Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Entity Information | |
Entity Registrant Name | Navios Maritime Holdings Inc. |
Trading Symbol | NM |
Entity Central Index Key | 1,333,172 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock Shares Outstanding | 117,131,407 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 135,992 | $ 163,412 |
Restricted cash | 5,386 | 13,480 |
Accounts receivable, net | 65,829 | 64,813 |
Due from affiliate companies | 8,548 | 12,669 |
Inventories | 28,489 | 24,443 |
Prepaid expenses and other current assets | 28,896 | 24,142 |
Total current assets | 273,140 | 302,959 |
Deposits for vessels, port terminals and other fixed assets | 136,891 | 73,949 |
Vessels, port terminals and other fixed assets, net | 1,821,101 | 1,823,961 |
Deferred dry dock and special survey costs, net | 37,781 | 40,216 |
Loan receivable from affiliate companies | 23,008 | 16,474 |
Long-term receivable from affiliate companies | 11,105 | 0 |
Investments in affiliates | 160,071 | 381,746 |
Investments in available-for-sale securities | 0 | 5,173 |
Other long-term assets | 2,647 | 3,542 |
Intangible assets other than goodwill | 126,815 | 150,457 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 2,479,755 | 2,655,854 |
Total assets | 2,752,895 | 2,958,813 |
Current liabilities | ||
Accounts payable | 85,538 | 72,605 |
Accrued expenses and other liabilities | 91,749 | 103,095 |
Deferred income and cash received in advance | 9,183 | 13,492 |
Due to affiliate companies | 32,847 | 17,791 |
Current portion of capital lease obligations | 2,639 | 2,929 |
Current portion of long-term debt, net | 29,827 | 16,944 |
Total current liabilities | 251,783 | 226,856 |
Senior and ship mortgage notes, net | 1,296,537 | 1,350,941 |
Long-term debt, net of current portion | 274,855 | 213,423 |
Capital lease obligations, net of current portion | 14,978 | 17,720 |
Unfavorable lease terms | 0 | 7,526 |
Other long-term liabilities and deferred income | 43,388 | 20,878 |
Loan payable to affiliate company | 49,876 | 0 |
Long-term payable to affiliate companies | 6,399 | 0 |
Deferred tax liability | 11,526 | 10,917 |
Total non-current liabilities | 1,697,559 | 1,621,405 |
Total liabilities | 1,949,342 | 1,848,261 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred Stock - 0.0001 par value, authorized 1,000,000 shares, 49,504 and 73,935 issued and outstanding as of December 31, 2016 and 2015, respectively. | 0 | 0 |
Common stock - 0.0001 par value, authorized 250,000,000 shares, 117,131,407 and 110,468,753 issued and outstanding, as of December 31, 2016 and 2015, respectively. | 12 | 11 |
Additional paid-in capital | 678,531 | 726,791 |
Accumulated other comprehensive loss | (445) | |
(Accumulated deficit)/ Retained earnings | (256) | 262,603 |
Total Navios Holdings stockholders' equity | 678,287 | 988,960 |
Noncontrolling interest | 125,266 | 121,592 |
Total stockholders' equity | 803,553 | 1,110,552 |
Total liabilities and stockholders' equity | $ 2,752,895 | $ 2,958,813 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 49,504 | 73,935 |
Preferred stock shares outstanding | 49,504 | 73,935 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 117,131,407 | 110,468,753 |
Common stock shares outstanding | 117,131,407 | 110,468,753 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME [Abstract] | |||
Revenue | $ 419,782 | $ 480,820 | $ 569,016 |
Administrative fee revenue from affiliates | 21,799 | 16,177 | 14,300 |
Time charter, voyage and logistics business expenses | (175,072) | (247,882) | (263,304) |
Direct vessel expenses | (127,396) | (128,168) | (130,064) |
General and administrative expenses incurred on behalf of affiliates | (21,799) | (16,177) | (14,300) |
General and administrative expenses | (25,295) | (34,183) | (45,590) |
Depreciation and amortization | (113,825) | (120,310) | (104,690) |
Provision for losses on accounts receivable | (1,304) | (59) | (792) |
Interest income | 4,947 | 2,370 | 5,515 |
Interest expense and finance cost | (113,639) | (113,151) | (113,660) |
Gain/ (loss) on bond and debt extinguishment | 29,187 | 0 | (27,281) |
Other income | 18,175 | 4,840 | 15,639 |
Other expense | (11,665) | (34,982) | (24,520) |
Loss before equity in net earnings of affiliated companies | (96,105) | (190,705) | (119,731) |
Equity/ (loss) in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 |
Loss income before taxes | (298,884) | (129,221) | (61,980) |
Income tax (expense)/ benefit | (1,265) | 3,154 | (84) |
Net loss | (300,149) | (126,067) | (62,064) |
Less: Net (income)/loss attributable to the noncontrolling interest | (3,674) | (8,045) | 5,861 |
Net loss attributable to Navios Holdings common stockholders | (303,823) | (134,112) | (56,203) |
Loss attributable to Navios Holdings common stockholders, basic | (273,105) | (150,314) | (66,976) |
Loss attributable to Navios Holdings common stockholders, diluted | $ (273,105) | $ (150,314) | $ (66,976) |
Basic net loss per share attributable to Navios Holdings common stockholders | $ (2.54) | $ (1.42) | $ (0.65) |
Weighted average number of shares, basic | 107,366,783 | 105,896,235 | 103,476,614 |
Diluted net loss per share attributable to Navios Holdings common stockholders | $ (2.54) | $ (1.42) | $ (0.65) |
Weighted average number of shares, diluted | 107,366,783 | 105,896,235 | 103,476,614 |
Other comprehensive income/(loss) | |||
Unrealized holding gain/ (loss) on investments in-available-for-sale securities | $ 100 | $ (1,649) | $ (959) |
Reclassification to earnings | 345 | 1,782 | 11,553 |
Total other comprehensive income | 445 | 133 | 10,594 |
Total comprehensive loss | (299,704) | (125,934) | (51,470) |
Comprehensive (income)/ loss attributable to noncontrolling interest | (3,674) | (8,045) | 5,861 |
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (303,378) | $ (133,979) | $ (45,609) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net loss | $ (300,149) | $ (126,067) | $ (62,064) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 113,825 | 120,310 | 104,690 |
Amortization and write-off of deferred financing costs | 5,653 | 4,524 | 4,061 |
Amortization of deferred drydock and special survey costs | 13,768 | 13,340 | 12,263 |
Provision for losses on accounts receivable | 1,304 | 59 | 792 |
Share based compensation | 3,446 | 5,591 | 7,719 |
(Gain)/ loss on bond and debt extinguishment | (29,187) | 0 | 4,786 |
Income tax expense/ (benefit) | 1,265 | (3,154) | 84 |
Realized holding loss on investments in-available-for-sale-securities | 345 | 1,782 | 11,553 |
(Equity)/ loss in affiliates, net of dividends received | 219,417 | (30,398) | (22,179) |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in restricted cash | (2,906) | 198 | (168) |
Decrease/ (increase) in accounts receivable | (2,350) | 20,588 | (107) |
(Increase)/ decrease in inventories | (4,046) | 8,079 | (5,933) |
(Increase)/ decrease in prepaid expenses and other assets | (4,313) | 375 | 6,446 |
(Increase)/ decrease in due from affiliate companies | (6,984) | 13,802 | (18,263) |
Increase in accounts payable | 7,209 | 17,606 | 1,738 |
(Decrease)/ increase in accrued expenses and other liabilities | (9,159) | 3,104 | 31,154 |
Increase in due to affiliate companies | 22,694 | 14,142 | 0 |
(Decrease)/ increase in deferred income and cash received in advance | (4,309) | 1,046 | (770) |
Increase/(decrease) in other long-term liabilities and deferred income | 22,493 | 3,391 | (8,509) |
Payments for drydock and special survey costs | (11,096) | (24,840) | (10,970) |
Net cash provided by operating activities | 36,920 | 43,478 | 56,323 |
INVESTING ACTIVITIES: | |||
Acquisition of intangible assets | 0 | 0 | (10,200) |
Loan to affiliate company | (4,275) | (7,327) | (4,465) |
Decrease/(increase) in long-term receivable from affiliate companies | 0 | 10,351 | (5,087) |
Dividends from affiliate companies | 0 | 18,244 | 14,595 |
Deposits for vessels, port terminals and other fixed assets | (86,911) | (26,713) | (45,337) |
Acquisition of investments in affiliates | 0 | (22,846) | (2,233) |
Acquisition of vessels | (60,115) | 0 | (123,541) |
Purchase of property, equipment and other fixed assets | (4,567) | (8,208) | (68,620) |
Disposal of available-for-sale securities | 5,303 | 0 | 0 |
Net cash used in investing activities | (150,565) | (36,499) | (244,888) |
FINANCING ACTIVITIES: | |||
Repurchase of preferred stock | (9,323) | 0 | 0 |
Repurchase of senior notes | (30,671) | 0 | 0 |
Proceeds from loan payable to affiliate company | 50,000 | 0 | 0 |
Proceeds from long-term loans | 116,331 | 0 | 72,250 |
Proceeds from issuance of senior and ship mortgage notes including premium, net of debt issuance costs | 0 | 0 | 365,668 |
Repayment of long-term debt and payment of principal | (40,737) | (36,056) | (20,761) |
Repayment of senior and ship mortgage notes | 0 | 0 | (290,000) |
Payments of obligations under capital leases | (3,032) | (1,501) | (1,399) |
Debt issuance costs | (2,844) | (50) | (1,223) |
Net proceeds from issuance of preferred stock | 0 | 0 | 163,602 |
Decrease / (increase) in restricted cash | 11,000 | (11,114) | (355) |
Payment for acquisition of intangible asset | 0 | (6,800) | 0 |
Acquisition of treasury stock | (818) | (252) | 0 |
Acquisition of noncontrolling interest | 0 | 0 | (10,889) |
Contribution from noncontrolling shareholders | 0 | 0 | 3,484 |
Issuance of common stock | 0 | 0 | 643 |
Dividends paid | (3,681) | (35,350) | (32,730) |
Net cash provided by/ (used in) financing activities | 86,225 | (91,123) | 248,290 |
(Decrease)/increase in cash and cash equivalents | (27,420) | (84,144) | 59,725 |
Cash and cash equivalents, beginning of year | 163,412 | 247,556 | 187,831 |
Cash and cash equivalents, end of year | 135,992 | 163,412 | 247,556 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of capitalized interest | 108,380 | 108,461 | 92,776 |
Cash paid for income taxes | 92 | 139 | 694 |
Non-cash investing and financing activities | |||
Purchase of property, equipment and other fixed assets | (472) | (710) | (624) |
Acquisition of intangible assets | 0 | 0 | (6,800) |
Deposits for vessels, port terminals and other fixed assets | (5,726) | (1,871) | 0 |
Debt issuance costs | 0 | 0 | (225) |
Revaluation of vessels due to restructuring of capital lease obligations | 0 | 210 | 0 |
Decrease in capital lease obligations due to restructuring | 0 | (210) | 0 |
Dividends payable | 0 | 3,081 | 3,081 |
Accrued interest on loan receivable from affiliate company | 2,259 | 1,356 | 645 |
Accrued interest on loan payable to affiliate company | $ (1,240) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Income/(Loss) | Total Navios Holdings' Stockholders' Equity | Noncontrolling Interest |
Balance, shares at Dec. 31, 2013 | 8,479 | 104,261,029 | ||||||
Balance, value at Dec. 31, 2013 | $ 1,189,335 | $ 0 | $ 10 | $ 552,778 | $ 524,079 | $ (11,172) | $ 1,065,695 | $ 123,640 |
Net loss | (62,064) | (56,203) | (56,203) | (5,861) | ||||
Total other comprehensive 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) | |||||||
Conversion of preferred stock to common stock (Note 16), shares | 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, shares at Dec. 31, 2014 | 75,069 | 105,831,718 | ||||||
Balance, value at Dec. 31, 2014 | 1,266,510 | $ 0 | $ 11 | 721,465 | 432,065 | (578) | 1,152,963 | 113,547 |
Net loss | (126,067) | (134,112) | (134,112) | 8,045 | ||||
Total other comprehensive income | 133 | 133 | 133 | |||||
Conversion of preferred stock to common stock (Note 16), shares | (1,134) | |||||||
Conversion of preferred stock to common stock (Note 16), shares | 1,134,000 | |||||||
Stock-based compensation expenses, value (Note 16) | 5,578 | 5,578 | 5,578 | |||||
Stock-based compensation expenses, shares (Note 16) | 3,711,678 | |||||||
Cancellation of shares (Note 16) | (9,319) | |||||||
Acquisition of treasury stock, value (Note 16) | (252) | (252) | (252) | |||||
Acquisition of treasury stock, shares (Note 16) | (199,324) | |||||||
Dividends declared/paid | (35,350) | (35,350) | (35,350) | |||||
Balance, shares at Dec. 31, 2015 | 73,935 | 110,468,753 | ||||||
Balance, value at Dec. 31, 2015 | 1,110,552 | $ 0 | $ 11 | 726,791 | 262,603 | (445) | 988,960 | 121,592 |
Net loss | (300,149) | (303,823) | (303,823) | 3,674 | ||||
Total other comprehensive income | 445 | 445 | 445 | |||||
Tender Offer - Redemption of preferred stock (Note 16), shares | (24,431) | |||||||
Tender Offer - Redemption of preferred stock (Note 16), shares | 7,589,176 | |||||||
Tender Offer - Redemption of preferred stock (Note 16), value | (9,323) | $ 1 | (50,888) | 41,564 | (9,323) | |||
Stock-based compensation expenses, value (Note 16) | 3,446 | 3,446 | 3,446 | |||||
Stock-based compensation expenses, shares (Note 16) | 24,970 | |||||||
Cancellation of shares (Note 16) | (2,908) | |||||||
Acquisition of treasury stock, value (Note 16) | (818) | (818) | (818) | |||||
Acquisition of treasury stock, shares (Note 16) | (948,584) | |||||||
Dividends declared/paid | (600) | (600) | (600) | |||||
Balance, shares at Dec. 31, 2016 | 49,504 | 117,131,407 | ||||||
Balance, value at Dec. 31, 2016 | $ 803,553 | $ 0 | $ 12 | $ 678,531 | $ (256) | $ 0 | $ 678,287 | $ 125,266 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
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 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, 2016, 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, 2016, Navios Holdings' ownership of the outstanding voting stock of Navios Acquisition was 43.4% and its economic interest was 46.1%. 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, 2016, Navios Holdings owned no direct equity interest in Navios Midstream. Navios Europe I On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (Navios Europe I) and had economic interest of 47.5%, 47.5% and 5.0%, respectively. Navios Europe I is engaged in the marine transportation industry through the ownership of five tanker and five container vessels. Effective November 2014, Navios Holdings, Navios Acquisition and Navios Partners have voting interest of 50%, 50% and 0%, respectively. Navios Europe II On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II) Inc. (Navios Europe II) and had economic interests of 47.5%, 47.5% and 5.0%, respectively and voting interests of 50%, 50% and 0%, respectively. Navios Europe II is engaged in the marine transportation industry through the ownership of seven dry bulkers and seven container vessels. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation: (b) Principles of consolidation: 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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. Subsidiaries: Investments in Affiliates: 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, 2016 was 20.0%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2016 was 46.1%); (iii) Acropolis Chartering and Shipping Inc. (Acropolis) (economic interest as of December 31, 2016 was 35.0%), (iv) Navios Europe I and its subsidiaries (economic interest as of December 31, 2016 was 47.5%); and (v) Navios Europe II and its subsidiaries (economic interest as of December 31, 2016 was 47.5%). Subsidiaries Included in the Consolidation: Statement of Operations Company Name Nature Ownership Interest Country of Incorporation 2016 2015 2014 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. Operating Company/ Vessel Owning Company/ Management Company 100 % Belgium 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Bulkinvest S.A. Operating Company 100 % Luxembourg 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Tankers Management Inc. Management Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Astra Maritime Corporation 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 Meridian Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100 % Marshall Is 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. 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 Red Rose Shipping Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Statement of Operations Company Name Nature Ownership Interest Country of Incorporation 2016 2015 2014 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 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Iris Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Emery Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/4 - 12/31 Lavender Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/24 - 12/31 Esmeralda Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/12 - 12/31 Triangle Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/12 - 12/31 Roselite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 10/9 - 12/31 Smaltite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 10/9 - 12/31 Motiva Trading Ltd Operating Company 100 % Marshall Is. 11/2 - 12/31 (c) Use of Estimates: (d) Cash and Cash Equivalents: (e) Restricted Cash: (f) Insurance Claims: (g) Inventories: (h) Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: 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. Management estimates the residual values of the Company's vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels. 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: (j) Assets Held for Sale: (k) Impairment of Long Lived Assets: 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 2016, 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, if applicable. 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 a combination of one-year average historical time charter rates and 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 actuals, assuming an annual increase of 0.8% after 2017 and a utilization rate of 99.2% based on the fleet's historical performance. The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels and the related intangible assets existed as of December 31, 2016, 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: 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, 2016, 2015 and 2014, the amortization of deferred drydock and special survey costs was $13,768, $13,340, and $12,263, respectively. (m) Deferred Financing Costs: (n) Goodwill and Other Intangibles (i) Goodwill: 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 a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. 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 (step two) 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. As of December 31, 2016, the Company performed its impairments test for its reporting units within: the Dry Bulk Vessel Operations and the Logistics Business. During the fourth quarter 2016, the overall shipping market continued to experience significant deteriorating market conditions, especially in the dry bulk sector with sharp declines in freight rates, charter rates and vessel values. Additionally, the Company's market capitalization continued to deteriorate to levels well below the carrying value of its total net assets. As of December 31, 2016, the Company performed step one of the impairment test for the Dry Bulk Vessel Operations reporting unit, which is allocated goodwill of $56,240. Step one impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required. The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used 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 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 time charter rates and the 10-year average historical one-year time charter rates adjusted for outliers), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long-lived assets. In addition, a weighted average cost of capital (WACC) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants' and the Company's cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company's business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying value of net assets. As of December 31, 2016, the Company performed step one of the impairment test for the Logistics Business, which is allocated goodwill of $104,096. Step one of the impairment test used the income method and revealed that the fair value exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required. The future cash flows from the Logistics Business 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. The Logistics Business has not been affected by the same deteriorating industry and market conditions as experienced in the Dry Bulk Vessel Operations reporting unit. In addition, the cash flows of the long-lived assets in the Logistics Business reporting unit have not experienced a significant decline. No impairment loss was recognized for any of the periods presented. (ii) Intangibles Other Than Goodwill: The fair value of customer relationships of Navios Logistics 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 12 Port terminal operating rights 20-45 Customer relationships 20 See also Note 7. (o) Foreign Currency Translation: (p) Provisions: 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 vessels under time charter are provided for in the period in which such losses are determined. As of December 31, 2016 and 2015, the balance for provision for voyages was $3,129 and $2,157, respectively. (q) Segment Reporting: (r) Revenue and Expense Recognition: Revenue Recognition: 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. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. Revenue for vessels operating in pooling arrangements amounted to $15,115, $1,825 and $0, for the years ended December 31, 2016, 2015 and 2014, respectively. The allocation of such net revenue may be subject to future adjustments by the pool, however, such changes are not expected to be material. 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: 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): Deferred Income and Cash Received In Advance: Time Charter, Voyage and Logistics Business Expenses: Direct Vessel Expenses: Prepaid Voyage Costs: (s) Employee benefits: Pension and Retirement Obligations-Crew: Provision for Employees' Severance and Retirement Compensation: U.S. Retirement Savings Plan: Other Post-Retirement Obligations: Stock-Based Compensation: The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, 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 o |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 Cash on hand and at banks $ 126,584 $ 85,570 Short-term deposits and highly liquid funds 9,408 77,842 Cash and cash equivalents $ 135,992 $ 163,412 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, 2016 | |
ACCOUNTS RECEIVABLE,NET [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 4: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, 2016 December 31, 2015 Accounts receivable $ 85,266 $ 83,091 Less: provision for doubtful receivables (19,437 ) (18,278 ) Accounts receivable, net $ 65,829 $ 64,813 Changes to the provisions for doubtful accounts are summarized as follows: Allowance for doubtful receivables Balance at Beginning of Period Charges to Costs and Expenses Amount Utilized Balance at End of Period Year ended December 31, 2014 $ (26,457 ) $ (792 ) $ 8,785 $ (18,464 ) Year ended December 31, 2015 $ (18,464 ) $ (59 ) $ 245 $ (18,278 ) Year ended December 31, 2016 $ (18,278 ) $ (1,304 ) $ 145 $ (19,437 ) Concentration of credit risk with respect to accounts receivable is 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, 2016, two customers accounted for 14.7% and 13.1%, respectively, of the Company's revenue. For the year ended December 31, 2015, one customer accounted for 15.1% of the Company's revenue and for the year ended December 31 , 2014, one customer accounted for 11.9% of the Company's revenue . |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 Prepaid voyage and operating costs $ 8,352 $ 8,700 Claims receivable 9,822 11,078 Prepaid other taxes 4,279 3,664 Advances for working capital purposes 4,486 Other 1,957 700 Total prepaid expenses and other current assets $ 28,896 $ 24,142 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, 2016 | |
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 Depreciation Net Book Value 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 Additions (70,894 ) (70,894 ) Balance December 31, 2015 1,841,140 (447,688 ) 1,393,452 Additions 60,115 (73,847 ) (13,732 ) Transfers 29,695 29,695 Balance December 31, 2016 $ 1,930,950 $ (521,535 ) $ 1,409,415 Port Terminals (Navios Logistics) Cost Accumulated Depreciation Net Book Value 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 Additions 2,287 (3,431 ) (1,144 ) Balance December 31, 2015 108,686 (23,898 ) 84,788 Additions 2,051 (3,493 ) (1,442 ) Transfers (1,513 ) (1,513 ) Balance December 31, 2016 $ 109,224 $ (27,391 ) $ 81,833 Tanker vessels, barges and push boats (Navios Logistics) Cost Accumulated Depreciation Net Book Value 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 Additions 6,188 (20,007 ) (13,819 ) Restructure of capital lease (210 ) (210 ) Balance December 31, 2015 470,944 (131,144 ) 339,800 Additions 738 (18,894 ) (18,156 ) Transfers 3,696 3,696 Balance December 31, 2016 $ 475,378 $ (150,038 ) $ 325,340 Other fixed assets Cost Accumulated Depreciation Net Book Value 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 Additions 443 (1,558 ) (1,115 ) Balance December 31, 2015 13,869 (7,948 ) 5,921 Additions 2,250 (1,475 ) 775 Transfers (2,183 ) (2,183 ) Balance December 31, 2016 $ 13,936 $ (9,423 ) $ 4,513 Total Cost Accumulated Depreciation Net Book Value 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 Additions 8,918 (95,890 ) (86,972 ) Restructure of capital lease (210 ) (210 ) Balance December 31, 2015 2,434,639 (610,678 ) 1,823,961 Additions 65,154 (97,709 ) (32,555 ) Transfers 29,695 29,695 Balance December 31, 2016 $ 2,529,488 $ (708,387 ) $ 1,821,101 Deposits for Vessels and Port Terminals Acquisitions On January 26, 2014, Navios Holdings entered into agreements to purchase two bulk carrier vessels, one 84,872 deadweight tons (dwt) Panamax vessel, Navios Sphera, and one 181,259 dwt Capesize vessel, Navios Mars, to be built in Japan. The vessels' acquisition prices were $31,800 and $52,000, respectively, and were delivered in January 2016. As of December 31, 2015, Navios Holdings had paid deposits for both vessels totaling $29,695, which as of March 31, 2016, had been transferred to vessels' cost. On February 11, 2014, Navios Logistics entered into an agreement, as amended on June 3, 2016, for the construction of three new pushboats with a purchase price of $7,344 for each pushboat. As of December 31, 2016 and December 31, 2015, Navios Logistics had paid $16,156 and $14,770, respectively, for the construction of the new pushboats which are expected to be delivered in the third quarter of 2017. As of December 31, 2016 and December 31, 2015, Navios Logistics had paid $120,735 and $29,484, respectively, for 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 $8,796 and $2,954, as of December 31, 2016 and December 31, 2015, respectively. Vessel Acquisitions On January 12, 2016, Navios Holdings took delivery of the Navios Sphera, a 2016-Japanese built 84,872 dwt Panamax vessel, and Navios Mars, a 2016-Japanese built 181,259 dwt Capesize vessel, for an acquisition cost of $34,352 and $55,458, respectively, of which $49,910 was paid from available cash and $39,900 was financed through a loan. As of March 31, 2016, deposits of $29,695, relating to the acquisition of Navios Sphera and Navios Mars, had been transferred to vessels' cost. On January 27, 2014, Navios Asia took delivery of the N Bonanza, a 2006-built 76,596 dwt Panamax vessel for a purchase price 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 June 30, 2015, Navios Logistics entered into an agreement for the restructuring of its capital leases for the Ferni H and the San San H, by extending their duration until January 2020 and April 2020, respectively, and amending the purchase price obligation to $5,325 and $5,150, respectively, payable at the end of the extended period. As of December 31, 2016, the obligations for these vessels were accounted for as capital leases and the lease payments during the years ended December 31, 2016 and 2015 for both vessels were $3,032 and $1,501, respectively. |
Intangible Assets_Liabilities O
Intangible Assets/Liabilities Other Than Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Acquisition Cost Accumulated Amortization Additions / Write off Net Book Value December 31, 2016 Trade name $ 100,420 $ (41,303 ) $ $ 59,117 Port terminal operating rights 53,152 (10,162 ) 42,990 Customer relationships 35,490 (15,971 ) 19,519 Favorable lease terms(*) 82,485 (6,359 ) (70,937 ) 5,189 Total Intangible assets 271,547 (73,795 ) (70,937 ) 126,815 Unfavorable lease terms(**) (24,721 ) 24,721 Total $ 246,826 $ (73,795 ) $ (46,216 ) $ 126,815 Net Book Value of Intangible Assets/Liabilities other than Goodwill as at December 31, 2015 Acquisition Cost Accumulated Amortization Additions / Write off Net Book Value December 31, 2015 Trade name $ 100,420 $ (37,401 ) $ $ 63,019 Port terminal operating rights 53,152 (9,456 ) 43,696 Customer relationships 35,490 (14,196 ) 21,294 Favorable lease terms(*) 158,179 (60,037 ) (75,694 ) 22,448 Total Intangible assets 347,241 (121,090 ) (75,694 ) 150,457 Unfavorable lease terms(**) (56,419 ) 17,195 31,698 (7,526 ) Total $ 290,822 $ (103,895 ) $ (43,996 ) $ 142,931 (*) (**) As of December 31, 2016 and 2015, intangible assets associated with the favorable lease terms included an amount of $1,180 and $10,575, respectively related to purchase options for the vessels (see also Note 2(n)). During the year ended December 31, 2016, acquisition costs of $70,937 and accumulated amortization of $57,930 of favorable lease terms were written off resulting in a loss of $13,007. This write-off resulted from the early redelivery of one vessel. During the year ended December 31, 2015, acquisition costs $75,694, of fully amortized favorable lease terms were written off, as a result of early redeliveries of vessels. As of December 31, 2016 and 2015, the intangible liability associated with the unfavorable lease terms included an amount of $0 and $(467), respectively, related to purchase options held by third parties (see also Note 2(n)). During the year ended December 31, 2016, acquisition costs of $24,721 and accumulated amortization of $17,406 of unfavorable lease terms were written off resulting in an income of $7,315. This write-off resulted from the early redelivery of one vessel. During the year ended December 31, 2015, $31,698 of acquisition cost of unfavorable lease terms were written off. During the year ended December 31, 2015, acquisition cost and accumulated amortization of $64,609, of fully amortized unfavorable lease terms were written off. These write-offs resulted from early redelivery of vessels. As of December 31, 2016 and 2015, no purchase options held by third parties have been exercised. On December 15, 2014, Navios Logistics acquired two companies for a total consideration of $17,000, of which $10,200 was paid in 2014 and $6,800 was paid in 2015. 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. Amortization Expense and Write Offs Year Ended December 31, 2016 Amortization Expense and Write Offs Year Ended December 31, 2015 Amortization Expense and Write Offs Year Ended December 31, 2014 Trade name $ 3,902 $ 3,811 $ 3,853 Port terminal operating rights 706 1,006 1,006 Customer relationships 1,775 1,775 1,774 Favorable lease terms 17,260 32,444 12,539 Unfavorable lease terms (7,526 ) (14,615 ) (4,933 ) Total $ 16,117 $ 24,420 $ 14,239 The remaining aggregate amortization of acquired intangibles as of December 31, 2016 was as follows: Description Within one year Year Two Year Three Year Four Year Five Thereafter Total Trade name $ 3,853 $ 2,811 $ 2,811 $ 2,818 $ 2,811 $ 44,013 $ 59,117 Favorable lease terms 641 641 641 641 641 804 4,009 Port terminal operating rights 895 990 990 990 990 38,135 42,990 Customer relationships 1,775 1,775 1,775 1,775 1,775 10,644 19,519 Total amortization $ 7,164 $ 6,217 $ 6,217 $ 6,224 $ 6,217 $ 93,596 $ 125,635 |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
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. 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. In February 2015, Navios Partners completed a public offering of 4,600,000 common units, 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 to Navios Holdings raising additional gross proceeds of $14,967. As of December 31, 2016, Navios Holdings held a total of 15,344,310 common units and 1,700,493 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, 2016 and 2015, the pre-OTTI 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 $29,529 and $32,300, respectively. The Company will need to recompute this difference which 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 $5,979, $15,462 and $36,959 were recognized in Equity in net earnings of affiliated companies for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 and 2015, the carrying amount of the investment in Navios Partners was $24,033 and $115,432, respectively. During the year ended December 31, 2016, the Company recognised an OTTI loss of $83,596 relating to its investment in Navios Partners and the amount was included in Equity/ (loss) in net earnings of affiliated companies. Dividends received during the year ended December 31, 2016, 2015 and 2014 were $0, $27,993 and $30,043, respectively. As of December 31, 2016, the market value of the investment in Navios Partners was $24,033. 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, 2016 and 2015, the carrying amount of the investment was $105 and $175, respectively. Dividends received for each of the years ended December 31, 2016, 2015 and 2014 were $85, $454 and $271, respectively. Navios Acquisition 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. 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, 2016, Navios Holdings had a 43.4% voting and a 46.1% economic interest in Navios Acquisition. As of December 31, 2016 and 2015, the pre-OTTI 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 $(2,588) and $1,480, respectively. The Company will need to recompute this difference which 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 $29,801, $43,299 and $19,513 were recognized in Equity in net earnings of affiliated companies for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 and 2015, the carrying amount of the investment in Navios Acquisition was $124,062 and $253,286, respectively. During the year ended December 31, 2016, the Company recognized an OTTI loss of $144,430 relating to its investment in Navios Acquisition and the amount was included in Equity/ (loss) in net earnings of affiliated companies. Dividends received for each of the years ended December 31, 2016, 2015 and 2014 were $14,595, $18,244 and $14,595, respectively. As of December 31, 2016, the market value of the investment in Navios Acquisition was $124,062. Navios Europe I On December 18, 2013, Navios Europe I acquired ten vessels for aggregate consideration consisting of (i) cash (which was funded with the proceeds of senior loan facilities (the Senior Loans I) and loans aggregating to $10,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe I) (collectively, the Navios Term Loans I) and (ii) the assumption of a junior participating loan facility (the Junior Loan I). In addition to the Navios Term Loans I, Navios Holdings, Navios Acquisition and Navios Partners will also make available to Navios Europe I revolving loans up to $24,100 to fund working capital requirements (collectively, the Navios Revolving Loans I). On an ongoing basis, Navios Europe I is required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans I) according to a defined waterfall calculation. The Navios Term Loans I will be repaid from the future sale of vessels owned by Navios Europe I and is deemed to be the initial investment by Navios Holdings. Navios Holdings evaluated its investment in Navios Europe I under ASC 810 and concluded that Navios Europe I is a VIE and that they are not the party most closely associated with Navios Europe I and, accordingly, is not the primary beneficiary of Navios Europe I. Navios Holdings further evaluated its investment in the common stock of Navios Europe I under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe I and, therefore, its investment in Navios Europe I is accounted for under the equity method. The initial investment in Navios Europe I of $4,750 at the inception included the Company's share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe I, which amounted to $6,763. This difference is amortized through Equity in net earnings of affiliated companies over the remaining life of Navios Europe I. As of December 31, 2016 and December 31, 2015, the unamortized basis difference of Navios Europe I was $4,710, and $5,386, respectively. As of December 31, 2016 and 2015, the estimated maximum potential loss by Navios Holdings in Navios Europe I would have been $18,268 and $15,763, respectively, which represents the Company's carrying value of its investment of $8,198 and $6,895, respectively, including accrued interest, plus the Company's balance of the Navios Revolving Loans I of $10,070 and $8,868, respectively, including accrued interest, and does not include the undrawn portion of the Navios Revolving Loans I. Income of $1,303, $1,293 and $831 was recognized in Equity in net earnings of affiliated companies for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 and 2015, the carrying amount of the investment in Navios Europe I was $5,967 and $5,497, respectively. See also Note 25 for the transfer of Navios Holdings' participation in Navios Revolving Loans I and Navios Term Loans I to Navios Partners. Navios Europe II On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II. From June 8, 2015 through December 31, 2015, Navios Europe II acquired 14 vessels for aggregate consideration consisting of: (i) cash (which was funded with the proceeds of a senior loan facility (the Senior Loans II) and loans aggregating to $14,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe II) (collectively, the Navios Term Loans II) and (ii) the assumption of a junior participating loan facility (the Junior Loan II). In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners will also make available to Navios Europe II revolving loans up to $43,500 to fund working capital requirements (collectively, the Navios Revolving Loans II). In March 2017, the amount of the Navios Revolving Loans II increased by $14,000. On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. The Navios Term Loans II will be repaid from the future sale of vessels owned by Navios Europe II and is deemed to be the initial investment by Navios Holdings. Navios Holdings evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II is a VIE and that they are not the party most closely associated with Navios Europe II and, accordingly, is not the primary beneficiary of Navios Europe II. Navios Holdings further evaluated its investment in the common stock of Navios Europe II under ASC 323 and concluded that it has the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II is accounted for under the equity method. The initial investment in Navios Europe II recorded under the equity method of $6,650, at the inception included the Company's share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe II, which amounted to $9,419. This difference is amortized through Equity in net earnings of affiliated companies over the remaining life of Navios Europe II. As of December 31, 2016, the unamortized basis difference of Navios Europe II was $7,953. As of December 31, 2016 and 2015, the estimated maximum potential loss by Navios Holdings in Navios Europe II would have been $22,287 and $15,858, respectively, which represents the Company's carrying value of its investment of $7,944 and $7,958, respectively, plus the Company's balance of the Navios Revolving Loans II of $14,343 and $7,900, respectively, including accrued interest, and does not include the undrawn portion of the Navios Revolving Loans II. (Loss)/income of $(14) and $1,308 was recognized in Equity in net earnings of affiliated companies for the years ended December 31, 2016 and 2015, respectively. As of December 31, 2016, the carrying amount of the investment in Navios Europe II was $5,894. Summarized financial information of the affiliated companies is presented below: December 31, 2016 December 31, 2015 Balance Sheet Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Cash and cash equivalents, including restricted cash $ 25,088 $ 56,658 $ 720 $ 10,785 $ 16,916 $ 34,539 $ 61,645 $ 668 $ 11,839 $ 17,366 Current assets 56,349 107,282 986 15,980 19,487 39,835 97,349 1,117 14,782 22,539 Non-current assets 1,212,231 1,596,337 84 169,925 232,363 1,310,456 1,676,742 73 179,023 245,154 Current liabilities 98,950 79,421 413 18,490 24,126 41,528 82,798 447 15,377 16,897 Long- term debt including current portion, net 523,776 1,095,938 86,060 119,234 598,078 1,197,583 96,580 129,185 Non-current liabilities 489,421 1,048,767 155,387 184,530 576,548 1,143,922 182,537 173,543 Income Statement Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Navios Partners Navios Acquisition Acropolis Navios Europe I Revenue $ 190,524 $ 290,245 $ 1,068 $ 40,589 $ 30,893 $ 223,676 $ 313,396 $ 1,760 $ 41,437 $ 20,767 $ 227,356 $ 264,877 $ 2,825 $ 35,119 Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II $ (52,549 ) $ 59,715 $ 157 $ (2,174 ) $ (25,062 ) $ 41,805 $ 84,796 $ 244 $ (1,347 ) $ 1,673 $ 74,853 $ 11,371 1,298 (5,061 ) Net income/(loss) $ (52,549 ) $ 59,715 $ 157 $ 16,137 $ (34,059 ) $ 41,805 $ 84,796 $ 244 $ (1,118 ) $ 77,252 $ 74,853 $ 11,371 1,298 (1,896 ) |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consisted of the following: December 31, 2016 December 31, 2015 Payroll $ 14,730 $ 11,021 Accrued interest 36,273 37,628 Accrued voyage expenses 2,217 3,311 Accrued running costs 21,394 22,705 Provision for losses on voyages in progress 3,129 2,157 Audit fees and related services 266 519 Accrued taxes 5,092 4,162 Professional fees 1,707 518 Dividends 3,081 Navios Partners Guarantee (Note 15) 8,752 Other accrued expenses 6,941 9,241 Total accrued expenses $ 91,749 $ 103,095 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
BORROWINGS [Abstract] | |
BORROWINGS | NOTE 10: BORROWINGS Borrowings as of December 31, 2016 and 2015 consisted of the following: Navios Holdings borrowings December 31, 2016 December 31, 2015 Commerzbank A.G. ($240,000) $ 19,857 $ 40,476 Loan Facility Credit Agricole ($40,000) 18,880 21,291 Loan Facility Credit Agricole ($23,000) 14,755 16,117 Loan Facility Credit Agricole ($23,000) 15,150 16,550 Loan Facility DVB Bank SE ($72,000) 54,540 58,939 Loan Facility DVB Bank SE ($41,000) 37,293 Loan Facility Credit Agricole ($22,500) 16,313 18,563 Loan Facility DVB Bank SE ($40,000) 28,000 32,000 Loan Facility Alpha Bank ($31,000) 27,400 29,200 Loan Facility Alpha Bank ($16,125) 16,125 Navios Acquisition Loan 51,240 2019 Notes 291,094 350,000 2022 Notes 650,000 650,000 Total Navios Holdings borrowings $ 1,240,647 $ 1,233,136 Navios Logistics borrowings December 31, 2016 December 31, 2015 2022 Logistics Senior Notes $ 375,000 $ 375,000 Navios Logistics Notes Payable 34,447 Navios Logistics BBVA Loan Facility 25,000 Other long-term loans 321 390 Total Navios Logistics borrowings $ 434,768 $ 375,390 Total December 31, 2016 December 31, 2015 Total borrowings $ 1,675,415 $ 1,608,526 Less: current portion, net (29,827 ) (16,944 ) Less: deferred finance costs, net (24,320 ) (27,218 ) Total long-term borrowings $ 1,621,268 $ 1,564,364 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 The 2019 Notes are fully and unconditionally guaranteed, jointly and 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, 2016. Ship Mortgage Notes 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, $488,000 of first priority ship mortgage notes due on November 1, 2017, issued by the Company and its wholly-owned subsidiary, Navios Maritime Finance (US) Inc. in November 2009 and July 2012; and (ii) to repay in full indebtedness relating to six vessels added as collateral under the 2022 Notes. The remainder has been used for general corporate purposes. The 2022 Notes are senior obligations of Navios Holdings and Navios Maritime Finance II (US) Inc. (the 2022 Co- Issuers) and are secured by first priority ship mortgages on 23 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 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, 2016. Secured credit facilities Credit Agricole (formerly Emporiki) Facilities: 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 Navios Azimuth. As of December 31, 2016, the outstanding amount under the loan facility was repayable in 9 semi-annual equal installments of $1,206 with a final balloon payment of $8,030 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. In December 2015, Navios Azimuth was added as collateral to the Navios Asia facility. As of December 31, 2016, the outstanding amount under this facility was $18,880. 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, 2016, the facility is repayable in 11 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, 2016, the outstanding amount under this facility was $14,755. 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, 2016, the outstanding amount under the loan facility was repayable in 11 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, 2016, the outstanding amount under this facility was $15,150. 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. The two tranches are repayable in four and five equal semi-annual installments of $563, respectively, with a final balloon payment of $5,625 on the last repayment date for each tranche respectively. The loan facility requires compliance with certain financial covenants. As of December 31, 2016, the outstanding amount of the loan was $16,313. Commerzbank Facility: DVB Bank SE Facilities: 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, 2016, the facility is repayable in 8 quarterly installments of $1,000, with a final balloon payment of $20,000 payable on the last repayment date. The loan facility requires compliance with certain financial covenants. In December 2015, Navios Sphera and Navios Mars were added as collateral to this facility. As of December 31, 2016, the outstanding amount was $28,000. In January 2016, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $41,000 to be drawn in two tranches, to finance the acquisition of Navios Mars and Navios Sphera. The facility bears interest at a rate of LIBOR plus 255 basis points. The total amount drawn under the facility was $39,900. The first tranche is repayable in five quarterly installments of $492 each, followed by 16 quarterly installments of $369 each, and a final balloon payment of $14,760 on the last payment day. The second tranche is repayable in five quarterly installments of approximately $377 each, followed by 16 installments of $220 each, and a final balloon payment of $8,764 on the last payment day. The loan facility also requires compliance with certain covenants. As of December 31, 2016, the outstanding amount was $37,293. Alpha Bank A.E.: On November 6, 2014, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $31,000 in order to finance part of the acquisition of a Capesize vessel. The loan bears interest at a rate of LIBOR plus 300 basis points . As of December 31, 2016, the facility is repayable in 24 quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2016, the outstanding amount was $27,400. On November 3, 2016, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $16,125 in order to refinance one Capesize vessel. The facility bears interest at a rate of LIBOR plus 300 basis points . The facility is repayable in four quarterly installments of $250, followed by 16 quarterly installments of $275 each, with a final balloon payment of $10,725 payable on the last repayment date. The first installment will be due 15 months from the loan drawdown date. The loan facility requires compliance with certain financial covenants. As of December 31, 2016, the outstanding amount was $16,125. 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. The majority of the Company's senior secured credit facilities require compliance with maintenance covenants, including (i) value-to-loan ratio covenants, based on either charter-adjusted valuations, or charter-free valuations, ranging from over 110% to 130%, (ii) minimum liquidity up to a maximum of $40,000, and (iii) net total debt divided by total assets, as defined in each senior secured credit facility, ranging from a maximum of 75% to 80%. Certain covenants in our senior secured credit facilities have been waived for a specific period of time up ranging from a minimum of two quarters to a maximum of three quarters (from the current balance sheet date) and/or amended to include (i) value-to-loan ratio covenants, based on either charter-adjusted valuations, or charter-free valuations, ranging from over 90% to 130%, and (ii) net total debt divided by total assets, as defined in each senior secured credit facility, ranging from a maximum of 80% to 90%. As of December 31, 2016, the Company was in compliance with all of the covenants under each of its credit facilities. Navios Acquisition Loan On September 19, 2016, Navios Holdings entered into a secured credit facility of up to $70,000 with Navios Acquisition. Please see also Note 15. 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)/ income 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 net proceeds from the sale of 2022 Logistics Senior Notes were partially used to redeem any and all of 2019 Logistics Senior Notes and pay related transaction fees and expenses. 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), Naviera Alto Parana S.A. (Naviera Alto Parana), and Terra Norte Group S.A. (Terra Norte), 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 indenture governing the 2022 Logistics Senior Notes include customary events of default, including failure to pay principal and interest on the 2022 Logistics Senior Notes, a failure to comply with covenants, a failure by Navios Logistics or any significant subsidiary or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary to pay material judgments or indebtedness and bankruptcy and insolvency events with respect to us or any significant subsidiary or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary. As of December 31, 2016, all subsidiaries, including Logistics Finance, Horamar do Brasil, Naviera Alto Parana and Terra Norte are 100% owned. Logistics Finance, Horamar do Brasil, Naviera Alto Parana and Terra Norte do not have any independent assets or operations. In addition, there are no significant restrictions on (i) the ability of the parent company, any issuer (or co-issuer) or any guarantor subsidiaries of the 2022 Logistics Senior Notes to obtain funds by dividend or loan from any of their subsidiaries or (ii) the ability of any subsidiaries to transfer funds to the issuer (or co-issuer) or any guarantor subsidiaries. The Logistics Co-Issuers were in compliance with the covenants as of December 31, 2016. Navios Logistics Notes Payable In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, Corporacion Navios S.A. (CNSA) entered into an unsecured export financing line of credit for a total amount of $41,964, including all related fixed financing costs of $5,949, available in multiple drawings upon the completion of certain milestones (Drawdown Events). CNSA incurs the obligation for the respective amount drawn by signing promissory notes (Navios Logistics Notes Payable). Each drawdown is repayable in 16 consecutive semi-annual installments, starting six months after the completion of each Drawdown Event. Together with each Note Payable, CNSA shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by Navios Logistics. As of December 31, 2016, the remaining available amount was $826. Navios Logistics BBVA Loan Facility On December 15, 2016, Navios Logistics entered into a facility with Banco Bilbao Vizcayan Argentaria Uruguay S.A. (BBVA) for an amount of $25,000, for general corporate purposes. The loan bears interest at a rate of LIBOR (180 days) plus 325 basis points. The loan is repayable in twenty quarterly installments, starting on June 19, 2017, and secured by assignments of certain receivables. As of December 31, 2016, the outstanding amount of the loan was $25,000. Other indebtedness In connection with the acquisition of Hidronave S.A. on October 29, 2009, Navios Logistics assumed a $817 loan facility that was entered into by Hidronave S.A. in 2001, in order to finance the construction of the pushboat Nazira. As of December 31, 2016, the outstanding loan balance was $321 ($390 as of December 31, 2015). 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. During the year ended December 31, 2016, the Company paid $40,737, of which $21,635 related to scheduled repayment installments for the year 2016, $13,802 related to the refinancing of one of its secured credit facilities and $5,300 related to the balloon payments originally due in 2019 and 2020. The annual weighted average interest rates of the Company's total borrowings were 6.87%, 6.98% and 7.18% for the year ended December 31, 2016, 2015 and 2014, 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, 2016, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities. Year 2017 (1) $ 30,790 2018 109,552 2019 324,765 2020 72,103 2021 29,021 2022 and thereafter 1,109,184 Total $ 1,675,415 (1 )In February 2017, we agreed with one of our financing banks on the deferral of principal payments amounting to $3,711, originally due in 2017, to be paid in 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 11: FAIR VALUE OF FINANCIAL INSTRUMENTS 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: Restricted cash: Borrowings: Capital leases: Loan receivable from affiliate companies: Loan payable to affiliate company: Long-term receivable from affiliate company: Long-term payable to affiliate company: Investments in available-for-sale securities: Long-term payables to affiliate companies: The estimated fair values of the Company's financial instruments were as follows: December 31, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 135,992 $ 135,992 $ 163,412 $ 163,412 Restricted cash $ 5,386 $ 5,386 $ 13,480 $ 13,480 Investments in available-for-sale-securities $ $ $ 5,173 $ 5,173 Loan receivable from affiliate company $ 23,008 $ 23,008 $ 16,474 $ 16,474 Long-term receivable from affiliate companies $ 11,105 $ 11,105 $ $ Capital lease obligations, including current portion $ (17,617 ) $ (17,617 ) $ (20,649 ) $ (20,649 ) Senior and ship mortgage notes, net $ (1,296,537 ) $ (974,170 ) $ (1,350,941 ) $ (735,002 ) Long-term debt, including current portion $ (304,682 ) $ (308,080 ) $ (230,367 ) $ (233,526 ) Loan payable to affiliate company $ (49,876 ) $ (51,240 ) $ $ Long-term payable to affiliate companies $ (6,399 ) $ (6,399 ) $ $ The following table 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. There were no assets and/or liabilities measured at fair value on a recurring basis as of December 31, 2016. Fair Value Measurements as of December 31, 2015 Assets Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Investments in available-for-sale securities $ 5,173 $ 5,173 $ $ Total $ 5,173 $ 5,173 $ $ The Company's assets measured at fair value on a non-recurring basis were: Fair Value Measurements as of December 31, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Investments in affiliates $ 148,095 $ 148,095 $ $ The Company recorded an OTTI loss of $228,026 on its investments in Navios Partners and Navios Acquisition during the year ended December 31, 2016, thus reducing their total carrying value to $148,095 as at December 31, 2016. Fair Value Measurements The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. Fair Value Measurements at December 31, 2016 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 135,992 $ 135,992 $ $ Restricted cash $ 5,386 $ 5,386 $ $ Loan receivable from affiliate company (2) $ 23,008 $ $ 23,008 $ Long-term receivable from affiliate companies (2) $ 11,105 $ $ 11,105 $ Capital lease obligations, including current portion (1) $ (17,617 ) $ $ (17,617 ) $ Senior and ship mortgage notes $ (974,170 ) $ (974,170 ) $ $ Long-term debt, including current portion (1) $ (308,080 ) $ $ (308,080 ) $ Loan payable to affiliate company (2) $ (51,240 ) $ $ (51,240 ) $ Long-term payable to affiliate companies (2) $ (6,399 ) $ $ (6,399 ) $ Fair Value Measurements at December 31, 2015 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 163,412 $ 163,412 $ $ Restricted cash $ 13,480 $ 13,480 $ $ Loan receivable from affiliate companies (2) $ 16,474 $ $ 16,474 $ Senior and ship mortgage notes $ (735,002 ) $ (735,002 ) $ $ Capital lease obligations, including current portion (1) $ (20,649 ) $ $ (20,649 ) $ Long-term debt, including current portion (1) $ (233,526 ) $ $ (233,526 ) $ (1 )The fair value of the Company's long-term debt/ Capital lease obligations 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/ payable to affiliate companies and long-term receivable from/payable to 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, 2016 | |
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, 2016, 2015 and 2014, were approximately $69, $96 and $101, respectively, which included a discretionary contribution of $0, $14, and $17, 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 restricted share units, shares of restricted common 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 share appreciation rights and stock options to its officers and directors only, based on service conditions, 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. Please refer to Note 2(s). 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 vested all at once upon achievement of the internal performance criteria. As of December 31, 2014, the Company determined that it was 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. As of December 31, 2015, the Company determined that it was probable that the performance criteria of these awards would be met and recognized a compensation expense of $2,615. During the years ended December 31, 2016 and 2015, the Company did not award any restricted stock, restricted stock units or stock options, which vest upon achievement of certain performance conditions. The fair value of all share appreciation rights awards and 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 simplified method used includes taking the average of the weighted average time to vesting and the contractual term of the share appreciation rights and option awards. The service conditions share appreciation rights and 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 share appreciation rights and option awards is 4.5 years. Expected volatility: Expected dividends: Risk-free rate: The fair value of restricted share unit, restricted stock and restricted stock unit grants excludes dividends to which holders of restricted share units, restricted stock and restricted stock units are not entitled. The expected dividend assumption used in the valuation of restricted share unit, restricted stock and restricted stock units grant is $0 for 2016 and 2015 and $0.06 per quarter for 2014. The weighted average grant date fair value of share appreciation rights and restricted common stock options granted during the year ended December 31, 2016 was $0.78 and $1.20, respectively. The weighted average grant date fair value of stock options and restricted stock granted during the year ended December 31, 2015 was $0.55 and $1.20, respectively. 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 effect of compensation expense arising from the stock-based arrangements described above amounted to $3,446, $5,591 and $7,719 for the years ended December 31, 2016, 2015 and 2014, 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 an 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 average exercise price Weighted average remaining term Aggregate fair value Options Outstanding as of December 31, 2013 5,139,030 5.50 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 Forfeited or expired (159,828 ) (193) Granted 1,000,000 1.2 552 Outstanding as of December 31, 2015 6,644,766 4,09 4.23 8,769 Vested at December 31, 2015 730,592 Exercisable at December 31, 2015 730,592 Forfeited or expired (348,520 ) Granted 2,500,000 1.2 Outstanding as of December 31, 2016 8,796,246 3.20 4.41 9,804 Restricted stock and restricted stock units Non Vested as of December 31, 2013 1,883,983 1.40 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 2.00 10,899 Granted 2,540,000 3,048 Vested (812,847 ) (5,746 ) Forfeited or expired (3,538 ) (15 ) Non Vested as of December 31, 2015 3,720,959 2.45 8,186 Granted 2,540,000 3,048 Vested (1,755,017 ) (5,122 ) Forfeited or expired (3,408 ) (12 ) Non Vested as of December 31, 2016 4,502,534 $ 2.55 $ 6,100 The estimated compensation cost relating to service conditions of non-vested (i) share appreciation rights and stock options and (ii) restricted share units, restricted stock and restricted stock unit awards, not yet recognized was $2,156 and $4,705, respectively, as of December 31, 2016 and is expected to be recognized over the weighted average period of 3.10 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13: COMMITMENTS AND CONTINGENCIES As of December 31, 2016, the Company was contingently liable for letters of guarantee and letters of credit amounting to $590 (December 31, 2015: $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. Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2018. 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. As of December 31, 2016, Navios Logistics had obligations related to the acquisition of three new pushboats and the expansion of its dry port facility of $10,933 and $8,734, respectively, until the third quarter of 2017. Navios Logistics had a dispute with Vale regarding the termination date of a COA contract, which was under arbitration proceedings in New York. Navios Logistics has received full security for its claim to date. As of December 31, 2016, related to this arbitration, Navios Logistics issued a letter of credit amounting to $2,900 and the total amount was collateralized by a cash deposit, which was presented as restricted cash in the accompanying balance sheets. For details on the New York arbitration ruling in favor of Navios Logistics, please see Note 25. On March 30, 2016, Navios Logistics received written notice from Vale stating that Vale will not be performing the service contract entered into between CNSA and Vale on September 27, 2013, relating to the iron ore port facility currently under construction in Nueva Palmira, Uruguay. Navios Logistics initiated arbitration proceedings in London on June 10, 2016 pursuant to the dispute resolution provisions of the service contract. On December 20, 2016, a London arbitration tribunal ruled that the Vale port contract remains in full force and effect. If Vale were to further repudiate or renounce the contract, Navios Logistics may elect to terminate the contract and then would be entitled to damages calculated by reference to guaranteed volumes and agreed tariffs for the remaining period of the contract. On April 1, 2016, Navios Holdings was named as a defendant in a putative shareholder derivative lawsuit brought by two alleged shareholders of Navios Acquisition purportedly on behalf of nominal defendant, Navios Acquisition, in the United States District Court for the Southern District of New York, captioned Metropolitan Capital Advisors International Ltd., et al. v. Navios Maritime Holdings, Inc. et al., No. 1:16-cv-02437. The lawsuit challenged the March 9, 2016 loan agreement between Navios Holdings and Navios Acquisition pursuant to which Navios Acquisition agreed to provide a $50,000 credit facility (the Revolver) to Navios Holdings. On April 14, 2016, Navios Holdings and Navios Acquisition announced that the Revolver had been cancelled, and that no borrowings had been made under the Revolver. In June 2016, the parties reached an agreement resolving the plaintiffs' application for attorneys' fees and expenses which was approved by an order of the Court. The litigation was dismissed upon notice of the order being provided to Navios Acquisition's shareholders via the inclusion of the order as an attachment to a Navios Acquisition Form 6-K and the payment of $775 by Navios Acquisition in satisfaction of the plaintiffs' request for attorneys' fees and expenses. A copy of the order was provided as an exhibit to Navios Acquisition's Form 6-K filed with the Securities and Exchange Commission on June 9, 2016. The Company, in the normal course of business, entered into contracts to time charter-in vessels for various periods through 2026. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
LEASES [Abstract] | |
LEASES | NOTE 14: LEASES Chartered-in vessels, barges, pushboats and office space: As of December 31, 2016, 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 2017 $ 110,645 $ 13,783 $ 2,687 2018 104,091 13,988 1,921 2019 85,001 9,892 1,189 2020 73,663 9,919 508 2021 51,924 9,892 184 2022 and thereafter 92,488 29,038 Total $ 517,812 $ 86,512 $ 6,489 Charter hire expense for Navios Holdings chartered-in vessels amounted to $84,114, $134,364 and $111,386, for each of the years ended December 31, 2016, 2015 and 2014, respectively. Charter hire expense for logistics business chartered-in vessels amounted to $1,521, $1,307 and $2,468, for each of the years ended December 31, 2016, 2015 and 2014, respectively. Rent expense for office space amounted to $2,748, $2,508, and $2,804 for each of the years ended December 31, 2016, 2015 and 2014, respectively. The Company leases office space at 825 3rd Avenue, New York, New York, pursuant to a lease that expires in April 2019. The Company also leases office 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 in June 2018. The Company also leases 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 2021. 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 vessels Logistics business 2017 $ 30,093 $ 112,803 2018 805 76,883 2019 76,641 2020 64,191 2021 52,569 2022 and thereafter 684,511 Total minimum revenue, net of commissions $ 30,898 $ 1 067,598 Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel. The future minimum revenue of Navios Logistics, as presented in the table above, expected to be earned on non-cancelable contracts with minimum guaranteed throughput after the successful completion of the expansion of Navios Logistics' dry port facility is $44,200 per annum, based on current contract rates, for a period of 20 years. Navios Logistics' future minimum revenue, as presented in the table above, expected to be earned on non-cancelable contracts under time charter after the successful completion of the construction of a river and estuary tanker, is $41,640 for a period of five years, based on current contract rates. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 15: TRANSACTIONS WITH RELATED PARTIES Office rent: Purchase of services: Vessels charter hire: In May 2012 and 2013, the Company entered into two charters with Navios Partners for the Navios Aldebaran and the Navios Prosperity. On February 11, 2015, the Company and Navios Partners entered into a novation agreement whereby the rights to the time charter contract of the Navios Aldebaran and the Navios Prosperity were transferred to Navios Holdings on February 28 and March 5, 2015, respectively. In 2012 and 2013, the Company entered into various charters with Navios Partners for the Navios Apollon, Navios Libra, Navios Felicity and Navios Hope. In April 2015, these charters were further extended for approximately one year at a net daily rate of $12.5, $12.0, $12.0, $10.0 plus 50/50 profit sharing based on actual earnings at the end of the period. In 2015, the Company entered into various charters with Navios Partners for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun. The terms of these charters were approximately nine to twelve months, at a net daily rate of $7.6, $12.0, $12.0, $12.0, $12.0, $12.5, $12.0, $11.4 and $12.0, respectively plus 50/50 profit sharing based on actual earnings at the end of the period. In November 2016 the Company entered into a charter with a Navios Partners for the Navios Fulvia, a 2010-built Capesize vessel. The term of this charter was approximately three months from November 2016, at a net daily rate of $11.5. Total charter hire expense for all vessels for the years ended December 31, 2016, 2015 and 2014 was $1,711, $39,727 and $28,162, respectively, and was included in the consolidated statements of comprehensive (loss)/income under Time charter, voyage and logistics business expenses. Management fees: Effective August 31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the management agreement to a later date, but not later than January 5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. Total amounts due from Navios Partners as of December 31, 2016 amounted to $11,105 (December 31, 2015: $0) and is presented under the caption Long-term receivable from affiliate company. 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. In May 2016, Navios Holdings amended its agreement with Navios Acquisition to fix the fees for ship management services of Navios Acquisition owned fleet at a daily fee of (i) $6.35 per MR2 product tanker and chemical tanker vessel; (ii) $7.15 per LR1 product tanker vessel; and (iii) $9.5 per VLCC through May 2018. Drydocking expenses under this agreement will be reimbursed at cost at occurrence for all vessels. Total management fees for the years ended December 31, 2016, 2015 and 2014 amounted to $97,866, $95,336 and $95,827, 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 I'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, 2016, 2015 and 2014 amounted to $20,855, $20,383 and $20,098, respectively, and are presented net under the caption Direct vessel expenses. Pursuant to a management agreement dated November 18, 2014, as further amended in October 2016, 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 December 31, 2018. 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 years ended December 31, 2016, 2015 and 2014 amounted to $20,862, $17,613 and $1,672, respectively, and are presented net under the caption Direct vessel expenses. Pursuant to a management agreement dated June 5, 2015, Navios Holdings provides commercial and technical management services to Navios Europe II's dry bulker and container vessels. The term of this agreement is for a period of six years. Management fees under this agreement will be reimbursed at cost at occurrence. Total management fees for the year ended December 31, 2016 and 2015 amounted to $23,527 and $9,581, respectively, and are presented net under the caption Direct vessel expenses. Navios Partners Guarantee: General and administrative expenses incurred on behalf of affiliates/Administrative fee revenue from affiliates: Navios Holdings provides administrative services to Navios Acquisition. 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, 2016, 2015 and 2014 amounted to $9,427, $7,608 and $7,314, respectively. Navios Holdings provides administrative services to Navios Logistics. In April 2016, Navios Holdings extended the duration of its existing administrative services agreement with Navios Logistics until December 2021 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, 2016, 2015 and 2014 amounted to $1,000, $760 and $760, 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 I'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 the years ended December 31, 2016, 2015 and 2014 amounted to $1,300, $800 and $800, 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 the years ended December 31, 2016, 2015 and 2014 amounted to $1,500, $1,014 and $96, respectively. Pursuant to an administrative services agreement dated June 5, 2015, Navios Holdings provides administrative services to Navios Europe II's dry bulk 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 charged for the year ended December 31, 2016 and 2015, amounted to $1,820 and $550, respectively. Balance due from/to affiliates (excluding Navios Europe I and Navios Europe II): Balance due to affiliates as of December 31, 2016 amounted to $32,847 (December 31, 2015: $17,791) and the Long-term payable to affiliate companies amounted to $6,399 (December 31, 2015: $0). The balances mainly consisted of management fees, administrative fees, drydocking and other expenses and amounts payable. Omnibus agreements: 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: Sale of Vessels and Sale of Rights to Navios Partners: Participation in offerings of affiliates: The Navios Acquisition Credit Facilities: 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, and bore fixed interest of 600 bps. All amounts drawn under this facility were fully repaid by the maturity date of December 29, 2014. In 2010, Navios Acquisition entered into a $40,000 credit facility with Navios Holdings, which matured in December 2015. The facility was available for multiple drawings up to a limit of $40,000 and had a margin of LIBOR plus 300 basis points. The final maturity date was January 2, 2017. As of December 31, 2016 and 2015, there was no outstanding amount under this facility. The Navios Partners Credit Facility: Balance due from Navios Europe I: The Navios Revolving Loans I and the Navios Term Loans I 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, 2016 and 2015, the outstanding amount relating to Navios Holdings' portion under the Navios Revolving Loans I was $7,125, under the caption Loan receivable from affiliate companies. As of December 31, 2016, the amount undrawn under the Revolving Loans I was $9,100, of which Navios Holdings is committed to fund $4,323. See also Note 25 for the transfer of Navios Holdings' participation in Navios Revolving Loans I and Navios Term Loans I to Navios Partners. Balance due from Navios Europe II: The Navios Revolving Loans II and the Navios Term Loans II earn interest and an annual preferred return, respectively, at 1,800 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, 2016, the outstanding amount relating to Navios Holdings' portion under the Navios Revolving Loans II was $11,602 (December 31, 2015: $7,327), under the caption Loan receivable from affiliate companies. As of December 31, 2016, the amount undrawn from the Navios Revolving Loans II was $19,075, of which Navios Holdings is committed to fund $9,061. In March 2017, the amount undrawn from the Navios Revolving Loans II increased by $14,000. |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2016 | |
PREFERRED AND COMMON STOCK [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 16: PREFERRED AND COMMON STOCK Issuances to Employees and Exercise of Options During 2016 and 2015, pursuant to the stock plan approved by the Board of Directors, no options were exercised. On December 11, 2015, pursuant to the stock plan approved by the Board of Directors, Navios Holdings granted to its employees 2,540,000 shares of restricted common stock and 1,000,000 stock 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. Vested, Surrendered and Forfeited During 2016, 24,970 restricted stock units, issued to the Company's employees in 2014 and 2013, vested. During 2015, 16,960 restricted stock units, issued to the Company's employees in 2013 and 2012, vested. During 2014, 41,748 restricted stock units, issued to the Company's employees in 2013, 2012 and 2011, vested. During the year ended December 31, 2016 and 2015, 2,908 and 9,319 restricted shares of common stock, respectively, were forfeited upon termination of employment. 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). See also Note 2(ac). 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). See also Note 2(ac). Series G and Series H ADS Exchange Offer On November 8, 2016, the Company announced the completion of the offer to exchange cash and/or newly issued shares of common stock for any and all outstanding of its Series G and Series H. A total number of 5,449 Series G and 18,982 Series H were validly tendered in the exchange offer, representing an aggregate book value of $61,078. The Company paid an aggregate of $9,323 in cash, which includes tender offer expenses, and issued a total of 7,589,176 shares of common stock, with a fair value of $7,893 at the date of the issuance. Conversion of Preferred Stock During the year ended December 31, 2016, there were no conversions of preferred stock. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of December 31, 2016 were $10,245 (net of cancelled dividends of $5,063, following the completion of the offer to exchange cash and/or newly issued shares of common stock for any and all outstanding of its Series G and Series H). During the year ended December 31, 2015, 1,134 shares of convertible preferred stock were automatically converted into 1,134,000 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, 2016 and 2015, 117,131,407 and 110,468,753 shares of common stock, respectively, and preferred stock 49,504 (14,551 Series G, 29,018 Series H and 5,935 shares of convertible preferred stock) and 73,935 (20,000 Series G, 48,000 Series H and 5,935 shares of convertible preferred stock), respectively. Acquisition of Treasury Stock In November 2015, the Board of Directors approved a share repurchase program for up to $25,000 of the Navios Holdings' common stock. Share repurchases were made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. Repurchases were subject to restrictions under the terms of the Company's credit facilities and indenture. The program did not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in the Company's discretion and without notice. In particular, Navios Holdings, pursuant to the terms of its Series G and Series H, may not redeem, repurchase or otherwise acquire its common stock or preferred shares, including the Series G and Series H (other than through an offer made to all holders of Series G and Series H) unless full cumulative dividends on Series G and Series H, when payable, have been paid. As of December 31, 2016 and 2015, 948,584 and 199,324 shares, respectively, were repurchased under this program, for a total consideration of $818 and $252, respectively. In total, up until February 2016, 1,147,908 common stock were repurchased under this program, for $1,070. Since that time, this program has been suspended by the Company. |
Interest Expense and Finance Co
Interest Expense and Finance Cost | 12 Months Ended |
Dec. 31, 2016 | |
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 Ended December 31, 2016 For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Interest expense $ 107,787 $ 108,488 $ 109,550 Amortization and write-off of deferred financing costs 5,653 4,524 4,061 Other 199 139 49 Interest expense and finance cost $ 113,639 $ 113,151 $ 113,660 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
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 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 Operations for the Year Ended December 31, 2016 Logistics Business for the Year Ended December 31, 2016 Total for the Year Ended December 31, 2016 Revenue $ 199,446 $ 220,336 $ 419,782 Administrative fee revenue from affiliates 21,799 21,799 Interest income 4,132 815 4,947 Interest expense and finance cost (89,399 ) (24,240 ) (113,639 ) Depreciation and amortization (87,197 ) (26,628 ) (113,825 ) Equity/ (loss) in net earnings of affiliated companies (202,779 ) (202,779 ) Net (loss)/ income attributable to Navios Holdings common stockholders (310,306 ) 6,483 (303,823 ) Total assets 2,083,526 669,369 2,752,895 Goodwill 56,240 104,096 160,336 Capital expenditures (60,420 ) (91,173 ) (151,593 ) Investment in affiliates 160,071 160,071 Cash and cash equivalents 70,810 65,182 135,992 Restricted cash 2,486 2,900 5,386 Long-term debt, net (including current and noncurrent portion) $ 1,223,146 $ 427,949 $ 1,651,095 Dry Bulk Vessel Operations for the Year Ended December 31, 2015 Logistics Business for the Year Ended December 31, 2015 Total for the Year Ended December 31, 2015 Revenue $ 229,772 $ 251,048 $ 480,820 Administrative fee revenue from affiliates 16,177 16,177 Interest income 1,801 569 2,370 Interest expense and finance cost (86,069 ) (27,082 ) (113,151 ) Depreciation and amortization (92,341 ) (27,969 ) (120,310 ) Equity in net earnings of affiliated companies 61,484 61,484 Net (loss)/ income attributable to Navios Holdings common stockholders (148,306 ) 14,194 (134,112 ) Total assets 2,359,299 599,514 2,958,813 Goodwill 56,240 104,096 160,336 Capital expenditures (7,882 ) (27,039 ) (34,921 ) Investment in affiliates 381,746 381,746 Cash and cash equivalents 81,905 81,507 163,412 Restricted cash 13,480 13,480 Long-term debt, net (including current and noncurrent portion) $ 1,213,740 $ 367,568 $ 1,581,308 Dry Bulk Vessel Operations for the Year Ended December 31, 2014 Logistics Business for the Year Ended December 31, 2014 Total for the Year Ended December 31, 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 2,525,103 602,594 3,127,697 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, net (including current and noncurrent portion) $ 1,246,181 $ 366,709 $ 1,612,890 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 December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 North America $ 6,218 $ 22,317 $ 30,299 Europe 109,267 109,347 173,100 Asia 73,073 87,658 84,766 South America 220,336 253,746 275,327 Other 10,888 7,752 5,524 Total $ 419,782 $ 480,820 $ 569,016 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 $1,409,415 and $1,423,147 at December 31, 2016 and 2015, 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 $544,065 and $468,842 at December 31, 2016 and 2015, respectively. |
Loss Per Common Share
Loss Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
(LOSS)/EARNINGS PER COMMON SHARE [Abstract] | |
(LOSS)/EARNINGS PER COMMON SHARE | NOTE 19: LOSS PER COMMON SHARE Loss per share is calculated by dividing net loss attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net (loss)/income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net (loss)/ income attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. For the year ended December 31, 2016, 3,411,270 potential common shares and 5,935,000 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. For the year ended December 31, 2015, 1,698,569 potential common shares and 6,522,556 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, 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. Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Numerator: Net loss attributable to Navios Holdings common stockholders $ (303,823 ) $ (134,112 ) $ (56,203 ) Declared and undeclared dividend on preferred stock and on unvested restricted shares (15,909 ) (16,202 ) (10,773 ) Tender Offer - Redemption of preferred stock Series G and H including $5,063 of undeclared preferred dividend cancelled 46,627 Loss available to Navios Holdings common stockholders, basic and diluted $ (273,105 ) $ (150,314 ) $ (66,976 ) Denominator: Denominator for basic and diluted net loss per share attributable to Navios Holdings stockholders adjusted weighted shares 107,366,783 105,896,235 103,476,614 Basic and diluted net loss per share attributable to Navios Holdings stockholders $ (2.54 ) $ (1.42 ) $ (0.65 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 20: INCOME TAXES Marshall Islands, Liberia, Panama and Malta do not impose a tax on international shipping income. Under the laws of Marshall Islands, 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 have registered branch offices in Greece under Greek Law 27/75 (former law 89/67). These companies are allowed to conduct the specific business activities provided in their license and the provisions of the above legislation. Same law (27/75) provides that these companies are exempted in Greece from any tax, duty, levy, contribution or deduction in respect of income obtained from the operation of ships as long as duties are paid by the owner of the vessel. The same exemption from any tax, duty, levy, contribution or deduction applies to shareholders or other type of owners in ship-owning companies for income they receive from distribution of net profits or dividends, whether received directly or from holding companies, regardless of the number of holding companies between ship-owning company and the final shareholder. 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 under law 27/75 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 against any tax, duty, charge or contribution payable on income from the exploitation of the foreign flagged vessel. In case that tonnage tax and/or similar taxes/duties are paid to the vessel's flag state, these are deducted from the amount of the duty to be paid in Greece. 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. federal 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 outside the United States 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 continues to be listed on the NYSE and represents more than 50% of the total combined voting power of all 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 5% or more of the vote and value of the Company's common stock, but no assurance can be given that the Company will satisfy these requirements or qualify for this exemption. The tax (expense)/ benefit reflected in the Company's consolidated financial statements for the years ended December 31, 2016, 2015 and 2014 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 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, the Minimum Presumed Income 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 Minimum Presumed Income Tax. However, if the Minimum Presumed Income Tax exceeds income tax during any fiscal year, such excess may be computed as a prepayment of any income tax excess over the Minimum Presumed 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, 2016 (5.0% for both 2015 and 2014). 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, 2016. The Company's deferred taxes as of December 31, 2016 and 2015, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with Navios Logistics. 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 2013 and onwards. Argentinean companies have open tax years ranging from 2009 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2010 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, 2016 | |
NONCONTROLLING INTEREST [Abstract] | |
NONCONTROLLING INTEREST | NOTE 21: NONCONTROLLING INTEREST 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 year ended December 31, 2014, the Company recorded income of $182 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 Bonanza in January 2014 was $3,484. 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 Available-For-Sa
Investments in Available-For-Sale Securities | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | NOTE 22: INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES During the year ended December 31, 2013, the Company received shares of Korea Line Corporation (KLC), and during the year ended December 31, 2015, the Company received shares of Pan Ocean Co.Ltd (STX) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company's vessels. The shares were valued at fair value upon the day of issuance. During the third quarter of 2016, the Company sold all its 354,093 KLC and STX securities it held for a total consideration of $5,303. As of December 31, 2016 and 2015, the Company retained a total of 0, and 344,649 KLC and STX shares, respectively. The shares received from KLC and STX 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, 2016 and 2015, the carrying amount of the available-for-sale securities related to KLC and STX was $0 and $5,173, respectively. The unrealized holding losses related to these AFS Securities included in Accumulated other comprehensive loss were $0 and $445 as of December 31, 2016 and 2015, respectively. During each of the years ended December 31, 2016, 2015 and 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 income /(loss) of $345, $1,783 and $11,553, respectively. The respective losses were included within the caption Other expense in the accompanying consolidated statement of comprehensive (loss)/ income. |
Other Income - Other Expense
Other Income - Other Expense | 12 Months Ended |
Dec. 31, 2016 | |
OTHER INCOME [Abstract] | |
OTHER INCOME- OTHER EXPENSE | NOTE 23: OTHER INCOME - OTHER EXPENSE As of March 25, 2014, the Company terminated the amended credit default insurance policy, it had in place with a credit default insurer. 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 and has therefore recognized the entire compensation received immediately in the statement of comprehensive (loss)/income within the caption of Other income. See also Note 15, for details on the claim submitted under Navios Partners Guarantee. During the years ended December 31, 2016, 2015 and 2014, taxes other-than-income taxes of Navios Logistics amounted to $9,740, $11,976, and $9,275, respectively, and were included in the statements of comprehensive (loss)/income within the caption Other expense. In March 2016, the Company agreed with a charterer for the early redelivery of one of its vessels in exchange for $13,000 in cash and settlement of outstanding claims payable to the charterer amounting to $1,871. The total amount of $14,871 was included in the statement of comprehensive loss within the caption Other income. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
OTHER FINANCIAL INFORMATION [Abstract] | |
OTHER FINANCIAL INFORMATION | NOTE 24: OTHER FINANCIAL INFORMATION The Company's 2019 Notes 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. Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Statement of comprehensive (loss)/income for the year ended December 31, 2016 Revenue $ $ 199,446 $ 220,336 $ $ 419,782 Administrative fee revenue from affiliates 21,799 21,799 Time charter, voyage and logistics business expenses (115,483 ) (59,589 ) (175,072 ) Direct vessel expenses (51,396 ) (76,000 ) (127,396 ) General and administrative expenses incurred on behalf of affiliates (21,799 ) (21,799 ) General and administrative expenses (5,715 ) (5,286 ) (14,294 ) (25,295 ) Depreciation and amortization (2,860 ) (84,337 ) (26,628 ) (113,825 ) Interest expense and finance cost, net (71,262 ) (14,005 ) (23,425 ) (108,692 ) Gain on bond and debt extinguishment 27,670 1,517 29,187 Other income/ (expense), net 75 14,392 (9,261 ) 5,206 Loss before equity in net earnings of affiliated companies (52,092 ) (55,152 ) 11,139 (96,105) Loss from subsidiaries (46,867 ) 6,483 40,384 Equity/ (loss) in net earnings of affiliated companies (204,864 ) 3,138 (1,053 ) (202,779 ) Loss before taxes (303,823 ) (45,531 ) 10,086 40,384 (298,884 Income tax benefit/ (expense) (283 ) (982 ) (1,265 ) Net loss (303,823 ) (45,814 ) 9,104 40,384 (300,149 ) Less: Net income attributable to the noncontrolling interest (3,674 ) (3,674 ) Net loss attributable to Navios Holdings common stockholders $ (303,823 ) $ (45,814 ) $ 5,430 $ 40,384 $ (303,823 ) Other Comprehensive income Unrealized holding loss on investments in available-for-sale securities $ 100 $ 100 $ $ (100 ) $ 100 Reclassification to earnings 345 345 (345 ) 345 Total other comprehensive income $ 445 $ 445 $ $ (445 ) $ 445 Total comprehensive loss $ (303,378 ) $ (45,369 ) $ 9,104 $ 39,939 $ (299,704 Comprehensive (income)/loss attributable to noncontrolling interest (3,674 ) (3,674 ) Total comprehensive loss attributable to Navios Holdings common stockholders $ (303,378 ) $ (45,369 ) $ 5,430 $ 39,939 $ (303,378 ) ) Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Statement of comprehensive (loss)/income for the year ended December 31, 2015 Revenue $ $ 229,772 $ 251,048 $ $ 480,820 Administrative fee revenue from affiliates 16,177 16,177 Time charter, voyage and logistics business expenses (177,507 ) (70,375 ) (247,882 ) Direct vessel expenses (46,142 ) (82,026 ) (128,168 ) General and administrative expenses incurred on behalf of affiliates (16,177 ) (16,177 ) General and administrative expenses (7,435 ) (12,740 ) (14,008 ) (34,183 ) Depreciation and amortization (2,769 ) (89,572 ) (27,969 ) (120,310 ) Interest expense and finance cost, net (72,924 ) (11,344 ) (26,513 ) (110,781 ) Other expense, net (60 ) (18,671 ) (11,470 ) (30,201 ) Loss before equity in net earnings of affiliated companies (83,188 ) (126,204 ) 18,687 (190,705 ) Loss from subsidiaries (105,102 ) 14,194 90,908 Equity in net earnings of affiliated companies 54,178 5,326 1,980 61,484 Loss before taxes (134,112 ) (106,684 ) 20,667 90,908 (129,221 ) Income tax benefit/ (expense) (397 ) 3,551 3,154 Net loss (134,112 ) (107,081 ) 24,218 90,908 (126,067 ) Less: Net income attributable to the noncontrolling interest (8,045 ) (8,045 ) Net loss attributable to Navios Holdings common stockholders $ (134,112 ) $ (107,081 ) $ 16,173 $ 90,908 $ (134,112 ) Other Comprehensive income Unrealized holding loss on investments in available-for-sale securities $ (1,649 ) $ (1,649 ) $ $ 1,649 $ (1,649 ) Reclassification to earnings 1,782 1,782 (1,782 ) 1,782 Total other comprehensive income $ 133 $ 133 $ $ (133 ) $ 133 Total comprehensive loss $ (133,979 ) $ (106,948 ) $ 24,218 $ 90,775 $ (125,934 ) Comprehensive (income)/loss attributable to noncontrolling interest (8,045 ) (8,045 ) Total comprehensive loss attributable to Navios Holdings common stockholders $ (133,979 ) $ (106,948 ) $ 16,173 $ 90,775 $ (133,979 ) Navios Maritime Non Holdings Inc. Guarantor Guarantor Issuer Subsidiaries Subsidiaries Eliminations Total Statement of comprehensive (loss)/income for the year ended December 31, 2014 Revenue $ $ 300,242 $ 268,774 $ $ 569,016 Administrative fee revenue from affiliates 14,300 14,300 Time charter, voyage and logistics business expenses (157,640 ) (105,664 ) (263,304 ) Direct vessel expenses (52,039 ) (78,025 ) (130,064 ) General and administrative expenses incurred on behalf of affiliates (14,300 ) (14,300 ) 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 loss 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 ) Balance Sheet as of December 31, 2016 Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Current assets Cash and cash equivalents $ 15,875 $ 54,935 $ 65,182 $ $ 135,992 Restricted cash 2,486 2,900 5,386 Accounts receivable, net 32,916 32,913 65,829 Intercompany receivables 74,218 (74,218 ) Due from affiliate companies 2,362 6,186 8,548 Prepaid expenses and other current assets 39,778 17,607 57,385 Total current assets 18,237 136,301 192,820 (74,218 ) 273,140 Deposits for vessels, port terminals and other fixed assets 136,891 136,891 Vessels, port terminals and other fixed assets, net 1,411,612 409,489 1,821,101 Investments in subsidiaries 1,641,863 292,209 (1,934,072 ) Investments in affiliates 137,218 11,978 10,875 160,071 Loan receivable from affiliate companies 23,008 23,008 Other long-term receivable from affiliate companies 11,105 11,105 Other long-term assets 17,877 22,551 40,428 Goodwill and other intangibles 83,933 35,571 167,647 287,151 Total non-current assets 1,863,014 1,803,360 747,453 (1,934,072 ) 2,479,755 Total assets $ 1,881,251 $ 1,939,661 $ 940,273 $ (2,008,290 ) $ 2,752,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 892 $ 54,731 $ 29,915 $ $ 85,538 Accrued expenses and other liabilities 32,025 43,823 15,901 91,749 Deferred income and cash received in advance 4,666 4,517 9,183 Intercompany payables 191,814 (117,596 ) (74,218 ) Due to affiliate companies 32,847 32,847 Current portion of capital lease obligations 2,639 2,639 Current portion of long-term debt 23,476 6,351 29,827 Total current liabilities 224,731 41,947 59,323 (74,218 ) 251,783 Long-term debt, net of current portion 928,357 221,437 421,598 1,571,392 Capital lease obligations, net of current portion 14,978 14,978 Long-term payable to affiliate company 6,399 6,399 Loan payable to affiliate company 49,876 49,876 Other long-term liabilities and deferred income 41,857 1,531 43,388 Deferred tax liability 11,526 11,526 Total non-current liabilities 978,233 269,693 449,633 1,697,559 Total liabilities 1,202,964 311,640 508,956 (74,218 ) 1,949,342 Noncontrolling interest 125,266 125,266 Total Navios Holdings stockholders' equity 678,287 1,628,021 306,051 (1,934,072 ) 678,287 Total liabilities and stockholders' equity $ 1,881,251 $ 1,939,661 $ 940,273 $ (2,008,290 ) $ 2,752,895 Balance Sheet as of December 31, 2015 Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Current assets Cash and cash equivalents $ 34,152 $ 47,753 $ 81,507 $ $ 163,412 Restricted cash 13,480 13,480 Accounts receivable, net 38,716 26,097 64,813 Intercompany receivables 10,360 38,108 74,573 (123,041 ) Due from affiliate companies 4,833 7,836 12,669 Prepaid expenses and other current assets 3 36,580 12,002 48,585 Total current assets 49,348 182,473 194,179 (123,041 ) 302,959 Deposits for vessels, port terminals and other fixed assets 29,695 44,254 73,949 Vessels, port terminals and other fixed assets, net 1,396,101 427,860 1,823,961 Investments in subsidiaries 1,636,433 285,726 (1,922,159 ) Investments in available-for-sale securities 5,173 5,173 Investments in affiliates 356,797 13,028 11,921 381,746 Loan receivable from affiliate companies 16,474 16,474 Other long-term assets 21,325 22,433 43,758 Goodwill and other intangibles 86,793 52,829 171,171 310,793 Total non-current assets 2,080,023 1,820,351 677,639 (1,922,159 ) 2,655,854 Total assets $ 2,129,371 $ 2,002,824 $ 871,818 $ (2,045,200 ) $ 2,958,813 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 363 $ 45,913 $ 26,329 $ $ 72,605 Accrued expenses and other liabilities 33,244 54,451 15,400 103,095 Deferred income and cash received in advance 6,267 7,225 13,492 Intercompany payables 123,041 (123,041 ) Due to affiliate companies 17,791 17,791 Current portion of capital lease obligations 2,929 2,929 Current portion of long-term debt 16,875 69 16,944 Total current liabilities 156,648 141,297 51,952 (123,041 ) 226,856 Long-term debt, net of current portion 983,763 213,102 367,499 1,564,364 Capital lease obligations, net of current portion 17,720 17,720 Unfavorable lease terms 7,526 7,526 Other long-term liabilities and deferred income 19,360 1,518 20,878 Deferred tax liability 10,917 10,917 Total non-current liabilities 983,763 239,988 397,654 1,621,405 Total liabilities 1,140,411 381,285 449,606 (123,041 ) 1,848,261 Noncontrolling interest 121,592 121,592 Total Navios Holdings stockholders' equity 988,960 1,621,539 300,620 (1,922,159 ) 988,960 Total liabilities and stockholders' equity $ 2,129,371 $ 2,002,824 $ 871,818 $ (2,045,200 ) $ 2,958,813 Navios Maritime Non Holdings Inc. Guarantor Guarantor Cash flow statement for the year ended December 31, 2016 Issuer Subsidiaries Subsidiaries Eliminations Total Net cash (used in)/provided by operating activities $ (60,889 ) $ 78,830 $ 18,979 $ $ 36,920 Cash flows from investing activities Acquisition of investments in affiliates (4,275 ) (4,275 ) Loan to affiliate company Decrease in long-term receivable from affiliate companies Dividends from affiliate companies Acquisition of vessels (60,115 ) (60,115 ) Deposits for vessels, port terminals and other fixed assets (86,911 ) (86,911 ) Purchase of property, equipment and other fixed assets (305 ) (4,262 ) (4,567 ) Disposal of available-for-sale securities 5,303 5,303 Net cash provided by/(used in) in investing activities (59,392 ) (91,173 ) (150,565 ) Cash flows from financing activities Transfer (to)/from other group subsidiaries 38,667 (38,667 ) Repurchase of preferred stock (9,323 ) (9,323 ) Repurchase of senior notes (30,671 ) (30,671 ) Repayment of long-term debt and payment of principal (39,332 ) (1,405 ) (40,737 ) Proceeds from long-term loans, net of deferred finance fees 54,743 60,306 115,049 Proceeds from loan payable to affiliate company, net of deferred finance fees 48,438 48,438 Acquisition of treasury stock (818 ) (818 ) Dividends paid (3,681 ) (3,681 ) Decrease in restricted cash 11,000 11,000 Payments of obligations under capital leases (3,032 ) (3,032 ) Net cash used in financing activities 42,612 (12,256 ) 55,869 86,225 Increase/(decrease) in cash and cash equivalents (18,277 ) 7,182 (16,325 ) (27,420 ) Cash and cash equivalents, beginning of year 34,152 47,753 81,507 163,412 Cash and cash equivalents, end of year $ 15,875 $ 54,935 $ 65,182 $ $ 135,992 Navios Maritime Non Holdings Inc. Guarantor Guarantor Cash flow statement for the year ended December 31, 2015 Issuer Subsidiaries Subsidiaries Eliminations Total Net cash (used in)/provided by operating activities $ (49,544 ) $ 48,038 $ 44,984 $ $ 43,478 Cash flows from investing activities Acquisition of investments in affiliates (14,668 ) (6,650 ) (1,528 ) (22,846 ) Loan to affiliate company (7,327 ) (7,327 ) Decrease in long-term receivable from affiliate companies 10,351 10,351 Dividends from affiliate companies 18,244 18,244 Deposits for vessels, port terminals and other fixed assets (7,555 ) (19,158 ) (26,713 ) Purchase of property, equipment and other fixed assets (327 ) (7,881 ) (8,208 ) Net cash provided by/(used in) in investing activities 3,576 (11,508 ) (28,567 ) (36,499 ) Cash flows from financing activities Transfer (to)/from other group subsidiaries 17,183 (18,711 ) 1,528 Debt issuance costs (50 ) (50 ) Repayment of long-term debt and payment of principal (35,987 ) (69 ) (36,056 ) Acquisition of treasury stock (252 ) (252 ) Dividends paid (35,350 ) (35,350 ) Increase in restricted cash (11,114 ) (11,114 ) Payment for acquisition of intangible asset (6,800 ) (6,800 ) Payments of obligations under capital leases (1,501 ) (1,501 ) Net cash used in financing activities (18,419 ) (65,862 ) (6,842 ) (91,123 ) Increase/(decrease) in cash and cash equivalents (64,387 ) (29,332 ) 9,575 (84,144 ) Cash and cash equivalents, beginning of year 98,539 77,085 71,932 247,556 Cash and cash equivalents, end of year $ 34,152 $ 47,753 $ 81,507 $ $ 163,412 Navios Maritime Non Holdings Inc. Guarantor Guarantor Cash flow statement for the year ended December 31, 2014 Issuer Subsidiaries 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 25: SUBSEQUENT EVENTS (a) On February 10, 2017, a New York arbitration tribunal ruled in favor of Navios Logistics on a dispute with Vale. Vale has been ordered to pay Navios Logistics $21,500, compensating for all unpaid invoices, late payment of invoices, and legal fees incurred. The full amount had been received in March 2017. (b) On February 21, 2017, Navios Holdings agreed to transfer to Navios Partners its participation in Navios Revolving Loans I and Navios Term Loans I, both relating to Navios Europe I, for a consideration of $4,050 in cash and 13,076,923 newly issued common units of Navios Partners. Concurrently, Navios Holdings acquired 266,876 common units in Navios Partners in order to maintain its 2% general partner interest for a cash consideration of $468. The transaction closed on March 17, 2017. (c) In February 2017, two self-propelled barges of Navios Logistics' fleet, Formosa and San Lorenzo, were sold for a total of $1,109 to be paid in cash. Sale price will be received in installments through 2023. (d) On March 16, 2017, Navios Holdings agreed to sell to an unrelated third party the Navios Ionian, a 2000 built Japanese dry bulk vessel of 52,067 dwt, for a total net sale price of $5,280 to be paid in cash, with delivery expected in August 2017. As of March 31, 2017, the impairment loss due to the sale is expected to be approximately $9,098. (e) On March 20, 2017, Navios Partners announced that it has closed an offering of 47,795,000 common units at $2.10 per common unit, raising approximately $100,000 of gross proceeds. Navios Holdings acquired 975,408 common units in Navios Partners in order to maintain its 2% general partner interest for a cash consideration of $2,048. (f) On March 21, 2017, Navios Holdings announced that it commenced an offer to exchange newly issued shares of the Company's common stock for any and all outstanding American Depositary Shares, each representing 1/100th of a share of either Series G or Series H. For every Series G surrendered, the Company offered 8.25 shares of common stock, with a value of $14.61 (as of March 20, 2017) and for Series H surrendered, the Company offered 8.11 shares of common stock, with a value of $14.36 (as of March 20, 2017). On April 19, 2017, Navios Holdings announced the completion of the exchange offer. A total of 766 Series G and Series H were validly tendered, representing an aggregate nominal value of approximately $1,914. Navios Holdings issued a total of 625,815 shares of common stock. (g) Navios Logistics has signed a shipbuilding contract for the construction of a river and estuary tanker for a total consideration of 12,400 ($13,061). Pursuant to this acquisition, Navios Logistics has secured a credit from the shipbuilder to finance of up to 50% of the purchase price, with a maximum of 6,200 ($6,532), to be repaid in 24 equal installments after delivery of the vessel, plus 6.75% interest per annum. The vessel is expected to be delivered in the first quarter of 2018. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of presentation | (a) Basis of presentation: |
Principles of Consolidation | (b) Principles of consolidation: 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. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. Subsidiaries: Investments in Affiliates: 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, 2016 was 20.0%, which includes a 2.0% general partner interest); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2016 was 46.1%); (iii) Acropolis Chartering and Shipping Inc. (Acropolis) (economic interest as of December 31, 2016 was 35.0%), (iv) Navios Europe I and its subsidiaries (economic interest as of December 31, 2016 was 47.5%); and (v) Navios Europe II and its subsidiaries (economic interest as of December 31, 2016 was 47.5%). Subsidiaries Included in the Consolidation: Statement of Operations Company Name Nature Ownership Interest Country of Incorporation 2016 2015 2014 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. Operating Company/ Vessel Owning Company/ Management Company 100 % Belgium 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Bulkinvest S.A. Operating Company 100 % Luxembourg 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Tankers Management Inc. Management Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Astra Maritime Corporation 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 Meridian Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100 % Marshall Is 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. 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 Red Rose Shipping Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Statement of Operations Company Name Nature Ownership Interest Country of Incorporation 2016 2015 2014 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 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Iris Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Emery Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/4 - 12/31 Lavender Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/24 - 12/31 Esmeralda Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/12 - 12/31 Triangle Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/12 - 12/31 Roselite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 10/9 - 12/31 Smaltite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 10/9 - 12/31 Motiva Trading Ltd Operating Company 100 % Marshall Is. 11/2 - 12/31 |
Use of Estimates | (c) Use of Estimates: |
Cash and Cash Equivalents | (d) Cash and Cash Equivalents: |
Restricted Cash | (e) Restricted Cash: |
Insurance Claims | (f) Insurance Claims: |
Inventories | (g) Inventories: |
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: 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. Management estimates the residual values of the Company's vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company's vessels. 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: |
Assets Held for Sale | (j) Assets Held for Sale: |
Impairment of Long Lived Assets | (k) Impairment of Long Lived Assets: 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 2016, 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, if applicable. 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 a combination of one-year average historical time charter rates and 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 actuals, assuming an annual increase of 0.8% after 2017 and a utilization rate of 99.2% based on the fleet's historical performance. The assessment concluded that step two of the impairment analysis was not required and no impairment of vessels and the related intangible assets existed as of December 31, 2016, 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: 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, 2016, 2015 and 2014, the amortization of deferred drydock and special survey costs was $13,768, $13,340, and $12,263, respectively. |
Deferred Financing Costs | (m) Deferred Financing Costs: |
Goodwill and Other Intangibles | (n) Goodwill and Other Intangibles (i) Goodwill: 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 a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. 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 (step two) 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. As of December 31, 2016, the Company performed its impairments test for its reporting units within: the Dry Bulk Vessel Operations and the Logistics Business. During the fourth quarter 2016, the overall shipping market continued to experience significant deteriorating market conditions, especially in the dry bulk sector with sharp declines in freight rates, charter rates and vessel values. Additionally, the Company's market capitalization continued to deteriorate to levels well below the carrying value of its total net assets. As of December 31, 2016, the Company performed step one of the impairment test for the Dry Bulk Vessel Operations reporting unit, which is allocated goodwill of $56,240. Step one impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required. The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used 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 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 time charter rates and the 10-year average historical one-year time charter rates adjusted for outliers), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long-lived assets. In addition, a weighted average cost of capital (WACC) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants' and the Company's cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company's business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying value of net assets. As of December 31, 2016, the Company performed step one of the impairment test for the Logistics Business, which is allocated goodwill of $104,096. Step one of the impairment test used the income method and revealed that the fair value exceeded the carrying amount of its net assets. Accordingly, no step two analysis was required. The future cash flows from the Logistics Business 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. The Logistics Business has not been affected by the same deteriorating industry and market conditions as experienced in the Dry Bulk Vessel Operations reporting unit. In addition, the cash flows of the long-lived assets in the Logistics Business reporting unit have not experienced a significant decline. No impairment loss was recognized for any of the periods presented. (ii) Intangibles Other Than Goodwill: The fair value of customer relationships of Navios Logistics 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 12 Port terminal operating rights 20-45 Customer relationships 20 See also Note 7. |
Foreign Currency Translation | (o) Foreign Currency Translation: |
Provisions | (p) Provisions: 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 vessels under time charter are provided for in the period in which such losses are determined. As of December 31, 2016 and 2015, the balance for provision for voyages was $3,129 and $2,157, respectively. |
Segment Reporting | (q) Segment Reporting: |
Revenue and Expense Recognition | (r) Revenue and Expense Recognition: Revenue Recognition: 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. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel's age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized when an agreement with the pool exists, price is fixed, service is provided and the collectability is reasonably assured. Revenue for vessels operating in pooling arrangements amounted to $15,115, $1,825 and $0, for the years ended December 31, 2016, 2015 and 2014, respectively. The allocation of such net revenue may be subject to future adjustments by the pool, however, such changes are not expected to be material. 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: 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): Deferred Income and Cash Received In Advance: Time Charter, Voyage and Logistics Business Expenses: Direct Vessel Expenses: Prepaid Voyage Costs: |
Employee benefits | (s) Employee benefits: Pension and Retirement Obligations-Crew: Provision for Employees' Severance and Retirement Compensation: U.S. Retirement Savings Plan: Other Post-Retirement Obligations: Stock-Based Compensation: The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, 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 Risk Management: Credit Risk: Interest Rate Risk: Liquidity Risk: Foreign Exchange Risk: Accounting for Derivative Financial Instruments and Hedging Activities: The Company may trade 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: |
Income Taxes | (v) Income Taxes: 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: |
Guarantees | (x) Guarantees: 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: 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). 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: |
Trade Accounts Receivable | (aa) Trade Accounts Receivable: |
Convertible Preferred Stock | (ab) Convertible Preferred Stock: |
Cumulative Redeemable Perpetual Preferred Stock | (ac) Cumulative Redeemable Perpetual Preferred Stock: |
Investment in Available-for-Sale Securities | (ad) Investment in Available-for-Sale Securities: Investment in Equity Securities: |
Financial Instruments and Fair Value | (ae) Financial Instruments and Fair Value: 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 March 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-07, CompensationRetirement Benefits (Topic 715). This update improves the presentation of net periodic pension cost and net periodic postretirement benefit cost and includes amendments to the Overview and Background Sections of the FASB Accounting Standards Codification. The amendments in this update apply to all employers that offer to their employees defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under Topic 715. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In February 2017, FASB issued ASU 2017-05, Other IncomeGains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This update clarifies the scope of Subtopic 610-20 Other IncomeGains and Losses from the Derecognition of Nonfinancial Assets and provides guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. The amendments in ASU 2017-05 are effective at the same time as the amendments in ASU 2014-09. Therefore, for public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Public entities may apply the guidance earlier but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In January 2017, FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). This update addresses concern expressed about the cost and complexity of the goodwill impairment test and simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. The amendments in this ASU are required for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendments are effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In January 2017, FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323). The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC guidance that specifically relates to our consolidated financial statement was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this ASU did not have a material effect on the Company's consolidated financial statements. In January 2017, FASB issued ASU 2017-01, Business Combinations to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update is effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption is permitted, including adoption in an interim period 1) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and 2) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized at a time before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In December 2016, FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in this ASU affect narrow aspects of the guidance issued in ASU 2014-09, which is not yet effective, and are of a similar nature to the items typically addressed in the Technical Corrections and Improvements project. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year, as noted below. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This update addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. In March 2016, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718), which simplifies several aspects of accounting for share-based compensation including the tax consequences, classification of awards as equity or liabilities, forfeitures and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early application is permitted. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 will apply to both capital (or finance) leases and operating leases. According to ASU 2016-02, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016 - 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. In January 2016, FASB issued ASU 2016-01, Financial InstrumentsOverall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement, for public business entities, to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this ASU. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this ASU require an entity to measure inventory within the scope of this ASU at the lower of cost and net realizable value. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of this new standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This standard requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Before this new standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. The adoption of the new standard did not have a material impact on the Company's results of operations, financial position or cash flows. In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance was originally effective for interim and annual periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. The standard will be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company is currently reviewing the effect of ASU No. 2014-09 on its revenue recognition. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Entities included in the consolidation | Statement of Operations Company Name Nature Ownership Interest Country of Incorporation 2016 2015 2014 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. Operating Company/ Vessel Owning Company/ Management Company 100 % Belgium 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Bulkinvest S.A. Operating Company 100 % Luxembourg 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Tankers Management Inc. Management Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Astra Maritime Corporation 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 Meridian Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100 % Marshall Is 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. 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 Red Rose Shipping Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Statement of Operations Company Name Nature Ownership Interest Country of Incorporation 2016 2015 2014 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 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Iris Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 5/19 - 12/31 Emery Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 6/4 - 12/31 Lavender Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/24 - 12/31 Esmeralda Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/12 - 12/31 Triangle Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/12 - 12/31 Roselite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 10/9 - 12/31 Smaltite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 10/9 - 12/31 Motiva Trading Ltd Operating Company 100 % Marshall Is. 11/2 - 12/31 |
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 12 Port terminal operating rights 20-45 Customer relationships 20 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Cash and cash equivalents | December 31, 2016 December 31, 2015 Cash on hand and at banks $ 126,584 $ 85,570 Short-term deposits and highly liquid funds 9,408 77,842 Cash and cash equivalents $ 135,992 $ 163,412 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS RECEIVABLE,NET [Abstract] | |
Accounts receivable, net | December 31, 2016 December 31, 2015 Accounts receivable $ 85,266 $ 83,091 Less: provision for doubtful receivables (19,437 ) (18,278 Accounts receivable, net $ 65,829 $ 64,813 |
Allowance for doubtfull receivables | Allowance for doubtful receivables Balance at Beginning of Period Charges to Costs and Expenses Amount Utilized Balance at End of Period Year ended December 31, 2014 $ (26,457 ) $ (792 ) $ 8,785 $ (18,464 ) Year ended December 31, 2015 $ (18,464 ) $ (59 ) $ 245 $ (18,278 ) Year ended December 31, 2016 $ (18,278 ) $ (1,304 ) $ 145 $ (19,437 ) |
Prepaid Expenses and Other Cu36
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
Prepaid expenses and other current assets | December 31, 2016 December 31, 2015 Prepaid voyage and operating costs $ 8,352 $ 8,700 Claims receivable 9,822 11,078 Prepaid other taxes 4,279 3,664 Advances for working capital purposes 4,486 Other 1,957 700 Total prepaid expenses and other current assets $ 28,896 $ 24,142 |
Vessels, Port Terminal and Ot37
Vessels, Port Terminal and Other Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Total | Vessels Cost Accumulated Depreciation Net Book Value 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 Additions (70,894 ) (70,894 ) Balance December 31, 2015 1,841,140 (447,688 ) 1,393,452 Additions 60,115 (73,847 ) (13,732 ) Transfers 29,695 29,695 Balance December 31, 2016 $ 1,930,950 $ (521,535 ) $ 1,409,415 Port Terminals (Navios Logistics) Cost Accumulated Depreciation Net Book Value 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 Additions 2,287 (3,431 ) (1,144 ) Balance December 31, 2015 108,686 (23,898 ) 84,788 Additions 2,051 (3,493 ) (1,442 ) Transfers (1,513 ) (1,513 ) Balance December 31, 2016 $ 109,224 $ (27,391 ) $ 81,833 Tanker vessels, barges and push boats (Navios Logistics) Cost Accumulated Depreciation Net Book Value 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 Additions 6,188 (20,007 ) (13,819 ) Restructure of capital lease (210 ) (210 ) Balance December 31, 2015 470,944 (131,144 ) 339,800 Additions 738 (18,894 ) (18,156 ) Transfers 3,696 3,696 Balance December 31, 2016 $ 475,378 $ (150,038 ) $ 325,340 Other fixed assets Cost Accumulated Depreciation Net Book Value 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 Additions 443 (1,558 ) (1,115 ) Balance December 31, 2015 13,869 (7,948 ) 5,921 Additions 2,250 (1,475 ) 775 Transfers (2,183 ) (2,183 ) Balance December 31, 2016 $ 13,936 $ (9,423 ) $ 4,513 Total Cost Accumulated Depreciation Net Book Value 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 Additions 8,918 (95,890 ) (86,972 ) Restructure of capital lease (210 ) (210 ) Balance December 31, 2015 2,434,639 (610,678 ) 1,823,961 Additions 65,154 (97,709 ) (32,555 ) Transfers 29,695 29,695 Balance December 31, 2016 $ 2,529,488 $ (708,387 ) $ 1,821,101 |
Intangible Assets_Liabilities38
Intangible Assets/Liabilities Other Than Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL [Abstract] | |
Schedule of intangible assets | Acquisition Cost Accumulated Amortization Additions / Write off Net Book Value December 31, 2016 Trade name $ 100,420 $ (41,303 ) $ $ 59,117 Port terminal operating rights 53,152 (10,162 ) 42,990 Customer relationships 35,490 (15,971 ) 19,519 Favorable lease terms(*) 82,485 (6,359 ) (70,937 ) 5,189 Total Intangible assets 271,547 (73,795 ) (70,937 ) 126,815 Unfavorable lease terms(**) (24,721 ) 24,721 Total $ 246,826 $ (73,795 ) $ (46,216 ) $ 126,815 Net Book Value of Intangible Assets/Liabilities other than Goodwill as at December 31, 2015 Acquisition Cost Accumulated Amortization Additions / Write off Net Book Value December 31, 2015 Trade name $ 100,420 $ (37,401 ) $ $ 63,019 Port terminal operating rights 53,152 (9,456 ) 43,696 Customer relationships 35,490 (14,196 ) 21,294 Favorable lease terms(*) 158,179 (60,037 ) (75,694 ) 22,448 Total Intangible assets 347,241 (121,090 ) (75,694 ) 150,457 Unfavorable lease terms(**) (56,419 ) 17,195 31,698 (7,526 ) Total $ 290,822 $ (103,895 ) $ (43,996 ) $ 142,931 (*) (**) As of December 31, 2016 and 2015, intangible assets associated with the favorable lease terms included an amount of $1,180 and $10,575, respectively related to purchase options for the vessels (see also Note 2(n)). During the year ended December 31, 2016, acquisition costs of $70,937 and accumulated amortization of $57,930 of favorable lease terms were written off resulting in a loss of $13,007. This write-off resulted from the early redelivery of one vessel. During the year ended December 31, 2015, acquisition costs $75,694, of fully amortized favorable lease terms were written off, as a result of early redeliveries of vessels. As of December 31, 2016 and 2015, the intangible liability associated with the unfavorable lease terms included an amount of $0 and $(467), respectively, related to purchase options held by third parties (see also Note 2(n)). During the year ended December 31, 2016, acquisition costs of $24,721 and accumulated amortization of $17,406 of unfavorable lease terms were written off resulting in an income of $7,315. This write-off resulted from the early redelivery of one vessel. During the year ended December 31, 2015, $31,698 of acquisition cost of unfavorable lease terms were written off. During the year ended December 31, 2015, acquisition cost and accumulated amortization of $64,609, of fully amortized unfavorable lease terms were written off. These write-offs resulted from early redelivery of vessels. As of December 31, 2016 and 2015, no purchase options held by third parties have been exercised. |
Amortization expense | Amortization Expense and Write Offs Year Ended December 31, 2016 Amortization Expense and Write Offs Year Ended December 31, 2015 Amortization Expense and Write Offs Year Ended December 31, 2014 Trade name $ 3,902 $ 3,811 $ 3,853 Port terminal operating rights 706 1,006 1,006 Customer relationships 1,775 1,775 1,774 Favorable lease terms 17,260 32,444 12,539 Unfavorable lease terms (7,526 ) (14,615 ) (4,933 ) Total $ 16,117 $ 24,420 $ 14,239 |
Schedule of aggregate amortization expense | Description Within one year Year Two Year Three Year Four Year Five Thereafter Total Trade name $ 3,853 $ 2,811 $ 2,811 $ 2,818 $ 2,811 $ 44,013 $ 59,117 Favorable lease terms 641 641 641 641 641 804 4,009 Port terminal operating rights 895 990 990 990 990 38,135 42,990 Customer relationships 1,775 1,775 1,775 1,775 1,775 10,644 19,519 Total amortization $ 7,164 $ 6,217 $ 6,217 $ 6,224 $ 6,217 $ 93,596 $ 125,635 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENTS IN AFFILIATES [Abstract] | |
Financial information of affiliate companies, balance sheet | December 31, 2016 December 31, 2015 Balance Sheet Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Cash and cash equivalents, including restricted cash $ 25,088 $ 56,658 $ 720 $ 10,785 $ 16,916 $ 34,539 $ 61,645 $ 668 $ 11,839 $ 17,366 Current assets 56,349 107,282 986 15,980 19,487 39,835 97,349 1,117 14,782 22,539 Non-current assets 1,212,231 1,596,337 84 169,925 232,363 1,310,456 1,676,742 73 179,023 245,154 Current liabilities 98,950 79,421 413 18,490 24,126 41,528 82,798 447 15,377 16,897 Long- term debt including current portion, net 523,776 1,095,938 86,060 119,234 598,078 1,197,583 96,580 129,185 Non-current liabilities 489,421 1,048,767 155,387 184,530 576,548 1,143,922 182,537 173,543 |
Financial information of affiliate companies, income statement | Income Statement Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Navios Partners Navios Acquisition Acropolis Navios Europe I Navios Europe II Navios Partners Navios Acquisition Acropolis Navios Europe I Revenue $ 190,524 $ 290,245 $ 1,068 $ 40,589 $ 30,893 $ 223,676 $ 313,396 $ 1,760 $ 41,437 $ 20,767 $ 227,356 $ 264,877 $ 2,825 $ 35,119 Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II $ (52,549 ) $ 59,715 $ 157 $ (2,174 ) $ (25,062 ) $ 41,805 $ 84,796 $ 244 $ (1,347 ) $ 1,673 $ 74,853 $ 11,371 1,298 (5,061 ) Net income/(loss) $ (52,549 ) $ 59,715 $ 157 $ 16,137 $ (34,059 ) $ 41,805 $ 84,796 $ 244 $ (1,118 ) $ 77,252 $ 74,853 $ 11,371 1,298 (1,896 ) |
Accrued Expenses and Other Li40
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | |
Accrued expenses and Other Liabilities | December 31, 2016 December 31, 2015 Payroll $ 14,730 $ 11,021 Accrued interest 36,273 37,628 Accrued voyage expenses 2,217 3,311 Accrued running costs 21,394 22,705 Provision for losses on voyages in progress 3,129 2,157 Audit fees and related services 266 519 Accrued taxes 5,092 4,162 Professional fees 1,707 518 Dividends 3,081 Navios Partners Guarantee (Note 15) 8,752 Other accrued expenses 6,941 9,241 Total accrued expenses $ 91,749 $ 103,095 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
BORROWINGS [Abstract] | |
Loans' outstanding amounts | Navios Holdings borrowings December 31, 2016 December 31, 2015 Commerzbank A.G. ($240,000) $ 19,857 $ 40,476 Loan Facility Credit Agricole ($40,000) 18,880 21,291 Loan Facility Credit Agricole ($23,000) 14,755 16,117 Loan Facility Credit Agricole ($23,000) 15,150 16,550 Loan Facility DVB Bank SE ($72,000) 54,540 58,939 Loan Facility DVB Bank SE ($41,000) 37,293 Loan Facility Credit Agricole ($22,500) 16,313 18,563 Loan Facility DVB Bank SE ($40,000) 28,000 32,000 Loan Facility Alpha Bank ($31,000) 27,400 29,200 Loan Facility Alpha Bank ($16,125) 16,125 Navios Acquisition Loan 51,240 2019 Notes 291,094 350,000 2022 Notes 650,000 650,000 Total Navios Holdings borrowings $ 1,240,647 $ 1,233,136 Navios Logistics borrowings December 31, 2016 December 31, 2015 2022 Logistics Senior Notes $ 375,000 $ 375,000 Navios Logistics Notes Payable 34,447 Navios Logistics BBVA Loan Facility 25,000 Other long-term loans 321 390 Total Navios Logistics borrowings $ 434,768 $ 375,390 Total December 31, 2016 December 31, 2015 Total borrowings $ 1,675,415 $ 1,608,526 Less: current portion, net (29,827 ) (16,944 ) Less: deferred finance costs, net (24,320 ) (27,218 ) Total long-term borrowings $ 1,621,268 $ 1,564,364 |
Principal payments | Year 2017 (1) $ 30,790 2018 109,552 2019 324,765 2020 72,103 2021 29,021 2022 and thereafter 1,109,184 Total $ 1,675,415 (1 )In February 2017, we agreed with one of our financing banks on the deferral of principal payments amounting to $3,711, originally due in 2017, to be paid in 2018. |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | |
Fair value of financial instruments | December 31, 2016 December 31, 2015 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 135,992 $ 135,992 $ 163,412 $ 163,412 Restricted cash $ 5,386 $ 5,386 $ 13,480 $ 13,480 Investments in available-for-sale-securities $ $ $ 5,173 $ 5,173 Loan receivable from affiliate company $ 23,008 $ 23,008 $ 16,474 $ 16,474 Long-term receivable from affiliate companies $ 11,105 $ 11,105 $ $ Capital lease obligations, including current portion $ (17,617 ) $ (17,617 ) $ (20,649 ) $ (20,649 Senior and ship mortgage notes, net $ (1,296,537 ) $ (974,170 ) $ (1,350,941 ) $ (735,002 Long-term debt, including current portion $ (304,682 ) $ (308,080 ) $ (230,367 ) $ (233,526 Loan payable to affiliate company $ (49,876 ) $ (51,240 ) $ $ Long-term payable to affiliate companies $ (6,399 ) $ (6,399 ) $ $ |
Fair value measurements on a recurring basis | Fair Value Measurements as of December 31, 2015 Assets Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Investments in available-for-sale securities $ 5,173 $ 5,173 $ $ Total $ 5,173 $ 5,173 $ $ |
Fair value measurements on a nonrecurring basis | Fair Value Measurements as of December 31, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Investments in affiliates $ 148,095 $ 148,095 $ $ |
Fair value measurements on a nonrecurring basis | Fair Value Measurements at December 31, 2016 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 135,992 $ 135,992 $ $ Restricted cash $ 5,386 $ 5,386 $ $ Loan receivable from affiliate company (2) $ 23,008 $ $ 23,008 $ Long-term receivable from affiliate companies (2) $ 11,105 $ $ 11,105 $ Capital lease obligations, including current portion (1) $ (17,617 ) $ $ (17,617 ) $ Senior and ship mortgage notes $ (974,170 ) $ (974,170 ) $ $ Long-term debt, including current portion (1) $ (308,080 ) $ $ (308,080 ) $ Loan payable to affiliate company (2) $ (51,240 ) $ $ (51,240 ) $ Long-term payable to affiliate companies (2) $ (6,399 ) $ $ (6,399 ) $ Fair Value Measurements at December 31, 2015 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 163,412 $ 163,412 $ $ Restricted cash $ 13,480 $ 13,480 $ $ Loan receivable from affiliate companies (2) $ 16,474 $ $ 16,474 $ Senior and ship mortgage notes $ (735,002 ) $ (735,002 ) $ $ Capital lease obligations, including current portion (1) $ (20,649 ) $ $ (20,649 ) $ Long-term debt, including current portion (1) $ (233,526 ) $ $ (233,526 ) $ (1 )The fair value of the Company's long-term debt/ Capital lease obligations 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/ payable to affiliate companies and long-term receivable from/payable to 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, 2016 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
Summary of stock based awards | Shares Weighted average exercise price Weighted average remaining term Aggregate fair value Options Outstanding as of December 31, 2013 5,139,030 5.50 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 Forfeited or expired (159,828 ) (193) Granted 1,000,000 1.2 552 Outstanding as of December 31, 2015 6,644,766 4,09 4.23 8,769 Vested at December 31, 2015 730,592 Exercisable at December 31, 2015 730,592 Forfeited or expired (348,520 ) Granted 2,500,000 1.2 Outstanding as of December 31, 2016 8,796,246 3.20 4.41 9,804 Restricted stock and restricted stock units Non Vested as of December 31, 2013 1,883,983 1.40 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 2.00 10,899 Granted 2,540,000 3,048 Vested (812,847 ) (5,746 Forfeited or expired (3,538 ) (15 Non Vested as of December 31, 2015 3,720,959 2.45 8,186 Granted 2,540,000 3,048 Vested (1,755,017 ) (5,122 Forfeited or expired (3,408 ) (12 Non Vested as of December 31, 2016 4,502,534 $ 2.55 $ 6,100 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
LEASES [Abstract] | |
Chartered-in vessels, barges, pushboats and office space | Charter-in vessels in operation Charter-in vessels to be delivered Office space 2017 $ 110,645 $ 13,783 $ 2,687 2018 104,091 13,988 1,921 2019 85,001 9,892 1,189 2020 73,663 9,919 508 2021 51,924 9,892 184 2022 and thereafter 92,488 29,038 Total $ 517,812 $ 86,512 $ 6,489 |
Chartered-out vessels, barges and pushboats | Dry bulk vessels Logistics business 2017 $ 30,093 $ 112,803 2018 805 76,883 2019 76,641 2020 64,191 2021 52,569 2022 and thereafter 684,511 Total minimum revenue, net of commissions $ 30,898 $ 1 067,598 |
Interest Expense and Finance 45
Interest Expense and Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INTEREST EXPENSE AND FINANCE COST [Abstract] | |
Interest expense and finance cost | For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Interest expense $ 107,787 $ 108,488 $ 109,550 Amortization and write-off of deferred financing costs 5,653 4,524 4,061 Other 199 139 49 Interest expense and finance cost $ 113,639 $ 113,151 $ 113,660 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENT INFORMATION [Abstract] | |
Segment summarized financial information | Dry Bulk Vessel Operations for the Year Ended December 31, 2016 Logistics Business for the Year Ended December 31, 2016 Total for the Year Ended December 31, 2016 Revenue $ 199,446 $ 220,336 $ 419,782 Administrative fee revenue from affiliates 21,799 21,799 Interest income 4,132 815 4,947 Interest expense and finance cost (89,399 ) (24,240 ) (113,639 ) Depreciation and amortization (87,197 ) (26,628 ) (113,825 ) Equity/ (loss) in net earnings of affiliated companies (202,779 ) (202,779 ) Net (loss)/ income attributable to Navios Holdings common stockholders (310,306 ) 6,483 (303,823 ) Total assets 2,083,526 669,369 2,752,895 Goodwill 56,240 104,096 160,336 Capital expenditures (60,420 ) (91,173 ) (151,593 ) Investment in affiliates 160,071 160,071 Cash and cash equivalents 70,810 65,182 135,992 Restricted cash 2,486 2,900 5,386 Long-term debt, net (including current and noncurrent portion) $ 1,223,146 $ 427,949 $ 1,651,095 Dry Bulk Vessel Operations for the Year Ended December 31, 2015 Logistics Business for the Year Ended December 31, 2015 Total for the Year Ended December 31, 2015 Revenue $ 229,772 $ 251,048 $ 480,820 Administrative fee revenue from affiliates 16,177 16,177 Interest income 1,801 569 2,370 Interest expense and finance cost (86,069 ) (27,082 ) (113,151 ) Depreciation and amortization (92,341 ) (27,969 ) (120,310 ) Equity in net earnings of affiliated companies 61,484 61,484 Net (loss)/ income attributable to Navios Holdings common stockholders (148,306 ) 14,194 (134,112 ) Total assets 2,359,299 599,514 2,958,813 Goodwill 56,240 104,096 160,336 Capital expenditures (7,882 ) (27,039 ) (34,921 ) Investment in affiliates 381,746 381,746 Cash and cash equivalents 81,905 81,507 163,412 Restricted cash 13,480 13,480 Long-term debt, net (including current and noncurrent portion) $ 1,213,740 $ 367,568 $ 1,581,308 Dry Bulk Vessel Operations for the Year Ended December 31, 2014 Logistics Business for the Year Ended December 31, 2014 Total for the Year Ended December 31, 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 2,525,103 602,594 3,127,697 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, net (including current and noncurrent portion) $ 1,246,181 $ 366,709 $ 1,612,890 |
Revenue by geographic region | Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 North America $ 6,218 $ 22,317 $ 30,299 Europe 109,267 109,347 173,100 Asia 73,073 87,658 84,766 South America 220,336 253,746 275,327 Other 10,888 7,752 5,524 Total $ 419,782 $ 480,820 $ 569,016 |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
(LOSS)/EARNINGS PER COMMON SHARE [Abstract] | |
(Loss)/Earnings per share, basic and diluted | Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Numerator: Net loss attributable to Navios Holdings common stockholders $ (303,823 ) $ (134,112 ) $ (56,203 ) Declared and undeclared dividend on preferred stock and on unvested restricted shares (15,909 ) (16,202 ) (10,773 ) Tender Offer - Redemption of preferred stock Series G and H including $5,063 of undeclared preferred dividend cancelled 46,627 Loss available to Navios Holdings common stockholders, basic and diluted $ (273,105 ) $ (150,314 ) $ (66,976 ) Denominator: Denominator for basic and diluted net loss per share attributable to Navios Holdings stockholders adjusted weighted shares 107,366,783 105,896,235 103,476,614 Basic and diluted net loss per share attributable to Navios Holdings stockholders $ (2.54 ) $ (1.42 ) $ (0.65 ) |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER FINANCIAL INFORMATION [Abstract] | |
Other Financial Information Income Statement | Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Statement of comprehensive (loss)/income for the year ended December 31, 2016 Revenue $ $ 199,446 $ 220,336 $ $ 419,782 Administrative fee revenue from affiliates 21,799 21,799 Time charter, voyage and logistics business expenses (115,483 ) (59,589 ) (175,072 ) Direct vessel expenses (51,396 ) (76,000 ) (127,396 ) General and administrative expenses incurred on behalf of affiliates (21,799 ) (21,799 ) General and administrative expenses (5,715 ) (5,286 ) (14,294 ) (25,295 ) Depreciation and amortization (2,860 ) (84,337 ) (26,628 ) (113,825 ) Interest expense and finance cost, net (71,262 ) (14,005 ) (23,425 ) (108,692 ) Gain on bond and debt extinguishment 27,670 1,517 29,187 Other income/ (expense), net 75 14,392 (9,261 ) 5,206 Loss before equity in net earnings of affiliated companies (52,092 ) (55,152 ) 11,139 (96,105 ) Loss from subsidiaries (46,867 ) 6,483 40,384 Equity/ (loss) in net earnings of affiliated companies (204,864 ) 3,138 (1,053 ) (202,779 ) Loss before taxes (303,823 ) (45,531 ) 10,086 40,384 (298,884 ) Income tax benefit/ (expense) (283 ) (982 ) (1,265 ) Net loss (303,823 ) (45,814 ) 9,104 40,384 (300,149 ) Less: Net income attributable to the noncontrolling interest (3,674 ) (3,674 ) Net loss attributable to Navios Holdings common stockholders $ (303,823 ) $ (45,814 ) $ 5,430 $ 40,384 $ (303,823 ) Other Comprehensive income Unrealized holding loss on investments in available-for-sale securities $ 100 $ 100 $ $ (100 ) $ 100 Reclassification to earnings 345 345 (345 ) 345 Total other comprehensive income $ 445 $ 445 $ $ (445 ) $ 445 Total comprehensive loss $ (303,378 ) $ (45,369 ) $ 9,104 $ 39,939 $ (299,704 ) Comprehensive (income)/loss attributable to noncontrolling interest (3,674 ) (3,674 ) Total comprehensive loss attributable to Navios Holdings common stockholders $ (303,378 ) $ (45,369 ) $ 5,430 $ 39,939 $ (303,378 ) Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Statement of comprehensive (loss)/income for the year ended December 31, 2015 Revenue $ $ 229,772 $ 251,048 $ $ 480,820 Administrative fee revenue from affiliates 16,177 16,177 Time charter, voyage and logistics business expenses (177,507 ) (70,375 ) (247,882 ) Direct vessel expenses (46,142 ) (82,026 ) (128,168 ) General and administrative expenses incurred on behalf of affiliates (16,177 ) (16,177 ) General and administrative expenses (7,435 ) (12,740 ) (14,008 ) (34,183 ) Depreciation and amortization (2,769 ) (89,572 ) (27,969 ) (120,310 ) Interest expense and finance cost, net (72,924 ) (11,344 ) (26,513 ) (110,781 ) Other expense, net (60 ) (18,671 ) (11,470 ) (30,201 ) Loss before equity in net earnings of affiliated companies (83,188 ) (126,204 ) 18,687 (190,705 ) Loss from subsidiaries (105,102 ) 14,194 90,908 Equity in net earnings of affiliated companies 54,178 5,326 1,980 61,484 Loss before taxes (134,112 ) (106,684 ) 20,667 90,908 (129,221 ) Income tax benefit/ (expense) (397 ) 3,551 3,154 Net loss (134,112 ) (107,081 ) 24,218 90,908 (126,067 ) Less: Net income attributable to the noncontrolling interest (8,045 ) (8,045 ) Net loss attributable to Navios Holdings common stockholders $ (134,112 ) $ (107,081 ) $ 16,173 $ 90,908 $ (134,112 ) Other Comprehensive income Unrealized holding loss on investments in available-for-sale securities $ (1,649 ) $ (1,649 ) $ $ 1,649 $ (1,649 ) Reclassification to earnings 1,782 1,782 (1,782 ) 1,782 Total other comprehensive income $ 133 $ 133 $ $ (133 ) $ 133 Total comprehensive loss $ (133,979 ) $ (106,948 ) $ 24,218 $ 90,775 $ (125,934 ) Comprehensive (income)/loss attributable to noncontrolling interest (8,045 ) (8,045 ) Total comprehensive loss attributable to Navios Holdings common stockholders $ (133,979 ) $ (106,948 ) $ 16,173 $ 90,775 $ (133,979 ) Navios Maritime Non Holdings Inc. Guarantor Guarantor Issuer Subsidiaries Subsidiaries Eliminations Total Statement of comprehensive (loss)/income for the year ended December 31, 2014 Revenue $ $ 300,242 $ 268,774 $ $ 569,016 Administrative fee revenue from affiliates 14,300 14,300 Time charter, voyage and logistics business expenses (157,640 ) (105,664 ) (263,304 ) Direct vessel expenses (52,039 ) (78,025 ) (130,064 ) General and administrative expenses incurred on behalf of affiliates (14,300 ) (14,300 ) 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 loss 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 ) |
Other Financial Information Balance Sheet | Balance Sheet as of December 31, 2016 Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Current assets Cash and cash equivalents $ 15,875 $ 54,935 $ 65,182 $ $ 135,992 Restricted cash 2,486 2,900 5,386 Accounts receivable, net 32,916 32,913 65,829 Intercompany receivables 74,218 (74,218 ) Due from affiliate companies 2,362 6,186 8,548 Prepaid expenses and other current assets 39,778 17,607 57,385 Total current assets 18,237 136,301 192,820 (74,218 ) 273,140 Deposits for vessels, port terminals and other fixed assets 136,891 136,891 Vessels, port terminals and other fixed assets, net 1,411,612 409,489 1,821,101 Investments in subsidiaries 1,641,863 292,209 (1,934,072 ) Investments in affiliates 137,218 11,978 10,875 160,071 Loan receivable from affiliate companies 23,008 23,008 Other long-term receivable from affiliate companies 11,105 11,105 Other long-term assets 17,877 22,551 40,428 Goodwill and other intangibles 83,933 35,571 167,647 287,151 Total non-current assets 1,863,014 1,803,360 747,453 (1,934,072 ) 2,479,755 Total assets $ 1,881,251 $ 1,939,661 $ 940,273 $ (2,008,290 ) $ 2,752,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 892 $ 54,731 $ 29,915 $ $ 85,538 Accrued expenses and other liabilities 32,025 43,823 15,901 91,749 Deferred income and cash received in advance 4,666 4,517 9,183 Intercompany payables 191,814 (117,596 ) (74,218 ) Due to affiliate companies 32,847 32,847 Current portion of capital lease obligations 2,639 2,639 Current portion of long-term debt 23,476 6,351 29,827 Total current liabilities 224,731 41,947 59,323 (74,218 ) 251,783 Long-term debt, net of current portion 928,357 221,437 421,598 1,571,392 Capital lease obligations, net of current portion 14,978 14,978 Long-term payable to affiliate company 6,399 6,399 Loan payable to affiliate company 49,876 49,876 Other long-term liabilities and deferred income 41,857 1,531 43,388 Deferred tax liability 11,526 11,526 Total non-current liabilities 978,233 269,693 449,633 1,697,559 Total liabilities 1,202,964 311,640 508,956 (74,218 ) 1,949,342 Noncontrolling interest 125,266 125,266 Total Navios Holdings stockholders' equity 678,287 1,628,021 306,051 (1,934,072 ) 678,287 Total liabilities and stockholders' equity $ 1,881,251 $ 1,939,661 $ 940,273 $ (2,008,290 ) $ 2,752,895 Balance Sheet as of December 31, 2015 Navios Maritime Holdings Inc. Issuer Guarantor Subsidiaries Non Guarantor Subsidiaries Eliminations Total Current assets Cash and cash equivalents $ 34,152 $ 47,753 $ 81,507 $ $ 163,412 Restricted cash 13,480 13,480 Accounts receivable, net 38,716 26,097 64,813 Intercompany receivables 10,360 38,108 74,573 (123,041 ) Due from affiliate companies 4,833 7,836 12,669 Prepaid expenses and other current assets 3 36,580 12,002 48,585 Total current assets 49,348 182,473 194,179 (123,041 ) 302,959 Deposits for vessels, port terminals and other fixed assets 29,695 44,254 73,949 Vessels, port terminals and other fixed assets, net 1,396,101 427,860 1,823,961 Investments in subsidiaries 1,636,433 285,726 (1,922,159 ) Investments in available-for-sale securities 5,173 5,173 Investments in affiliates 356,797 13,028 11,921 381,746 Loan receivable from affiliate companies 16,474 16,474 Other long-term assets 21,325 22,433 43,758 Goodwill and other intangibles 86,793 52,829 171,171 310,793 Total non-current assets 2,080,023 1,820,351 677,639 (1,922,159 ) 2,655,854 Total assets $ 2,129,371 $ 2,002,824 $ 871,818 $ (2,045,200 ) $ 2,958,813 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 363 $ 45,913 $ 26,329 $ $ 72,605 Accrued expenses and other liabilities 33,244 54,451 15,400 103,095 Deferred income and cash received in advance 6,267 7,225 13,492 Intercompany payables 123,041 (123,041 ) Due to affiliate companies 17,791 17,791 Current portion of capital lease obligations 2,929 2,929 Current portion of long-term debt 16,875 69 16,944 Total current liabilities 156,648 141,297 51,952 (123,041 ) 226,856 Long-term debt, net of current portion 983,763 213,102 367,499 1,564,364 Capital lease obligations, net of current portion 17,720 17,720 Unfavorable lease terms 7,526 7,526 Other long-term liabilities and deferred income 19,360 1,518 20,878 Deferred tax liability 10,917 10,917 Total non-current liabilities 983,763 239,988 397,654 1,621,405 Total liabilities 1,140,411 381,285 449,606 (123,041 ) 1,848,261 Noncontrolling interest 121,592 121,592 Total Navios Holdings stockholders' equity 988,960 1,621,539 300,620 (1,922,159 ) 988,960 Total liabilities and stockholders' equity $ 2,129,371 $ 2,002,824 $ 871,818 $ (2,045,200 ) $ 2,958,813 |
Other Financial Information Cash Flow Statement | Navios Maritime Non Holdings Inc. Guarantor Guarantor Cash flow statement for the year ended December 31, 2016 Issuer Subsidiaries Subsidiaries Eliminations Total Net cash (used in)/provided by operating activities $ (60,889 ) $ 78,830 $ 18,979 $ $ 36,920 Cash flows from investing activities Acquisition of investments in affiliates (4,275 ) (4,275 ) Loan to affiliate company Decrease in long-term receivable from affiliate companies Dividends from affiliate companies Acquisition of vessels (60,115 ) (60,115 ) Deposits for vessels, port terminals and other fixed assets (86,911 ) (86,911 ) Purchase of property, equipment and other fixed assets (305 ) (4,262 ) (4,567 ) Disposal of available-for-sale securities 5,303 5,303 Net cash provided by/(used in) in investing activities (59,392 ) (91,173 ) (150,565 ) Cash flows from financing activities Transfer (to)/from other group subsidiaries 38,667 (38,667 ) Repurchase of preferred stock (9,323 ) (9,323 ) Repurchase of senior notes (30,671 ) (30,671 ) Repayment of long-term debt and payment of principal (39,332 ) (1,405 ) (40,737 ) Proceeds from long-term loans, net of deferred finance fees 54,743 60,306 115,049 Proceeds from loan payable to affiliate company, net of deferred finance fees 48,438 48,438 Acquisition of treasury stock (818 ) (818 ) Dividends paid (3,681 ) (3,681 ) Decrease in restricted cash 11,000 11,000 Payments of obligations under capital leases (3,032 ) (3,032 ) Net cash used in financing activities 42,612 (12,256 ) 55,869 86,225 Increase/(decrease) in cash and cash equivalents (18,277 ) 7,182 (16,325 ) (27,420 ) Cash and cash equivalents, beginning of year 34,152 47,753 81,507 163,412 Cash and cash equivalents, end of year $ 15,875 $ 54,935 $ 65,182 $ $ 135,992 Navios Maritime Non Holdings Inc. Guarantor Guarantor Cash flow statement for the year ended December 31, 2015 Issuer Subsidiaries Subsidiaries Eliminations Total Net cash (used in)/provided by operating activities $ (49,544 ) $ 48,038 $ 44,984 $ $ 43,478 Cash flows from investing activities Acquisition of investments in affiliates (14,668 ) (6,650 ) (1,528 ) (22,846 ) Loan to affiliate company (7,327 ) (7,327 ) Decrease in long-term receivable from affiliate companies 10,351 10,351 Dividends from affiliate companies 18,244 18,244 Deposits for vessels, port terminals and other fixed assets (7,555 ) (19,158 ) (26,713 ) Purchase of property, equipment and other fixed assets (327 ) (7,881 ) (8,208 ) Net cash provided by/(used in) in investing activities 3,576 (11,508 ) (28,567 ) (36,499 ) Cash flows from financing activities Transfer (to)/from other group subsidiaries 17,183 (18,711 ) 1,528 Debt issuance costs (50 ) (50 ) Repayment of long-term debt and payment of principal (35,987 ) (69 ) (36,056 ) Acquisition of treasury stock (252 ) (252 ) Dividends paid (35,350 ) (35,350 ) Increase in restricted cash (11,114 ) (11,114 ) Payment for acquisition of intangible asset (6,800 ) (6,800 ) Payments of obligations under capital leases (1,501 ) (1,501 ) Net cash used in financing activities (18,419 ) (65,862 ) (6,842 ) (91,123 ) Increase/(decrease) in cash and cash equivalents (64,387 ) (29,332 ) 9,575 (84,144 ) Cash and cash equivalents, beginning of year 98,539 77,085 71,932 247,556 Cash and cash equivalents, end of year $ 34,152 $ 47,753 $ 81,507 $ $ 163,412 Navios Maritime Non Holdings Inc. Guarantor Guarantor Cash flow statement for the year ended December 31, 2014 Issuer Subsidiaries 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 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Navios Logistics | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 63.80% |
Navios Partners | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 20.00% |
General partner interest of Navios Holdings | 2.00% |
Navios Acquisition | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 46.10% |
Percentage of voting stock of Navios Holdings in Navios Acquisition | 43.40% |
Navios Midstream | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 0.00% |
Description of Business - Relat
Description of Business - Related Parties - Navios Europe I (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 18, 2013 | Oct. 09, 2013 | |
Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 10 | ||
Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Navios Europe I | Navios Holdings | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Percentage of voting stock held | 50.00% | ||
Navios Europe I | Navios Acquisition | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Percentage of voting stock held | 50.00% | ||
Navios Europe I | Navios Partners | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 5.00% | ||
Percentage of voting stock held | 0.00% | ||
Tanker vessels | Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 5 | ||
Container vessels | Navios Europe I | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 5 |
Description of Business - Rel51
Description of Business - Related Parties - Navios Europe II (Table) (Details) | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Feb. 18, 2015 | |
Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 14 | ||
Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Navios Europe II | Navios Holdings | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Percentage of voting stock held | 50.00% | ||
Navios Europe II | Navios Acquisition | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Percentage of voting stock held | 50.00% | ||
Navios Europe II | Navios Partners | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 5.00% | ||
Percentage of voting stock held | 0.00% | ||
Dry bulkers vessels | Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 7 | ||
Container vessels | Navios Europe II | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 7 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Navios Maritime Holdings Inc. | |
Entity Information [Line Items] | |
Nature | Holding Company |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 1/1 - 12/31 |
Red Rose Shipping Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 1/1 - 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 1/1 - 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 1/1 - 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 1/1 - 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 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 | |
2,016 | 1/1 - 12/31 |
2,015 | 1/1 - 12/31 |
2,014 | 11/24 - 12/31 |
Esmeralda Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 1/12 - 12/31 |
Triangle Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 1/12 - 12/31 |
Roselite Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 1/1 - 12/31 |
2,015 | 10/9 - 12/31 |
Smaltite Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 1/1 - 12/31 |
2,015 | 10/9 - 12/31 |
Motiva Trading Ltd | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2,016 | 11/2 - 12/31 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Depreciation Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Vessels | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 25 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 |
Minimum | Port terminals | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 5 years |
Minimum | Tanker vessels, barges and push boats | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 15 years |
Minimum | Furniture, fixtures and equipment | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 3 years |
Maximum | Port terminals | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 40 years |
Maximum | Tanker vessels, barges and push boats | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 45 years |
Maximum | Furniture, fixtures and equipment | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 10 years |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Amortization Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 | 12 years |
Customer relationships | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 20 years |
Minimum | Port terminal operating rights | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 20 years |
Maximum | Port terminal operating rights | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 45 years |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Basis Of Presentation, Subsidiaries, Affiliates and Restricted Cash (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |||
May 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 31, 2014 | |
Restricted Cash And Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 5,386 | $ 13,480 | $ 2,564 | ||
Letter of Credit | |||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 2,900 | ||||
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% | ||||
Remaining non controlling interest percentage acquired | 49.00% | ||||
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 | 46.10% | ||||
Acropolis Chartering and Shipping Inc. ("Acropolis") | |||||
Percentage of Navios Holdings ownership | |||||
Ownership percentage of Navios Holdings | 50.00% | ||||
Ownership percentage of Navios Holdings | 35.00% | ||||
Navios Europe I | |||||
Percentage of Navios Holdings ownership | |||||
Ownership percentage of Navios Holdings | 47.50% | ||||
Navios Europe II | |||||
Percentage of Navios Holdings ownership | |||||
Ownership percentage of Navios Holdings | 47.50% | ||||
Retention Accounts | |||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 1,896 | 1,890 | |||
Additional security | |||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||
Restricted cash | 0 | 11,000 | |||
Amount Held as Security | |||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 590 | $ 590 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Long Lived Assets and Deferred Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | |||
Annual growth factor management fees after 2017 | 0.80% | ||
Utilization rate of fleet | 99.20% | ||
Amortization of deferred drydock and special survey costs | $ 13,768,000 | $ 13,340,000 | $ 12,263,000 |
Amortization and write-off of deferred financing costs | 5,653,000 | 4,524,000 | 4,061,000 |
Vessels | |||
Property Plant And Equipment [Line Items] | |||
Scrap value of vessels per LWT | 340 | ||
Capitalized interest costs | $ 5,843,000 | $ 5,154,000 | $ 2,334,000 |
Ocean-going vessels | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Period of review of special costs of assets | 30 months | ||
Ocean-going vessels | Maximum | |||
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 Accoun57
Summary of Significant Accounting Policies - Goodwill and Other Intangibles - Intangibles Other Than Goodwill and Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 160,336 | $ 160,336 | $ 160,336 |
Foreign currency exchange gains/(losses) | 1,600 | $ 1,646 | $ 1,945 |
Shipping Reporting Unit | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Goodwill | 56,240 | ||
Navios Logistics | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 104,096 | ||
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 Accoun58
Summary of Significant Accounting Policies - Provisions and Employee Benefits-Dividends (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Provision for loss making voyages in progress | $ 3,129 | $ 2,157 | |
Revenue | 419,782 | 480,820 | $ 569,016 |
Termination of indemnities liability | 1,127 | 952 | |
Payments Of Dividends Common Stock | 0 | 19,325 | 25,228 |
Payments Of Dividend Preferred Stock And Preference Stock | $ 3,681 | 16,025 | 7,502 |
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. | ||
Defined Benefit Plan, Funded Percentage | 40.00% | ||
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. | ||
Pooling arrangements | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Revenue | $ 15,115 | $ 1,825 | $ 0 |
Minimum | Stock-Based Compensation | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting Period | 3 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Convertible Preferred Stock- Cumulative Redeemable Perpetual Preferred Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Par value of preferred stock | $ 0.0001 | $ 0.0001 |
Conversion terms of preferred 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. | |
Dividend rate of preferred stock | 2.00% | |
American Depositary Shares - The Series G | ||
Number of shares | 2,000,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | |
Preferred Stock Redemption Price per American Depositary Share | $ 25 | |
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 | ||
Number of shares | 4,800,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | |
Preferred Stock Redemption Price per American Depositary Share | $ 25 | |
Dividend rate of preferred stock | 8.625% | |
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. | |
Five years after the issuance date of Convertible Preferred Stock | ||
Percentage of preferred stock converted | 30.00% | |
Convertible Preferred Stock Share Price | $ 10 | |
After the Third Anniversary of the issuance date | ||
Convertible Preferred Stock Share Price | $ 14 | |
Number of consecutive business days | 10 | |
At any time following the issuance date and prior to the final conversion date | ||
Convertible Preferred Stock Share Price | $ 14 | |
At any time on or after January 28, 2019 | American Depositary Shares - The Series G | ||
Preferred Stock Redemption Price per American Depositary Share | 25 | |
Preferred Stock Redemption Price Per Share | 2,500 | |
At any time on or after July 8, 2019 | American Depositary Shares - The Series H | ||
Preferred Stock Redemption Price per American Depositary Share | 25 | |
Preferred Stock Redemption Price Per Share | 2,500 | |
Minimum | After the Third Anniversary of the issuance date | ||
Closing price of the common stock | $ 20 |
Cash and Cash Equivalents (Ta60
Cash and Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
CASH AND CASH EQUIVALENTS [Abstract] | ||||
Cash on hand and at banks | $ 126,584 | $ 85,570 | ||
Short-term deposits and highly liquid funds | 9,408 | 77,842 | ||
Cash and cash equivalents | $ 135,992 | $ 163,412 | $ 247,556 | $ 187,831 |
Accounts Receivable, Net (Tab61
Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ACCOUNTS RECEIVABLE,NET [Abstract] | ||||
Accounts receivable | $ 85,266 | $ 83,091 | ||
Less: provision for doubtful receivables | (19,437) | (18,278) | $ (18,464) | $ (26,457) |
Accounts receivable, net | $ 65,829 | $ 64,813 |
Accounts Receivable, Net - Prov
Accounts Receivable, Net - Provisions For Doubtful Accounts (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ACCOUNTS RECEIVABLE,NET [Abstract] | |||
Balance at Beggining of Period | $ (18,278) | $ (18,464) | $ (26,457) |
Charges to Costs and Expenses | (1,304) | (59) | (792) |
Amount Utilized | 145 | 245 | 8,785 |
Balance at End of Period | $ (19,437) | $ (18,278) | $ (18,464) |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Concentration of credit risk with respect to accounts receivable | Concentration of credit risk with respect to accounts receivable is 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. | ||
Customer 1 | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 14.70% | 15.10% | 11.90% |
Customer 2 | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 13.10% |
Prepaid Expenses and Other Cu64
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ||
Prepaid voyage and operating costs | $ 8,352 | $ 8,700 |
Claims receivable | 9,822 | 11,078 |
Prepaid other taxes | 4,279 | 3,664 |
Advances for working capital purposes | 4,486 | 0 |
Other | 1,957 | 700 |
Total prepaid expenses and other current assets | $ 28,896 | $ 24,142 |
Vessels, Port Terminal and Ot65
Vessels, Port Terminal and Other Fixed Assets, Net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | |||
Balance | $ 1,823,961 | ||
Transfers / Restructure of capital lease | 0 | $ (210) | $ 0 |
Balance | 1,821,101 | 1,823,961 | |
Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 2,434,639 | 2,425,931 | 2,201,955 |
Additions | 65,154 | 8,918 | 224,184 |
Transfers / Restructure of capital lease | 29,695 | (210) | |
Write-off | (208) | ||
Balance | 2,529,488 | 2,434,639 | 2,425,931 |
Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (610,678) | (514,788) | (424,498) |
Additions | (97,709) | (95,890) | (90,451) |
Write-off | 161 | ||
Balance | (708,387) | (610,678) | (514,788) |
Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,823,961 | 1,911,143 | 1,777,457 |
Additions | 133,733 | ||
Additions | (32,555) | (86,972) | |
Transfers / Restructure of capital lease | 29,695 | (210) | |
Write-off | (47) | ||
Balance | 1,821,101 | 1,823,961 | 1,911,143 |
Vessels | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,841,140 | 1,841,140 | 1,717,599 |
Additions | 60,115 | 123,541 | |
Transfers / Restructure of capital lease | 29,695 | ||
Balance | 1,930,950 | 1,841,140 | 1,841,140 |
Vessels | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (447,688) | (376,794) | (308,461) |
Additions | (73,847) | (70,894) | (68,333) |
Balance | (521,535) | (447,688) | (376,794) |
Vessels | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,393,452 | 1,464,346 | 1,409,138 |
Additions | 55,208 | ||
Additions | (13,732) | (70,894) | |
Transfers / Restructure of capital lease | 29,695 | ||
Balance | 1,409,415 | 1,393,452 | 1,464,346 |
Port Terminals (Navios Logistics) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 108,686 | 106,399 | 103,030 |
Additions | 2,051 | 2,287 | 3,369 |
Transfers / Restructure of capital lease | (1,513) | ||
Balance | 109,224 | 108,686 | 106,399 |
Port Terminals (Navios Logistics) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (23,898) | (20,467) | (17,082) |
Additions | (3,493) | (3,431) | (3,385) |
Balance | (27,391) | (23,898) | (20,467) |
Port Terminals (Navios Logistics) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 84,788 | 85,932 | 85,948 |
Additions | (1,442) | (1,144) | (16) |
Transfers / Restructure of capital lease | (1,513) | ||
Balance | 81,833 | 84,788 | 85,932 |
Tanker vessels, barges and push boats (Navios Logistics) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 470,944 | 464,966 | 368,626 |
Additions | 738 | 6,188 | 96,387 |
Transfers / Restructure of capital lease | 3,696 | (210) | |
Write-off | (47) | ||
Balance | 475,378 | 470,944 | 464,966 |
Tanker vessels, barges and push boats (Navios Logistics) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (131,144) | (111,137) | (93,782) |
Additions | (18,894) | (20,007) | (17,355) |
Balance | (150,038) | (131,144) | (111,137) |
Tanker vessels, barges and push boats (Navios Logistics) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 339,800 | 353,829 | 274,844 |
Additions | 79,032 | ||
Additions | (18,156) | (13,819) | |
Transfers / Restructure of capital lease | 3,696 | (210) | |
Write-off | (47) | ||
Balance | 325,340 | 339,800 | 353,829 |
Other fixed assets | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 13,869 | 13,426 | 12,700 |
Additions | 2,250 | 443 | 887 |
Transfers / Restructure of capital lease | (2,183) | ||
Write-off | (161) | ||
Balance | 13,936 | 13,869 | 13,426 |
Other fixed assets | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (7,948) | (6,390) | (5,173) |
Additions | (1,475) | (1,558) | (1,378) |
Write-off | 161 | ||
Balance | (9,423) | (7,948) | (6,390) |
Other fixed assets | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 5,921 | 7,036 | 7,527 |
Additions | 775 | ||
Additions | (1,115) | (491) | |
Transfers / Restructure of capital lease | (2,183) | ||
Balance | $ 4,513 | $ 5,921 | $ 7,036 |
Vessels, Port Terminal and Ot66
Vessels, Port Terminal and Other Fixed Assets, Net (Details) - USD ($) $ in Thousands | Jan. 12, 2016 | Jan. 27, 2014 | Mar. 31, 2016 | Jun. 04, 2014 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 26, 2014 |
Property Plant And Equipment [Line Items] | |||||||||
Cash consideration for purchase of vessel | $ 60,115 | $ 0 | $ 123,541 | ||||||
Payments For Construction In Process | 86,911 | 26,713 | 45,337 | ||||||
Transfers / Restructure of capital lease | 0 | (210) | 0 | ||||||
Proceeds From Minority Shareholders | $ 0 | 0 | $ 3,484 | ||||||
N Amalthia | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Date of delivery | Oct. 25, 2013 | ||||||||
N Bonanza | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2,006 | ||||||||
Date of delivery | Jan. 27, 2014 | ||||||||
Vessel capacity in DWT | 76,596 dwt | ||||||||
Cash consideration for purchase of vessel | $ 2,900 | ||||||||
Total purchase price | 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 | 2,014 | ||||||||
Date of delivery | Jun. 4, 2014 | ||||||||
Vessel capacity in DWT | 181,336 dwt | ||||||||
Cash consideration for purchase of vessel | $ 24,368 | ||||||||
Total purchase price | 54,368 | ||||||||
Amount of loan used to finance purchase of vessel | $ 30,000 | ||||||||
Navios Ray | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2,012 | ||||||||
Date of delivery | Nov. 24, 2014 | ||||||||
Vessel capacity in DWT | 179,515 dwt | ||||||||
Cash consideration for purchase of vessel | $ 20,539 | ||||||||
Total purchase price | 51,539 | ||||||||
Amount of loan used to finance purchase of vessel | $ 31,000 | ||||||||
Vessels, Port Terminals and Other Fixed Assets | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Capitalized interest costs | $ 8,796 | 2,954 | |||||||
Navios Sphera | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2,016 | ||||||||
Date of delivery | Jan. 12, 2016 | ||||||||
Vessel capacity in DWT | 84,872 dwt | ||||||||
Total purchase price | $ 31,800 | ||||||||
Vessel acquisition cost | $ 34,352 | ||||||||
Navios Mars | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2,016 | ||||||||
Date of delivery | Jan. 12, 2016 | ||||||||
Vessel capacity in DWT | 181,259 dwt | ||||||||
Total purchase price | $ 52,000 | ||||||||
Vessel acquisition cost | 55,458 | ||||||||
Navios Sphera and Navios Mars | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Cash consideration for purchase of vessel | 49,910 | ||||||||
Amount of loan used to finance purchase of vessel | $ 39,900 | ||||||||
Payments For Construction In Process | $ 29,695 | ||||||||
Transfers / Restructure of capital lease | $ 29,695 |
Vessels, Port Terminal and Ot67
Vessels, Port Terminal and Other Fixed Assets, Net - Navios Logistics (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Feb. 11, 2014 | |
Property Plant And Equipment [Line Items] | |||||
Purchase price obligation | $ 17,617 | $ 20,649 | |||
Payments For Construction In Process | 86,911 | 26,713 | $ 45,337 | ||
Repayments of obligations under capital leases | $ 3,032 | 1,501 | $ 1,399 | ||
San San H | |||||
Property Plant And Equipment [Line Items] | |||||
Purchase price obligation | $ 5,150 | ||||
Expiration date of the capital lease agreement | April 2,020 | ||||
Ferni H | |||||
Property Plant And Equipment [Line Items] | |||||
Purchase price obligation | $ 5,325 | ||||
Expiration date of the capital lease agreement | January 2,020 | ||||
Ferni H and San San H | |||||
Property Plant And Equipment [Line Items] | |||||
Repayments of obligations under capital leases | $ 3,032 | 1,501 | |||
Three new pushboats, price per each | |||||
Property Plant And Equipment [Line Items] | |||||
Total purchase price | $ 7,344 | ||||
Payments For Construction In Process | $ 16,156 | 14,770 | |||
Date of expected delivery | Q3 2017 | ||||
Expansion of its dry port | |||||
Property Plant And Equipment [Line Items] | |||||
Payments For Construction In Process | $ 120,735 | $ 29,484 |
Intangible Assets_Liabilities68
Intangible Assets/Liabilities Other Than Goodwill (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Trade name | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | $ 100,420 | $ 100,420 | |
Accumulated Amortization | (41,303) | (37,401) | |
Write off | 0 | 0 | |
Net Book Value | 59,117 | 63,019 | |
Port terminal operating rights | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | 53,152 | 53,152 | |
Accumulated Amortization | (10,162) | (9,456) | |
Write off | 0 | 0 | |
Net Book Value | 42,990 | 43,696 | |
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | 35,490 | 35,490 | |
Accumulated Amortization | (15,971) | (14,196) | |
Write off | 0 | 0 | |
Net Book Value | 19,519 | 21,294 | |
Favorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | [1] | 82,485 | 158,179 |
Accumulated Amortization | [1] | (6,359) | (60,037) |
Write off | [1] | (70,937) | (75,694) |
Net Book Value | [1] | 5,189 | 22,448 |
Total Intangible assets | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | 271,547 | 347,241 | |
Accumulated Amortization | (73,795) | (121,090) | |
Write off | (70,937) | (75,694) | |
Net Book Value | 126,815 | 150,457 | |
Unfavorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | (24,721) | (56,419) | |
Accumulated Amortization | [2] | 0 | 17,195 |
Write off | [2] | 24,721 | 31,698 |
Net Book Value | 0 | (7,526) | |
Total | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition Cost | 246,826 | 290,822 | |
Accumulated Amortization | (73,795) | (103,895) | |
Write off | (46,216) | (43,996) | |
Net Book Value | $ 126,815 | $ 142,931 | |
[1] | As of December 31, 2016 and 2015, intangible assets associated with the favorable lease terms included an amount of $1,180 and $10,575, respectively related to purchase options for the vessels (see also Note 2(n)). During the year ended December 31, 2016, acquisition costs of $70,937 and accumulated amortization of $57,930 of favorable lease terms were written off resulting in a loss of $13,007. This write-off resulted from the early redelivery of one vessel. During the year ended December 31, 2015, acquisition costs $75,694, of fully amortized favorable lease terms were written off, as a result of early redeliveries of vessels. | ||
[2] | As of December 31, 2016 and 2015, the intangible liability associated with the unfavorable lease terms included an amount of $0 and $(467), respectively, related to purchase options held by third parties (see also Note 2(n)). During the year ended December 31, 2016, acquisition costs of $24,721 and accumulated amortization of $17,406 of unfavorable lease terms were written off resulting in an income of $7,315. This write-off resulted from the early redelivery of one vessel. During the year ended December 31, 2015, $31,698 of acquisition cost of unfavorable lease terms were written off. During the year ended December 31, 2015, acquisition cost and accumulated amortization of $64,609, of fully amortized unfavorable lease terms were written off. These write-offs resulted from early redelivery of vessels. As of December 31, 2016 and 2015, no purchase options held by third parties have been exercised. |
Intangible Assets_Liabilities69
Intangible Assets/Liabilities Other Than Goodwill - Amortization Expense (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trade name | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $ 3,902 | $ 3,811 | $ 3,853 |
Port terminal operating rights | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 706 | 1,006 | 1,006 |
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 1,775 | 1,775 | 1,774 |
Favorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 17,260 | 32,444 | 12,539 |
Unfavorable lease terms | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | (7,526) | (14,615) | (4,933) |
Total | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $ 16,117 | $ 24,420 | $ 14,239 |
Intangible Assets_Liabilities70
Intangible Assets/Liabilities Other Than Goodwill - Amortization Schedule (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | $ 7,164 |
Year Two | 6,217 |
Year Three | 6,217 |
Year Four | 6,224 |
Year Five | 6,217 |
Thereafter | 93,596 |
Total amortization | 125,635 |
Trade name | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 3,853 |
Year Two | 2,811 |
Year Three | 2,811 |
Year Four | 2,818 |
Year Five | 2,811 |
Thereafter | 44,013 |
Total amortization | 59,117 |
Favorable lease terms | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 641 |
Year Two | 641 |
Year Three | 641 |
Year Four | 641 |
Year Five | 641 |
Thereafter | 804 |
Total amortization | 4,009 |
Port terminal operating rights | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 895 |
Year Two | 990 |
Year Three | 990 |
Year Four | 990 |
Year Five | 990 |
Thereafter | 38,135 |
Total amortization | 42,990 |
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 | 10,644 |
Total amortization | $ 19,519 |
Intangible Assets_Liabilities71
Intangible Assets/Liabilities Other Than Goodwill - Additional Details (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 15, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible asset | $ 126,815 | $ 150,457 | ||
Unfavorable lease terms | 0 | 7,526 | ||
Balance of the purchase price | 0 | 0 | $ 10,200 | |
Favorable lease terms | ||||
Intangible asset | 1,180 | 10,575 | ||
Acquisition cost | 70,937 | 75,694 | ||
Accumulated amortization | 57,930 | 75,694 | ||
Gain / (loss) resulting from favorable lease terms written off | (13,007) | |||
Unfavorable lease terms | ||||
Unfavorable lease terms | 0 | 467 | ||
Acquisition cost | 24,721 | 64,609 | ||
Accumulated amortization | 17,406 | 64,609 | ||
Gain / (loss) resulting from favorable lease terms written off | $ 7,315 | |||
Two Companies | Navios Logistics | ||||
Total consideration | $ 17,000 | |||
Deferred Payment For Acquisition Intangible Assets | $ 6,800 | $ 10,200 | ||
Date of acquisition | Dec. 15, 2014 |
Investments in Affiliates (Ta72
Investments in Affiliates (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Navios Partners | |||
Balance sheet | |||
Cash and cash equivalents, including restricted cash | $ 25,088 | $ 34,539 | |
Current assets | 56,349 | 39,835 | |
Non-current assets | 1,212,231 | 1,310,456 | |
Current liabilities | 98,950 | 41,528 | |
Long- term debt including current portion, net | 523,776 | 598,078 | |
Non-current liabilities | 489,421 | 576,548 | |
Income Statement | |||
Revenue | 190,524 | 223,676 | $ 227,356 |
Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II | (52,549) | 41,805 | 74,853 |
Net income/(loss) | (52,549) | 41,805 | 74,853 |
Navios Acquisition | |||
Balance sheet | |||
Cash and cash equivalents, including restricted cash | 56,658 | 61,645 | |
Current assets | 107,282 | 97,349 | |
Non-current assets | 1,596,337 | 1,676,742 | |
Current liabilities | 79,421 | 82,798 | |
Long- term debt including current portion, net | 1,095,938 | 1,197,583 | |
Non-current liabilities | 1,048,767 | 1,143,922 | |
Income Statement | |||
Revenue | 290,245 | 313,396 | 264,877 |
Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II | 59,715 | 84,796 | 11,371 |
Net income/(loss) | 59,715 | 84,796 | 11,371 |
Acropolis | |||
Balance sheet | |||
Cash and cash equivalents, including restricted cash | 720 | 668 | |
Current assets | 986 | 1,117 | |
Non-current assets | 84 | 73 | |
Current liabilities | 413 | 447 | |
Long- term debt including current portion, net | 0 | 0 | |
Non-current liabilities | 0 | 0 | |
Income Statement | |||
Revenue | 1,068 | 1,760 | 2,825 |
Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II | 157 | 244 | 1,298 |
Net income/(loss) | 157 | 244 | 1,298 |
Navios Europe I | |||
Balance sheet | |||
Cash and cash equivalents, including restricted cash | 10,785 | 11,839 | |
Current assets | 15,980 | 14,782 | |
Non-current assets | 169,925 | 179,023 | |
Current liabilities | 18,490 | 15,377 | |
Long- term debt including current portion, net | 86,060 | 96,580 | |
Non-current liabilities | 155,387 | 182,537 | |
Income Statement | |||
Revenue | 40,589 | 41,437 | 35,119 |
Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II | (2,174) | (1,347) | (5,061) |
Net income/(loss) | 16,137 | (1,118) | $ (1,896) |
Navios Europe II | |||
Balance sheet | |||
Cash and cash equivalents, including restricted cash | 16,916 | 17,366 | |
Current assets | 19,487 | 22,539 | |
Non-current assets | 232,363 | 245,154 | |
Current liabilities | 24,126 | 16,897 | |
Long- term debt including current portion, net | 119,234 | 129,185 | |
Non-current liabilities | 184,530 | 173,543 | |
Income Statement | |||
Revenue | 30,893 | 20,767 | |
Net income/ (loss) before non-cash change in fair value of Junior Loan I and Junior Loan II | (25,062) | 1,673 | |
Net income/(loss) | $ (34,059) | $ 77,252 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |||
Feb. 28, 2015 | Feb. 28, 2014 | Oct. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Payments to acquire common stock | $ 0 | $ 22,846 | $ 2,233 | |||
Equity in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 | |||
Investments in affiliates | 160,071 | 381,746 | 344,453 | |||
Dividends received | 0 | $ 18,244 | 14,595 | |||
Equity/ (loss) in net earnings of affiliated companies | $ 228,026 | |||||
Navios Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Common Units issued in public offering | 4,600,000 | 6,325,000 | ||||
Proceeds From Issuance Of Common Limited Partners Units | $ 60,214 | |||||
Proceeds from private placement of units to Navios Holdings | $ 14,967 | |||||
Navios Partners | Private placement | Common units | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Private placement of units to Navios Holdings | 1,120,547 | |||||
Navios Partners | Private placement | General partner units | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Private placement of units to Navios Holdings | 22,868 | |||||
Navios Partners | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
General partner interest of Navios Holdings | 2.00% | |||||
Payments to acquire common stock | $ 2,233 | |||||
Gain / (Loss) from the sale of shares by the equity method | $ 11,230 | |||||
General Partner units held by Navios Holdings | 1,700,493 | |||||
Common units held by Navios Holdings | 15,344,310 | |||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 29,529 | $ 32,300 | ||||
Equity in net earnings of affiliated companies | 5,979 | 15,462 | 36,959 | |||
Investments in affiliates | 24,033 | 115,432 | ||||
Dividends received | $ 0 | 27,993 | 30,043 | |||
Ownership percentage of Navios Holdings | 20.00% | |||||
Market value of the investment | $ 24,033 | |||||
Equity/ (loss) in net earnings of affiliated companies | 83,596 | |||||
Acropolis | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Investments in affiliates | 105 | 175 | ||||
Dividends received | $ 85 | 454 | 271 | |||
Ownership percentage of Navios Holdings | 35.00% | |||||
Ownership Interest | 50.00% | |||||
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] | ||||||
Number of shares issued-common stock | 14,950,000 | |||||
Gain / (Loss) from the sale of shares by the equity method | $ 0 | 4,675 | ||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | (2,588) | 1,480 | ||||
Equity in net earnings of affiliated companies | 29,801 | 43,299 | 19,513 | |||
Investments in affiliates | 124,062 | 253,286 | ||||
Dividends received | $ 14,595 | $ 18,244 | $ 14,595 | |||
Ownership percentage of Navios Holdings | 46.10% | |||||
Percentage of voting stock of Navios Holdings in Navios Acquisition | 43.40% | |||||
Shares vested from the outstanding restricted stock | 699,994 | |||||
Market value of the investment | $ 124,062 | |||||
Equity/ (loss) in net earnings of affiliated companies | $ 144,430 |
Investments in Affiliates - Nav
Investments in Affiliates - Navios Europe I and Navios Europe II (Details) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 18, 2013USD ($) | Feb. 18, 2015USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |||||||
Long-term debt | $ 1,581,308 | $ 1,651,095 | $ 1,581,308 | $ 1,612,890 | |||
Investments in affiliates | 381,746 | 160,071 | 381,746 | 344,453 | |||
Portion of the carrying balance of related party loan | 16,474 | 23,008 | 16,474 | ||||
Equity in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 | ||||
Proceeds from long-term loans | 116,331 | 0 | 72,250 | ||||
Navios Europe I | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 5,386 | 4,710 | 5,386 | $ 6,763 | |||
Estimated maximum potential loss | 18,268 | 15,763 | |||||
Investments in affiliates | 6,895 | 8,198 | 6,895 | ||||
Investments in affiliates | 5,497 | $ 5,967 | 5,497 | $ 4,750 | |||
Profit Sharing Arrangement | On an ongoing basis, Navios Europe I is required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans I) according to a defined waterfall calculation. | ||||||
Equity in net earnings of affiliated companies | $ 1,303 | 1,293 | $ 831 | ||||
Number of vessels acquired | 10 | ||||||
Navios Europe I | Navios Revolving Loans I | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Portion of the carrying balance of related party loan | 8,868 | 10,070 | 8,868 | ||||
Navios Europe I | Navios Revolving Loans I | Navios Holdings, Navios Acquisition and Navios Partners | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 24,100 | ||||||
Navios Europe I | 10 vessels | Navios Holdings, Navios Acquisition and Navios Partners | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Long-term debt | $ 10,000 | ||||||
Navios Europe II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 7,953 | $ 9,419 | |||||
Estimated maximum potential loss | 22,287 | 15,858 | |||||
Investments in affiliates | 7,958 | 7,944 | 7,958 | ||||
Investments in affiliates | $ 6,650 | $ 5,894 | 6,650 | ||||
Profit Sharing Arrangement | On an ongoing basis, Navios Europe II is required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. | ||||||
Equity in net earnings of affiliated companies | $ (14) | 1,308 | |||||
Number of vessels acquired | 14 | ||||||
Navios Europe II | Navios Revolving Loans II | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Portion of the carrying balance of related party loan | $ 7,900 | 14,343 | 7,900 | ||||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisition and Navios Partners | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 43,500 | $ 43,500 | |||||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisition and Navios Partners | Subsequent event | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Line of Credit Facility, Increase | $ 14,000 | ||||||
Navios Europe II | 14 Vessels | Navios Holdings, Navios Acquisition and Navios Partners | |||||||
Investments In And Advances To Affiliates [Line Items] | |||||||
Long-term debt | $ 14,000 |
Accrued Expenses and Other Li75
Accrued Expenses and Other Liabilitites (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | |||
Payroll | $ 14,730 | $ 11,021 | |
Accrued interest | 36,273 | 37,628 | |
Accrued voyage expenses | 2,217 | 3,311 | |
Accrued running costs | 21,394 | 22,705 | |
Provision for losses on voyages in progress | 3,129 | 2,157 | |
Audit fees and related services | 266 | 519 | |
Accrued taxes | 5,092 | 4,162 | |
Professional fees | 1,707 | 518 | |
Dividends | 0 | 3,081 | $ 3,081 |
Navios Partners Guarantee (Note 15) | 0 | 8,752 | |
Other accrued expenses | 6,941 | 9,241 | |
Total accrued expenses | $ 91,749 | $ 103,095 |
Borrowings (Table) (Details)
Borrowings (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long Term Loans From Bank | $ 274,855 | $ 213,423 |
Total borrowings | 1,675,415 | 1,608,526 |
Less: current portion, net | (29,827) | (16,944) |
Less: deferred finance costs, net | (24,320) | (27,218) |
Total long-term borrowings | 1,621,268 | 1,564,364 |
Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Total borrowings | 1,240,647 | 1,233,136 |
Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Other long-term loans | 321 | 390 |
2019 Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 291,094 | 350,000 |
2022 Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 650,000 | 650,000 |
2022 Logistics Senior Notes | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Senior Notes | 375,000 | 375,000 |
Navios Logistics Notes Payable | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Senior Notes | 34,447 | |
Navios Logistics BBVA Loan Facility | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Long Term Loans From Bank | 25,000 | |
Total Navios Logistics borrowings | Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Total borrowings | 434,768 | 375,390 |
Commerzbank A.G. ($240,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 19,857 | 40,476 |
Loan Facility Credit Agricole ($40,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 18,880 | 21,291 |
Loan Facility Credit Agricole ($23,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 14,755 | 16,117 |
Loan Facility Credit Agricole ($23,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 15,150 | 16,550 |
Loan Facility DVB Bank SE ($72,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 54,540 | 58,939 |
Loan Facility DVB Bank SE ($41,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 37,293 | |
Loan Facility Credit Agricole ($22,500) | ||
Debt Instrument [Line Items] | ||
Line of credit | 16,313 | 18,563 |
Loan Facility DVB Bank SE ($40,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 28,000 | 32,000 |
Loan Facility Alpha Bank ($31,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 27,400 | $ 29,200 |
Loan Facility Alpha Bank ($16,125) | ||
Debt Instrument [Line Items] | ||
Line of credit | 16,125 | |
Navios Acquisition Loan | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 51,240 |
Borrowings - Principal Payments
Borrowings - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
BORROWINGS [Abstract] | ||
2,017 | $ 30,790 | |
2,018 | 109,552 | |
2,019 | 324,765 | |
2,020 | 72,103 | |
2,021 | 29,021 | |
2022 and thereafter | 1,109,184 | |
Total | $ 1,675,415 | $ 1,608,526 |
Borrowings - Senior and Ship Mo
Borrowings - Senior and Ship Mortgage Notes Navios Holdings and Navios Logistics (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 11 Months Ended | 12 Months Ended | |||
Jan. 28, 2011 | Mar. 12, 2013 | Apr. 12, 2011 | Oct. 31, 2016 | Apr. 22, 2014 | Nov. 29, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||||
Amount used for repayment of debt | $ 40,737 | ||||||||
Repurchase of senior notes | 30,671 | $ 0 | $ 0 | ||||||
Gain/ (Loss) on bond and debt extinguishment | 29,187 | 0 | $ (27,281) | ||||||
Senior Notes due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount at issuance date | $ 350,000 | ||||||||
Issuance date/Date of agreement | Jan. 28, 2011 | ||||||||
Fixed interest rate | 8.125% | ||||||||
Amount oustanding | 291,094 | 350,000 | |||||||
Redemption price percentage | 104.063% | ||||||||
Repurchase of notes | $ 58,906 | ||||||||
Repurchase of senior notes | 30,671 | ||||||||
Gain/ (Loss) on bond and debt extinguishment | $ 27,670 | ||||||||
Senior Notes due 2019 | Upon occurrence of certain change of control events | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 101.00% | ||||||||
Senior Notes due 2019 | Navios Logistics | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount at issuance date | $ 90,000 | $ 200,000 | |||||||
Issuance date/Date of agreement | Mar. 12, 2013 | Apr. 12, 2011 | |||||||
Fixed interest rate | 9.25% | 9.25% | |||||||
Maturity date | Apr. 15, 2019 | ||||||||
Debt instrument price premium | 103.75% | ||||||||
Gain/ (Loss) on bond and debt extinguishment | (27,281) | ||||||||
Senior Notes due 2019 | Navios Logistics | Accelerated amortization of the deferred finance costs | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss relating to the accelerated amortization of unamortized deferred finance costs | (7,881) | ||||||||
Senior Notes due 2019 | Navios Logistics | Accelerated amortization of the 2019 Senior Notes Premium | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain / (Loss) relating to cash payments for transaction fees and expenses | 3,095 | ||||||||
Senior Notes due 2019 | Navios Logistics | Transaction fees and expenses | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain/ (Loss) on bond and debt extinguishment | (22,495) | ||||||||
2022 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount at issuance date | $ 650,000 | ||||||||
Issuance date/Date of agreement | Nov. 29, 2013 | ||||||||
Fixed interest rate | 7.375% | ||||||||
Amount oustanding | $ 650,000 | 650,000 | |||||||
Amount used for repayment of debt | $ 488,000 | ||||||||
2022 Notes | From issuance date to January 14, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Mandatory redemption price percentage | 100.00% | ||||||||
2022 Notes | On or after January 15, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 105.531% | ||||||||
2022 Notes | Upon occurrence of certain change of control events | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 101.00% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount at issuance date | $ 375,000 | ||||||||
Issuance date/Date of agreement | Apr. 22, 2014 | ||||||||
Fixed interest rate | 7.25% | ||||||||
Amount oustanding | $ 375,000 | $ 375,000 | |||||||
Maturity date | May 1, 2022 | ||||||||
Maximum dividend percentage | 6.00% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | From issuance date to April 30, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 100.00% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | On or after May 1, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 105.438% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | Redemption using net proceeds of equity offering | From issuance date to April 30, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 107.25% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | Upon occurrence of certain change of control events | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price percentage | 101.00% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | Minimum | Redemption using net proceeds of equity offering | From issuance date to April 30, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount of debt outstanding after redemption | 65.00% | ||||||||
2022 Logistics Senior Notes | Navios Logistics | Maximum | Redemption using net proceeds of equity offering | From issuance date to April 30, 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount redeemed | 35.00% | ||||||||
2022 Logistics Senior Notes | All subsidiaries of Navios Logistics | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of ownership | 100.00% | ||||||||
Navios Logistics Notes Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Rate | six-month LIBOR |
Borrowings - Loan Facilities Na
Borrowings - Loan Facilities Navios Holdings (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 31, 2016USD ($) | Mar. 23, 2012USD ($) | Jun. 27, 2014USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2010USD ($) | Oct. 29, 2009USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 15, 2016USD ($) | Nov. 03, 2016USD ($) | Sep. 19, 2016USD ($) | Nov. 06, 2014USD ($) | Dec. 20, 2013USD ($) | Sep. 30, 2013USD ($) | Dec. 31, 2011USD ($) | Aug. 31, 2011USD ($) | Sep. 30, 2010USD ($) | Jun. 30, 2009USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Loss on bond extinguishment | $ 29,187 | $ 0 | $ (27,281) | ||||||||||||||||
Repayment of debt | 40,737 | ||||||||||||||||||
Payments related to installments for the current year | 21,635 | ||||||||||||||||||
Payments related to installments for the next year | 13,802 | ||||||||||||||||||
Early payment of a balloon payment | 5,300 | ||||||||||||||||||
Principal payments agreed to be deferred | $ 3,711 | ||||||||||||||||||
Principal payments deferred | 2,018 | ||||||||||||||||||
Other long-term loans | Navios Logistics | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Oct. 29, 2009 | ||||||||||||||||||
Maximum borrowing capacity | $ 817 | ||||||||||||||||||
Repayment frequency | monthly | ||||||||||||||||||
Amount outstanding | $ 321 | 390 | |||||||||||||||||
Repayment amount | $ 6 | ||||||||||||||||||
Fixed interest rate | 6.00% | ||||||||||||||||||
Repayment terms | 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. | ||||||||||||||||||
Navios Logistics BBVA Loan Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 25,000 | ||||||||||||||||||
Loan margin percentage | 3.25% | ||||||||||||||||||
Repayment installments | 20 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Line of credit facility remaining borrowing capacity | $ 25,000 | ||||||||||||||||||
Interest Rate | LIBOR (180 days) plus 325 basis points | ||||||||||||||||||
Navios Logistics Notes Payable | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 41,964 | ||||||||||||||||||
Repayment installments | 16 | ||||||||||||||||||
Repayment frequency | semi-annual | ||||||||||||||||||
Line of credit facility remaining borrowing capacity | $ 826 | ||||||||||||||||||
Interest Rate | six-month LIBOR | ||||||||||||||||||
Debt finance costs | $ 5,949 | ||||||||||||||||||
Loan Facility Credit Agricole Bank ($40,000) to finance construction of Navios Azimuth | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Sep. 30, 2010 | ||||||||||||||||||
Maximum borrowing capacity | $ 40,000 | ||||||||||||||||||
Loan margin percentage | 2.75% | ||||||||||||||||||
Interest rate description | LIBOR plus 275 basis points | ||||||||||||||||||
Repayment installments | 9 | ||||||||||||||||||
Repayment frequency | semi-annual | ||||||||||||||||||
Repayment installment | $ 1,206 | ||||||||||||||||||
Balloon payment on the last repayment date | 8,030 | ||||||||||||||||||
Amount outstanding | $ 18,880 | 21,291 | |||||||||||||||||
Loan Facility Credit Agricole ($23,000) to partially finance the construction of one new building bulk carrier | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Aug. 31, 2011 | ||||||||||||||||||
Maximum borrowing capacity | $ 23,000 | ||||||||||||||||||
Loan margin percentage | 2.75% | ||||||||||||||||||
Interest rate description | LIBOR plus 275 basis points | ||||||||||||||||||
Repayment installments | 11 | ||||||||||||||||||
Repayment frequency | semi-annual | ||||||||||||||||||
Repayment installment | $ 681 | ||||||||||||||||||
Balloon payment on the last repayment date | 7,264 | ||||||||||||||||||
Amount outstanding | $ 14,755 | 16,117 | |||||||||||||||||
Loan Facility Credit Agricole ($23,000) to partially finance the construction of one new building bulk carrier | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Dec. 31, 2011 | ||||||||||||||||||
Maximum borrowing capacity | $ 23,000 | ||||||||||||||||||
Loan margin percentage | 3.25% | ||||||||||||||||||
Interest rate description | LIBOR plus 325 basis points | ||||||||||||||||||
Repayment installments | 11 | ||||||||||||||||||
Repayment frequency | semi-annual | ||||||||||||||||||
Repayment installment | $ 700 | ||||||||||||||||||
Balloon payment on the last repayment date | 7,450 | ||||||||||||||||||
Amount outstanding | $ 15,150 | 16,550 | |||||||||||||||||
Loan Facility Credit Agricole ($22,500) to finance the acquisition of the Navios Amalthia and Navios Bonanza | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Dec. 20, 2013 | ||||||||||||||||||
Maximum borrowing capacity | $ 22,500 | ||||||||||||||||||
Loan margin percentage | 3.00% | ||||||||||||||||||
Interest rate description | LIBOR plus 300 basis points | ||||||||||||||||||
Amount outstanding | $ 16,313 | 18,563 | |||||||||||||||||
Number Of Loan Tranches | 2 | ||||||||||||||||||
Loan Facility Credit Agricole ($22,500) to finance the acquisition of the Navios Amalthia and Navios Bonanza | Tranche A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 4 | ||||||||||||||||||
Repayment frequency | semi-annual | ||||||||||||||||||
Repayment installment | $ 563 | ||||||||||||||||||
Balloon payment on the last repayment date | $ 5,625 | ||||||||||||||||||
Loan Facility Credit Agricole ($22,500) to finance the acquisition of the Navios Amalthia and Navios Bonanza | Tranche B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 5 | ||||||||||||||||||
Repayment frequency | semi-annual | ||||||||||||||||||
Repayment installment | $ 563 | ||||||||||||||||||
Balloon payment on the last repayment date | $ 5,625 | ||||||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Jun. 30, 2009 | ||||||||||||||||||
Maximum borrowing capacity | $ 240,000 | ||||||||||||||||||
Amount outstanding | $ 19,857 | 40,476 | |||||||||||||||||
Number Of Loan Tranches | 4 | ||||||||||||||||||
Amount of each tranche | $ 60,000 | ||||||||||||||||||
Number of the cancellated tranches | 2 | ||||||||||||||||||
Fixed interest rate | 2.25% | ||||||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Tranche A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | $ 54,500 | ||||||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Tranche B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment of debt | $ 53,600 | ||||||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Tranche C | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount outstanding | $ 15,319 | ||||||||||||||||||
Loss on bond extinguishment | 1,517 | ||||||||||||||||||
Repayment of debt | $ 15,319 | $ 13,802 | |||||||||||||||||
Commerzbank A.G. to finance acquisition of one Capesize vessel and construction of three Capesize vessels | Tranche D | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 16 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 835 | ||||||||||||||||||
Balloon payment on the last repayment date | 6,495 | ||||||||||||||||||
Loan Facility DVB Bank SE ($72,000) | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Mar. 23, 2012 | ||||||||||||||||||
Maximum borrowing capacity | $ 42,000 | ||||||||||||||||||
Amount outstanding | $ 54,540 | 58,939 | |||||||||||||||||
Number Of Loan Tranches | 2 | ||||||||||||||||||
Loan Facility DVB Bank SE ($72,000) | Tranche A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Loan margin percentage | 2.85% | ||||||||||||||||||
Interest rate description | LIBOR plus 285 basis points | ||||||||||||||||||
Repayment installments | 13 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 362 | ||||||||||||||||||
Balloon payment on the last repayment date | $ 14,400 | ||||||||||||||||||
Amount of each tranche | $ 26,000 | ||||||||||||||||||
Loan Facility DVB Bank SE ($72,000) | Tranche B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Loan margin percentage | 3.60% | ||||||||||||||||||
Interest rate description | LIBOR plus 360 basis points | ||||||||||||||||||
Repayment installments | 14 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 269 | ||||||||||||||||||
Balloon payment on the last repayment date | $ 6,354 | ||||||||||||||||||
Amount of each tranche | $ 16,000 | ||||||||||||||||||
Loan Facility DVB Bank SE ($72,000) | New Tranche June 2014 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Jun. 27, 2014 | ||||||||||||||||||
Loan margin percentage | 2.75% | ||||||||||||||||||
Interest rate description | LIBOR plus 275 basis points | ||||||||||||||||||
Repayment installments | 14 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 469 | ||||||||||||||||||
Balloon payment on the last repayment date | $ 18,750 | ||||||||||||||||||
Amount of each tranche | $ 30,000 | ||||||||||||||||||
Loan Facility DVB Bank SE ($40,000) to finance the acquisition of four Panamax vessels | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Sep. 30, 2013 | ||||||||||||||||||
Maximum borrowing capacity | $ 40,000 | ||||||||||||||||||
Loan margin percentage | 3.25% | ||||||||||||||||||
Interest rate description | LIBOR plus 325 basis points | ||||||||||||||||||
Repayment installments | 8 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 1,000 | ||||||||||||||||||
Balloon payment on the last repayment date | 20,000 | ||||||||||||||||||
Amount outstanding | 28,000 | 32,000 | |||||||||||||||||
Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Jan. 31, 2016 | ||||||||||||||||||
Maximum borrowing capacity | 41,000 | ||||||||||||||||||
Loan margin percentage | 2.55% | ||||||||||||||||||
Interest rate description | LIBOR plus 255 basis points | ||||||||||||||||||
Amount outstanding | 37,293 | ||||||||||||||||||
Number Of Loan Tranches | 2 | ||||||||||||||||||
Amount drawn down | $ 39,900 | ||||||||||||||||||
Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | Tranche A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Balloon payment on the last repayment date | $ 14,760 | ||||||||||||||||||
Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | Tranche B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Balloon payment on the last repayment date | $ 8,764 | ||||||||||||||||||
Alpha Bank A.E. ($31,000) to finance part of the acquisition of a Capesize vessel | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Nov. 6, 2014 | ||||||||||||||||||
Maximum borrowing capacity | $ 31,000 | ||||||||||||||||||
Loan margin percentage | 3.00% | ||||||||||||||||||
Interest rate description | LIBOR plus 300 basis points | ||||||||||||||||||
Repayment installments | 24 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 450 | ||||||||||||||||||
Balloon payment on the last repayment date | 16,600 | ||||||||||||||||||
Amount outstanding | $ 27,400 | $ 29,200 | |||||||||||||||||
Alpha Bank A.E. ($16,125) to refinance one Capesize vessel | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility issuance date | Nov. 3, 2016 | ||||||||||||||||||
Maximum borrowing capacity | $ 16,125 | ||||||||||||||||||
Loan margin percentage | 3.00% | ||||||||||||||||||
Interest rate description | LIBOR plus 300 basis points | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Balloon payment on the last repayment date | $ 10,725 | ||||||||||||||||||
Amount outstanding | 16,125 | ||||||||||||||||||
Navios Acquisition Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount outstanding | $ 51,240 | ||||||||||||||||||
Line of credit facility remaining borrowing capacity | $ 70,000 | ||||||||||||||||||
Fixed interest rate | 8.75% | ||||||||||||||||||
First 5 installments | Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | Tranche A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 5 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 492 | ||||||||||||||||||
First 5 installments | Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | Tranche B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 5 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 377 | ||||||||||||||||||
From 6th to 22nd installment | Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | Tranche A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 16 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 369 | ||||||||||||||||||
From 6th to 22nd installment | Loan Facility DVB Bank SE ($41,000) to finance the acquisition of Navios Mars and Navios Sphera | Tranche B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 16 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Repayment installment | $ 220 | ||||||||||||||||||
First 4 installments | Alpha Bank A.E. ($16,125) to refinance one Capesize vessel | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 4 | ||||||||||||||||||
Repayment installment | $ 250 | ||||||||||||||||||
From 5th to 21rst installments | Alpha Bank A.E. ($16,125) to refinance one Capesize vessel | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment installments | 16 | ||||||||||||||||||
Repayment installment | $ 275 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
BORROWINGS [Abstract] | |||
Annual weighted average interest rate | 6.87% | 6.98% | 7.18% |
Borrowings - Repayment Terms an
Borrowings - Repayment Terms and Covenants (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 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. |
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 a fixed price of 104.063% of the principal amount, which price declines ratably until it reaches par in February 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 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, 2016. |
Loan Facility Credit Agricole ($40,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2016, the outstanding amount under the loan facility was repayable in 11 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 DVB Bank SE ($72,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2016, the first tranche is repayable in 13 quarterly installments of $362, with a final balloon payment of $14,400 on the last repayment date, the second tranche is repayable in 14 quarterly installments of $269, with a final balloon payment of $6,354 on the last repayment date and the third tranche is repayable in 14 quarterly installments of $469, with a final balloon payment of $18,750 on the last repayment date. |
Loan Facility DVB Bank SE ($40,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | The facility bears interest at a rate of LIBOR plus 325 basis points. As of December 31, 2016, the facility is repayable in 8 quarterly installments of $1,000, with a final balloon payment of $20,000 payable on the last repayment date. |
Loan Facility Credit Agricole ($22,500) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | The two tranches are repayable in four and five equal semi-annual installments of $563, respectively, with a final balloon payment of $5,625 on the last repayment date for each tranche respectively. |
Other long-term loans | Navios Logistics | |
Debt Instrument [Line Items] | |
Repayment terms | 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. |
2022 Logistics 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. |
Loan Facility Alpha Bank ($31,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2016, the facility is repayable in 24 quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. |
Loan Facility Credit Agricole ($23,000) | Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | As of December 31, 2016, the outstanding amount under the loan facility was repayable in 11 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, 2016, the facility is repayable in 11 semi-annual equal installments of $681, with a final balloon payment of $7,264 on the last payment date. |
Fair Value of Financial Instr82
Fair Value of Financial Instruments - Fair Value (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents - Book Value | $ 135,992 | $ 163,412 | $ 247,556 | $ 187,831 |
Cash and cash equivalents - Fair Value | 135,992 | 163,412 | ||
Restricted cash - Book Value | 5,386 | 13,480 | $ 2,564 | |
Restricted cash - Fair Value | 5,386 | 13,480 | ||
Investments in available-for-sale securities - Book Value | 0 | 5,173 | ||
Investments in available-for-sale securities - Fair Value | 0 | 5,173 | ||
Loan receivable from affiliate companies - Book Value | 23,008 | 16,474 | ||
Loan receivable from affiliate companies - Fair Value | 23,008 | 16,474 | ||
Long-term receivable from affiliate companies - Book Value | 11,105 | 0 | ||
Long-term receivable from affiliate companies - Fair Value | 11,105 | 0 | ||
Capital lease obligations, including current portion - Book Value | (17,617) | (20,649) | ||
Capital lease obligations, including current portion - Fair Value | (17,617) | (20,649) | ||
Senior and ship mortgage notes, net - Book Value | (1,296,537) | (1,350,941) | ||
Senior and ship mortgage notes, net - Fair Value | (974,170) | (735,002) | ||
Long-term debt, including current portion - Book Value | (304,682) | (230,367) | ||
Long-term debt, including current portion - Fair Value | (308,080) | (233,526) | ||
Loan payable to affiliate company - Book Value | (49,876) | 0 | ||
Loan payable to affiliate company - Fair Value | (51,240) | 0 | ||
Long-term payable to affiliate companies - Book Value | (6,399) | 0 | ||
Long-term payable to affiliate companies - Fair Value | $ (6,399) | $ 0 |
Fair Value of Financial Instr83
Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Investments in available-for-sale securities | $ 0 | $ 5,173 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Investments in available-for-sale securities | 5,173 | |
Total | 5,173 | |
Quoted Prices in Active Markets for Identical Assets (Level I) | Fair Value, Measurements, Recurring | ||
Assets | ||
Investments in available-for-sale securities | 5,173 | |
Total | $ 5,173 |
Fair Value of Financial Instr84
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | Dec. 31, 2016USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Investments in affiliates | $ 148,095 |
Quoted Prices in Active Markets for Identical Assets (Level I) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Investments in affiliates | $ 148,095 |
Fair Value of Financial Instr85
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 135,992 | $ 163,412 | |
Restricted cash | 5,386 | 13,480 | |
Loan receivable from affiliate companies | 23,008 | 16,474 | |
Long-term receivable from affiliate companies | 11,105 | 0 | |
Capital lease obligations, including current portion | (17,617) | (20,649) | |
Senior and ship mortgage notes | (974,170) | (735,002) | |
Long-term debt, including current portion | (308,080) | (233,526) | |
Loan payable to affiliate company | (51,240) | 0 | |
Long-term payable to affiliate companies | (6,399) | 0 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 135,992 | 163,412 | |
Restricted cash | 5,386 | 13,480 | |
Loan receivable from affiliate companies | [1] | 23,008 | 16,474 |
Long-term receivable from affiliate companies | 11,105 | ||
Capital lease obligations, including current portion | [2] | (17,617) | (20,649) |
Senior and ship mortgage notes | (974,170) | (735,002) | |
Long-term debt, including current portion | [2] | (308,080) | (233,526) |
Loan payable to affiliate company | (51,240) | ||
Long-term payable to affiliate companies | (6,399) | ||
(Level I) | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 135,992 | 163,412 | |
Restricted cash | 5,386 | 13,480 | |
Senior and ship mortgage notes | (974,170) | (735,002) | |
(Level II) | Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loan receivable from affiliate companies | [1] | 23,008 | 16,474 |
Long-term receivable from affiliate companies | 11,105 | ||
Capital lease obligations, including current portion | [2] | (17,617) | (20,649) |
Long-term debt, including current portion | [2] | (308,080) | $ (233,526) |
Loan payable to affiliate company | (51,240) | ||
Long-term payable to affiliate companies | $ (6,399) | ||
[1] | The fair value of the Company's loan receivable from/ payable to affiliate companies and long-term receivable from/payable to 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. | ||
[2] | The fair value of the Company's long-term debt/ Capital lease obligations 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. |
Fair Value of Financial Instr86
Fair Value of Financial Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Financial Instruments Owned At Fair Value [Abstract] | |
Loss on investments in Navios Partners and Navios Aqcuisition | $ 228,026 |
Employee Benefit Plans (Table)
Employee Benefit Plans (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | ||||
Options | ||||
Outstanding, shares | 8,796,246 | 6,644,766 | 5,804,594 | 5,139,030 |
Vested, shares | 730,592 | 1,643,665 | 911,493 | |
Exercisable, shares | 730,592 | 1,500,476 | 753,562 | |
Exercised, shares | (143,189) | |||
Forfeited or expired, shares | (348,520) | (159,828) | (314,250) | |
Granted, shares | 2,500,000 | 1,000,000 | 1,123,003 | |
Restricted stock and restricted stock units | ||||
Non Vested, shares | 4,502,534 | 3,720,959 | 1,997,344 | 1,883,983 |
Granted, shares | 2,540,000 | 2,540,000 | 1,175,353 | |
Vested, shares | (1,755,017) | (812,847) | (1,058,903) | |
Forfeited or expired, shares | (3,408) | (3,538) | (3,089) | |
Weighted average exercise price | ||||
Options | ||||
Outstanding | $ 3.2 | $ 4.09 | $ 4.57 | $ 5.5 |
Granted | $ 1.2 | $ 1.2 | $ 3.64 | |
Weighted average remaining term | ||||
Options | ||||
Weighted average remaining term | 4 years 4 months 28 days | 4 years 2 months 23 days | 4 years 7 months 20 days | 4 years 9 months 21 days |
Restricted stock and restricted stock units | ||||
Weighted average remaining term | 2 years 6 months 19 days | 2 years 5 months 13 days | 2 years | 1 year 4 months |
Aggregate fair value | ||||
Options | ||||
Outstanding, value | $ 9,804 | $ 8,769 | $ 8,410 | $ 9,209 |
Exercised, value | (273) | |||
Forfeited or expired, value | (193) | (1,610) | ||
Granted, value | 552 | 1,084 | ||
Restricted stock and restricted stock units | ||||
Non vested, value | 6,100 | 8,186 | 10,899 | $ 11,220 |
Granted, value | 3,048 | 3,048 | 4,278 | |
Vested, value | (5,122) | (5,746) | (4,580) | |
Forfeited or expired, value | $ (12) | $ (15) | $ (19) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Company's contributions to employee saving plan | $ 69 | $ 96 | $ 101 | ||||
Discretionary company's contribition to employee saving plan | 0 | 14 | 17 | ||||
Compensation expense | $ 3,446 | $ 5,591 | $ 7,719 | ||||
Share appreciation rights and stock options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Method used for the calculation of all stock options awards | Black-Scholes method | ||||||
Exercised, shares | 0 | 0 | 143,189 | 153,556 | 29,251 | 130,578 | 130,577 |
Expected term simplified method | 4.5 years | ||||||
Fair value of stock granted | $ 0.78 | $ 0.55 | $ 1.14 | ||||
Vesting Period | 3 years | ||||||
Weighted average time to vest | 2 years | ||||||
Contractual term of the award | 7 years | ||||||
Service Conditions | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expected volatility | 84.71% | 55.17% | 47.06% | ||||
Risk free rate | 1.81% | 1.46% | 1.44% | ||||
Estimated compensation cost relating to non-vested service conditions restricted stock and restricted stock units awards not yet recognized | $ 4,705 | ||||||
Estimated compensation cost relating to non-vested service conditions stock option not yet recognized | $ 2,156 | ||||||
Years to maturity | 3 years 1 month 5 days | ||||||
Performance Conditions | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expected volatility | 58.78% | 41.48% | |||||
Risk free rate | 0.22% | 0.13% | |||||
Compensation expense | $ 2,615 | $ 3,753 | |||||
Restricted share unit awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expected dividend assumption | $ 0 | $ 0 | $ 0.06 | ||||
Fair value of stock granted | 3.64 | ||||||
Restricted share unit | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expected dividend assumption | 0 | 0 | 0.6 | ||||
Fair value of stock granted | $ 1.2 | $ 1.2 | $ 3.64 | ||||
Tranche - Year 1 | Share appreciation rights and stock options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of vesting of the service conditions options, per each year | 33.30% | ||||||
Tranche - Year 2 | Share appreciation rights and stock options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of vesting of the service conditions options, per each year | 33.30% | ||||||
Tranche - Year 3 | Share appreciation rights and stock options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of vesting of the service conditions options, per each year | 33.40% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2016 | Mar. 09, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Letters of guarantee and letters of credit | $ 590 | $ 590 | |||
Restricted cash | 5,386 | $ 13,480 | $ 2,564 | ||
Letter of Credit | |||||
Restricted cash | $ 2,900 | ||||
Navios Acquisition | Revolver | |||||
Maximum borrowing capacity | $ 50,000 | ||||
Litigation settlement expense | $ 775 | ||||
Settlement agreement date | Jun. 9, 2016 | ||||
Lawsuit filing date | Apr. 1, 2016 | ||||
Vitol S.A. | Navios Logistics | |||||
Guarantee and indemnity letter | $ 12,000 | ||||
Guarantees | Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2018. | ||||
Three pushboats | Navios Logistics | |||||
Contractual Obligation | $ 10,933 | ||||
Expansion of dry port facility | Navios Logistics | |||||
Contractual Obligation | $ 8,734 |
Leases - Navios Holdings Future
Leases - Navios Holdings Future Minimum Commitments for Chartered-In Vessels, Barges, Pushboats and Office Space (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Charter-in vessels in operation | |
Operating Leased Assets [Line Items] | |
2,017 | $ 110,645 |
2,018 | 104,091 |
2,019 | 85,001 |
2,020 | 73,663 |
2,021 | 51,924 |
2022 and thereafter | 92,488 |
Total | 517,812 |
Charter-in vessels to be delivered | |
Operating Leased Assets [Line Items] | |
2,017 | 13,783 |
2,018 | 13,988 |
2,019 | 9,892 |
2,020 | 9,919 |
2,021 | 9,892 |
2022 and thereafter | 29,038 |
Total | 86,512 |
Office space | |
Operating Leased Assets [Line Items] | |
2,017 | 2,687 |
2,018 | 1,921 |
2,019 | 1,189 |
2,020 | 508 |
2,021 | 184 |
2022 and thereafter | 0 |
Total | $ 6,489 |
Leases - Navios Holdings Futu91
Leases - Navios Holdings Future Revenue for Chartered-Out Vessels, Barges, Pushboats and for Logistics Business (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Dry bulk vessels | |
Property Subject To Or Available For Operating Lease [Line Items] | |
2,017 | $ 30,093 |
2,018 | 805 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Total minimum revenue, net of commissions | 30,898 |
Logistics business | |
Property Subject To Or Available For Operating Lease [Line Items] | |
2,017 | 112,803 |
2,018 | 76,883 |
2,019 | 76,641 |
2,020 | 64,191 |
2,021 | 52,569 |
2022 and thereafter | 684,511 |
Total minimum revenue, net of commissions | $ 1,067,598 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Subject To Or Available For Operating Lease [Line Items] | |||
Rent expense for office space | $ 2,748 | $ 2,508 | $ 2,804 |
Expansion of its dry port | |||
Property Subject To Or Available For Operating Lease [Line Items] | |||
Future minimum revenue | $ 44,200 | ||
Lease term | P20Y | ||
Construction of river and estuary tanker | |||
Property Subject To Or Available For Operating Lease [Line Items] | |||
Future minimum revenue | $ 41,640 | ||
Lease term | P5Y | ||
Logistics business | |||
Property Subject To Or Available For Operating Lease [Line Items] | |||
Charter hire expense | $ 1,521 | 1,307 | 2,468 |
Future minimum revenue | 1,067,598 | ||
Chartered-in vessels | |||
Property Subject To Or Available For Operating Lease [Line Items] | |||
Charter hire expense | $ 84,114 | $ 134,364 | $ 111,386 |
Transactions with Related Par93
Transactions with Related Parties (Details) € in Thousands, $ in Thousands | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017USD ($) | Apr. 30, 2016 | Jun. 05, 2015 | May 31, 2015USD ($) | Sep. 19, 2016USD ($) | Nov. 11, 2014USD ($) | Nov. 18, 2014 | Dec. 13, 2013 | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2010USD ($) | Mar. 23, 2017shares | Feb. 04, 2015 | Dec. 18, 2013USD ($) | Dec. 31, 2012USD ($) | |
Annual lease payments of office | $ 2,748 | $ 2,508 | $ 2,804 | ||||||||||||||
General and administrative expenses | 25,295 | 34,183 | 45,590 | ||||||||||||||
Due from affiliate, total | 0 | 8,887 | |||||||||||||||
Due from affiliate, current | 8,548 | 12,669 | |||||||||||||||
Long-term receivable from affiliate companies | 11,105 | 0 | |||||||||||||||
Due to affiliate, current | 32,847 | 17,791 | |||||||||||||||
Due to affiliate | 32,847 | 17,791 | |||||||||||||||
Due to affiliate, non current | 6,399 | 0 | |||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | (202,779) | 61,484 | 57,751 | ||||||||||||||
Fair value of the claim, recorded as ''Other expense'' | 11,665 | 34,982 | 24,520 | ||||||||||||||
Long-term debt | 1,651,095 | 1,581,308 | 1,612,890 | ||||||||||||||
Investments in affiliates | 160,071 | 381,746 | 344,453 | ||||||||||||||
Loan receivable from affiliate companies | 23,008 | 16,474 | |||||||||||||||
Proceeds from loan payable to affiliate company | 50,000 | 0 | 0 | ||||||||||||||
Accrued interest on loan payable to affiliate company | 1,240 | 0 | 0 | ||||||||||||||
Outstanding balance | 49,876 | 0 | |||||||||||||||
Navios Acquisition Loan | |||||||||||||||||
Line Credit Facility Arrangement Fees | $ 700 | ||||||||||||||||
Credit facility outstanding amount | 51,240 | ||||||||||||||||
Fixed interest rate | 8.75% | ||||||||||||||||
Available amount of loan facility | $ 70,000 | ||||||||||||||||
Proceeds from loan payable to affiliate company | 50,000 | ||||||||||||||||
Accrued interest on loan payable to affiliate company | 1,240 | ||||||||||||||||
Unamortized balance of deferred fees | 1,364 | ||||||||||||||||
Outstanding balance | 49,876 | ||||||||||||||||
Navios Partners Agreement | |||||||||||||||||
Maximum payout of company under Navios Partner's guarantee | $ 20,000 | ||||||||||||||||
General and administrative expenses | 7,751 | 6,205 | 6,090 | ||||||||||||||
Navios Acquisition Agreement | |||||||||||||||||
General and administrative expenses | 9,427 | 7,608 | 7,314 | ||||||||||||||
Navios Logistics Agreement | |||||||||||||||||
General and administrative expenses | 1,000 | 760 | 760 | ||||||||||||||
Termination date of the administrative services agreement | December 2,021 | ||||||||||||||||
Navios Europe I Agreement | |||||||||||||||||
General and administrative expenses | 1,300 | 800 | 800 | ||||||||||||||
Administrative services agreement term in years | 6 years | ||||||||||||||||
Navios Midstream Agreement | |||||||||||||||||
General and administrative expenses | 1,500 | 1,014 | 96 | ||||||||||||||
Administrative services agreement term in years | 5 years | ||||||||||||||||
Navios Europe II Agreement | |||||||||||||||||
General and administrative expenses | 1,820 | 550 | |||||||||||||||
Administrative services agreement term in years | 6 years | ||||||||||||||||
Goldland Anonymos Eteria | |||||||||||||||||
Annual lease payments of office | 1,044 | € 943 | |||||||||||||||
Acropolis | |||||||||||||||||
Commissions paid | 0 | 6 | 2 | ||||||||||||||
Trade accounts payable | $ 76 | 76 | |||||||||||||||
Navios Partners | |||||||||||||||||
Termination date of the administrative services agreement | December 2,017 | December 2,017 | |||||||||||||||
Due from affiliate, total | $ 0 | 8,887 | |||||||||||||||
Long-term receivable from affiliate companies | 11,105 | ||||||||||||||||
Unamortized deferred gain for vessels and rights sold | 11,846 | 13,680 | |||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | 1,833 | 2,621 | 5,278 | ||||||||||||||
Maximum borrowing capacity | $ 60,000 | ||||||||||||||||
Credit facility outstanding amount | 0 | ||||||||||||||||
Fair value of the claim, recorded as ''Other expense'' | $ 19,739 | ||||||||||||||||
Interest rate description | LIBOR plus 300 basis points | ||||||||||||||||
Loan margin percentage | 3.00% | ||||||||||||||||
Credit facility maturity date | Jan. 2, 2017 | ||||||||||||||||
Loan receivable from affiliate companies | 0 | ||||||||||||||||
Navios Acquisition | |||||||||||||||||
Termination date of the administrative services agreement | May 2,020 | May 2,020 | |||||||||||||||
Long-term receivable from affiliate companies | $ 0 | ||||||||||||||||
Line Credit Facility Arrangement Fees | $ 4,000 | ||||||||||||||||
Credit facility outstanding amount | $ 0 | $ 0 | |||||||||||||||
Interest rate description | LIBOR plus 300 basis points | LIBOR plus 300 basis points | |||||||||||||||
Credit facility maturity date | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 29, 2014 | ||||||||||||||
Navios Midstream | |||||||||||||||||
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, 2016, Navios Holdings had not exercised any part of that option. | 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, 2016, Navios Holdings had not exercised any part of that option. | |||||||||||||||
Navios Logistics | Navios Acquisition Loan | |||||||||||||||||
Ownership percentage of Navios Holdings | 78.50% | ||||||||||||||||
Minimum | Share purchase agreement with Navios Partners | |||||||||||||||||
Ownership percentage of Navios Holdings | 20.00% | ||||||||||||||||
Minimum | Navios Midstream | |||||||||||||||||
Option agreement percentage interests | 25.00% | 25.00% | |||||||||||||||
Short Term debt | Navios Acquisition | |||||||||||||||||
Maximum borrowing capacity | $ 40,000 | ||||||||||||||||
Loan margin percentage | 3.00% | ||||||||||||||||
Navios Holdings debt | Navios Acquisition | |||||||||||||||||
Maximum borrowing capacity | $ 200,000 | ||||||||||||||||
Loan margin percentage | 6.00% | ||||||||||||||||
Navios Europe I | |||||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | $ 1,303 | $ 1,293 | 831 | ||||||||||||||
Investments in affiliates | 5,967 | 5,497 | $ 4,750 | ||||||||||||||
Navios Europe I | Navios Revolving Loans I | |||||||||||||||||
Loan receivable from affiliate companies | 10,070 | 8,868 | |||||||||||||||
Navios Europe I | Navios Revolving Loans I | Navios Holdings, Navios Acquisition and Navios Partners | |||||||||||||||||
Maximum borrowing capacity | $ 24,100 | ||||||||||||||||
Navios Europe II | |||||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | (14) | 1,308 | |||||||||||||||
Investments in affiliates | 5,894 | 6,650 | |||||||||||||||
Navios Europe II | Navios Revolving Loans II | |||||||||||||||||
Loan receivable from affiliate companies | 14,343 | 7,900 | |||||||||||||||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisition and Navios Partners | |||||||||||||||||
Maximum borrowing capacity | 43,500 | ||||||||||||||||
Navios Partners | |||||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | $ 5,979 | 15,462 | 36,959 | ||||||||||||||
Ownership percentage of Navios Holdings | 20.00% | ||||||||||||||||
Investments in affiliates | $ 24,033 | 115,432 | |||||||||||||||
Navios Europe I | |||||||||||||||||
Due from affiliate, total | 2,376 | 1,609 | |||||||||||||||
Due from affiliate, current | 145 | 211 | |||||||||||||||
Long-term receivable from affiliate companies | $ 2,231 | 1,398 | |||||||||||||||
Ownership percentage of Navios Holdings | 47.50% | ||||||||||||||||
Navios Europe I | Navios Revolving Loans I | |||||||||||||||||
Preferred Distribution Percentage | 12.70% | 12.70% | |||||||||||||||
Loan receivable from affiliate companies | $ 7,125 | 7,125 | |||||||||||||||
Navios Europe I | Navios Revolving Loans I | Navios Holdings, Navios Acquisition and Navios Partners | |||||||||||||||||
Available amount of loan facility | 9,100 | ||||||||||||||||
Navios Europe II | |||||||||||||||||
Due from affiliate, total | 10,453 | 4,196 | |||||||||||||||
Due from affiliate, current | 8,402 | 3,571 | |||||||||||||||
Long-term receivable from affiliate companies | $ 2,051 | 625 | |||||||||||||||
Ownership percentage of Navios Holdings | 47.50% | ||||||||||||||||
Navios Europe II | Navios Revolving Loans II | |||||||||||||||||
Loan receivable from affiliate companies | $ 11,602 | 7,327 | |||||||||||||||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisition and Navios Partners | |||||||||||||||||
Available amount of loan facility | 19,075 | ||||||||||||||||
Navios Acquisition | |||||||||||||||||
Due from affiliate, current | 0 | 0 | |||||||||||||||
Deferred gain recognized in Statement of Comprehensive Income | $ 29,801 | 43,299 | $ 19,513 | ||||||||||||||
Ownership percentage of Navios Holdings | 46.10% | ||||||||||||||||
Investments in affiliates | $ 124,062 | 253,286 | |||||||||||||||
Navios Midstream | |||||||||||||||||
Due from affiliate, current | $ 0 | $ 0 | |||||||||||||||
Ownership percentage of Navios Holdings | 0.00% | ||||||||||||||||
Funding Commitment | Navios Europe I | Navios Revolving Loans I | |||||||||||||||||
Available amount of loan facility | $ 4,323 | ||||||||||||||||
Funding Commitment | Navios Europe II | Navios Revolving Loans II | |||||||||||||||||
Available amount of loan facility | $ 9,061 | ||||||||||||||||
Subsequent event | Share Repurchase Program | |||||||||||||||||
General partnership interests | shares | 1,271,766 | ||||||||||||||||
Subsequent event | Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisition and Navios Partners | |||||||||||||||||
Line of Credit Facility, Increase | $ 14,000 |
Transactions with Related Par94
Transactions with Related Parties - Vessels Charter Hire and Management Fees (Details) - USD ($) | 1 Months Ended | 5 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016 | Jun. 05, 2015 | May 28, 2014 | Nov. 18, 2014 | Dec. 13, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Voyage expenses | $ 1,711,000 | $ 39,727,000 | $ 28,162,000 | |||||
Loan receivable from affiliate companies | 23,008,000 | 16,474,000 | ||||||
Long-term receivable from affiliate companies | $ 11,105,000 | 0 | ||||||
Navios Apollon | Extended charter hire agreement | ||||||||
Lease term | one year | |||||||
Charter hire daily rate | $ 12,500 | |||||||
Profit sharing, Percentage allocation based on earnings | 50.00% | |||||||
Date of agreement | Apr. 30, 2015 | |||||||
Navios Libra II | Extended charter hire agreement | ||||||||
Lease term | one year | |||||||
Charter hire daily rate | $ 12,000 | |||||||
Profit sharing, Percentage allocation based on earnings | 50.00% | |||||||
Date of agreement | Apr. 30, 2015 | |||||||
Navios Felicity | Extended charter hire agreement | ||||||||
Lease term | one year | |||||||
Charter hire daily rate | $ 12,000 | |||||||
Profit sharing, Percentage allocation based on earnings | 50.00% | |||||||
Date of agreement | Apr. 30, 2015 | |||||||
Navios Hope | Extended charter hire agreement | ||||||||
Lease term | one year | |||||||
Charter hire daily rate | $ 10,000 | |||||||
Profit sharing, Percentage allocation based on earnings | 50.00% | |||||||
Date of agreement | Apr. 30, 2015 | |||||||
Navios Pollux | New charter hire agreement 2 | ||||||||
Charter hire daily rate | $ 11,400 | |||||||
Navios Gemini | Charter hire agreement | ||||||||
Charter hire daily rate | 7,600 | |||||||
Navios Fantastiks | Charter hire agreement | ||||||||
Charter hire daily rate | 12,500 | |||||||
Navios Sun, Navios Orbiter, Navios Soleil, Navios Alegria, Navios Harmony and Navios Hyperion | Charter hire agreement | ||||||||
Charter hire daily rate | $ 12,000 | |||||||
Navios Partners for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun | Minimum | ||||||||
Lease term | 9 months | |||||||
Navios Partners for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun | Maximum | ||||||||
Lease term | 12 months | |||||||
Navios Partners for the Navios Gemini, Navios Hyperion, Navios Soleil, Navios Harmony, Navios Orbiter, Navios Fantastiks, Navios Alegria, Navios Pollux and Navios Sun | Charter hire agreement | ||||||||
Profit sharing, Percentage allocation based on earnings | 50.00% | |||||||
Navios Fulvia | Charter hire agreement | ||||||||
Charter hire daily rate | $ 11,500 | |||||||
Date of agreement | Nov. 30, 2016 | |||||||
Navios Partners | ||||||||
Termination date of the administrative services agreement | December 2,017 | |||||||
Management fees | $ 59,209,000 | 56,504,000 | 50,359,000 | |||||
Loan receivable from affiliate companies | 0 | |||||||
Long-term receivable from affiliate companies | $ 11,105,000 | |||||||
Terms of reimbursement of fees and expenses under the management agreement | Effective August 31, 2016, Navios Partners could, upon request to Navios Holdings, partially or fully defer the reimbursement of dry docking and other extraordinary fees and expenses under the management agreement to a later date, but not later than January 5, 2018, and if reimbursed on a later date, such amounts would bear interest at a rate of 1% per annum over LIBOR. | |||||||
Navios Partners | Ultra-Handymax vessel | ||||||||
Daily management fee | $ 4,100 | 4,000 | ||||||
Navios Partners | Panamax vessel | ||||||||
Daily management fee | 4,200 | 4,100 | ||||||
Navios Partners | Capesize vessel | ||||||||
Daily management fee | 5,250 | 5,100 | ||||||
Navios Partners | Container vessel of 6,800 TEU | ||||||||
Daily management fee | 6,700 | 6,500 | ||||||
Navios Partners | Container vessel more than 8,000 TEU | ||||||||
Daily management fee | 7,400 | 7,200 | ||||||
Navios Partners | Container vessel more than 13,000 TEU | ||||||||
Daily management fee | $ 8,750 | 8,500 | ||||||
Navios Acquisition | ||||||||
Termination date of the administrative services agreement | May 2,020 | |||||||
Management fees | $ 97,866,000 | 95,336,000 | 95,827,000 | |||||
Long-term receivable from affiliate companies | $ 0 | |||||||
Navios Acquisition | Extended management agreement | ||||||||
Termination date of agreement | May 31, 2020 | |||||||
Navios Acquisition | Amendement of management agreement | ||||||||
Termination date of agreement | May 31, 2018 | |||||||
Navios Acquisition | MR2 product tanker and chemical tanker vessel | Management agreement | ||||||||
Daily management fee | $ 6,000 | |||||||
Fixed drydocking expenses | 300,000 | |||||||
Navios Acquisition | MR2 product tanker and chemical tanker vessel | Extended management agreement | ||||||||
Daily management fee | $ 6,000 | |||||||
Duration of agreements | 2 years | |||||||
Navios Acquisition | MR2 product tanker and chemical tanker vessel | Amendement of management agreement | ||||||||
Daily management fee | $ 6,350 | |||||||
Navios Acquisition | LR1 product tanker vessel | Management agreement | ||||||||
Daily management fee | 7,000 | |||||||
Fixed drydocking expenses | 300,000 | |||||||
Navios Acquisition | LR1 product tanker vessel | Extended management agreement | ||||||||
Daily management fee | $ 7,000 | |||||||
Duration of agreements | 2 years | |||||||
Navios Acquisition | LR1 product tanker vessel | Amendement of management agreement | ||||||||
Management fees | $ 7,150 | |||||||
Navios Acquisition | VLCC vessel | Management agreement | ||||||||
Daily management fee | $ 10,000 | |||||||
Navios Acquisition | VLCC vessel | Extended management agreement | ||||||||
Daily management fee | $ 9,500 | |||||||
Duration of agreements | 2 years | |||||||
Navios Acquisition | VLCC vessel | Amendement of management agreement | ||||||||
Management fees | $ 9,500 | |||||||
Navios Europe I | ||||||||
Management fees | 20,855,000 | 20,383,000 | 20,098,000 | |||||
Navios Europe I | Management agreement | ||||||||
Duration of agreements | 6 years | |||||||
Navios Midstream | ||||||||
Management fees | 20,862,000 | 17,613,000 | $ 1,672,000 | |||||
Navios Midstream | Management agreement | ||||||||
Duration of agreements | 5 years | |||||||
Navios Midstream | VLCC vessel | Management agreement | ||||||||
Termination date of agreement | Nov. 18, 2016 | |||||||
Daily management fee | $ 9,500 | |||||||
Navios Europe II | ||||||||
Management fees | $ 23,527,000 | $ 9,581,000 | ||||||
Navios Europe II | Management agreement | ||||||||
Duration of agreements | 6 years |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 6 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Jan. 28, 2014 | Feb. 29, 2016 | Jul. 08, 2014 | Nov. 08, 2016 | Dec. 11, 2015 | Dec. 15, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Preferred stock shares outstanding | 49,504 | 73,935 | |||||||||||
Common stock shares outstanding | 117,131,407 | 110,468,753 | |||||||||||
Acquisition of treasury stock, value | $ 818 | $ 252 | |||||||||||
Value of the exchange offer | 12 | 11 | |||||||||||
Amount of tender offer paid in cash | (9,323) | ||||||||||||
Repurchase of preferred stock | 9,323 | $ 0 | $ 0 | ||||||||||
Dividends undeclared | |||||||||||||
Undeclared preferred dividends | 10,245 | ||||||||||||
Dividends cancelled | |||||||||||||
Dividends cancelled | $ 5,063 | ||||||||||||
Restricted common stock | |||||||||||||
Number of common stock issued to employees | 2,540,000 | 1,151,052 | |||||||||||
Forfeited shares of common stock | 2,908 | 9,319 | |||||||||||
Restricted stock units | |||||||||||||
Vested stock units | 24,970 | 16,960 | 41,748 | ||||||||||
Number of stock options issued to employees | 24,301 | ||||||||||||
Stock options | |||||||||||||
Exercised number of shares | 0 | 0 | 143,189 | 153,556 | 29,251 | 130,578 | 130,577 | ||||||
Vested restricted stock units | 1,000,000 | 1,123,003 | |||||||||||
Navios Holdings | |||||||||||||
Total amount of shares issued | $ 643 | ||||||||||||
First stock issuance | |||||||||||||
Exercised number of shares | 15,000 | ||||||||||||
Exercise price | $ 3.18 | ||||||||||||
Second stock issuance | |||||||||||||
Exercised number of shares | 30,303 | ||||||||||||
Exercise price | $ 3.81 | ||||||||||||
Third stock issuance | |||||||||||||
Exercised number of shares | 19,626 | ||||||||||||
Exercise price | $ 5.87 | ||||||||||||
Fourth stock issuance | |||||||||||||
Exercised number of shares | 55,860 | ||||||||||||
Exercise price | $ 5.15 | ||||||||||||
Fifth Stock Issuance | |||||||||||||
Exercised number of shares | 22,400 | ||||||||||||
Exercise price | $ 3.44 | ||||||||||||
Series G | |||||||||||||
Number of shares issued for the exchange offer | 5,449 | ||||||||||||
Series H | |||||||||||||
Number of shares issued for the exchange offer | 18,982 | ||||||||||||
Series G and Series H ADS exchange offer | |||||||||||||
Value of the exchange offer | $ 7,893 | ||||||||||||
Tender offer, stocks | 7,589,176 | ||||||||||||
Shares exchanged aggregate book value | $ 61,078 | ||||||||||||
Repurchase of preferred stock | $ 9,323 | ||||||||||||
American Depositary Shares - The Series G | |||||||||||||
Sale of Stock-net proceeds | $ 47,846 | ||||||||||||
Preferred stock shares outstanding | 14,551 | 20,000 | |||||||||||
American Depositary Shares - The Series H | |||||||||||||
Sale of Stock-net proceeds | $ 115,756 | ||||||||||||
Preferred stock shares outstanding | 29,018 | 48,000 | |||||||||||
Convertible preferred stock | |||||||||||||
Conversion of Stock, Shares converted | 0 | 1,134 | |||||||||||
Preferred stock shares outstanding | 5,935 | 5,935 | |||||||||||
Common Stock | |||||||||||||
Converted Shares of Common Stock | 1,134,000 | 1,410,000 | |||||||||||
Acquisition of treasury stock, shares | 948,584 | 199,324 | |||||||||||
Amount of tender offer paid in cash | $ 1 | ||||||||||||
Tender offer, stocks | 7,589,176 | ||||||||||||
Preferred Stock | |||||||||||||
Conversion of Stock, Shares converted | (1,134) | (1,410) | |||||||||||
Number of shares issued for the exchange offer | 24,431 | ||||||||||||
Share Repurchase Program | Common Stock | |||||||||||||
Share repurchase program, Authorized amount | $ 25,000 | ||||||||||||
Acquisition of treasury stock, shares | 1,147,908 | 948,584 | 199,324 | ||||||||||
Acquisition of treasury stock, value | $ 1,070 | $ 818 | $ 252 |
Interest Expense and Finance 96
Interest Expense and Finance Cost (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST EXPENSE AND FINANCE COST [Abstract] | |||
Interest expense | $ 107,787 | $ 108,488 | $ 109,550 |
Amortization and write-off of deferred financing costs | 5,653 | 4,524 | 4,061 |
Other | 199 | 139 | 49 |
Interest expense and finance cost | $ 113,639 | $ 113,151 | $ 113,660 |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 419,782 | $ 480,820 | $ 569,016 | |
Administrative fee revenue from affiliates | 21,799 | 16,177 | 14,300 | |
Interest income | 4,947 | 2,370 | 5,515 | |
Interest expense and finance cost | (113,639) | (113,151) | (113,660) | |
Depreciation and amortization | (113,825) | (120,310) | (104,690) | |
Equity/ (loss) in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 | |
Net (loss)/ income attributable to Navios Holdings common stockholders | (303,823) | (134,112) | (56,203) | |
Total assets | 2,752,895 | 2,958,813 | 3,127,697 | |
Goodwill | 160,336 | 160,336 | 160,336 | |
Capital expenditures | (151,593) | (34,921) | (237,498) | |
Investment in affiliates | 160,071 | 381,746 | 344,453 | |
Cash and cash equivalents | 135,992 | 163,412 | 247,556 | $ 187,831 |
Restricted cash | 5,386 | 13,480 | 2,564 | |
Long-term debt (including current and noncurrent portion) | 1,651,095 | 1,581,308 | 1,612,890 | |
Dry bulk Vessel Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 199,446 | 299,772 | 300,242 | |
Administrative fee revenue from affiliates | 21,799 | 16,177 | 14,300 | |
Interest income | 4,132 | 1,801 | 5,224 | |
Interest expense and finance cost | (89,399) | (86,069) | (85,823) | |
Depreciation and amortization | (87,197) | (92,341) | (79,603) | |
Equity/ (loss) in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 | |
Net (loss)/ income attributable to Navios Holdings common stockholders | (310,306) | (148,306) | (45,541) | |
Total assets | 2,083,526 | 2,359,299 | 2,525,103 | |
Goodwill | 56,240 | 56,240 | 56,240 | |
Capital expenditures | (60,420) | (7,882) | (145,840) | |
Investment in affiliates | 160,071 | 381,746 | 344,453 | |
Cash and cash equivalents | 70,810 | 81,905 | 175,625 | |
Restricted cash | 2,486 | 13,480 | 2,564 | |
Long-term debt (including current and noncurrent portion) | 1,223,146 | 1,213,740 | 1,246,181 | |
Logistics Business | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 220,336 | 251,048 | 268,774 | |
Administrative fee revenue from affiliates | 0 | 0 | 0 | |
Interest income | 815 | 569 | 291 | |
Interest expense and finance cost | (24,240) | (27,082) | (27,837) | |
Depreciation and amortization | (26,628) | (27,969) | (25,087) | |
Equity/ (loss) in net earnings of affiliated companies | 0 | 0 | 0 | |
Net (loss)/ income attributable to Navios Holdings common stockholders | 6,483 | 14,194 | (10,662) | |
Total assets | 669,369 | 599,514 | 602,594 | |
Goodwill | 104,096 | 104,096 | 104,096 | |
Capital expenditures | (91,173) | (27,039) | (91,658) | |
Investment in affiliates | 0 | 0 | 0 | |
Cash and cash equivalents | 65,182 | 81,507 | 71,931 | |
Restricted cash | 2,900 | 0 | 0 | |
Long-term debt (including current and noncurrent portion) | $ 427,949 | $ 367,568 | $ 366,709 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Region (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | $ 419,782 | $ 480,820 | $ 569,016 |
North America | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 6,218 | 22,317 | 30,299 |
Europe | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 109,267 | 109,347 | 173,100 |
Asia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 73,073 | 87,658 | 84,766 |
South America | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 220,336 | 253,746 | 275,327 |
Other | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | $ 10,888 | $ 7,752 | $ 5,524 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Net book value of long-lived assets | $ 1,821,101 | $ 1,823,961 |
Dry bulk vessels | ||
Segment Reporting Information [Line Items] | ||
Net book value of long-lived assets | 1,409,415 | 1,423,147 |
Logistics Business | ||
Segment Reporting Information [Line Items] | ||
Net book value of long-lived assets | $ 544,065 | $ 468,842 |
Loss Per Common Share (Table) (
Loss Per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||
Net loss attributable to Navios Holdings common stockholders | $ (303,823) | $ (134,112) | $ (56,203) |
Declared and undeclared dividend on preferred stock and on unvested restricted shares | (15,909) | (16,202) | (10,773) |
Tender Offer – Redemption of preferred stock Series G and H including $5,063 of undeclared preferred dividend cancelled | 46,627 | 0 | 0 |
Loss available to Navios Holdings common stockholders, basic and diluted | $ (273,105) | $ (150,314) | $ (66,976) |
Denominator: | |||
Denominator for basic and diluted net loss per share attributable to Navios Holdings stockholders - adjusted weighted shares | 107,366,783 | 105,896,235 | 103,476,614 |
Basic and diluted net loss per share attributable to Navios Holdings stockholders | $ (2.54) | $ (1.42) | $ (0.65) |
Loss Per Common Share (Details)
Loss Per Common Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends cancelled | |||
Dividends cancelled | $ 5,063 | ||
Common shares | |||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 3,411,270 | 1,698,569 | 3,437,148 |
Convertible Preferred Stock | |||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 5,935,000 | 6,522,556 | 7,950,425 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income before taxes | $ (298,884) | $ (129,221) | $ (61,980) |
Income tax expense/ (benefit) | $ 1,265 | $ (3,154) | $ 84 |
Argentina | |||
Income tax rate | 35.00% | ||
Effective Tax Rate On Corporate Assets | 1.00% | ||
Tax rate on revenues | 5.00% | 5.00% | 5.00% |
Paraguay | |||
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. | ||
Income tax rate | 10.00% | ||
Tax rate on revenues | 1.00% | ||
Corporate Income Tax Rate | 10.00% | ||
Brazil | |||
Corporate Income Tax Rate | 34.00% | ||
If carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay | Revenue | |||
Amount concentration percentage | 50.00% | ||
Alternative scenario | Revenue | |||
Amount concentration percentage | 30.00% |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) - USD ($) $ in Thousands | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Jan. 31, 2014 | May 31, 2014 | May 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||
Acquisition of noncontrolling interests of joint venture | $ 10,889 | ||||||
Net income attributable to the noncontrolling interest | $ 3,674 | $ 8,045 | (5,861) | ||||
Diesis Shipmanagement Ltd. ownership percentage in Navios Asia | |||||||
Business Acquisition [Line Items] | |||||||
Ownership Interest | 51.00% | ||||||
Navios Asia | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition of noncontrolling interests of joint venture | $ 10,889 | ||||||
Remaining non controlling interest percentage acquired | 49.00% | ||||||
Ownership Interest | 51.00% | ||||||
Net income attributable to the noncontrolling interest | $ 182 | ||||||
Noncontrolling shareholders' contribution | $ 3,484 |
Investments in Available-For104
Investments in Available-For-Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | |||
Reclassification to earnings | $ 345 | $ 1,782 | $ 11,553 |
Investment in available-for-sale-securities | $ 0 | 5,173 | |
Accumulated other comprehensive loss | $ (445) | ||
KLC and STX | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investment held in shares | 0 | 344,649 | |
Available for sale securities | 354,093 | ||
Consideration received for AFS securities sold | $ 5,303 | ||
Investment in available-for-sale-securities | 0 | $ 5,173 | |
Korea Line Corporation (''KLC'') | |||
Schedule Of Equity Method Investments [Line Items] | |||
Reclassification to earnings | $ (345) | $ (1,783) | $ (11,553) |
Other Income - Other Expense (D
Other Income - Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Other Income | $ 18,175 | $ 4,840 | $ 15,639 | |
Cash exchanged due to early redelivery of vessel | $ 13,000 | |||
Claims payable to the charterer extinguishmed | 1,871 | |||
Gain on contract termination | $ 14,871 | |||
Default credit insurance policy | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Insurance recoveries | 4,044 | |||
Default counterparty | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from Sale of Insurance Investments | 7,203 | |||
Other income | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Insurance recoveries | 3,551 | |||
Other expense | Navios Logistics | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Other (expense)/income - taxes other than income taxes | $ 9,740 | $ 11,976 | $ 9,275 |
Other Financial Information - I
Other Financial Information - Income Statement (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements Captions [Line Items] | |||
Revenue | $ 419,782 | $ 480,820 | $ 569,016 |
Administrative fee revenue from affiliates | 21,799 | 16,177 | 14,300 |
Time charter, voyage and logistics business expenses | (175,072) | (247,882) | (263,304) |
Direct vessel expenses | (127,396) | (128,168) | (130,064) |
General and administrative expenses incurred on behalf of affiliates | (21,799) | (16,177) | (14,300) |
General and administrative expenses | (25,295) | (34,183) | (45,590) |
Depreciation and amortization | (113,825) | (120,310) | (104,690) |
Gain on bond and debt extinguishment | 29,187 | 0 | (27,281) |
Loss before equity in net earnings of affiliated companies | (96,105) | (190,705) | (119,731) |
Equity/ (loss) in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 |
Loss income before taxes | (298,884) | (129,221) | (61,980) |
Income tax benefit/ (expense) | (1,265) | 3,154 | (84) |
Net loss | (300,149) | (126,067) | (62,064) |
Less: Net income attributable to the noncontrolling interest | (3,674) | (8,045) | 5,861 |
Net loss attributable to Navios Holdings common stockholders | (303,823) | (134,112) | (56,203) |
Other Comprehensive income | |||
Unrealized holding loss on investments in-available-for-sale securities | 100 | (1,649) | (959) |
Reclassification to earnings | 345 | 1,782 | 11,553 |
Total other comprehensive income | 445 | 133 | 10,594 |
Total comprehensive loss | (299,704) | (125,934) | (51,470) |
Comprehensive (income)/ loss attributable to noncontrolling interest | (3,674) | (8,045) | 5,861 |
Total comprehensive loss attributable to Navios Holdings common stockholders | (303,378) | (133,979) | (45,609) |
Eliminations | |||
Condensed Financial Statements Captions [Line Items] | |||
Loss from subsidiaries | 40,384 | 90,908 | 28,080 |
Loss income before taxes | 40,384 | 90,908 | 28,080 |
Net loss | 40,384 | 90,908 | 28,080 |
Net loss attributable to Navios Holdings common stockholders | 40,384 | 90,908 | 28,080 |
Other Comprehensive income | |||
Unrealized holding loss on investments in-available-for-sale securities | (100) | 1,649 | 959 |
Reclassification to earnings | (345) | (1,782) | (11,553) |
Total other comprehensive income | (445) | (133) | (10,594) |
Total comprehensive loss | 39,939 | 90,775 | 17,486 |
Total comprehensive loss attributable to Navios Holdings common stockholders | 39,939 | 90,775 | 17,486 |
Navios Maritime Holdings Inc. Issuer | |||
Condensed Financial Statements Captions [Line Items] | |||
General and administrative expenses | (5,715) | (7,435) | (10,343) |
Depreciation and amortization | (2,860) | (2,769) | (2,811) |
Interest expense and finance cost, net | (71,262) | (72,924) | (73,272) |
Gain on bond and debt extinguishment | 27,670 | ||
Other income/ (expense), net | 75 | (60) | 72 |
Loss before equity in net earnings of affiliated companies | (52,092) | (83,188) | (86,354) |
Loss from subsidiaries | (46,867) | (105,102) | (17,418) |
Equity/ (loss) in net earnings of affiliated companies | (204,864) | 54,178 | 47,569 |
Loss income before taxes | (303,823) | (134,112) | (56,203) |
Net loss | (303,823) | (134,112) | (56,203) |
Net loss attributable to Navios Holdings common stockholders | (303,823) | (134,112) | (56,203) |
Other Comprehensive income | |||
Unrealized holding loss on investments in-available-for-sale securities | 100 | (1,649) | (959) |
Reclassification to earnings | 345 | 1,782 | 11,553 |
Total other comprehensive income | 445 | 133 | 10,594 |
Total comprehensive loss | (303,378) | (133,979) | (45,609) |
Total comprehensive loss attributable to Navios Holdings common stockholders | (303,378) | (133,979) | (45,609) |
Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Revenue | 199,446 | 229,772 | 300,242 |
Administrative fee revenue from affiliates | 21,799 | 16,177 | 14,300 |
Time charter, voyage and logistics business expenses | (115,483) | (177,507) | (157,640) |
Direct vessel expenses | (51,396) | (46,142) | (52,039) |
General and administrative expenses incurred on behalf of affiliates | (21,799) | (16,177) | (14,300) |
General and administrative expenses | (5,286) | (12,740) | (20,483) |
Depreciation and amortization | (84,337) | (89,572) | (76,792) |
Interest expense and finance cost, net | (14,005) | (11,344) | (7,327) |
Gain on bond and debt extinguishment | 1,517 | ||
Other income/ (expense), net | 14,392 | (18,671) | (2,357) |
Loss before equity in net earnings of affiliated companies | (55,152) | (126,204) | (16,396) |
Loss from subsidiaries | 6,483 | 14,194 | (10,662) |
Equity/ (loss) in net earnings of affiliated companies | 3,138 | 5,326 | 6,555 |
Loss income before taxes | (45,531) | (106,684) | (20,503) |
Income tax benefit/ (expense) | (283) | (397) | (360) |
Net loss | (45,814) | (107,081) | (20,863) |
Less: Net income attributable to the noncontrolling interest | (182) | ||
Net loss attributable to Navios Holdings common stockholders | (45,814) | (107,081) | (21,045) |
Other Comprehensive income | |||
Unrealized holding loss on investments in-available-for-sale securities | 100 | (1,649) | (959) |
Reclassification to earnings | 345 | 1,782 | 11,553 |
Total other comprehensive income | 445 | 133 | 10,594 |
Total comprehensive loss | (45,369) | (106,948) | (10,269) |
Comprehensive (income)/ loss attributable to noncontrolling interest | (182) | ||
Total comprehensive loss attributable to Navios Holdings common stockholders | (45,369) | (106,948) | (10,451) |
Non Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Revenue | 220,336 | 251,048 | 268,774 |
Time charter, voyage and logistics business expenses | (59,589) | (70,375) | (105,664) |
Direct vessel expenses | (76,000) | (82,026) | (78,025) |
General and administrative expenses | (14,294) | (14,008) | (14,764) |
Depreciation and amortization | (26,628) | (27,969) | (25,087) |
Interest expense and finance cost, net | (23,425) | (26,513) | (27,546) |
Gain on bond and debt extinguishment | (27,281) | ||
Other income/ (expense), net | (9,261) | (11,470) | (7,388) |
Loss before equity in net earnings of affiliated companies | 11,139 | 18,687 | (16,981) |
Equity/ (loss) in net earnings of affiliated companies | (1,053) | 1,980 | 3,627 |
Loss income before taxes | 10,086 | 20,667 | (13,354) |
Income tax benefit/ (expense) | (982) | 3,551 | 276 |
Net loss | 9,104 | 24,218 | (13,078) |
Less: Net income attributable to the noncontrolling interest | (3,674) | (8,045) | 6,043 |
Net loss attributable to Navios Holdings common stockholders | 5,430 | 16,173 | (7,035) |
Other Comprehensive income | |||
Total comprehensive loss | 9,104 | 24,218 | (13,078) |
Comprehensive (income)/ loss attributable to noncontrolling interest | (3,674) | (8,045) | 6,043 |
Total comprehensive loss attributable to Navios Holdings common stockholders | 5,430 | 16,173 | (7,035) |
Total | |||
Condensed Financial Statements Captions [Line Items] | |||
Revenue | 419,782 | 480,820 | 569,016 |
Administrative fee revenue from affiliates | 21,799 | 16,177 | 14,300 |
Time charter, voyage and logistics business expenses | (175,072) | (247,882) | (263,304) |
Direct vessel expenses | (127,396) | (128,168) | (130,064) |
General and administrative expenses incurred on behalf of affiliates | (21,799) | (16,177) | (14,300) |
General and administrative expenses | (25,295) | (34,183) | (45,590) |
Depreciation and amortization | (113,825) | (120,310) | (104,690) |
Interest expense and finance cost, net | (108,692) | (110,781) | (108,145) |
Gain on bond and debt extinguishment | 29,187 | (27,281) | |
Other income/ (expense), net | 5,206 | (30,201) | (9,673) |
Loss before equity in net earnings of affiliated companies | (96,105) | (190,705) | (119,731) |
Loss from subsidiaries | 0 | 0 | 0 |
Equity/ (loss) in net earnings of affiliated companies | (202,779) | 61,484 | 57,751 |
Loss income before taxes | (298,884) | (129,221) | (61,980) |
Income tax benefit/ (expense) | (1,265) | 3,154 | (84) |
Net loss | (300,149) | (126,067) | (62,064) |
Less: Net income attributable to the noncontrolling interest | (3,674) | (8,045) | 5,861 |
Net loss attributable to Navios Holdings common stockholders | (303,823) | (134,112) | (56,203) |
Other Comprehensive income | |||
Unrealized holding loss on investments in-available-for-sale securities | 100 | (1,649) | (959) |
Reclassification to earnings | 345 | 1,782 | 11,553 |
Total other comprehensive income | 445 | 133 | 10,594 |
Total comprehensive loss | (299,704) | (125,934) | (51,470) |
Comprehensive (income)/ loss attributable to noncontrolling interest | (3,674) | (8,045) | 5,861 |
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (303,378) | $ (133,979) | $ (45,609) |
Other Financial Information - B
Other Financial Information - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets [Abstract] | ||||
Cash and cash equivalents | $ 135,992 | $ 163,412 | $ 247,556 | $ 187,831 |
Restricted cash | 5,386 | 13,480 | 2,564 | |
Accounts receivable, net | 65,829 | 64,813 | ||
Due from affiliate companies | 8,548 | 12,669 | ||
Total current assets | 273,140 | 302,959 | ||
Deposits for vessels, port terminals and other fixed assets | 136,891 | 73,949 | ||
Vessels, port terminals and other fixed assets, net | 1,821,101 | 1,823,961 | ||
Investments in available-for-sale securities | 0 | 5,173 | ||
Investments in affiliates | 160,071 | 381,746 | 344,453 | |
Loan receivable from affiliate companies | 23,008 | 16,474 | ||
Other long-term receivable from affiliate companies | 11,105 | 0 | ||
Total non-current assets | 2,479,755 | 2,655,854 | ||
Total assets | 2,752,895 | 2,958,813 | 3,127,697 | |
Current liabilities | ||||
Accounts payable | 85,538 | 72,605 | ||
Accrued expenses and other liabilities | 91,749 | 103,095 | ||
Deferred income and cash received in advance | 9,183 | 13,492 | ||
Due to affiliate companies | 32,847 | 17,791 | ||
Current portion of capital lease obligations | 2,639 | 2,929 | ||
Current portion of long-term debt | 29,827 | 16,944 | ||
Total current liabilities | 251,783 | 226,856 | ||
Capital lease obligations, net of current portion | 14,978 | 17,720 | ||
Long-term payable to affiliate companies | 6,399 | 0 | ||
Loan payable to affiliate company | 49,876 | 0 | ||
Unfavorable lease terms | 0 | 7,526 | ||
Other long-term liabilities and deferred income | 43,388 | 20,878 | ||
Deferred tax liability | 11,526 | 10,917 | ||
Total non-current liabilities | 1,697,559 | 1,621,405 | ||
Total liabilities | 1,949,342 | 1,848,261 | ||
Noncontrolling interest | 125,266 | 121,592 | ||
Total Navios Holdings stockholders' equity | 678,287 | 988,960 | ||
Total liabilities and stockholders' equity | 2,752,895 | 2,958,813 | ||
Eliminations | ||||
Current assets [Abstract] | ||||
Intercompany receivables | (74,218) | (123,041) | ||
Total current assets | (74,218) | (123,041) | ||
Investments in subsidiaries | (1,934,072) | (1,922,159) | ||
Total non-current assets | (1,934,072) | (1,922,159) | ||
Total assets | (2,008,290) | (2,045,200) | ||
Current liabilities | ||||
Intercompany payables | (74,218) | (123,041) | ||
Total current liabilities | (74,218) | (123,041) | ||
Total liabilities | (74,218) | (123,041) | ||
Total Navios Holdings stockholders' equity | (1,934,072) | (1,922,159) | ||
Total liabilities and stockholders' equity | (2,008,290) | (2,045,200) | ||
Navios Maritime Holdings Inc. Issuer | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 15,875 | 34,152 | 98,539 | 33,769 |
Intercompany receivables | 10,360 | |||
Due from affiliate companies | 2,362 | 4,833 | ||
Prepaid expenses and other current assets | 3 | |||
Total current assets | 18,237 | 49,348 | ||
Investments in subsidiaries | 1,641,863 | 1,636,433 | ||
Investments in affiliates | 137,218 | 356,797 | ||
Goodwill and other intangibles | 83,933 | 86,793 | ||
Total non-current assets | 1,863,014 | 2,080,023 | ||
Total assets | 1,881,251 | 2,129,371 | ||
Current liabilities | ||||
Accounts payable | 892 | 363 | ||
Accrued expenses and other liabilities | 32,025 | 33,244 | ||
Intercompany payables | 191,814 | 123,041 | ||
Total current liabilities | 224,731 | 156,648 | ||
Long-term debt, net of current portion | 928,357 | 983,763 | ||
Loan payable to affiliate company | 49,876 | |||
Total non-current liabilities | 978,233 | 983,763 | ||
Total liabilities | 1,202,964 | 1,140,411 | ||
Total Navios Holdings stockholders' equity | 678,287 | 988,960 | ||
Total liabilities and stockholders' equity | 1,881,251 | 2,129,371 | ||
Guarantor Subsidiaries | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 54,935 | 47,753 | 77,085 | 67,492 |
Restricted cash | 2,486 | 13,480 | ||
Accounts receivable, net | 32,916 | 38,716 | ||
Intercompany receivables | 38,108 | |||
Due from affiliate companies | 6,186 | 7,836 | ||
Prepaid expenses and other current assets | 39,778 | 36,580 | ||
Total current assets | 136,301 | 182,473 | ||
Deposits for vessels, port terminals and other fixed assets | 29,695 | |||
Vessels, port terminals and other fixed assets, net | 1,411,612 | 1,396,101 | ||
Investments in subsidiaries | 292,209 | 285,726 | ||
Investments in available-for-sale securities | 5,173 | |||
Investments in affiliates | 11,978 | 13,028 | ||
Loan receivable from affiliate companies | 23,008 | |||
Other long-term receivable from affiliate companies | 11,105 | 16,474 | ||
Other long-term assets | 17,877 | 21,325 | ||
Goodwill and other intangibles | 35,571 | 52,829 | ||
Total non-current assets | 1,803,360 | 1,820,351 | ||
Total assets | 1,939,661 | 2,002,824 | ||
Current liabilities | ||||
Accounts payable | 54,731 | 45,913 | ||
Accrued expenses and other liabilities | 43,823 | 54,451 | ||
Deferred income and cash received in advance | 4,666 | 6,267 | ||
Intercompany payables | (117,596) | |||
Due to affiliate companies | 32,847 | 17,791 | ||
Current portion of long-term debt | 23,476 | 16,875 | ||
Total current liabilities | 41,947 | 141,297 | ||
Long-term debt, net of current portion | 221,437 | 213,102 | ||
Long-term payable to affiliate companies | 6,399 | |||
Unfavorable lease terms | 7,526 | |||
Other long-term liabilities and deferred income | 41,857 | 19,360 | ||
Total non-current liabilities | 269,693 | 239,988 | ||
Total liabilities | 311,640 | 381,285 | ||
Total Navios Holdings stockholders' equity | 1,628,021 | 1,621,539 | ||
Total liabilities and stockholders' equity | 1,939,661 | 2,002,824 | ||
Non Guarantor Subsidiaries | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 65,182 | 81,507 | 71,932 | 86,570 |
Restricted cash | 2,900 | |||
Accounts receivable, net | 32,913 | 26,097 | ||
Intercompany receivables | 74,218 | 74,573 | ||
Prepaid expenses and other current assets | 17,607 | 12,002 | ||
Total current assets | 192,820 | 194,179 | ||
Deposits for vessels, port terminals and other fixed assets | 136,891 | 44,254 | ||
Vessels, port terminals and other fixed assets, net | 409,489 | 427,860 | ||
Investments in affiliates | 10,875 | 11,921 | ||
Other long-term assets | 22,551 | 22,433 | ||
Goodwill and other intangibles | 167,647 | 171,171 | ||
Total non-current assets | 747,453 | 677,639 | ||
Total assets | 940,273 | 871,818 | ||
Current liabilities | ||||
Accounts payable | 29,915 | 26,329 | ||
Accrued expenses and other liabilities | 15,901 | 15,400 | ||
Deferred income and cash received in advance | 4,517 | 7,225 | ||
Current portion of capital lease obligations | 2,639 | 2,929 | ||
Current portion of long-term debt | 6,351 | 69 | ||
Total current liabilities | 59,323 | 51,952 | ||
Long-term debt, net of current portion | 421,598 | 367,499 | ||
Capital lease obligations, net of current portion | 14,978 | 17,720 | ||
Other long-term liabilities and deferred income | 1,531 | 1,518 | ||
Deferred tax liability | 11,526 | 10,917 | ||
Total non-current liabilities | 449,633 | 397,654 | ||
Total liabilities | 508,956 | 449,606 | ||
Noncontrolling interest | 125,266 | 121,592 | ||
Total Navios Holdings stockholders' equity | 306,051 | 300,620 | ||
Total liabilities and stockholders' equity | 940,273 | 871,818 | ||
Total | ||||
Current assets [Abstract] | ||||
Cash and cash equivalents | 135,992 | 163,412 | $ 247,556 | $ 187,831 |
Restricted cash | 5,386 | 13,480 | ||
Accounts receivable, net | 65,829 | 64,813 | ||
Intercompany receivables | 0 | 0 | ||
Due from affiliate companies | 8,548 | 12,669 | ||
Prepaid expenses and other current assets | 57,385 | 48,585 | ||
Total current assets | 273,140 | 302,959 | ||
Deposits for vessels, port terminals and other fixed assets | 136,891 | 73,949 | ||
Vessels, port terminals and other fixed assets, net | 1,821,101 | 1,823,961 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in available-for-sale securities | 5,173 | |||
Investments in affiliates | 160,071 | 381,746 | ||
Loan receivable from affiliate companies | 23,008 | |||
Other long-term receivable from affiliate companies | 11,105 | 16,474 | ||
Other long-term assets | 40,428 | 43,758 | ||
Goodwill and other intangibles | 287,151 | 310,793 | ||
Total non-current assets | 2,479,755 | 2,655,854 | ||
Total assets | 2,752,895 | 2,958,813 | ||
Current liabilities | ||||
Accounts payable | 85,538 | 72,605 | ||
Accrued expenses and other liabilities | 91,749 | 103,095 | ||
Deferred income and cash received in advance | 9,183 | 13,492 | ||
Intercompany payables | 0 | 0 | ||
Due to affiliate companies | 32,847 | 17,791 | ||
Current portion of capital lease obligations | 2,639 | 2,929 | ||
Current portion of long-term debt | 29,827 | 16,944 | ||
Total current liabilities | 251,783 | 226,856 | ||
Long-term debt, net of current portion | 1,571,392 | 1,564,364 | ||
Capital lease obligations, net of current portion | 14,978 | 17,720 | ||
Long-term payable to affiliate companies | 6,399 | |||
Loan payable to affiliate company | 49,876 | |||
Unfavorable lease terms | 7,526 | |||
Other long-term liabilities and deferred income | 43,388 | 20,878 | ||
Deferred tax liability | 11,526 | 10,917 | ||
Total non-current liabilities | 1,697,559 | 1,621,405 | ||
Total liabilities | 1,949,342 | 1,848,261 | ||
Noncontrolling interest | 125,266 | 121,592 | ||
Total Navios Holdings stockholders' equity | 678,287 | 988,960 | ||
Total liabilities and stockholders' equity | $ 2,752,895 | $ 2,958,813 |
Other Financial Information - C
Other Financial Information - Cash Flow Statement (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | $ 36,920 | $ 43,478 | $ 56,323 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | 0 | (22,846) | (2,233) |
Loan to affiliate company | (4,275) | (7,327) | (4,465) |
Decrease/(increase) in long-term receivable from affiliate companies | 0 | 10,351 | (5,087) |
Dividends from affiliate companies | 0 | 18,244 | 14,595 |
Deposits for vessels, port terminals and other fixed assets | (86,911) | (26,713) | (45,337) |
Acquisition of intangible assets | 0 | 0 | (10,200) |
Acquisition of vessels | (60,115) | 0 | (123,541) |
Purchase of property, equipment and other fixed assets | (4,567) | (8,208) | (68,620) |
Disposal of available-for-sale securities | 5,303 | 0 | 0 |
Net cash used in investing activities | (150,565) | (36,499) | (244,888) |
Cash flows from financing activities | |||
Repurchase of preferred stock | (9,323) | 0 | 0 |
Repurchase of senior notes | (30,671) | 0 | 0 |
Debt issuance costs | (2,844) | (50) | (1,223) |
Issuance of common stock | 0 | 0 | 643 |
Net proceeds from issuance of preferred stock | 0 | 0 | 163,602 |
Proceeds from loan payable to affiliate company, net of deferred finance fees | 50,000 | 0 | 0 |
Proceeds from issuance of senior notes, net of debt issuance costs | 0 | 0 | 365,668 |
Repayment of long-term debt and payment of principal | (40,737) | (36,056) | (20,761) |
Repayment of senior notes | 0 | 0 | (290,000) |
Acquisition of treasury stock | (818) | (252) | 0 |
Contribution from noncontrolling shareholders | 0 | 0 | 3,484 |
Dividends paid | (3,681) | (35,350) | (32,730) |
Decrease / (increase) in restricted cash | 11,000 | (11,114) | (355) |
Acquisition of noncontrolling interest | 0 | 0 | (10,889) |
Payment for acquisition of intangible asset | 0 | (6,800) | 0 |
Net cash provided by/ (used in) financing activities | 86,225 | (91,123) | 248,290 |
(Decrease)/increase in cash and cash equivalents | (27,420) | (84,144) | 59,725 |
Cash and cash equivalents, beginning of year | 163,412 | 247,556 | 187,831 |
Cash and cash equivalents, end of year | 135,992 | 163,412 | 247,556 |
Navios Maritime Holdings Inc. Issuer | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | (60,889) | (49,544) | (9,357) |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | (14,668) | ||
Dividends from affiliate companies | 18,244 | 14,595 | |
Purchase of property, equipment and other fixed assets | (15) | ||
Net cash used in investing activities | 3,576 | 14,580 | |
Cash flows from financing activities | |||
Transfer (to)/from other group subsidiaries | 38,667 | 17,183 | (71,968) |
Repurchase of preferred stock | (9,323) | ||
Repurchase of senior notes | (30,671) | ||
Issuance of common stock | 643 | ||
Net proceeds from issuance of preferred stock | 163,602 | ||
Proceeds from loan payable to affiliate company, net of deferred finance fees | 48,438 | ||
Acquisition of treasury stock | (818) | (252) | |
Dividends paid | (3,681) | (35,350) | (32,730) |
Net cash provided by/ (used in) financing activities | 42,612 | (18,419) | 59,547 |
(Decrease)/increase in cash and cash equivalents | (18,277) | (64,387) | 64,770 |
Cash and cash equivalents, beginning of year | 34,152 | 98,539 | 33,769 |
Cash and cash equivalents, end of year | 15,875 | 34,152 | 98,539 |
Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 78,830 | 48,038 | 52,664 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | (4,275) | (6,650) | |
Loan to affiliate company | (7,327) | (4,465) | |
Decrease/(increase) in long-term receivable from affiliate companies | 10,351 | (5,087) | |
Deposits for vessels, port terminals and other fixed assets | (7,555) | (22,112) | |
Acquisition of vessels | (60,115) | (123,541) | |
Purchase of property, equipment and other fixed assets | (305) | (327) | (172) |
Disposal of available-for-sale securities | 5,303 | ||
Net cash used in investing activities | (59,392) | (11,508) | (155,377) |
Cash flows from financing activities | |||
Transfer (to)/from other group subsidiaries | (38,667) | (18,711) | 69,731 |
Debt issuance costs | (50) | ||
Proceeds from long-term loans, net of debt issuance costs | 54,743 | 71,027 | |
Repayment of long-term debt and payment of principal | (39,332) | (35,987) | (20,692) |
Contribution from noncontrolling shareholders | 3,484 | ||
Decrease / (increase) in restricted cash | 11,000 | (11,114) | (355) |
Acquisition of noncontrolling interest | (10,889) | ||
Net cash provided by/ (used in) financing activities | (12,256) | (65,862) | 112,306 |
(Decrease)/increase in cash and cash equivalents | 7,182 | (29,332) | 9,593 |
Cash and cash equivalents, beginning of year | 47,753 | 77,085 | 67,492 |
Cash and cash equivalents, end of year | 54,935 | 47,753 | 77,085 |
Non Guarantor Subsidiaries | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 18,979 | 44,984 | 13,016 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | (1,528) | (2,233) | |
Deposits for vessels, port terminals and other fixed assets | (86,911) | (19,158) | (23,225) |
Acquisition of intangible assets | (10,200) | ||
Purchase of property, equipment and other fixed assets | (4,262) | (7,881) | (68,433) |
Net cash used in investing activities | (91,173) | (28,567) | (104,091) |
Cash flows from financing activities | |||
Transfer (to)/from other group subsidiaries | 1,528 | 2,237 | |
Proceeds from long-term loans, net of debt issuance costs | 60,306 | ||
Proceeds from issuance of senior notes, net of debt issuance costs | 365,668 | ||
Repayment of long-term debt and payment of principal | (1,405) | (69) | (69) |
Repayment of senior notes | (290,000) | ||
Payment for acquisition of intangible asset | (6,800) | ||
Payments of obligations under capital leases | (3,032) | (1,501) | (1,399) |
Net cash provided by/ (used in) financing activities | 55,869 | (6,842) | 76,437 |
(Decrease)/increase in cash and cash equivalents | (16,325) | 9,575 | (14,638) |
Cash and cash equivalents, beginning of year | 81,507 | 71,932 | 86,570 |
Cash and cash equivalents, end of year | 65,182 | 81,507 | 71,932 |
Total | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 36,920 | 43,478 | 56,323 |
Cash flows from investing activities | |||
Acquisition of investments in affiliates | (4,275) | (22,846) | (2,233) |
Loan to affiliate company | (7,327) | (4,465) | |
Decrease/(increase) in long-term receivable from affiliate companies | 10,351 | (5,087) | |
Dividends from affiliate companies | 18,244 | 14,595 | |
Deposits for vessels, port terminals and other fixed assets | (86,911) | (26,713) | (45,337) |
Acquisition of intangible assets | (10,200) | ||
Acquisition of vessels | (60,115) | (123,541) | |
Purchase of property, equipment and other fixed assets | (4,567) | (8,208) | (68,620) |
Disposal of available-for-sale securities | 5,303 | ||
Net cash used in investing activities | (150,565) | (36,499) | (244,888) |
Cash flows from financing activities | |||
Transfer (to)/from other group subsidiaries | 0 | 0 | 0 |
Repurchase of preferred stock | (9,323) | ||
Repurchase of senior notes | (30,671) | ||
Debt issuance costs | (50) | ||
Issuance of common stock | 643 | ||
Net proceeds from issuance of preferred stock | 163,602 | ||
Proceeds from long-term loans, net of debt issuance costs | 115,049 | 71,027 | |
Proceeds from loan payable to affiliate company, net of deferred finance fees | 48,438 | ||
Proceeds from issuance of senior notes, net of debt issuance costs | 365,668 | ||
Repayment of long-term debt and payment of principal | (40,737) | (36,056) | (20,761) |
Repayment of senior notes | (290,000) | ||
Acquisition of treasury stock | (818) | (252) | |
Contribution from noncontrolling shareholders | 3,484 | ||
Dividends paid | (3,681) | (35,350) | (32,730) |
Decrease / (increase) in restricted cash | 11,000 | (11,114) | (355) |
Acquisition of noncontrolling interest | (10,889) | ||
Payment for acquisition of intangible asset | (6,800) | ||
Payments of obligations under capital leases | (3,032) | (1,501) | (1,399) |
Net cash provided by/ (used in) financing activities | 86,225 | (91,123) | 248,290 |
(Decrease)/increase in cash and cash equivalents | (27,420) | (84,144) | 59,725 |
Cash and cash equivalents, beginning of year | 163,412 | 247,556 | 187,831 |
Cash and cash equivalents, end of year | $ 135,992 | $ 163,412 | $ 247,556 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, € in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
Feb. 10, 2017USD ($) | Feb. 28, 2017USD ($) | Feb. 21, 2017USD ($)shares | Apr. 05, 2017USD ($) | Apr. 05, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 20, 2017USD ($)$ / sharesshares | Mar. 16, 2017USD ($) | Apr. 19, 2017USD ($)shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Apr. 05, 2017EUR (€) | Mar. 21, 2017 | May 31, 2015USD ($) | |
Subsequent Event [Line Items] | |||||||||||||||
Issuance of common stock | $ 0 | $ 0 | $ 643 | ||||||||||||
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||
Payments for construction in process | $ 86,911 | $ 26,713 | $ 45,337 | ||||||||||||
Subsequent event | Stock for stock exchange | Series G and series H exchange offer | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Number of shares issued for the exchange offer | shares | 766 | ||||||||||||||
Shares exchanged aggregate nominal value | $ 1,914 | ||||||||||||||
Tender offer, stocks | shares | 625,815 | ||||||||||||||
Subsequent event | American Depositary Shares - The Series G | Stock for stock exchange | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Common stock par value | $ / shares | $ 14.61 | ||||||||||||||
Stock for stock exchange ratio | 8.25 | ||||||||||||||
Subsequent event | American Depositary Shares - The Series H | Stock for stock exchange | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Common stock par value | $ / shares | $ 14.36 | ||||||||||||||
Stock for stock exchange ratio | 8.11 | ||||||||||||||
Subsequent event | Vale | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Proceeds from legal settlements | $ 21,000 | ||||||||||||||
Subsequent event | Navios Ionian | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Cash consideration received | $ 5,280 | ||||||||||||||
Vessel capacity in DWT | 52067 dwt | ||||||||||||||
Subsequent event | Navios Ionian | Expected impairment loss | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Impairment loss | $ 9,098 | ||||||||||||||
Subsequent event | Formosa and San Lorenzo | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Cash consideration received | $ 1,109 | ||||||||||||||
Subsequent event | River and estuary tanker | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Payments for construction in process | $ 13,061 | € 12,400 | |||||||||||||
Subsequent event | River and estuary tanker | Shipbuilder | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Fixed interest rate | 6.75% | 6.75% | |||||||||||||
Maximum borrowing capacity | $ 6,532 | € 6,200 | |||||||||||||
Conctruction financed percentage | 50.00% | 50.00% | |||||||||||||
Repayment installments | 24 | 24 | |||||||||||||
Navios Partners | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 60,000 | ||||||||||||||
Navios Partners | Subsequent event | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Payments to acquire investment | $ 2,048 | ||||||||||||||
Stock Issued During Period Shares New Issues | shares | 47,795,000 | ||||||||||||||
General partner interest of Navios Holdings | 2.00% | ||||||||||||||
Issuance of common stock | $ 100,000 | ||||||||||||||
Common stock par value | $ / shares | $ 2.1 | ||||||||||||||
Partners capital account units acquisitions | shares | 975,408 | ||||||||||||||
Navios Partners | Subsequent event | Navios Europe I Revolving And Term Loans | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Payments to acquire investment | $ 468 | ||||||||||||||
Proceeds from transfer of debt | $ 4,050 | ||||||||||||||
Stock Issued During Period Shares New Issues | shares | 13,076,923 | ||||||||||||||
Partners capital account units acquisitions | shares | 266,876 |