Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document Entity Information | |
Entity Registrant Name | Navios Maritime Holdings Inc. |
Entity Central Index Key | 0001333172 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 54,014 | $ 77,991 |
Restricted cash | 1,058 | 736 |
Accounts receivable, net | 53,122 | 51,932 |
Due from affiliate companies | 1,460 | 14,614 |
Inventories | 14,570 | 10,489 |
Prepaid expenses and other current assets | 13,699 | 12,239 |
Total current assets | 137,923 | 168,001 |
Vessels, port terminals and other fixed assets, net | 1,298,997 | 1,276,514 |
Long-term receivable from affiliate companies | 0 | 5,328 |
Loan receivable from affiliate companies | 0 | 24,495 |
Investments in affiliates | 63,498 | 64,352 |
Other long-term assets | 88,343 | 75,670 |
Operating lease assets | 265,460 | 264,005 |
Intangible assets other than goodwill | 101,367 | 104,154 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 1,978,001 | 1,974,854 |
Total assets | 2,115,924 | 2,142,855 |
Current liabilities | ||
Accounts payable | 29,541 | 21,673 |
Accrued expenses and other liabilities | 57,350 | 51,180 |
Deferred income and cash received in advance | 9,454 | 8,854 |
Operating lease liabilities, current portion | 78,975 | 87,103 |
Due to affiliate companies | 34,944 | 6,353 |
Current portion of loan payable to affiliate companies | 5,820 | 24,715 |
Current portion of long-term debt, net | 63,912 | 25,395 |
Total current liabilities | 279,996 | 225,273 |
Senior and ship mortgage notes, net | 1,152,942 | 1,170,679 |
Long-term debt, net of current portion | 245,703 | 236,635 |
Loan payable to affiliate companies, net of current portion | 123,404 | 105,823 |
Other long-term liabilities and deferred income | 705 | 5,958 |
Operating lease liabilities, net of current portion | 231,265 | 226,329 |
Long-term payable to affiliate companies | 0 | 5,000 |
Deferred tax liability | 7,556 | 8,133 |
Total non-current liabilities | 1,761,575 | 1,758,557 |
Total liabilities | 2,041,571 | 1,983,830 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity | ||
Preferred Stock — $0.0001 par value, authorized 1,000,000 shares, 23,032 and 23,242 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively. | 0 | 0 |
Common stock — $0.0001 par value, authorized 250,000,000 shares, 13,466,174 and 13,360,356 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively. | 1 | 1 |
Additional paid-in capital | 642,419 | 641,765 |
Accumulated deficit | (680,177) | (597,916) |
Total Navios Holdings stockholders' (deficit)/ equity | (37,757) | 43,850 |
Noncontrolling interest | 112,110 | 115,175 |
Total stockholders' equity | 74,353 | 159,025 |
Total liabilities and stockholders' equity | $ 2,115,924 | $ 2,142,855 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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 | 23,032 | 23,242 |
Preferred stock shares outstanding | 23,032 | 23,242 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 13,466,174 | 13,360,356 |
Common stock shares outstanding | 13,466,174 | 13,360,356 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME [Abstract] | ||||
Revenue | $ 97,127 | $ 113,511 | $ 188,210 | $ 221,959 |
Administrative fee revenue from affiliates | 0 | 6,318 | 0 | 12,782 |
Time charter, voyage and logistics business expenses | (42,710) | (43,754) | (89,354) | (91,751) |
Direct vessel expenses | (26,007) | (25,763) | (50,738) | (49,302) |
General and administrative expenses incurred on behalf of affiliates | 0 | (6,318) | 0 | (12,782) |
General and administrative expenses | (8,836) | (7,874) | (15,798) | (15,406) |
Depreciation and amortization | (18,012) | (20,755) | (36,088) | (41,980) |
Interest expense and finance cost, net | (31,418) | (30,163) | (63,061) | (61,007) |
Impairment loss/ loss on sale of vessels, net | (8,967) | (18,253) | (20,215) | (23,784) |
Gain on bond extinguishment | 0 | 5,712 | 11,204 | 21,374 |
Other (expense)/income, net | (1,593) | 11,449 | (3,154) | 16,758 |
Impairment of loan receivable from affiliated company | 0 | 0 | (6,050) | 0 |
Loss before equity in net earnings of affiliated companies | (40,416) | (15,890) | (85,044) | (23,139) |
Equity in net earnings/(losses) of affiliated companies | 9,445 | (16,779) | 3,308 | (12,502) |
Loss before taxes | (30,971) | (32,669) | (81,736) | (35,641) |
Income tax benefit/(expense) | 34 | (143) | 73 | (548) |
Net loss from continuing operations | (30,937) | (32,812) | (81,663) | (36,189) |
Net loss from discontinued operations | 0 | (3,055) | 0 | (3,294) |
Net loss | (30,937) | (35,867) | (81,663) | (39,483) |
Less: Net income attributable to the noncontrolling interest | (4,334) | (564) | (6,883) | (2,252) |
Net loss attributable to Navios Holdings common stockholders | (35,271) | (36,431) | (88,546) | (41,735) |
(Loss)/Income attributable to Navios Holdings common stockholders, basic and diluted from continuing operations | (36,555) | (15,092) | (90,958) | 1,337 |
Loss attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations | 0 | (3,055) | 0 | (3,294) |
Loss available to Navios Holdings common stockholders, basic and diluted | $ (36,555) | $ (18,147) | $ (90,958) | $ (1,957) |
Basic and diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations | $ (2.83) | $ (1.24) | $ (7.06) | $ 0.11 |
Basic and diluted loss per share attributable to Navios Holdings common stockholders from discontinued operations | 0 | (0.25) | 0 | (0.27) |
Basic and diluted loss per share attributable to Navios Holdings common stockholders | $ (2.83) | $ (1.49) | $ (7.06) | $ (0.16) |
Weighted average number of shares, basic and diluted | 12,901,880 | 12,219,750 | 12,882,235 | 12,219,817 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||||
Net loss | $ (30,937) | $ (35,867) | $ (81,663) | $ (39,483) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Non-cash adjustments | 58,997 | 88,802 | |||
Decrease /(increase) in operating assets | 9,933 | (7) | |||
Increase in operating liabilities | 32,392 | 281 | |||
Payments for drydock and special survey costs | (14,129) | (6,917) | |||
Net cash provided by operating activities | 5,530 | 42,676 | |||
INVESTING ACTIVITIES: | |||||
Acquisition of investments in affiliates | 0 | (8) | |||
Acquisition of/additions to vessels | (96,573) | (54,029) | |||
Deposits for vessels, port terminals and other fixed assets acquisitions | (1,250) | 0 | |||
Deposits for option to acquire vessels | (2,099) | (12,452) | |||
Loans from/(to) affiliate companies | 18,629 | (4,000) | |||
Proceeds from lease receivable | 79 | 113 | |||
Proceeds from sale of assets | 23,078 | 25,170 | |||
Purchase of property, equipment and other fixed assets | (1,328) | (2,418) | |||
Dividends received from affiliate companies | 2,919 | 2,919 | |||
Net cash used in investing activities | (56,545) | (44,705) | |||
FINANCING ACTIVITIES: | |||||
Repurchase of preferred stock | 0 | (10,009) | |||
Repayment of long-term debt and payment of principal | (20,111) | (119,138) | |||
Repurchase of senior notes | (9,443) | (24,690) | |||
Repayment of loan payable to affiliate companies | (31,500) | 0 | |||
Proceeds from loan payable to affiliate companies | 31,500 | 0 | |||
Proceeds from long-term loans, net of deferred finance fees | 66,862 | 127,171 | |||
Dividends paid to noncontrolling shareholders | (9,948) | 0 | |||
Issuance of capital surplus | 0 | (3) | |||
Net cash provided by/ (used in) financing activities | 27,360 | (26,669) | |||
Decrease in cash and cash equivalents and restricted cash | (23,655) | (28,698) | |||
Cash and cash equivalents and restricted cash, beginning of period | 78,727 | 150,774 | $ 150,774 | ||
Cash and cash equivalents and restricted cash, end of period | $ 55,072 | $ 122,076 | 55,072 | 122,076 | $ 78,727 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||
Cash paid for interest, net of capitalized interest | 62,040 | 70,698 | |||
Cash paid for income taxes | 186 | 298 | |||
Non-cash investing and financing activities | |||||
Acquisition of/additions to vessels | (986) | 0 | |||
Accrued interest income on loan receivable from affiliate company | 0 | (1,734) | |||
Accrued interest expense payable to affiliate company | 0 | 583 | |||
Issuance of senior secured notes in exchange of preferred stock | 0 | 8,626 | |||
Discontinued operations: | |||||
Net cash provided by operating activities of discontinued operations | 0 | 6,381 | |||
Net cash used in investing activities of discontinued operations | 0 | (53,707) | |||
Net cash provided by financing activities of discontinued operations | $ 0 | $ 45,289 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Total Navios Holdings' Stockholders' Equity | Noncontrolling Interest |
Balance, shares at Dec. 31, 2018 | 46,302 | 12,843,414 | |||||
Balance, value at Dec. 31, 2018 | $ 521,680 | $ 0 | $ 1 | $ 686,671 | $ (434,739) | $ 251,933 | $ 269,747 |
Net loss | (3,616) | (5,304) | (5,304) | 1,688 | |||
Tender Offer - Redemption of preferred stock (Note 10), shares | (10,930) | ||||||
Tender Offer - Redemption of preferred stock (Note 10), value | (9,932) | (26,297) | 16,365 | (9,932) | |||
Stock-based compensation expenses (Note 10), shares | 151,515 | ||||||
Stock-based compensation expenses (Note 10), value | 731 | 731 | 731 | ||||
Issuance of capital surplus, shares | (1,123) | ||||||
Issuance of capital surplus, value | (3) | (3) | (3) | ||||
Balance (unaudited), shares at Mar. 31, 2019 | 35,372 | 12,993,806 | |||||
Balance (unaudited), value at Mar. 31, 2019 | 508,860 | $ 0 | $ 1 | 661,102 | (423,678) | 237,425 | 271,435 |
Balance, shares at Dec. 31, 2018 | 46,302 | 12,843,414 | |||||
Balance, value at Dec. 31, 2018 | 521,680 | $ 0 | $ 1 | 686,671 | (434,739) | 251,933 | 269,747 |
Conversion of convertible preferred stock to common stock (Note 10), shares issued | 352,770 | ||||||
Balance (unaudited), shares at Dec. 31, 2019 | 23,242 | 13,360,356 | |||||
Balance (unaudited), value at Dec. 31, 2019 | 159,025 | $ 0 | $ 1 | 641,765 | (597,916) | 43,850 | 115,175 |
Balance, shares at Mar. 31, 2019 | 35,372 | 12,993,806 | |||||
Balance, value at Mar. 31, 2019 | 508,860 | $ 0 | $ 1 | 661,102 | (423,678) | 237,425 | 271,435 |
Net loss | (35,867) | (36,431) | (36,431) | 564 | |||
Tender Offer - Redemption of preferred stock (Note 10), shares | (8,841) | ||||||
Tender Offer - Redemption of preferred stock (Note 10), value | (8,703) | (21,271) | 12,568 | (8,703) | |||
Conversion of convertible preferred stock to common stock (Note 10), shares converted | (1,309) | ||||||
Conversion of convertible preferred stock to common stock (Note 10), shares issued | 140,059 | ||||||
Stock-based compensation expenses (Note 10), value | 742 | 742 | 742 | ||||
Cancellation of shares (Note 10), shares | (59) | ||||||
Balance (unaudited), shares at Jun. 30, 2019 | 25,222 | 13,133,806 | |||||
Balance (unaudited), value at Jun. 30, 2019 | 465,032 | $ 0 | $ 1 | 640,573 | (447,541) | 193,033 | 271,999 |
Balance, shares at Dec. 31, 2019 | 23,242 | 13,360,356 | |||||
Balance, value at Dec. 31, 2019 | 159,025 | $ 0 | $ 1 | 641,765 | (597,916) | 43,850 | 115,175 |
Net loss | (50,726) | (53,275) | (53,275) | 2,549 | |||
Conversion of convertible preferred stock to common stock (Note 10), shares converted | (210) | ||||||
Conversion of convertible preferred stock to common stock (Note 10), shares issued | 22,712 | ||||||
Stock-based compensation expenses (Note 10), shares | 84,336 | ||||||
Stock-based compensation expenses (Note 10), value | 333 | 333 | 333 | ||||
Other adjustments in Retained Earnings | 6,285 | 6,285 | 6,285 | ||||
Dividends paid to Noncontrolling Shareholders | (9,948) | (9,948) | |||||
Balance (unaudited), shares at Mar. 31, 2020 | 23,032 | 13,467,404 | |||||
Balance (unaudited), value at Mar. 31, 2020 | 104,969 | $ 0 | $ 1 | 642,098 | (644,906) | (2,807) | 107,776 |
Balance, shares at Dec. 31, 2019 | 23,242 | 13,360,356 | |||||
Balance, value at Dec. 31, 2019 | 159,025 | $ 0 | $ 1 | 641,765 | (597,916) | 43,850 | 115,175 |
Conversion of convertible preferred stock to common stock (Note 10), shares issued | 22,712 | ||||||
Balance (unaudited), shares at Jun. 30, 2020 | 23,032 | 13,466,174 | |||||
Balance (unaudited), value at Jun. 30, 2020 | 74,353 | $ 0 | $ 1 | 642,419 | (680,177) | (37,757) | 112,110 |
Balance, shares at Mar. 31, 2020 | 23,032 | 13,467,404 | |||||
Balance, value at Mar. 31, 2020 | 104,969 | $ 0 | $ 1 | 642,098 | (644,906) | (2,807) | 107,776 |
Net loss | (30,937) | (35,271) | (35,271) | 4,334 | |||
Stock-based compensation expenses (Note 10), value | 321 | 321 | 321 | ||||
Cancellation of shares (Note 10), shares | (1,230) | ||||||
Balance (unaudited), shares at Jun. 30, 2020 | 23,032 | 13,466,174 | |||||
Balance (unaudited), value at Jun. 30, 2020 | $ 74,353 | $ 0 | $ 1 | $ 642,419 | $ (680,177) | $ (37,757) | $ 112,110 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
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 seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain. Navios Logistics Navios South American Logistics Inc. (“Navios Logistics”), a consolidated subsidiary of the Company, is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia river system, the main navigable river system in the region, and on the cabotage trades along the eastern coast of South America. Navios Logistics provides its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of June 30, 2020, Navios Holdings owned 63.8% of Navios Logistics. Navios Containers Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ: NMCI) is a growth vehicle dedicated to the container sector of the maritime industry. Navios Maritime Containers Inc. registered its shares on the Norwegian Over-The-Counter Market (N-OTC) on June 12, 2017 under the ticker “NMCI”. On November 30, 2018, Navios Maritime Containers Inc. was converted into a limited partnership. In connection with the conversion, Navios Maritime Containers GP LLC, a Republic of the Marshall Islands limited liability company and wholly-owned subsidiary of Navios Holdings, was admitted as Navios Containers’ general partner. As of that date, as a result of holding the general partner interest, Navios Holdings obtained control over Navios Containers and consequently the results of operations of Navios Containers were consolidated under Navios Holdings. Following the sale of Navios Containers’ general partnership interest effected on August 30, 2019, referred to in Note 3, Navios Holdings lost control and deconsolidated Navios Containers from that date onwards. The results of operations of Navios Containers for the period consolidated under Navios Holdings have been reported as discontinued operations for the three and six month periods ended June 30, 2019. As a result, from August 30, 2019, Navios Containers is not a controlled subsidiary of the Company and the investment in Navios Containers is accounted for under the equity method due to Navios Holdings’ significant influence over Navios Containers. As of June 30, 2020, Navios Holdings had a 3.7% ownership interest in Navios Containers. 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 containerships, chartering its vessels under medium to long-term charters. As of June 30, 2020, and following the sale of Navios Partners’ general partnership interest, referred to in Note 3, Navios Holdings owned an 18.5% interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings. Navios Acquisition Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. As of June 30, 2020, Navios Holdings owned a 30.5% interest in Navios Acquisition. Navios Europe I On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (“Navios Europe I”) and had economic interests of 47.5%, 47.5% and 5.0%, respectively. Navios Europe I was engaged in the marine transportation industry through the ownership of five tanker and five containership vessels. Effective November 2014, Navios Holdings, Navios Acquisition and Navios Partners had voting interests of 50%, 50% and 0%, respectively. Navios Europe I was liquidated in December 2019 (Refer to Note 9). 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 was engaged in the marine transportation industry through the ownership of seven dry bulk and seven container vessels. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. The structure was liquidated in June 2020 (Refer to Note 9). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive (loss)/income, statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2019 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). (b)Principles of consolidation: The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and Navios Containers (for the period consolidated from November 30, 2018 to August 30, 2019), which are 63.8% owned and 3.7% owned by Navios Holdings, respectively. Discontinued Operations: Discontinued operations comprise the operations of a disposed component of an entity or a group of components of an entity if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company determined that the disposal of Navios Containers’ general partnership interest effected on August 30, 2019, referred to in Note 3, which resulted in loss of control and deconsolidation of Navios Containers from that date onwards, represented a strategic shift in Company’s business due to the fact that the Containers Business represented a reportable segment of the Company and has, therefore, recorded the results of its Containers Business operations as discontinued operations in the consolidated statements of comprehensive (loss)/income for the three and six month periods ended June 30, 2019. Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. Affiliates included in the financial statements accounted for under the equity method In the consolidated financial statements of Navios Holdings, the following entities are included as affiliates and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2020 was 18.5%); (ii) Navios Acquisition and its subsidiaries (economic interest as of June 30, 2020 was 30.5%); (iii) Navios Europe I and its subsidiaries (economic interest through liquidation in December 2019 was 47.5%); (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%); and (v) Navios Containers and its subsidiaries (economic interest as of November 30, 2018, date of obtaining control, and from August 30, 2019, date of loss of control and as of June 30, 2020 was 3.7%). (c)Revenue Recognition: In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. 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 arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight 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 contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time 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. The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract. Revenues from time chartering and bareboat chartering of vessels and barges 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 or barge 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 in the period in which the variability is resolved. 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 dry 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 or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. 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 as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point 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 consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks. 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. Expenses related to our revenue-generating contracts are recognized as incurred. The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2020 and 2019: Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 COA/Voyage revenue $ 2,793 $ 14,496 $ 17,289 Time chartering revenue $ 35,680 $ 16,286 $ 51,966 Port terminal revenue $ — $ 21,636 $ 21,636 Storage fees (dry port) revenue $ — $ 19 $ 19 Dockage revenue $ — $ 1,476 $ 1,476 Sale of products revenue $ — $ 3,409 $ 3,409 Liquid port terminal revenue $ — $ 1,271 $ 1,271 Other $ (171) $ 232 $ 61 Total $ 38,302 $ 58,825 $ 97,127 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2019 Logistics Business for the Three Month Period Ended June 30, 2019 Total for the Three Month Period Ended June 30, 2019 COA/Voyage revenue $ — $ 15 ,364 $ 15 ,364 Time chartering revenue $ 52,856 $ 20,661 $ 73,517 Port terminal revenue $ — $ 19,683 $ 19,683 Storage fees (dry port) revenue $ — $ 437 $ 437 Dockage revenue $ — $ 1,083 $ 1,083 Sale of products revenue $ — $ 2,097 $ 2,097 Liquid port terminal revenue $ — $ 932 $ 932 Other $ 44 $ 354 $ 398 Total $ 52,900 $ 60,611 $ 113,511 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 COA/Voyage revenue $ 2,793 $ 25,946 $ 28,739 Time chartering revenue $ 69,705 $ 35,312 $ 105,017 Port terminal revenue $ — $ 35,828 $ 35,828 Storage fees (dry port) revenue $ — $ 2,842 $ 2,842 Dockage revenue $ — $ 1,909 $ 1,909 Sale of products revenue $ — $ 11,257 $ 11,257 Liquid port terminal revenue $ — $ 2,267 $ 2,267 Other $ 64 $ 287 $ 351 Total $ 72,562 $ 115,648 $ 188,210 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2019 Logistics Business for the Six Month Period Ended June 30, 2019 Total for the Six Month Period Ended June 30, 2019 COA/Voyage revenue $ — $ 27,79 3 $ 27,79 3 Time chartering revenue $ 105,521 $ 38,615 $ 144,136 Port terminal revenue $ — $ 36,657 $ 36,657 Storage fees (dry port) revenue $ — $ 896 $ 896 Dockage revenue $ — $ 1,603 $ 1,603 Sale of products revenue $ — $ 8,156 $ 8,156 Liquid port terminal revenue $ — $ 2,159 $ 2,159 Other $ 61 $ 498 $ 559 Total $ 105,582 $ 116,377 $ 221,959 Administrative fee revenue from affiliates: Administrative fee revenue from affiliates consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliates (Refer to Note 9). Administrative services included: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other general and administrative services. These revenues were recognized as the services were provided to affiliates. The general and administrative expenses incurred on behalf of affiliates were 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. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by N Shipmanagement Acquisition Corp. and related entities (“NSM” or the “Manager”). Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. (d) Recent Accounting Pronouncements: Adoption of new accounting pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s unaudited condensed consolidated financial statements as a result of adopting this standard update. Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications. In October 2018, FASB issued ASU 2018-17, Consolidation (Topic 810): “Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and earlier adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In January 2017, FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)”. This update addresses concerns 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 adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timelier manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. In November 2018, FASB issued ASU 2018-19 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are not within the scope of Accounting Standards Codification (“ASC”) ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. In April 2019, FASB issued ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”. In May 2019, FASB issued ASU 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”. The amendments in this update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement-Overall, and 825-10. In November 2019, FASB issued ASU 2019-10, “Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)”. This update has been issued to apply changes in the effective dates for: (i) ASU 2016-13; (ii) ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (Hedging); and (iii) ASU 2016-02. This update also amends the mandatory effective date for the elimination of Step 2 from the goodwill impairment test (ASU 2017-04). In December 2019, FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements. |
Sale of Management & Consolidat
Sale of Management & Consolidation/Deconsolidation of Navios Containers | 6 Months Ended |
Jun. 30, 2020 | |
SALE OF MANAGEMENT & CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS [Abstract] | |
SALE OF MANAGEMENT & CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS | NOTE 3: SALE OF MANAGEMENT/DECONSOLIDATION OF NAVIOS CONTAINERS Sale of Management In August 2019, Navios Holdings sold its ship management division, the general partnership interests in Navios Partners (except for the incentive distribution rights) and Navios Containers GP LLC (the “Transaction”) to NSM, affiliated with Company’s Chairman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of $20,000 (including assumption of liabilities). (Refer to Note 9). As a result of the Transaction the Company is a holding company owning dry bulk vessels and various investments in entities owning maritime and infrastructure assets. NSM owns all entities providing ship management services and employs all associated people. NSM owns the general partner interests in Navios Containers and Navios Partners. The Company deconsolidated Navios Containers from August 30, 2019 onwards. The Company simultaneously entered into a secured credit facility with NSM whereby the Company agreed to repay NSM a loan of $141,795 (including post-closing adjustments). See also in Note 9 “NSM Loan”. The difference between the carrying value of the identifiable net liabilities sold as of August 30, 2019 and the loan payable to NSM assumed by Navios Holdings, and the sale proceeds, net of expenses, resulted in a gain on sale of $9,802. The gain on sale was calculated as follows: Proceeds received: Cash consideration 3,000 Less: Transaction fees $ (1,088) 1,912 Carrying value of assets and liabilities: Net liabilities derecognized 158,795 Loan payable to NSM assumed (141,795) Book value of general partner interest in Navios Partners (3,212) Book value of Other fixed assets (6,213) Lease liability, net 315 7,890 Gain on sale $ 9,802 Deconsolidation of Navios Containers Following the sale of Navios Containers’ general partnership interest effected on August 30, 2019 along with the sale of management division, referred above, Navios Holdings deconsolidated Navios Containers from that date onwards in accordance with ASC 810. As a result, since August 30, 2019, Navios Containers is not a controlled subsidiary of the Company and the investment in Navios Containers is accounted for under the equity method due to Navios Holdings’ significant influence over Navios Containers. The difference between the carrying value of Navios Containers’ identifiable net assets and noncontrolling interest derecognized as of August 30, 2019 amounted to $57,999 and the loss from the remeasurement of Navios Holdings’ interest in Navios Containers to its fair value of $2,527 amounted to $3,742 and were included in the caption “Loss on loss of control” in the consolidated statements of comprehensive (loss)/income for the three and nine month periods ended September 30, 2019. The fair value of the 1,263,276 shares of Navios Containers owned by Navios Holdings was determined by using the closing share price of $2.00 as of that date. Amounts recorded in respect of discontinued operations in the three and six month periods ended June 30, 2019 are as follows: Three Month Period Ended June 30, 2019 Six Month Period Ended June 30, 2019 Revenue $ 33,678 $ 65,510 Time charter, voyage and port terminal expenses (1,335) (2,982) Direct vessel expenses (16,828) (32,725) General and administrative expenses (2,570) (5,064) Depreciation and amortization (8,514) (17,074) Interest expense and finance cost, net (4,113) (7,666) Other expense, net (3,373) (3,293) Net loss from discontinued operations $ (3,055) $ (3,294) Less: Net loss attributable to the noncontrolling interest $ 2,943 $ 3,174 Net loss attributable to Navios Holdings common stockholders $ (112) $ (120) |
Vessels, Port Terminals and Oth
Vessels, Port Terminals and Other Fixed Assets, Net | 6 Months Ended |
Jun. 30, 2020 | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET [Abstract] | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET | NOTE 4: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Vessels, Port Terminals and Other Fixed Assets, net Cost Accumulated Depreciation Net Book Value Balance December 31, 2019 $ 1,809,195 $ (532,681 ) $ 1,276,514 Additions 2,209 (32,287 ) (30,078 ) Impairment losses (67,511 ) 47,958 (19,553 ) Vessel disposals (23,078 ) — (23,078 ) Write offs (549 ) 77 (472 ) Vessel acquisitions 96,678 (1,014 ) 95,664 Balance June 30, 2020 $ 1,816,944 $ (517,947 ) $ 1,298,997 Deposits for Vessels and Port Terminals Acquisitions On November 21, 2019, Navios Logistics entered into a shipbuilding contract for the construction of six liquid barges for a total consideration of $17,140. Pursuant to this agreement, Navios Logistics has secured the availability of credit for up to 75% of the purchase price, and up to a five-year repayment period starting from the delivery of each vessel. The barges are expected to be delivered starting from the fourth quarter of 2020 through the first quarter of 2021. As of June 30, 2020, Navios Logistics had paid $4,400 for the construction of these barges, which are included within “Other long-term assets”. The amount included capitalized interest of $310 as of June 30, 2020. As of June 30, 2020, Navios Logistics had paid $898 for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil. As of June 30, 2020, Navios Logistics had paid $456 for the construction of two new tanks in its liquid port terminal. Impairment loss/ loss on sale of vessels, net In June 2020, the Company agreed to sell to an unrelated third party the Navios Amitie, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,887. The impairment loss amounted to $4,478 and is included in the consolidated statements of comprehensive (loss)/income under “Impairment loss/ loss on sale of vessels, net”. In August 2020, the Company completed the sale to an unrelated third party the Navios Northern Star, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,860. The impairment loss amounted to $4,489 and is included in the consolidated statements of comprehensive (loss)/income under “Impairment loss/ loss on sale of vessels, net”. In May 2020, the Company completed the sale to an unrelated third party of the Navios Star, a 2002-built Panamax vessel of 76,662 dwt, for a net sale price of $6,450, paid in cash. The impairment loss of the Navios Star amounted to $5,697 (including $258 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income under “Impairment loss/ loss on sale of vessels, net”. In January and February 2020, the Company completed the sale to unrelated third parties of the Navios Hios, a 2003-built Ultra Handymax vessel of 55,180 dwt and the Navios Kypros, a 2003-built Ultra Handymax vessel of 55,222 dwt, for approximately $16,628 in total, including insurance proceeds covering unrepaired damages plus expenses (subject to applicable deductibles and other customary limitations). The loss due to the sale of the Navios Kypros, during the six month period ended June 30, 2020, amounted to $5,551 (including $404 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income under “Impairment loss/ loss on sale of vessels, net”. Vessel Acquisitions In June 2020, following the liquidation of Navios Europe II, the Company acquired the Jupiter N and the Rainbow N, two 2011-built Panamax vessels of 93,062 dwt and 79,642 dwt, respectively, for an acquisition cost of $24,883 in total plus working capital adjustments. In March 2020, the Company acquired from an unrelated third party, a previously chartered-in vessel, the Navios Corali, a 2015-built Capesize vessel of 181,249 dwt, for a total acquisition cost of $36,684, which was paid in cash. In January 2020, the Company acquired from an unrelated third party, a previously chartered-in vessel, the Navios Canary, a 2015-built Capesize vessel of 180,528 dwt, for a total acquisition cost of $35,111, which was paid in cash. Navios Logistics On November 12, 2018, Navios Logistics acquired approximately 3.5 hectares of undeveloped land located in the Port Murtinho region, Brazil. Navios Logistics plans to develop this land for its port operations. As of June 30, 2020, Navios Logistics had paid $1,155 for the land acquisition. In February 2017, two self-propelled barges of Navios Logistics’ fleet, Formosa and San Lorenzo, were sold for a total amount of $1,109, to be paid in cash. Sale price will be received in installments in the form of lease payments through 2023. The barges may be transferred at the lessee’s option at no cost at the end of the lease period. |
Intangible Assets Other Than Go
Intangible Assets Other Than Goodwill | 6 Months Ended |
Jun. 30, 2020 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible assets June 30, 2020 December 31, 2019 Acquisition cost $ 178,642 $ 178,642 Accumulated amortization (77,275 ) (74,488 ) Total Intangible assets net book value $ 101,367 $ 104,154 Amortization expense, net for the three month periods ended June 30, 2020 and 2019 amounted to $1,394 and $1,395, respectively, and for the six month periods ended June 30, 2020 and 2019 amounted to $2,787 and $2,780, respectively. The remaining aggregate amortization of acquired intangibles as of June 30, 2020 will be as follows: Period Year One $ 5,581 Year Two 5,581 Year Three 5,581 Year Four 5,588 Year Five 5,581 Thereafter 73,455 Total $ 101,367 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
BORROWINGS [Abstract] | |
BORROWINGS | NOTE 6: BORROWINGS Borrowings, as of June 30, 2020 and December 31, 2019, consisted of the following: Facility June 30, 2020 December 31, 2019 Secured credit facilities $ 108,160 $ 119,629 2022 Senior Secured Notes 305,000 305,000 2022 Notes 476,822 497,604 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $835 and $2,163, respectively) 97,710 130,538 $50.0 million NSM Loan (incl. accrued interest $14) 31,514 — Sale and Leaseback Agreements 65,705 — 2022 Logistics Senior Notes 375,000 375,000 Navios Logistics other long-term loans and notes payable 138,946 145,359 Total borrowings 1,607,483 1,581,756 Less: current portion, net (69,732 ) (50,110 ) Less: deferred finance costs, net (15,702 ) (18,509 ) Total long-term borrowings $ 1,522,049 $ 1,513,137 Secured Credit Facilities As of June 30, 2020, the Company had secured credit facilities with various banks with a total outstanding balance of $108,160. The purpose of the facilities was to finance the construction or acquisition of vessels or refinance existing indebtedness. All of the facilities are denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 2.75% to 3.25% per annum. The facilities are repayable in either semi-annual or quarterly installments, followed by balloon payments with maturities, ranging from June 2021 to November 2022. See also the maturity table included below. 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 2022 Senior Secured Notes (as defined herein), the 2022 Notes (as defined herein) and the 2024 Notes (as defined herein). 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 charter-free valuations, ranging from over 120% to 135%, (ii) minimum liquidity up to a maximum of $30,000, 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 amended for a specific period to increase the covenant levels for the applicable net total debt divided by total assets maintenance covenants, as defined in each senior secured credit facility, to a maximum of 90%. As of June 30, 2020, the Company was in compliance with all of the covenants under each of its credit facilities. 2022 Senior Secured Notes On November 21, 2017, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the “Co-Issuers”) issued $305,000 of 11.25% Senior Notes due 2022 (the “2022 Senior Secured Notes”), at a price of 97%. The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of Navios Holdings in each of Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Maritime Containers, as well as by the vessel Navios Azimuth. The 2022 Senior Secured Notes are unregistered and guaranteed by all of the Company’s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics. 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 2022 Senior Secured Notes. The Co-Issuers have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time at par. Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase some or all of the 2022 Senior Secured Notes at 101% of their face amount. The 2022 Senior Secured 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 Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2020. 2022 Notes On November 29, 2013, the Co-Issuers completed the sale of $650,000 of 7.375% First Priority Ship Mortgage Notes due 2022 (the “2022 Notes”). During 2018, the Company repurchased $35,661 in par value of the 2022 Notes for cash consideration of $28,796. During 2019, Navios Logistics repurchased $35,500 in par value of the 2022 Notes in open market transactions for cash consideration of $17,642. During 2019, the Company repurchased $81,235 in par value of the 2022 Notes for cash consideration of $50,683. During the three month period ended June 30, 2020, there were no repurchases. During the six month period ended June 30, 2020, the Company repurchased $20,782 in par value of the 2022 Notes, for cash consideration of $9,443 resulting in a gain on bond extinguishment of $11,204, net of deferred fees written-off. During the three and six month periods ended June 30, 2019, gain on bond extinguishment amounted to $5,712 and $21,374, respectively, net of deferred fees written-off. (Refer to Note 9, “Secured credit facility with Navios Logistics”). The 2022 Notes are senior obligations of the Co- Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights. In June 2017, Navios Ionian and Navios Horizon were released from the 2022 Notes and replaced by the Navios Galileo. In March 2018, Navios Herakles was released from the 2022 Notes and replaced by the Navios Equator Prosper. In July 2018, Navios Achilles was released from the 2022 Notes and replaced by the Navios Primavera. In December 2018 and in March 2019, Navios Magellan and Navios Meridian, respectively, were released from the 2022 Notes and the total proceeds of $14,000 were restricted in an escrow account and considered as a cash collateral. In May 2019 and June 2019, Navios Equator Prosper, Navios Vector and the cash collaterals in escrow accounts were released from the 2022 Notes and replaced by the N Bonanza and N Amalthia and the total proceeds of $7,410 were restricted in an escrow account and considered as cash collateral. In July 2019 and August 2019, Navios Arc and Navios Mercator, respectively, were released from the 2022 Notes. In August 2019, the cash collateral in escrow accounts were released from the 2022 Notes and replaced by Navios Victory. In September 2019, Navios Primavera was released from the 2022 Notes and the total proceeds of $10,129 were restricted in escrow accounts and considered as cash collateral. In November 2019, Navios Victory and the cash collateral in escrow accounts were released and replaced by the Navios Northern Star, Navios Taurus and Navios Serenity. In the first half of 2020, Navios Hios, Navios Kypros and Navios Star were released from the 2022 Notes and were replaced by Navios Amitie, Jupiter N and $358 of cash collateral retained as trust monies in an escrow account. In August 2020 and September 2020, the Navios Northern Star and the Navios Amitie were released from the 2022 Notes and were replaced by $15,251 of cash collateral retained as trust monies in an escrow account.Currently, the 2022 Notes are secured by 17 drybulk vessels and $15,609 of cash collateral retained as trust monies in an escrow account. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company’s direct and indirect subsidiaries, other than Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C. 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 Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par. Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 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 Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2020. 2024 Notes On March 21, 2019, Navios Holdings issued $4,747 of 9.75% Senior Notes due 2024 (the “2024 Notes”) as an exchange for a total of 10,930 Series H shares which were validly tendered as of that date (Refer to Note 10). On April 21, 2019, Navios Holdings issued $3,879 of the 2024 Notes as an exchange for a total of 8,841 Series G shares which were validly tendered as of that date. (Refer to Note 10). The 2024 Notes are Navios Holdings’ senior unsecured general obligations and rank senior in right of payment to any of Navios Holding’s existing and future debt that expressly provides that it is subordinated to the 2024 Notes, pari passu in right of payment with all of Navios Holding’s existing and future senior obligations, structurally subordinated in right of payment to the obligations of Navios Holding’s subsidiaries, and effectively subordinated in right of payment to any existing and future obligations of Navios Holdings that are secured by property or assets that do not secure the 2024 Notes, including the 2022 Senior Secured Notes and the 2022 Notes, to the extent of the value of any such property and assets securing such other obligations. The 2024 Notes are not guaranteed by any of Navios Holdings’ subsidiaries. The indenture governing the 2024 Notes does not contain restrictive covenants but does include customary events of default. Navios Holdings has the option to redeem the 2024 Notes, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued interest. NSM Loan On August 29, 2019, Navios Holdings entered into a secured loan agreement of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation (“NSM Loan”). As of June 30, 2020, the total outstanding balance of this facility amounted to $97,710, including $835 of accrued interest. Please see also Note 9. $50.0 million NSM Loan In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation (“$50.0 million NSM Loan”) for a loan of up to $50,000 to be used for general corporate purposes. As of June 30, 2020, the total outstanding balance of this facility amounted to $31,514, including $14 of accrued interest. Please see also Note 9. 2022 Logistics Senior Notes On April 22, 2014, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics (the “Logistics Co-Issuers”) issued $375,000 in aggregate principal amount of 2022 Logistics Senior Notes due on May 1, 2022 (the “2022 Logistics Senior Notes”), at a fixed rate of 7.25%. The 2022 Logistics Senior Notes were redeemed in full on July 16, 2020 at 100% of their face amount, plus accrued and unpaid interest to the redemption date with the proceeds of the Logistics Co-Issuer’s $500,000 10.750% Senior Secured Notes due 2025 (the “2025 Logistics Senior Notes”). See Note 16. The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2020. Sale and Leaseback Agreements In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $68,000 in total, with unrelated third parties for the Navios Canary and the Navios Corali (the “Sale and Leaseback Agreements”). Navios Holdings has no purchase obligation to acquire the vessels at the end of the lease term, however, it is reasonably certain that respective purchase options will be exercised and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the Sale and Leaseback Agreements as a financial liability. The Sale and Leaseback Agreements are repayable by 144 consecutive monthly payments of approximately $224 and $238 each, commencing as of January 2020 and March 2020, respectively. As of June 30, 2020, the outstanding balance under the Sale and Leaseback Agreements of the Navios Canary and Navios Corali was $65,705 in total. The agreements mature in the fourth quarter of 2031 and first quarter of 2032, respectively, with a balloon payment of $750 per vessel on the last repayment date. The Sale and Leaseback Agreements have no financial covenants. Navios Logistics On February 14, 2020, Navios Logistics agreed to the terms of a $25,000 loan facility (the “New BBVA Facility”) with BBVA, which was drawn on July 8, 2020. The New BBVA Facility was used to repay the existing loan facility with BBVA, which as of June 30, 2020 had an outstanding amount of $11,375, and for general corporate purposes. The New BBVA Facility bears interest at a rate of LIBOR (180 days) plus 325 basis points, is repayable in equal quarterly installments with final maturity on March 31, 2022 and is secured by assignments of certain receivables. As of June 30, 2020, Navios Logistics had long-term loans and notes payable, including the Term Loan B Facility and the BBVA Facility, with a total outstanding balance of $138,946. The purpose of the facilities was to finance the construction of its dry port terminal, the acquisition of vessels, or for general corporate purposes. The facilities are mainly denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 3.15% to 4.75% per annum. The facilities are repayable in installments and have maturities ranging from August 2020 to November 2024. See also the maturity table included below. During the six month period ended June 30, 2020, the Company in relation to its secured credit facilities paid, $14,555 related to scheduled repayment installments and $5,556 related to the prepayment of one of Navios Holdings’ credit facilities. During the six month period ended June 30, 2020, the proceeds from the Sale and Leaseback Agreements for Navios Holdings were $66,862, net of deferred finance fees. The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2020 were 7.48% and 7.50%, respectively. The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2019 were 7.72% and 7.73%, respectively. The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of June 30, 2020, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities. The table below does not give effect to the repayment of the 2022 Logistics Senior Notes and Navios Logistics’ Term Loan B Facility with the proceeds of the 2025 Senior Secured Notes in July 2020. Payment due by period June 30, 2021 (incl. total accrued interest $849 of NSM Loan & $50.0 million NSM Loan ) $ 71,407 June 30, 2022 1,050,220 June 30, 2023 381,781 June 30, 2024 46,268 June 30, 2025 19,811 June 30, 2026 and thereafter 37,996 Total $ 1,607,483 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits and money market funds approximate their fair value because of the short maturity of these investments. Restricted cash: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. Borrowings: The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate its fair value, excluding the effect of any deferred finance costs. The 2022 Notes, the 2022 Logistics Senior Notes, the 2022 Senior Secured Notes and one Navios Logistics’ loan are fixed rate borrowings and their fair value was determined based on quoted market prices. Loan receivable from affiliate companies: The carrying amount of the floating rate loan approximates its fair value. Loan payable to affiliate companies: The carrying amount of the fixed rate loan approximates its fair value. Investments in available-for-sale securities: The carrying amount of the investments in available-for-sale securities reported in the consolidated balance sheets represents unrealized gains and losses on these securities, which are reflected in the consolidated statements of comprehensive (loss)/income. Long-term receivable from affiliate companies: The carrying amount of long-term receivable from affiliate companies approximates their fair value. Long-term payable to affiliate companies: The carrying amount of long-term payable to affiliate companies approximates their fair value. The estimated fair values of the Company’s financial instruments are as follows: June 30, 2020 December 31, 2019 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 54,014 $ 54,014 $ 77,991 $ 77,991 Restricted cash $ 1,058 $ 1,058 $ 736 $ 736 Investments in available-for-sale-securities $ 153 $ 153 $ 189 $ 189 Loan receivable from affiliate companies $ — $ — $ 24,495 $ 24,495 Long-term receivable from affiliate companies $ — $ — $ 5,328 $ 5,328 Senior and ship mortgage notes, net $ (1,152,942) $ (780,814) $ (1,170,679) $ (875,228) Long-term debt, including current portion $ (309,615) $ (312,667) $ (262,030) $ (264,498) Loan payable to affiliate companies, including current portion $ (129,224) $ (129,224) $ (130,538) $ (130,538) Long-term payable to affiliate companies $ — $ — $ (5,000) $ (5,000) The following table sets forth our assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements as of June 30, 2020 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 $ 153 $ 153 $ — $ — Total $ 153 $ 153 $ — $ — Fair Value Measurements as of December 31, 2019 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 $ 189 $ 189 $ — $ — Total $ 189 $ 189 $ — $ — The Company’s assets measured at fair value on a non-recurring basis were: Fair Value Measurements as of June 30, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Vessels, port terminals and other fixed assets, net $ 13,747 $ 13,747 $ — $ — Total $ 13,747 $ 13,747 $ — $ — The Company recorded an impairment loss of $8,967 during the three month period ended June 30, 2020 for two of its vessels, thus reducing vessels’ net book value to $13,747, as at June 30, 2020. Fair Value Measurements as of December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Vessels, port terminals and other fixed assets, net $ 62,397 $ 7,497 $ 54,900 $ — Operating lease assets $ 89,945 $ — $ 89,945 $ — Total $ 152,342 $ 7,497 $ 144,845 $ — The Company recorded an impairment loss of $92,013 during the year ended December 31, 2019 for three of its vessels, thus reducing vessels’ net book value to $62,397, as at December 31, 2019. The Company recorded an impairment loss of $38,636 during the year ended December 31, 2019 for certain of its chartered in vessels, thus reducing operating lease assets’ value to $89,945, as at December 31, 2019. Fair Value Measurements The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. Fair Value Measurements at June 30, 2020 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 54,014 $ 54,014 $ — $ — Restricted cash $ 1,058 $ 1,058 $ — $ — Investments in available-for-sale-securities $ 153 $ 153 $ — $ — Senior and ship mortgage notes $ (780,814 ) $ (772,188 ) $ (8,626 ) $ — Long-term debt, including current portion (1) $ (312,667 ) $ — $ (312,667 ) $ — Loan payable to affiliate companies, including current portion (2) $ (129,224 ) $ — $ (129,224 ) $ — Fair Value Measurements at December 31, 2019 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 77,991 $ 77,991 $ — $ — Restricted cash $ 736 $ 736 $ — $ — Investments in available-for-sale-securities $ 189 $ 189 $ — $ — Loan receivable from affiliate companies (2) $ 24,495 $ — $ 24,495 $ — Long-term receivable from affiliate company (2) $ 5,328 $ — $ 5,328 $ — Senior and ship mortgage notes $ (875,228 ) $ (866,602) $ (8,626) $ — Long-term debt, including current portion (1) $ (264,498 ) $ — $ (264,498) $ — Loan payable to affiliate companies, including current portion (2) $ (130,538 ) $ — $ (130,538) $ — Long-term payable to affiliate companies (2) $ (5,000 ) $ — $ (5,000) $ — The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness. 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8: COMMITMENTS AND CONTINGENCIES As of June 30, 2020, the Company was contingently liable for letters of guarantee and letters of credit amounting to $10 (December 31, 2019: $10) issued by various banks in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash. In December 2017, Navios Holdings agreed to charter-in, under a ten-year bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March 30, 2020, Navios Holdings took delivery of the Navios Galaxy II. As of June 30, 2020, the total amount of $6,704, including deposits of $5,410 representing the option to acquire this vessel, expenses and interest, is presented under the caption “Other long-term assets”. In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August 28, 2019 Navios Holdings took delivery of the Navios Herakles I. On November 28, 2019 Navios Holdings took delivery of the Navios Uranus. As of June 30, 2020, the total amount of $14,070, including deposits of $11,140, representing the option to acquire these vessels, expenses and interest, is presented under the caption “Other long-term assets”. In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of 81,946 dwt. On January 17, 2020, Navios Holdings took delivery of the Navios Felicity I. As of June 30, 2020, the total amount of $7,193, including deposits of $5,590, representing the option to acquire this vessel, expenses and interest, is presented under the caption “Other long-term assets”. Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. As of June 30, 2020, the total amount of $7,506, including deposits of $5,820, representing the option to acquire this vessel, expenses and interest, is presented under the caption “Other long-term assets”. 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, 2021. On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively. 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. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 9: TRANSACTIONS WITH RELATED PARTIES Sale of Management: In August 2019, Navios Holdings sold its ship management division, the general partnership interests in Navios Partners (except for the incentive distribution rights) and Navios Containers GP LLC to NSM, affiliated with Company’s Chairman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of $20,000 (including assumption of liabilities) and five-year service agreements under which NSM provides technical and commercial management services at a fixed rate of $3.7 per day per vessel until August 2021 which will increase thereafter by 3% annually, unless otherwise agreed, and administrative services, reimbursed at allocable cost. As a result of the Transaction the Company, is a holding company owning dry bulk vessels and various investments in entities owning maritime and infrastructure assets. NSM owns all entities providing ship management services and employs all associated people. NSM owns the general partner interests in Navios Containers and Navios Partners. The Company simultaneously entered into a secured credit facility with NSM whereby the Company agreed to repay NSM a loan of $141,795. See also “NSM Loan” below. Office rent: The Company had entered into lease agreements with Goldland Ktimatiki-Ikodomiki-Touristiki Xenodohiaki Anonimos Eteria, Emerald Ktimatiki-Ikodomiki Touristiki Xenodohiaki Anonimos Eteria and Infraco Limited, all of which are Greek corporations that are currently majority-owned by Angeliki Frangou, Navios Holdings’ Chairman and Chief Executive Officer. The lease agreements provided for the leasing of facilities located in Piraeus, Greece to house the operations of most of the Company’s subsidiaries. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, Navios Holdings has no office lease obligations. Management fees: Prior to the sale of the management division effected on August 30, 2019, Navios Holdings provided commercial and technical management services to the owned vessels of Navios Partners, Navios Acquisition and Navios Containers for certain contracted daily fixed fees under the existing management agreements. Drydocking and special survey expenses were reimbursed at cost. In addition, Navios Holdings provided commercial and technical management services to Navios Europe I’s and Navios Europe II’s owned vessels which under the management agreements in place were reimbursed at cost. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM. For the three and six month periods ended June 30, 2019, certain extraordinary fees and costs related to regulatory requirements under the management agreements in place amounted to $3,780 and $7,770, respectively, and are presented under the caption “Other (expense)/income, net”. Total management fees for the three and six month periods ended June 30, 2019 amounted to $54,080 and $109,805, respectively, and are presented net under the caption “Direct vessel expenses”. Following the sale of the management division effected on August 30, 2019, outlined in Note 3 and pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), NSM provides commercial and technical management services to Navios Holdings’ vessels. The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination is received by either party. The fee for the ship management services provided by NSM is a daily fee of $3.7 per day per owned vessel. This rate is fixed until August 2021 and will increase thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by NSM is a daily fee of $0.03 per day per chartered-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August 29, 2024. Total management fees for the three month periods ended June 30, 2020 and 2019 amounted to $11,537 and $0, respectively and are presented under the caption “Direct vessel expenses”. Total management fees for the six month periods ended June 30, 2020 and 2019 amounted to $22,525 and $0, respectively and are presented under the caption “Direct vessel expenses”. Navios Partners Guarantee: In November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the “Navios Partners Guarantee”) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. As of June 30, 2020, Navios Partners has submitted one claim under this agreement to the Company. As of June 30, 2020 and December 31, 2019, the outstanding balance of the claim was $10,000. The final settlement of the amount due will be made at specific dates, in accordance with a signed letter of agreement between the parties. General and administrative expenses incurred on behalf of affiliates/Administrative fee revenue from affiliates: Navios Holdings provided administrative services to Navios Partners, Navios Acquisition, Navios Containers, Navios Europe I and Navios Europe II. Navios Holdings was reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM. Total general and administrative fees for the three and six month periods ended June 30, 2019 amounted to $6,318 and $12,782 million, respectively. Navios Holdings provided 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 was reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM. Total general and administrative fees for the three and six month periods ended June 30, 2020 amounted to $286 and $572, respectively ($286 and $572 for the three and six month periods ended June 30, 2019, respectively, and have been eliminated upon consolidation). Following the sale of the management division effected on August 30, 2019, outlined in Note 3 and pursuant to an administrative services agreement dated August 29, 2019 (“Administrative Services Agreement”), NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August 29, 2024. Total general and administrative expenses attributable to this agreement for the three month periods ended June 30, 2020 and 2019 amounted to $2,377 and $0, respectively. Total general and administrative expenses attributable to this agreement for the six month periods ended June 30, 2020 and 2019 amounted to $4,639 and $0, respectively. Balance due to/from affiliates (excluding Navios Europe I and Navios Europe II): Balance due to NSM as of June 30, 2020 amounted to $24,944 (December 31, 2019: $3,975 due from NSM). Balance due to Navios Partners as of June 30, 2020 amounted to $10,000 (December 31, 2019: $10,000) in relation to the Navios Partners Guarantee. Balance due from Navios Acquisition as of June 30, 2020 amounted to $1,460 and related to declared dividend (December 31, 2019: $1,460). As of June 30, 2020 the balance mainly consisted of management fees, payments to NSM in accordance with the Management Agreement and other amounts in connection with dry-dock, ballast water treatment system and special survey of our vessels. An amount of $8,924 accrued under the Management Agreement is included under the caption “Accrued expenses and other liabilities”. Omnibus agreements: Navios Holdings has entered into an omnibus agreement with Navios Partners (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years. Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition’s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for container vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter dry bulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its dry bulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party. Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliates generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliates to compete with Navios Midstream under specified circumstances. Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliates generally have granted a right of first refusal to Navios Containers over any container vessels to be sold or acquired in the future, subject to significant exceptions that would allow Navios Acquisition, Navios Holdings and Navios Partners or any of their controlled affiliates to compete with Navios Containers under specified circumstances. Midstream General Partner Option Agreement: Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2020, Navios Holdings had not exercised any part of that option. Sale of vessels and sale of rights to Navios Partners: Upon the sale of vessels to Navios Partners, Navios Holdings recognized the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and deferred recognition of the gain to the extent of its own ownership interest in Navios Partners (the “deferred gain”). Subsequently, the deferred gain was amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain was accelerated in the event that (i) the vessel was subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company’s ownership interest in Navios Partners was reduced. In connection with the public offerings of common units by Navios Partners and the sale of Navios Partners general partnership interest effected on August 30, 2019, referred in Note 3, a pro rata portion of the deferred gain was released to income upon dilution of the Company’s ownership interest in Navios Partners. As of January 1, 2020, the unamortized deferred gain of $6,285 was recorded as other adjustments within retained earnings. For the three month periods ended June 30, 2020 and 2019, Navios Holdings recognized $0 and $328, respectively, of the deferred gain in “Equity in net earnings/(losses) of affiliated companies” and for the six month periods ended June 30, 2020 and 2019, Navios Holdings recognized $0 and $656, respectively, of the deferred gain in “Equity in net earnings/(losses) of affiliated companies”. Balance due from Navios Europe I: Following the liquidation, the balance due from Navios Europe I amounted to $0. As a result of this liquidation, Navios Holdings received the outstanding receivable of $13,420, in December 2019. The Navios Revolving Loans I and the Navios Term Loans I earned interest and an annual preferred return, respectively, at 1,270 basis points per annum, on a quarterly compounding basis. There were no covenant requirements or stated maturity dates. Balance due from Navios Europe II: Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe II revolving loans of up to $43,500 to fund the Navios Revolving Loans II. In March 2017, the availability under the Navios Revolving Loans II was increased by $14,000 (see Note 14). On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $5,000. Navios Europe II owned seven container vessels and seven drybulk vessels. On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiration date. The transaction was completed on June 29, 2020. As a result of this liquidation, Navios Holdings received the total outstanding balance due from Navios Europe II, representing the Navios Revolving Loans II, the Navios Term Loans II and accrued interest thereof directly owed to Navios Holdings, previously presented under the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II (see Note 4). Following the Liquidation of Navios Europe II, the balance due from Navios Europe II as of June 30, 2020 was $0. As of December 31, 2019, Navios Holdings’ balance due from Navios Europe II, amounted to $20,712, which included the net current receivable amount mainly consisting of $13,154 of accrued interest income earned under the Navios Revolving Loans II (as defined in Note 14) and the net non-current amount receivable of $7,558 related to the accrued interest income earned under the Navios Term Loans II (as defined in Note 14). The outstanding amount relating to Navios Holdings’ portion under the Navios Revolving Loans II was $16,938 as of December 31, 2019, under the caption “Loan receivable from affiliate companies”. The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at 1,800 basis points per annum, on a quarterly compounding basis and were repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There were no covenant requirements or stated maturity dates. The decline in the fair value of the investment during the first quarter of 2020 was considered as other-than-temporary and, therefore, a loss of $6,050 was recognized and included in the accompanying condensed consolidated statements of comprehensive (loss)/income for the six month period ended June 30, 2020, as “Impairment of loan receivable from affiliated company”. The fair value was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II. Secured credit facility with Navios Logistics: On April 25, 2019, Navios Holdings entered into a secured credit facility of $50,000 with Navios Logistics to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility is secured by (i) any 2022 Notes purchased by Navios Holdings with these funds and (ii) equity interests in five subsidiaries of the Company that have entered into certain bareboat contracts. The credit facility was available in multiple drawings, included an arrangement fee of $500, a fixed interest rate of 12.75% for the first year and a fixed interest rate of 14.75% for the second year, payable annually. The secured credit facility includes negative covenants substantially similar to the 2022 Notes and customary events of default. In December 2019, Navios Holdings and Navios Logistics agreed to increase the amount by $20,000 and amended the interest rate of the whole facility to 12.75% or 10.0% if certain conditions are met. Following the satisfaction of those conditions in July 2020, the credit facility matures in December 2024 and the interest rate is 10.0%. As of June 30, 2020, the amount of $70,000 was drawn under this facility of which $18,726 was used to acquire the 2022 Notes from Navios Logistics and the remaining amount was used to repurchase 2022 Notes. On June 25, 2020, Navios Holdings and Navios Logistics amended the secured credit facility with Navios Logistics to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Navios Logistics and paid Navios Logistics $2,308 in satisfaction of the interest payable in respect of this facility. NSM Loan: On August 29, 2019, Navios Holdings entered into a secured credit facility of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM. In general, the amount owed reflects the excess of (i) the liabilities of the ship management business (including liabilities for advances previously made by affiliates to the Company for ongoing operating costs, including technical management services, supplies, dry-docking and related expenses) other than liabilities the assumption of which forms part of the consideration for the Transaction over (ii) the short term assets of the ship management business. The Company’s obligations under the NSM Loan are guaranteed by substantially the same subsidiaries that guarantee the 2022 Notes and secured by assets of the Company that do not secure the Ship Mortgage Notes or the Company’s 11.25% Senior Secured Notes due 2022. The credit facility is repayable over a five-year period; of the initial amount, $47,000 was repayable in 2020 in equal quarterly installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. The loan agreement provides for interest at 5% annually, and 7% annually for deferred principal amounts. During December 2019, Navios Holdings repaid the amount of $13,420 under the terms of this facility. During June 2020, Navios Holdings repaid the amount of $31,500 under the terms of this facility. As of June 30, 2020, the outstanding balance was $96,875 (December 31, 2019: $128,375) and the accrued interest was $835 (December 31, 2019: $2,163). Of the outstanding amount and accrued interest, $5,820 is included in “Current portion of loan payable to affiliate companies”. The outstanding balance was further decreased to $78,375 as of August 14, 2020. $50.0 million NSM Loan: In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM for a loan of up to $50,000 to be used for general corporate purposes. The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. The loan agreement will be repayable in up to 18 equal consecutive quarterly installments. Principal payments that fall due during the first year following the initial drawdown may be deferred, at the Company’s election, in whole or in part. The loan agreement provides for interest at a rate of 5% annually (and 7% annually for deferred principal amounts). As of June 30, 2020, the outstanding balance was $31,500 (December 31, 2019: $0) and the accrued interest was $14 (December 31, 2019: $0). In August 2020, the Company drew the remaining $18,500. The Company’s obligations under the $50.0 million NSM Loan are guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 104,069 common units in Navios Containers and second priority pledge in respect of 2022 Notes owned by Navios Holdings. Navios Logistics’ Shareholders Agreement: On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers Business Inc. granting certain protections to minority shareholders in certain events. |
Preferred and Common Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
PREFERRED AND COMMON STOCK [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 10: PREFERRED AND COMMON STOCK Vested, Surrendered and Forfeited During the three and six month periods ended June 30, 2020, 1,230 restricted shares of common stock were forfeited and 84,336 restricted stock units issued to the Company’s employees vested, respectively. During the three and six month periods ended June 30, 2019, 0 and 59 restricted shares of common stock, were forfeited upon termination of employment, respectively. Conversion of Preferred Stock During the year ended December 31, 2019, 3,289 shares of convertible preferred stock were converted into 352,770 shares of common stock including 23,870 shares of common stock being unpaid dividend. The shares of convertible preferred stock were converted pursuant to their original terms, which provided that ten years after the issuance date the then-outstanding shares of preferred stock would automatically convert into a number of fully paid and non-assessable shares of common stock determined by dividing the amount of the liquidation preference ($10,000 per share) by a conversion price equal to $10.00 per share of common stock. Following the conversion of 1,980 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $1,471. The cancelled undeclared dividend was converted to 14,711 shares of common stock with a fair value of $75 at the date of issuance. Following the conversion of 1,309 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $916. The cancelled undeclared dividend was converted to 9,159 shares of common stock with a fair value of $41 at the date of issuance. During the three month period ended June 30, 2020 no conversion was effected. During the six month period ended June 30, 2020, 210 shares of convertible preferred stock were converted into 22,712 shares of common stock including 1,712 shares of common stock being unpaid dividend. Following the conversion of 210 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $171. The cancelled undeclared dividend was converted to 1,712 shares of common stock with a fair value of $6 at the date of issuance (See also Note 13). Issuance of Cumulative Perpetual Preferred Stock The Company’s 2,000,000 American Depositary Shares, Series G and the 4,800,000 American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G and Series H, with a liquidation preference of $2,500 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, which increased by 0.25% as of July 15, 2017 for each of Series G and Series H. The Company has accounted for these shares as equity. 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 June 30, 2020 were $22,656 (net of cancelled dividends). Series G and Series H American Depositary Shares Exchange Offer On December 21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 2024 Notes for approximately 66 2/3% of each of the outstanding Series G American Depositary Shares and Series H American Depositary Shares. As of March 21, 2019, a total of 10,930 Series H were validly tendered representing a net aggregate nominal value of approximately $26,297. Navios Holdings paid $997 for tender offer expenses, approximately $4,188 as cash consideration and issued a total of approximately $4,747 in aggregate principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $16,365 was recorded in retained earnings. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series H of $7,678. As of April 18, 2019, a total of 8,841 Series G were validly tendered representing a net aggregate nominal value of approximately $21,271. Navios Holdings paid $620 for tender offer expenses, approximately $4,423 cash consideration and issued a total of approximately $3,879 principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $12,568 was recorded in retained earnings. Following the completion of the offer, the company cancelled the undeclared preferred dividend of series G of $6,798. Issuances to Employees, Officers and Directors On December 18, 2019, pursuant to the stock plan approved by the Board of Directors, 16,000 shares of common stock were granted to Navios Holdings officers and directors and issued on December 18, 2019. On February 1, 2019, pursuant to the stock plan approved by the Board of Directors, 151,515 shares of common stock were granted to Navios Holdings employees, officers and directors. Navios Logistics’ board of directors declared a $27,500 dividend, which was paid on February 21, 2020, out of which the amount of $17,552 was paid to Navios Holdings and the amount of $9,948 to Navios Logistics’ noncontrolling shareholders. Navios Holdings had outstanding as of June 30, 2020 and December 31, 2019, 13,466,174 and 13,360,356 shares of common stock, respectively, and preferred stock 23,032 (5,350 Series G and 17,682 Series H) and 23,242 (5,350 Series G, 17,682 Series H and 210 shares of convertible preferred stock) as of June 30, 2020 and December 31, 2019, respectively. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2020 | |
OTHER INCOME, NET [Abstract] | |
OTHER INCOME, NET | NOTE 11: OTHER INCOME, NET During the six month periods ended June 30, 2020 and 2019, taxes other-than income taxes of Navios Logistics amounted to $2,021 and $3,955, respectively, and were included in the consolidated statement of comprehensive (loss)/income within the caption “Other (expense)/income, net”. During the three month period ended June 30, 2020 and 2019, taxes other-than income taxes of Navios Logistics amounted to $590 and $2,107, respectively, and were included in the consolidated statement of comprehensive (loss)/income within the caption “Other (expense)/income, net”. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE 12: SEGMENT INFORMATION The Company through August 30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers from November 30, 2018 (date of obtaining control) and ceased to be a reportable segment on August 30, 2019 (date of loss of control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. 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. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats 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 Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 Revenue $ 38,302 $ 58,825 $ 97,127 Interest expense and finance cost, net (22,159) (9,259) (31,418) Depreciation and amortization (10,745) (7,267) (18,012) Equity in net earnings of affiliated companies 9,445 — 9,445 Net (loss)/ income attributable to Navios Holdings common stockholders (42,918) 7,647 (35,271) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliates 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2019 Logistics Business for the Three Month Period Ended June 30, 2019 Total for the Three Month Period Ended June 30, 2019 Revenue $ 52,900 $ 60,611 $ 113,511 Administrative fee revenue from affiliates 6,318 — 6,318 Interest expense and finance cost, net (20,330) (9,833 ) (30,163) Depreciation and amortization (13,445) (7,310 ) (20,755) Equity in net losses of affiliated companies (16,779) — (16,779) Net (loss)/ income attributable to Navios Holdings common stockholders (42,620) 6,189 (36,431) Total assets 1,779,519 672,390 2,451,909 Goodwill 56,240 104,096 160,336 Capital expenditures (6,805) (487 ) (7,292) Investment in affiliates 72,512 — 72,512 Cash and cash equivalents 26,693 68,796 95,489 Restricted cash 9,732 — 9,732 Long-term debt, net (including current and non-current portion) $ 999,347 $ 523,784 $ 1,523,131 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 Revenue $ 72,562 $ 115,648 $ 188,210 Interest expense and finance cost, net (44,529) (18,532) (63,061) Depreciation and amortization (21,543) (14,545) (36,088) Equity in net earnings of affiliated companies 3,308 — 3,308 Net (loss)/ income attributable to Navios Holdings common stockholders (100,690) 12,144 (88,546) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliates 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2019 Logistics Business for the Six Month Period Ended June 30, 2019 Total for the Six Month Period Ended June 30, 2019 Revenue $ 105,582 $ 116,377 $ 221,959 Administrative fee revenue from affiliates 12,782 — 12,782 Interest expense and finance cost, net (41,336 ) (19,671 ) (61,007 ) Depreciation and amortization (27,324 ) (14,656 ) (41,980 ) Equity in net losses of affiliated companies (12,502) — (12,502 ) Net (loss)/ income attributable to Navios Holdings common stockholders (51,309 ) 9,574 (41,735 ) Total assets 1,779,519 672,390 2,451,909 Goodwill 56,240 104,096 160,336 Capital expenditures (13,970 ) (1,222 ) (15,192 ) Investment in affiliates 72,512 — 72,512 Cash and cash equivalents 26,693 68,796 95,489 Restricted cash 9,732 — 9,732 Long-term debt, net (including current and non-current portion) $ 999,347 $ 523,784 $ 1,523,131 |
(Loss)_ Earnings Per Common Sha
(Loss)/ Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
(LOSS)/ EARNINGS PER COMMON SHARE [Abstract] | |
(LOSS)/ EARNINGS PER COMMON SHARE | NOTE 13: (LOSS)/ EARNINGS PER COMMON SHARE (Loss)/Earnings 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 three month period ended June 30, 2020, 566,525 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. For the three month period ended June 30, 2019, 861,158 potential common shares and 349,900 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. For the six month period ended June 30, 2020, 583,126 potential common shares and 3,115 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. For the six month period ended June 30, 2019, 834,394 potential common shares and 349,900 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. Three Month Period Ended June 30, 2020 Three Month Period Ended June 30, 2019 Six Month Period Ended June 30, 2020 Six Month Period Ended June 30, 2019 Numerator: Net loss attributable to Navios Holdings common stockholders $ (35,271) $ (36,431 ) $ (88,546) $ (41,735 ) Less: Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,957 ) (2,578) (4,506 ) Plus: Tender Offer – Redemption of preferred stock Series G and Series H including $7,714 and $15,392 of undeclared preferred dividend cancelled for three and six month periods ended June 30, 2019, respectively — 20,241 — 44,284 Gain from eliminated dividends (preferred stock) due to conversion — — 166 — Loss available to Navios Holdings common stockholders, basic and diluted $ (36,555) $ (18,147 ) $ (90,958) $ (1,957 ) Denominator: Denominator for basic and diluted loss per share attributable to Navios Holdings common stockholders — weighted average shares 12,901,880 12,219,750 12,882,235 12,219,817 Basic and diluted loss per share attributable to Navios Holdings common stockholders $ (2.83) $ (1.49 ) $ (7.06) $ (0.16 ) |
Investment In Affiliates And Av
Investment In Affiliates And Available-For-Sale Securities | 6 Months Ended |
Jun. 30, 2020 | |
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
INVESTMENTS IN AFFILIATES AND AVAILABLE-FOR-SALE SECURITIES | NOTE 14: INVESTMENT IN AFFILIATES AND AVAILABLE-FOR-SALE SECURITIES Navios Partners On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest. On April 25, 2019, Navios Partners announced a 1-for-15 reverse stock split of its issued and outstanding shares of common units and general partners units. The reverse stock split was effective on May 21, 2019. In January 2019, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $50,000 of Navios Partners’ common units over a two-year period. As of June 30, 2020, Navios Partners repurchased 312,952 common units. In February 2019, Navios Partners issued 25,396 of restricted common units to Navios Partners’ directors and/or officers. Concurrently, Navios Holdings acquired 518 common units in Navios Partners in order to maintain its 2.0% general partner interest for cash consideration of $8. Following the sale of Navios Partners general partnership interest effected on August 30, 2019, referred in Note 3, as of June 30, 2020, Navios Holdings held a total of 2,070,216 common units representing a 18.5% interest in Navios Partners, and the investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C. As of June 30, 2020 and December 31, 2019, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company’s underlying equity in net assets of Navios Partners was $98,270 and $101,492, respectively. As of June 30, 2020 and December 31, 2019, the carrying amount of the investment in Navios Partners was $31,520 and $35,116, respectively. Total equity method (loss)/income and amortization of deferred gain of $(1,127) and $902 were recognized in “Equity in net earnings/(losses) of affiliated companies” for the three month periods ended June 30, 2020 and 2019, respectively, and total equity method (loss)/income and amortization of deferred gain of $(2,354) and $3,153 were recognized in “Equity in net earnings/(losses) of affiliated companies” for the six month periods ended June 30, 2020 and 2019, respectively. Dividends received during each of the three month periods ended June 30, 2020 and 2019 were $621 and $690 and for each of the six month periods ended June 30, 2020 and 2019, were $1,242 and $1,380, respectively. As of June 30, 2020, the market value of the investment in Navios Partners was $20,102. Navios Acquisition In February 2018, the Board of Directors of Navios Acquisition authorized a stock repurchase program for up to $25,000 of Navios Acquisition’s common stock, for two years. Stock repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. Up to the expiration of the stock repurchase program in February 2020, Navios Acquisition had repurchased 735,251 shares since the program was initiated. As of June 30, 2020 and December 31, 2019, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company’s underlying equity in net assets of Navios Acquisition was $73,605 and $79,477, respectively and is amortized through “Equity in net earnings/(losses) of affiliated companies” over the remaining life of Navios Acquisition tangible and intangible assets. As of June 30, 2020 and December 31, 2019, the carrying amount of the investment in Navios Acquisition was $29,182 and $19,894, respectively. During the three month period ended June 30, 2019, the Company recognized an OTTI loss of $13,543 relating to its investment in Navios Acquisition and the amount was included in “Equity in net earnings/(losses) of affiliated companies”. Total equity method income/(loss) of $10,650 and $(4,728), excluding OTTI loss, were recognized in “Equity in net earnings/(losses) of affiliated companies” for the three month periods ended June 30, 2020 and 2019, respectively. Total equity method income/(loss) of $12,207 and $(3,262), excluding OTTI loss, were recognized in “Equity in net earnings/(losses) of affiliated companies” for the six month periods ended June 30, 2020 and 2019, respectively. Dividends received for each of the three month periods ended June 30, 2020 and 2019 were $1,460 and $2,766, respectively, and for each of the six month periods ended June 30, 2020 and 2019 were $2,919 and $2,919, respectively. As of June 30, 2020, the market value of the investment in Navios Acquisition was $19,801. 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 would also make available to Navios Europe I revolving loans up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans I”). In December 2018, the amount of the Navios Revolving Loans I increased by $30,000. On an ongoing basis, Navios Europe I was 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. Navios Holdings had evaluated its investment in Navios Europe I under ASC 810 and concluded that Navios Europe I was a VIE and that it was not the party most closely associated with Navios Europe I and, accordingly, was not the primary beneficiary of Navios Europe I. Navios Holdings had further evaluated its investment in the common stock of Navios Europe I under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe I and, therefore, its investment in Navios Europe I had been accounted for under the equity method. The initial amount provided for 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 had been amortized through “Equity in net earnings/(losses) of affiliated companies” over the remaining life of Navios Europe I. Following the liquidation of Navios Europe I Navios Holdings received the outstanding receivable amount of $13,420, in December 2019. (Note 9). No income was recognized in “Equity in net earnings/(losses) of affiliated companies” for the three and six month periods ended June 30, 2020 and 2019. 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 had agreed to 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 April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. The structure was liquidated in June 2020. On an ongoing basis, Navios Europe II was 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. Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II was a VIE and that it had not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II. Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method. The initial amount provided for in Navios Europe II 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 had been amortized through “Equity in net earnings/(losses) of affiliated companies” over the remaining life of Navios Europe II. As of March 31, 2020, the Company considered the decline in fair value of its investment in Navios Europe II as OTTI and therefore recognized a loss of $6,650 in the accompanying consolidated statement of comprehensive (loss)/income. Income of $0 and $591 was recognized in “Equity in net earnings/(losses) of affiliated companies” for the three month period ended June 30, 2020 and 2019, respectively, and income of $0 and $1,151 was recognized for the six month periods ended June 30, 2020 and 2019, respectively. Navios Containers (Consolidated from November 30, 2018 to August 30, 2019) Navios Holdings until November 30, 2018 had evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Maritime Containers Inc. and, therefore, its investment in Navios Maritime Containers Inc. was accounted for under the equity method. Following the sale of Navios Containers general partnership interest effected on August 30, 2019, referred in Note 3, Navios Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers is accounted for under the equity method. Total equity method (loss)/income of $(77) and $105 was recognized in “Equity in net earnings/(losses) of affiliated companies” for the three and six month periods ended June 30, 2020, respectively. As of June 30, 2020 and December 31, 2019, the carrying amount of the investment in Navios Containers was $2,787 and $2,682, respectively. As of June 30, 2020, the market value of the investment in Navios Containers was $1,023. Following the results of the significant tests performed by the Company, it was concluded that no affiliates met the significant threshold requiring summarized financial information to be presented. Available-for-sale securities (“AFS Securities”) During the year ended December 31, 2017, 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 recorded at fair value upon their issuance and subsequent changes in market value are recognized within consolidated statement of comprehensive (loss)/income. The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities. As of June 30, 2020 and December 31, 2019, the carrying amount of AFS Securities related to STX was $153 and $189, respectively and was recorded under “Other long-term assets” in the consolidated balance sheet. For the three month periods ended June 30, 2020 and 2019, the unrealized holding earnings related to these AFS Securities included in “Other (expense)/income, net” were $5 and $19, respectively. For the six month period ended June 30, 2020, the unrealized holding losses related to these AFS Securities included in “Other (expense)/income, net” were $36. For the six month period ended June 30, 2019, the unrealized holding earnings related to these AFS Securities included in “Other (expense)/income, net” were $1. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
LEASES [Abstract] | |
LEASES | NOTE 15: LEASES Time charter out contracts The Company’s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. As a result of the adoption of these standards, there was no effect on the Company’s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income. Time charter in contracts As of June 30, 2020, Navios Holdings had time charter-in contracts whose remaining lease terms ranged from 0.1 years to 10.0 years. Certain operating leases have optional periods. Based on management estimates and market conditions, the lease term of these leases is being assessed at each balance sheet date. Regarding leases that have not yet commenced refer to Note 8. The Company will continue to recognize the lease payments for all operating leases as charter hire expense on the consolidated statements of comprehensive (loss)/income on a straight-line basis over the lease term. Land lease agreements As of June 30, 2020, Navios Logistics had land lease agreements whose remaining lease terms range from 45.7 years to 46.1 years. Office lease agreements As of June 30, 2020, Navios Logistics had office lease agreements whose remaining lease terms ranged from 0.1 years to 3.3 years. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, Navios Holdings has no office lease obligations. Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. The tables below present the components of the Company’s lease expense for the three and six month periods ended June 30, 2020 and 2019: Drybulk Vessel Operations Three Month Period Ended June 30, 2020 Logistics Business Three Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 24,155 $ 1,170 $ 25,325 Lease expense for land lease agreements — 143 143 Lease expense for office lease agreements — 144 144 Total $ 24,155 $ 1,457 $ 25,612 Drybulk Vessel Operations Three Month Period Ended June 30, 2019 Logistics Business Three Month Period Ended June 30, 2019 Total Lease expense for charter-in contracts $ 29,182 $ — $ 29,182 Lease expense for land lease agreements — 135 135 Lease expense for office lease agreements 660 166 826 Total $ 29,842 $ 301 $ 30,143 Drybulk Vessel Operations Six Month Period Ended June 30, 2020 Logistics Business Six Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 49,771 $ 2,988 $ 52,759 Lease expense for land lease agreements — 282 282 Lease expense for office lease agreements — 303 303 Total $ 49,771 $ 3,573 $ 53,344 Drybulk Vessel Operations Six Month Period Ended June 30, 2019 Logistics Business Six Month Period Ended June 30, 2019 Total Lease expense for charter-in contracts $ 60,398 $ — $ 60,398 Lease expense for land lease agreements — 271 271 Lease expense for office lease agreements 1,464 340 1,804 Total $ 61,862 $ 611 $ 62,473 Lease expenses for charter-in contracts are included in the consolidated statement of comprehensive (loss)/income within the captions “Time charter, voyage and logistics business expenses”. Lease expenses for land lease agreements and office lease agreements are included in the consolidated statement of comprehensive (loss)/income within the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively. In 2020, Navios Holdings took delivery of the Navios Felicity I, the Navios Galaxy II and the Navios Magellan II under bareboat charters. The Company entered into new lease liabilities amounting to $43,516 and $18,110 during the six month periods ended June 30, 2020 and 2019, respectively. The table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts and office lease agreements as of June 30, 2020: Charter-in vessels in operation Land leases Office space June 30, 2021 $ 101,484 $ 556 $ 671 June 30, 2022 79,864 556 107 June 30, 2023 58,885 556 97 June 30, 2024 46,898 556 32 June 30, 2025 28,566 556 — June 30, 2026 and thereafter 55,528 22,724 — Total $ 371,225 $ 25,504 $ 907 Operating lease liabilities, including current portion $ 301,610 $ 7,769 $ 861 Discount based on incremental borrowing rate $ 69,615 $ 17,735 $ 46 As of June 30, 2020, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 5.1 years, 1.8 years and 45.8 years, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16: SUBSEQUENT EVENTS On July 10, 2020, Navios Logistics declared and paid a $6,381 dividend in cash or in Navios Holdings shares of common stock, from which Navios Holdings received 2,414,263 shares. On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Logistics Finance issued $500,000 in aggregate principal amount of Senior Secured Notes due on July 1, 2025, at a fixed rate of 10.75%. The net proceeds from the offering of the Senior Secured Notes were used to satisfy and discharge the indenture governing the Logistics Co-Issuers’ outstanding 7.25% Senior Notes due 2022, to repay all amounts outstanding under the Logistics Co-Issuers’ Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance, if any, to be used for general corporate purposes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of presentation | (a)Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive (loss)/income, statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2019 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). |
Principles of consolidation | (b)Principles of consolidation: The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and Navios Containers (for the period consolidated from November 30, 2018 to August 30, 2019), which are 63.8% owned and 3.7% owned by Navios Holdings, respectively. Discontinued Operations: Discontinued operations comprise the operations of a disposed component of an entity or a group of components of an entity if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company determined that the disposal of Navios Containers’ general partnership interest effected on August 30, 2019, referred to in Note 3, which resulted in loss of control and deconsolidation of Navios Containers from that date onwards, represented a strategic shift in Company’s business due to the fact that the Containers Business represented a reportable segment of the Company and has, therefore, recorded the results of its Containers Business operations as discontinued operations in the consolidated statements of comprehensive (loss)/income for the three and six month periods ended June 30, 2019. Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliates, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. Affiliates included in the financial statements accounted for under the equity method In the consolidated financial statements of Navios Holdings, the following entities are included as affiliates and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2020 was 18.5%); (ii) Navios Acquisition and its subsidiaries (economic interest as of June 30, 2020 was 30.5%); (iii) Navios Europe I and its subsidiaries (economic interest through liquidation in December 2019 was 47.5%); (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%); and (v) Navios Containers and its subsidiaries (economic interest as of November 30, 2018, date of obtaining control, and from August 30, 2019, date of loss of control and as of June 30, 2020 was 3.7%). |
Revenue Recognition | (c)Revenue Recognition: In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. 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 arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight 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 contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time 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. The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract. Revenues from time chartering and bareboat chartering of vessels and barges 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 or barge 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 in the period in which the variability is resolved. 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 dry 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 or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. 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 as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point 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 consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks. 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. Expenses related to our revenue-generating contracts are recognized as incurred. The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2020 and 2019: Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 COA/Voyage revenue $ 2,793 $ 14,496 $ 17,289 Time chartering revenue $ 35,680 $ 16,286 $ 51,966 Port terminal revenue $ — $ 21,636 $ 21,636 Storage fees (dry port) revenue $ — $ 19 $ 19 Dockage revenue $ — $ 1,476 $ 1,476 Sale of products revenue $ — $ 3,409 $ 3,409 Liquid port terminal revenue $ — $ 1,271 $ 1,271 Other $ (171) $ 232 $ 61 Total $ 38,302 $ 58,825 $ 97,127 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2019 Logistics Business for the Three Month Period Ended June 30, 2019 Total for the Three Month Period Ended June 30, 2019 COA/Voyage revenue $ — $ 15 ,364 $ 15 ,364 Time chartering revenue $ 52,856 $ 20,661 $ 73,517 Port terminal revenue $ — $ 19,683 $ 19,683 Storage fees (dry port) revenue $ — $ 437 $ 437 Dockage revenue $ — $ 1,083 $ 1,083 Sale of products revenue $ — $ 2,097 $ 2,097 Liquid port terminal revenue $ — $ 932 $ 932 Other $ 44 $ 354 $ 398 Total $ 52,900 $ 60,611 $ 113,511 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 COA/Voyage revenue $ 2,793 $ 25,946 $ 28,739 Time chartering revenue $ 69,705 $ 35,312 $ 105,017 Port terminal revenue $ — $ 35,828 $ 35,828 Storage fees (dry port) revenue $ — $ 2,842 $ 2,842 Dockage revenue $ — $ 1,909 $ 1,909 Sale of products revenue $ — $ 11,257 $ 11,257 Liquid port terminal revenue $ — $ 2,267 $ 2,267 Other $ 64 $ 287 $ 351 Total $ 72,562 $ 115,648 $ 188,210 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2019 Logistics Business for the Six Month Period Ended June 30, 2019 Total for the Six Month Period Ended June 30, 2019 COA/Voyage revenue $ — $ 27,79 3 $ 27,79 3 Time chartering revenue $ 105,521 $ 38,615 $ 144,136 Port terminal revenue $ — $ 36,657 $ 36,657 Storage fees (dry port) revenue $ — $ 896 $ 896 Dockage revenue $ — $ 1,603 $ 1,603 Sale of products revenue $ — $ 8,156 $ 8,156 Liquid port terminal revenue $ — $ 2,159 $ 2,159 Other $ 61 $ 498 $ 559 Total $ 105,582 $ 116,377 $ 221,959 Administrative fee revenue from affiliates: Administrative fee revenue from affiliates consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliates (Refer to Note 9). Administrative services included: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other general and administrative services. These revenues were recognized as the services were provided to affiliates. The general and administrative expenses incurred on behalf of affiliates were 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. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by N Shipmanagement Acquisition Corp. and related entities (“NSM” or the “Manager”). Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. |
Recent Accounting Pronouncements | (d) Recent Accounting Pronouncements: Adoption of new accounting pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s unaudited condensed consolidated financial statements as a result of adopting this standard update. Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications. In October 2018, FASB issued ASU 2018-17, Consolidation (Topic 810): “Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and earlier adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In January 2017, FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)”. This update addresses concerns 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 adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timelier manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. In November 2018, FASB issued ASU 2018-19 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are not within the scope of Accounting Standards Codification (“ASC”) ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. In April 2019, FASB issued ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”. In May 2019, FASB issued ASU 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”. The amendments in this update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement-Overall, and 825-10. In November 2019, FASB issued ASU 2019-10, “Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)”. This update has been issued to apply changes in the effective dates for: (i) ASU 2016-13; (ii) ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (Hedging); and (iii) ASU 2016-02. This update also amends the mandatory effective date for the elimination of Step 2 from the goodwill impairment test (ASU 2017-04). In December 2019, FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Revenue per category | Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 COA/Voyage revenue $ 2,793 $ 14,496 $ 17,289 Time chartering revenue $ 35,680 $ 16,286 $ 51,966 Port terminal revenue $ — $ 21,636 $ 21,636 Storage fees (dry port) revenue $ — $ 19 $ 19 Dockage revenue $ — $ 1,476 $ 1,476 Sale of products revenue $ — $ 3,409 $ 3,409 Liquid port terminal revenue $ — $ 1,271 $ 1,271 Other $ (171) $ 232 $ 61 Total $ 38,302 $ 58,825 $ 97,127 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2019 Logistics Business for the Three Month Period Ended June 30, 2019 Total for the Three Month Period Ended June 30, 2019 COA/Voyage revenue $ — $ 15 ,364 $ 15 ,364 Time chartering revenue $ 52,856 $ 20,661 $ 73,517 Port terminal revenue $ — $ 19,683 $ 19,683 Storage fees (dry port) revenue $ — $ 437 $ 437 Dockage revenue $ — $ 1,083 $ 1,083 Sale of products revenue $ — $ 2,097 $ 2,097 Liquid port terminal revenue $ — $ 932 $ 932 Other $ 44 $ 354 $ 398 Total $ 52,900 $ 60,611 $ 113,511 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 COA/Voyage revenue $ 2,793 $ 25,946 $ 28,739 Time chartering revenue $ 69,705 $ 35,312 $ 105,017 Port terminal revenue $ — $ 35,828 $ 35,828 Storage fees (dry port) revenue $ — $ 2,842 $ 2,842 Dockage revenue $ — $ 1,909 $ 1,909 Sale of products revenue $ — $ 11,257 $ 11,257 Liquid port terminal revenue $ — $ 2,267 $ 2,267 Other $ 64 $ 287 $ 351 Total $ 72,562 $ 115,648 $ 188,210 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2019 Logistics Business for the Six Month Period Ended June 30, 2019 Total for the Six Month Period Ended June 30, 2019 COA/Voyage revenue $ — $ 27,79 3 $ 27,79 3 Time chartering revenue $ 105,521 $ 38,615 $ 144,136 Port terminal revenue $ — $ 36,657 $ 36,657 Storage fees (dry port) revenue $ — $ 896 $ 896 Dockage revenue $ — $ 1,603 $ 1,603 Sale of products revenue $ — $ 8,156 $ 8,156 Liquid port terminal revenue $ — $ 2,159 $ 2,159 Other $ 61 $ 498 $ 559 Total $ 105,582 $ 116,377 $ 221,959 |
Sale of Management & Consolid_2
Sale of Management & Consolidation/Deconsolidation of Navios Containers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
SALE OF MANAGEMENT & CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS [Abstract] | |
Gain on sale | Proceeds received: Cash consideration 3,000 Less: Transaction fees $ (1,088) 1,912 Carrying value of assets and liabilities: Net liabilities derecognized 158,795 Loan payable to NSM assumed (141,795) Book value of general partner interest in Navios Partners (3,212) Book value of Other fixed assets (6,213) Lease liability, net 315 7,890 Gain on sale $ 9,802 |
Discontinued Operations | Three Month Period Ended June 30, 2019 Six Month Period Ended June 30, 2019 Revenue $ 33,678 $ 65,510 Time charter, voyage and port terminal expenses (1,335) (2,982) Direct vessel expenses (16,828) (32,725) General and administrative expenses (2,570) (5,064) Depreciation and amortization (8,514) (17,074) Interest expense and finance cost, net (4,113) (7,666) Other expense, net (3,373) (3,293) Net loss from discontinued operations $ (3,055) $ (3,294) Less: Net loss attributable to the noncontrolling interest $ 2,943 $ 3,174 Net loss attributable to Navios Holdings common stockholders $ (112) $ (120) |
Vessels, Port Terminals and O_2
Vessels, Port Terminals and Other Fixed Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Vessels, Port Terminals and other fixed assets | Vessels, Port Terminals and Other Fixed Assets, net Cost Accumulated Depreciation Net Book Value Balance December 31, 2019 $ 1,809,195 $ (532,681 ) $ 1,276,514 Additions 2,209 (32,287 ) (30,078 ) Impairment losses (67,511 ) 47,958 (19,553 ) Vessel disposals (23,078 ) — (23,078 ) Write offs (549 ) 77 (472 ) Vessel acquisitions 96,678 (1,014 ) 95,664 Balance June 30, 2020 $ 1,816,944 $ (517,947 ) $ 1,298,997 |
Intangible Assets Other Than _2
Intangible Assets Other Than Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | |
Schedule of intangible assets | Intangible assets June 30, 2020 December 31, 2019 Acquisition cost $ 178,642 $ 178,642 Accumulated amortization (77,275 ) (74,488 ) Total Intangible assets net book value $ 101,367 $ 104,154 |
Schedule of aggregate amortization expense | Period Year One $ 5,581 Year Two 5,581 Year Three 5,581 Year Four 5,588 Year Five 5,581 Thereafter 73,455 Total $ 101,367 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
BORROWINGS [Abstract] | |
Loans' outstanding amounts | Facility June 30, 2020 December 31, 2019 Secured credit facilities $ 108,160 $ 119,629 2022 Senior Secured Notes 305,000 305,000 2022 Notes 476,822 497,604 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $835 and $2,163, respectively) 97,710 130,538 $50.0 million NSM Loan (incl. accrued interest $14) 31,514 — Sale and Leaseback Agreements 65,705 — 2022 Logistics Senior Notes 375,000 375,000 Navios Logistics other long-term loans and notes payable 138,946 145,359 Total borrowings 1,607,483 1,581,756 Less: current portion, net (69,732 ) (50,110 ) Less: deferred finance costs, net (15,702 ) (18,509 ) Total long-term borrowings $ 1,522,049 $ 1,513,137 |
Principal payments | Payment due by period June 30, 2021 (incl. total accrued interest $849 of NSM Loan & $50.0 million NSM Loan ) $ 71,407 June 30, 2022 1,050,220 June 30, 2023 381,781 June 30, 2024 46,268 June 30, 2025 19,811 June 30, 2026 and thereafter 37,996 Total $ 1,607,483 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [abstract] | |
Fair value of financial instruments | June 30, 2020 December 31, 2019 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 54,014 $ 54,014 $ 77,991 $ 77,991 Restricted cash $ 1,058 $ 1,058 $ 736 $ 736 Investments in available-for-sale-securities $ 153 $ 153 $ 189 $ 189 Loan receivable from affiliate companies $ — $ — $ 24,495 $ 24,495 Long-term receivable from affiliate companies $ — $ — $ 5,328 $ 5,328 Senior and ship mortgage notes, net $ (1,152,942) $ (780,814) $ (1,170,679) $ (875,228) Long-term debt, including current portion $ (309,615) $ (312,667) $ (262,030) $ (264,498) Loan payable to affiliate companies, including current portion $ (129,224) $ (129,224) $ (130,538) $ (130,538) Long-term payable to affiliate companies $ — $ — $ (5,000) $ (5,000) |
Fair value measurements on a recurring basis | Fair Value Measurements as of June 30, 2020 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 $ 153 $ 153 $ — $ — Total $ 153 $ 153 $ — $ — Fair Value Measurements as of December 31, 2019 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 $ 189 $ 189 $ — $ — Total $ 189 $ 189 $ — $ — |
Fair value measurements on a nonrecurring basis | Fair Value Measurements as of June 30, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Vessels, port terminals and other fixed assets, net $ 13,747 $ 13,747 $ — $ — Total $ 13,747 $ 13,747 $ — $ — Fair Value Measurements as of December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Vessels, port terminals and other fixed assets, net $ 62,397 $ 7,497 $ 54,900 $ — Operating lease assets $ 89,945 $ — $ 89,945 $ — Total $ 152,342 $ 7,497 $ 144,845 $ — |
Fair value measurements on a nonrecurring basis | Fair Value Measurements at June 30, 2020 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 54,014 $ 54,014 $ — $ — Restricted cash $ 1,058 $ 1,058 $ — $ — Investments in available-for-sale-securities $ 153 $ 153 $ — $ — Senior and ship mortgage notes $ (780,814 ) $ (772,188 ) $ (8,626 ) $ — Long-term debt, including current portion (1) $ (312,667 ) $ — $ (312,667 ) $ — Loan payable to affiliate companies, including current portion (2) $ (129,224 ) $ — $ (129,224 ) $ — Fair Value Measurements at December 31, 2019 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 77,991 $ 77,991 $ — $ — Restricted cash $ 736 $ 736 $ — $ — Investments in available-for-sale-securities $ 189 $ 189 $ — $ — Loan receivable from affiliate companies (2) $ 24,495 $ — $ 24,495 $ — Long-term receivable from affiliate company (2) $ 5,328 $ — $ 5,328 $ — Senior and ship mortgage notes $ (875,228 ) $ (866,602) $ (8,626) $ — Long-term debt, including current portion (1) $ (264,498 ) $ — $ (264,498) $ — Loan payable to affiliate companies, including current portion (2) $ (130,538 ) $ — $ (130,538) $ — Long-term payable to affiliate companies (2) $ (5,000 ) $ — $ (5,000) $ — The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness. 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. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
SEGMENT INFORMATION [Abstract] | |
Segment summarized financial information | Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 Revenue $ 38,302 $ 58,825 $ 97,127 Interest expense and finance cost, net (22,159) (9,259) (31,418) Depreciation and amortization (10,745) (7,267) (18,012) Equity in net earnings of affiliated companies 9,445 — 9,445 Net (loss)/ income attributable to Navios Holdings common stockholders (42,918) 7,647 (35,271) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliates 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2019 Logistics Business for the Three Month Period Ended June 30, 2019 Total for the Three Month Period Ended June 30, 2019 Revenue $ 52,900 $ 60,611 $ 113,511 Administrative fee revenue from affiliates 6,318 — 6,318 Interest expense and finance cost, net (20,330) (9,833 ) (30,163) Depreciation and amortization (13,445) (7,310 ) (20,755) Equity in net losses of affiliated companies (16,779) — (16,779) Net (loss)/ income attributable to Navios Holdings common stockholders (42,620) 6,189 (36,431) Total assets 1,779,519 672,390 2,451,909 Goodwill 56,240 104,096 160,336 Capital expenditures (6,805) (487 ) (7,292) Investment in affiliates 72,512 — 72,512 Cash and cash equivalents 26,693 68,796 95,489 Restricted cash 9,732 — 9,732 Long-term debt, net (including current and non-current portion) $ 999,347 $ 523,784 $ 1,523,131 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 Revenue $ 72,562 $ 115,648 $ 188,210 Interest expense and finance cost, net (44,529) (18,532) (63,061) Depreciation and amortization (21,543) (14,545) (36,088) Equity in net earnings of affiliated companies 3,308 — 3,308 Net (loss)/ income attributable to Navios Holdings common stockholders (100,690) 12,144 (88,546) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliates 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2019 Logistics Business for the Six Month Period Ended June 30, 2019 Total for the Six Month Period Ended June 30, 2019 Revenue $ 105,582 $ 116,377 $ 221,959 Administrative fee revenue from affiliates 12,782 — 12,782 Interest expense and finance cost, net (41,336 ) (19,671 ) (61,007 ) Depreciation and amortization (27,324 ) (14,656 ) (41,980 ) Equity in net losses of affiliated companies (12,502) — (12,502 ) Net (loss)/ income attributable to Navios Holdings common stockholders (51,309 ) 9,574 (41,735 ) Total assets 1,779,519 672,390 2,451,909 Goodwill 56,240 104,096 160,336 Capital expenditures (13,970 ) (1,222 ) (15,192 ) Investment in affiliates 72,512 — 72,512 Cash and cash equivalents 26,693 68,796 95,489 Restricted cash 9,732 — 9,732 Long-term debt, net (including current and non-current portion) $ 999,347 $ 523,784 $ 1,523,131 |
(Loss)_ Earnings Per Common S_2
(Loss)/ Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
(LOSS)/ EARNINGS PER COMMON SHARE [Abstract] | |
(Loss)/ Earnings per common share | Three Month Period Ended June 30, 2020 Three Month Period Ended June 30, 2019 Six Month Period Ended June 30, 2020 Six Month Period Ended June 30, 2019 Numerator: Net loss attributable to Navios Holdings common stockholders $ (35,271) $ (36,431 ) $ (88,546) $ (41,735 ) Less: Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,957 ) (2,578) (4,506 ) Plus: Tender Offer – Redemption of preferred stock Series G and Series H including $7,714 and $15,392 of undeclared preferred dividend cancelled for three and six month periods ended June 30, 2019, respectively — 20,241 — 44,284 Gain from eliminated dividends (preferred stock) due to conversion — — 166 — Loss available to Navios Holdings common stockholders, basic and diluted $ (36,555) $ (18,147 ) $ (90,958) $ (1,957 ) Denominator: Denominator for basic and diluted loss per share attributable to Navios Holdings common stockholders — weighted average shares 12,901,880 12,219,750 12,882,235 12,219,817 Basic and diluted loss per share attributable to Navios Holdings common stockholders $ (2.83) $ (1.49 ) $ (7.06) $ (0.16 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
LEASES [Abstract] | |
Company’s lease expense | Drybulk Vessel Operations Three Month Period Ended June 30, 2020 Logistics Business Three Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 24,155 $ 1,170 $ 25,325 Lease expense for land lease agreements — 143 143 Lease expense for office lease agreements — 144 144 Total $ 24,155 $ 1,457 $ 25,612 Drybulk Vessel Operations Three Month Period Ended June 30, 2019 Logistics Business Three Month Period Ended June 30, 2019 Total Lease expense for charter-in contracts $ 29,182 $ — $ 29,182 Lease expense for land lease agreements — 135 135 Lease expense for office lease agreements 660 166 826 Total $ 29,842 $ 301 $ 30,143 Drybulk Vessel Operations Six Month Period Ended June 30, 2020 Logistics Business Six Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 49,771 $ 2,988 $ 52,759 Lease expense for land lease agreements — 282 282 Lease expense for office lease agreements — 303 303 Total $ 49,771 $ 3,573 $ 53,344 Drybulk Vessel Operations Six Month Period Ended June 30, 2019 Logistics Business Six Month Period Ended June 30, 2019 Total Lease expense for charter-in contracts $ 60,398 $ — $ 60,398 Lease expense for land lease agreements — 271 271 Lease expense for office lease agreements 1,464 340 1,804 Total $ 61,862 $ 611 $ 62,473 |
Total amount of lease payments on an undiscounted basis | Charter-in vessels in operation Land leases Office space June 30, 2021 $ 101,484 $ 556 $ 671 June 30, 2022 79,864 556 107 June 30, 2023 58,885 556 97 June 30, 2024 46,898 556 32 June 30, 2025 28,566 556 — June 30, 2026 and thereafter 55,528 22,724 — Total $ 371,225 $ 25,504 $ 907 Operating lease liabilities, including current portion $ 301,610 $ 7,769 $ 861 Discount based on incremental borrowing rate $ 69,615 $ 17,735 $ 46 |
Description of Business (Detail
Description of Business (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Navios Logistics | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 63.80% |
Navios Containers | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 3.70% |
Navios Partners | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 18.50% |
Navios Acquisition | |
Subsidiary or Equity Method Investee [Line Items] | |
Ownership percentage of Navios Holdings | 30.50% |
Navios Containers | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of conversion into a limited partnership | Nov. 30, 2018 |
Description of Business - Relat
Description of Business - Related Parties - Navios Europe I and Navios Europe II (Details) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Feb. 18, 2015 | Oct. 09, 2013 | |
Navios Europe I | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership | 47.50% | ||||
Navios Europe I | Container vessels | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | 5 | ||||
Navios Europe I | Tanker vessels | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | 5 | ||||
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% | ||||
Navios Europe II | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership | 47.50% | ||||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisitions,Navios Partners | |||||
Related Party Transaction [Line Items] | |||||
Debt Instrument, Decrease, Forgiveness | $ 5,000 | ||||
Navios Europe II | Dry bulk vessels | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | 7 | ||||
Navios Europe II | Container vessels | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels | 7 | ||||
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% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Revenues per Category (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | $ 97,127 | $ 113,511 | $ 188,210 | $ 221,959 |
COA/Voyage revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 17,289 | 15,364 | 28,739 | 27,793 |
Time chartering revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 51,966 | 73,517 | 105,017 | 144,136 |
Port terminal revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 21,636 | 19,683 | 35,828 | 36,657 |
Storage fees (dry port) revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 19 | 437 | 2,842 | 896 |
Dockage revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 1,476 | 1,083 | 1,909 | 1,603 |
Liquid port terminal revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 1,271 | 932 | 2,267 | 2,159 |
Other | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 61 | 398 | 351 | 559 |
Sale of products revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 3,409 | 2,097 | 11,257 | 8,156 |
Dry Bulk Vessel Operations | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 38,302 | 52,900 | 72,562 | 105,582 |
Dry Bulk Vessel Operations | COA/Voyage revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 2,793 | 0 | 2,793 | 0 |
Dry Bulk Vessel Operations | Time chartering revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 35,680 | 52,856 | 69,705 | 105,521 |
Dry Bulk Vessel Operations | Other | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | (171) | 44 | 64 | 61 |
Logistics Business | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 58,825 | 60,611 | 115,648 | 116,377 |
Logistics Business | COA/Voyage revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 14,496 | 15,364 | 25,946 | 27,793 |
Logistics Business | Time chartering revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 16,286 | 20,661 | 35,312 | 38,615 |
Logistics Business | Port terminal revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 21,636 | 19,683 | 35,828 | 36,657 |
Logistics Business | Storage fees (dry port) revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 19 | 437 | 2,842 | 896 |
Logistics Business | Dockage revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 1,476 | 1,083 | 1,909 | 1,603 |
Logistics Business | Liquid port terminal revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 1,271 | 932 | 2,267 | 2,159 |
Logistics Business | Other | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | 232 | 354 | 287 | 498 |
Logistics Business | Sale of products revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Revenue | $ 3,409 | $ 2,097 | $ 11,257 | $ 8,156 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - (Details) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Navios Logistics | ||
Percentage of Navios Holdings ownership | ||
Ownership percentage of Navios Holdings | 63.80% | |
Navios Containers | ||
Percentage of Navios Holdings ownership | ||
Economic interest | 3.70% | |
Navios Partners and its subsidiaries | ||
Percentage of Navios Holdings ownership | ||
Economic interest | 18.50% | |
Navios Acquisition and its subsidiaries | ||
Percentage of Navios Holdings ownership | ||
Economic interest | 30.50% | |
Navios Europe I and its subsidiaries | ||
Percentage of Navios Holdings ownership | ||
Economic interest | 47.50% | |
Navios Europe II and its subsidiaries | ||
Percentage of Navios Holdings ownership | ||
Economic interest | 47.50% |
Sale Of Management_Deconsolidat
Sale Of Management/Deconsolidation of Navios Containers - Gain on Sale (Table) (Details) $ in Thousands | 8 Months Ended |
Aug. 30, 2019USD ($) | |
Gain Loss On Sale Of Investments [Abstract] | |
Cash consideration | $ 3,000 |
Less: Transaction fees | (1,088) |
Proceeds received | 1,912 |
Net liabilities derecognized | 158,795 |
Loan payable to NSM assumed | (141,795) |
Book value of general partner interest in Navios Partners | (3,212) |
Book value of Other fixed assets | (6,213) |
Lease liability, net | 315 |
Increase in operating capital | 7,890 |
Gain on sale | $ 9,802 |
Sale Of Management_Deconsolid_2
Sale Of Management/Deconsolidation of Navios Containers - Discontinued Operations (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Subsidiary or Equity Method Investee [Line Items] | ||||
Net loss attributable to Navios Holdings common stockholders | $ 0 | $ (3,055) | $ 0 | $ (3,294) |
Navios Containers | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Revenue | 33,678 | 65,510 | ||
Time charter, voyage and port terminal expenses | (1,335) | (2,982) | ||
Direct vessel expenses | (16,828) | (32,725) | ||
General and administrative expenses | (2,570) | (5,064) | ||
Depreciation and amortization | (8,514) | (17,074) | ||
Interest expense and finance cost, net | (4,113) | (7,666) | ||
Other expense, net | (3,373) | (3,293) | ||
Net loss from discontinued operations | (3,055) | (3,294) | ||
Less: Net loss attributable to the noncontrolling interest | 2,943 | 3,174 | ||
Net loss attributable to Navios Holdings common stockholders | $ (112) | $ (120) |
Sale of Management_Deconsolid_3
Sale of Management/Deconsolidation of Navios Containers (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Aug. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Subsidiary or Equity Method Investee [Line Items] | |||||
Common stock shares outstanding | 13,466,174 | 13,360,356 | |||
Proceeds from sale of business | $ 20,000 | ||||
Navios Containers | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 57,999 | ||||
Fair value of investment | $ 2,527 | ||||
Gain/ (loss) on revaluation of retained investment | $ (3,742) | $ (3,742) | |||
Common stock shares outstanding | 1,263,276 | ||||
Closing price of the common stock | $ 2 |
Vessels, Port Terminals and O_3
Vessels, Port Terminals and Other Fixed Assets, Net (Table) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Property Plant And Equipment [Line Items] | |
Balance | $ 1,276,514 |
Additions | (30,078) |
Impairment losses | (19,553) |
Vessel disposals | (23,078) |
Write offs | (472) |
Vessel Acquisitions | 95,664 |
Balance | 1,298,997 |
Cost | |
Property Plant And Equipment [Line Items] | |
Balance | 1,809,195 |
Additions | 2,209 |
Impairment losses | (67,511) |
Vessel disposals | (23,078) |
Write offs | (549) |
Vessel Acquisitions | 96,678 |
Balance | 1,816,944 |
Accumulated Depreciation | |
Property Plant And Equipment [Line Items] | |
Balance | (532,681) |
Additions | (32,287) |
Impairment losses | 47,958 |
Write offs | 77 |
Vessel Acquisition | (1,014) |
Balance | (517,947) |
Net Book Value | |
Property Plant And Equipment [Line Items] | |
Balance | 1,276,514 |
Additions | (30,078) |
Impairment losses | (19,553) |
Vessel disposals | (23,078) |
Write offs | (472) |
Vessel Acquisitions | 95,664 |
Balance | $ 1,298,997 |
Vessels, Port Terminals and O_4
Vessels, Port Terminals and Other Fixed Assets, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jan. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | |
Property Plant And Equipment [Line Items] | |||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (8,967) | $ (18,253) | $ (20,215) | $ (23,784) | |||||
Navios Amitie | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Disposal date | Jun. 30, 2020 | ||||||||
Year Built | 2005 | ||||||||
Vessel capacity in DWT | 75,395 dwt | ||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (4,478) | ||||||||
Vessel sale price | $ 6,887 | $ 6,887 | |||||||
Navios Northern Star | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Disposal date | Aug. 31, 2020 | ||||||||
Year Built | 2005 | ||||||||
Vessel capacity in DWT | 75,395 dwt | ||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (4,489) | ||||||||
Vessel sale price | $ 6,860 | ||||||||
Navios Star | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Disposal date | May 31, 2020 | ||||||||
Year Built | 2002 | ||||||||
Vessel capacity in DWT | 76,662 dwt | ||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (5,697) | ||||||||
Vessel sale price | $ 6,450 | ||||||||
Capitalized Cost, Impairment Loss | $ 258 | ||||||||
Navios Hios and Navios Kypros | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Disposal date | Feb. 29, 2020 | ||||||||
Vessel sale price | $ 16,628 | ||||||||
Navios Kypros | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2003 | ||||||||
Vessel capacity in DWT | 55,222 dwt | ||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (5,551) | ||||||||
Capitalized Cost, Impairment Loss | $ 404 | ||||||||
Navios Hios | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2003 | ||||||||
Vessel capacity in DWT | 55,180 dwt | ||||||||
Jupiter N and Rainbow N | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Date of delivery | Jun. 30, 2020 | ||||||||
Vessel acquisition cost | $ 24,883 | ||||||||
Jupiter N | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2011 | ||||||||
Vessel capacity in DWT | 93,062 dwt | ||||||||
Rainbow N | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Year Built | 2011 | ||||||||
Vessel capacity in DWT | 79,642 dwt | ||||||||
Navios Corali | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Date of delivery | Mar. 31, 2020 | ||||||||
Year Built | 2015 | ||||||||
Vessel capacity in DWT | 181,249 dwt | ||||||||
Vessel acquisition cost | $ 36,684 | ||||||||
Cash consideration for purchase of vessel | $ 36,684 | ||||||||
Navios Canary | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Date of delivery | Jan. 31, 2020 | ||||||||
Year Built | 2015 | ||||||||
Vessel capacity in DWT | 180,528 dwt | ||||||||
Vessel acquisition cost | $ 35,111 | ||||||||
Cash consideration for purchase of vessel | $ 35,111 |
Vessels, Port Terminals and O_5
Vessels, Port Terminals and Other Fixed Assets, Net - Navios Logistics (Details) - Navios Logistics - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Nov. 21, 2019 | Feb. 28, 2017 | |
Construction of six liquid barges | |||
Property Plant And Equipment [Line Items] | |||
Total purchase price | $ 17,140 | ||
Secured credit of purchase price | 75.00% | ||
Debt Instrument, Term | 5 years | ||
Payments For Construction In Process | $ 4,400 | ||
Capitalized interest costs | 310 | ||
Undeveloped land located in Port Murtinho region, Brazil | |||
Property Plant And Equipment [Line Items] | |||
Capitalized interest costs | $ 898 | ||
Area of land (in hectares) | 3.5 hectares | ||
Payments to acquire land | $ 1,155 | ||
Two new tanks | |||
Property Plant And Equipment [Line Items] | |||
Payments For Construction In Process | $ 456 | ||
Formosa and San Lorenzo | |||
Property Plant And Equipment [Line Items] | |||
Vessel sale price | $ 1,109 |
Intangible Assets Other Than _3
Intangible Assets Other Than Goodwill (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition cost | $ 178,642 | $ 178,642 |
Accumulated amortization | (77,275) | (74,488) |
Total Intangible assets net book value | $ 101,367 | $ 104,154 |
Intangible Assets Other Than _4
Intangible Assets Other Than Goodwill - Amortization Schedule (Table) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Acquired Finite Lived Intangible Assets [Line Items] | |
Year One | $ 5,581 |
Year Two | 5,581 |
Year Three | 5,581 |
Year Four | 5,588 |
Year Five | 5,581 |
Thereafter | 73,455 |
Total | $ 101,367 |
Intangible Assets Other Than _5
Intangible Assets Other Than Goodwill - Additional Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of intangible assets | $ 1,394 | $ 1,395 | $ 2,787 | $ 2,780 |
Borrowings (Table) (Details)
Borrowings (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Secured credit facilities | $ 108,160 | $ 119,629 |
Total borrowings | 1,607,483 | 1,581,756 |
Less: current portion, net | (69,732) | (50,110) |
Less: deferred finance costs, net | (15,702) | (18,509) |
Total long-term borrowings | 1,522,049 | 1,513,137 |
2022 Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 305,000 | 305,000 |
2022 Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 476,822 | 497,604 |
2024 Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 8,626 | 8,626 |
NSM Loan (incl. accrued interest $835 and $2,163, respectively) | ||
Debt Instrument [Line Items] | ||
Total borrowings | 97,710 | 130,538 |
$50.0 million NSM Loan (incl. accrued interest $14) | ||
Debt Instrument [Line Items] | ||
Secured credit facilities | 31,514 | 0 |
Sale and Leaseback Agreements | ||
Debt Instrument [Line Items] | ||
Finance lease liability | 65,705 | 0 |
2022 Logistics Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 375,000 | 375,000 |
Navios Logistics other long-term loans and notes payable | ||
Debt Instrument [Line Items] | ||
Other long-term loans | $ 138,946 | $ 145,359 |
Borrowings - Principal Payments
Borrowings - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
BORROWINGS [Abstract] | ||
June 30, 2021 (incl. total accrued interest $849 of NSM Loan & $50.0 million NSM Loan) | $ 71,407 | |
June 30, 2022 | 1,050,220 | |
June 30, 2023 | 381,781 | |
June 30, 2024 | 46,268 | |
June 30, 2025 | 19,811 | |
June 30, 2026 and thereafter | 37,996 | |
Total | $ 1,607,483 | $ 1,581,756 |
Borrowings - Secured Credit Fac
Borrowings - Secured Credit Facilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Amount outstanding | $ 108,160 | $ 119,629 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Variable rate basis | LIBOR | |
Line of Credit | Minimum | ||
Debt Instrument [Line Items] | ||
Loan margin percentage | 2.75% | |
Maturity date | Jun. 30, 2021 | |
Line of Credit | Maximum | ||
Debt Instrument [Line Items] | ||
Loan margin percentage | 3.25% | |
Maturity date | Nov. 30, 2022 |
Borrowings - Senior and Ship Mo
Borrowings - Senior and Ship Mortgage Notes Navios Logistics and Navios Containers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jul. 08, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 11, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument Carrying Amount | $ 1,607,483 | $ 1,607,483 | $ 1,581,756 | ||||||||
Gain/ (Loss) on bond and debt extinguishment | 0 | $ 5,712 | 11,204 | $ 21,374 | |||||||
Restricted cash | 1,058 | 9,732 | 1,058 | 9,732 | 736 | ||||||
Line of credit | 108,160 | 108,160 | 119,629 | ||||||||
Proceeds from long-term loans | 66,862 | 127,171 | |||||||||
Secured credit facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of secured credit facility | $ 14,555 | ||||||||||
2022 Senior Secured Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Nov. 21, 2017 | ||||||||||
Face amount at issuance date | $ 305,000 | $ 305,000 | |||||||||
Debt instrument, issuance price percentage | 97.00% | ||||||||||
Fixed interest rate | 11.25% | 11.25% | |||||||||
2022 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Nov. 29, 2013 | ||||||||||
Face amount at issuance date | $ 650,000 | $ 650,000 | |||||||||
Fixed interest rate | 7.375% | 7.375% | |||||||||
Repurchase of notes | $ 20,782 | 81,235 | $ 35,661 | ||||||||
Cash consideration paid to repurchase debt | 9,443 | 50,683 | $ 28,796 | ||||||||
Gain/ (Loss) on bond and debt extinguishment | 5,712 | $ 11,204 | 21,374 | ||||||||
Debt Instrument Collateral | 23 dry bulk vessels | 17 dry bulk vessels | |||||||||
Restricted cash | $ 358 | $ 7,410 | $ 358 | $ 7,410 | $ 15,609 | $ 15,251 | $ 10,129 | $ 14,000 | |||
2024 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price percentage | 100.00% | ||||||||||
NSM Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Aug. 29, 2019 | ||||||||||
Face amount at issuance date | 141,795 | $ 141,795 | |||||||||
Debt Instrument Carrying Amount | 97,710 | 97,710 | 130,538 | ||||||||
Accrued Interest | 835 | 835 | |||||||||
$50.0 million NSM Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility maximum borrowing capacity | 50,000 | $ 50,000 | |||||||||
Line of credit facility issuance date | Jun. 30, 2020 | ||||||||||
Accrued Interest | 14 | $ 14 | |||||||||
Line of credit | $ 31,514 | 31,514 | 0 | ||||||||
One Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of secured credit facility | $ 5,556 | ||||||||||
Upon occurrence of certain change of control events | 2022 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price percentage | 101.00% | ||||||||||
Series H Depositary Shares | 2024 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Mar. 21, 2019 | ||||||||||
Fixed interest rate | 9.75% | 9.75% | |||||||||
Senior Notes | $ 4,747 | $ 4,747 | |||||||||
Number of shares repurchased | 10,930 | ||||||||||
Series G Depositary Shares | 2024 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Apr. 21, 2019 | ||||||||||
Fixed interest rate | 9.75% | 9.75% | |||||||||
Senior Notes | $ 3,879 | $ 3,879 | |||||||||
Number of shares repurchased | 8,841 | ||||||||||
Navios Logistics | 2022 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchase of notes | 35,500 | ||||||||||
Cash consideration paid to repurchase debt | $ 17,642 | ||||||||||
Navios Logistics | 2022 Logistics Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Apr. 22, 2014 | ||||||||||
Face amount at issuance date | $ 375,000 | $ 375,000 | |||||||||
Fixed interest rate | 7.25% | 7.25% | |||||||||
Maturity date | May 1, 2022 | ||||||||||
Redemption Price | 100.00% | ||||||||||
Redemption date | Jul. 16, 2020 | ||||||||||
Navios Logistics | Navios Logistics New BBVA Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date/Date of agreement | Feb. 14, 2020 | ||||||||||
Face amount at issuance date | $ 25,000 | $ 25,000 | |||||||||
Amount used for repayment of debt | $ 11,375 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||
Interest Rate | LIBOR (180 days) | ||||||||||
Maturity date | Mar. 31, 2022 | ||||||||||
Repayment frequency | quarterly | ||||||||||
Navios Logistics | Navios Logistics BBVA Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument Carrying Amount | 11,375 | $ 11,375 | |||||||||
Navios Logistics | Navios Logistics other long-term loans and notes payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount at issuance date | 138,946 | $ 138,946 | |||||||||
Variable rate basis | LIBOR | ||||||||||
Navios Logistics | Navios Logistics other long-term loans and notes payable | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | ||||||||||
Maturity date | Aug. 31, 2020 | ||||||||||
Navios Logistics | Navios Logistics other long-term loans and notes payable | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||||
Maturity date | Nov. 30, 2024 | ||||||||||
Navios Logistics | On or after January 15, 2019 | 2022 Logistics Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price percentage | 101.813% | ||||||||||
Navios Logistics | Upon occurrence of certain change of control events | 2022 Logistics Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price percentage | 101.00% | ||||||||||
Navios Logistics | Senior Notes 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount at issuance date | $ 500,000 | $ 500,000 | |||||||||
Fixed interest rate | 10.75% | 10.75% |
Borrowings - Sale and Leaseback
Borrowings - Sale and Leaseback Agreements (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | |
Navios Canary and Navios Corali | ||
Line Of Credit Facility [Line Items] | ||
Finance lease liability | $ 65,705 | $ 68,000 |
Repayment installments | 144 | |
Navios Canary | ||
Line Of Credit Facility [Line Items] | ||
Sale Leaseback Transaction Monthly Rental Payments | $ 224 | |
Finance Lease Liability, Maturity Date | Dec. 31, 2031 | |
Finance Lease Liability Periodic Payment Terms Balloon Payment To Be Paid | $ 750 | |
Navios Corali | ||
Line Of Credit Facility [Line Items] | ||
Sale Leaseback Transaction Monthly Rental Payments | $ 238 | |
Finance Lease Liability, Maturity Date | Mar. 31, 2032 | |
Finance Lease Liability Periodic Payment Terms Balloon Payment To Be Paid | $ 750 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Jun. 30, 2020 | Jun. 30, 2019 |
Three months ended | ||
Debt Instrument [Line Items] | ||
Annual weighted average interest rate | 7.48% | 7.72% |
Six months ended | ||
Debt Instrument [Line Items] | ||
Annual weighted average interest rate | 7.50% | 7.73% |
Borrowings - Repayment Terms an
Borrowings - Repayment Terms and Covenants (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Navios Holdings borrowings | |
Debt Instrument [Line Items] | |
Repayment terms | 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 2022 Senior Secured Notes (as defined herein), the 2022 Notes (as defined herein) and the 2024 Notes (as defined herein). 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. |
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 Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par. |
Debt Instrument Covenant Description | Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 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 Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2020. |
Secured debt | |
Debt Instrument [Line Items] | |
Minimum liquidity | $ 30,000 |
Secured debt | Minimum | |
Debt Instrument [Line Items] | |
Value to loan ratio | 1.2 |
Net total debt to assets | 0.75 |
Secured debt | Maximum | |
Debt Instrument [Line Items] | |
Value to loan ratio | 1.35 |
Net total debt to assets | 0.8 |
Secured debt | Maximum | Covenants waived up to two quarters | |
Debt Instrument [Line Items] | |
Net total debt to assets | 0.9 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents - Book Value | $ 54,014 | $ 77,991 | $ 95,489 |
Cash and cash equivalents - Fair Value | 54,014 | 77,991 | |
Restricted cash - Book Value | 1,058 | 736 | $ 9,732 |
Restricted cash - Fair Value | 1,058 | 736 | |
Investments in available-for-sale-securities - Book Value | 153 | 189 | |
Investments in available-for-sale-securities - Fair Value | 153 | 189 | |
Loan receivable from affiliate companies - Book Value | 0 | 24,495 | |
Loan receivable from affiliate companies - Fair Value | 0 | 24,495 | |
Long-term receivable from affiliate companies - Book Value | 0 | 5,328 | |
Long-term receivable from affiliate companies - Fair Value | 0 | 5,328 | |
Senior and ship mortgage notes, net - Book Value | (1,152,942) | (1,170,679) | |
Senior and ship mortgage notes, net - Fair Value | (780,814) | (875,228) | |
Long-term debt, including current portion - Book Value | (309,615) | (262,030) | |
Long-term debt, including current portion - Fair Value | (312,667) | (264,498) | |
Loan payable to affiliate companies, including current portion - Book Value | (129,224) | (130,538) | |
Loan payable to affiliate companies, including current portion - Fair Value | (129,224) | (130,538) | |
Long-term payable to affiliate companies - Book Value | 0 | (5,000) | |
Long-term payable to affiliate companies - Fair Value | $ 0 | $ (5,000) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Investments in available-for-sale-securities | $ 153 | $ 189 |
Fair Value Measurements, Recurring | ||
Assets | ||
Investments in available-for-sale-securities | 153 | 189 |
Total | 153 | 189 |
Quoted Prices in Active Markets for Identical Assets (Level I) | Fair Value Measurements, Recurring | ||
Assets | ||
Investments in available-for-sale-securities | 153 | 189 |
Total | $ 153 | $ 189 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) (Details) - Fair Value Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Vessels, port terminals and other fixed assets, net | $ 13,747 | $ 62,397 |
Operating lease assets | 89,945 | |
Total | 13,747 | 152,342 |
Quoted Prices in Active Markets for Identical Assets (Level I) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Vessels, port terminals and other fixed assets, net | 13,747 | 7,497 |
Total | $ 13,747 | 7,497 |
Significant Other Observable Inputs (Level II) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Vessels, port terminals and other fixed assets, net | 54,900 | |
Operating lease assets | 89,945 | |
Total | $ 144,845 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 54,014 | $ 77,991 | |
Restricted cash | 1,058 | 736 | |
Investments in available-for-sale-securities | 153 | 189 | |
Loan receivable from affiliate companies | 0 | 24,495 | |
Long-term receivable from affiliate company | 0 | 5,328 | |
Senior and ship mortgage notes | (780,814) | (875,228) | |
Long-term debt, including current portion | (312,667) | (264,498) | |
Loan payable to affiliate companies, including current portion | (129,224) | (130,538) | |
Long-term payable to affiliate companies | 0 | (5,000) | |
Fair Value Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 54,014 | 77,991 | |
Restricted cash | 1,058 | 736 | |
Investments in available-for-sale-securities | 153 | 189 | |
Loan receivable from affiliate companies | [1] | 24,495 | |
Long-term receivable from affiliate company | [1] | 5,328 | |
Senior and ship mortgage notes | (780,814) | (875,228) | |
Long-term debt, including current portion | [2] | (312,667) | (264,498) |
Loan payable to affiliate companies, including current portion | [1] | (129,224) | (130,538) |
Long-term payable to affiliate companies | [1] | (5,000) | |
(Level I) | Fair Value Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 54,014 | 77,991 | |
Restricted cash | 1,058 | 736 | |
Investments in available-for-sale-securities | 153 | 189 | |
Senior and ship mortgage notes | (772,188) | (866,602) | |
(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] | 24,495 | |
Long-term receivable from affiliate company | [1] | 5,328 | |
Senior and ship mortgage notes | (8,626) | (8,626) | |
Long-term debt, including current portion | [2] | (312,667) | (264,498) |
Loan payable to affiliate companies, including current portion | [1] | $ (129,224) | (130,538) |
Long-term payable to affiliate companies | [1] | $ (5,000) | |
[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 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 Instr_7
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 472 | ||
Two vessels | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 8,967 | ||
Three vessels | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 92,013 | ||
Chartered-in vessels | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 38,636 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Letters of guarantee and letters of credit | $ 10 | $ 10 |
Other long term assets | $ 88,343 | $ 75,670 |
Navios Galaxy II | ||
Date of charter-in agreement | Dec. 31, 2017 | |
Lease term | 10 years | |
Vessel capacity in DWT | 81,789 dwt | |
Contractual Obligation | $ 5,410 | |
Other long term assets | $ 6,704 | |
Date of delivery | Mar. 30, 2020 | |
Navios Herakles I and Navios Uranus | ||
Number of vessels | 2 | |
Date of charter-in agreement | Jan. 31, 2018 | |
Contractual Obligation | $ 11,140 | |
Other long term assets | $ 14,070 | |
Navios Herakles I | ||
Lease term | 10 years | |
Vessel capacity in DWT | 82,036 dwt | |
Date of delivery | Aug. 28, 2019 | |
Navios Uranus | ||
Lease term | 10 years | |
Vessel capacity in DWT | 81,516 dwt | |
Date of delivery | Nov. 28, 2019 | |
Navios Felicity I | ||
Date of charter-in agreement | Apr. 30, 2018 | |
Lease term | 10 years | |
Vessel capacity in DWT | 81,946 dwt | |
Contractual Obligation | $ 5,590 | |
Other long term assets | $ 7,193 | |
Date of delivery | Jan. 17, 2020 | |
Navios Magellan II | ||
Lease term | 10 years | |
Vessel capacity in DWT | 82,037 dwt | |
Contractual Obligation | $ 5,820 | |
Other long term assets | $ 7,506 | |
Date of delivery | May 15, 2020 | |
Navios Logistics | Vitol S.A. | ||
Guarantee and indemnity letter | $ 12,000 | |
Description of guarantee | 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, 2021. | |
Navios Logistics | Edolmix S.A. and Energias Renovables del Sur S.A. | ||
Description of guarantee | On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively. | |
Navios Logistics | Edolmix S.A. | ||
Guarantee and indemnity letter | $ 847 | |
Navios Logistics | Energias Renovables del Sur S.A. | ||
Guarantee and indemnity letter | $ 519 |
Transactions with Related Par_2
Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2017 | Apr. 21, 2020 | Jul. 10, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Aug. 31, 2020 | Sep. 12, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 14, 2020 | Jan. 01, 2020 | Dec. 31, 2015 | Dec. 31, 2013 | |
Current portion of long-term debt | $ 63,912 | $ 63,912 | $ 25,395 | ||||||||||||
Current portion of loan payable to affiliate companies | 5,820 | 5,820 | 24,715 | ||||||||||||
Outstanding balance | 1,607,483 | 1,607,483 | 1,581,756 | ||||||||||||
Due from affiliate, current | 1,460 | 1,460 | 14,614 | ||||||||||||
Long-term receivable from affiliate companies | 0 | 0 | 5,328 | ||||||||||||
Due to affiliate, current | 34,944 | 34,944 | 6,353 | ||||||||||||
Equity in net (losses)/ earnings of affiliated companies | 9,445 | $ (16,779) | 3,308 | $ (12,502) | |||||||||||
Loan receivable from affiliate companies | 0 | 0 | 24,495 | ||||||||||||
Due to affiliate, non current | 0 | 0 | 5,000 | ||||||||||||
Proceeds From Related Party Debt | 31,500 | 0 | |||||||||||||
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | 6,050 | 0 | |||||||||||
Navios Partners | |||||||||||||||
Due to affiliate, current | 10,000 | 10,000 | 10,000 | ||||||||||||
Unamortized deferred gain for vessels and rights sold | $ 6,285 | ||||||||||||||
Equity in net (losses)/ earnings of affiliated companies | 0 | $ 328 | 0 | $ 656 | |||||||||||
Navios Acquisition | |||||||||||||||
Due to affiliate, current | 1,460 | 1,460 | 1,460 | ||||||||||||
Due to affiliate, non current | 18,689 | 18,689 | 13,847 | ||||||||||||
Navios Containers | |||||||||||||||
Equity in net (losses)/ earnings of affiliated companies | $ (77) | $ 105 | |||||||||||||
Ownership percentage of Navios Holdings | 3.70% | 3.70% | |||||||||||||
NSM | |||||||||||||||
Administrative services agreement term in years | 5 years | ||||||||||||||
Due to affiliate, current | $ 24,944 | $ 24,944 | 3,975 | ||||||||||||
Navios Partners Agreement | |||||||||||||||
Maximum exposure | $ 20,000 | ||||||||||||||
Navios Partners Agreement | Guarantee claim | |||||||||||||||
Fair value of guarantee obligations | $ 10,000 | $ 10,000 | 10,000 | ||||||||||||
Option Agreement | Navios Acquisition | |||||||||||||||
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 June 30, 2020, Navios Holdings had not exercised any part of that option. | ||||||||||||||
Minimum | Option Agreement | Navios Midstream | |||||||||||||||
Ownership percentage of Navios Holdings | 25.00% | 25.00% | |||||||||||||
Secured Credit Facility | Navios Logistics | |||||||||||||||
Line of credit facility issuance date | Apr. 25, 2019 | ||||||||||||||
Maximum borrowing capacity | $ 50,000 | $ 50,000 | |||||||||||||
Line Credit Facility Arrangement Fees | $ 500 | ||||||||||||||
Interest rate description | 12.75% | ||||||||||||||
Amount drawn down | $ 70,000 | $ 50,000 | |||||||||||||
Number of shares issued-common stock | 2,414,263 | ||||||||||||||
Line of Credit Facility, Increase | $ 20,000 | ||||||||||||||
Repayments of Lines of Credit | $ 2,308 | ||||||||||||||
Secured Credit Facility | Navios Logistics | First year | |||||||||||||||
Interest rate description | 12.75% | ||||||||||||||
Secured Credit Facility | Navios Logistics | Second year | |||||||||||||||
Interest rate description | 14.75% | ||||||||||||||
Secured Credit Facility | Navios Logistics | If certain conditions are met | |||||||||||||||
Maturity date | Dec. 31, 2024 | ||||||||||||||
Interest rate description | 10.00% | ||||||||||||||
Secured Credit Facility | NSM | |||||||||||||||
Face amount at issuance date | $ 141,795 | $ 141,795 | |||||||||||||
Issuance date/Date of agreement | Aug. 29, 2019 | ||||||||||||||
Fixed interest rate | 5.00% | 5.00% | |||||||||||||
Long-term debt term | 5 years | 5 years | |||||||||||||
Current portion of long-term debt | $ 47,000 | $ 47,000 | |||||||||||||
Accrued Interest | 835 | 835 | $ 2,163 | ||||||||||||
Repayment of loan payable to affiliate companies | 31,500 | 13,420 | |||||||||||||
Current portion of loan payable to affiliate companies | 5,820 | $ 5,820 | |||||||||||||
Repayment frequency | quarterly | ||||||||||||||
Outstanding balance | $ 96,875 | $ 96,875 | 128,375 | $ 78,375 | |||||||||||
Secured Credit Facility | NSM | Deferred principal payment | First or second year | |||||||||||||||
Fixed interest rate | 7.00% | 7.00% | |||||||||||||
Outstanding balance | $ 20,000 | $ 20,000 | |||||||||||||
Secured Credit Facility | NSM | Deferred principal payment | Third year | |||||||||||||||
Fixed interest rate | 7.00% | 7.00% | |||||||||||||
Outstanding balance | $ 10,000 | $ 10,000 | |||||||||||||
Secured Credit Facility | $50.0 million NSM | |||||||||||||||
Fixed interest rate | 5.00% | 5.00% | |||||||||||||
Accrued Interest | $ 14 | $ 14 | 0 | ||||||||||||
Repayment installments | 18 | ||||||||||||||
Repayment frequency | quarterly | ||||||||||||||
Outstanding balance | 31,500 | $ 31,500 | 0 | ||||||||||||
Maximum borrowing capacity | $ 50,000 | $ 50,000 | |||||||||||||
Amount drawn down | $ 18,500 | ||||||||||||||
Number of units pledged as collateral | 104,069 | 104,069 | |||||||||||||
Secured Credit Facility | $50.0 million NSM | Deferred principal payment | |||||||||||||||
Fixed interest rate | 7.00% | 7.00% | |||||||||||||
2022 Notes | |||||||||||||||
Face amount at issuance date | $ 650,000 | $ 650,000 | |||||||||||||
Issuance date/Date of agreement | Nov. 29, 2013 | ||||||||||||||
Repurchase of notes | $ 20,782 | 81,235 | $ 35,661 | ||||||||||||
2022 Notes | Secured Credit Facility | Navios Logistics | |||||||||||||||
Repurchase of notes | 18,726 | ||||||||||||||
$50.0 million NSM Loan | |||||||||||||||
Accrued Interest | 14 | $ 14 | |||||||||||||
Line of credit facility issuance date | Jun. 30, 2020 | ||||||||||||||
Maximum borrowing capacity | 50,000 | $ 50,000 | |||||||||||||
Navios Europe I | |||||||||||||||
Due from affiliate, total | $ 0 | ||||||||||||||
Ownership percentage of Navios Holdings | 47.50% | ||||||||||||||
Proceeds From Related Party Debt | $ 13,420 | ||||||||||||||
Navios Europe II | |||||||||||||||
Due from affiliate, total | $ 0 | $ 0 | 20,712 | ||||||||||||
Due from affiliate, current | 13,154 | ||||||||||||||
Long-term receivable from affiliate companies | 7,558 | ||||||||||||||
Ownership percentage of Navios Holdings | 47.50% | 47.50% | |||||||||||||
Navios Europe II | Navios Revolving Loans II | |||||||||||||||
Preferred Distribution Percentage | 18.00% | ||||||||||||||
Loan receivable from affiliate companies | $ 16,938 | ||||||||||||||
Navios Europe II | Navios Revolving Loans II | Navios Holdings, Navios Acquisitions,Navios Partners | |||||||||||||||
Maximum borrowing capacity | $ 43,500 | ||||||||||||||
Line of Credit Facility, Increase | $ 14,000 | ||||||||||||||
Debt Instrument, Decrease | $ 5,000 |
Transactions with Related Par_3
Transactions with Related Parties - Management and Administrative Agreements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Aug. 30, 2019 | Dec. 31, 2019 | |
Proceeds from sale of business | $ 20,000,000 | |||||
Other (expense)/income, net | $ (1,593,000) | $ 11,449,000 | $ (3,154,000) | $ 16,758,000 | ||
General and administrative expenses | 8,836,000 | 7,874,000 | 15,798,000 | 15,406,000 | ||
Accrued expenses and other liabilities | 57,350,000 | 57,350,000 | $ 51,180,000 | |||
Management agreement | ||||||
Accrued expenses and other liabilities | 8,924,000 | 8,924,000 | ||||
NSM | ||||||
General and administrative expenses | 2,377,000 | 0 | $ 4,639,000 | 0 | ||
Administrative services agreement term in years | 5 years | |||||
NSM | Management agreement | ||||||
Management fees | $ 11,537,000 | 0 | $ 22,525,000 | 0 | ||
Duration of agreements | 5 years | |||||
Termination date of agreement | Aug. 29, 2024 | |||||
NSM | Management agreement | Owned Vessels | ||||||
Daily management fee | $ 3,700 | |||||
NSM | Management agreement | After two years | Owned Vessels | ||||||
Rate of annual increase in management fees | 3.00% | 3.00% | ||||
NSM | Management agreement | Chartered-in vessels | ||||||
Daily management fee | $ 30 | |||||
NSM | Automatic extension of management agreement | ||||||
Duration of agreements | 5 years | |||||
Navios Partners | Management agreement | ||||||
Management fees | 54,080,000 | 109,805,000 | ||||
Other (expense)/income, net | 3,780,000 | 7,770,000 | ||||
Navios Partners | Administrative agreement | ||||||
General and administrative expenses | 6,318,000 | 12,782,000 | ||||
Termination date of agreement | Dec. 31, 2022 | |||||
Navios Acquisition | Management agreement | ||||||
Termination date of agreement | May 31, 2020 | |||||
Navios Acquisition | Administrative agreement | ||||||
Termination date of agreement | May 31, 2020 | |||||
Navios Logistics | Administrative agreement | ||||||
General and administrative expenses | $ 286,000 | $ 286,000 | $ 572,000 | $ 572,000 | ||
Termination date of agreement | Dec. 31, 2021 | |||||
Navios Midstream | Management agreement | ||||||
Termination date of agreement | Dec. 31, 2018 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Feb. 21, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 21, 2019 | Apr. 18, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 15, 2017 | Dec. 31, 2019 | Dec. 18, 2019 | |
Preferred stock shares outstanding | 23,032 | 23,032 | 23,242 | |||||||||
Common stock shares outstanding | 13,466,174 | 13,466,174 | 13,360,356 | |||||||||
Shares tendered, nominal value | $ 0 | $ 0 | $ 0 | |||||||||
Payments for repurchase of shares | 0 | $ 10,009 | ||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | $ 8,703 | $ 9,932 | ||||||||||
Undeclared preferred dividends | 22,656 | |||||||||||
Dividends paid to noncontrolling shareholders | $ 9,948 | $ 0 | ||||||||||
Restricted common stock | ||||||||||||
Forfeited shares of common stock | 1,230 | 0 | 59 | |||||||||
Restricted stock units | ||||||||||||
Vested stock units | 84,336 | |||||||||||
Series G and Series H | ||||||||||||
Percentage of the increase of the preferred dividend rate | 0.25% | |||||||||||
First conversion | Dividends undeclared | ||||||||||||
Dividends cancelled | 1,471 | |||||||||||
Second conversion | Dividends undeclared | ||||||||||||
Dividends cancelled | $ 916 | |||||||||||
American Depositary Shares - The Series G | ||||||||||||
Number of shares | 2,000,000 | |||||||||||
Preferred stock shares outstanding | 5,350 | 5,350 | 5,350 | |||||||||
Sale of Stock- Redemption price per share | $ 25 | $ 25 | ||||||||||
Preferred stock liquidation preference | $ 2,500 | $ 2,500 | ||||||||||
Dividend rate of preferred stock | 8.75% | |||||||||||
American Depositary Shares - The Series H | ||||||||||||
Number of shares | 4,800,000 | |||||||||||
Preferred stock shares outstanding | 17,682 | 17,682 | 17,682 | |||||||||
Sale of Stock- Redemption price per share | $ 25 | $ 25 | ||||||||||
Preferred stock liquidation preference | $ 2,500 | $ 2,500 | ||||||||||
Dividend rate of preferred stock | 8.625% | |||||||||||
Convertible preferred stock | ||||||||||||
Conversion of Stock, Shares converted | 210 | 3,289 | ||||||||||
Preferred stock shares outstanding | 210 | |||||||||||
Dividends cancelled | $ 171 | |||||||||||
Convertible preferred stock | 10 years after the issuance date | ||||||||||||
Sale of Stock- Redemption price per share | $ 10 | |||||||||||
Preferred stock liquidation preference | $ 10,000 | |||||||||||
Common Stock | ||||||||||||
Number of common stock issued to employees | 16,000 | |||||||||||
Conversion of stock, Shares issued | 22,712 | 140,059 | 22,712 | 352,770 | ||||||||
Stock-based compensation expenses, shares granted | 84,336 | 151,515 | ||||||||||
Common Stock | Dividends undeclared | ||||||||||||
Conversion of Stock, Shares converted | 210 | |||||||||||
Conversion of stock, Shares issued | 1,712 | 23,870 | ||||||||||
Price per common unit | $ 6 | $ 6 | ||||||||||
Common Stock | First conversion | Dividends undeclared | ||||||||||||
Conversion of Stock, Shares converted | 1,980 | |||||||||||
Conversion of stock, Shares issued | 14,711 | |||||||||||
Price per common unit | $ 75 | |||||||||||
Common Stock | Second conversion | Dividends undeclared | ||||||||||||
Conversion of Stock, Shares converted | 1,309 | |||||||||||
Conversion of stock, Shares issued | 9,159 | |||||||||||
Price per common unit | $ 41 | |||||||||||
Navios Holdings | ||||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | $ 8,703 | $ 9,932 | ||||||||||
Navios Logistics | ||||||||||||
Dividends paid | $ 27,500 | |||||||||||
Navios Logistics | Navios Holdings | ||||||||||||
Dividends paid | 17,552 | |||||||||||
Navios Logistics | Noncontrolling Interest | ||||||||||||
Dividends paid to noncontrolling shareholders | $ 9,948 | |||||||||||
Exchange program for 66 2/3% shares | American Depositary Shares - The Series G | ||||||||||||
Number of shares issued for the exchange offer | 8,841 | |||||||||||
Shares tendered, nominal value | $ 21,271 | |||||||||||
Tender offer expenses | 620 | |||||||||||
Payments for repurchase of shares | 4,423 | |||||||||||
2024 Notes issued | 3,879 | |||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | 12,568 | |||||||||||
Dividends cancelled | $ 6,798 | |||||||||||
Exchange program for 66 2/3% shares | American Depositary Shares - The Series H | ||||||||||||
Number of shares issued for the exchange offer | 10,930 | |||||||||||
Shares tendered, nominal value | $ 26,297 | |||||||||||
Tender offer expenses | 997 | |||||||||||
Payments for repurchase of shares | 4,188 | |||||||||||
2024 Notes issued | 4,747 | |||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | 16,365 | |||||||||||
Dividends cancelled | $ 7,678 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other income | Navios Logistics | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Other (expense)/income - taxes other than income taxes | $ 590 | $ 2,107 | $ 2,021 | $ 3,955 |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 97,127 | $ 113,511 | $ 188,210 | $ 221,959 | |
Administrative fee revenue from affiliates | 0 | 6,318 | 0 | 12,782 | |
Interest expense and finance cost, net | (31,418) | (30,163) | (63,061) | (61,007) | |
Depreciation and amortization | (18,012) | (20,755) | (36,088) | (41,980) | |
Equity in net losses of affiliated companies | 9,445 | (16,779) | 3,308 | (12,502) | |
Net (loss)/ income attributable to Navios Holdings common stockholders | (35,271) | (36,431) | (88,546) | (41,735) | |
Total assets | 2,115,924 | 2,451,909 | 2,115,924 | 2,451,909 | $ 2,142,855 |
Goodwill | 160,336 | 160,336 | 160,336 | 160,336 | 160,336 |
Capital expenditures | (101,250) | (7,292) | (101,250) | (15,192) | |
Investment in affiliates | 63,498 | 72,512 | 63,498 | 72,512 | 64,352 |
Cash and cash equivalents | 54,014 | 95,489 | 54,014 | 95,489 | 77,991 |
Restricted cash | 1,058 | 9,732 | 1,058 | 9,732 | $ 736 |
Long-term debt, net (including current and non-current portion) | 1,591,781 | 1,523,131 | 1,591,781 | 1,523,131 | |
Dry Bulk Vessel Operations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 38,302 | 52,900 | 72,562 | 105,582 | |
Administrative fee revenue from affiliates | 6,318 | 12,782 | |||
Interest expense and finance cost, net | (22,159) | (20,330) | (44,529) | (41,336) | |
Depreciation and amortization | (10,745) | (13,445) | (21,543) | (27,324) | |
Equity in net losses of affiliated companies | 9,445 | (16,779) | 3,308 | (12,502) | |
Net (loss)/ income attributable to Navios Holdings common stockholders | (42,918) | (42,620) | (100,690) | (51,309) | |
Total assets | 1,500,046 | 1,779,519 | 1,500,046 | 1,779,519 | |
Goodwill | 56,240 | 56,240 | 56,240 | 56,240 | |
Capital expenditures | (98,672) | (6,805) | (98,672) | (13,970) | |
Investment in affiliates | 63,498 | 72,512 | 63,498 | 72,512 | |
Cash and cash equivalents | 20,525 | 26,693 | 20,525 | 26,693 | |
Restricted cash | 1,058 | 9,732 | 1,058 | 9,732 | |
Long-term debt, net (including current and non-current portion) | 1,082,032 | 999,347 | 1,082,032 | 999,347 | |
Logistics Business | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 58,825 | 60,611 | 115,648 | 116,377 | |
Interest expense and finance cost, net | (9,259) | (9,833) | (18,532) | (19,671) | |
Depreciation and amortization | (7,267) | (7,310) | (14,545) | (14,656) | |
Net (loss)/ income attributable to Navios Holdings common stockholders | 7,647 | 6,189 | 12,144 | 9,574 | |
Total assets | 615,878 | 672,390 | 615,878 | 672,390 | |
Goodwill | 104,096 | 104,096 | 104,096 | 104,096 | |
Capital expenditures | (2,578) | (487) | (2,578) | (1,222) | |
Cash and cash equivalents | 33,489 | 68,796 | 33,489 | 68,796 | |
Long-term debt, net (including current and non-current portion) | $ 509,749 | $ 523,784 | $ 509,749 | $ 523,784 |
(Loss)_ Earnings Per Common S_3
(Loss)/ Earnings Per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net loss attributable to Navios Holdings common stockholders | $ (35,271) | $ (36,431) | $ (88,546) | $ (41,735) |
Declared and undeclared dividend on preferred stock and on unvested restricted shares | (1,284) | (1,957) | (2,578) | (4,506) |
Tender Offer – Redemption of preferred stock Series G and Series H including $7,714 and $15,392 of undeclared preferred dividend cancelled for three and six month periods ended June 30, 2019, respectively | 0 | 20,241 | 0 | 44,284 |
Gain from eliminated dividends (preferred stock) due to conversion | 0 | 0 | 166 | 0 |
Loss available to Navios Holdings common stockholders, basic and diluted | $ (36,555) | $ (18,147) | $ (90,958) | $ (1,957) |
Denominator: | ||||
Denominator for basic and diluted loss per share attributable to Navios Holdings common stockholders — weighted average shares | 12,901,880 | 12,219,750 | 12,882,235 | 12,219,817 |
Basic and diluted loss per share attributable to Navios Holdings common stockholders | $ (2.83) | $ (1.49) | $ (7.06) | $ (0.16) |
(Loss)_ Earnings Per Common S_4
(Loss)/ Earnings Per Common Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Number of Common Shares | ||||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 566,525 | 861,158 | 583,126 | 834,394 |
Convertible Preferred Stock | ||||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 0 | 349,900 | 3,115 | 349,900 |
Investment in affiliates and _2
Investment in affiliates and available-for-sale securities (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||
Jan. 31, 2019 | Feb. 28, 2019 | Feb. 28, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | May 21, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||||||||
Equity in net (losses)/ earnings of affiliated companies | $ 9,445 | $ (16,779) | $ 3,308 | $ (12,502) | |||||
Investments in affiliates | 63,498 | 72,512 | 63,498 | 72,512 | $ 64,352 | ||||
Other than temporary impairment loss on investments | 0 | 0 | 6,050 | 0 | |||||
Navios Partners | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Equity in net (losses)/ earnings of affiliated companies | $ 0 | 328 | $ 0 | 656 | |||||
Partners capital account units acquisitions | 518 | ||||||||
Payments to acquire investment | $ 8 | ||||||||
Navios Partners | Navios Holdings | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
General partner interest of Navios Holdings | 2.00% | ||||||||
Navios Partners | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Private placement of units to directors and/or officers | 25,396 | ||||||||
Stockholders' equity, Reverse stock split | 1-for-15 reverse stock split | ||||||||
Navios Partners | Share Repurchase Program | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Share repurchase program, Authorized amount | $ 50,000 | ||||||||
Stock repurchase program period in force | 2 years | ||||||||
Number of shares repurchased | 312,952 | ||||||||
Navios Acquisition | Share Repurchase Program | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Share repurchase program, Authorized amount | $ 25,000 | ||||||||
Stock repurchase program period in force | 2 years | ||||||||
Number of shares repurchased | 735,251 | ||||||||
Navios Partners | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Common units held by Navios Holdings | 2,070,216 | 2,070,216 | |||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 98,270 | $ 98,270 | 101,492 | ||||||
Equity in net (losses)/ earnings of affiliated companies | $ (1,127) | 902 | $ (2,354) | 3,153 | |||||
Ownership percentage of Navios Holdings | 18.50% | 18.50% | |||||||
Investments in affiliates | $ 31,520 | $ 31,520 | 35,116 | ||||||
Dividends received | 621 | 690 | 1,242 | 1,380 | |||||
Market value of the investment | 20,102 | 20,102 | |||||||
Navios Acquisition | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 73,605 | 73,605 | 79,477 | ||||||
Equity in net (losses)/ earnings of affiliated companies | $ 10,650 | (4,728) | $ 12,207 | (3,262) | |||||
Ownership percentage of Navios Holdings | 30.50% | 30.50% | |||||||
Investments in affiliates | $ 29,182 | $ 29,182 | $ 19,894 | ||||||
Dividends received | 1,460 | 2,766 | 2,919 | $ 2,919 | |||||
Market value of the investment | $ 19,801 | $ 19,801 | |||||||
Other than temporary impairment loss on investments | $ 13,543 |
Investment in affiliates and _3
Investment in affiliates and available-for-sale securities - Navios Europe I and Navios Europe II (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2017USD ($) | Apr. 21, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) | Dec. 18, 2013USD ($) | Feb. 18, 2015USD ($) | |
Investments In And Advances To Affiliates [Line Items] | ||||||||||||
Long-term debt | $ 1,591,781 | $ 1,523,131 | $ 1,591,781 | $ 1,523,131 | ||||||||
Investments in affiliates | 63,498 | 72,512 | 63,498 | 72,512 | $ 64,352 | |||||||
Proceeds From Related Party Debt | 31,500 | 0 | ||||||||||
Equity in net (losses)/ earnings of affiliated companies | 9,445 | (16,779) | $ 3,308 | (12,502) | ||||||||
Navios Europe I | ||||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||||
Number of vessels acquired | 10 | |||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 6,763 | |||||||||||
Investments in affiliates | 4,750 | |||||||||||
Profit Sharing Arrangement | On an ongoing basis, Navios Europe I was 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. | |||||||||||
Proceeds From Related Party Debt | $ 13,420 | |||||||||||
Equity in net (losses)/ earnings of affiliated companies | 0 | 0 | $ 0 | 0 | ||||||||
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 | |||||||||||
Line of Credit Facility, Increase | $ 30,000 | |||||||||||
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] | ||||||||||||
Number of vessels acquired | 14 | |||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 9,419 | |||||||||||
Investments in affiliates | $ 6,650 | |||||||||||
Profit Sharing Arrangement | On an ongoing basis, Navios Europe II was 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. | |||||||||||
Unrealized Gain/ (Loss) On Ιnvestments | $ (6,650) | |||||||||||
Equity in net (losses)/ earnings of affiliated companies | $ 0 | $ 591 | $ 0 | $ 1,151 | ||||||||
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 | |||||||||||
Line of Credit Facility, Increase | $ 14,000 | |||||||||||
Debt Instrument, Decrease, Forgiveness | $ 5,000 | |||||||||||
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 |
Investment in affiliates and _4
Investment in affiliates and available-for-sale securities - Navios Containers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Investments In And Advances To Affiliates [Line Items] | |||||
Equity in net (losses)/ earnings of affiliated companies | $ 9,445 | $ (16,779) | $ 3,308 | $ (12,502) | |
Investments in affiliates | 63,498 | $ 72,512 | 63,498 | $ 72,512 | $ 64,352 |
Navios Containers | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Equity in net (losses)/ earnings of affiliated companies | (77) | 105 | |||
Investments in affiliates | 2,787 | 2,787 | $ 2,682 | ||
Market value of the investment | $ 1,023 | $ 1,023 |
Investment in affiliates and _5
Investment in affiliates and available-for-sale securities - AFS Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Investment in available-for-sale-securities | $ 153 | $ 153 | $ 189 | ||
Unrealized loss | $ 36 | ||||
Unrealized gain | $ 5 | $ 19 | $ 1 |
Leases - Navios Holdings Lease
Leases - Navios Holdings Lease Expenses (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Leased Assets [Line Items] | ||||
Lease expenses | $ 25,612 | $ 30,143 | $ 53,344 | $ 62,473 |
Charter-in contracts | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 25,325 | 29,182 | 52,759 | 60,398 |
Land lease agreements | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 143 | 135 | 282 | 271 |
Office lease agreements | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 144 | 826 | 303 | 1,804 |
Drybulk Vessel Operations | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 24,155 | 29,842 | 49,771 | 61,862 |
Drybulk Vessel Operations | Charter-in contracts | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 24,155 | 29,182 | 49,771 | 60,398 |
Drybulk Vessel Operations | Office lease agreements | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 660 | 1,464 | ||
Logistics Business | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 1,457 | 301 | 3,573 | 611 |
Logistics Business | Charter-in contracts | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 1,170 | 2,988 | ||
Logistics Business | Land lease agreements | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | 143 | 135 | 282 | 271 |
Logistics Business | Office lease agreements | ||||
Operating Leased Assets [Line Items] | ||||
Lease expenses | $ 144 | $ 166 | $ 303 | $ 340 |
Leases - Future Minimum Commitm
Leases - Future Minimum Commitments for Chartered-In Contracts (Table) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Charter-in contracts | |
Property Subject To Or Available For Operating Lease [Line Items] | |
June 30, 2021 | $ 101,484 |
June 30, 2022 | 79,864 |
June 30, 2023 | 58,885 |
June 30, 2024 | 46,898 |
June 30, 2025 | 28,566 |
June 30, 2026 and thereafter | 55,528 |
Total | 371,225 |
Operating lease liabilities, including current portion | 301,610 |
Discount based on incremental borrowing rate | 69,615 |
Land Leases | |
Property Subject To Or Available For Operating Lease [Line Items] | |
June 30, 2021 | 556 |
June 30, 2022 | 556 |
June 30, 2023 | 556 |
June 30, 2024 | 556 |
June 30, 2025 | 556 |
June 30, 2026 and thereafter | 22,724 |
Total | 25,504 |
Operating lease liabilities, including current portion | 7,769 |
Discount based on incremental borrowing rate | 17,735 |
Office space | |
Property Subject To Or Available For Operating Lease [Line Items] | |
June 30, 2021 | 671 |
June 30, 2022 | 107 |
June 30, 2023 | 97 |
June 30, 2024 | 32 |
June 30, 2025 | 0 |
June 30, 2026 and thereafter | 0 |
Total | 907 |
Operating lease liabilities, including current portion | 861 |
Discount based on incremental borrowing rate | $ 46 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Charter-in contracts | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Weighted average remaining lease term | 5 years 1 month 4 days | |
Operating lease liabilities | $ 301,610 | |
Charter-in contracts | Minimum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Remaining lease term | 1 month 5 days | |
Charter-in contracts | Maximum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Remaining lease term | 10 years | |
Land Leases | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Weighted average remaining lease term | 45 years 9 months 7 days | |
Operating lease liabilities | $ 7,769 | |
Land Leases | Minimum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Remaining lease term | 45 years 7 months 29 days | |
Land Leases | Maximum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Remaining lease term | 46 years 24 days | |
Office lease agreements | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Weighted average remaining lease term | 1 year 9 months 18 days | |
Operating lease liabilities | $ 861 | |
Office lease agreements | Minimum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Remaining lease term | 1 month 5 days | |
Office lease agreements | Maximum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Remaining lease term | 3 years 3 months 16 days | |
New leases | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease liabilities | $ 43,516 | $ 18,110 |
Subsequent Events (Details)
Subsequent Events (Details) - Navios Logistics - Subsequent event - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 10, 2020 | Jul. 08, 2020 | |
Subsequent Event [Line Items] | ||
Dividends declared | $ 6,381 | |
Common Stock Dividends Shares | 2,414,263 | |
Senior Notes 2025 | ||
Subsequent Event [Line Items] | ||
Fixed interest rate | 10.75% | |
Face amount at issuance date | $ 500,000 | |
Maturity date | Jul. 1, 2025 |