
Tanker vessels, barges and push boats | 15 to 45 years | ||||||||||||||
Furniture, fixtures and equipment | 3 to 10 years | ||||||||||||||
Computer equipment and software | 5 years | ||||||||||||||
Leasehold improvements | shorter of lease term or 6 years | ||||||||||||||
Finite lived acquired intangible assets | |||||||||||||||
Intangible assets/liabilities | Years | ||||||||||||||
Trade name | 21 | ||||||||||||||
Favorable lease terms | 11.1 | ||||||||||||||
Unfavorable lease terms | 9.4 | ||||||||||||||
Port terminal operating rights | 32.5 | ||||||||||||||
Customer relationships | 20.0-45.0 | ||||||||||||||
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
CASH AND CASH EQUIVALENTS [Abstract] | |||||||
Cash and cash equivalents | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Cash on hand and at banks | $ | 157,975 | $ | 158,037 | |||
Short-term deposits and highly liquid funds | 89,581 | 29,794 | |||||
Cash and cash equivalents | $ | 247,556 | $ | 187,831 | |||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
ACCOUNTS RECEIVABLE,NET [Abstract] | ||||||||||||||
Accounts receivable, net | December 31, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
Accounts receivable | $ | 104,045 | $ | 112,676 | ||||||||||
Less: provision for doubtful receivables | (18,464 | ) | (26,457 | ) | ||||||||||
Accounts receivable, net | $ | 85,581 | $ | 86,219 | ||||||||||
Allowance for doubtfull receivables | ||||||||||||||
Allowance for doubtful receivables | Balance at | Charges to | Amount | Balance at | ||||||||||
Beginning of | Costs and | Utilized | End of | |||||||||||
Period | expenses | Period | ||||||||||||
Year ended December 31, 2012 | $ | (8,874 | ) | $ | (17,136 | ) | $ | 74 | $ | (25,936 | ) | |||
Year ended December 31, 2013 | $ | (25,936 | ) | $ | (630 | ) | $ | 109 | $ | (26,457 | ) | |||
Year ended December 31, 2014 | $ | (26,457 | ) | $ | (792 | ) | $ | 8,785 | $ | (18,464 | ) |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |||||||
Prepaid expenses and other current assets | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Prepaid voyage and operating costs | $ | 8,996 | $ | 12,621 | |||
Claims receivables | 5,186 | 8,658 | |||||
Advances to agents | 22 | 795 | |||||
Prepaid other taxes | 5,090 | 4,750 | |||||
Other | 2,419 | 2,155 | |||||
Total prepaid expenses and other current assets | $ | 21,713 | $ | 28,979 | |||
Vessels_Port_Terminal_and_Othe1
Vessels, Port Terminal and Other Fixed Assets, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Vessels, Port Terminals, Tanker Vessels, Barges, Push boats and other fixed assets | ||||||||||||
Vessels | Cost | Accumulated | Net Book | |||||||||
Depreciation | Value | |||||||||||
Balance December 31, 2011 | $ | 1,600,803 | $ | -185,578 | $ | 1,415,225 | ||||||
Additions | 102,306 | (63,737 | ) | 38,569 | ||||||||
Disposals | (71,209 | ) | 4,141 | (67,068 | ) | |||||||
Balance December 31, 2012 | 1,631,900 | -245,174 | 1,386,726 | |||||||||
Additions | 85,699 | (63,287 | ) | 22,412 | ||||||||
Balance December 31, 2013 | 1,717,599 | -308,461 | 1,409,138 | |||||||||
Additions | 123,541 | (68,333 | ) | 55,208 | ||||||||
Balance December 31, 2014 | $ | 1,841,140 | $ | -376,794 | $ | 1,464,346 | ||||||
Port Terminals (Navios Logistics) | Cost | Accumulated | Net Book | |||||||||
Depreciation | Value | |||||||||||
Balance December 31, 2011 | $ | 74,336 | $ | -11,466 | $ | 62,870 | ||||||
Additions | 4,153 | (2,785 | ) | 1,368 | ||||||||
Balance December 31, 2012 | 78,489 | -14,251 | 64,238 | |||||||||
Additions | 24,563 | (2,853 | ) | 21,710 | ||||||||
Write-off | (22 | ) | 22 | — | ||||||||
Balance December 31, 2013 | 103,030 | -17,082 | 85,948 | |||||||||
Additions | 3,369 | (3,385 | ) | (16 | ) | |||||||
Balance December 31, 2014 | $ | 106,399 | $ | -20,467 | $ | 85,932 | ||||||
Tanker vessels, barges and push boats (Navios Logistics) | Cost | Accumulated Depreciation | Net Book Value | |||||||||
Balance December 31, 2011 | $ | 340,990 | $ | -58,015 | $ | 282,975 | ||||||
Additions | 19,225 | (19,383 | ) | (158 | ) | |||||||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | |||||||
Balance December 31, 2012 | 355,625 | -77,398 | 278,227 | |||||||||
Additions | 9,971 | (16,384 | ) | (6,413 | ) | |||||||
Transfers | 3,030 | — | 3,030 | |||||||||
Balance December 31, 2013 | 368,626 | -93,782 | 274,844 | |||||||||
Additions | 96,387 | (17,355 | ) | 79,032 | ||||||||
Write-off | (47 | ) | — | (47 | ) | |||||||
Balance December 31, 2014 | $ | 464,966 | $ | -111,137 | $ | 353,829 | ||||||
Other fixed assets | Cost | Accumulated | Net Book | |||||||||
Depreciation | Value | |||||||||||
Balance December 31, 2011 | $ | 10,098 | $ | -3,222 | $ | 6,876 | ||||||
Additions | 2,832 | (903 | ) | 1,929 | ||||||||
Disposals | (37 | ) | — | (37 | ) | |||||||
Balance December 31, 2012 | 12,893 | -4,125 | 8,768 | |||||||||
Additions | 2,837 | (1,048 | ) | 1,789 | ||||||||
Transfers | (3,030 | ) | — | (3,030 | ) | |||||||
Balance December 31, 2013 | 12,700 | -5,173 | 7,527 | |||||||||
Additions | 887 | (1,378 | ) | (491 | ) | |||||||
Write-off | (161 | ) | 161 | — | ||||||||
Balance December 31, 2014 | $ | 13,426 | $ | -6,390 | $ | 7,036 | ||||||
Total | Cost | Accumulated | Net Book | |||||||||
Depreciation | Value | |||||||||||
Balance December 31, 2011 | $ | 2,026,227 | $ | -258,281 | $ | 1,767,946 | ||||||
Additions | 128,516 | (86,808 | ) | 41,708 | ||||||||
Disposals | (71,246 | ) | 4,141 | (67,105 | ) | |||||||
Restructure of capital lease | (4,590 | ) | — | (4,590 | ) | |||||||
Balance December 31, 2012 | 2,078,907 | -340,948 | 1,737,959 | |||||||||
Additions | 123,070 | (83,572 | ) | 39,498 | ||||||||
Write-off | (22 | ) | 22 | — | ||||||||
Balance December 31, 2013 | 2,201,955 | -424,498 | 1,777,457 | |||||||||
Additions | 224,184 | (90,451 | ) | 133,733 | ||||||||
Write-off | (208 | ) | 161 | (47 | ) | |||||||
Balance December 31, 2014 | $ | 2,425,931 | $ | -514,788 | $ | 1,911,143 | ||||||
Intangible_AssetsLiabilities_O1
Intangible Assets/Liabilities Other Than Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL [Abstract] | |||||||||||||||||||||||
Schedule of intangible assets | Net Book Value of Intangible Assets/Liabilities other than Goodwill as at December 31,2014 | ||||||||||||||||||||||
Acquisition | Accumulated | Additions / Write off | Net Book Value | ||||||||||||||||||||
Cost | Amortization | December 31, | |||||||||||||||||||||
2014 | |||||||||||||||||||||||
Trade name | $ | 100,420 | $ | (33,591) | $ | — | $ | 66,829 | |||||||||||||||
Port terminal operating | 36,152 | (8,450 | ) | 17,000 | 44,702 | ||||||||||||||||||
rights(****) | |||||||||||||||||||||||
Customer relationships | 35,490 | (12,421 | ) | — | 23,069 | ||||||||||||||||||
Favorable lease terms(*) (***) | 207,055 | (103,287 | ) | (48,876 | ) | 54,892 | |||||||||||||||||
Total Intangible assets | 379,117 | -157,749 | -31,876 | 189,492 | |||||||||||||||||||
Unfavorable lease terms(**) | (121,028 | ) | 98,887 | — | (22,141 | ) | |||||||||||||||||
Total | $ | 258,089 | $ | -58,862 | $ | -31,876 | $ | 167,351 | |||||||||||||||
Net Book Value of Intangible Assets/Liabilities other than Goodwill as at December 31, 2013 | |||||||||||||||||||||||
Acquisition | Accumulated | Additions / Write off | Net Book Value | ||||||||||||||||||||
Cost | Amortization | December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||||
Trade name | $ | 100,420 | $ | (29,738 | ) | $ | — | $ | 70,682 | ||||||||||||||
Port terminal operating | 34,060 | (7,444 | ) | 2,092 | 28,708 | ||||||||||||||||||
rights(****) | |||||||||||||||||||||||
Customer relationships | 35,490 | (10,647 | ) | — | 24,843 | ||||||||||||||||||
Favorable lease terms(*) (***) | 210,835 | (139,624 | ) | (3,780 | ) | 67,431 | |||||||||||||||||
Total Intangible assets | 380,805 | -187,453 | -1,688 | 191,664 | |||||||||||||||||||
Unfavorable lease terms(**) | (121,028 | ) | 93,954 | — | (27,074 | ) | |||||||||||||||||
Total | $ | 259,777 | $ | -93,499 | $ | -1,688 | $ | 164,590 | |||||||||||||||
(*) As of December 31, 2014 and 2013, intangible assets associated with the favorable lease terms included an amount of $21,782 related to purchase options for the vessels (see Note 2(n)). | |||||||||||||||||||||||
(**) As of December 31, 2014 and 2013, the intangible liability associated with the unfavorable lease terms includes an amount of $9,405 related to purchase options held by third parties (see Note 2(n)). As of December 31, 2014 and 2013, no purchase options held by third parties have been exercised. | |||||||||||||||||||||||
(***) During the years ended December 31, 2014 and 2013, acquisition costs and accumulated amortization of $48,876 and $3,780, respectively, of fully amortized favorable lease terms were written off. | |||||||||||||||||||||||
(****)On March 19, 2013, Navios Logistics acquired Energias Renovables del Sur S.A (“Enresur”), a Uruguayan company, for a total consideration of $2,092. Enersur, as a free zone direct user, holds the right to occupy approximately 29 acres of undeveloped land located in the Nueva Palmira free zone in Uruguay, near to Navios Logistics' existing port. Navios Logistics accounted for this transaction as an asset acquisition. | |||||||||||||||||||||||
Amortization expense | Amortization | Amortization | Amortization | ||||||||||||||||||||
Expense and | Expense and | Expense and | |||||||||||||||||||||
Write Offs | Write Offs | Write Offs | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Trade name | $ | 3,853 | $ | 3,853 | $ | 3,860 | |||||||||||||||||
Port terminal operating | 1,006 | 983 | 930 | ||||||||||||||||||||
rights | |||||||||||||||||||||||
Customer relationships | 1,774 | 1,774 | 1,775 | ||||||||||||||||||||
Favorable lease terms | 12,539 | 12,876 | 27,652 | ||||||||||||||||||||
Unfavorable lease terms | (4,933 | ) | (4,933 | ) | (12,819 | ) | |||||||||||||||||
Total | $ | 14,239 | $ | 14,553 | $ | 21,398 | |||||||||||||||||
Schedule of aggregate amortization expense | Description | Within one | Year Two | Year Three | Year Four | Year Five | Thereafter | Total | |||||||||||||||
year | |||||||||||||||||||||||
Trade name | $ | 3,853 | $ | 3,860 | $ | 3,853 | $ | 2,811 | $ | 2,811 | $ | 49,641 | $ | 66,829 | |||||||||
Favorable lease | 11,398 | 11,324 | 7,022 | 641 | 641 | 2,084 | 33,110 | ||||||||||||||||
terms | |||||||||||||||||||||||
Unfavorable | (3,545 | ) | (2,129 | ) | (1,273 | ) | (1,102 | ) | (1,102 | ) | (3,585 | ) | (12,736 | ) | |||||||||
lease | |||||||||||||||||||||||
terms | |||||||||||||||||||||||
Port terminal | 1,389 | 1,389 | 1,389 | 1,389 | 1,389 | 37,757 | 44,702 | ||||||||||||||||
operating rights | |||||||||||||||||||||||
Customer | 1,775 | 1,775 | 1,775 | 1,775 | 1,775 | 14,194 | 23,069 | ||||||||||||||||
relationships | |||||||||||||||||||||||
Total amortization | $ | 14,870 | $ | 16,219 | $ | 12,766 | $ | 5,514 | $ | 5,514 | $ | 100,091 | $ | 154,974 | |||||||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
INVESTMENTS IN AFFILIATES [Abstract] | |||||||||||||||||||
Financial information of affiliate companies, balance sheet | December | 31, | 2014 | December | 31, | 2014 | |||||||||||||
Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | ||||||||||||
Balance Sheet | |||||||||||||||||||
Current assets | $ | 115,197 | $ | 89,528 | $ | 2,126 | $ | 13,764 | $ | 54,484 | $ | 120,801 | $ | 1,524 | $ | 8,224 | |||
Non-current | |||||||||||||||||||
assets | 1,230,817 | 1,626,274 | 21 | 190,913 | 1,195,595 | 1,535,860 | 22 | 199,761 | |||||||||||
Current liabilities | |||||||||||||||||||
32,275 | 73,147 | 450 | 16,257 | 15,606 | 65,400 | 370 | 14,792 | ||||||||||||
Non-current liabilities | |||||||||||||||||||
564,641 | 1,143,404 | - | 191,411 | 527,966 | 1,128,439 | - | 194,288 | ||||||||||||
Financial information of affiliate companies, income statement | Year | December | 31, 2014 | Year | December | 31, 2013 | Year | December | 31, 2012 | ||||||||||
Income Statement | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | Navios Partners | Navios Acquisition | Acropolis | Navios Europe | |||||||
Revenue | $ | 227,356 | 264,877 | 2,825 | 35,119 | $ | 198,159 | 202,397 | 2,230 | 1,152 | $ | 205,435 | 151,097 | 2,262 | - | ||||
Net Income/ | 74,853 | 11,371 | 1,298 | (1,896 | ) | 59,006 | (55,690 | )775 | (1,096 | ) | 95,898 | (3,284 | )1,237 | - | |||||
(loss) |
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | |||||||
Accrued expenses and Other Liabilities | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Payroll | $ | 12,175 | $ | 9,954 | |||
Accrued interest | 37,846 | 21,081 | |||||
Accrued voyage expenses | 10,289 | 8,717 | |||||
Accrued running costs | 23,022 | 13,270 | |||||
Provision for losses on voyages in progress | 1,893 | 801 | |||||
Audit fees and related services | 458 | 1,066 | |||||
Accrued taxes | 4,792 | 5,175 | |||||
Professional fees | 1,087 | 934 | |||||
Dividends | 3,081 | — | |||||
Other accrued expenses | 5,877 | 3,201 | |||||
Other liability | 6,800 | — | |||||
Total accrued expenses | $ | 107,320 | $ | 64,199 | |||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
BORROWINGS [Abstract] | |||||||||
Loans' outstanding amounts | |||||||||
Navios Holdings borrowings | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Commerzbank A.G. ($240,000) | $ | 59,216 | $ | 66,086 | |||||
Loan Facility Credit Agricole ($40,000) | 23,702 | 26,112 | |||||||
Loan Facility Credit Agricole ($23,000) | 17,479 | 18,841 | |||||||
Loan Facility Credit Agricole ($23,000) | 17,950 | 19,350 | |||||||
Loan Facility DVB Bank SE ($72,000) | 63,339 | 36,801 | |||||||
Loan Facility Credit Agricole ($22,500) | 20,812 | 11,250 | |||||||
Loan Facility DVB ($40,000) | 35,625 | 39,125 | |||||||
Alpha Bank ($31,000) | 31,000 | — | |||||||
2019 Notes | 350,000 | 350,000 | |||||||
2022 Notes | 650,000 | 650,000 | |||||||
Total Navios Holdings borrowings | $ | 1,269,123 | $ | 1,217,565 | |||||
Navios Logistics borrowings | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
2019 Logistics Senior Notes | $ | — | $ | 290,000 | |||||
2022 Logistics Senior Notes | 375,000 | — | |||||||
Other long-term loans | 459 | 528 | |||||||
Total Navios Logistics borrowings | $ | 375,459 | $ | 290,528 | |||||
Total | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Total borrowings | $ | 1,644,582 | $ | 1,508,093 | |||||
Plus: unamortized premium | — | 3,156 | |||||||
Less: current portion | (24,186 | ) | (19,261 | ) | |||||
Total long-term borrowings | $ | 1,620,396 | $ | 1,491,988 | |||||
Principal payments | Year | ||||||||
2015 | $ | 24,186 | |||||||
2016 | 24,561 | ||||||||
2017 | 24,561 | ||||||||
2018 | 50,187 | ||||||||
2019 | 386,540 | ||||||||
2020 and thereafter | 1,134,547 | ||||||||
Total | $ | 1,644,582 | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | |||||||||||||||||||
Fair value of financial instruments | |||||||||||||||||||
31-Dec-14 | December 31, 2013 | ||||||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||
Cash and cash equivalents | $ | 247,556 | $ | 247,556 | $ | 187,831 | $ | 187,831 | |||||||||||
Restricted cash | $ | 2,564 | $ | 2,564 | $ | 2,041 | $ | 2,041 | |||||||||||
Investments in available-for-sale- | $ | 6,701 | $ | 6,701 | $ | 7,660 | $ | 7,660 | |||||||||||
securities | |||||||||||||||||||
Loan receivable from affiliate companies | $ | 7,791 | $ | 7,791 | $ | 2,660 | $ | 2,660 | |||||||||||
Long-term receivable from affiliate | $ | 9,625 | $ | 9,625 | $ | 5,144 | $ | 5,144 | |||||||||||
companies | |||||||||||||||||||
Capital lease obligations, including | $ | (22,360 | ) | $ | (22,360 | ) | $ | (23,759 | ) | $ | (23,759 | ) | |||||||
current portion | |||||||||||||||||||
Senior and ship mortgage notes, including | $ | (1,375,000 | ) | $ | (1,300,021 | ) | $ | (1,293,156 | ) | $ | (1,326,897 | ) | |||||||
premium | |||||||||||||||||||
Long-term debt, including current portion | $ | (269,582 | ) | $ | (269,582 | ) | $ | (218,093 | ) | $ | (218,093 | ) | |||||||
Fair value measurements on a recurring basis | Fair Value Measurements as of December 31, 2014 | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant Unobservable | |||||||||||||||||
Active Markets for | Observable | Inputs | |||||||||||||||||
Assets | Total | Identical Assets (Level I) | Inputs (Level II) | (Level III) | |||||||||||||||
Investments in available-for-sale | $ | 6,701 | $ | 6,701 | $ | — | $ | ||||||||||||
securities | |||||||||||||||||||
Total | $ | 6,701 | $ | 6,701 | $ | — | $ | ||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant Unobservable | |||||||||||||||||
Active Markets for | Observable | Inputs | |||||||||||||||||
Identical Assets | Inputs | (Level III) | |||||||||||||||||
Assets | Total | (Level I) | (Level II) | ||||||||||||||||
Investments in available-for-sale | $ | 7,660 | $ | 7,660 | $ | — | $ | ||||||||||||
securities | |||||||||||||||||||
Total | $ | 7,660 | $ | 7,660 | $ | — | $ | ||||||||||||
Fair value measurements on a nonrecurring basis | |||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||
Total | (Level I) | (Level II) | (Level III) | ||||||||||||||||
Cash and cash equivalents | $ | 247,556 | $ | 247,556 | $ | — | $ | — | |||||||||||
Restricted cash | $ | 2,564 | $ | 2,564 | $ | — | $ | — | |||||||||||
Senior and ship mortgage | $ | (1,300,021 | ) | $ | (1,300,021 | ) | $ | — | $ | — | |||||||||
notes | |||||||||||||||||||
Capital lease obligations, | $ | (22,360 | ) | $ | — | $ | (22,360 | ) | $ | — | |||||||||
including current portion(1) | |||||||||||||||||||
Long-term debt, including | $ | (269,582 | ) | $ | — | $ | (269,582 | ) | $ | — | |||||||||
current portion(1) | |||||||||||||||||||
Loan receivable from affiliate | $ | 7,791 | $ | — | $ | 7,791 | $ | — | |||||||||||
companies(2) | |||||||||||||||||||
Long-term receivable from | $ | 9,625 | $ | — | $ | 9,625 | $ | — | |||||||||||
affiliate companies(2) | |||||||||||||||||||
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 | $ | (1,326,897 | ) | $ | (1,326,897) | $ | — | $ | — | ||||||||||
notes, including premium | |||||||||||||||||||
Capital lease obligations, | $ | (23,759 | ) | $ | — | $ | (23,759) | $ | — | ||||||||||
including current portion(1) | |||||||||||||||||||
Long-term debt, including | $ | (218,093 | ) | $ | — | $ | (218,093 | ) | $ | — | |||||||||
current portion(1) | |||||||||||||||||||
Loan receivable from affiliate | $ | 2,660 | $ | — | $ | 2,660 | $ | — | |||||||||||
companies(2) | |||||||||||||||||||
Long-term receivable from | $ | 5,144 | $ | — | $ | 5,144 | $ | — | |||||||||||
affiliate companies(2) | |||||||||||||||||||
(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 taking into | |||||||||||||||||||
account the counterparty's creditworthiness. | |||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | |||||||||||||||
Summary of stock based awards | Shares | Weighted | Weighted | Aggregate | |||||||||||
average | average | fair value | |||||||||||||
exercise | remaining | ||||||||||||||
price | term | ||||||||||||||
Options | |||||||||||||||
Outstanding as of December 31, 2011 | 3,302,671 | $ | 5.52 | 5.77 | $ | 7,317 | |||||||||
Vested at December 31, 2011 | 643,824 | — | — | — | |||||||||||
Exercisable at December 31, 2011 | 522,934 | — | — | — | |||||||||||
Exercised | (29,251 | ) | — | — | (36 | ) | |||||||||
Granted | 1,344,357 | 3.44 | — | 700 | |||||||||||
Outstanding as of December 31, 2012 | 4,617,777 | 4.93 | 5.42 | 7,981 | |||||||||||
Vested at December 31, 2012 | 901,520 | — | — | — | |||||||||||
Exercisable at December 31, 2012 | 841,644 | — | — | — | |||||||||||
Exercised | (153,556 | ) | — | — | (216 | ) | |||||||||
Granted | 674,809 | 8.63 | — | 1,444 | |||||||||||
Outstanding as of December 31, 2013 | 5,139,030 | 5.5 | 4.81 | 9,209 | |||||||||||
Vested at December 31, 2013 | 911,493 | — | — | — | |||||||||||
Exercisable at December 31, 2013 | 753,562 | — | — | — | |||||||||||
Exercised | (143,189 | ) | — | — | (273 | ) | |||||||||
Forfeited or expired | (314,250 | ) | — | — | (1,610 | ) | |||||||||
Granted | 1,123,003 | 3.64 | — | 1,084 | |||||||||||
Outstanding as of December 31, 2014 | 5,804,594 | 4.57 | 4.64 | 8,410 | |||||||||||
Vested at December 31, 2014 | 1,643,665 | — | — | — | |||||||||||
Exercisable at December 31, 2014 | 1,500,476 | — | — | — | |||||||||||
Restricted stock and restricted stock | |||||||||||||||
units | |||||||||||||||
Non Vested as of December 31, 2011 | 1,287,176 | — | 2.49 | 5,653 | |||||||||||
Granted | 832,028 | — | — | 2,862 | |||||||||||
Vested | (553,846 | ) | — | — | (2,565 | ) | |||||||||
Forfeited or expired | (9,166 | ) | — | — | (42 | ) | |||||||||
Non Vested as of December 31, 2012 | 1,556,192 | — | 1.81 | 5,908 | |||||||||||
Granted | 886,437 | — | — | 7,650 | |||||||||||
Vested | (546,194 | ) | — | — | (2,287 | ) | |||||||||
Forfeited or expired | (12,452 | ) | — | — | (51 | ) | |||||||||
Non Vested as of December 31, 2013 | 1,883,983 | — | 1.4 | 11,220 | |||||||||||
Granted | 1,175,353 | — | — | 4,278 | |||||||||||
Vested | (1,058,903 | ) | — | — | (4,580 | ) | |||||||||
Forfeited or expired | (3,089 | ) | — | — | (19 | ) | |||||||||
Non Vested as of December 31, 2014 | 1,997,344 | $ | — | 2 | $ | 10,899 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ||||||
Future minimum contractual obligations | Dry bulk Vessels | Navios Logistics | ||||
2015 | $ | 62,850 | $ | 28,380 | ||
2016 | — | 1,926 | ||||
Total | $ | 62,850 | $ | 30,306 | ||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
LEASES [Abstract] | |||||||||
Chartered-in vessels, barges, pushboats and office space | Charter-in vessels in operation | Charter-in vessels to be delivered | Office space | ||||||
2015 | $ | 67,450 | $ | 11,909 | $ | 3,275 | |||
2016 | 58,136 | 24,185 | 3,083 | ||||||
2017 | 51,877 | 39,756 | 2,821 | ||||||
2018 | 49,904 | 39,876 | 1,832 | ||||||
2019 | 42,395 | 39,876 | 958 | ||||||
2020 and thereafter | 66,403 | 186,330 | 98 | ||||||
Total | $ | 336,165 | $ | 341,932 | $ | 12,067 | |||
Chartered-out vessels, barges and pushboats | Dry bulk | Logistics | |||||||
vessels | business | ||||||||
2015 | $ | 40,693 | $ | 166,311 | |||||
2016 | 11,124 | 107,440 | |||||||
2017 | 10,715 | 43,392 | |||||||
2018 | 10,715 | 23,354 | |||||||
2019 | 10,715 | 22,515 | |||||||
2020 and thereafter | 9,893 | 11,087 | |||||||
Total minimum revenue, net of commissions | $ | 93,855 | $ | 374,099 | |||||
Interest_Expense_and_Finance_C1
Interest Expense and Finance Cost (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
INTEREST EXPENSE AND FINANCE COST [Abstract] | ||||||||||
Interest expense and finance cost | For the Year | For the Year | For the Year | |||||||
Ended | Ended | Ended | ||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Interest expense | $ | 109,550 | $ | 105,421 | $ | 99,887 | ||||
Amortization and write-off of deferred financing costs | 4,061 | 5,384 | 6,309 | |||||||
Other | 49 | — | — | |||||||
Interest expense and finance cost | $ | 113,660 | $ | 110,805 | $ | 106,196 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
SEGMENT INFORMATION [Abstract] | |||||||||||
Segment summarized financial information | Dry Bulk Vessel | Logistics Business | Total | ||||||||
Operations | for the | for the | |||||||||
for the | Year Ended | Year Ended | |||||||||
Year Ended | December 31, | December 31, | |||||||||
December 31, | 2014 | 2014 | |||||||||
2014 | |||||||||||
Revenue | $ | 300,242 | $ | 268,774 | $ | 569,016 | |||||
Administrative fee revenue from affiliates | 14,300 | — | 14,300 | ||||||||
Interest income | 5,224 | 291 | 5,515 | ||||||||
Interest expense and finance cost | (85,823 | ) | (27,837 | ) | (113,660 | ) | |||||
Depreciation and amortization | (79,603 | ) | (25,087 | ) | (104,690 | ) | |||||
Equity in net earnings of affiliated companies | 57,751 | — | 57,751 | ||||||||
Net loss attributable to Navios Holdings common stockholders | (45,541 | ) | (10,662 | ) | (56,203 | ) | |||||
Total assets | 2,550,317 | 609,072 | 3,159,389 | ||||||||
Goodwill | 56,240 | 104,096 | 160,336 | ||||||||
Capital expenditures | (145,840 | ) | (91,658 | ) | (237,498 | ) | |||||
Investment in affiliates | 344,453 | — | 344,453 | ||||||||
Cash and cash equivalents | 175,625 | 71,931 | 247,556 | ||||||||
Restricted cash | 2,564 | — | 2,564 | ||||||||
Long-term debt (including current and noncurrent portion) | $ | 1,269,123 | $ | 375,459 | $ | 1,644,582 | |||||
Dry Bulk Vessel | Logistics Business | Total | |||||||||
Operations | for the | for the | |||||||||
for the | Year Ended | Year Ended | |||||||||
Year Ended | December 31, | December 31, | |||||||||
December 31, | 2013 | 2013 | |||||||||
2013 | |||||||||||
Revenue | $ | 275,195 | $ | 237,084 | $ | 512,279 | |||||
Administrative fee revenue from affiliates | 7,868 | — | 7,868 | ||||||||
Interest income | 2,080 | 219 | 2,299 | ||||||||
Interest expense and finance cost | (85,657 | ) | (25,148 | ) | (110,805 | ) | |||||
Depreciation and amortization | (74,770 | ) | (23,354 | ) | (98,124 | ) | |||||
Equity in net earnings of affiliated companies | 19,344 | — | 19,344 | ||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | (115,264 | ) | 6,201 | (109,063 | ) | ||||||
Total assets | 2,393,364 | 526,249 | 2,919,613 | ||||||||
Goodwill | 56,240 | 104,096 | 160,336 | ||||||||
Capital expenditures | (86,538 | ) | (59,396 | ) | (145,934 | ) | |||||
Investment in affiliates | 335,303 | — | 335,303 | ||||||||
Cash and cash equivalents | 101,263 | 86,568 | 187,831 | ||||||||
Restricted cash | 2,041 | — | 2,041 | ||||||||
Long-term debt (including current and noncurrent portion) | $ | 1,217,565 | $ | 293,684 | $ | 1,511,249 | |||||
Dry Bulk Vessel | Logistics Business | Total | |||||||||
Operations | for the | for the | |||||||||
for the | Year Ended | Year Ended | |||||||||
Year Ended | December 31, | December 31, | |||||||||
December 31, | 2012 | 2012 | |||||||||
2012 | |||||||||||
Revenue | $ | 369,461 | $ | 247,033 | $ | 616,494 | |||||
Administrative fee revenue from affiliates | 5,994 | — | 5,994 | ||||||||
Interest income | 2,329 | 388 | 2,717 | ||||||||
Interest expense and finance cost | (86,139 | ) | (20,057 | ) | (106,196 | ) | |||||
Depreciation and amortization | (81,267 | ) | (26,939 | ) | (108,206 | ) | |||||
Equity in net earnings of affiliated companies | 48,228 | — | 48,228 | ||||||||
Net income attributable to Navios Holdings common stockholders | 175,388 | 97 | 175,485 | ||||||||
Total assets | 2,490,929 | 450,533 | 2,941,462 | ||||||||
Goodwill | 56,240 | 104,096 | 160,336 | ||||||||
Capital expenditures | (40,024 | ) | (17,666 | ) | (57,690 | ) | |||||
Investment in affiliates | 197,291 | — | 197,291 | ||||||||
Cash and cash equivalents | 212,330 | 45,538 | 257,868 | ||||||||
Restricted cash | 24,704 | — | 24,704 | ||||||||
Long-term debt (including current and noncurrent portion) | $ | 1,157,614 | $ | 200,598 | $ | 1,358,212 | |||||
Revenue by geographic region | Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
North America | $ | 30,299 | $ | 17,487 | $ | 14,622 | |||||
Europe | 173,100 | 141,464 | 127,521 | ||||||||
Asia | 84,766 | 99,636 | 225,366 | ||||||||
South America | 275,327 | 241,852 | 247,033 | ||||||||
Other | 5,524 | 11,840 | 1,952 | ||||||||
Total | $ | 569,016 | $ | 512,279 | $ | 616,494 | |||||
LossEarnings_Per_Common_Share_
(Loss)/Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
(LOSS)/EARNINGS PER COMMON SHARE [Abstract] | |||||||||||
(Loss)/Earnings per share, basic and diluted | Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ | (56,203 | ) | $ | (109,063 | ) | $ | 175,485 | |||
Less: | |||||||||||
Dividend on Preferred Stock and on | (10,773 | ) | (1,927 | ) | (1,705 | ) | |||||
unvested restricted shares | |||||||||||
(Loss)/income available to Navios | $ | (66,976 | ) | $ | (110,990 | ) | $ | 173,780 | |||
Holdings common stockholders, basic | |||||||||||
Plus: | |||||||||||
Dividend on Preferred Stock and on | — | — | 1,705 | ||||||||
unvested restricted shares | |||||||||||
(Loss)/income available to Navios | $ | (66,976 | ) | $ | (110,990 | ) | $ | 175,485 | |||
Holdings common stockholders, diluted | |||||||||||
Denominator: | |||||||||||
Denominator for basic net (loss)/income per share | 103,476,614 | 101,854,415 | 101,232,720 | ||||||||
attributable to Navios Holdings stockholders — | |||||||||||
weighted average shares | |||||||||||
Dilutive potential common shares — weighted | — | — | 1,322,038 | ||||||||
average restricted stock and restricted units | |||||||||||
Convertible preferred stock and convertible debt | — | — | 8,479,000 | ||||||||
Dilutive effect of securities | — | — | 9,801,038 | ||||||||
Denominator for diluted net (loss)/income per | 103,476,614 | 101,854,415 | 111,033,758 | ||||||||
share attributable to Navios Holdings stockholders | |||||||||||
— adjusted weighted shares and assumed | |||||||||||
conversions | |||||||||||
Basic net (loss)/earnings per share attributable to | $ | (0.65 | ) | $ | (1.09 | ) | $ | 1.72 | |||
Navios Holdings stockholders | |||||||||||
Diluted net (loss)/earnings per share attributable to | $ | (0.65 | ) | $ | (1.09 | ) | $ | 1.58 | |||
Navios Holdings stockholders | |||||||||||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 loss for the year ended December 31, 2014 | ||||||||||||||||||
Revenue | $ | — | $ | 300,242 | $ | 268,774 | $ | — | $ | 569,016 | ||||||||
Administrative fee revenue from | — | 14,300 | — | — | 14,300 | |||||||||||||
affiliates | ||||||||||||||||||
Time charter, voyage and logistics | — | (157,640 | ) | (105,664 | ) | — | (263,304 | ) | ||||||||||
business expenses | ||||||||||||||||||
Direct vessel expenses | — | (52,039 | ) | (78,025 | ) | — | (130,064 | ) | ||||||||||
General and administrative expenses | — | (14,300 | ) | — | — | (14,300 | ) | |||||||||||
incurred on behalf of affiliates | ||||||||||||||||||
General and administrative expenses | (10,343 | ) | (20,483 | ) | (14,764 | ) | — | (45,590 | ) | |||||||||
Depreciation and amortization | (2,811 | ) | (76,792 | ) | (25,087 | ) | — | (104,690 | ) | |||||||||
Interest expense and finance cost, net | (73,272 | ) | (7,327 | ) | (27,546 | ) | — | (108,145 | ) | |||||||||
Loss on bond extinguishment | — | — | (27,281 | ) | — | (27,281 | ) | |||||||||||
Other income/(expense), net | 72 | (2,357 | ) | (7,388 | ) | — | (9,673 | ) | ||||||||||
Loss before equity in net earnings of affiliated companies | -86,354 | -16,396 | -16,981 | — | -119,731 | |||||||||||||
Loss from subsidiaries | (17,418 | ) | (10,662 | ) | — | 28,080 | — | |||||||||||
Equity in net earnings of affiliated companies | 47,569 | 6,555 | 3,627 | — | 57,751 | |||||||||||||
Loss before taxes | -56,203 | -20,503 | -13,354 | 28,080 | -61,980 | |||||||||||||
Income tax (expense)/benefit | — | (360 | ) | 276 | — | (84 | ) | |||||||||||
Net loss | -56,203 | -20,863 | -13,078 | 28,080 | -62,064 | |||||||||||||
Less: Net (income)/loss attributable to the noncontrolling interest | — | (182 | ) | 6,043 | — | 5,861 | ||||||||||||
Net loss attributable to Navios Holdings common stockholders | $ | -56,203 | $ | -21,045 | $ | -7,035 | $ | 28,080 | $ | -56,203 | ||||||||
Other Comprehensive income | ||||||||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ | (959 | ) | $ | (959 | ) | $ | — | $ | 959 | $ | (959 | ) | |||||
Reclassification to earnings | 11,553 | 11,553 | — | (11,553 | ) | 11,553 | ||||||||||||
Total other comprehensive income | $ | 10,594 | $ | 10,594 | $ | — | $ | -10,594 | $ | 10,594 | ||||||||
Total comprehensive loss | $ | -45,609 | $ | -10,269 | $ | -13,078 | $ | 17,486 | $ | -51,470 | ||||||||
Comprehensive (income)/loss attributable to noncontrolling interest | — | (182 | ) | 6,043 | — | 5,861 | ||||||||||||
Total comprehensive loss attributable to Navios Holdings common stockholders | $ | -45,609 | $ | -10,451 | $ | -7,035 | $ | 17,486 | $ | -45,609 | ||||||||
Navios | ||||||||||||||||||
Maritime | Non | |||||||||||||||||
Holdings Inc. | Guarantor | Guarantor | ||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Statement of comprehensive (loss)/income for the year ended December 31, 2013 | ||||||||||||||||||
Revenue | $ | — | $ | 275,195 | $ | 237,084 | $ | — | $ | 512,279 | ||||||||
Administrative fee revenue from | — | 7,868 | — | 7,868 | ||||||||||||||
affiliates | ||||||||||||||||||
Time charter, voyage and logistics | — | (159,225 | ) | (85,187 | ) | — | (244,412 | ) | ||||||||||
business expenses | ||||||||||||||||||
Direct vessel expenses | — | (37,969 | ) | (76,105 | ) | — | (114,074 | ) | ||||||||||
General and administrative expenses | — | (7,868 | ) | — | — | (7,868 | ) | |||||||||||
incurred on behalf of affiliates | ||||||||||||||||||
General and administrative expenses | (8,261 | ) | (21,756 | ) | (14,617 | ) | — | (44,634 | ) | |||||||||
Depreciation and amortization | (2,811 | ) | (71,959 | ) | (23,354 | ) | — | (98,124 | ) | |||||||||
Interest expense and finance cost, net | (76,227 | ) | (7,350 | ) | (24,929 | ) | — | (108,506 | ) | |||||||||
Loss on bond and debt extinguishment | (37,136 | ) | — | — | — | (37,136 | ) | |||||||||||
Loss on derivatives | — | (260 | ) | — | — | (260 | ) | |||||||||||
Gain on sale of assets | — | — | 18 | — | 18 | |||||||||||||
Other income/(expense), net | 10 | 13,578 | (7,634 | ) | — | 5,954 | ||||||||||||
(Loss)/income before equity in net earnings of affiliated companies | -124,425 | -9,746 | 5,276 | — | -128,895 | |||||||||||||
Income from subsidiaries | 6,320 | 6,202 | — | (12,522 | ) | — | ||||||||||||
Equity in net earnings of affiliated companies | 9,042 | 7,245 | 3,057 | — | 19,344 | |||||||||||||
(Loss)/income before taxes | -109,063 | 3,701 | 8,333 | -12,522 | -109,551 | |||||||||||||
Income tax (expense)/benefit | — | (294 | ) | 4,554 | — | 4,260 | ||||||||||||
Net (loss)/income | -109,063 | 3,407 | 12,887 | -12,522 | -105,291 | |||||||||||||
Less: Net income attributable to the noncontrolling interest | — | (145 | ) | (3,627 | ) | — | (3,772 | ) | ||||||||||
Net (loss)/income attributable to Navios Holdings common stockholders | $ | -109,063 | $ | 3,262 | $ | 9,260 | $ | -12,522 | $ | -109,063 | ||||||||
Other Comprehensive loss | ||||||||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ | (10,614 | ) | $ | (10,614 | ) | $ | — | $ | 10,614 | $ | (10,614 | ) | |||||
Total other comprehensive loss | $ | -10,614 | $ | -10,614 | $ | — | $ | 10,614 | $ | -10,614 | ||||||||
Total comprehensive (loss)/income | $ | -119,677 | $ | -7,207 | $ | 12,887 | $ | -1,908 | $ | -115,905 | ||||||||
Comprehensive income attributable to noncontrolling interest | — | (145 | ) | (3,627 | ) | — | (3,772 | ) | ||||||||||
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | $ | -119,677 | $ | -7,352 | $ | 9,260 | $ | -1,908 | $ | -119,677 | ||||||||
Navios | ||||||||||||||||||
Maritime | Non | |||||||||||||||||
Holdings Inc. | Guarantor | Guarantor | ||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Eliminations | Total | ||||||||||||||
Statement of comprehensive income for the year ended December 31, 2012 | ||||||||||||||||||
Revenue | $ | — | $ | 364,364 | $ | 252,130 | $ | — | $ | 616,494 | ||||||||
Administrative fee revenue from | — | 5,994 | — | — | 5,994 | |||||||||||||
affiliates | ||||||||||||||||||
Time charter, voyage and logistics | — | (162,273 | ) | (107,006 | ) | — | (269,279 | ) | ||||||||||
business expenses | ||||||||||||||||||
Direct vessel expenses | — | (45,484 | ) | (72,306 | ) | — | (117,790 | ) | ||||||||||
General and administrative expenses | — | (5,994 | ) | — | — | (5,994 | ) | |||||||||||
incurred on behalf of affiliates | ||||||||||||||||||
General and administrative expenses | (12,391 | ) | (24,003 | ) | (14,937 | ) | — | (51,331 | ) | |||||||||
Depreciation and amortization | (2,818 | ) | (77,281 | ) | (28,107 | ) | — | (108,206 | ) | |||||||||
Interest expense and finance cost, net | (70,757 | ) | (12,357 | ) | (20,365 | ) | — | (103,479 | ) | |||||||||
Loss on derivatives | — | (196 | ) | — | — | (196 | ) | |||||||||||
Gain on sale of assets | — | 323 | — | — | 323 | |||||||||||||
Other (expense)/income, net | (276 | ) | 169,138 | (7,752 | ) | — | 161,110 | |||||||||||
(Loss)/income before equity in net earnings of affiliated companies | -86,242 | 212,231 | 1,657 | — | 127,646 | |||||||||||||
Income from subsidiaries | 228,833 | 1,547 | — | (230,380 | — | |||||||||||||
Equity in net earnings of affiliated companies | 32,894 | 13,002 | 2,332 | — | 48,228 | |||||||||||||
Income before taxes | 175,485 | 226,780 | 3,989 | -230,380 | 175,874 | |||||||||||||
Income tax expense | — | (277 | ) | (35 | ) | — | (312 | ) | ||||||||||
Net income | 175,485 | 226,503 | 3,954 | -230,380 | 175,562 | |||||||||||||
Less: Net income attributable to the noncontrolling interest | — | — | (77 | ) | — | (77 | ) | |||||||||||
Net income attributable to Navios Holdings common stockholders | $ | 175,485 | $ | 226,503 | $ | 3,877 | $ | -230,380 | $ | 175,485 | ||||||||
Other Comprehensive loss | ||||||||||||||||||
Unrealized holding loss on investments in available-for-sale securities | $ | (566 | ) | $ | (566 | ) | $ | — | $ | 566 | $ | (566 | ) | |||||
Reclassification to investments in affiliates | (6,158 | ) | — | — | — | (6,158 | ) | |||||||||||
Total other comprehensive loss | $ | -6,724 | $ | -566 | $ | — | $ | 566 | $ | -6,724 | ||||||||
Total comprehensive income | $ | 168,761 | $ | 225,937 | $ | 3,954 | $ | -229,814 | $ | 168,838 | ||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (77 | ) | — | (77 | ) | |||||||||||
Total comprehensive income attributable to Navios Holdings common stockholders | $ | 168,761 | $ | 225,937 | $ | 3,877 | $ | -229,814 | $ | 168,761 | ||||||||
Other Financial Information Balance Sheet | Navios | Guarantor | Non Guarantor | Eliminations | Total | |||||||||||||
Balance Sheet as of December 31, 2014 | Maritime | Subsidiaries | Subsidiaries | |||||||||||||||
Holdings Inc. | ||||||||||||||||||
Issuer | ||||||||||||||||||
Current assets | ||||||||||||||||||
Cash and cash equivalents | $ | 98,539 | $ | 77,085 | $ | 71,932 | $ | — | $ | 247,556 | ||||||||
Restricted cash | — | 2,564 | — | — | 2,564 | |||||||||||||
Accounts receivable, net | — | 56,265 | 29,316 | — | 85,581 | |||||||||||||
Intercompany receivables | 23,567 | — | 71,442 | (95,009 | ) | — | ||||||||||||
Due from affiliate companies | 4,638 | 22,558 | — | — | 27,196 | |||||||||||||
Prepaid expenses and other current assets | 2 | 31,179 | 23,053 | — | 54,234 | |||||||||||||
Total current assets | 126,746 | 189,651 | 195,743 | -95,009 | 417,131 | |||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | 22,140 | 23,225 | — | 45,365 | |||||||||||||
Vessels, port terminals and other fixed assets, net | — | 1,467,518 | 443,625 | — | 1,911,143 | |||||||||||||
Investments in subsidiaries | 1,622,239 | 271,532 | — | (1,893,771 | ) | — | ||||||||||||
Investments in available-for-sale securities | — | 6,701 | — | — | 6,701 | |||||||||||||
Investments in affiliates | 331,130 | 548 | 12,775 | — | 344,453 | |||||||||||||
Long-term receivable from affiliate companies | — | 9,625 | — | — | 9,625 | |||||||||||||
Loan receivable from affiliate companies | — | 7,791 | — | — | 7,791 | |||||||||||||
Other long-term assets | 16,976 | 21,636 | 28,740 | — | 67,352 | |||||||||||||
Goodwill and other intangibles | 89,562 | 85,273 | 174,993 | — | 349,828 | |||||||||||||
Total non-current assets | 2,059,907 | 1,892,764 | 683,358 | -1,893,771 | 2,742,258 | |||||||||||||
Total assets | $ | 2,186,653 | $ | 2,082,415 | $ | 879,101 | $ | -1,988,780 | $ | 3,159,389 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||
Current liabilities | ||||||||||||||||||
Accounts payable | $ | 591 | $ | 18,399 | $ | 34,847 | $ | — | $ | 53,837 | ||||||||
Accrued expenses and other liabilities | 33,099 | 49,363 | 24,858 | — | 107,320 | |||||||||||||
Deferred income and cash received in advance | — | 6,263 | 6,182 | — | 12,445 | |||||||||||||
Intercompany payables | — | 93,226 | 1,783 | (95,009 | ) | — | ||||||||||||
Current portion of capital lease obligations | — | — | 1,449 | — | 1,449 | |||||||||||||
Current portion of long-term debt | — | 24,117 | 69 | — | 24,186 | |||||||||||||
Total current liabilities | 33,690 | 191,368 | 69,188 | -95,009 | 199,237 | |||||||||||||
Long-term debt, net of current portion | 1,000,000 | 245,006 | 375,390 | — | 1,620,396 | |||||||||||||
Capital lease obligations, net of current portion | — | — | 20,911 | — | 20,911 | |||||||||||||
Unfavorable lease terms | — | 22,141 | — | — | 22,141 | |||||||||||||
Other long-term liabilities and deferred income | — | 14,574 | 2,885 | — | 17,459 | |||||||||||||
Deferred tax liability | — | — | 12,735 | — | 12,735 | |||||||||||||
Total non-current liabilities | 1,000,000 | 281,721 | 411,921 | — | 1,693,642 | |||||||||||||
Total liabilities | 1,033,690 | 473,089 | 481,109 | -95,009 | 1,892,879 | |||||||||||||
Noncontrolling interest | — | — | 113,547 | — | 113,547 | |||||||||||||
Total Navios Holdings stockholders' equity | 1,152,963 | 1,609,326 | 284,445 | -1,893,771 | 1,152,963 | |||||||||||||
Total liabilities and stockholders' equity | $ | 2,186,653 | $ | 2,082,415 | $ | 879,101 | $ | -1,988,780 | $ | 3,159,389 | ||||||||
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 | |||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | 28 | 31,398 | — | 31,426 | |||||||||||||
Vessels, port terminals and other fixed assets, net | — | 1,412,976 | 364,481 | — | 1,777,457 | |||||||||||||
Investments in subsidiaries | 1,632,901 | 282,197 | — | (1,915,098 | ) | — | ||||||||||||
Investments in available-for-sale securities | — | 7,660 | — | — | 7,660 | |||||||||||||
Investments 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 STOCKHOLDERS' 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 | — | — | 22,359 | — | 22,359 | |||||||||||||
portion | ||||||||||||||||||
Unfavorable lease terms | — | 27,074 | — | — | 27,074 | |||||||||||||
Other long-term liabilities and deferred | — | 18,352 | 6,869 | — | 25,221 | |||||||||||||
income | ||||||||||||||||||
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 year ended December 31, 2014 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||||||||
Net cash (used in)/provided by operating activities | $ | -9,357 | $ | 52,664 | $ | 13,016 | $ | — | $ | 56,323 | ||||||||
Cash flows from investing activities | ||||||||||||||||||
Acquisition of investments in affiliates | — | — | (2,233 | ) | — | (2,233 | ) | |||||||||||
Loan to affiliate company | — | (4,465 | ) | — | — | (4,465 | ) | |||||||||||
Increase in long-term receivable from affiliate companies | — | (5,087 | ) | — | — | (5,087 | ) | |||||||||||
Dividends from affiliate companies | 14,595 | — | — | — | 14,595 | |||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | (22,112 | ) | (23,225 | ) | — | (45,337 | ) | ||||||||||
Acquisition of intangible assets | — | — | (10,200 | ) | — | (10,200 | ) | |||||||||||
Acquisition of vessels | — | (123,541 | ) | — | — | (123,541 | ) | |||||||||||
Purchase of property, equipment and other fixed assets | (15 | ) | (172 | ) | (68,433 | ) | — | (68,620 | ) | |||||||||
Net cash provided by/(used in) in investing activities | 14,580 | -155,377 | -104,091 | — | -244,888 | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||
Transfer (to)/from other group subsidiaries | (71,968 | ) | 69,731 | 2,237 | — | — | ||||||||||||
Issuance of common stock | 643 | — | — | — | 643 | |||||||||||||
Net proceeds from issuance of preferred stock | 163,602 | — | — | — | 163,602 | |||||||||||||
Proceeds from long-term loans, net of debt issuance costs | — | 71,027 | — | — | 71,027 | |||||||||||||
Proceeds from issuance of senior notes, net of debt issuance costs | — | — | 365,668 | — | 365,668 | |||||||||||||
Repayment of long-term debt and payment of principal | — | (20,692 | ) | (69 | ) | — | (20,761 | ) | ||||||||||
Repayment of senior notes | — | — | (290,000 | ) | — | (290,000 | ) | |||||||||||
Contribution from noncontrolling shareholders | — | 3,484 | — | — | 3,484 | |||||||||||||
Dividends paid | (32,730 | ) | — | — | — | (32,730 | ) | |||||||||||
Increase in restricted cash | — | (355 | ) | — | — | (355 | ) | |||||||||||
Acquisition of noncontrolling interest | — | (10,889 | ) | — | — | (10,889 | ) | |||||||||||
Payments of obligations under capital leases | — | — | (1,399 | ) | — | (1,399 | ) | |||||||||||
Net cash provided by financing activities | 59,547 | 112,306 | 76,437 | — | 248,290 | |||||||||||||
Increase/(decrease) in cash and cash equivalents | 64,770 | 9,593 | (14,638 | — | 59,725 | |||||||||||||
Cash and cash equivalents, beginning of year | 33,769 | 67,492 | 86,570 | — | 187,831 | |||||||||||||
Cash and cash equivalents, end of year | $ | 98,539 | $ | 77,085 | $ | 71,932 | $ | — | $ | 247,556 | ||||||||
Cash flow statement for the year ended December 31, 2013 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||||||||
Net cash (used in)/provided by operating activities | $ | -58,695 | $ | 105,317 | $ | 13,127 | $ | — | $ | 59,749 | ||||||||
Cash flows from investing activities | ||||||||||||||||||
Acquisition of investments in affiliates | (160,001) | (4,750 | ) | (3,168 | ) | — | (167,919 | ) | ||||||||||
Acquisition of intangible assets | — | — | (2,092 | ) | — | (2,092 | ) | |||||||||||
(Increase)/decrease in long-term receivable from affiliate companies | (4,065 | ) | 18,973 | — | — | 14,908 | ||||||||||||
Loan to affiliate company | — | (2,660 | ) | — | — | (2,660 | ) | |||||||||||
Loan repayment from affiliate company | 35,000 | — | — | — | 35,000 | |||||||||||||
Dividends from affiliate companies | 10,126 | — | — | — | 10,126 | |||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | — | (31,398 | ) | — | (31,398 | ) | |||||||||||
Acquisition of vessels | — | (85,699 | ) | — | — | (85,699 | ) | |||||||||||
Purchase of property, equipment and other fixed assets | — | (839 | ) | (27,998 | ) | — | (28,837 | ) | ||||||||||
Net cash used in investing activities | -118,940 | -74,975 | -64,656 | — | -258,571 | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||
Transfer from/(to) other group subsidiaries | 42,562 | (47,099 | ) | 4,537 | — | — | ||||||||||||
Issuance of common stock | 551 | — | — | — | 551 | |||||||||||||
Proceeds from issuance of ship mortgage and senior notes including premium, net of debt issuance costs | 635,291 | — | 90,195 | — | 725,486 | |||||||||||||
Proceeds from long-term loans, net of debt issuance costs | — | 50,345 | — | — | 50,345 | |||||||||||||
Repayment of long-term debt and payment of principal | (46,086 | ) | (111,073 | ) | (69 | ) | — | (157,228 | ) | |||||||||
Repayment of ship mortgage notes | (488,000 | ) | — | — | — | (488,000 | ||||||||||||
Contribution from noncontrolling shareholders | — | 3,905 | — | — | 3,905 | |||||||||||||
Acquisition of noncontrolling interest | — | — | (750 | ) | — | (750 | ) | |||||||||||
Decrease in restricted cash | 14,278 | 7,956 | — | — | 22,234 | |||||||||||||
Payments of obligations under capital leases | — | — | (1,353 | ) | — | (1,353 | ) | |||||||||||
Dividends paid | (26,405 | ) | — | — | — | (26,405 | ) | |||||||||||
Net cash provided by/(used in) financing activities | 132,191 | -95,966 | 92,560 | — | 128,785 | |||||||||||||
(Decrease)/increase in cash and cash equivalents | -45,444 | -65,624 | 41,031 | — | -70,037 | |||||||||||||
Cash and cash equivalents, beginning of year | 79,213 | 133,116 | 45,539 | — | 257,868 | |||||||||||||
Cash and cash equivalents, end of year | $ | 33,769 | $ | 67,492 | $ | 86,570 | $ | — | $ | 187,831 | ||||||||
Cash flow statement for the year ended December 31, 2012 | Navios Maritime Holdings Inc. Issuer | Guarantor Subsidiaries | Non Guarantor Subsidiaries | Eliminations | Total | |||||||||||||
Net cash provided by operating activities | $ | 23,001 | $ | 177,162 | $ | 28,481 | $ | — | $ | 228,644 | ||||||||
Cash flows from investing activities | ||||||||||||||||||
Cash acquired through asset acquisition | — | — | 33 | — | 33 | |||||||||||||
Acquisition of investments in affiliates | — | — | (1,472 | ) | — | (1,472 | ) | |||||||||||
Proceeds from sale of assets | — | 67,500 | — | 67,500 | ||||||||||||||
Increase in long-term receivable from affiliate companies | (5,000 | ) | (6,120 | ) | — | — | (11,120 | ) | ||||||||||
Loan repayment from affiliate company | 10,000 | — | — | — | 10,000 | |||||||||||||
Dividends from affiliate companies | 5,202 | — | — | — | 5,202 | |||||||||||||
Deposits for vessels, port terminals and other fixed assets | — | — | (8,534 | ) | — | (8,534 | ) | |||||||||||
Acquisition of vessels | — | (38,357 | ) | — | — | (38,357 | ) | |||||||||||
Purchase of property, equipment and other fixed assets | — | (1,667 | ) | (9,132 | ) | — | (10,799 | ) | ||||||||||
Net cash provided by/(used in) investing activities | 10,202 | 21,356 | -19,105 | — | 12,453 | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||
Transfer (to)/from other group subsidiaries | (45,687 | ) | 17,465 | 28,222 | — | — | ||||||||||||
Issuance of common stock | 93 | — | — | — | 93 | |||||||||||||
Proceeds from issuance of ship mortgage notes, net of debt issuance costs | 84,965 | — | — | — | 84,965 | |||||||||||||
Proceeds from long-term loans, net of debt issuance costs | — | 50,372 | — | — | 50,372 | |||||||||||||
Repayment of long-term debt and payment of principal | (23,405 | ) | (181,703 | ) | (31,070 | ) | — | (236,178 | ) | |||||||||
Increase in restricted cash | (11,681 | ) | (7,942 | ) | — | — | (19,623 | ) | ||||||||||
Payments of obligations under capital leases | — | — | (1,519 | ) | — | (1,519 | ) | |||||||||||
Dividends paid | (32,435 | ) | — | — | — | (32,435 | ) | |||||||||||
Net cash used in financing activities | -28,150 | -121,808 | -4,367 | — | -154,325 | |||||||||||||
Increase in cash and cash equivalents | 5,053 | 76,710 | 5,009 | — | 86,772 | |||||||||||||
Cash and cash equivalents, beginning of year | 74,160 | 56,406 | 40,530 | — | 171,096 | |||||||||||||
Cash and cash equivalents, end of year | $ | 79,213 | $ | 133,116 | $ | 45,539 | $ | — | $ | 257,868 | ||||||||
Description_of_Business_Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Navios Logistics | |
Related Party Transaction [Line Items] | |
Ownership percentage of Navios Holdings | 63.80% |
Navios Partners | |
Related Party Transaction [Line Items] | |
Ownership percentage of Navios Holdings | 20.00% |
General partner interest of Navios Holdings | 2.00% |
Navios Acquisition | |
Related Party Transaction [Line Items] | |
Ownership percentage of Navios Holdings | 46.20% |
Percentage of voting stock of Navios Holdings in Navios Acquisition | 43.10% |
Description_of_Business_Relate
Description of Business - Related Parties (Table) (Details) | Nov. 30, 2014 | Oct. 09, 2013 |
Navios Holdings | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership in Navios Europe | 50.00% | 47.50% |
Navios Acquisition | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership in Navios Europe | 50.00% | 47.50% |
Navios Partners | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership in Navios Europe | 0.00% | 5.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Navios Maritime Holdings Inc. | |
Entity Information [Line Items] | |
Nature | Holding Company |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios Corporation | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios International Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navimax Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios Handybulk Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Hestia Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Malta |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Anemos Maritime Holdings Inc. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios Shipmanagement Inc. | |
Entity Information [Line Items] | |
Nature | Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
NAV Holdings Limited | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Malta |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Kleimar N.V. | |
Entity Information [Line Items] | |
Nature | Operating Company/Vessel Owning Company/Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Belgium |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Kleimar Ltd | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Bulkinvest S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Luxembourg |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Primavera Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Ginger Services Co. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Aquis Marine Corp. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios Tankers Management Inc. | |
Entity Information [Line Items] | |
Nature | Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Astra Maritime Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Achilles Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Apollon Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Herakles Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Hios Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Ionian Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Kypros Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Meridian Shipping Enterprises Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Mercator Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Arc Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Horizon Shipping Enterprises Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Magellan Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Aegean Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Star Maritime Enterprises Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Corsair Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Rowboat Marine Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Beaufiks Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Nostos Shipmanagement Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Portorosa Marine Corp. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Shikhar Ventures S.A. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Liberia |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Sizzling Ventures Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Liberia |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Rheia Associates Co. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Taharqa Spirit Corp. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Rumer Holding Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Pharos Navigation S.A. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Pueblo Holdings Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Quena Shipmanagement Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Aramis Navigation Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
White Narcissus Marine S.A. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Panama |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios GP L.L.C. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Floral Marine Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2012 | 1/1 - 6/14 |
Red Rose Shipping Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Highbird Management Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Ducale Marine Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Vector Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Faith Marine Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Liberia |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios Maritime Finance (US) Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Delaware |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Navios Maritime Finance II (US) Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Delaware |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Tulsi Shipmanagement Co. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Cinthara Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Rawlin Services Company | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Mauve International S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Serenity Shipping Enterprises Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 3/26 - 12/31 |
Mandora Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 1/1 - 12/31 |
Solange Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 1/1 - 12/31 |
2012 | 5/14 - 12/31 |
Diesis Ship Management Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 5/14 - 12/31 |
Navios Holdings Europe Finance Inc. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 1/1 - 12/31 |
2013 | 6/4 - 12/31 |
Navios Asia LLC | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 5/19 - 12/31 |
Iris Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 5/19 - 12/31 |
Jasmine Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 5/19 - 12/31 |
Emery Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 6/4 - 12/31 |
Lavender Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2014 | 11/24 - 12/31 |
Esmeralda Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Triangle Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Depreciation Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Vessels | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 25 years |
Port terminals | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 5 to 40 years |
Tanker vessels, barges and push boats | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 15 to 45 years |
Furniture, fixtures and equipment | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 3 to 10 years |
Computer equipment and software | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 5 years |
Leasehold improvements | |
Property Plant And Equipment [Line Items] | |
Useful life assets | shorter of lease term or 6 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Amortization Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Trade name | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 21 years |
Favorable lease terms | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 11 years 1 month 2 days |
Unfavorable lease terms | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 9 years 4 months 23 days |
Port terminal operating rights | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 32 years 6 months |
Customer relationships | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 20.0-45.0 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Basis Of Presentation, Subsidiaries, Affiliates and Restricted Cash (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $2,564 | $2,041 | $24,704 |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 |
Retention Accounts | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 1,974 | 1,451 | |
Amount Held as Security | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $590 | $590 | |
Navios Logistics | |||
Percentage of Navios Holdings ownership | |||
Ownership percentage of Navios Holdings | 63.80% | ||
Navios Asia | |||
Percentage of Navios Holdings ownership | |||
Ownership percentage of Navios Holdings | 51.00% | ||
Navios Partners and its subsidiaries | |||
Percentage of Navios Holdings ownership | |||
Ownership percentage of Navios Holdings | 20.00% | ||
General partner interest of Navios Holdings | 2.00% | ||
Navios Acquisition and its subsidiaries | |||
Percentage of Navios Holdings ownership | |||
Ownership percentage of Navios Holdings | 46.20% | ||
Acropolis Chartering and Shipping Inc. ("Acropolis") | |||
Percentage of Navios Holdings ownership | |||
Ownership percentage of Navios Holdings | 35.00% | ||
Navios Europe and its subsidiaries | |||
Percentage of Navios Holdings ownership | |||
Ownership percentage of Navios Holdings | 47.50% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Long Lived Assets and Deferred Costs (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Property Plant And Equipment [Line Items] | ||||
Annual growth factor management fees | 3.00% | |||
Utilization rate of fleet | 99.80% | |||
Amortization of deferred drydock and special survey costs | $12,263 | $9,581 | $7,289 | |
Amortization and write-off of deferred financing costs | 4,061 | 5,384 | 6,309 | |
Vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Scrap value of vessels per LWT | $285 per LWT | $340 per LWT | ||
Capitalized interest costs | $2,334 | $1,831 | $1,453 | |
Period of review of special costs of assets | 30 months | |||
Ocean-going vessels | ||||
Property Plant And Equipment [Line Items] | ||||
Period of review of special costs of assets | 60 months | |||
Push boats and barges | ||||
Property Plant And Equipment [Line Items] | ||||
Period of review of special costs of assets | 84 months |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Intangibles Other Than Goodwill and Foreign Currency Translation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Intangibles other than goodwill | $189,492 | $191,664 | |
Foreign curency exchange gains/(losses) | $1,945 | $184 | ($217) |
Trade name | Navios Holdings | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Useful life of assets | 32 years | ||
Finite lived intangible assets amortization method | straight line | ||
Trade name | Navios Logistics | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Useful life of assets | 10 years | ||
Finite lived intangible assets amortization method | straight line | ||
Customer relationships | Navios Holdings | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Finite lived intangible assets amortization method | straight line |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Provisions and Employee Benefits-Dividends (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Provision for loss making voyages in progress | $1,893 | $801 | |
Termination of indemnities liability | 819 | 660 | |
Payments Of Dividends Common Stock | 25,228 | 24,710 | 30,730 |
Payments Of Dividend Preferred Stock And Preference Stock | $7,502 | $1,695 | $1,705 |
Stock-Based Compensation | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting Period | 3 years | ||
Vesting Date | 2-Jun-16 | 30-Apr-15 | |
Retirement Compensation | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Description of defined contribution pension and other postretirement plans | The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years' salary. If the employees remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. | ||
US Retirement Savings Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Description of defined contribution pension and other postretirement plans | The Company sponsors a 401(k) retirement savings plan, which is categorized as a defined contribution plan. The plan is available to full time employees who meet the plan's eligibility requirements. The plan permits employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company makes monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company has no further obligations. The Company may make an additional discretionary contribution annually if such a contribution is authorized by the Board of Directors. The plan is administered by an independent professional firm that specializes in providing such services |
Recovered_Sheet1
Summary of Significant Accounting Policies - Convertible Preferred Stock- Cumulative Redeemable Perpetual Preferred Stock (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Par value of preferred stock | $0.00 | $0.00 |
Conversion terms of preferred stock | Five years after the issuance date, 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 share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. | |
Statement [Line Items] | ||
Dividend rate of preferred stock | 2.00% | |
American Depositary Shares- The Series G | ||
Statement [Line Items] | ||
Number of shares | 2,000,000 | |
Preferred Stock Redemption Price Per Share | $2,500 | |
Dividend rate of preferred stock | 8.75% | |
Preferred Stock Redemption Terms | Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company's option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company's option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, 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 Company has accounted for these shares as equity. | |
American Depositary Shares- The Series H | ||
Statement [Line Items] | ||
Number of shares | 4,800,000 | |
Preferred Stock Redemption Price Per Share | $2,500 | |
Dividend rate of preferred stock | 8.63% | |
Preferred Stock Redemption Terms | Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company's option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company's option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, 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 Company has accounted for these shares as equity. |
Cash_and_Cash_Equivalents_Tabl1
Cash and Cash Equivalents (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
CASH AND CASH EQUIVALENTS [Abstract] | ||||
Cash on hand and at banks | $157,975 | $158,037 | ||
Short-term deposits and highly liquid funds | 89,581 | 29,794 | ||
Cash and cash equivalents | $247,556 | $187,831 | $257,868 | $171,096 |
Accounts_Receivable_Net_Table_
Accounts Receivable, Net (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ACCOUNTS RECEIVABLE,NET [Abstract] | ||||
Accounts receivable | $104,045 | $112,676 | ||
Less: provision for doubtful receivables | -18,464 | -26,457 | -25,936 | -8,874 |
Accounts receivable, net | $85,581 | $86,219 |
Accounts_Receivable_Net_Provis
Accounts Receivable, Net - Provisions For Doubtful Accounts (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ACCOUNTS RECEIVABLE,NET [Abstract] | |||
Balance at Beggining of Period | ($26,457) | ($25,936) | ($8,874) |
Charges to Costs and expenses | -792 | -630 | -17,136 |
Amount Utilized | 8,785 | 109 | 74 |
Balance at End of Period | ($18,464) | ($26,457) | ($25,936) |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
ACCOUNTS RECEIVABLE,NET [Abstract] | ||
Concentration of credit risk with respect to accounts receivable | Concentration of credit risk with respect to accounts receivable are limited due to the Company's large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company's trade receivables. For the year ended December 31, 2014, one customer accounted for 11.9% of the Company's revenue and for the years ended December 31, 2013 and 2012, none of the Company's customers accounted for more than 10% of the Company's revenue. | |
Provisions for doubtful accounts | ||
Provision of losses on accounts receivable due to defaulted charterers no longer covered by insurance | $4,593 | |
Provision of losses on accounts receivable due to defaulted charterers | $12,543 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ||
Prepaid voyage and operating costs | $8,996 | $12,621 |
Claims receivables | 5,186 | 8,658 |
Advances to agents | 22 | 795 |
Prepaid other taxes | 5,090 | 4,750 |
Other | 2,419 | 2,155 |
Total prepaid expenses and other current assets | $21,713 | $28,979 |
Vessels_Port_Terminal_and_Othe2
Vessels, Port Terminal and Other Fixed Assets, Net (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Line Items] | |||
Balance | $1,777,457 | ||
Transfers | 0 | 0 | 4,590 |
Balance | 1,911,143 | 1,777,457 | |
Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 2,201,955 | 2,078,907 | 2,026,227 |
Additions | 224,184 | 123,070 | 128,516 |
Disposals | -71,246 | ||
Restructure of capital lease | -4,590 | ||
Write-off | -208 | -22 | |
Balance | 2,425,931 | 2,201,955 | 2,078,907 |
Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | -424,498 | -340,948 | -258,281 |
Additions | -90,451 | -83,572 | -86,808 |
Disposals | 4,141 | ||
Write-off | 161 | 22 | |
Balance | -514,788 | -424,498 | -340,948 |
Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,777,457 | 1,737,959 | 1,767,946 |
Additions | 133,733 | 39,498 | 41,708 |
Disposals | -67,105 | ||
Restructure of capital lease | -4,590 | ||
Write-off | -47 | ||
Balance | 1,911,143 | 1,777,457 | 1,737,959 |
Vessels | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,717,599 | 1,631,900 | 1,600,803 |
Additions | 123,541 | 85,699 | 102,306 |
Disposals | -71,209 | ||
Balance | 1,841,140 | 1,717,599 | 1,631,900 |
Vessels | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | -308,461 | -245,174 | -185,578 |
Additions | -68,333 | -63,287 | -63,737 |
Disposals | 4,141 | ||
Balance | -376,794 | -308,461 | -245,174 |
Vessels | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,409,138 | 1,386,726 | 1,415,225 |
Additions | 55,208 | 22,412 | 38,569 |
Disposals | -67,068 | ||
Balance | 1,464,346 | 1,409,138 | 1,386,726 |
Port Terminals (Navios Logistics) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 103,030 | 78,489 | 74,336 |
Additions | 3,369 | 24,563 | 4,153 |
Write-off | -22 | ||
Balance | 106,399 | 103,030 | 78,489 |
Port Terminals (Navios Logistics) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | -17,082 | -14,251 | -11,466 |
Additions | -3,385 | -2,853 | -2,785 |
Write-off | 22 | ||
Balance | -20,467 | -17,082 | -14,251 |
Port Terminals (Navios Logistics) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 85,948 | 64,238 | 62,870 |
Additions | -16 | 21,710 | 1,368 |
Balance | 85,932 | 85,948 | 64,238 |
Tanker vessels, barges and push boats (Navios Logistics) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 368,626 | 355,625 | 340,990 |
Additions | 96,387 | 9,971 | 19,225 |
Restructure of capital lease | -4,590 | ||
Transfers | 3,030 | ||
Write-off | -47 | ||
Balance | 464,966 | 368,626 | 355,625 |
Tanker vessels, barges and push boats (Navios Logistics) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | -93,782 | -77,398 | -58,015 |
Additions | -17,355 | -16,384 | -19,383 |
Balance | -111,137 | -93,782 | -77,398 |
Tanker vessels, barges and push boats (Navios Logistics) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 274,844 | 278,227 | 282,975 |
Additions | 79,032 | -6,413 | -158 |
Restructure of capital lease | -4,590 | ||
Transfers | 3,030 | ||
Write-off | -47 | ||
Balance | 353,829 | 274,844 | 278,227 |
Other fixed assets | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 12,700 | 12,893 | 10,098 |
Additions | 887 | 2,837 | 2,832 |
Disposals | -37 | ||
Transfers | -3,030 | ||
Write-off | -161 | ||
Balance | 13,426 | 12,700 | 12,893 |
Other fixed assets | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | -5,173 | -4,125 | -3,222 |
Additions | -1,378 | -1,048 | -903 |
Write-off | 161 | ||
Balance | -6,390 | -5,173 | -4,125 |
Other fixed assets | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 7,527 | 8,768 | 6,876 |
Additions | -491 | 1,789 | 1,929 |
Disposals | -37 | ||
Transfers | -3,030 | ||
Balance | $7,036 | $7,527 | $8,768 |
Vessels_Port_Terminal_and_Othe3
Vessels, Port Terminal and Other Fixed Assets, Net (Details) (USD $) | 12 Months Ended | 6 Months Ended | 3 Months Ended | 4 Months Ended | 10 Months Ended | 1 Months Ended | 5 Months Ended | 11 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 15, 2012 | Mar. 26, 2012 | Mar. 30, 2012 | 14-May-12 | Oct. 25, 2013 | Jan. 27, 2014 | Jun. 04, 2014 | Nov. 24, 2014 | Jan. 26, 2014 |
Property Plant And Equipment [Line Items] | ||||||||||||
Cash consideration for purchase of vessel | $123,541 | $85,699 | $38,357 | |||||||||
Payments For Construction In Process | 45,337 | 31,398 | 8,534 | |||||||||
Proceeds From Minority Shareholders | 3,484 | 3,905 | 0 | |||||||||
New Panamax Vessel | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Date of delivery | Q3 2015 | |||||||||||
Vessel capacity in DWT | 84,000 dwt | |||||||||||
Total consideration paid/received from acquisition/sale | 31,800 | |||||||||||
New Capesize Vessel | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Date of delivery | Q4 2015 | |||||||||||
Vessel capacity in DWT | 180,600 dwt | |||||||||||
Total consideration paid/received from acquisition/sale | 52,000 | |||||||||||
New Capesize and New Panamax Vessels | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Payments For Construction In Process | 22,112 | |||||||||||
Navios Buena Ventura | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | 15-Jun-12 | |||||||||||
Year Built | 2010 | |||||||||||
Cash consideration received | 67,500 | |||||||||||
Navios Serenity | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2011 | |||||||||||
Date of delivery | 26-Mar-12 | |||||||||||
Vessel capacity in DWT | 34,690 dwt | |||||||||||
Total consideration paid/received from acquisition/sale | 26,117 | |||||||||||
Amount of loan used to finance purchase of vessel | 26,000 | |||||||||||
Navios Centaurus | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2012 | |||||||||||
Date of delivery | 30-Mar-12 | |||||||||||
Vessel capacity in DWT | 81,472 dwt | |||||||||||
Cash consideration for purchase of vessel | 15,645 | |||||||||||
Total consideration paid/received from acquisition/sale | 37,095 | |||||||||||
Amount of loan used to finance purchase of vessel | 21,450 | |||||||||||
Navios Avior | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2012 | |||||||||||
Date of delivery | 14-May-12 | |||||||||||
Vessel capacity in DWT | 81,355 dwt | |||||||||||
Cash consideration for purchase of vessel | 18,210 | |||||||||||
Total consideration paid/received from acquisition/sale | 39,094 | |||||||||||
Amount of loan used to finance purchase of vessel | 20,884 | |||||||||||
Navios Galileo | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2006 | |||||||||||
Date of delivery | August 26,2013 | |||||||||||
Vessel capacity in DWT | 76,596 dwt | |||||||||||
Navios Amitie | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2005 | |||||||||||
Date of delivery | 10-Sep-13 | |||||||||||
Vessel capacity in DWT | 75,395 dwt | |||||||||||
Navios Taurus | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2005 | |||||||||||
Date of delivery | 17-Sep-13 | |||||||||||
Vessel capacity in DWT | 76,596 dwt | |||||||||||
Navios Northern Star | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2005 | |||||||||||
Date of delivery | 19-Sep-13 | |||||||||||
Vessel capacity in DWT | 75,395 dwt | |||||||||||
Navios Galileo/Navios Amitie/Navios Taurus/Navios Northern Star | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Cash consideration for purchase of vessel | 27,795 | |||||||||||
Total consideration paid/received from acquisition/sale | 67,795 | |||||||||||
Amount of loan used to finance purchase of vessel | 40,000 | |||||||||||
Navios Amalthia | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2006 | |||||||||||
Date of delivery | October 25,2013 | |||||||||||
Vessel capacity in DWT | 75,318 dwt | |||||||||||
Cash consideration for purchase of vessel | 2,750 | |||||||||||
Total consideration paid/received from acquisition/sale | 17,904 | |||||||||||
Amount of loan used to finance purchase of vessel | 11,250 | |||||||||||
Proceeds From Minority Shareholders | 3,905 | |||||||||||
Navios Bonanza | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2006 | |||||||||||
Date of delivery | January 27,2014 | |||||||||||
Vessel capacity in DWT | 76,596 dwt | |||||||||||
Cash consideration for purchase of vessel | 2,900 | |||||||||||
Total consideration paid/received from acquisition/sale | 17,634 | |||||||||||
Amount of loan used to finance purchase of vessel | 11,250 | |||||||||||
Proceeds From Minority Shareholders | 3,484 | |||||||||||
Navios Gem | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2014 | |||||||||||
Date of delivery | June 4,2014 | |||||||||||
Vessel capacity in DWT | 181,336 dwt | |||||||||||
Cash consideration for purchase of vessel | 24,368 | |||||||||||
Total consideration paid/received from acquisition/sale | 54,368 | |||||||||||
Amount of loan used to finance purchase of vessel | 30,000 | |||||||||||
Navios Ray | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2012 | |||||||||||
Date of delivery | November 24,2014 | |||||||||||
Vessel capacity in DWT | 179,515 dwt | |||||||||||
Cash consideration for purchase of vessel | 20,539 | |||||||||||
Total consideration paid/received from acquisition/sale | 51,539 | |||||||||||
Amount of loan used to finance purchase of vessel | $31,000 |
Vessels_Port_Terminal_and_Othe4
Vessels, Port Terminal and Other Fixed Assets, Net - Navios Logistics (Details) (USD $) | 12 Months Ended | 4 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 9-May-12 | Oct. 31, 2012 | Apr. 30, 2013 | Jun. 30, 2013 | Jun. 26, 2013 | Aug. 05, 2013 | Feb. 11, 2014 |
Property Plant And Equipment [Line Items] | ||||||||||
Cash consideration for purchase of property, plant and equipment | $123,541 | $85,699 | $38,357 | |||||||
Payments For Construction In Process | 45,337 | 31,398 | 8,534 | |||||||
Construction In Progress Gross | 45,365 | 31,426 | ||||||||
San San H | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Payments To Acquire Businesses Gross | 9,850 | |||||||||
Ferni H | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Payments To Acquire Businesses Gross | 9,800 | |||||||||
San San H and Ferni H | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Repayments of obligations under capital leases | 1,399 | 1,353 | 1,519 | |||||||
Conveyor Belt | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Payments For Construction In Process | 743 | |||||||||
Construction In Progress Gross | 22,516 | |||||||||
Tank Barge 1 | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 1,900 | |||||||||
Date of delivery | Oct-12 | |||||||||
Tank Barge 2 | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 1,900 | |||||||||
Date of delivery | Dec-12 | |||||||||
Tank Barge 3 | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 1,900 | |||||||||
Date of delivery | Apr-13 | |||||||||
Tank Barge 4 | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 1,900 | |||||||||
Date of delivery | Jun-13 | |||||||||
Three push boats | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 20,250 | |||||||||
Cash consideration for purchase of property, plant and equipment | 3,710 | |||||||||
Construction In Progress Gross | 19,766 | |||||||||
Date of delivery | Q1 2014 | |||||||||
36 Dry Barges | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 19,080 | |||||||||
Construction In Progress Gross | 11,632 | |||||||||
Date of delivery | Q2 2014 | |||||||||
Additional 36 Dry Barges | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Date of delivery | Q3 2014 | |||||||||
All Newbuilding Dry Barges | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Cash consideration for purchase of property, plant and equipment | 52,672 | |||||||||
Three new pushboats, price per each | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Total consideration paid/received from acquisition/sale | 7,552 | |||||||||
Cash consideration for purchase of property, plant and equipment | 6,920 | |||||||||
Date of delivery | Q3 2015 | |||||||||
Expansion of its dry port | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Cash consideration for purchase of property, plant and equipment | 16,305 | |||||||||
Capitalized interest costs | 1,851 | |||||||||
Second-hand Bunker Vessel | ||||||||||
Property Plant And Equipment [Line Items] | ||||||||||
Cash consideration for purchase of property, plant and equipment | $5,504 | |||||||||
Date of delivery | Sep-14 |
Intangible_AssetsLiabilities_O2
Intangible Assets/Liabilities Other Than Goodwill (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Trade name | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | $100,420 | $100,420 | ||
Accumulated Amortization | -33,591 | -29,738 | ||
Additions/Write off | 0 | 0 | ||
Net Book Value | 66,829 | 70,682 | ||
Port terminal operating rights | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | 36,152 | [1] | 34,060 | [1] |
Accumulated Amortization | -8,450 | [1] | -7,444 | [1] |
Additions/Write off | 17,000 | [1] | 2,092 | [1] |
Net Book Value | 44,702 | [1] | 28,708 | [1] |
Customer relationships | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | 35,490 | 35,490 | ||
Accumulated Amortization | -12,421 | -10,647 | ||
Additions/Write off | 0 | 0 | ||
Net Book Value | 23,069 | 24,843 | ||
Favorable lease terms | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | 207,055 | [2],[3] | 210,835 | [2],[3] |
Accumulated Amortization | -103,287 | [2],[3] | -139,624 | [2],[3] |
Additions/Write off | -48,876 | [2],[3] | -3,780 | [2],[3] |
Net Book Value | 54,892 | [2],[3] | 67,431 | [2],[3] |
Total Intangible assets | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | 379,117 | 380,805 | ||
Accumulated Amortization | -157,749 | -187,453 | ||
Additions/Write off | -31,876 | -1,688 | ||
Net Book Value | 189,492 | 191,664 | ||
Unfavorable lease terms | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | -121,028 | [4] | -121,028 | [4] |
Accumulated Amortization | 98,887 | [4] | 93,954 | [4] |
Additions/Write off | 0 | [4] | 0 | [4] |
Net Book Value | -22,141 | [4] | -27,074 | [4] |
Total | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Acquisition Cost | 258,089 | 259,777 | ||
Accumulated Amortization | -58,862 | -93,499 | ||
Additions/Write off | -31,876 | -1,688 | ||
Net Book Value | $167,351 | $164,590 | ||
[1] | On March 19, 2013, Navios Logistics acquired Energias Renovables del Sur S.A. ("Enresur"), a Uruguayan company, for a total consideration of $2,092. Enresur, as a free zone direct user, holds the right to occupy approximately 29 acres of undeveloped land located in the Nueva Palmira free zone in Uruguay, near to Navios Logistics' existing port. Navios Logistics accounted for this transaction as an asset acquisition. | |||
[2] | As of December 31, 2014 and 2013, intangible assets associated with the favorable lease terms included an amount of $21,782 related to purchase options for the vessels (see Note 2(n)). | |||
[3] | During the years ended December 31, 2014 and 2013, acquisition costs and accumulated amortization of $48,876 and $3,780, respectively, of fully amortized favorable lease terms were written off. | |||
[4] | As of December 31, 2014 and 2013, the intangible liability associated with the unfavorable lease terms includes an amount of $9,405 related to purchase options held by third parties (see Note 2(n)). As of December 31, 2014 and 2013, no purchase options held by third parties have been exercised. |
Intangible_AssetsLiabilities_O3
Intangible Assets/Liabilities Other Than Goodwill - Amortization Expense (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trade name | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $3,853 | $3,853 | $3,860 |
Port terminal operating rights | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 1,006 | 983 | 930 |
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 1,774 | 1,774 | 1,775 |
Favorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 12,539 | 12,876 | 27,652 |
Unfavorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | -4,933 | -4,933 | -12,819 |
Total | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $14,239 | $14,553 | $21,398 |
Intangible_AssetsLiabilities_O4
Intangible Assets/Liabilities Other Than Goodwill - Amortization Schedule (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | $14,870 |
Year Two | 16,219 |
Year Three | 12,766 |
Year Four | 5,514 |
Year Five | 5,514 |
Thereafter | 100,091 |
Total amortization | 154,974 |
Trade name | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 3,853 |
Year Two | 3,860 |
Year Three | 3,853 |
Year Four | 2,811 |
Year Five | 2,811 |
Thereafter | 49,641 |
Total amortization | 66,829 |
Favorable lease terms | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 11,398 |
Year Two | 11,324 |
Year Three | 7,022 |
Year Four | 641 |
Year Five | 641 |
Thereafter | 2,084 |
Total amortization | 33,110 |
Unfavorable lease terms | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | -3,545 |
Year Two | -2,129 |
Year Three | -1,273 |
Year Four | -1,102 |
Year Five | -1,102 |
Thereafter | -3,585 |
Total amortization | -12,736 |
Port terminal operating rights | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 1,389 |
Year Two | 1,389 |
Year Three | 1,389 |
Year Four | 1,389 |
Year Five | 1,389 |
Thereafter | 37,757 |
Total amortization | 44,702 |
Customer relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 1,775 |
Year Two | 1,775 |
Year Three | 1,775 |
Year Four | 1,775 |
Year Five | 1,775 |
Thereafter | 14,194 |
Total amortization | $23,069 |
Intangible_AssetsLiabilities_O5
Intangible Assets/Liabilities Other Than Goodwill - Additional Details (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible asset | $189,492 | $191,664 | |
Below Market Lease Net | 22,141 | 27,074 | |
Acquisition of intangible assets | 10,200 | 2,092 | 0 |
Accrued expenses and other liabilities | 107,320 | 64,199 | |
Favorable lease terms | |||
Intangible asset | 21,782 | 21,782 | |
Acquisition costs amortization of intangible assets | 48,876 | 3,780 | |
Unfavorable lease terms | |||
Below Market Lease Net | 9,405 | 9,405 | |
Enresur - Navios Logistics | |||
Date of acquisition | 19-Mar-13 | ||
Significant Acquisitions And Disposals Acquisition Costs Or Sale Proceeds | 2,092 | ||
Two Companies - Navios Logistics | |||
Date of acquisition | 15-Dec-14 | ||
Acquisition of intangible assets | 10,200 | ||
Significant Acquisitions And Disposals Acquisition Costs Or Sale Proceeds | 17,000 | ||
Accrued expenses and other liabilities | $6,800 |
Investments_in_Affiliates_Tabl1
Investments in Affiliates (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Navios Partners | |||
Balance sheet | |||
Current assets | $115,197 | $54,484 | |
Non-current assets | 1,230,817 | 1,195,595 | |
Current liabilities | 32,275 | 15,606 | |
Non-current liabilities | 564,641 | 527,966 | |
Income Statement | |||
Revenue | 227,356 | 198,159 | 205,435 |
Net income/(loss) | 74,853 | 59,006 | 95,898 |
Navios Acquisition | |||
Balance sheet | |||
Current assets | 89,528 | 120,801 | |
Non-current assets | 1,626,274 | 1,535,860 | |
Current liabilities | 73,147 | 65,400 | |
Non-current liabilities | 1,143,404 | 1,128,439 | |
Income Statement | |||
Revenue | 264,877 | 202,397 | 151,097 |
Net income/(loss) | 11,371 | -55,690 | -3,284 |
Acropolis | |||
Balance sheet | |||
Current assets | 2,126 | 1,524 | |
Non-current assets | 21 | 22 | |
Current liabilities | 450 | 370 | |
Non-current liabilities | 0 | 0 | |
Income Statement | |||
Revenue | 2,825 | 2,230 | 2,262 |
Net income/(loss) | 1,298 | 775 | 1,237 |
Navios Europe | |||
Balance sheet | |||
Current assets | 13,764 | 8,224 | |
Non-current assets | 190,913 | 199,761 | |
Current liabilities | 16,257 | 14,792 | |
Non-current liabilities | 191,411 | 194,288 | |
Income Statement | |||
Revenue | 35,119 | 1,152 | |
Net income/(loss) | ($1,896) | ($1,096) |
Investments_in_Affiliates_Deta
Investments in Affiliates (Details) (USD $) | 12 Months Ended | 2 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | 10 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | 31-May-12 | Jun. 29, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | Oct. 31, 2014 |
Schedule Of Equity Method Investments [Line Items] | |||||||||
Reclassification of investments in available for sale securities to investments in affiliates | $0 | $0 | $82,572 | ||||||
Reclassification to investments in affiliates | 0 | 0 | -6,158 | ||||||
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 | ||||||
Investments in affiliates | 344,453 | 335,303 | 197,291 | ||||||
Dividends received | 14,595 | 10,126 | 5,202 | ||||||
Proceeds from issuance of common stock | 643 | 551 | 93 | ||||||
Navios Partners | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
General partner interest of Navios Holdings | 2.00% | ||||||||
Reclassification of investments in available for sale securities to investments in affiliates | 82,572 | ||||||||
Reclassification to investments in affiliates | -6,158 | ||||||||
Common Units issued in public offering | 6,325,000 | 4,600,000 | 10,925,000 | ||||||
Payments to acquire investment | 2,233 | 1,472 | 3,168 | ||||||
Gain/Loss from the sale of shares by the equity method | 11,230 | 9,497 | 15,991 | ||||||
General Partner units held by Navios Holdings | 1,578,763 | ||||||||
Common units held by Navios Holdings | 14,223,763 | ||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 35,745 | 42,412 | |||||||
Equity in net earnings of affiliated companies | 36,959 | 39,738 | 48,946 | ||||||
Investments in affiliates | 114,837 | 110,516 | |||||||
Dividends received | 30,043 | 29,461 | 27,916 | ||||||
Ownership percentage of Navios Holdings | 20.00% | ||||||||
Number of common units after the conversion of subordinated | 1,000,000 | 7,621,843 | |||||||
Investments-market value | 155,181 | ||||||||
Acropolis | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Investments in affiliates | 525 | 350 | |||||||
Dividends received | 271 | 433 | 140 | ||||||
Ownership percentage of Navios Holdings | 35.00% | ||||||||
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] | |||||||||
Payments to acquire investment | 160,001 | ||||||||
Gain/Loss from the sale of shares by the equity method | 4,675 | -6,171 | |||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 1,293 | 12,052 | |||||||
Equity in net earnings of affiliated companies | 19,513 | -20,759 | -1,070 | ||||||
Investments in affiliates | 224,582 | 219,664 | |||||||
Dividends received | 14,595 | 10,126 | 5,202 | ||||||
Ownership percentage of Navios Holdings | 46.20% | ||||||||
Percentage of voting stock of Navios Holdings in Navios Acquisition | 43.10% | ||||||||
Number of shares issued-common stock | 14,950,000 | 94,097,529 | |||||||
Acquisition of common stock shares | 46,969,669 | ||||||||
Shares vested from the outstanding restricted stock | 699,994 | ||||||||
Investments-market value | $261,258 |
Investments_in_Affiliates_Navi
Investments in Affiliates - Navios Europe (Details) (USD $) | 12 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 18, 2013 | Oct. 09, 2013 |
Business Acquisition [Line Items] | |||||
Long-term debt | $1,644,582 | $1,511,249 | $1,358,212 | ||
Investments in affiliates | 344,453 | 335,303 | 197,291 | ||
Portion of the carrying balance of related party loan | 7,791 | 2,660 | |||
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 | ||
Navios Holdings | |||||
Business Acquisition [Line Items] | |||||
Estimated maximum potential loss | 13,415 | ||||
Investments in affiliates | 4,936 | 4,750 | |||
Equity in net earnings of affiliated companies | 831 | 0 | |||
Funded from Senior Loan $117,753 | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | 127,753 | ||||
Navios Holdings, Navios Acquisition and Navios Partners | |||||
Business Acquisition [Line Items] | |||||
Long-term debt | 10,000 | ||||
Revolving loan facility to fund working capital requirements, outstanding | 24,100 | ||||
New Junior Loan | |||||
Business Acquisition [Line Items] | |||||
Debt Instrument Face Amount | 173,367 | ||||
Loans Payable Fair Value Disclosure | 71,929 | ||||
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 Loans) according to a defined waterfall calculation. | ||||
Navios Holdings Maximum Potential Loss | |||||
Business Acquisition [Line Items] | |||||
Investments in affiliates | 5,602 | ||||
Portion of the carrying balance of related party loan | $7,813 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilitites (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | |||
Payroll | $12,175 | $9,954 | |
Accrued interest | 37,846 | 21,081 | |
Accrued voyage expenses | 10,289 | 8,717 | |
Accrued running costs | 23,022 | 13,270 | |
Provision for losses on voyages in progress | 1,893 | 801 | |
Audit fees and related services | 458 | 1,066 | |
Accrued taxes | 4,792 | 5,175 | |
Professional fees | 1,087 | 934 | |
Dividends | 3,081 | 0 | 0 |
Other accrued expenses | 5,877 | 3,201 | |
Other liability | 6,800 | 0 | |
Total accrued expenses | $107,320 | $64,199 |
Borrowings_Table_Details
Borrowings (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total borrowings | $1,644,582 | |
Less: current portion | 24,186 | 19,261 |
Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Total borrowings | 1,269,123 | 1,217,565 |
Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Other long-term loans | 459 | 528 |
Total | ||
Debt Instrument [Line Items] | ||
Total borrowings | 1,644,582 | 1,508,093 |
Plus: unamortized premium | 0 | 3,156 |
Less: current portion | -24,186 | -19,261 |
Total long-term borrowings | 1,620,396 | 1,491,988 |
Commerzbank A.G. ($240,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 59,216 | 66,086 |
Loan Facility Credit Agricole ($40,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 23,702 | 26,112 |
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 17,479 | 18,841 |
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 17,950 | 19,350 |
Loan Facility DVB Bank SE ($72,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 63,339 | 36,801 |
Loan Facility Credit Agricole ($22,500) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 20,812 | 11,250 |
Loan Facility DVB ($40,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 35,625 | 39,125 |
Alpha Bank ($31,000) | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Loan facility | 31,000 | 0 |
2019 Notes | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Senior Notes | 350,000 | 350,000 |
2022 Notes | Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Notes | 650,000 | 650,000 |
2022 Senior Notes | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Senior Notes | 375,000 | 0 |
2019 Senior notes | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0 | 290,000 |
Total Navios Logistics borrowings | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Total borrowings | $375,459 | $290,528 |
Borrowings_Principal_Payments_
Borrowings - Principal Payments (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
BORROWINGS [Abstract] | |
2015 | $24,186 |
2016 | 24,561 |
2017 | 24,561 |
2018 | 50,187 |
2019 | 386,540 |
2020 and thereafter | 1,134,547 |
Total | $1,644,582 |
Borrowings_Senior_and_Ship_Mor
Borrowings - Senior and Ship Mortgage Notes Navios Holdings and Navios Logistics (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 11 Months Ended | 4 Months Ended | 11 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 28, 2011 | Apr. 12, 2011 | Nov. 29, 2013 | Apr. 22, 2014 | Nov. 30, 2009 | Mar. 12, 2013 | Jul. 31, 2012 |
Debt Instrument [Line Items] | ||||||||||
Amout used for repayment of debt | $20,761 | |||||||||
Loss on bond extinguishment | -27,281 | -37,136 | 0 | |||||||
Senior Notes due 2019 | Navios Holdings borrowings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | 350,000 | |||||||||
Issuance date/Date of agreement | 28-Jan-11 | |||||||||
Interest Rate | FIXED 8.125% | |||||||||
Senior Notes due 2019 | Navios Logistics | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | 200,000 | 90,000 | ||||||||
Issuance date/Date of agreement | 12-Apr-11 | |||||||||
Interest Rate | FIXED 9.25% | |||||||||
Maturity date | 15-Apr-19 | |||||||||
Debt instrument price premium | 103.75% | |||||||||
Loss on bond extinguishment | 27,281 | |||||||||
Senior Notes due 2019 | Navios Logistics | Accelerated amortization of the deferred finance costs | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on bond extinguishment | 7,881 | |||||||||
Senior Notes due 2019 | Navios Logistics | Accelerated amortization of the 2019 Senior Notes Premium | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on bond extinguishment | 3,095 | |||||||||
Senior Notes due 2019 | Navios Logistics | Transaction fees and expenses | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on bond extinguishment | 22,495 | |||||||||
2022 Notes | Navios Holdings borrowings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | 650,000 | |||||||||
Issuance date/Date of agreement | 29-Nov-13 | |||||||||
Interest Rate | 7375% | |||||||||
Loss on bond extinguishment | 37,136 | |||||||||
2022 Notes | Navios Holdings borrowings | Accelerated Amortization | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on bond extinguishment | 12,142 | |||||||||
2022 Notes | Navios Holdings borrowings | Indebtedness in connection with six vessels added as collateral | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amout used for repayment of debt | 123,257 | |||||||||
2022 Notes | Navios Holdings borrowings | Transaction fees and expenses | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on bond extinguishment | 24,994 | |||||||||
2022 Senior Notes | Navios Logistics | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | 375,000 | |||||||||
Issuance date/Date of agreement | 22-Apr-14 | |||||||||
Interest Rate | FIXED 7.25% | |||||||||
Maturity date | 1-May-22 | |||||||||
2017 Notes | Navios Holdings borrowings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | $400,000 | $88,000 | ||||||||
Issuance date/Date of agreement | 30-Nov-09 | |||||||||
Interest Rate | FIXED 8.875% | |||||||||
Maturity date | 1-Nov-17 |
Borrowings_Loan_Facilities_Nav
Borrowings - Loan Facilities Navios Holdings (Details) (USD $) | 12 Months Ended | 10 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2009 | Feb. 28, 2007 | Dec. 31, 2007 | Aug. 31, 2009 | Sep. 30, 2010 | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 20, 2013 | Aug. 31, 2010 | Mar. 23, 2012 | Sep. 30, 2013 | Nov. 06, 2014 | Jun. 30, 2009 |
Debt Instrument [Line Items] | ||||||||||||||||
Loss on bond extinguishment | ($27,281) | ($37,136) | $0 | |||||||||||||
Amount repaid through payment of tranche | 20,761 | |||||||||||||||
Loan Facility HSH Nordbank and Commerzbank A.G. | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 28-Feb-07 | |||||||||||||||
Face amount at issuance date | 280,000 | |||||||||||||||
Interest Rate | margin ranging from 115 basis points to 175 basis points | |||||||||||||||
Revolver Facility HSH Nordbank and Commerzbank A.G. | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount at issuance date | 120,000 | |||||||||||||||
Loan Facility Credit Agricole Bank to finance construction of two Capesize bulk carriers | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 31-Dec-07 | |||||||||||||||
Face amount at issuance date | 154,000 | |||||||||||||||
Interest Rate | margin of 1.75% | |||||||||||||||
Loan Facility Credit Agricole Bank ($75,000) to finance construction of two Capesize vessels | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 31-Aug-09 | |||||||||||||||
Face amount at issuance date | 75,000 | |||||||||||||||
Interest Rate | LIBOR plus 1.75% | |||||||||||||||
Loan Facility Credit Agricole Bank ($40,000) to finance construction of one Capesize bulk carrier | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 30-Sep-10 | |||||||||||||||
Face amount at issuance date | 40,000 | |||||||||||||||
Interest Rate | LIBOR plus 2.75% | |||||||||||||||
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 31-Aug-11 | |||||||||||||||
Face amount at issuance date | 23,000 | |||||||||||||||
Interest Rate | LIBOR plus 2.75% | |||||||||||||||
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 31-Dec-11 | |||||||||||||||
Face amount at issuance date | 23,000 | |||||||||||||||
Interest Rate | LIBOR plus 3.25% | |||||||||||||||
Loan Facility Credit Agricole ($22,500) | Navios Asia | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 20-Dec-13 | |||||||||||||||
Face amount at issuance date | 22,500 | |||||||||||||||
Interest Rate | LIBOR plus 3.00% | |||||||||||||||
Number Of Loan Tranches | 2 | |||||||||||||||
Loan DNB NOR Bank ($40,000) to finance construction of one Capesize bulk carrier | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 31-Aug-10 | |||||||||||||||
Face amount at issuance date | 40,000 | |||||||||||||||
Interest Rate | LIBOR plus 2.75% | |||||||||||||||
Loan Facility DVB Bank SE ($72,000) | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount at issuance date | 42,000 | |||||||||||||||
Number Of Loan Tranches | 2 | |||||||||||||||
Loan Facility DVB Bank SE ($72,000) | Navios Holdings borrowings | Tranche A | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 23-Mar-12 | |||||||||||||||
Interest Rate | LIBOR plus 2.85% | |||||||||||||||
Amount drawn down | 26,000 | |||||||||||||||
Amount repaid through payment of tranche | 26,000 | |||||||||||||||
Loan Facility DVB Bank SE ($72,000) | Navios Holdings borrowings | Tranche B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Rate | LIBOR plus 3.6% | |||||||||||||||
Amount drawn down | 14,950 | |||||||||||||||
Amount repaid through payment of tranche | 16,000 | |||||||||||||||
Loan Facility DVB Bank SE ($72,000) | Navios Holdings borrowings | New Tranche June 2014 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Rate | LIBOR plus 2.75% | |||||||||||||||
Amount drawn down | 30,000 | |||||||||||||||
Loan Facility DVB ($40,000) | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 30-Sep-13 | |||||||||||||||
Face amount at issuance date | 40,000 | |||||||||||||||
Interest Rate | LIBOR plus 3.25% | |||||||||||||||
Alpha Bank ($31,000) | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 6-Nov-14 | |||||||||||||||
Face amount at issuance date | 31,000 | |||||||||||||||
Interest Rate | LIBOR plus 3.00% | |||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Navios Holdings borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance date/Date of agreement | 30-Jun-09 | |||||||||||||||
Face amount at issuance date | 240,000 | |||||||||||||||
Interest Rate | margin of 2.25% | |||||||||||||||
Loan amount per tranche | 60,000 | |||||||||||||||
Number Of Loan Tranches | 4 | |||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Navios Holdings borrowings | Tranche A | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount repaid through payment of tranche | 54,500 | |||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Navios Holdings borrowings | Tranche B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount repaid through payment of tranche | 53,600 | |||||||||||||||
Other long-term loans | Navios Logistics | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Rate | FIXED 6% | |||||||||||||||
Amount of facility agreement | $817 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
BORROWINGS [Abstract] | |||
Annual weighted average interest rate | 7.18% | 7.75% | 7.32% |
Borrowings_Repayment_Terms_and
Borrowings - Repayment Terms and Covenants (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Debt Instrument Covenant Description | The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or certain of its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels securing such facilities; changing the flag, class, management or ownership of certain Navios Holdings' vessels; changing the commercial and technical management of certain Navios Holding' vessels; selling or changing the ownership of certain 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. |
Senior Notes due 2019 | Navios Holdings borrowings | |
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 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. |
Senior Notes due 2019 | Navios Logistics | |
Debt Instrument [Line Items] | |
Repayment terms | 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, the Logistics Co-Issuers redeemed for cash all the 2019 Logistics Senior Notes that remained outstanding after the completion of the Tender Offer, plus accrued and unpaid interest to, but not including, the redemption date. |
2022 Notes | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | The guarantees of the Company's subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company's subsidiaries that do not own mortgaged 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. |
Debt Instrument 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 December 31, 2014. |
Loan Facility Credit Agricole ($40,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, the outstanding amount under the loan facility was repayable in 13 semi-annual equal installments of $1,206 with a final balloon payment of $8,022 on the last payment date. |
Loan Facility DVB Bank SE ($72,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, the first tranche is repayable in 21 quarterly installments of $362, with a final balloon payment of $14,412 on the last repayment date, the second tranche is repayable in 22 quarterly installments of $269, with a final balloon payment of $6,344 on the last repayment date and the third tranche is repayable in 22 quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. |
Loan Facility DVB ($40,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, Navios Holdings had drawn the entire available amount under the facility. As of December 31, 2014, the facility is repayable in three quarterly installments of $875, followed by 12 quarterly installments of $1,000, with a final balloon payment of $21,000 payable on the last repayment date. |
Loan Facility Credit Agricole ($22,500) | Navios Holdings borrowings | |
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. |
Commerzbank A.G. ($240,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, the third tranche of the facility is repayable in 18 quarterly installments of $882, with a final balloon payment of $13,814 on the last payment date; and the fourth tranche of the facility is repayable in 24 quarterly installments of $835, with a final balloon payment of $9,488 on the last payment date. |
Other long-term loans | Navios Logistics | |
Debt Instrument [Line Items] | |
Repayment terms | The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. |
2022 Senior Notes | Navios Logistics | |
Debt Instrument [Line Items] | |
Repayment terms | The 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 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 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. |
Debt Instrument Covenant Description | The indenture governing the 2022 Logistics Senior Notes contains covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends in excess of 6% per annum of the net proceeds received by or contributed to Navios Logistics in or from any public offering, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics properties and assets and creation or designation of restricted subsidiaries. The Logistics Co-Issuers were in compliance with the covenants as of December 31, 2014. |
Alpha Bank ($31,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, the facility is repayable in 32 quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date and the outstanding amount was $31,000 |
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, the outstanding amount under the loan facility was repayable in 15 semi-annual equal installments of $700 after the drawdown date, with a final balloon payment of $7,450 on the last payment date. |
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2014, the facility is repayable in 15 semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Fair Value (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $247,556 | $187,831 | $257,868 | $171,096 |
Restricted cash | 2,564 | 2,041 | 24,704 | |
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Loan receivable from affiliate companies | 7,791 | 2,660 | ||
Long-term receivable from affiliate companies | 9,625 | 5,144 | ||
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 | 247,556 | 187,831 | ||
Restricted cash | 2,564 | 2,041 | ||
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Loan receivable from affiliate companies | 7,791 | 2,660 | ||
Long-term receivable from affiliate companies | 9,625 | 5,144 | ||
Capital lease obligations, including current portion | -22,360 | -23,759 | ||
Senior and ship mortgage notes, including premium | -1,375,000 | -1,293,156 | ||
Long-term debt, including current portion | -269,582 | -218,093 | ||
Fair Value | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 247,556 | 187,831 | ||
Restricted cash | 2,564 | 2,041 | ||
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Loan receivable from affiliate companies | 7,791 | 2,660 | ||
Long-term receivable from affiliate companies | 9,625 | 5,144 | ||
Capital lease obligations, including current portion | -22,360 | -23,759 | ||
Senior and ship mortgage notes, including premium | -1,300,021 | -1,326,897 | ||
Long-term debt, including current portion | ($269,582) | ($218,093) |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Investments in available-for-sale securities | $6,701 | $7,660 |
Total | 6,701 | 7,660 |
Quoted Prices in Active Markets for Identical Assets (Level I) | ||
Assets | ||
Investments in available-for-sale securities | 6,701 | 7,660 |
Total | 6,701 | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
(Level I) | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $247,556 | $187,831 | ||
Restricted cash | 2,564 | 2,041 | ||
Senior and ship mortgage notes, including premium | -1,300,021 | -1,326,897 | ||
Capital lease obligations, including current portion | 0 | [1] | 0 | [1] |
Long-term debt, including current portion | 0 | [1] | 0 | [1] |
Loan receivable from affiliate companies | 0 | [2] | 0 | [2] |
Long-term receivable from affiliate companies | 0 | [2] | 0 | [2] |
(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 | -22,360 | [1] | -23,759 | [1] |
Long-term debt, including current portion | -269,582 | [1] | -218,093 | [1] |
Loan receivable from affiliate companies | 7,791 | [2] | 2,660 | [2] |
Long-term receivable from affiliate companies | 9,625 | [2] | 5,144 | [2] |
(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 | [1] | 0 | [1] |
Long-term debt, including current portion | 0 | [1] | 0 | [1] |
Loan receivable from affiliate companies | 0 | [2] | 0 | [2] |
Long-term receivable from affiliate companies | 0 | [2] | 0 | [2] |
Total | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 247,556 | 187,831 | ||
Restricted cash | 2,564 | 2,041 | ||
Senior and ship mortgage notes, including premium | -1,300,021 | -1,326,897 | ||
Capital lease obligations, including current portion | -22,360 | [1] | -23,759 | [1] |
Long-term debt, including current portion | -269,582 | [1] | -218,093 | [1] |
Loan receivable from affiliate companies | 7,791 | [2] | 2,660 | [2] |
Long-term receivable from affiliate companies | $9,625 | [2] | $5,144 | [2] |
[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 taking into account the counterparty's creditworthiness. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Instruments Owned At Fair Value [Abstract] | |||
Net losses on FFA's derivatives | $0 | ($260) | ($196) |
Net unrealized (losses)/gains on FFAs | $0 | ($69) | ($124) |
Employee_Benefit_Plans_Table_D
Employee Benefit Plans (Table) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options | ||||
Forfeited or expired, shares | 314,250 | |||
Shares | ||||
Options | ||||
Outstanding, shares | 5,804,594 | 5,139,030 | 4,617,777 | 3,302,671 |
Vested, shares | 1,643,665 | 911,493 | 901,520 | 643,824 |
Exercisable, shares | 1,500,476 | 753,562 | 841,644 | 522,934 |
Exercised, shares | -143,189 | -153,556 | -29,251 | |
Forfeited or expired, shares | -314,250 | |||
Granted, shares | 1,123,003 | 674,809 | 1,344,357 | |
Restricted stock and restricted stock units | ||||
Non Vested, shares | 1,997,344 | 1,883,983 | 1,556,192 | 1,287,176 |
Granted, shares | 1,175,353 | 886,437 | 832,028 | |
Vested, shares | -1,058,903 | -546,194 | -553,846 | |
Forfeited or expired, shares | -3,089 | -12,452 | -9,166 | |
Weighted average exercise price | ||||
Options | ||||
Outstanding | 4.57 | 5.5 | 4.93 | 5.52 |
Granted | 3.64 | 8.63 | 3.44 | |
Weighted average remaining term | ||||
Options | ||||
Weighted average remaining term | 4 years 7 months 20 days | 4 years 9 months 21 days | 5 years 5 months 1 day | 5 years 9 months 6 days |
Restricted stock and restricted stock units | ||||
Weighted average remaining term | 2 years 0 months 0 days | 1 year 4 months 26 days | 1 year 9 months 22 days | 2 years 5 months 26 days |
Aggregate fair value | ||||
Options | ||||
Outstanding, value | 8,410 | 9,209 | 7,981 | 7,317 |
Exercised, value | -273 | -216 | -36 | |
Forfeited or expired, value | -1,610 | |||
Granted, value | 1,084 | 1,444 | 700 | |
Restricted stock and restricted stock units | ||||
Non vested, value | 10,899 | 11,220 | 5,908 | 5,653 |
Granted, value | 4,278 | 7,650 | 2,862 | |
Vested, value | -4,580 | -2,287 | -2,565 | |
Forfeited or expired, value | -19 | -51 | -42 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Details (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Company's contributions to employee saving plan | $101 | $97 | $119 | ||
Discretionary company's contribition to employee saving plan | 17 | 14 | 15 | ||
Compensation expense | 7,719 | 5,021 | 4,712 | ||
Options | |||||
Exercised, shares | 143,189 | 153,556 | 29,251 | 130,578 | 130,577 |
Expected term simplified method | The 'simplified method' used includes taking the average of the weighted average time to vesting and the contractual term of the option award. The service conditions option awards vest over three years at 33.3%, 33.3% and 33.4% respectively, resulting in a weighted average time to vest of approximately 2 years. The contractual term of the award is 7 years. Utilizing the simplified approach formula, the derived expected term estimate for the Company's service conditions option award is 4.5 years. | ||||
Fair value of stock granted | $1.14 | $2.11 | $0.84 | ||
Service Conditions | |||||
Expected volatility | 47.06% | 42.62% | 43.87% | ||
Risk free rate | 1.44% | 1.28% | 0.68% | ||
Estimated compensation cost relating to non-vested service conditions restricted stock and restricted stock units awards not yet recognized | 3,697 | ||||
Estimated compensation cost relating to non-vested service conditions stock option not yet recognized | 1,019 | ||||
Years to maturity | 4 years 6 months 22 days | ||||
Performance Conditions | |||||
Expected volatility | 58.78% | 41.48% | |||
Risk free rate | 0.22% | 0.13% | |||
Compensation expense | 3,753 | ||||
Estimated compensation cost relating to non-vested service conditions restricted stock and restricted stock units awards not yet recognized | 2,212 | ||||
Estimated compensation cost relating to non-vested service conditions stock option not yet recognized | $422 | ||||
Restricted stock | |||||
Expected dividend assumption | $0.06 | $0.06 | $0.06 | ||
Fair value of stock granted | $3.64 | $8.63 | $3.44 | ||
Restricted stock unit awards | |||||
Expected dividend assumption | $0.06 | $0.06 | $0.06 | ||
Fair value of stock granted | $3.64 | $8.63 | $3.44 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Dry bulk Vessels | |
2015 | $62,850 |
2016 | 0 |
Total | 62,850 |
Navios Logistics | |
2015 | 28,380 |
2016 | 1,926 |
Total | $30,306 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Letters of guarantee and letters of credit | $590 | $590 |
Navios Logistics certain pre-acquisition contingencies in connection with the acquisition of Horamar | 81 | 829 |
Guarantees | Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2016. | |
Navios Logistics obligation related to the acquisition of one company | ||
Contractual Obligation | 15,996 | |
Navios Logistics obligation related to the acquisition of another company | ||
Contractual Obligation | 6,800 | |
Navios Logistics obligation related to the acquisition of one pushboat and three liquid barges | ||
Contractual Obligation | $7,510 |
Leases_Navios_Holdings_Future_
Leases - Navios Holdings Future Minimum Commitments for Chartered-In Vessels, Barges, Pushboats and Office Space (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Charter-in vessels in operation | |
Operating Leased Assets [Line Items] | |
2015 | $67,450 |
2016 | 58,136 |
2017 | 51,877 |
2018 | 49,904 |
2019 | 42,395 |
2020 and thereafter | 66,403 |
Total | 336,165 |
Charter-in vessels to be delivered | |
Operating Leased Assets [Line Items] | |
2015 | 11,909 |
2016 | 24,185 |
2017 | 39,756 |
2018 | 39,876 |
2019 | 39,876 |
2020 and thereafter | 186,330 |
Total | 341,932 |
Office space | |
Operating Leased Assets [Line Items] | |
2015 | 3,275 |
2016 | 3,083 |
2017 | 2,821 |
2018 | 1,832 |
2019 | 958 |
2020 and thereafter | 98 |
Total | $12,067 |
Leases_Navios_Holdings_Future_1
Leases - Navios Holdings Future Revenue for Chartered-Out Vessels, Barges, Pushboats and for Logistics Business (Table) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Dry bulk vessels | |
Property Subject To Or Available For Operating Lease [Line Items] | |
2015 | $40,693 |
2016 | 11,124 |
2017 | 10,715 |
2018 | 10,715 |
2019 | 10,715 |
2020 and thereafter | 9,893 |
Total minimum revenue, net of commissions | 93,855 |
Logistics business | |
Property Subject To Or Available For Operating Lease [Line Items] | |
2015 | 166,311 |
2016 | 107,440 |
2017 | 43,392 |
2018 | 23,354 |
2019 | 22,515 |
2020 and thereafter | 11,087 |
Total minimum revenue, net of commissions | $374,099 |
Leases_Details
Leases (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | EUR (€) | Navios Holdings | Navios Holdings | Navios Holdings | Logistics business | Logistics business | Logistics business | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Property Subject To Or Available For Operating Lease [Line Items] | ||||||||
Rent expense for office space | $1,253 | € 943 | $2,804 | $2,899 | $2,267 | |||
Charter hire expense | $111,337 | $116,962 | $112,536 | $2,468 | $1,286 | $3,587 |
Transactions_with_Related_Part1
Transactions with Related Parties (Details) | 12 Months Ended | 10 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | EUR (€) | USD ($) | USD ($) | Acropolis | Acropolis | Acropolis | Navios Partners Agreement | Navios Partners Agreement | Navios Partners Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Acquisition Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Logistics Agreement | Navios Europe Agreement | Navios Europe Agreement | Navios Europe Agreement | Navios Midstream Agreement | Navios Midstream Agreement | Navios Midstream Agreement | Navios Partners | Navios Partners | Navios Partners | Navios Acquisition | Navios Acquisition | Navios Acquisition | Navios Europe | Navios Europe | Navios Mistream | Navios Mistream | Navios Holdings, Navios Acquisitions,Navios Partners | 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 ($) | |||||
Annual lease payments of office | $1,253 | € 943 | |||||||||||||||||||||||||||||||||
Commisions paid | 2 | 41 | 45 | ||||||||||||||||||||||||||||||||
Trade accounts payable | 78 | 76 | |||||||||||||||||||||||||||||||||
Maximum payout of company under Navios Partner's guarantee | 20,000 | ||||||||||||||||||||||||||||||||||
Amount of future charter payments covered by guarantee | 0 | ||||||||||||||||||||||||||||||||||
General and administrative fees | 6,090 | 4,366 | 3,883 | 7,314 | 3,477 | 2,111 | 760 | 740 | 600 | 800 | 25 | 0 | 96 | 0 | 0 | ||||||||||||||||||||
Due from affiliate, total | 33,400 | 12,064 | 4,087 | 1,407 | |||||||||||||||||||||||||||||||
Due from affiliate, current | 27,196 | 8,328 | 1,575 | 390 | 22,138 | 6,530 | 3,421 | 1,407 | 62 | 0 | |||||||||||||||||||||||||
Due from affiliate, non current | 9,625 | 5,144 | 9,625 | 5,144 | 666 | 0 | |||||||||||||||||||||||||||||
Unamortized deferred gain for vessels and rights sold | 16,301 | 21,578 | |||||||||||||||||||||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | 57,751 | 19,344 | 48,228 | 5,278 | 6,881 | 12,652 | |||||||||||||||||||||||||||||
Description of the option to acquire Navios Midstream | Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC ("Midstream General Partner"), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of December 31, 2014, Navios Holdings had not exercised any part of that option. | ||||||||||||||||||||||||||||||||||
Face amount of credit facility | 40,000 | ||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 200,000 | 40,000 | |||||||||||||||||||||||||||||||||
Variable rate basis | LIBOR | ||||||||||||||||||||||||||||||||||
Spread on variable rate basis | FIXED 600 basis points | 300 basis points | 1,270 basis points | ||||||||||||||||||||||||||||||||
Line Credit Facility Arrangement Fees | 4,000 | ||||||||||||||||||||||||||||||||||
Credit facility outstanding amount | 0 | 0 | |||||||||||||||||||||||||||||||||
Debt instrument maturity date | 29-Dec-14 | 31-Dec-15 | |||||||||||||||||||||||||||||||||
Navios Europe - Revolving loan | |||||||||||||||||||||||||||||||||||
Long-term debt | 1,644,582 | 1,511,249 | 1,358,212 | ||||||||||||||||||||||||||||||||
Investments in affiliates | 344,453 | 335,303 | 197,291 | ||||||||||||||||||||||||||||||||
Loans receivable from affiliates | 7,791 | 2,660 | 7,125 | 2,660 | |||||||||||||||||||||||||||||||
Available amount of loan facility | $9,100 | $4,323 |
Transactions_with_Related_Part2
Transactions with Related Parties - Vessels Charter Hire and Management Fees (Details) (USD $) | 12 Months Ended | 5 Months Ended | 24 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 28-May-14 | 31-May-16 | |
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 can, 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 January 5, 2016, and if reimbursed on a later date, such amounts will bear interest at a rate of 1% per annum over LIBOR. | ||||
Navios Apollon | |||||
Lease term in years | 2 years | ||||
Charter hire daily rate | 12,500 | ||||
Terms of settlement of related party transaction | 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 and in October 2014, the Company further extended this charter for approximately one year at a net daily rate of $12.5 plus 50/50 profit sharing based on actual earnings. | ||||
Navios Prosperity | |||||
Lease term in years | 1 year with two six month extension options | ||||
Charter hire daily rate | 12,000 | ||||
Terms of settlement of related party transaction | 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 and 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. Effective from March 5, 2015, Navios Holdings and Navios Partners entered into a novation agreement with the respective owners of Navios Prosperity whereby the rights to the time charter contracts of the Navios Prosperity were transferred to Navios Holdings. | ||||
Navios Libra | |||||
Lease term in years | 3 years | ||||
Charter hire daily rate | 12,000 | ||||
Terms of settlement of related party transaction | 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. | ||||
Navios Felicity | |||||
Lease term in years | 1 year with two six-month extension options | ||||
Charter hire daily rate | 12,000 | ||||
Terms of settlement of related party transaction | In May 2013, the Company chartered-in from Navios Partners the Navios Felicity, a 1997-built Panamax vessel. The term of this charter is approximately one year, at a net daily rate of $12.0 plus profit sharing, with two six-month extension options granted to the Company. 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, and in August 2014, the Company exercised its second option. | ||||
Navios Aldebaran | |||||
Lease term in years | six months with a six-month extension option | ||||
Charter hire daily rate | 11,000 | ||||
Terms of settlement of related party transaction | In May 2013, the Company chartered-in from Navios Partners the Navios Aldebaran, a 2008-built Panamax vessel, at a net daily rate of $11.0 plus profit sharing, for six months with a six-month extension option. In December 2013, the Company exercised its option to extend this charter. The owners will receive 100% of the first $2.5 in profits above the base rate, and thereafter all profits will be split 50/50 to each party. In July 2014, the Company further extended this charter for approximately six to nine months. Effective from February 28, 2015, Navios Holdings and Navios Partners entered into a novation agreement with the respective owners of Navios Aldebaran whereby the rights to the time charter contracts of the Navios Aldebaran were transferred to Navios Holdings. | ||||
Navios Hope | |||||
Lease term in years | 1 year | ||||
Charter hire daily rate | 10,000 | ||||
Terms of settlement of related party transaction | 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. | ||||
Navios Melodia | |||||
Charter hire daily rate | 15,000 | ||||
Terms of settlement of related party transaction | 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 contract was completed in October 2013. | ||||
Navios Pollux | |||||
Lease term in years | 3 months | ||||
Charter hire daily rate | 21,300 | ||||
Terms of settlement of related party transaction | 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. In August 2014, the Company chartered-in the Navios Pollux, for approximately three months at a net daily rate of $21.3. The contract was completed in November 2014. | ||||
All ships | |||||
Voyage expenses | 28,162,000 | 22,386,000 | 7,484,000 | ||
Navios Partners Ultra-Handymax vessel | |||||
Daily management fee | 4,000 | 4,700 | |||
Navios Partners Panamax vessel | |||||
Daily management fee | 4,100 | 4,600 | |||
Navios Partners Capesize vessel | |||||
Daily management fee | 5,100 | 5,700 | |||
Navios Partners container vessel of 6,800 TEU | |||||
Daily management fee | 6,500 | ||||
Navios Partners container vessel more than 8,000 TEU | |||||
Daily management fee | 7,200 | ||||
Navios Partners container vessel more than 13,000 TEU | |||||
Daily management fee | 8,500 | ||||
Navios Partners Ultra-Handymax, Panamax, Capesize and Container Vessel | |||||
Annual fee received | 50,359,000 | 36,173,000 | 31,689,000 | ||
Navios Acquisitions MR2 product tanker and chemical tanker vessel | |||||
Daily management fee | 6,000 | ||||
Navios Acquisitions LR1 product tanker vessel | |||||
Daily management fee | 7,000 | ||||
Fixed drydocking expenses | 300,000 | ||||
Navios Acquisitions MR2 product tanker | |||||
Fixed drydocking expenses | 300,000 | ||||
Navios Acquisitions VLCC vessel | |||||
Daily management fee | 10,000 | 9,500 | |||
Navios Acquisitions MR2, LR1 and VLCC vessel | |||||
Annual fee received | 95,827,000 | 71,392,000 | 47,043,000 | ||
Navios Europe | |||||
Annual fee received | 20,098,000 | 645,000 | 0 | ||
Management Agreement Term In Years | 6 years | ||||
Navios Midstream VLCC | |||||
Daily management fee | 9,500 | ||||
Annual fee received | 1,672,000 | $0 | $0 | ||
Management Agreement Term In Years | 5 years |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details) (USD $) | 12 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 15, 2014 | Dec. 11, 2013 | Dec. 31, 2013 | Jan. 28, 2014 | Jul. 08, 2014 |
Preferred stock shares outstanding | 75,069 | 8,479 | ||||
Common stock shares outstanding | 105,831,718 | 104,261,029 | ||||
Preferred Stock Dividend Rate Percentage | 2.00% | |||||
Convertible Preferred Stock Converted To Other Securities Shares | 1,410 | |||||
Common stock issued upon conversion | 1,410,000 | |||||
Expired | 314,250 | |||||
Navios Holdings | ||||||
Total amount of shares issued | 643 | $551 | ||||
Number of restricted common stock issued to employees | 1,151,052 | 856,437 | ||||
Number of restricted stock units issued to employees | 24,301 | 30,000 | ||||
Number of stock options issued to employees | 1,123,003 | 674,809 | ||||
Vested restricted stock units | 41,748 | 21,463 | ||||
Forfeited restricted shares | 24,248 | 25,836 | ||||
First stock issuance | ||||||
Exercised number of shares | 15,000 | 106,032 | ||||
Exercise price | 3.18 | $3.18 | ||||
Second stock issuance | ||||||
Exercised number of shares | 30,303 | 29,243 | ||||
Exercise price | 3.81 | $3.81 | ||||
Third stock issuance | ||||||
Exercised number of shares | 19,626 | 10,969 | ||||
Exercise price | 5.87 | $5.87 | ||||
Fourth stock issuance | ||||||
Exercised number of shares | 55,860 | 7,312 | ||||
Exercise price | 5.15 | $5.15 | ||||
Fifth Stock Issuance | ||||||
Exercised number of shares | 22,400 | |||||
Exercise price | 3.44 | |||||
Series G | ||||||
Preferred stock shares outstanding | 20,000 | |||||
Sale of Stock-net proceeds | 47,846 | |||||
Series H | ||||||
Preferred stock shares outstanding | 48,000 | |||||
Sale of Stock-net proceeds | $115,756 | |||||
Convertible preferred stock | ||||||
Preferred stock shares outstanding | 7,069 |
Interest_Expense_and_Finance_C2
Interest Expense and Finance Cost (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST EXPENSE AND FINANCE COST [Abstract] | |||
Interest expense | $109,550 | $105,421 | $99,887 |
Amortization and write-off of deferred financing costs | 4,061 | 5,384 | 6,309 |
Other | 49 | 0 | 0 |
Interest expense and finance cost | $113,660 | $110,805 | $106,196 |
Segment_Information_Table_Deta
Segment Information (Table) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ||||
Revenue | $569,016 | $512,279 | $616,494 | |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 | |
Interest income | 5,515 | 2,299 | 2,717 | |
Interest expense and finance cost | -113,660 | -110,805 | -106,196 | |
Depreciation and amortization | -104,690 | -98,124 | -108,206 | |
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 | |
Net (loss)/income attributable to Navios Holdings' common stockholders | -56,203 | -109,063 | 175,485 | |
Total assets | 3,159,389 | 2,919,613 | 2,941,462 | |
Goodwill | 160,336 | 160,336 | 160,336 | |
Capital expenditures | -237,498 | -145,934 | -57,690 | |
Investment in affiliates | 344,453 | 335,303 | 197,291 | |
Cash and cash equivalents | 247,556 | 187,831 | 257,868 | 171,096 |
Restricted cash | 2,564 | 2,041 | 24,704 | |
Long-term debt (including current and noncurrent portion) | 1,644,582 | 1,511,249 | 1,358,212 | |
Dry bulk Vessel Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 300,242 | 275,195 | 369,461 | |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 | |
Interest income | 5,224 | 2,080 | 2,329 | |
Interest expense and finance cost | -85,823 | -85,657 | -86,139 | |
Depreciation and amortization | -79,603 | -74,770 | -81,267 | |
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 | |
Net (loss)/income attributable to Navios Holdings' common stockholders | -45,541 | -115,264 | 175,388 | |
Total assets | 2,550,317 | 2,393,364 | 2,490,929 | |
Goodwill | 56,240 | 56,240 | 56,240 | |
Capital expenditures | -145,840 | -86,538 | -40,024 | |
Investment in affiliates | 344,453 | 335,303 | 197,291 | |
Cash and cash equivalents | 175,625 | 101,263 | 212,330 | |
Restricted cash | 2,564 | 2,041 | 24,704 | |
Long-term debt (including current and noncurrent portion) | 1,269,123 | 1,217,565 | 1,157,614 | |
Logistics Business | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 268,774 | 237,084 | 247,033 | |
Administrative fee revenue from affiliates | 0 | 0 | 0 | |
Interest income | 291 | 219 | 388 | |
Interest expense and finance cost | -27,837 | -25,148 | -20,057 | |
Depreciation and amortization | -25,087 | -23,354 | -26,939 | |
Equity in net earnings of affiliated companies | 0 | 0 | 0 | |
Net (loss)/income attributable to Navios Holdings' common stockholders | -10,662 | 6,201 | 97 | |
Total assets | 609,072 | 526,249 | 450,533 | |
Goodwill | 104,096 | 104,096 | 104,096 | |
Capital expenditures | -91,658 | -59,396 | -17,666 | |
Investment in affiliates | 0 | 0 | 0 | |
Cash and cash equivalents | 71,931 | 86,568 | 45,538 | |
Restricted cash | 0 | 0 | 0 | |
Long-term debt (including current and noncurrent portion) | $375,459 | $293,684 | $200,598 |
Segment_Information_Revenue_by
Segment Information - Revenue by Geographic Region (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | $569,016 | $512,279 | $616,494 |
North America | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 30,299 | 17,487 | 14,622 |
Europe | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 173,100 | 141,464 | 127,521 |
Asia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 84,766 | 99,636 | 225,366 |
South America | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 275,327 | 241,852 | 247,033 |
Other | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | $5,524 | $11,840 | $1,952 |
Segment_Information_Details
Segment Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Net book value of long-lived assets | $1,911,143 | $1,777,457 |
Dry bulk vessels | ||
Segment Reporting Information [Line Items] | ||
Net book value of long-lived assets | 1,486,486 | 1,409,166 |
Logistics Business | ||
Segment Reporting Information [Line Items] | ||
Net book value of long-lived assets | $462,986 | $392,190 |
LossEarnings_Per_Common_Share_1
(Loss)/Earnings Per Common Share (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||
Net (loss)/income attributable to Navios Holdings common stockholders | ($56,203) | ($109,063) | $175,485 |
Dividend on Preferred Stock and on unvested restricted shares | -10,773 | -1,927 | -1,705 |
(Loss)/income available to Navios Holdings common stockholders, basic | -66,976 | -110,990 | 173,780 |
Dividend on Preferred Stock and on unvested restricted shares | 0 | 0 | 1,705 |
(Loss)/income available to Navios Holdings common stockholders, diluted | ($66,976) | ($110,990) | $175,485 |
Denominator: | |||
Denominator for basic net (loss)/ income per share attributable to Navios Holdings stockholders - weighted average shares | 103,476,614 | 101,854,415 | 101,232,720 |
Dilutive potential common shares - weighted average restricted stock and restricted units | 0 | 0 | 1,322,038 |
Convertible preferred stock and convertible debt | 0 | 0 | 8,479,000 |
Dilutive effect of securities | 0 | 0 | 9,801,038 |
Denominator for diluted net (loss)/income per share attributable to Navios Holdings stockholders- adjusted weighted shares and assumed conversions | 103,476,614 | 101,854,415 | 111,033,758 |
Basic net (loss)/earnings per share attributable to Navios Holdings stockholders | ($0.65) | ($1.09) | $1.72 |
Diluted net (loss)/earnings per share attributable to Navios Holdings stockholders | ($0.65) | ($1.09) | $1.58 |
LossEarnings_Per_Common_Share_2
(Loss)/Earnings Per Common Share (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common shares | ||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 3,437,148 | 2,649,796 |
Convertible Preferred Stock | ||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 7,950,425 | 8,479,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contribution on imported foreign exchange | $50 | ||
Income before taxes | -61,980 | -109,551 | 175,874 |
Income tax expense | 84 | -4,260 | 312 |
Argentina | |||
Income tax rate | 35.00% | ||
Effective Tax Rate On Corporate Assets | 1.00% | ||
Tax rate on revenues | 5.00% | 4.90% | 4.70% |
Paraguay | |||
Income tax rate | 10.00% | ||
Options to determine income tax liabilities | Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights are considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay. Alternatively, only 30% of revenues derived from international freights are considered Paraguayan sourced. | ||
Tax rate on revenues | 1.00% | ||
Corporate Income Tax Rate | 10.00% | ||
Brazil | |||
Corporate Income Tax Rate | 34.00% | ||
Merge of subsidiaries of Navios Logistics | |||
Income before taxes | 43,475 | ||
Income tax expense | $4,333 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 12 Months Ended | 6 Months Ended | 1 Months Ended | 5 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 10, 2013 | Jan. 31, 2014 | 31-May-14 |
Business Acquisition [Line Items] | ||||||
Acquisition of noncontrolling interests of joint venture | $10,889 | |||||
Net income attributable to the noncontrolling interest | -5,861 | 3,772 | 77 | |||
Navios Logistics | ||||||
Business Acquisition [Line Items] | ||||||
Remaining non controlling interest percentage acquired | 49.00% | |||||
Cash consideration | 750 | |||||
Ownership percentage of Navios Holdings | 63.80% | |||||
Diesis Shipmanagement Ltd. ownership percentage in Navios Asia | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage of Navios Holdings | 51.00% | |||||
Navios Asia | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition of noncontrolling interests of joint venture | 10,889 | |||||
Percentage of ownership | 49.00% | |||||
Net income attributable to the noncontrolling interest | 182 | 145 | ||||
Noncontrolling shareholders' contribution | $3,905 | $3,484 |
Investments_in_AvailableForSal1
Investments in Available-For-Sale Securities (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 29, 2012 | Dec. 31, 2011 |
Schedule Of Equity Method Investments [Line Items] | |||||
Reclassification to earnings | $11,553 | $0 | $0 | ||
Investment in available-for-sale-securities | 6,701 | 7,660 | |||
Accumulated other comprehensive (loss)/income | -578 | -11,172 | -558 | ||
Korea Line Corporation | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investment held in shares | 314,077 | 314,077 | |||
Investment in available-for-sale-securities | $6,701 | $7,660 | |||
Navios Partners | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Partners Capital Account Units Converted | 1,000,000 | 7,621,843 |
Other_Income_Other_Expense_Det
Other Income - Other Expense (Details) (USD $) | 12 Months Ended | 10 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 15, 2012 |
Schedule Of Equity Method Investments [Line Items] | ||||
Other Income | $15,639 | $17,031 | $189,239 | |
Revenue | 569,016 | 512,279 | 616,494 | |
Cash received in advance | 17,459 | 25,221 | ||
Other Expense | 24,520 | 10,447 | 10,993 | |
Insurance restructuring | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
One-time upfront cash payment from insurance restructuring | 175,433 | |||
Cash received in advance | 21,592 | |||
Navios Partners | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Maximum Payout Under Navios Partners Guarantee | 20,000 | |||
Other Income | 168,013 | |||
Revenue | 7,420 | |||
KLC shares early repayment | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Other Income | 14,995 | |||
Default credit insurance policy | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Insurance recoveries | 4,044 | |||
Default counterparty | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Other Income | 7,203 | |||
Within the caption of 'Other Income' | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Insurance recoveries | 3,551 | |||
Within the caption of 'Other Expense' | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Other Expense | $9,275 | $7,912 | $8,212 |
Other_Financial_Information_In
Other Financial Information - Income Statement (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements Captions [Line Items] | |||
Revenue | $569,016 | $512,279 | $616,494 |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 |
Time charter, voyage and logistics business expenses | -263,304 | -244,412 | -269,279 |
Direct vessel expenses | -130,064 | -114,074 | -117,790 |
General and administrative expenses incurred on behalf of affiliates | -14,300 | -7,868 | -5,994 |
General and administrative expenses | -45,590 | -44,634 | -51,331 |
Depreciation and amortization | -104,690 | -98,124 | -108,206 |
Loss on bond and debt extinguishment | -27,281 | -37,136 | 0 |
Loss on derivatives | 0 | -260 | -196 |
Gain on sale of assets | 0 | 18 | 323 |
(Loss)/income before equity in net earnings of affiliated companies | -119,731 | -128,895 | 127,646 |
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 |
Loss before taxes | -61,980 | -109,551 | 175,874 |
Income tax (expense)/benefit | -84 | 4,260 | -312 |
Net (loss)/income | -62,064 | -105,291 | 175,562 |
Less: Net (income)/loss attributable to the noncontrolling interest | 5,861 | -3,772 | -77 |
Net (loss)/income attributable to Navios Holdings' common stockholders | -56,203 | -109,063 | 175,485 |
Other Comprehensive income/(loss) | |||
Unrealized holding loss on investments in-available-for-sale-securities | -959 | -10,614 | -566 |
Reclassification to investments in affiliates | 0 | 0 | -6,158 |
Reclassification to earnings | 11,553 | 0 | 0 |
Total other comprehensive (loss)/income | 10,594 | -10,614 | -6,724 |
Total comprehensive (loss)/income | -51,470 | -115,905 | 168,838 |
Comprehensive (income)/loss attributable to noncontrolling interest | 5,861 | -3,772 | -77 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -45,609 | -119,677 | 168,761 |
Navios Maritime Holdings Inc. Issuer | |||
Condensed Financial Statements Captions [Line Items] | |||
General and administrative expenses | -10,343 | -8,261 | -12,391 |
Depreciation and amortization | -2,811 | -2,811 | -2,818 |
Interest expense and finance cost, net | -73,272 | -76,227 | -70,757 |
Loss on bond and debt extinguishment | -37,136 | ||
Other income/(expense), net | 72 | 10 | -276 |
(Loss)/income before equity in net earnings of affiliated companies | -86,354 | -124,425 | -86,242 |
Income/(loss) from subsidiaries | -17,418 | 6,320 | 228,833 |
Equity in net earnings of affiliated companies | 47,569 | 9,042 | 32,894 |
Loss before taxes | -56,203 | -109,063 | 175,485 |
Net (loss)/income | -56,203 | -109,063 | 175,485 |
Net (loss)/income attributable to Navios Holdings' common stockholders | -56,203 | -109,063 | 175,485 |
Other Comprehensive income/(loss) | |||
Unrealized holding loss on investments in-available-for-sale-securities | -959 | -10,614 | -566 |
Reclassification to investments in affiliates | -6,158 | ||
Reclassification to earnings | 11,553 | ||
Total other comprehensive (loss)/income | 10,594 | -10,614 | -6,724 |
Total comprehensive (loss)/income | -45,609 | -119,677 | 168,761 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -45,609 | -119,677 | 168,761 |
Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Revenue | 300,242 | 275,195 | 364,364 |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 |
Time charter, voyage and logistics business expenses | -157,640 | -159,225 | -162,273 |
Direct vessel expenses | -52,039 | -37,969 | -45,484 |
General and administrative expenses incurred on behalf of affiliates | -14,300 | -7,868 | -5,994 |
General and administrative expenses | -20,483 | -21,756 | -24,003 |
Depreciation and amortization | -76,792 | -71,959 | -77,281 |
Interest expense and finance cost, net | -7,327 | -7,350 | -12,357 |
Loss on derivatives | -260 | -196 | |
Gain on sale of assets | 323 | ||
Other income/(expense), net | -2,357 | 13,578 | 169,138 |
(Loss)/income before equity in net earnings of affiliated companies | -16,396 | -9,746 | 212,231 |
Income/(loss) from subsidiaries | -10,662 | 6,202 | 1,547 |
Equity in net earnings of affiliated companies | 6,555 | 7,245 | 13,002 |
Loss before taxes | -20,503 | 3,701 | 226,780 |
Income tax (expense)/benefit | -360 | -294 | -277 |
Net (loss)/income | -20,863 | 3,407 | 226,503 |
Less: Net (income)/loss attributable to the noncontrolling interest | -182 | -145 | |
Net (loss)/income attributable to Navios Holdings' common stockholders | -21,045 | 3,262 | 226,503 |
Other Comprehensive income/(loss) | |||
Unrealized holding loss on investments in-available-for-sale-securities | -959 | -10,614 | -566 |
Reclassification to earnings | 11,553 | ||
Total other comprehensive (loss)/income | 10,594 | -10,614 | -566 |
Total comprehensive (loss)/income | -10,269 | -7,207 | 225,937 |
Comprehensive (income)/loss attributable to noncontrolling interest | -182 | -145 | |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -10,451 | -7,352 | 225,937 |
Non Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Revenue | 268,774 | 237,084 | 252,130 |
Time charter, voyage and logistics business expenses | -105,664 | -85,187 | -107,006 |
Direct vessel expenses | -78,025 | -76,105 | -72,306 |
General and administrative expenses | -14,764 | -14,617 | -14,937 |
Depreciation and amortization | -25,087 | -23,354 | -28,107 |
Interest expense and finance cost, net | -27,546 | -24,929 | -20,365 |
Loss on bond and debt extinguishment | -27,281 | ||
Gain on sale of assets | 18 | ||
Other income/(expense), net | -7,388 | -7,634 | -7,752 |
(Loss)/income before equity in net earnings of affiliated companies | -16,981 | 5,276 | 1,657 |
Equity in net earnings of affiliated companies | 3,627 | 3,057 | 2,332 |
Loss before taxes | -13,354 | 8,333 | 3,989 |
Income tax (expense)/benefit | 276 | 4,554 | -35 |
Net (loss)/income | -13,078 | 12,887 | 3,954 |
Less: Net (income)/loss attributable to the noncontrolling interest | 6,043 | -3,627 | -77 |
Net (loss)/income attributable to Navios Holdings' common stockholders | -7,035 | 9,260 | 3,877 |
Other Comprehensive income/(loss) | |||
Total comprehensive (loss)/income | -13,078 | 12,887 | 3,954 |
Comprehensive (income)/loss attributable to noncontrolling interest | 6,043 | -3,627 | -77 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | -7,035 | 9,260 | 3,877 |
Eliminations | |||
Condensed Financial Statements Captions [Line Items] | |||
Income/(loss) from subsidiaries | 28,080 | -12,522 | -230,380 |
Loss before taxes | 28,080 | -12,522 | -230,380 |
Net (loss)/income | 28,080 | -12,522 | -230,380 |
Net (loss)/income attributable to Navios Holdings' common stockholders | 28,080 | -12,522 | -230,380 |
Other Comprehensive income/(loss) | |||
Unrealized holding loss on investments in-available-for-sale-securities | 959 | 10,614 | 566 |
Reclassification to earnings | -11,553 | ||
Total other comprehensive (loss)/income | -10,594 | 10,614 | 566 |
Total comprehensive (loss)/income | 17,486 | -1,908 | -229,814 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | 17,486 | -1,908 | -229,814 |
Total | |||
Condensed Financial Statements Captions [Line Items] | |||
Revenue | 569,016 | 512,279 | 616,494 |
Administrative fee revenue from affiliates | 14,300 | 7,868 | 5,994 |
Time charter, voyage and logistics business expenses | -263,304 | -244,412 | -269,279 |
Direct vessel expenses | -130,064 | -114,074 | -117,790 |
General and administrative expenses incurred on behalf of affiliates | -14,300 | -7,868 | -5,994 |
General and administrative expenses | -45,590 | -44,634 | -51,331 |
Depreciation and amortization | -104,690 | -98,124 | -108,206 |
Interest expense and finance cost, net | -108,145 | -108,506 | -103,479 |
Loss on bond and debt extinguishment | -27,281 | -37,136 | |
Loss on derivatives | -260 | -196 | |
Gain on sale of assets | 18 | 323 | |
Other income/(expense), net | -9,673 | 5,954 | 161,110 |
(Loss)/income before equity in net earnings of affiliated companies | -119,731 | -128,895 | 127,646 |
Income/(loss) from subsidiaries | 0 | 0 | 0 |
Equity in net earnings of affiliated companies | 57,751 | 19,344 | 48,228 |
Loss before taxes | -61,980 | -109,551 | 175,874 |
Income tax (expense)/benefit | -84 | 4,260 | -312 |
Net (loss)/income | -62,064 | -105,291 | 175,562 |
Less: Net (income)/loss attributable to the noncontrolling interest | 5,861 | -3,772 | -77 |
Net (loss)/income attributable to Navios Holdings' common stockholders | -56,203 | -109,063 | 175,485 |
Other Comprehensive income/(loss) | |||
Unrealized holding loss on investments in-available-for-sale-securities | -959 | -10,614 | -566 |
Reclassification to investments in affiliates | -6,158 | ||
Reclassification to earnings | 11,553 | ||
Total other comprehensive (loss)/income | 10,594 | -10,614 | -6,724 |
Total comprehensive (loss)/income | -51,470 | -115,905 | 168,838 |
Comprehensive (income)/loss attributable to noncontrolling interest | 5,861 | -3,772 | -77 |
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders | ($45,609) | ($119,677) | $168,761 |
Other_Financial_Information_Ba
Other Financial Information - Balance Sheet (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | $247,556 | $187,831 | $257,868 | $171,096 |
Restricted cash | 2,564 | 2,041 | 24,704 | |
Accounts receivable, net | 85,581 | 86,219 | ||
Due from affiliate companies | 27,196 | 8,328 | ||
Total current assets | 417,131 | 339,986 | ||
Deposits for vessels, port terminals and other fixed assets | 45,365 | 31,426 | ||
Vessels, port terminals and other fixed assets, net | 1,911,143 | 1,777,457 | ||
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Investments in affiliates | 344,453 | 335,303 | 197,291 | |
Long-term receivable from affiliate companies | 9,625 | 5,144 | ||
Loan receivable from affiliate companies | 7,791 | 2,660 | ||
Total non-current assets | 2,742,258 | 2,579,627 | ||
Total assets | 3,159,389 | 2,919,613 | 2,941,462 | |
Current liabilities | ||||
Accounts payable | 53,837 | 51,692 | ||
Accrued expenses and other liabilities | 107,320 | 64,199 | ||
Deferred income and cash received in advance | 12,445 | 13,215 | ||
Current portion of capital lease obligations | 1,449 | 1,400 | ||
Current portion of long-term debt | 24,186 | 19,261 | ||
Total current liabilities | 199,237 | 149,767 | ||
Capital lease obligations, net of current portion | 20,911 | 22,359 | ||
Unfavorable lease terms | 22,141 | 27,074 | ||
Other long-term liabilities and deferred income | 17,459 | 25,221 | ||
Deferred tax liability | 12,735 | 13,869 | ||
Total non-current liabilities | 1,693,642 | 1,580,511 | ||
Total liabilities | 1,892,879 | 1,730,278 | ||
Noncontrolling interest | 113,547 | 123,640 | ||
Total Navios Holdings stockholders' equity | 1,152,963 | 1,065,695 | ||
Total liabilities and stockholders' equity | 3,159,389 | 2,919,613 | ||
Navios Maritime Holdings Inc. Issuer | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 98,539 | 33,769 | 79,213 | 74,160 |
Intercompany receivables | 23,567 | |||
Due from affiliate companies | 4,638 | 4,861 | ||
Prepaid expenses and other current assets | 2 | |||
Total current assets | 126,746 | 38,630 | ||
Investments in subsidiaries | 1,622,239 | 1,632,901 | ||
Investments in affiliates | 331,130 | 318,399 | ||
Other long-term assets | 16,976 | 19,079 | ||
Goodwill and other intangibles | 89,562 | 92,372 | ||
Total non-current assets | 2,059,907 | 2,062,751 | ||
Total assets | 2,186,653 | 2,101,381 | ||
Current liabilities | ||||
Accounts payable | 591 | 267 | ||
Accrued expenses and other liabilities | 33,099 | 16,307 | ||
Intercompany payables | 19,112 | |||
Total current liabilities | 33,690 | 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 | 1,033,690 | 1,035,686 | ||
Total Navios Holdings stockholders' equity | 1,152,963 | 1,065,695 | ||
Total liabilities and stockholders' equity | 2,186,653 | 2,101,381 | ||
Guarantor Subsidiaries | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 77,085 | 67,492 | 133,116 | 56,406 |
Restricted cash | 2,564 | 2,041 | ||
Accounts receivable, net | 56,265 | 64,716 | ||
Intercompany receivables | 48,395 | |||
Due from affiliate companies | 22,558 | 3,467 | ||
Prepaid expenses and other current assets | 31,179 | 37,874 | ||
Total current assets | 189,651 | 223,985 | ||
Deposits for vessels, port terminals and other fixed assets | 22,140 | 28 | ||
Vessels, port terminals and other fixed assets, net | 1,467,518 | 1,412,976 | ||
Investments in subsidiaries | 271,532 | 282,197 | ||
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Investments in affiliates | 548 | 5,122 | ||
Long-term receivable from affiliate companies | 9,625 | 5,144 | ||
Loan receivable from affiliate companies | 7,791 | 2,660 | ||
Other long-term assets | 21,636 | 20,296 | ||
Goodwill and other intangibles | 85,273 | 97,813 | ||
Total non-current assets | 1,892,764 | 1,833,896 | ||
Total assets | 2,082,415 | 2,057,881 | ||
Current liabilities | ||||
Accounts payable | 18,399 | 27,765 | ||
Accrued expenses and other liabilities | 49,363 | 29,582 | ||
Deferred income and cash received in advance | 6,263 | 12,331 | ||
Intercompany payables | 93,226 | 97,546 | ||
Current portion of long-term debt | 24,117 | 19,192 | ||
Total current liabilities | 191,368 | 186,416 | ||
Long-term debt, net of current portion | 245,006 | 198,373 | ||
Unfavorable lease terms | 22,141 | 27,074 | ||
Other long-term liabilities and deferred income | 14,574 | 18,352 | ||
Total non-current liabilities | 281,721 | 243,799 | ||
Total liabilities | 473,089 | 430,215 | ||
Noncontrolling interest | 4,050 | |||
Total Navios Holdings stockholders' equity | 1,609,326 | 1,623,616 | ||
Total liabilities and stockholders' equity | 2,082,415 | 2,057,881 | ||
Non Guarantor Subsidiaries | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 71,932 | 86,570 | 45,539 | 40,530 |
Accounts receivable, net | 29,316 | 21,503 | ||
Intercompany receivables | 71,442 | 71,305 | ||
Prepaid expenses and other current assets | 23,053 | 17,693 | ||
Total current assets | 195,743 | 197,071 | ||
Deposits for vessels, port terminals and other fixed assets | 23,225 | 31,398 | ||
Vessels, port terminals and other fixed assets, net | 443,625 | 364,481 | ||
Investments in affiliates | 12,775 | 11,782 | ||
Other long-term assets | 28,740 | 28,602 | ||
Goodwill and other intangibles | 174,993 | 161,815 | ||
Total non-current assets | 683,358 | 598,078 | ||
Total assets | 879,101 | 795,149 | ||
Current liabilities | ||||
Accounts payable | 34,847 | 23,660 | ||
Accrued expenses and other liabilities | 24,858 | 18,310 | ||
Deferred income and cash received in advance | 6,182 | 884 | ||
Intercompany payables | 1,783 | 3,042 | ||
Current portion of capital lease obligations | 1,449 | 1,400 | ||
Current portion of long-term debt | 69 | 69 | ||
Total current liabilities | 69,188 | 47,365 | ||
Long-term debt, net of current portion | 375,390 | 293,615 | ||
Capital lease obligations, net of current portion | 20,911 | 22,359 | ||
Other long-term liabilities and deferred income | 2,885 | 6,869 | ||
Deferred tax liability | 12,735 | 13,869 | ||
Total non-current liabilities | 411,921 | 336,712 | ||
Total liabilities | 481,109 | 384,077 | ||
Noncontrolling interest | 113,547 | 119,590 | ||
Total Navios Holdings stockholders' equity | 284,445 | 291,842 | ||
Total liabilities and stockholders' equity | 879,101 | 795,149 | ||
Eliminations | ||||
Current assets [Abstract] | ||||
Intercompany receivables | -95,009 | -119,700 | ||
Total current assets | -95,009 | -119,700 | ||
Investments in subsidiaries | -1,893,771 | -1,915,098 | ||
Total non-current assets | -1,893,771 | -1,915,098 | ||
Total assets | -1,988,780 | -2,034,798 | ||
Current liabilities | ||||
Intercompany payables | -95,009 | -119,700 | ||
Total current liabilities | -95,009 | -119,700 | ||
Total liabilities | -95,009 | -119,700 | ||
Total Navios Holdings stockholders' equity | -1,893,771 | -1,915,098 | ||
Total liabilities and stockholders' equity | -1,988,780 | -2,034,798 | ||
Total | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 247,556 | 187,831 | 257,868 | 171,096 |
Restricted cash | 2,564 | 2,041 | ||
Accounts receivable, net | 85,581 | 86,219 | ||
Intercompany receivables | 0 | |||
Due from affiliate companies | 27,196 | 8,328 | ||
Prepaid expenses and other current assets | 54,234 | 55,567 | ||
Total current assets | 417,131 | 339,986 | ||
Deposits for vessels, port terminals and other fixed assets | 45,365 | 31,426 | ||
Vessels, port terminals and other fixed assets, net | 1,911,143 | 1,777,457 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in available-for-sale securities | 6,701 | 7,660 | ||
Investments in affiliates | 344,453 | 335,303 | ||
Long-term receivable from affiliate companies | 9,625 | 5,144 | ||
Loan receivable from affiliate companies | 7,791 | 2,660 | ||
Other long-term assets | 67,352 | 67,977 | ||
Goodwill and other intangibles | 349,828 | 352,000 | ||
Total non-current assets | 2,742,258 | 2,579,627 | ||
Total assets | 3,159,389 | 2,919,613 | ||
Current liabilities | ||||
Accounts payable | 53,837 | 51,692 | ||
Accrued expenses and other liabilities | 107,320 | 64,199 | ||
Deferred income and cash received in advance | 12,445 | 13,215 | ||
Intercompany payables | 0 | 0 | ||
Current portion of capital lease obligations | 1,449 | 1,400 | ||
Current portion of long-term debt | 24,186 | 19,261 | ||
Total current liabilities | 199,237 | 149,767 | ||
Long-term debt, net of current portion | 1,620,396 | 1,491,988 | ||
Capital lease obligations, net of current portion | 20,911 | 22,359 | ||
Unfavorable lease terms | 22,141 | 27,074 | ||
Other long-term liabilities and deferred income | 17,459 | 25,221 | ||
Deferred tax liability | 12,735 | 13,869 | ||
Total non-current liabilities | 1,693,642 | 1,580,511 | ||
Total liabilities | 1,892,879 | 1,730,278 | ||
Noncontrolling interest | 113,547 | 123,640 | ||
Total Navios Holdings stockholders' equity | 1,152,963 | 1,065,695 | ||
Total liabilities and stockholders' equity | $3,159,389 | $2,919,613 |
Other_Financial_Information_Ca
Other Financial Information - Cash Flow Statement (Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | $56,323 | $59,749 | $228,644 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | -2,233 | -167,919 | -1,472 |
Loan to affiliate company | -4,465 | -2,660 | 0 |
(Increase)/decrease in long-term receivable from affiliate companies | -5,087 | 14,908 | -11,120 |
Dividends from affiliate companies | 14,595 | 10,126 | 5,202 |
Deposits for vessels, port terminals and other fixed assets | -45,337 | -31,398 | -8,534 |
Acquisition of intangible assets | -10,200 | -2,092 | 0 |
Acquisition of vessels | -123,541 | -85,699 | -38,357 |
Purchase of property, equipment and other fixed assets | -68,620 | -28,837 | -10,799 |
Cash acquired through asset acquisition | 0 | 0 | 33 |
Proceeds from sale of assets | 0 | 0 | 67,500 |
Loan repayment from affiliate company | 0 | 35,000 | 10,000 |
Net cash provided by/(used in) investing activities | -244,888 | -258,571 | 12,453 |
Cash flows from financing activities | |||
Issuance of common stock | 643 | 551 | 93 |
Net proceeds from issuance of preferred stock | 163,602 | 0 | 0 |
Proceeds from issuance of senior notes, net of debt issuance costs | 365,668 | 725,486 | 84,965 |
Repayment of long-term debt and payment of principal | -20,761 | -157,228 | -236,178 |
Repayment of senior notes | -290,000 | -488,000 | 0 |
Contribution from noncontrolling shareholders | 3,484 | 3,905 | 0 |
Dividends paid | -32,730 | -26,405 | -32,435 |
(Increase)/decrease in restricted cash | -355 | 22,234 | -19,623 |
Acquisition of noncontrolling interest | -10,889 | -750 | 0 |
Net cash provided by financing activities | 248,290 | 128,785 | -154,325 |
Increase/(decrease) in cash and cash equivalents | 59,725 | -70,037 | 86,772 |
Cash and cash equivalents, beginning of year | 187,831 | 257,868 | 171,096 |
Cash and cash equivalents, end of year | 247,556 | 187,831 | 257,868 |
Navios Maritime Holdings Inc. Issuer | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | -9,357 | -58,695 | 23,001 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | -160,001 | ||
(Increase)/decrease in long-term receivable from affiliate companies | -4,065 | -5,000 | |
Dividends from affiliate companies | 14,595 | 10,126 | 5,202 |
Purchase of property, equipment and other fixed assets | -15 | ||
Loan repayment from affiliate company | 35,000 | 10,000 | |
Net cash provided by/(used in) investing activities | 14,580 | -118,940 | 10,202 |
Cash flows from financing activities | |||
Transfer from/(to) other group subsidiaries | -71,968 | 42,562 | -45,687 |
Issuance of common stock | 643 | 551 | 93 |
Net proceeds from issuance of preferred stock | 163,602 | ||
Proceeds from issuance of senior notes, net of debt issuance costs | 635,291 | 84,965 | |
Repayment of long-term debt and payment of principal | -46,086 | -23,405 | |
Repayment of senior notes | -488,000 | ||
Dividends paid | -32,730 | -26,405 | -32,435 |
(Increase)/decrease in restricted cash | 14,278 | -11,681 | |
Net cash provided by financing activities | 59,547 | 132,191 | -28,150 |
Increase/(decrease) in cash and cash equivalents | 64,770 | -45,444 | 5,053 |
Cash and cash equivalents, beginning of year | 33,769 | 79,213 | 74,160 |
Cash and cash equivalents, end of year | 98,539 | 33,769 | 79,213 |
Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 52,664 | 105,317 | 177,162 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | -4,750 | ||
Loan to affiliate company | -4,465 | -2,660 | |
(Increase)/decrease in long-term receivable from affiliate companies | -5,087 | 18,973 | -6,120 |
Deposits for vessels, port terminals and other fixed assets | -22,112 | ||
Acquisition of vessels | -123,541 | -85,699 | -38,357 |
Purchase of property, equipment and other fixed assets | -172 | -839 | -1,667 |
Proceeds from sale of assets | 67,500 | ||
Net cash provided by/(used in) investing activities | -155,377 | -74,975 | 21,356 |
Cash flows from financing activities | |||
Transfer from/(to) other group subsidiaries | 69,731 | -47,099 | 17,465 |
Proceeds from long-term loans, net of debt issuance costs | 71,027 | 50,345 | 50,372 |
Repayment of long-term debt and payment of principal | -20,692 | -111,073 | -181,703 |
Contribution from noncontrolling shareholders | 3,484 | 3,905 | |
(Increase)/decrease in restricted cash | -355 | 7,956 | -7,942 |
Acquisition of noncontrolling interest | -10,889 | ||
Net cash provided by financing activities | 112,306 | -95,966 | -121,808 |
Increase/(decrease) in cash and cash equivalents | 9,593 | -65,624 | 76,710 |
Cash and cash equivalents, beginning of year | 67,492 | 133,116 | 56,406 |
Cash and cash equivalents, end of year | 77,085 | 67,492 | 133,116 |
Non Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 13,016 | 13,127 | 28,481 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | -2,233 | -3,168 | -1,472 |
Deposits for vessels, port terminals and other fixed assets | -23,225 | -31,398 | -8,534 |
Acquisition of intangible assets | -10,200 | -2,092 | |
Purchase of property, equipment and other fixed assets | -68,433 | -27,998 | -9,132 |
Cash acquired through asset acquisition | 33 | ||
Net cash provided by/(used in) investing activities | -104,091 | -64,656 | -19,105 |
Cash flows from financing activities | |||
Transfer from/(to) other group subsidiaries | 2,237 | 4,537 | 28,222 |
Proceeds from issuance of senior notes, net of debt issuance costs | 365,668 | 90,195 | |
Repayment of long-term debt and payment of principal | -69 | -69 | -31,070 |
Repayment of senior notes | -290,000 | ||
Acquisition of noncontrolling interest | -750 | ||
Payments of obligations under capital leases | -1,399 | -1,353 | -1,519 |
Net cash provided by financing activities | 76,437 | 92,560 | -4,367 |
Increase/(decrease) in cash and cash equivalents | -14,638 | 41,031 | 5,009 |
Cash and cash equivalents, beginning of year | 86,570 | 45,539 | 40,530 |
Cash and cash equivalents, end of year | 71,932 | 86,570 | 45,539 |
Total | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 56,323 | 59,749 | 228,644 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | -2,233 | -167,919 | -1,472 |
Loan to affiliate company | -4,465 | -2,660 | |
(Increase)/decrease in long-term receivable from affiliate companies | -5,087 | 14,908 | -11,120 |
Dividends from affiliate companies | 14,595 | 10,126 | 5,202 |
Deposits for vessels, port terminals and other fixed assets | -45,337 | -31,398 | -8,534 |
Acquisition of intangible assets | -10,200 | -2,092 | |
Acquisition of vessels | -123,541 | -85,699 | -38,357 |
Purchase of property, equipment and other fixed assets | -68,620 | -28,837 | -10,799 |
Cash acquired through asset acquisition | 33 | ||
Proceeds from sale of assets | 67,500 | ||
Loan repayment from affiliate company | 35,000 | 10,000 | |
Net cash provided by/(used in) investing activities | -244,888 | -258,571 | 12,453 |
Cash flows from financing activities | |||
Transfer from/(to) other group subsidiaries | 0 | 0 | 0 |
Issuance of common stock | 643 | 551 | 93 |
Net proceeds from issuance of preferred stock | 163,602 | ||
Proceeds from long-term loans, net of debt issuance costs | 71,027 | 50,345 | 50,372 |
Proceeds from issuance of senior notes, net of debt issuance costs | 365,668 | 725,486 | 84,965 |
Repayment of long-term debt and payment of principal | -20,761 | -157,228 | -236,178 |
Repayment of senior notes | -290,000 | -488,000 | |
Contribution from noncontrolling shareholders | 3,484 | 3,905 | |
Dividends paid | -32,730 | -26,405 | -32,435 |
(Increase)/decrease in restricted cash | -355 | 22,234 | -19,623 |
Acquisition of noncontrolling interest | -10,889 | -750 | |
Payments of obligations under capital leases | -1,399 | -1,353 | -1,519 |
Net cash provided by financing activities | 248,290 | 128,785 | -154,325 |
Increase/(decrease) in cash and cash equivalents | 59,725 | -70,037 | 86,772 |
Cash and cash equivalents, beginning of year | 187,831 | 257,868 | 171,096 |
Cash and cash equivalents, end of year | $247,556 | $187,831 | $257,868 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 2 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Feb. 16, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 06, 2015 | Jan. 15, 2015 | Feb. 11, 2015 | Feb. 13, 2015 | Mar. 27, 2015 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||||||||||
Dividends from affiliate companies | $14,595 | $10,126 | $5,202 | |||||||
Dividends Paid | 7,502 | 1,695 | 1,705 | |||||||
Common Stock Dividends Per Share Declared | $0.06 | |||||||||
Dividend payment date | 27-Mar-15 | |||||||||
Dividend record date | 20-Mar-15 | |||||||||
Navios Acquisition | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends from affiliate companies | 3,649 | |||||||||
Navios Holdings Series G Preferred Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Paid | 1,094 | |||||||||
Navios Holdings Series H Preferred Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Paid | 2,588 | |||||||||
Navios Partners | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends from affiliate companies | 8,124 | |||||||||
Common units sold | 4,600,000 | |||||||||
Price per unit | $13.09 | |||||||||
Ownership percentage of Navios Holdings | 20.10% | |||||||||
General partner interest of Navios Holdings | 2.00% | |||||||||
Navios Partners Private Placement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds From Issuance Of Common Limited Partners Units | 14,967 | |||||||||
Common units sold | 1,120,547 | |||||||||
General Partners Capital Account Units Offered | 22,868 | |||||||||
Price per unit | $13.09 | |||||||||
Navios Partners gross proceeds | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds From Issuance Of Common Limited Partners Units | 60,214 | |||||||||
American Depositary Shares-Series G | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividend payment date | 15-Apr-15 | |||||||||
Dividend record date | 8-Apr-15 | |||||||||
Preferred Stock Dividends Per Share Declared | $0.55 | |||||||||
American Depositary Shares -Series H | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividend payment date | 15-Apr-15 | |||||||||
Dividend record date | 8-Apr-15 | |||||||||
Preferred Stock Dividends Per Share Declared | $0.54 | |||||||||
Navios Holdings - 2015 principal payment | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Payment of secured credit facility | 24,135 | |||||||||
Navios Holdings - 2016 principal payment | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Payment of secured credit facility | $6,870 |