Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Entity Information | |
Entity Registrant Name | Navios Maritime Holdings Inc. |
Trading Symbol | NM |
Entity Central Index Key | 0001333172 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock Shares Outstanding | 15,881,147 |
Entity Address, Country | MH |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Title of 12(b) Security | Common Stock and American Depositary Shares |
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 94,881 | $ 77,991 |
Restricted cash | 16,303 | 736 |
Accounts receivable, net | 54,328 | 51,932 |
Due from affiliate companies | 243 | 14,614 |
Inventories | 14,121 | 10,489 |
Prepaid expenses and other current assets | 14,981 | 12,239 |
Total current assets | 194,857 | 168,001 |
Vessels, port terminals and other fixed assets, net | 1,139,539 | 1,276,514 |
Deferred dry dock and special survey costs, net | 31,180 | 26,599 |
Long-term receivable from affiliate companies | 0 | 5,328 |
Loan receivable from affiliate companies | 0 | 24,495 |
Investments in affiliate companies | 56,988 | 64,352 |
Other long-term assets | 61,900 | 49,071 |
Operating lease assets | 227,962 | 264,005 |
Intangible assets other than goodwill | 98,563 | 104,154 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 1,776,468 | 1,974,854 |
Total assets | 1,971,325 | 2,142,855 |
Current liabilities | ||
Accounts payable | 29,185 | 21,673 |
Accrued expenses and other liabilities | 72,535 | 51,180 |
Deferred income and cash received in advance | 8,342 | 8,854 |
Operating lease liabilities, current portion | 81,415 | 87,103 |
Due to affiliate companies | 27,114 | 6,353 |
Current portion of loans payable to affiliate companies | 26,595 | 24,715 |
Current portion of long-term debt, net | 48,219 | 25,395 |
Senior and ship mortgage notes, net | 299,377 | 0 |
Total current liabilities | 592,782 | 225,273 |
Senior and ship mortgage notes, net | 964,189 | 1,170,679 |
Long-term debt, net of current portion | 143,417 | 236,635 |
Loans payable to affiliate companies, net of current portion | 102,632 | 105,823 |
Other long-term liabilities and deferred income | 660 | 5,958 |
Operating lease liabilities, net of current portion | 193,351 | 226,329 |
Long-term payable to affiliate companies | 0 | 5,000 |
Deferred tax liability | 8,577 | 8,133 |
Total non-current liabilities | 1,412,826 | 1,758,557 |
Total liabilities | 2,005,608 | 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 December 31, 2020 and 2019, respectively. | 0 | 0 |
Common stock — $0.0001 par value, authorized 250,000,000 shares, 15,881,147 and 13,360,356 issued and outstanding as of December 31, 2020 and 2019, respectively. | 1 | 1 |
Additional paid-in capital | 643,033 | 641,765 |
Accumulated deficit | (784,592) | (597,916) |
Total Navios Holdings stockholders’ (deficit)/ equity | (141,558) | 43,850 |
Noncontrolling interest | 107,275 | 115,175 |
Total stockholders’ (deficit)/ equity | (34,283) | 159,025 |
Total liabilities and stockholders' equity | $ 1,971,325 | $ 2,142,855 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 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 | 15,881,147 | 13,360,356 |
Common stock shares outstanding | 15,881,147 | 13,360,356 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME [Abstract] | |||
Revenue | $ 416,718 | $ 482,449 | $ 505,686 |
Administrative fee revenue from affiliate companies | 0 | 16,991 | 28,393 |
Time charter, voyage and logistics business expenses | (166,589) | (177,216) | (205,787) |
Direct vessel expenses | (104,755) | (101,467) | (96,261) |
General and administrative expenses incurred on behalf of affiliate companies | 0 | (16,991) | (28,393) |
General and administrative expenses | (33,702) | (36,194) | (26,640) |
Depreciation and amortization | (71,015) | (81,723) | (99,779) |
Allowance for credit losses | (541) | (999) | (575) |
Interest income | 257 | 10,662 | 8,748 |
Interest expense and finance cost | (136,559) | (133,479) | (137,916) |
Impairment loss/ loss on sale of vessels, net | (88,367) | (156,106) | (200,657) |
Gain on bond and debt extinguishment, net | 7,047 | 47,430 | 6,464 |
Gain on sale of assets | 0 | 0 | 28 |
Gain on sale of business | 0 | 9,802 | 0 |
(Loss on loss of control)/Bargain gain upon obtaining control | 0 | (61,741) | 58,313 |
Other income | 6,303 | 44,750 | 14,500 |
Other expense | (8,007) | (15,842) | (13,290) |
Impairment of loan receivable from affiliate company | (6,050) | 0 | 0 |
Loss before equity in net losses of affiliate companies | (185,260) | (169,674) | (187,166) |
Equity in net losses of affiliate companies | (1,293) | (9,185) | (80,205) |
Loss before taxes | (186,553) | (178,859) | (267,371) |
Income tax (expense)/benefit | (2,052) | (1,475) | 1,108 |
Net loss from continuing operations | (188,605) | (180,334) | (266,263) |
Net (loss)/income from discontinued operations | 0 | (4,118) | 752 |
Net loss | (188,605) | (184,452) | (265,511) |
Less: Net income attributable to the noncontrolling interest | (4,356) | (7,658) | (3,207) |
Net loss attributable to Navios Holdings common stockholders | (192,961) | (192,110) | (268,718) |
Loss attributable to Navios Holdings common stockholders, basic and diluted from continuing operations | (197,939) | (149,490) | (279,711) |
(Loss)/Income attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations | 0 | (4,118) | 752 |
Loss attributable to Navios Holdings common stockholders, basic and diluted | $ (197,939) | $ (153,608) | $ (278,959) |
Basic and diluted loss per share attributable to Navios Holdings common stockholders from continuing operations | $ (15.35) | $ (12.1) | $ (23.39) |
Basic and diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from discontinued operations | 0 | (0.33) | 0.06 |
Basic and diluted loss per share attributable to Navios Holdings common stockholders | $ (15.35) | $ (12.43) | $ (23.33) |
Weighted average number of shares, basic and diluted | 12,896,568 | 12,356,024 | 11,958,959 |
Other comprehensive income/(loss) | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Total other comprehensive income | 0 | 0 | 0 |
Total comprehensive loss | (188,605) | (184,452) | (265,511) |
Comprehensive income attributable to noncontrolling interest | (4,356) | (7,658) | (3,207) |
Total comprehensive loss attributable to Navios Holdings common stockholders | $ (192,961) | $ (192,110) | $ (268,718) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net loss | $ (188,605) | $ (184,452) | $ (265,511) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 71,015 | 104,581 | 102,839 |
Amortization and write-off of deferred financing costs | 7,863 | 8,242 | 7,880 |
Amortization of deferred drydock and special survey costs | 10,255 | 11,714 | 13,828 |
Allowance for credit losses | 541 | 999 | 575 |
Stock-based compensation expenses | 1,268 | 2,885 | 4,556 |
Gain on bond and debt extinguishment, net | (7,047) | (47,430) | (6,464) |
Income tax expense/(benefit) | 2,052 | 1,475 | (1,108) |
Equity in net losses of affiliate companies, net of dividends received | 2,709 | 13,722 | 84,317 |
Loss on loss of control/(Bargain gain upon obtaining control) | 0 | 61,741 | (58,313) |
Gain on sale of business/assets | 0 | (9,802) | (894) |
Impairment of loan receivable from affiliate company | 6,050 | 0 | 0 |
Impairment loss/ loss on sale of vessels, net | 88,367 | 156,106 | 200,657 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in accounts receivable | (2,992) | 5,425 | 6,575 |
(Increase)/decrease in inventories | (3,641) | 12,606 | 2,672 |
Increase in prepaid expenses and other assets | (5,505) | (10,753) | (19,171) |
Decrease/(increase) in due from affiliate companies | 18,895 | (1,029) | (15,708) |
Increase/(decrease) in accounts payable | 7,763 | 47,491 | (3,023) |
Increase/(decrease) in accrued expenses and other liabilities | 18,469 | (15,855) | 20,569 |
Decrease in operating lease liabilities, net | (3,985) | (3,078) | 0 |
Increase/(decrease) in due to affiliate companies | 18,626 | (32,081) | (3,031) |
Increase/(decrease) in deferred income and cash received in advance | 648 | (2,323) | (1,535) |
Decrease in other long-term liabilities and deferred income | (173) | (966) | (6,318) |
Payments for drydock and special survey costs | (17,362) | (23,106) | (7,755) |
Net cash provided by operating activities | 25,211 | 96,112 | 55,637 |
INVESTING ACTIVITIES: | |||
Proceeds from sale of business | 0 | 3,000 | 0 |
Impact to cash from deconsolidation/sale of business | 0 | (21,439) | 0 |
Cash acquired upon obtaining control | 0 | 0 | 24,400 |
Loan from/(to) affiliate companies | 18,629 | 8,000 | (12,875) |
Dividends from affiliate companies | 5,838 | 4,379 | 5,838 |
Deposits for vessels, port terminals and other fixed assets | (5,153) | (4,504) | (12,572) |
Proceeds from lease receivable | 189 | 150 | 233 |
Proceeds from sale of asset | 83,445 | 48,830 | 102,217 |
Acquisition of investments in affiliate companies | 0 | (8) | (6,305) |
Acquisition of/additions to vessels | (96,969) | (74,294) | (46,395) |
Purchase of property, equipment and other fixed assets | (3,288) | (5,166) | (11,444) |
Deposit for option to acquire vessels | (2,099) | (15,415) | (15,234) |
Net cash provided by/(used in) investing activities | 592 | (56,467) | 27,863 |
FINANCING ACTIVITIES: | |||
Repurchase of preferred stock | 0 | (10,228) | 0 |
Issuance of capital surplus | 0 | (3) | 0 |
Repayment of loans payable to affiliate companies | (50,000) | (13,420) | 0 |
Proceeds from loans payable to affiliate companies | 50,000 | 0 | 0 |
Proceeds from long-term loans | 81,625 | 129,022 | 56,919 |
Proceeds from issuance of senior notes, net of deferred financing costs | 487,504 | 0 | 0 |
Repayment of long-term debt and payment of principal | (164,638) | (146,887) | (94,298) |
Repayment/repurchase of senior notes | (384,443) | (68,325) | (28,796) |
Debt issuance costs | (1,138) | (1,851) | (740) |
Acquisition of treasury stock | 0 | 0 | (1) |
Dividends paid to noncontrolling shareholders | (12,256) | 0 | 0 |
Net cash provided by/(used in) financing activities | 6,654 | (111,692) | (66,916) |
Increase/(decrease) in cash and cash equivalents and restricted cash | 32,457 | (72,047) | 16,584 |
Cash and cash equivalents and restricted cash, beginning of year | 78,727 | 150,774 | 134,190 |
Cash and cash equivalents and restricted cash, end of year | 111,184 | 78,727 | 150,774 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of capitalized interest | 110,454 | 135,693 | 121,902 |
Cash paid for income taxes | 186 | 298 | 485 |
Non-cash investing and financing activities | |||
Acquisition of/additions to vessels | (986) | 0 | 0 |
Sale of vessels | 4,378 | 0 | 0 |
Proceeds from seller’s credit agreement for the construction of six liquid barges | 11,229 | 0 | 0 |
Accrued interest income on loan receivable from affiliate company | 0 | (2,948) | (3,103) |
Accrued interest expense payable to affiliate company | 0 | 1,173 | 1,071 |
Acquisition of vessels, port terminals and other fixed assets | 0 | 0 | (1,662) |
Issuance of senior secured notes in exchange of preferred stock | 0 | 8,626 | 0 |
Loans payable to affiliate companies | 0 | 141,795 | 0 |
Transfers from deposits for vessels, port terminals and other fixed assets | 0 | 0 | 49,421 |
Transfers to other long-term assets | 0 | 0 | (26) |
Discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 9,728 | (3,791) |
Net cash used in investing activities of discontinued operations | 0 | (54,808) | (24,763) |
Net cash provided by financing activities of discontinued operations | $ 0 | $ 42,164 | $ 23,045 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) | Total Navios Holdings' Stockholders' (Deficit)/Equity | Noncontrolling Interest |
Balance, shares at Dec. 31, 2017 | 46,302 | 12,038,647 | ||||||
Balance, value at Dec. 31, 2017 | $ 617,164 | $ 0 | $ 1 | $ 682,116 | $ (166,021) | $ 2 | $ 516,098 | $ 101,066 |
Net loss | (265,513) | (268,720) | (268,720) | 3,207 | ||||
Total other comprehensive income | 0 | 2 | (2) | |||||
Cancellation of shares (Note 17), shares | (656) | |||||||
Cancellation of shares (Note 17), value | (1) | (1) | (1) | |||||
Stock-based compensation expenses (Note 17), shares | 805,423 | |||||||
Stock-based compensation expenses (Note 17), value | 4,556 | 4,556 | 4,556 | |||||
Noncontrolling interest of Navios Containers (Note 3) | 165,474 | 165,474 | ||||||
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) | 0 | 251,933 | 269,747 |
Net loss | (184,452) | (192,110) | (192,110) | 7,658 | ||||
Total other comprehensive income | 0 | |||||||
Cancellation of shares (Note 17), shares | (3,379) | |||||||
Tender Offer - redemption of preferred stock (Note 17), shares | (19,771) | |||||||
Tender Offer - redemption of preferred stock (Note 17), value | (18,855) | (47,788) | 28,933 | (18,855) | ||||
Conversion of convertible preferred stock to common stock (Note 17), shares | (3,289) | |||||||
Conversion of convertible preferred stock to common stock (Note 17), shares | 352,770 | |||||||
Issuance of capital surplus, shares | (1,123) | |||||||
Issuance of capital surplus, value | (3) | (3) | (3) | |||||
Stock-based compensation expenses (Note 17), shares | 168,674 | |||||||
Stock-based compensation expenses (Note 17), value | 2,885 | 2,885 | 2,885 | |||||
Navios Containers deconsolidation | (162,230) | (162,230) | ||||||
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) | 0 | 43,850 | 115,175 |
Net loss | (188,605) | (192,961) | (192,961) | 4,356 | ||||
Total other comprehensive income | 0 | |||||||
Cancellation of shares (Note 17), shares | (1,345) | |||||||
Conversion of convertible preferred stock to common stock (Note 17), shares | (210) | |||||||
Conversion of convertible preferred stock to common stock (Note 17), shares | 22,712 | |||||||
Issuance of common stock (Note 17), shares | 2,414,263 | |||||||
Stock-based compensation expenses (Note 17), shares | 85,161 | |||||||
Stock-based compensation expenses (Note 17), value | 1,268 | 1,268 | 1,268 | |||||
Other adjustments in accumulated deficit | 6,285 | 6,285 | 6,285 | |||||
Dividends paid to noncontrolling shareholders | (12,256) | (12,256) | ||||||
Balance, shares at Dec. 31, 2020 | 23,032 | 15,881,147 | ||||||
Balance, value at Dec. 31, 2020 | $ (34,283) | $ 0 | $ 1 | $ 643,033 | $ (784,592) | $ 0 | $ (141,558) | $ 107,275 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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, was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007. Navios Logistics believes it is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of December 31, 2020, Navios Holdings owned 63.8% of Navios Logistics’ stock. Navios Containers Navios Maritime Containers L.P. (“Navios Containers”) (NASDAQ: NMCI) is a growth-oriented international owner and operator of containerships. On November 30, 2018, Navios Maritime Containers Inc. was converted into a limited partnership named Navios Containers. Upon this conversion, Navios Containers commenced trading its common units on the Nasdaq Global Select Market (or “NASDAQ”) on December 10, 2018. 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, which had the power to govern the financial and operating policies of Navios Containers, 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 periods from January 1, 2019 to August 30, 2019 and from November 30, 2018 to December 31, 2018. 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 December 31, 2020, Navios Holdings had a 3.9% ownership interest in Navios Containers. Following the acquisition of Navios Containers by Navios Partners, which was completed on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ. (Refer to Note 9). 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 longer-term charters. As of December 31, 2020 and following the sale of Navios Partners’ general partnership interest, referred to in Note 3, Navios Holdings had a 17.9% ownership interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings. On March 31, 2021, Navios Partners completed the acquisition of Navios Containers (Refer to Note 9). 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 December 31, 2020, Navios Holdings owned a 29.5% economic 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 16). 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 containership 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 16). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Going concern The consolidated financial statements have been prepared on a going concern basis. As of December 31, 2020, Navios Holdings’ current assets totaled $194,857, while current liabilities excluding operating lease liabilities, current portion totaled $511,367, resulting in a negative working capital position of $316,510, primarily related to the classification as current of our $305,000 of 11.25% Senior Secured Notes (the “2022 Senior Secured Notes”) and balloon payments. Under the terms of the 2022 Senior Secured Notes, Navios Holdings has an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 7.375% First Priority Ship Mortgage Notes (the “2022 Notes”) are met. In October 2020, Navios Holdings entered into a supplemental indenture (the “Sixth Supplemental Indenture” – see also Note 11) which, among other things, eliminates Navios Holdings' obligation to make a springing maturity offer subject to the occurrence of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics. There can be no assurance that a Qualified IPO will occur prior to the springing maturity date, or at all. Furthermore, we had $476,822 of 2022 Notes outstanding as of December 31, 2020 maturing in January 2022. Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through a Qualified IPO of Navios Logistics, the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to us, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12-month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that the Company will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturities) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Change in accounting principles: ASU 2016-02 Leases, ASC 842 On January 1, 2019, the Company adopted the requirements of Accounting Standards Update (“ASU”) 2016-02 “Leases” as amended (Accounting Standards Codification (“ASC”) 842 or the “new lease standard”). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption of ASC 842. In connection with its adoption of ASC 842, the Company elected the “package of 3” practical expedients permitted under the transition guidance based on which the Company is allowed to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. Additionally, the Company elected the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them as a single lease component for the purposes of the recognition and measurement requirements of ASC 842. As required by ASC 842, the Company’s disclosures around its leasing activities have been significantly expanded to enable users of our consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. Please refer to Note 15. (b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one-half of the voting rights or otherwise has power to govern the financial and operating policies of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and Navios Containers (for the period consolidated from November 30, 2018 to August 30, 2019), which are 63.8% 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 all the periods presented. Investments in Affiliate Companies: Affiliate companies 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 company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, 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 company. Affiliate companies 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 affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of December 31, 2020 was 17.9%); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2020 was 29.5%); (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 (ownership interest as of November 30, 2018, date of obtaining control, and from August 30, 2019, date of loss of control was 3.7% and as of December 31, 2020 was 3.9%). Subsidiaries Included in the Consolidation: Ownership Country of Statements of Operations Company Name Nature Interest Incorporation 2020 2019 2018 Navios Maritime Holdings Inc. Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios South American Logistics Inc. Sub-Holding Company 63.8 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Containers L.P. Holding Company 3.7 % Marshall Is. — 1/1 – 8/29 11/30 - 12/31 Navios Corporation Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios International Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navimax Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Handybulk Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hestia Shipping Ltd. Operating Company 100 % Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Anemos Maritime Holdings Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Shipmanagement Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 NAV Holdings Limited Sub-Holding Company 100 % Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar N.V. Operating Company/ Vessel Owning Company/ Management Company 100 % Belgium 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar Ltd. Operating Company 100 % Marshall Is. — 1/1 – 8/29 1/1 - 12/31 Bulkinvest S.A. Operating Company 100 % Luxembourg 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Tankers Management Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 Astra Maritime Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Achilles Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Apollon Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Herakles Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hios Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ionian Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kypros Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Meridian Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rondine Management Corp . Vessel Owning Company 100 % Marshall Is. 1/1 - 9/30 3/22 - 12/31 — Vernazza Shiptrade Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 9/25-12/31 — Navios Corporation Management Inc. Operating Company 100 % Marshall Is. — 7/4 -8/29 — Beaufiks Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Nostos Shipmanagement Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Portorosa Marine Corp. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shikhar Ventures S.A. Vessel Owning Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Sizzling Ventures Inc. Operating Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rheia Associates Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Taharqa Spirit Corp. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rumer Holding Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pharos Navigation S.A. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pueblo Holdings Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Quena Shipmanagement Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aramis Navigation Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 White Narcissus Marine S.A. Vessel Owning Company 100 % Panama 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios GP L.L.C. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Red Rose Shipping Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Highbird Management Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ducale Marine Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Vector Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Faith Marine Ltd. Vessel Owning Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance (US) Inc. Operating Company 100 % Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance II (US) Inc. Operating Company 100 % Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Tulsi Shipmanagement Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Cinthara Shipping Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rawlin Services Company Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mauve International S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Serenity Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Iris Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Emery Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 9/30 1/1 - 12/31 1/1 - 12/31 Lavender Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Esmeralda Shipping Corporation Vessel Owning Company 100 % Marshall Is. — — 1/1 - 8/30 Triangle Shipping Corporation Vessel Owning Company 100 % Marshall Is. — — 1/1 - 8/30 Roselite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Smaltite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Motiva Trading Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Alpha Merit Corporation Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Thalassa Marine S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Asteroid Shipping S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/12 - 12/31 Cloud Atlas Marine S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/15 - 12/31 Heodor Shipping Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 2/13 - 12/31 Navios Maritime Containers GP LLC Operating Company 100 % Marshall Is. — 1/1 - 8/29 9/11 - 12/31 Navios Containers Management Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 Pacifico Navigation Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/7 - 12/31 Rider Shipmanagement Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 12/4 - 12/31 Talia Shiptrade S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 10/11-12/31 Moonstone Shipping Corporation Vessel Owning Company 100 % Marshall Is. 6/30 – 12/31 — — Opal Shipping Corporation Vessel Owning Company 100 % Marshall Is. 6/30 – 12/31 — — (c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The spread of the COVID-19 pandemic, which has been declared a pandemic by the World Health Organization, in 2020, has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on our business, financial performance and the results of our operations, including due to decreased demand for global seaborne dry bulk trade and charter rates, the extent of which will depend largely on future developments. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. Actual results could differ from those estimates under different assumptions and/or conditions. (d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. (e) Restricted Cash: As of December 31, 2020 and 2019, restricted cash included $684 and $726, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Holdings’ credit facilities. Also included in restricted cash as of both December 31, 2020 and 2019 are amounts held as security in the form of letters of guarantee or letters of credit totaling $10. As of December 31, 2020 restricted cash also included an amount of $15,609 concerning the proceeds from the sale of Navios Northern Star and Navios Amitie held as cash collateral in an escrow account, following the vessels’ disposal and release from the 2022 Notes. See also Note 11. (f) Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectations as to their collection dates. (g) Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis. (h) Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Dry bulk vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition, and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for ballast water treatment system, major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive (loss)/income. Expenditures for routine maintenance and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value. Annual depreciation rates used, which approximate the useful life of the assets are: Dry bulk vessels 25 years Port terminals 5 to 49 years Tanker vessels, barges and pushboats 15 to 45 years Furniture, fixtures and equipment 3 to 10 years Computer equipment and software 5 years Leasehold improvements shorter of lease term or 6 years Management estimates the residual values of the Company’s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the residual values of the Company’s vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company’s vessels. Management estimates the useful life of its dry bulk vessels to be 25 years from the vessel’s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. (i) Deposits for Vessels, Port Terminals and Other Fixed Assets: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2020, 2019 and 2018 amounted to $986, $1,960 and $2,879, respectively. (j) Assets Held for Sale : It is the Company’s policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented. (k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings’ management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value. Navios Holdings determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings’ long-lived assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% every second year and a utilization rate of 99.3% based on the fleet’s historical performance. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis. The significant factors and assumptions used by management in determining fair value of vessels includes those in developing the projected net operating cash flows over the remaining economic life of each vessel and the discount rate. We have evaluated the impact of current economic situation due to COVID-19 pandemic on the recoverability of the carrying amount of our vessels. As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $52,820 for these vessels, being the difference between the fair value an |
Sale of Management & Consolidat
Sale of Management & Consolidation/Deconsolidation of Navios Containers | 12 Months Ended |
Dec. 31, 2020 | |
SALE OF MANAGEMENT & CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS [Abstract] | |
SALE OF MANAGEMENT & CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS | NOTE 3: SALE OF MANAGEMENT & CONSOLIDATION/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 16). 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 16 “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 Consolidation/ Deconsolidation of Navios Containers Navios Maritime Containers Inc. was incorporated in the Republic of the Marshall Islands on April 28, 2017 (date of inception) and on November 30, 2018, 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 which had the power to govern the financial and operating policies of Navios Containers, 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 along with the sale of the 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 are included within the caption “Loss on loss of control” in the consolidated statements of comprehensive (loss)/income. 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 years ended December 31, 2019 and 2018, respectively are as follows: Period from January 1 to August 30, 2019 Period from November 30 to December 31, 2018 Revenue $ 89,925 $ 12,053 Time charter, voyage and port terminal expenses (3,976) (546) Direct vessel expenses (44,088) (5,282) General and administrative expenses (6,706) (873) Depreciation and amortization (22,858) (3,060) Interest expense and finance cost (10,519) (1,204) Other expense, net (5,896) (336) Net (loss)/income from discontinued operations $ (4,118) $ 752 Less: Net loss/(income) attributable to the noncontrolling interest $ 3,968 $ (725) Net (loss)/income attributable to Navios Holdings common stockholders $ (150) $ 27 Navios Containers accounted for the control obtained in November 2018 as a business combination which resulted in the application of the “acquisition method”, as defined under ASC 805 “Business Combinations”, as well as the recalculation of Navios Holdings’ equity interest in Navios Containers to its fair value at the date of obtaining control and the recognition of a gain in the consolidated statements of comprehensive (loss)/income. The excess of the fair value of Navios Containers’ identifiable net assets of $229,865 over the total fair value of Navios Containers’ total shares outstanding as of November 30, 2018 of $171,743, resulted in a bargain gain upon obtaining control in the amount of $58,122. The fair value of the 34,603,100 total Navios Container’s shares outstanding as of November 30, 2018 was determined by using the closing share price of $4.96, as of that date. As of November 30, 2018, Navios Holdings’ interest in Navios Containers with a carrying value of $6,078 was remeasured to fair value of $6,269, resulting in a gain on obtaining control in the amount of $191 and is presented within “Bargain gain upon obtaining control” in the consolidated statements of comprehensive (loss)/income. The results of operations of Navios Containers were included in Navios Holdings’ consolidated statements of comprehensive (loss)/income following the completion of the conversion of Navios Maritime Containers Inc. into a limited partnership on November 30, 2018 and until August 30, 2019. The following table summarizes the fair value of Navios Containers outstanding shares, the fair value of assets and liabilities and the fair value of the noncontrolling interest in Navios Containers assumed on November 30, 2018: Fair value of Navios Containers’ outstanding shares: Fair value of Navios Holdings’ interest (3.7%) $ 6,269 Fair value of noncontrolling interest (96.3%) 165,474 Total fair value of Navios Containers’ outstanding shares 171,743 Fair value of Navios Containers’ assets and liabilities: Current assets (including cash and restricted cash of $24,400) $ 27,705 Vessels 376,133 Favorable lease terms 31,342 Long term receivable from affiliate companies 7,313 Other long term assets 1,099 Long term debt assumed (including current portion) (199,000 ) Current liabilities (14,727 ) Fair value of Navios Containers’ net assets 229,865 Bargain gain upon obtaining control $ 58,122 The transaction resulted in a bargain purchase gain as a result of the share price of Navios Containers trading at a discount to its net asset value (“NAV”). The fair value of the vessels was determined based on vessel valuations, obtained from independent third party shipbrokers, which were among other things, based on recent sales and purchase transactions of similar vessels. The fair value of the favorable lease terms (intangible assets) was determined by reference to market data and the discounted amount of expected future cash flows. The key assumptions that were used in the discounted cash flow analysis were as follows: 1) the contracted charter rate of the acquired charter over the remaining lease term compared to 2) the current market charter rates for a similar contract and 3) discounted using our weighted average cost of capital of 8.95%. The intangible assets listed below as determined at the date of obtaining control were amortized under the straight-line method over the period indicated below: Weighted Average Amortization (years) Amortization per Year Favorable lease terms 1.4 $ (22,391) |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH [Abstract] | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | NOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents and restricted cash consisted of the following: December 31, 2020 December 31, 2019 Cash on hand and at banks $ 94,787 $ 77,041 Short-term deposits and highly liquid funds 94 950 Restricted cash 16,303 736 Cash and cash equivalents and restricted cash $ 111,184 $ 78,727 Short- term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months and are included in the consolidated balance sheets within the caption “Cash and cash equivalents”. Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. See also Note 2(e). |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE,NET [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, 2020 December 31, 2019 Accounts receivable $ 69,694 $ 68,309 Less: Allowance for credit losses (15,366) (16,377) Accounts receivable, net $ 54,328 $ 51,932 Changes to the allowance for credit losses are summarized as follows: Allowance for credit losses Balance at Beginning of Period Charges to Costs and Expenses Amount Utilized Balance at End of Period Year ended December 31, 2018 $ (19,706 ) $ (575 ) $ 4,195 $ (16,086 ) Year ended December 31, 2019 $ (16,086 ) $ (999 ) $ 708 $ (16,377 ) Year ended December 31, 2020 $ (16,377 ) $ (541 ) $ 1,552 $ (15,366 ) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2020, two customers accounted for 16.4% and 11.2%, respectively, of the Company’s revenue. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and were the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations for the year ended December 31, 2018. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, 2020 December 31, 2019 Prepaid voyage and operating costs $ 4,616 $ 5,726 Claims receivable 4,136 3,826 Prepaid other taxes 2,604 1,012 Other 3,625 1,675 Total prepaid expenses and other current assets $ 14,981 $ 12,239 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. |
Vessels, Port Terminals and Oth
Vessels, Port Terminals and Other Fixed Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET [Abstract] | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET | NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Vessels Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 1,814,965 $ (536,518) $ 1,278,447 Additions 398 (66,405) (66,007) Vessel impairment (411,265) 212,399 (198,866) Disposals (101,717) — (101,717) Vessel acquisition 22,385 (458) 21,927 Balance December 31, 2018 1,324,766 (390,982) 933,784 Additions 4,747 (48,812) (44,065) Vessel impairment (274,067) 159,834 (114,233) Disposals (48,830) — (48,830) Vessel acquisition 14,735 (44) 14,691 Balance December 31, 2019 1,021,351 (280,004) 741,347 Additions 1,277 (36,438) (35,161) Vessel impairment (221,754) 137,255 (84,499) Disposals (87,823) — (87,823) Vessel acquisition 96,678 (2,820) 93,858 Write offs (153) — (153) Balance December 31, 2020 $ 809,576 $ (182,007) $ 627,569 Port Terminals (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 251,641 $ (32,628 ) $ 219,013 Additions 2,530 (7,284 ) (4,754 ) Transfers from oil storage plant and port facilities for liquid cargoes (629 ) — (629 ) Transfers to other long-term assets (26 ) — (26 ) Disposals (156 ) 137 (19 ) Balance December 31, 2018 253,360 (39,775) 213,585 Additions 602 (7,186) (6,584) Balance December 31, 2019 253,962 (46,961) 207,001 Additions 869 (7,216) (6,347) Write offs (87) 76 (11) Balance December 31, 2020 $ 254,744 $ (54,101) $ 200,643 Tanker vessels, barges and pushboats (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 472,081 $ (164,056 ) $ 308,025 Additions 3,581 (18,528 ) (14,947 ) Transfers 629 — 629 Transfers from deposits for vessels, port terminal and other fixed assets, net 49,421 — 49,421 Balance December 31, 2018 525,712 (182,584 ) 343,128 Additions 2,403 (19,038) (16,635) Write offs (2,064) 866 (1,198) Balance December 31, 2019 526,051 (200,756) 325,295 Additions 1,931 (18,278) (16,347) Write offs (308) — (308) Balance December 31, 2020 $ 527,674 $ (219,034) $ 308,640 Containerships (Navios Containers) Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ — $ — $ — Vessels upon obtaining control 376,133 (882 ) 375,251 Vessel acquisition 24,763 (35 ) 24,728 Balance December 31, 2018 400,896 (917 ) 399,979 Additions 1,715 (7,497) (5,782) Vessel acquisition 53,097 (649) 52,448 Navios Containers Deconsolidation (455,708) 9,063 (446,645) Balance December 31, 2019 — — — Other fixed assets Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 14,360 $ (10,620 ) $ 3,740 Additions 5,845 (1,572 ) 4,273 Write offs (329) 295 (34) Balance December 31, 2018 19,876 (11,897 ) 7,979 Additions 2,161 (1,056 ) 1,105 Write offs (14,206 ) 7,993 (6,213) Balance December 31, 2019 7,831 (4,960 ) 2,871 Additions 488 (672 ) (184) Balance December 31, 2020 $ 8,319 $ (5,632 ) $ 2,687 Total Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 2,553,047 $ (743,822 ) $ 1,809,225 Vessels upon obtaining control 376,133 (882 ) 375,251 Additions 12,354 (93,789 ) (81,435 ) Vessel acquisition 47,148 (493 ) 46,655 Vessel impairment (411,265 ) 212,399 (198,866 ) Vessel disposals (101,717 ) — (101,717 ) Disposals (156 ) 137 (19 ) Write offs (329 ) 295 (34 ) Transfers from deposits for vessels, port terminals and other fixed assets 49,421 — 49,421 Transfers to other long-term assets (26 ) — (26 ) Balance December 31, 2018 2,524,610 (626,155 ) 1,898,455 Additions 11,628 (83,589) (71,961) Vessel acquisition 67,832 (693) 67,139 Vessel impairment (274,067) 159,834 (114,233) Vessel disposals (48,830) — (48,830) Write offs (16,270) 8,859 (7,411) Navios Containers Deconsolidation (455,708) 9,063 (446,645) Balance December 31, 2019 $ 1,809,195 $ (532,681) $ 1,276,514 Additions 4,565 (62,604) (58,039) Vessel acquisition 96,678 (2,820) 93,858 Vessel impairment (221,754) 137,255 (84,499) Vessel disposals (87,823) — (87,823) Write offs (548) 76 (472) Balance December 31, 2020 $ 1,600,313 $ (460,774) $ 1,139,539 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 $17,760. Pursuant to this contract, 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. Five barges were delivered in the fourth quarter of 2020 and the remaining barge was delivered during the first quarter of 2021. As of December 31, 2020, Navios Logistics had paid $16,696, for the construction of these barges, which are included within “Other long-term assets”. Capitalized interest included within “Other long-term assets” amounted to $611 as of December 31, 2020. As of December 31, 2020 and December 31, 2019, Navios Logistics had paid $631 and $458, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil. As of December 31, 2020, Navios Logistics had paid $1,285 for the construction of two new tanks in its liquid port terminal. As of December 31, 2020, Navios Logistics had paid $1,551 for the acquisition of three pushboats and 18 liquid barges. As of December 31, 2020, Navios Logistics had paid $723 for the construction of a crane in its grain port terminal. Impairment Loss/ Loss on Sale of Vessels, Net 2020 During the fourth quarter of the year ended December 31, 2020, Navios Holdings recorded an impairment loss of $52,820 for two of its dry bulk vessels. In February 2021, Navios Holdings completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a sale price of approximately $6,644. The impairment loss amounted to $6,288 (including $98 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/ loss on sale of vessels, net”. In September 2020, Navios Holdings completed the sale of the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and of the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, to Navios Partners for a sale price of $51,000 in total including net liabilities of $4,378. The net loss due to sale amounted to $7,683 (including $1,747 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/ loss on sale of vessels, net”. In September 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Amitie, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,885. The impairment loss amounted to $4,478 and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/ loss on sale of vessels, net”. In August 2020, Navios Holdings completed the sale to an unrelated third party of 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 within the caption “Impairment loss/ loss on sale of vessels, net”. In May 2020, Navios Holdings 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 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 within the caption “Impairment loss/ loss on sale of vessels, net”. In February 2020, Navios Holdings completed the sale to unrelated third party of the Navios Kypros, a 2003-built Ultra Handymax vessel of 55,222 dwt, for approximately $9,131 in total, including insurance proceeds covering unrepaired damages plus expenses (subject to applicable deductibles and other customary limitations). The loss due to sale 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 within the caption “Impairment loss/ loss on sale of vessels, net”. 2019 During the fourth quarter of the year ended December 31, 2019, Navios Holdings recorded an impairment loss of $84,584 for two of its dry bulk vessels. In January 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Hios, a 2003-built Ultra Handymax vessel of 55,180 dwt, for a net sale price of $7,497, paid in cash. The impairment loss amounted to $7,429 (including $611 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. In September 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Primavera, a 2007-built Ultra Handymax vessel of 53,464 dwt, for a net sale price of $9,891, paid in cash. The loss due to sale amounted to $1,673 and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. In August 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Mercator, a 2002-built Ultra Handymax vessel of 53,553 dwt, for a net sale price of $6,664, paid in cash. The impairment loss amounted to $4,849 (including $490 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. In July 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Arc, a 2003-built Ultra Handymax vessel of 53,514 dwt, for a net sale price of $7,105, paid in cash. The impairment loss amounted to $5,149 (including $685 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. In June 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Vector, a 2002-built Ultra Handymax vessel of 50,296 dwt, for a net sale price of $6,860, paid in cash. The loss due to sale amounted to $10,039 (including $673 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. In May 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Equator Prosper, a 2000-built Capesize vessel of 171,191 dwt, for a net sale price of $11,520, paid in cash. The gain due to sale amounted to $1,784 and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. In March 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Meridian, a 2002-built Ultra Handymax vessel of 50,316 dwt, for a net sale price of $6,790, paid in cash. The loss due to sale amounted to $5,531 (including $778 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/loss on sale of vessels, net”. 2018 During the year ended December 31, 2018, Navios Holdings recorded an impairment loss of $179,186 for four of its dry bulk vessels. In December 2018, Navios Holdings completed the sale to an unrelated third party, of the Navios Magellan, a 2000-built Panamax vessel of 74,333 dwt, for a total net sale price of $6,950 paid in cash. The loss due to the sale amounted to $5,402 (including $726 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/ loss on sale of vessels, net”. In August 2018, Navios Holdings completed the sale to its affiliate, Navios Partners, of the Navios Mars, a 2016-built, 181,259 dwt vessel, and of the Navios Sphera, a 2016-built, 84,872 dwt vessel, for a total sale price of $79,000. The loss due to the sale amounted to $2,759 and is included in the consolidated statements of comprehensive (loss)/income within the caption “Impairment loss/ loss on sale of vessels, net”. In July 2018, Navios Holdings completed the sale to an unrelated third party of the Navios Achilles, a 2001-built, 52,063 dwt vessel, for a total net sale price of $8,085 paid in cash. The impairment loss recognized due to the sale amounted to $6,595 (including $584 remaining carrying balance of dry dock and special survey costs). In March 2018, Navios Holdings completed the sale to an unrelated third party of the Navios Herakles, a 2001-built, 52,061 dwt vessel, for a total net sale price of $7,682 paid in cash. The impairment loss due to the sale amounted to $6,715 (including $481 remaining carrying balance of dry dock and special survey costs). Vessel Acquisitions 2020 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 charter-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 charter-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. 2019 In August 2019, Navios Holdings acquired from an unrelated third party, a previously charter-in vessel, Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, for a total acquisition cost of $14,735 which was paid in cash. 2018 In November 2018, Navios Holdings took delivery of the Navios Primavera, a 2007-built, 53,464 dwt, a previously charter-in vessel, for a total acquisition cost of $12,130, of which $10,980 was paid in cash. In February 2018, Navios Holdings acquired from an unrelated third party, a previously charter-in vessel, Navios Equator Prosper, a 2000- built , 171,191 dwt vessel, for a total acquisition cost of $10,255 which was paid in cash. Navios Logistics Since 2018, Navios Logistics acquired approximately 6.6 hectares of undeveloped land located in the Port Murtinho region Brazil, and on March 24, 2021 acquired 2.3 additional hectares. Navios Logistics plans to develop this land for its port operations for a total cost of $1,456. Navios Containers On April 23, 2019, Navios Containers purchased from an unrelated third party the Navios Constellation, a 2011-built of 10,000 TEU containership, for an acquisition cost of $53,097. On December 17, 2018, Navios Containers purchased from an unrelated third party the Bermuda, a 2010-built 4,360 TEU containership, for an acquisition cost of approximately $11,098 (including $398 capitalized expenses). On December 7, 2018, Navios Containers purchased from an unrelated third party the Bahamas, a 2010-built 4,360 TEU containership, for an acquisition cost of approximately $13,422 (including $522 capitalized expenses). |
Intangible Assets_Liabilities O
Intangible Assets/Liabilities Other Than Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL [Abstract] | |
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL | NOTE 8: INTANGIBLE ASSETS OTHER THAN GOODWILL Net Book Value of Intangible Assets other than Goodwill as at December 31, 2020 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2020 Trade name $ 90,000 $ (43,175) $ 46,825 Port terminal operating rights 53,152 (13,835) 39,317 Customer relationships 35,490 (23,069) 12,421 Total Intangible assets $ 178,642 $ (80,079) $ 98,563 Net Book Value of Intangible Assets other than Goodwill as at December 31, 2019 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2019 Trade name $ 90,000 $ (40,357) $ 49,643 Port terminal operating rights 53,152 (12,837) 40,315 Customer relationships 35,490 (21,294) 14,196 Favorable lease terms – Navios Containers 31,342 (16,855) 14,487 Navios Containers deconsolidation (31,342) 16,855 (14,487) Total Intangible assets $ 178,642 $ (74,488) $ 104,154 Amortization expense and write offs for the years ended December 31, 2020, 2019 and 2018 were as follows: Amortization Expense and Write Offs Year Ended December 31, 2020 Amortization Expense and Write Offs Year Ended December 31, 2019 Amortization Expense and Write Offs Year Ended December 31, 2018 Trade name $ 2,818 $ 2,811 $ 2,811 Port terminal operating rights 998 999 950 Customer relationships 1,775 1,774 1,774 Total $ 5,591 $ 5,584 $ 5,535 The remaining aggregate amortization of acquired intangibles as of December 31, 2020 was as follows: Description Within one year Year Two Year Three Year Four Year Five Thereafter Total Trade name $ 2, 811 $ 2, 811 $ 2, 811 $ 2,818 $ 2,811 $ 32,763 $ 46,825 Port terminal operating rights 995 995 995 995 995 34,342 39,317 Customer relationships 1,775 1,775 1,775 1,775 1,775 3,546 12,421 Total amortization $ 5,581 $ 5,581 $ 5,581 $ 5,588 $ 5,581 $ 70,651 $ 98,563 |
Investments in affiliates and i
Investments in affiliates and investments in available-for-sale securities | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENTS IN AFFILIATES AND INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
INVESTMENTS IN AFFILIATES AND INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | NOTE 9: INVESTMENTS IN AFFILIATE COMPANIES AND INVESTMENTS IN 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. During the first quarter of 2018, Navios Partners also issued 1,370,044 of common units to Navios Partners’ directors and/or officers. Concurrently , Navios Holdings acquired 27,960 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $64. On February 21, 2018, Navios Partners closed an offering of 18,422,000 common units which includes the sale of $5,000 of common units to Navios Holdings. In addition, Navios Holdings paid $714 to retain its 2.0% general partnership interest. In December 2018, Navios Partners also issued 1,464,494 of restricted common units to Navios Partners’ directors and/or officers. Concurrently , Navios Holdings acquired 29,888 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $27. 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 December 31, 2020, Navios Partners had repurchased and cancelled 4,694,279 common units. In February 2019, Navios Partners issued 380,952 of restricted common units to Navios Partners’ directors and/or officers. Concurrently , Navios Holdings acquired 7,775 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $8. 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. All issued and outstanding shares of common units and general partner units contained to the notes to the consolidated financial statements until May 21, 2019, are presented before reverse stock split. As of December 31, 2020 and following the sale of Navios Partners general partnership interest effected on August 30, 2019, referred to in Note 3, Navios Holdings held a total of 2,070,216 (post reverse stock split) common units representing a 17.9% ownership interest in Navios Partners. Navios Holdings evaluated its investment in the common stock of Navios Partners under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Partners and, therefore, its investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C. As of December 31, 2020 and 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 $77,904 and $101,492, respectively. As a result of the OTTI loss recorded as at December 31, 2018, the Company has recomputed this difference which is amortized through “Equity in net losses of affiliate companies” over the remaining life of Navios Partners’ tangible and intangible assets. As of December 31, 2020 and 2019, the carrying amount of the investment in Navios Partners was $39,133 and $35,116, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company recognized an OTTI loss of $0, $0 and $55,524, respectively relating to its investment in Navios Partners and the amounts are included within the caption “Equity in net losses of affiliate companies”. Total equity method income and amortization of deferred gain of $5,466, $13,526 and $16,171, excluding OTTI loss, were included within the caption “Equity in net losses of affiliate companies” for the years ended December 31, 2020, 2019 and 2018, respectively. Dividends received during the years ended December 31, 2020, 2019 and 2018 were $1,449, $2,692, and $2,068, respectively. As of December 31, 2020, the market value of the investment in Navios Partners was $23,186. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded. Acropolis On December 6, 2018, Navios Holdings completed the sale of its investment in Acropolis, a brokerage firm for freight and shipping charters, for a cash consideration of $1,000 resulting in a gain of $866 which is included within the caption “Other income”. The amount of $500 of the cash consideration was received in December 2018 and the remaining amount of $500 was received in December 2019. Navios Holdings, until the sale of its investment, had a 50% interest in Acropolis. Although Navios Holdings owned 50% of Acropolis’ stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends would be allocated 35% to the Company with the balance to the other shareholder. Dividends received for each of the years ended December 31, 2020, 2019 and 2018 were $0, $0 and $170, respectively. 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. As of December 31, 2020, Navios Acquisition had repurchased 735,251 shares of common stock. On December 13, 2018, Navios Acquisition completed the merger contemplated by the previously announced Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 7, 2018, by and among Navios Acquisition, its direct wholly-owned subsidiary NMA Sub LLC (“Merger Sub”), Navios Maritime Midstream Partners L.P. (“Navios Midstream”) and Navios Midstream Partners GP LLC. Pursuant to the Merger Agreement, Merger Sub merged with and into Navios Midstream, with Navios Midstream surviving as a wholly-owned subsidiary of Navios Acquisition. As of December 31, 2020, Navios Holdings had a 29.5% economic interest in Navios Acquisition. As of December 31, 2020 and 2019, the pre-OTTI loss 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 $68,793 and $79,477, respectively. As a result of the OTTI loss recorded as at December 31, 2020, the Company will recompute this difference to be amortized in future period through “Equity in net losses of affiliate companies” over the remaining life of Navios Acquisition’s tangible and intangible assets. As a result of the OTTI loss recorded as at June 30, 2019, the Company had recomputed this difference which is amortized through “Equity in net losses of affiliate companies” over the remaining life of Navios Acquisition tangible and intangible assets. As of December 31, 2020 and 2019, the carrying amount of the investment in Navios Acquisition was $15,033 and $19,894, respectively. During the year ended December 31, 2020, 2019 and 2018, the Company recognized an OTTI loss of $13,368, $13,543 and $0, respectively, relating to its investment in Navios Acquisition and the amount was included within the caption “Equity in net losses of affiliate companies”. Total equity method income/(loss) of $13,129, $(11,098) and $(43,378), excluding OTTI loss, were included within the caption “Equity in net losses of affiliate companies” for the years ended December 31, 2020, 2019, and 2018, respectively. Dividends received for each of the years ended December 31, 2020, 2019 and 2018 were $5,838, $4,379 and $5,838, respectively. As of December 31, 2020, the market value of the investment in Navios Acquisition was $15,033. 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 had 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 losses of affiliate companies” over the remaining life of Navios Europe I. As of December 31, 2019, the Company received the outstanding receivable amount from Navios Europe I of $13,420 relating to Navios Europe I following the liquidation of the structure (Note 16). No equity method income was included within the caption “Equity in net losses of affiliate companies” for the years ended December 31, 2020, 2019 and 2018. 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 would also make available to Navios Europe II revolving loans up to $43,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017, the amount of the Navios Revolving Loans II increased by $14,000. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. On December 31, 2019, Navios Holdings had a $44,300 receivable from Navios Europe II. 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 and 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 had concluded that Navios Europe II was a VIE and that it was 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 losses of affiliate companies” over the remaining life of Navios Europe II. As of December 31, 2020 and December 31, 2019, the unamortized basis difference of Navios Europe II was $0 and $5,128, respectively. 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. As of December 31, 2020, the Company received in cash all balances relating to Navios Europe II following the liquidation of the structure and recognized a loss of $6,050 included in the accompanying consolidated statements of comprehensive (loss)/income for the year ended December 31, 2020, within the caption “Impairment of loan receivable from affiliate company” (Note 16). Total equity method income of $0, $1,775 and $2,032 was included within the caption “Equity in net losses of affiliate companies” for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, the carrying amount of the investment in Navios Europe II and the balance of Navios Terms Loans II was $0 and $6,650, respectively. Navios Containers (Consolidated from November 30, 2018 to August 30, 2019) On June 8, 2017, Navios Maritime Containers Inc. closed a private placement of 10,057,645 shares of its common stock at a subscription price of $5.00 per share resulting in gross proceeds of $50,288. Navios Holdings invested $5,000, and Navios Partners invested $30,000 in Navios Maritime Containers Inc. Each of Navios Holdings and Navios Partners also received warrants for the purchase of an additional 1.7% and 6.8%, respectively, of the equity of Navios Maritime Containers Inc. On March 13, 2018, Navios Maritime Containers Inc. closed an additional private placement in which Navios Holdings invested $500. On November 30, 2018, Navios Maritime Containers Inc. was converted into a limited partnership. All of the warrants described above issued to Navios Partners and Navios Holdings expired. On December 3, 2018, Navios Partners distributed approximately 2.5% of the outstanding equity of Navios Containers to the unitholders of Navios Partners in connection with the listing of Navios Containers on the Nasdaq Global Select Market. 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. As of December 31, 2020, and following the above mentioned placements and the conversion of Navios Maritime Containers Inc. into a limited partnership, Navios Holdings owned 3.9% of the equity of Navios Containers. 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 income of $130, $155 and $417 were included within the caption “Equity in net losses of affiliate companies” for the year ended December 31, 2020, for the period from August 30, 2019 (date of loss of control) to December 31, 2019 and for the period from January 1, 2018 to November 30, 2018 (date of obtaining control), respectively. As of December 31, 2020 and 2019, the carrying amount of the investment in Navios Containers was $2,812 and $2,682, respectively. As of December 31, 2020, the market value of the investment in Navios Containers was $5,179. Merger Agreement Navios Partners: On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the “Navios Partners’ Merger”). Under the terms of the Navios Partners’ Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of 8,133,452 newly issued common units of Navios Partners in exchange for the publicly held common units of Navios Containers at an exchange ratio of 0.39 units of Navios Partners for each Navios Containers common unit. The Navios Partners’ Merger was completed on March 31, 2021 and Navios Holdings had 12.6% ownership interest in Navios Partners. As of the close of the market on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ. Following the results of the significance tests performed by the Company, it was concluded that two affiliate companies met the significance threshold requiring summarized financial information of all affiliate companies being presented. Summarized financial information of the affiliate companies is presented below: December 31, 2020 December 31, 2019 Balance Sheet Navios Partners Navios Acquisition Navios Europe II Navios Containers Navios Partners Navios Acquisition Navios Europe II Navios Containers Cash and cash equivalents, including restricted cash $ 30,728 $ 41,357 $ — $ 7,573 $ 30,402 $ 44,051 $ 27,431 $ 18,109 Current assets $ 60,780 $ 140,605 $ — $ 16,684 $ 75,990 $ 114,008 $ 32,249 $ 29,450 Non-current assets $ 1,146,489 $ 1,428,392 $ — $ 414,106 $ 1,177,527 $ 1,441,947 $ 179,688 $ 430,852 Current liabilities $ 253,252 $ 805,860 $ — $ 39,862 $ 79,784 $ 241,939 $ 57,078 $ 71,397 Long- term debt including current portion, net $ 486,857 $ 1,076,587 $ — $ 232,159 $ 489,028 $ 1,173,117 $ 89,025 $ 245,658 Non-current liabilities $ 299,187 $ 433,280 $ — $ 199,383 $ 445,714 $ 1,000,164 $ 163,123 $ 198,925 December 31, 2020 Income Statement Navios Partners Navios Acquisition Navios Europe II Navios Containers Revenue $ 226,771 $ 361,438 $ 17,059 $ 127,188 Net (loss)/income $ (68,541 ) $ 27,465 $ (26,661) $ 3,348 December 31, 2019 December 31, 2018 Income Statement Navios Partners Navios Acquisition Navios Europe I Navios Europe II Navios Containers Navios Partners Navios Acquisition Navios Europe I Navios Europe II Revenue $ 219,379 $ 280,117 $ 36,822 $ 46,718 $ 141,532 $ 231,361 $ 187,946 $ 34,885 $ 49,870 Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II $ (62,134 ) $ (65,707 ) $ (18,575 ) $ (30,203 ) $ 7,507 $ (13,081 ) $ (82,233 ) $ (22,881 ) $ (12,899 ) Net (loss)/income $ (62,134 ) $ (65,707 ) $ (18,575 ) $ (30,203 ) $ 7,507 $ (13,081 ) $ (82,233 ) $ (3,197 ) $ (12,169 ) 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 accumulated other comprehensive income/(loss) or since January 1, 2018, when the Company adopted ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”, 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 December 31, 2020 and 2019, the carrying amount of the AFS Securities related to STX was $222 and $189, respectively and was included within the caption “Other long-term assets” in the consolidated balance sheets. During the year ended December 31, 2020, the unrealized holding gain related to these AFS Securities included within the caption “Other income” was $33. During the year ended December 31, 2019 and 2018, the unrealized holding loss related to these AFS Securities included within the caption “Other expense” was $3 and $46, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | NOTE 10: ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities as of December 31, 2020 and 2019 consisted of the following: December 31, 2020 December 31, 2019 Payroll $ 6,671 $ 6,701 Accrued interest 55,650 35,926 Accrued voyage expenses 1,344 — Audit fees and related services 225 234 Accrued taxes 7,911 8,002 Professional fees 470 317 Other accrued expenses 264 — Total accrued expenses $ 72,535 $ 51,180 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
BORROWINGS [Abstract] | |
BORROWINGS | NOTE 11: BORROWINGS Borrowings as of December 31, 2020 and 2019 consisted of the following: Navios Holdings borrowings December 31, 2020 December 31, 2019 Loan Facility HCOB ($15,300) 9,945 11,475 Loan Facility Credit Agricole ($23,000) 11,100 12,600 Loan Facility Credit Agricole ($23,000) 11,400 12,900 Loan Facility DVB Bank SE ($72,000) 4,504 41,073 Loan Facility DVB Bank SE ($40,000) — 5,556 Loan Facility Alpha Bank ($31,000) 20,200 22,000 Loan Facility Alpha Bank ($16,125) 12,925 14,025 Sale and Leaseback Agreements 62,934 — 2022 Senior Secured Notes 305,000 305,000 2022 Notes 476,822 497,604 2024 Notes 8,626 8,626 NSM Loan (including accrued interest of $526 and $2,163, respectively) 78,901 130,538 $50.0 million NSM Loan (including accrued interest of $326 and $0, respectively) 50,326 — Total Navios Holdings borrowings $ 1,052,683 $ 1,061,397 Navios Logistics borrowings December 31, 2020 December 31, 2019 2022 Logistics Senior Notes $ — $ 375,000 2025 Logistics Senior Notes 500,000 — Navios Logistics Notes Payable 17,842 22,469 Navios Logistics BBVA Loan Facility — 14,275 Navios Logistics New BBVA Loan Facility 22,000 — Navios Logistics Alpha Bank Loan 9,100 10,500 Navios Logistics Term Loan B Facility — 98,000 Seller’s Credit Agreement for the construction of six liquid barges 11,047 — Other long-term loans 46 115 Total Navios Logistics borrowings $ 560,035 $ 520,359 Total December 31, 2020 December 31, 2019 Total borrowings $ 1,612,718 $ 1,581,756 Less: current portion, net (374,191) (50,110) Less: deferred finance costs and discount, net (28,289) (18,509) Total long-term borrowings $ 1,210,238 $ 1,513,137 Navios Holdings Debt 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 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 Partners (following the merger of Navios Containers with Navios Partners), 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 affiliate companies, 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 December 31, 2020. Under the terms of the 2022 Senior Secured Notes, Navios Holdings had an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met. On October 1, 2020, Navios Holdings entered into (1) the Sixth Supplemental Indenture to amend the terms of the indenture and related pledge agreements governing the 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes and (2) a consent agreement with the Consenting Noteholders (“Consent Agreement”) whereby the Consenting Noteholders agreed, subject to the satisfaction of certain conditions in the Consent Agreement, to provide their consents, as part of a consent solicitation to be made by the Company on or before the earlier of (i) 60 days following the consummation of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics or (ii) September 5, 2021, to the amendments contained in the form of supplemental indenture (“Form of Supermajority Supplemental Indenture”) which amendments require consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected. The Sixth Supplemental Indenture, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default, (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes (including, absent a Default or an Event of Default, at a discount to par), (iii) eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes; and (iv) states, for the avoidance of doubt, that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement dated as of April 25, 2019 (as amended) in lieu of the receipt of pro rata cash dividends from Navios Logistics. The Sixth Supplemental Indenture became effective upon its execution by the Company and the Trustee, but the amendments and waivers contained therein will become operative only upon the occurrence of a Qualified IPO of Navios Logistics. The Form of Supermajority Supplemental Indenture would further amend the Indenture to permit the Company to use the net proceeds it receives from any sale of Navios Logistics equity in connection with or following a Qualified IPO of Navios Logistics to repurchase 2022 Senior Secured Notes at a discount to par in certain circumstances. There can be no assurance that the Company will receive the additional consents necessary to cause the amendments contemplated by the Form of Supermajority Supplemental Indenture to become effective. 2022 Notes On November 29, 2013, the Co-Issuers completed the sale of $650,000 of the 2022 Notes. During 2018, the Company repurchased $35,661 in par value of the 2022 Notes for a cash consideration of $28,796 resulting in a gain on bond extinguishment of $6,464, net of deferred financing costs written-off. During 2019, Navios Logistics repurchased $35,500 in par value of the 2022 Notes in open market transactions for a cash consideration of $17,642. During 2019, the Company repurchased $81,235 in par value of the 2022 Notes for a cash consideration of $50,683. These transactions resulted in a gain on bond extinguishment of $47,430, net of deferred financing costs written-off. (Refer to Note 16, “Secured credit facility with Navios Logistics”). During 2020, the Company repurchased $20,782 in par value of the 2022 Notes for a cash consideration of $9,443 resulting in a gain on bond extinguishment of $11,204, net of deferred financing costs written-off. 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 held 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 held in escrow accounts were released and replaced by Navios Northern Star, Navios Taurus and Navios Serenity. During 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, Navios Northern Star and Navios Amitie were released from the 2022 Notes, respectively, and were replaced by $15,251 of cash collateral retained as trust monies in an escrow account. In January 2021, Navios Asteriks and part of the cash collateral of $14,250 held in escrow accounts were released and replaced by Navios Bonheur. In April 2021, Navios Serenity and the remaining cash collateral held in escrow accounts were released and replaced by Navios Asteriks. Currently, the 2022 Notes are secured by 17 drybulk vessels. 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 affiliate companies, 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 December 31, 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 17). 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 17). 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. Secured Credit Facilities Credit Agricole (formerly Emporiki) Facilities: In December 2012, the Emporiki Bank of Greece’s facilities were transferred to Credit Agricole Corporate and Investment Bank. In September 2010, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $40,000 in order to partially finance the construction of one newbuilding Capesize vessel. In December 2017, the Company agreed to extend the last payment date to August 2021. The loan bore interest at a rate of LIBOR plus 275 basis points. The loan facility required compliance with certain financial covenants. As of December 31, 2018 the facility was refinanced and repaid in full and there was no outstanding amount. In August 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one Panamax vessel. In May 2019, the facility was refinanced. As of December 31, 2020, the facility is repayable in five semi-annual installments of $750, with a final balloon payment of $8,850 on the last payment date. The loan bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain covenants. As of December 31, 2020, the outstanding amount under this facility was $11,100 and was repaid in full in the first quarter of 2021. In December 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. In May 2019, the facility was refinanced. As of December 31, 2020, the loan facility is repayable in three semi-annual equal installments of $750, with a final balloon payment of $9,150 on the last payment date. The loan bears interest at a rate of LIBOR plus 325 basis points. The loan facility requires compliance with certain covenants. As of December 31, 2020, the outstanding amount under this facility was $11,400 and was repaid in full in the first quarter of 2021. On December 20, 2013, Navios Holdings entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $22,500 in two equal tranches, in order to finance the acquisition of two Panamax vessels. The two tranches bore interest at a rate of LIBOR plus 300 basis points. In December 2017, the Company agreed to extend the last payment date to August 2021. The loan facility required compliance with certain financial covenants. As of December 31, 2018 the facility was refinanced and repaid in full and there was no outstanding amount. On February 14, 2018, Navios Holdings entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $28,745 in three advances to be drawn simultaneously for the purpose of a) to repay all amounts outstanding under the facility agreement dated September 2010 and b) to repay all amounts outstanding under the facility agreement dated December 20, 2013. As of December 31, 2018, the first tranche drawn amount was $15,245 and was repayable in six semi-annual installments of $1,205 with a final balloon payment of $6,810 on the last payment date, the second tranche drawn amount was $6,750 and was repayable in six semi-annual installments of $563 with a final balloon payment of $2,813 on the last payment date and the third tranche drawn amount was $6,750 and was repayable in six semi-annual installments of $563 with a final balloon payment of $2,813 on the last payment date. The loan bore interest at a rate of LIBOR plus 280 basis points. The loan facility required compliance with certain financial covenants. As of December 31, 2019 the facility was repaid in full and there was no outstanding amount. Hamburg Commercial Bank AG Facility: On May 23, 2017, Navios Holdings entered into a facility agreement with Hamburg Commercial Bank AG for an amount of up to $15,300 in order to partially refinance the fourth tranche of the Commerzbank facility. As of December 31, 2020, the facility is repayable in three quarterly equal installments of $383, with a final balloon payment of $8,798 on the last payment date. The loan bears interest at a rate of LIBOR plus 300 basis points. The loan facility requires compliance with certain covenants. As of December 31, 2020, the outstanding amount under this facility was $9,945 and was repaid in full in the first quarter of 2021. DVB Bank SE Facilities: On March 23, 2012, Navios Holdings entered into a facility agreement with a syndicate of banks led by DVB Bank SE for an amount of up to $42,000 in two tranches: (i) the first tranche is for an amount of up to $26,000 in order to finance the acquisition of a Handysize vessel; and (ii) the second tranche is for an amount of up to $16,000 to refinance the outstanding debt of an Ultra-Handymax vessel. On June 27, 2014, Navios Holdings refinanced the existing facility, adding a new tranche for an amount of $30,000 in order to finance the acquisition of a Capesize vessel, which was delivered in June 2014. On November 12, 2019, Navios Holdings amended this facility agreement with DVB Bank SE in order to extend the maturity of the outstanding balance originally due in the first and second quarter of 2020 for one year, to June 2021 and released from collateral one Handysize vessel which was substituted by one Panamax vessel. The facility bears interest at a rate of LIBOR plus 293 basis points. During September 2020, the Company completed the sale of the Panamax vessel and the Capesize vessel which were released from collaterals and prepaid the amount of $33,003 for the satisfaction of the first and the third tranche of the facility. As of December 31, 2020, the second tranche is repayable in two quarterly installments of $268, with a final balloon payment of $3,968 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2020, the total outstanding amount was $4,504 and was repaid in full in the first quarter of 2021. In September 2013, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $40,000 in order to finance the acquisition of four Panamax vessels, delivered in August and September 2013. The facility bore interest at a rate of LIBOR plus 325 basis points. In December 2017, Navios Holdings entered into a facility agreement with DVB Bank SE in order to extend the maturity of the outstanding balance originally due by September 2018 for three years, to September 2021. During 2019, Navios Holdings partially prepaid the indebtedness originally maturing in the third quarter of 2021 and released from collateral two Panamax vessels. In the first quarter of 2020, the outstanding amount of $5,556 was repaid in full and there was no outstanding balance as of December 31, 2020. In January 2016, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $41,000 to be drawn in two tranches, to finance the acquisition of one newbuilding Panamax vessel and one newbuilding Capesize vessel. The facility bore interest at a rate of LIBOR plus 255 basis points. The total amount drawn under the facility was $39,900. During August 2018, the Company completed the sale of the two vessels and repaid in full the two tranches of the facility, which had a total outstanding balance of $31,769. Alpha Bank A.E.: On November 6, 2014, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $31,000 in order to finance part of the acquisition of a Capesize vessel. The loan bears interest at a rate of LIBOR plus 300 basis points. As of December 31, 2020, the facility is repayable in eight quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2020, the outstanding amount was $20,200. On November 3, 2016, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $16,125 in order to refinance one Capesize vessel. The facility bears interest at a rate of LIBOR plus 300 basis points. As of December 31, 2020, the facility is repayable in eight quarterly installments of $275 each, with a final balloon payment of $10,725 payable on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December 31, 2020, the outstanding amount was $12,925. 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, the 2022 Notes 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 affiliate companies, together, own less than 20% of the outstanding share capital of Navios Holdings. The Company’s 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 secured credit facility, ranging from a maximum of 75% to 80%. Certain covenants in our 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 secured credit facility, to a maximum of 90%. The Company has either repaid the credit facilities or received waivers of the covenants under each of the credit facilities, which remain outstanding as of the date of this filing. 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. During 2019, Navios Holdings repaid the amount of $13,420 under the terms of this facility. During 2020, Navios Holdings repaid the amount of $50,000 under the terms of this facility. As of December 31, 2020, the total outstanding balance of this facility amounted to $78,901, including $526 of accrued interest. Please see also Note 16. $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 December 31, 2020, the total outstanding balance of this facility amounted to $50,326, including $326 of accrued interest. Please see also Note 16. 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 two Capesize vessels (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 December 31, 2020, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $62,934 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 Debt 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 its 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 unregistered were fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics’ direct and indirect subsidiaries except for Horamar do Brasil Navegaçăo Ltda (“Horamar do Brasil”), Naviera Alto Parana S.A. (“Naviera Alto Parana”) and Terra Norte Group S.A. (“Terra Norte”), which were deemed to be immaterial, and Logistics Finance, which was the co-issuer of the 2022 Logistics Senior Notes. The subsidiary guarantees were “full and unconditional” except that the indenture provides for an individual subsidiary’s guarantee to be automatically released in certain customary circumstances, such as in connection with a sale or other disposition of all or substantially all of the assets of the subsidiary, in connection with the sale of a majority of the capital stock of the subsidiary, if the subsidiary was designated as an “unrestricted subsidiary” in accordance with the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Logistics Senior Notes. The 2022 Logistics 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 at a fixed rate of 10.75% Senior Secured Notes due 2025 (the “2025 Logistics Senior Notes”). Following this transaction, Navios Logistics recognized a loss of $2,661 relating to the accelerated amortization of the unamortized deferred financing costs and is included in the consolidated statements of comprehensive (loss)/income within the caption “Gain on bond and debt extinguishment, net”. 2025 Logistics Senior Notes 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 2025 Logistics Senior Notes, amounting to $487,504, were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes, amounting to $375,000, to repay all amounts outstanding under the Navios Logistics’ Term Loan B Facility, amounting to $97,500 and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes. On or after August 1, 2022, the Logistics Co-Issuers may redeem some or all of the 2025 Logistics Senior Notes at the redemption prices set forth in the indenture governing the 2025 Logistics Senior Notes. In addition, before August 1, 2022, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Logistics Senior Notes at a price equal to 110.750% of the principal amount of the 2025 Logistics Senior Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Logistics Senior Notes remains outstanding. Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment date. The Logistics Co-Issuers may also redeem all, but not less than all, of the 2025 Logistics Senior Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. Furthermore, upon the occurrence of certain change of control events, the Logistics Co-Issuers may be required to offer to purchase 2025 Logistics Senior Notes from holders at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any. The 2025 Logistics Senior Notes are senior secured obligations of the Logistics Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Navios Logistics’ direct and indirect subsidiaries, other than the Logistics Co-Issuer and Grimaud Ventures S.A. The 2025 Logistics Senior Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Navios Logistics’ cabotage business (the (1) Elena H, (2) Makenita H, (3) Sara H and (4) He Man H) owned by certain subsidiary guarantors (such guarantors, the “Mortgaged Vessel Guarantors”) and related assignments of earnings and insurance together with a first priority lien on the capital stock of each Mortgaged Vessel Guarantor; and (ii) an assignment by way of security of the Vale port contract (collectively, the “Collateral”). The 2025 Logistics Senior Notes will be effectively senior to all existing and future obligations of the subsidiary guarantors that own Collateral to the extent of the value of the Collateral but effectively junior to any existing and future secured obligations of the Logistics Co-Issuers and the subsidiary guarantors that are secured by assets other than the Collateral to the extent of the v |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 12: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of financial instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents: 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 their fair value, excluding the effect of any deferred financing costs. The 2022 Notes, the 2022 Senior Secured Notes, the 2025 Logistics Senior Notes and two Navios Logistics’ loans are fixed rate borrowings and their fair value was determined based on quoted market prices. The 2022 Logistics Senior Notes was fixed rate borrowing and their fair value had been determined based on quoted market prices as of December 31, 2019. Loan receivable from affiliate companies: The carrying amount of the fixed rate loan approximates its fair value. Loans 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 were reflected directly in equity unless an unrealized loss was considered “other-than-temporary”, in which case it was transferred to the consolidated statements of comprehensive (loss)/income. Since January 1, 2018 the unrealized gains and losses on these securities 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 payables to affiliate companies approximates their fair value. The estimated fair values of the Company’s financial instruments were as follows: December 31, 2020 December 31, 2019 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 94,881 $ 94,881 $ 77,991 $ 77,991 Restricted cash $ 16,303 $ 16,303 $ 736 $ 736 Investments in available-for-sale-securities $ 222 $ 222 $ 189 $ 189 Loan receivable from affiliate companies $ — $ — $ 24,495 $ 24,495 Long-term receivable from affiliate company $ — $ — $ 5,328 $ 5,328 Senior and ship mortgage notes, net $ (1,263,566) $ (1,054,616) $ (1,170,679) $ (875,228) Long-term debt, including current portion $ (191,636) $ (193,043) $ (262,030) $ (264,498) Loans payable to affiliate companies, including current portion $ (129,227) $ (129,227) $ (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 December 31, 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 $ 222 $ 222 $ — $ — Total $ 222 $ 222 $ — $ — 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 December 31, 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 $ 38,054 $ 6,644 $ 31,410 $ — Operating lease assets $ 10,018 $ — $ 10,018 $ — Total $ 48,072 $ 6,644 $ 41,428 $ — The Company recorded an impairment loss of $59,108 during the year ended December 31, 2020 for three of its vessels, the fair value of which is measured at $38,054, as at December 31, 2020. The Company recorded an impairment loss of $1,361 during the year ended December 31, 2020 for two of its charter-in vessels, the fair value of which is measured at $10,018, as at December 31, 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, the fair value of which is measured at $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 charter-in vessels, the fair value of which is measured at $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 the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III : Inputs that are unobservable. Fair Value Measurements at December 31, 2020 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 94,881 $ 94,881 $ — $ — Restricted cash $ 16,303 $ 16,303 $ — $ — Investments in available-for-sale-securities $ 222 $ 222 $ — $ — Loan receivable from affiliate companies (2) $ — $ — $ — $ — Long-term receivable from affiliate company $ — $ — $ — $ — Senior and ship mortgage notes $ (1,054,616 ) $ (1,045,990) $ (8,626) $ — Long-term debt, including current portion (1) $ (193,043 ) $ — $ (193,043) $ — Loans payable to affiliate companies, including current portion $ (129,227 ) $ — $ (129,227) $ — Long-term payable to affiliate companies (2) $ — $ — $ — $ — 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 $ 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) $ — Loans payable to affiliate companies, including current portion $ (130,538 ) $ — $ (130,538) $ — Long-term payable to affiliate companies (2) $ (5,000 ) $ — $ (5,000) $ — (1) The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness. (2) The fair value of the Company’s loan receivable from/payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 13: EMPLOYEE BENEFIT PLANS Retirement Saving Plan The Company sponsored an employee saving plan covering all of its employees in the United States. The Company’s contributions to the employee saving plan during the years ended December 31, 2020, 2019 and 2018, were approximately $0, $73 and $132, respectively, which included a discretionary contribution of $0, $0 and $36, respectively. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM. Defined Benefit Pension Plan The Company sponsored a legacy unfunded defined benefit pension plan that covered certain Bahamian and Uruguayan nationals and former Navios Corporation employees. The liability related to the plan was recognized based on actuarial valuations. The current portion of the liability was included in accrued expenses and the non-current portion of the liability was included in other long-term liabilities. There were no pension plan assets. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM. The Greek office employees were protected by the Greek Labor Law. According to the law, the Company was required to pay retirement indemnities to employees on dismissal, or on leaving with an entitlement to a full security retirement pension. Please refer to Note 2(s). Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM. Stock Plan The Company has awarded restricted share units, shares of restricted common stock and restricted stock units to its employees, officers and directors. The restriction lapses in two, three or four equal tranches, over the requisite service periods, of one, two, three and four years from the grant date. The Company has also awarded share appreciation rights and stock options to its officers and directors only, based on service conditions, which vest in three equal tranches over the requisite service periods of one, two and three years from the grant date. Each option expires seven years after its grant date. Please refer to Note 2(s). During the years ended December 31, 2020, 2019 and 2018, the Company did not award any restricted stock, restricted stock units or stock options, which vest upon achievement of certain performance conditions. The fair value of all share appreciation rights awards and stock option awards has been calculated based on the modified Black-Scholes method. A description of the significant assumptions used to estimate the fair value of the stock option awards is set out below: Expected term: The Company began granting stock options in October 2007. The first stock option exercise was in 2010 and the number of options exercised (adjusted to reflect the Reverse Stock Split) during each of the years ended December 31, 2014 (14,319), 2013 (15,356), 2012 (2,925), 2011 (13,058) and 2010 (13,058) was small in relation to the total number of options granted. No stock options were exercised during the years ended December 31, 2020, 2019 and 2018. Therefore, due to limited historical share option exercise experience to provide for a reasonable basis upon which to estimate expected term, the Company opted to apply the simplified method. The “simplified method” used includes taking the average of the weighted average time to vesting and the contractual term of the share appreciation rights and option awards. The service conditions share appreciation rights and option awards vest over three years at 33.3%, 33.3% and 33.4%, respectively, resulting in a weighted average time to vest of approximately 2 years. The contractual term of the award is 7 years. Utilizing the simplified approach formula, the derived expected term estimate for the Company’s service conditions share appreciation rights and option award is 4.5 years. Expected volatility: The historical volatility of Navios Holdings’ shares was used in order to estimate the volatility of the share appreciation rights and stock option awards. The final expected volatility estimate, which equals the historical estimate, for the service conditions option awards was 84.71% and 55.17% for 2016 and 2015, respectively. Expected dividends: The expected dividend is based on the current dividend, our historical pattern of dividend changes and the market price of our stock. Risk-free rate: Navios Holdings has selected to employ the risk-free yield-to-maturity rate to match the expected term estimated under the “simplified method”. For the service conditions share appreciation rights and option awards, the 4.5-year yield-to-maturity rate as of the grant date was 1.81% and 1.46% for 2016 and 2015, respectively. The fair value of restricted share unit, restricted stock and restricted stock unit grants excludes dividends to which holders of restricted share units, restricted stock and restricted stock units are not entitled. The expected dividend assumption used in the valuation of restricted share unit, restricted stock and restricted stock units grant is $0 for 2020, 2019 and 2018. No restricted stock has been granted for the year ended December 31, 2020. The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2019 was $2.84. The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2018 was $3.0. The effect of compensation expense arising from the stock-based arrangements described above amounted to $1,268, $2,885 and $4,556 for the years ended December 31, 2020, 2019 and 2018, respectively and it was reflected in general and administrative expenses on the consolidated statements of comprehensive (loss)/income. The recognized compensation expense for the year is presented as an adjustment to reconcile net income to net cash provided by operating activities on the consolidated statements of cash flows. The outstanding stock-based awards as of August 30, 2019, date of the sale of the management division, relate to grants to the Company’s officers and directors. The summary of stock-based awards is summarized as follows (in thousands except share and per share data which have been adjusted to reflect the Reverse Stock Split): Options Shares Weighted average exercise price Weighted average remaining term Aggregate fair value Outstanding as of December 31, 2017 790,458 $ 29.8 3.80 $ 7,539 Vested at December 31, 2017 136,011 — — — Exercisable at December 31, 2017 136,011 — — — Forfeited or expired (128,481 ) — — (1,843 ) Granted — — — — Outstanding as of December 31, 2018 661,977 $ 28.2 3.36 $ 5,696 Vested at December 31, 2018 116,667 — — — Exercisable at December 31, 2018 116,667 — — — Forfeited or expired (132,209 ) — — (682 ) Outstanding as of December 31, 2019 529,768 26.6 2.96 5,014 Vested at December 31, 2019 83,333 — — — Exercisable at December 31, 2019 83,333 — — — Forfeited or expired (67,475 ) — — (1,199 ) Outstanding as of December 31, 2020 462,293 17.9 2.25 3,815 Restricted stock and restricted stock units Non Vested as of December 31, 2017 701,731 $ — 3.09 $ 9,059 Granted 287,500 — — 863 Vested (279,071 ) — — (3,425 ) Forfeited or expired (450 ) — — (7 ) Non Vested as of December 31, 2018 709,710 $ — 3.11 $ 6,490 Granted 167,515 — — 476 Vested (180,469 ) — — (1,595 ) Forfeited or expired (3,367 ) — — (42 ) Non Vested as of December 31, 2019 693,389 $ — 2.32 $ 5,329 Granted — — — — Vested (309,664) — — (2,858 ) Forfeited or expired (1,345) — — (17 ) Non Vested as of December 31, 2020 382,380 $ — 1.72 2,453 The estimated compensation cost relating to service conditions of non-vested (i) share appreciation rights and stock options and (ii) restricted share units, restricted stock and restricted stock unit awards, not yet recognized was $0 and $666, respectively, as of December 31, 2020 and is expected to be recognized over the weighted average period of 2.17 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 14: COMMITMENTS AND CONTINGENCIES As of December 31, 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. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel, of which $2,705 was paid during the year ended December 31, 2019. As of December 31, 2020, the total amount of $6,704, including expenses and interest, is presented within 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. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels, of which $8,340 was paid during the year ended December 31, 2018 and the remaining $2,800 was paid during the year ended December 31, 2019. As of December 31, 2020, the total amount of $14,070, including expenses and interest, is presented within 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. Navios Holdings has agreed to pay in total $5,590, representing a deposit for the option to acquire this vessel, of which $2,795 was paid during the year ended December 31, 2018 and the remaining $2,795 was paid during the year ended December 31, 2019. As of December 31, 2020, the total amount of $7,193, including expenses and interest, is presented within the caption “Other long-term assets”. In October 2018, 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. Navios Holdings has agreed to pay in total $5,820, representing a deposit for the option to acquire this vessel, of which $2,910 was paid during the year ended December 31, 2018 and the remaining $2,910 was paid during the year ended December 31, 2019. As of December 31, 2020, the total amount of $7,506, including expenses and interest, is presented within 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, 2022. 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. On August 16, 2018, there was a fire incident at the iron ore port terminal in Nueva Palmira, Uruguay, for which Navios Logistics maintains property and loss of earnings insurance coverage for such types of events (subject to applicable deductibles and other customary limitations). As of December 31, 2019, the full amount has been collected in relation to this insurance claim. In September 2020, Navios Logistics agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount of $4,140, which will be collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023. For the year ended December 31, 2020, a gain of $4,102 was included within the caption “Other income” in the consolidated statements of comprehensive (loss)/income. 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. In the third quarter of 2020, Navios Logistics signed a binding letter of intent to acquire three pushboats and 18 tank barges (the “Navios Logistics’ 2020 Fleet”), operating in the Hidrovia Waterway, for a purchase price of $30,000. Included as a component of the acquisition of the Navios Logistics’ 2020 Fleet is a firm customer contract, in the form of a contract of affreightment for the transportation of a minimum of 1,250,000 cubic meters of fuel during a period of up to five years ( “the 2020 Fleet COA”). The acquisition will be funded with $15,000 from existing cash to be paid at closing and sellers’ financing of $15,000, bearing interest at a fixed rate of 5% per annum, payable in three equal annual installments. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 accumulated deficit, consolidated balance sheets and consolidated statements of comprehensive (loss)/income. Time charter -in and bareboat-in contracts As of December 31, 2020, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from 0.1 years to 9.5 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. 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 December 31, 2020, Navios Logistics had land lease agreements whose remaining lease terms range from 45.2 years to 45.6 years. Office lease agreements As of December 31, 2020, Navios Logistics had office lease agreements whose remaining lease terms ranged from 0.5 years to 2.8 years, respectively . 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. Dry Bulk Vessel Operations December 31, 2020 Dry Bulk Vessel Operations December 31, 2019 Logistics Business December 31, 2020 Logistics Business December 31, 2019 Total December 31, 2020 Total December 31, 2019 Operating lease assets Charter-in contracts (1) $ 219,574 $ 255,153 $ — $ — $ 219,574 $ 255,153 Land lease agreements — — 7,878 7,660 7,878 7,660 Office lease agreements — — 510 1,192 510 1,192 Total $ 219,574 $ 255,153 $ 8,388 $ 8,852 $ 227,962 $ 264,005 Operating lease liabilities, current portion Charter-in contracts $ 81,276 $ 86,636 $ — $ — $ 81,276 $ 86,636 Land lease agreements — — (199 ) (218 ) (199 ) (218 ) Office lease agreements — — 338 685 338 685 Total $ 81,276 $ 86,636 $ 139 $ 467 $ 81,415 $ 87,103 Operating lease liabilities, net of current portion Charter-in contracts $ 185,092 $ 217,932 $ — $ — $ 185,092 $ 217,932 Land lease agreements — — 8,077 7,878 8,077 7,878 Office lease agreements — — 181 519 181 519 Total $ 185,092 $ 217,932 $ 8,258 $ 8,397 $ 193,350 $ 226,329 (1)Based on the net present value of the remaining charter-in and rental payments for existing operating leases. At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in charter-in and bareboat-in contracts, land lease and office lease agreements that can be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company then applied the respective incremental borrowing rates to each lease based on the remaining lease term of the specific lease. Navios Holdings’ and Navios Logistics’ incremental borrowing rates upon adoption were 8.25% and 7.25%, respectively. The tables below present the components of the Company’s lease expense for the years ended December 31, 2020, 2019 and 2018: Dry Bulk Vessel Operations Year Ended December 31, 2020 Logistics Business Year Ended December 31, 2020 Total Lease expense for charter-in contracts $ 94,545 $ 6,587 $ 101,132 Lease expense for land lease agreements — 564 564 Lease expense for office lease agreements — 600 600 Total $ 94,545 $ 7,751 $ 102,296 Dry Bulk Vessel Operations Year Ended December 31, 2019 Logistics Business Year Ended December 31, 2019 Total Lease expense for charter-in contracts $ 117,562 $ 3,865 $ 121,427 Lease expense for land lease agreements — 552 552 Lease expense for office lease agreements 1,825 676 2,501 Total $ 119,387 $ 5,093 $ 124,480 Dry Bulk Vessel Operations Year Ended December 31, 2018 Logistics Business Year Ended December 31, 2018 Total Lease expense for charter-in contracts $ 131,438 $ 114 $ 131,552 Lease expense for land lease agreements — 344 344 Lease expense for office lease agreements 2,174 702 2,876 Total $ 133,612 $ 1,160 $ 134,772 Lease expenses for charter-in contracts (including bareboat-in contracts) are included in the consolidated statement of comprehensive (loss)/ income within the caption “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. During the years ended December 31, 2020 and 2019, Navios Holdings recorded an impairment loss of $1,361 and $38,636 for certain of its charter-in vessels, respectively. During the years ended December 31, 2020 and 2019, the Company entered into new lease liabilities amounting to $43,516 and $47,064, respectively. The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts (including bareboat-in contracts), office lease agreements and land lease agreements as of December 31, 2020: Charter-in vessels in operation Land Leases Office space December 31, 2021 $ 100,690 $ 556 $ 356 December 31, 2022 63,995 556 101 December 31, 2023 54,148 556 81 December 31, 2024 39,788 556 — December 31, 2025 19,076 556 — December 31, 2026 and thereafter 45,934 22,446 — Total $ 323,631 $ 25,226 $ 538 Operating lease liabilities, including current portion $ 266,367 $ 7,878 $ 519 Discount based on incremental borrowing rate $ 57,264 $ 17,348 $ 19 As of December 31, 2020, the weighted average remaining lease terms on our charter-in contracts (including bareboat-in contracts), office lease agreements and land leases are 4.9 years, 1.5 years and 45.3 years, respectively. As of December 31, 2019, the weighted average remaining lease terms on our charter-in contracts (including bareboat-in contracts), office lease agreements and land leases are 4.5 years, 1.9 years and 46.3 years, respectively. Charter -out vessels, barges and pushboats: The future minimum revenue, net of commissions, (i) for dry bulk vessels, expected to be earned on non-cancelable time charters; and (ii) for the Company’s logistics business, expected to be earned on non-cancelable time charters, COA’s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics’ ports expected to be earned on non-cancelable time charters, are as follows: Dry bulk vessels Logistics business 2021 36,850 119,181 2022 — 95,041 2023 — 82,671 2024 — 71,458 2025 — 71,427 2026 and thereafter — 583,645 Total minimum revenue, net of commissions $ 36,850 $ 1,023,423 Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 16: 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 (including post-closing adjustments). 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. Purchase of Services: The Company utilized its former affiliate company, Acropolis, as a broker until the sale of its investment on December 6, 2018. Commissions charged from Acropolis for each of the years ended December 31, 2019, 2018 and 2017 were $0 for all periods. Included in the trade accounts payable at both December 31, 2020 and 2019 was an amount due to Acropolis of $76. Vessel Operating Expenses (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 period from January 1, 2019 to August 30, 2019, certain extraordinary fees and costs related to regulatory requirements under the management agreements in place amounted to $15,750 (for the year ended December 31, 2018: $0) and are presented within the caption “Other income”. Total management fees for vessel operating expenses for the period from January 1, 2019 to August 30, 2019 and for the year ended December 31, 2018, amounted to $149,184 and $206,427, respectively, and are presented net within the caption “Direct vessel expenses”. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, and pursuant to 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 charter-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 vessel operating expenses for the year ended December 31, 2020 and for the period from August 30, 2019 to December 31, 2019 amounted to $45,487 and $14,372, respectively, and are presented within 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 December 31, 2019 the outstanding balance of the claim was $10,000. In October 2020, the Company paid an amount of $5,000 to Navios Partners. As of December 31, 2020 the outstanding balance of the claim was $5,000. In April 2021, the Company paid the amount of $5,000 to Navios Partners as the final settlement of the outstanding balance of the claim. General and Administrative Expenses incurred on behalf of affiliate companies/Administrative fee revenue from affiliate companies: 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 period from January 1, 2019 to August 30, 2019 and for the year ended December 31, 2018, amounted to $16,991 and $28,393, 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 period from January 1, 2019 to August 30, 2019 and for the year ended December 31, 2018 amounted to $763 and $1,000, respectively. The general and administrative fees for these periods have been eliminated upon consolidation. Total general and administrative fees charged for the year ended December 31, 2020 and for the period from August 30, 2019 to December 31, 2019 amounted to $1,144 and $381, respectively. Following the sale of the management division effected on August 30, 2019, outlined in Note 3 and pursuant to the 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 year ended December 31, 2020 and for the period from August 30, 2019 to December 31, 2019, amounted to $9,371 and $2,952, respectively. Balance due to/from affiliate companies (excluding Navios Europe I and Navios Europe II): Balance due to NSM as of December 31, 2020 amounted to $22,114 (December 31, 2019: $1,353), the Long-term receivable from NSM as of December 31, 2020 amounted to $0 (as of December 31, 2019: $5,328). Balance due to Navios Partners as of December 31, 2020 amounted to $5,000 (December 31, 2019: $5,000) and the Long-term payable to Navios Partners amounted to $0 (December 31, 2019: $5,000) in relation to the Navios Partners Guarantee. Balance due from Navios Acquisition as of December 31, 2020 amounted to $243 (December 31, 2019: $1,460) and related to declared dividend. As of December 31, 2020 the balance mainly consisted of management fees for vessel operating expenses, 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. 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 containership 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 affiliate companies 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 affiliate companies 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 affiliate companies 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 affiliate companies 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 December 31, 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 accumulated deficit. For the years ended December 31, 2020, 2019, and 2018, Navios Holdings recognized $0, $1,842 and $1,828 of the deferred gain, respectively, in “Equity in net losses of affiliate companies”. In September 2020, Navios Holdings completed the sale of the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and of the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, to Navios Partners for a sale price of $51,000 in total including net liabilities of $4,378. Participation in Offerings of Affiliate Companies: Refer to Note 9 for Navios Holdings’ participation in Navios Acquisition’s and Navios Partners’ offerings. On February 4, 2015, Navios Holdings entered into a share purchase agreement with Navios Partners pursuant to which Navios Holdings made an investment in Navios Partners by purchasing common units, and general partnership interests, in order to maintain its 20.0% partnership interest in Navios Partners following its equity offering in February 2015. In connection with this agreement, Navios Holdings entered into a registration rights agreement with Navios Partners pursuant to which Navios Partners provided Navios Holdings with certain rights relating to the registration of the common units. Navios Holdings has entered into additional share purchase agreements on December 30, 2016, March 3, 2017, March 23, 2017, March 31, 2017, January 11, 2018, February 21, 2018, December 20, 2018 and February 1, 2019 for the purchase up to a total of 1,754,981 general partnership units. Balance due from Navios Europe I: Following the liquidation, the balance due from Navios Europe I as of December 31, 2020 and 2019 was $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. As of December 31, 2019 the loan was fully received and there was no outstanding balance. 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 9). 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 containership 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 within the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II (see Note 5). Following the Liquidation of Navios Europe II, the balance due from Navios Europe II as of December 31, 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 9) 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 9). The outstanding amount relating to Navios Holdings’ portion under the Navios Revolving Loans II was $16,938 as of December 31, 2019, within 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 consolidated statements of comprehensive (loss)/income for the year ended December 31, 2020, within the caption “Impairment of loan receivable from affiliate 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 is available in multiple drawings, had an arrangement fee of $500 and originally bore 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 were met. Following the satisfaction of those conditions in July 2020, the credit facility now matures in December 2024 and bears interest at a rate of 10.0% per annum. As of December 31, 2020, $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 affiliate companies 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 2022 Senior Secured Notes. 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 5.0% annually, and 7.0% 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 and July 2020, Navios Holdings repaid the amount of $31,500 and $18,500, respectively, under the terms of this facility. As of December 31, 2020, the outstanding balance was $78,375 (December 31, 2019: $128,375) and the accrued interest was $526 (December 31, 2019: $2,163). Of the outstanding amount and accrued interest $10,328 (December 31, 2019: $22,552) is included within the caption “Current portion of loans payable to affiliate companies”. $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 5.0% annually (and 7.0% annually for deferred principal amounts). As of December 31, 2020, the outstanding balance was $50,000 (December 31, 2019: $0) and the accrued interest was $326 (December 31, 2019: $0). Of the outstanding amount and accrued interest, $16,266 is included within the caption “Current portion of loans payable to affiliate companies”. 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 | 12 Months Ended |
Dec. 31, 2020 | |
PREFERRED AND COMMON STOCK [Abstract] | |
PREFERRED AND COMMON STOCK | NOTE 17 : PREFERRED AND COMMON STOCK Reverse Stock Split On December 21, 2018, the Company’s common stockholders approved a one-for-ten reverse stock split of the Company’s outstanding shares of common stock (the “Reverse Stock Split”). The Reverse Stock Split was effective since January 3, 2019 and the common stock commenced trading on that date on a split-adjusted basis. As a result of the Reverse Stock Split, every ten shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, without any change in authorized shares or the par value per share. All issued and outstanding shares of common stock, redemption and conversion terms of preferred stock, options to purchase common stock and per share amounts contained in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. The retroactive application of the Reverse Stock Split reduced the number of shares of common stock outstanding from 128,434,137 shares to 12,843,414 shares as of December 31, 2018 and from 120,386,472 shares to 12,038,647 shares as of December 31, 2017. The par value of the common stock remained at $0.0001 per share. Vested, Surrendered and Forfeited During 2020, 825 and 84,336 restricted stock units, issued to the Company’s employees in 2017 and 2016 vested. During 2019, 825 and 334 restricted stock units, issued to the Company’s employees in 2017 and 2016 vested. During 2018, 85,000 and 825 restricted stock units, issued to the Company’s employees in 2016 and 2017, vested. During the years ended December 31, 2020, 2019 and 2018, 1,345, 3,379 and 656 restricted shares of common stock, respectively, were forfeited upon termination of employment. Conversion of Preferred Stock During the year ended December 31, 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 20). 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 (See also Note 20). 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 (See also Note 20). During the year ended December 31, 2018, there were no conversions of preferred stock. 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. The Company has accounted for these shares as equity. 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 Depositary Shares and Series H 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 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 accumulated deficit. 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 accumulated deficit. Following the completion of the offer, the company cancelled the undeclared preferred dividend of series G of $6,798. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of December 31, 2020 were $25,222 (net of cancelled dividends). On July 15, 2017, the Company reached six quarterly dividend payments in arrears relating to its Series G and Series H and as a result the respective dividend rate increased by 0.25%. Issuances to Employees, Officers and Directors 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 and the amount of $2,308 was paid to Navios Logistics’ noncontrolling shareholders. On February 21, 2020, Navios Logistics’ board of directors declared and paid a $27,500 dividend, out of which the amount of $17,552 was paid to Navios Holdings and the amount of $9,948 to Navios Logistics’ noncontrolling shareholders. During the year ended December 31, 2020, no stock was granted to Navios Holdings’ employees, officers and directors. On December 18, 2019, pursuant to the stock plan approved by the Board of Directors, 16,000 common stock was 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 common stock was granted to Navios Holdings employees, officers and directors. On December 10, 2018, pursuant to the stock plan approved by the Board of Directors, 287,500 common stock was granted to Navios Holdings employees, officers and directors and issued on December 27, 2018. Acquisition of Treasury Stock In November 2015, the Board of Directors approved a share repurchase program for up to $25,000 of the Navios Holdings’ common stock. Share repurchases were made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. Repurchases were subject to restrictions under the terms of the Company’s credit facilities and indenture. The program did not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice. In particular, Navios Holdings, pursuant to the terms of its Series G and Series H, may not redeem, repurchase or otherwise acquire its common stock or preferred shares, including the Series G and Series H (other than through an offer made to all holders of Series G and Series H) unless full cumulative dividends on Series G and Series H, when payable, have been paid. As of December 31, 2016, 94,858 shares, were repurchased under this program, for a total consideration of $818. In total, up until February 2016, 114,791 shares were repurchased under this program, for a total consideration of $1,070. Since that time, this program has been suspended by the Company. Navios Holdings had outstanding as of December 31, 2020, 15,881,147 shares, from which 2,414,263 shares are held by Navios Corporation, a subsidiary of Navios Holdings, and are considered as treasury shares and as of December 31, 2019, had outstanding 13,360,356 shares of common stock. Preferred stock was 23,032 (5,350 Series G shares and 17,682 Series H shares) and 23,242 (5,350 Series G shares, 17,682 Series H shares and 210 shares of convertible preferred stock) as of December 31, 2020 and 2019, respectively. |
Interest Expense and Finance Co
Interest Expense and Finance Cost | 12 Months Ended |
Dec. 31, 2020 | |
INTEREST EXPENSE AND FINANCE COST [Abstract] | |
INTEREST EXPENSE AND FINANCE COST | NOTE 18: INTEREST EXPENSE AND FINANCE COST Interest expense and finance cost consisted of the following: For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Interest expense $ 128,696 $ 125,496 $ 129,941 Amortization and write-off of deferred financing costs 7,863 7,746 7,866 Other — 237 109 Interest expense and financing cost $ 136,559 $ 133,479 $ 137,916 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE 19: 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 Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. 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 (loss)/income attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows: Dry Bulk Vessel Operations for the Year Ended December 31, 2020 Logistics Business for the Year Ended December 31, 2020 Total for the Year Ended December 31, 2020 Revenue $ 200,794 $ 215,924 $ 416,718 Interest income 48 209 257 Interest expense and financing cost (88,237) (48,322) (136,559) Depreciation and amortization (42,076) (28,939) (71,015) Equity in net losses of affiliate companies (1,293) — (1,293) Net loss attributable to Navios Holdings common stockholders (192,207) (754) (192,961) Total assets 1,316,936 654,389 1,971,325 Goodwill 56,240 104,096 160,336 Capital expenditures (99,068) (8,441) (107,509) Investment in affiliate companies 56,988 — 56,988 Cash and cash equivalents 20,011 74,870 94,881 Restricted cash 16,303 — 16,303 Long-term debt, net (including current and noncurrent portion) $ 1,043,839 $ 540,590 1,584,429 Dry Bulk Vessel Operations for the Year Ended December 31, 2019 Logistics Business for the Year Ended December 31, 2019 Total for the Year Ended December 31, 2019 Revenue $ 254,178 $ 228,271 $ 482,449 Administrative fee revenue from affiliate companies 16,991 — 16,991 Interest income 9,610 1,052 10,662 Interest expense and financing cost (92,948) (40,531) (133,479) Depreciation and amortization (52,288) (29,435) (81,723) Equity in net losses of affiliate companies (9,185) — (9,185) Net (loss)/ income attributable to Navios Holdings common stockholders (209,096) 16,986 (192,110) Total assets 1,511,517 631,338 2,142,855 Goodwill 56,240 104,096 160,336 Capital expenditures (36,628) (7,943) (44,571) Investment in affiliate companies 64,352 — 64,352 Cash and cash equivalents 32,386 45,605 77,991 Restricted cash 736 — 736 Long-term debt, net (including current and noncurrent portion) $ 1,048,318 $ 514,929 1,563,247 Dry Bulk Vessel Operations for the Year Ended December 31, 2018 Logistics Business for the Year Ended December 31, 2018 Containers Business for the Year Ended December 31, 2018 Total for the Year Ended December 31, 2018 Revenue $ 298,052 $ 207,634 $ 12,053 $ 517,739 Administrative fee revenue from affiliate companies 28,972 — (579 ) 28,393 Interest income 8,231 517 — 8,748 Interest expense and financing cost (98,247 ) (39,669 ) (1,204 ) (139,120 ) Depreciation and amortization (70,472 ) (29,307 ) (3,060 ) (102,839 ) Equity in net losses of affiliate companies (80,205 ) — — (80,205 ) Net (loss)/ income attributable to Navios Holdings common stockholders (273,125 ) 4,380 27 (268,718 ) Total assets 1,558,581 677,343 446,572 2,682,496 Goodwill 56,240 104,096 — 160,336 Capital expenditures (41,003 ) (19,879 ) (24,763 ) (85,645 ) Investment in affiliate companies 91,111 — — 91,111 Cash and cash equivalents 44,452 76,472 16,958 137,882 Restricted cash 10,958 — 1,934 12,892 Long-term debt, net (including current and noncurrent portion) $ 1,063,762 $ 530,186 $ 222,059 $ 1,816,007 The following table sets out the Company’s revenue by geographic region. Dry Bulk Vessel Operations (excluding administrative fee revenue from affiliate companies) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels and containership vessels operate worldwide. Logistics Business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paraná, Paraguay and Uruguay River systems in South America (commonly known as the “Hidrovia” or the “waterway”). Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately. Revenue by Geographic Region Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 North America $ — $ 2,259 $ 4,248 Australia 2,055 — — Europe 132,582 179,009 142,688 Asia 63,610 67,468 135,614 South America 218,442 232,394 208,751 Other 28 1,319 26,438 Total $ 416,718 $ 482,449 $ 517,739 Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $627,569 and $741,347 at December 31, 2020 and 2019, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $509,283 and $536,342 (including constructions in progress of $4,046, referred to in Note 7) at December 31, 2020 and 2019, respectively. |
Loss Per Common Share
Loss Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
LOSS PER COMMON SHARE [Abstract] | |
LOSS PER COMMON SHARE | NOTE 20: LOSS PER COMMON SHARE Loss per share is calculated by dividing net loss attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net (loss)/income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net (loss)/ income attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. For the year ended December 31, 2020, 569,998 potential common shares and 1,549 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. For the year ended December 31, 2019, 843,097 potential common shares and 227,496 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. On December 21, 2018 the Company’s common stockholders approved a one-for-ten reverse stock split of the Company’s outstanding shares of common stock. Following the effectiveness of the reverse stock split, as of January 3, 2019, any historical per share information has been adjusted to reflect the Reverse Stock Split. For the year ended December 31, 2018, 664,709 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. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Numerator: Net loss attributable to Navios Holdings common stockholders $ (192,961 ) $ (192,110 ) $ (268,718 ) Less: Undeclared dividend on preferred stock and on unvested restricted shares (5,144 ) (7,178 ) (10,241 ) Plus: Tender Offer — Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled — 45,680 — Gain from eliminated dividend on preferred stock due to conversion 166 — — Loss attributable to Navios Holdings common stockholders, basic and diluted $ (197,939 ) $ (153,608 ) $ (278,959 ) Denominator: Denominator for basic and diluted net loss per share attributable to Navios Holdings common stockholders — adjusted weighted shares 12,896,568 12,356,024 11,958,959 Basic and diluted net loss per share attributable to Navios Holdings common stockholders $ (15.35 ) $ (12.43 ) $ (23.33 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 21: INCOME TAXES Marshall Islands, Liberia, Panama and Malta do not impose a tax on international shipping income. Under the laws of Marshall Islands, Malta, Liberia and Panama, the countries of incorporation of the Company and its subsidiaries and the vessels’ registration, the companies are subject to registration and tonnage taxes in the accompanying consolidated statements of comprehensive (loss)/income. Certain of the Company’s subsidiaries have registered offices in Greece under Greek Law 27/75 as amended and in force (former law 89/67). These companies are allowed to conduct the specific business activities provided in their license and the provisions of the above legislation. Same law (27/75) provides that these companies are exempted in Greece from any tax, duty, levy, contribution or deduction in respect of income. In accordance with the currently applicable Greek law, ship owning companies of foreign-flagged vessels that are managed by Greek or foreign ship management companies having established an office/branch in Greece under law 27/75 are subject to duties towards the Greek state which are calculated on the basis of the relevant vessel’s tonnage. In case that tonnage tax and/or similar taxes/duties are paid by the shipowning companies to the vessel’s flag state, these are deducted from the amount of the duty to be paid in Greece by the ship owner. The payment of said duties exhausts the tax liability of the foreign ship owning company and as of 2020 the relevant bareboat charterer/lessee against any tax, duty, charge or contribution payable on income from the exploitation of the foreign-flagged vessel. In Belgium, taxation on ocean shipping is based on the tonnage of the sea-going vessels from which the profit is obtained (“tonnage tax”). Pursuant to Section 883 of the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operation of ships is generally exempt from U.S. federal income tax if the company that is treated for U.S. federal income tax purposes as earning such income meets certain requirements set forth in Section 883 of the Code and the U.S. Treasury regulations thereunder. Among other things, in order to qualify for this exemption, each relevant company must be incorporated in a country outside the United States which grants an “equivalent exemption” from income taxes to U.S. corporations. In addition, either (i) the stock of each relevant company must be treated under Section 883 of the Code and the U.S. Treasury regulations thereunder as “primarily traded” and “regularly traded” on an “established securities market” in the United States or in another country that grants an “equivalent exemption” or (ii) more than 50% of the value of the stock of each relevant company must be owned, directly or indirectly, by (a) individuals who are residents in countries that grant an “equivalent exemption,” (b) foreign corporations organized in countries that grant an “equivalent exemption” and that meet the test described in (i) and/or (c) certain other shareholders described in Section 883 of the Code and the U.S. Treasury regulations thereunder. The management of the Company believes that the Company and each of its relevant subsidiaries qualifies for the tax exemption under Section 883 of the Code, provided that the Company’s common stock continues to be listed on the NYSE and represents more than 50% of the total combined voting power of all classes of the Company’s stock entitled to vote and of the total value of the Company’s stock, and less than 50% of the Company’s common stock is owned, actually or constructively under specified stock attribution rules, on more than half the number of days in the relevant year by persons who each own 5% or more of the vote and value of the Company’s common stock, but no assurance can be given that the Company will satisfy these requirements or qualify for this exemption. The income tax (expense)/ benefit reflected in the Company’s consolidated financial statements for the years ended December 31, 2020, 2019, and 2018 is mainly attributable to Navios Holdings’ subsidiaries in South America, which are subject to the Argentinean, Brazilian and Paraguayan income tax regime. CNSA and Corporacion Navios Granos S.A. (“CNGSA”) are located in a tax free zone and are not liable to income tax. Navios Logistics’ current port operations in Uruguay are exempted from income taxes. As a result of the tax reform voted by the Argentinean Parliament in December 2017, and the Law 27,541 voted in December 2019, the corporate income tax rate has decreased from 35% in 2017 to 30% for the period from 2018 to 2021, and will further decrease to 25% for the period from 2022 onwards. Tax rates and tax laws used to assess the income tax liability are those that are effective on the close of the fiscal period. Additionally, at the end of the fiscal year, local companies in Argentina had to calculate an assets tax (Minimum Presumed Income Tax) by applying the effective tax rate of 1.0% over the gross value of the corporate assets (based on tax law criteria). Following the tax reform voted by the Argentinean Parliament in December 2017, and the subsequent resolution in-force since May 2018, this tax does not longer apply as of the fiscal year 2019. Under the tax laws of Argentina, the subsidiaries of the Company in that country are subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0% for the year ended December 31, 2020 (2.0% for 2019 and 3.0% for 2018, respectively). Until the fiscal year ended December 31, 2019, there were two possible options to determine the income tax liability of Paraguayan subsidiaries. Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. Companies whose operations were considered international freights could choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, were neither deducted nor carried forward. As per the tax reform in Paraguay that is in force since January 1, 2020 (Law 6,380 from September 25, 2019 confirmed by Decree 3182 from December 30, 2019), there are still two possible options to determine the income tax liability of Paraguayan companies. Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. The 100% of revenues derived from freights carried between other countries with destination Paraguay are considered Paraguayan sourced, and therefore taxed. The tax reform also states that any fiscal losses generated as of the fiscal year starting January 1, 2020, will be carried forward for up to five years, with the possibility to deduct each year the 20% from future years fiscal years taxable income. Companies whose operations are considered international freights can alternatively choose to pay income taxes on their revenues at an effective tax rate of 3% of such revenues, without considering any other kind of adjustments. Once the methodology is chosen, the Paraguayan companies have to keep it for at least five years. The corporate income tax rate in Brazil and Paraguay is 34% and 10%, respectively, for the year ended December 31, 2020. The Company’s deferred taxes as of December 31, 2020 and 2019, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with Navios Logistics. As of January 1, 2007, the Company adopted the provisions of FASB for Accounting for Uncertainty in Income Taxes. This guidance requires application of a more likely than not threshold to the recognition and derecognition of uncertain tax positions. This guidance permits the Company to recognize the amount of tax benefit that has a greater that 50% likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter of such change. Kleimar’s open tax years are 2019 and onwards. Argentinean companies have open tax years ranging from 2014 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2016 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions. |
Other Income - Other Expense
Other Income - Other Expense | 12 Months Ended |
Dec. 31, 2020 | |
OTHER INCOME-OTHER EXPENSE [Abstract] | |
OTHER INCOME - OTHER EXPENSE | NOTE 22: OTHER INCOME — OTHER EXPENSE During the years ended December 31, 2020, 2019 and 2018, taxes other-than-income taxes of Navios Logistics amounted to $5,762, $7,745, and $7,056, respectively, and were included in the statements of comprehensive (loss)/income within the caption “Other expense”. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 23: SUBSEQUENT EVENTS In April 2021, Navios Holdings agreed to sell to Navios Partners, a 2011-built Capesize vessel for a price of $28,500. The vessel, currently chartered-in by Navios Holdings, will be delivered to the new owners upon acquisition, which is expected within the second quarter of 2021. On March 31, 2021, Navios Partners completed the acquisition of Navios Containers (Refer to Note 9). On March 22, 2021, Navios Logistics completed the acquisition of the Navios Logistics’ 2020 Fleet, operating in the Hidrovia Waterway, for a purchase price of $30,000. The acquisition was funded with $15,000 from existing cash paid at closing and sellers’ financing of $15,000, bearing interest at a fixed rate of 5% per annum, payable in three equal annual installments. In March 2021, the Company entered into supplemental agreements with Alpha Bank A.E. concerning the two existing facility agreements, according to which certain covenants and the repayment schedules have been amended. The maturity of the facilities is due in June 2021. In March 2021, the Company agreed to sell to an unrelated third party the Navios Serenity, a 2011 built Handysize vessel of 34,690 dwt, for a net sale price of $10,388. The vessel is expected to be delivered to the buyers in the second quarter of 2021. The loss due to sale is expected to be approximately $6,958. In March 2021, the Company completed the sale to Navios Partners of the Navios Centaurus, a 2012 built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012 built Panamax vessel of 81,355 dwt, for a sale price of $39,250, including working capital adjustments and the Company repaid in full the outstanding loan balances of $22,500 in total under the Credit Agricole Facilities dated December and August 2011, respectively. The loss due to sale is expected to be approximately $13,498. Please see also Note 11 above. In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a net sale price of approximately $6,445 and repaid in full the outstanding loan balance of $4,504 under the DVB Bank SE Facility dated March 23, 2012. Please see also Note 7 and Note 11 above. In January 2021, the Company repaid in full the outstanding balance of $9,945 under the Hamburg Commercial Bank AG Facility. Please see also Note 11 above. In January 2021, the last barge of the six liquid barges was delivered to Navios Logistics. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of presentation | (a) Basis of presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Going concern The consolidated financial statements have been prepared on a going concern basis. As of December 31, 2020, Navios Holdings’ current assets totaled $194,857, while current liabilities excluding operating lease liabilities, current portion totaled $511,367, resulting in a negative working capital position of $316,510, primarily related to the classification as current of our $305,000 of 11.25% Senior Secured Notes (the “2022 Senior Secured Notes”) and balloon payments. Under the terms of the 2022 Senior Secured Notes, Navios Holdings has an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 7.375% First Priority Ship Mortgage Notes (the “2022 Notes”) are met. In October 2020, Navios Holdings entered into a supplemental indenture (the “Sixth Supplemental Indenture” – see also Note 11) which, among other things, eliminates Navios Holdings' obligation to make a springing maturity offer subject to the occurrence of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics. There can be no assurance that a Qualified IPO will occur prior to the springing maturity date, or at all. Furthermore, we had $476,822 of 2022 Notes outstanding as of December 31, 2020 maturing in January 2022. Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through a Qualified IPO of Navios Logistics the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to us, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12-month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that the Company will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturities) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Change in accounting principles: ASU 2016-02 Leases, ASC 842 On January 1, 2019, the Company adopted the requirements of Accounting Standards Update (“ASU”) 2016-02 “Leases” as amended (Accounting Standards Codification (“ASC”) 842 or the “new lease standard”). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption of ASC 842. In connection with its adoption of ASC 842, the Company elected the “package of 3” practical expedients permitted under the transition guidance based on which the Company is allowed to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. Additionally, the Company elected the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them as a single lease component for the purposes of the recognition and measurement requirements of ASC 842. As required by ASC 842, the Company’s disclosures around its leasing activities have been significantly expanded to enable users of our consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. Please refer to Note 15. |
Principles of Consolidation | (b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one-half of the voting rights or otherwise has power to govern the financial and operating policies of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and Navios Containers (for the period consolidated from November 30, 2018 to August 30, 2019), which are 63.8% 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 all the periods presented. Investments in Affiliate Companies: Affiliate companies 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 company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, 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 company. Affiliate companies 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 affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of December 31, 2020 was 17.9%); (ii) Navios Acquisition and its subsidiaries (economic interest as of December 31, 2020 was 29.5%); (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 (ownership interest as of November 30, 2018, date of obtaining control, and from August 30, 2019, date of loss of control was 3.7% and as of December 31, 2020 was 3.9%). Subsidiaries Included in the Consolidation: Ownership Country of Statements of Operations Company Name Nature Interest Incorporation 2020 2019 2018 Navios Maritime Holdings Inc. Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios South American Logistics Inc. Sub-Holding Company 63.8 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Containers L.P. Holding Company 3.7 % Marshall Is. — 1/1 – 8/29 11/30 - 12/31 Navios Corporation Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios International Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navimax Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Handybulk Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hestia Shipping Ltd. Operating Company 100 % Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Anemos Maritime Holdings Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Shipmanagement Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 NAV Holdings Limited Sub-Holding Company 100 % Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar N.V. Operating Company/ Vessel Owning Company/ Management Company 100 % Belgium 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar Ltd. Operating Company 100 % Marshall Is. — 1/1 – 8/29 1/1 - 12/31 Bulkinvest S.A. Operating Company 100 % Luxembourg 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Tankers Management Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 Astra Maritime Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Achilles Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Apollon Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Herakles Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hios Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ionian Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kypros Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Meridian Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rondine Management Corp . Vessel Owning Company 100 % Marshall Is. 1/1 - 9/30 3/22 - 12/31 — Vernazza Shiptrade Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 9/25-12/31 — Navios Corporation Management Inc. Operating Company 100 % Marshall Is. — 7/4 -8/29 — Beaufiks Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Nostos Shipmanagement Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Portorosa Marine Corp. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shikhar Ventures S.A. Vessel Owning Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Sizzling Ventures Inc. Operating Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rheia Associates Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Taharqa Spirit Corp. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rumer Holding Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pharos Navigation S.A. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pueblo Holdings Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Quena Shipmanagement Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aramis Navigation Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 White Narcissus Marine S.A. Vessel Owning Company 100 % Panama 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios GP L.L.C. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Red Rose Shipping Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Highbird Management Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ducale Marine Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Vector Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Faith Marine Ltd. Vessel Owning Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance (US) Inc. Operating Company 100 % Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance II (US) Inc. Operating Company 100 % Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Tulsi Shipmanagement Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Cinthara Shipping Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rawlin Services Company Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mauve International S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Serenity Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Iris Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Emery Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 9/30 1/1 - 12/31 1/1 - 12/31 Lavender Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Esmeralda Shipping Corporation Vessel Owning Company 100 % Marshall Is. — — 1/1 - 8/30 Triangle Shipping Corporation Vessel Owning Company 100 % Marshall Is. — — 1/1 - 8/30 Roselite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Smaltite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Motiva Trading Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Alpha Merit Corporation Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Thalassa Marine S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Asteroid Shipping S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/12 - 12/31 Cloud Atlas Marine S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/15 - 12/31 Heodor Shipping Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 2/13 - 12/31 Navios Maritime Containers GP LLC Operating Company 100 % Marshall Is. — 1/1 - 8/29 9/11 - 12/31 Navios Containers Management Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 Pacifico Navigation Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/7 - 12/31 Rider Shipmanagement Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 12/4 - 12/31 Talia Shiptrade S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 10/11-12/31 Moonstone Shipping Corporation Vessel Owning Company 100 % Marshall Is. 6/30 – 12/31 — — Opal Shipping Corporation Vessel Owning Company 100 % Marshall Is. 6/30 – 12/31 — — |
Use of Estimates | (c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The spread of the COVID-19 pandemic, which has been declared a pandemic by the World Health Organization, in 2020, has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on our business, financial performance and the results of our operations, including due to decreased demand for global seaborne dry bulk trade and charter rates, the extent of which will depend largely on future developments. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. Actual results could differ from those estimates under different assumptions and/or conditions. |
Cash and Cash Equivalents | (d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less. |
Restricted Cash | (e) Restricted Cash: As of December 31, 2020 and 2019, restricted cash included $684 and $726, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Holdings’ credit facilities. Also included in restricted cash as of both December 31, 2020 and 2019 are amounts held as security in the form of letters of guarantee or letters of credit totaling $10. As of December 31, 2020 restricted cash also included an amount of $15,609 concerning the proceeds from the sale of Navios Northern Star and Navios Amitie held as cash collateral in an escrow account, following the vessels’ disposal and release from the 2022 Notes. See also Note 11. |
Insurance Claims | (f) Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectations as to their collection dates. |
Inventories | (g) Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis. |
Dry Bulk Vessels, Container Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net | (h) Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Dry bulk vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition, and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for ballast water treatment system, major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive (loss)/income. Expenditures for routine maintenance and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value. Annual depreciation rates used, which approximate the useful life of the assets are: Dry bulk vessels 25 years Port terminals 5 to 49 years Tanker vessels, barges and pushboats 15 to 45 years Furniture, fixtures and equipment 3 to 10 years Computer equipment and software 5 years Leasehold improvements shorter of lease term or 6 years Management estimates the residual values of the Company’s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the residual values of the Company’s vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company’s vessels. Management estimates the useful life of its dry bulk vessels to be 25 years from the vessel’s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. |
Deposits for Vessels, Port Terminals, and Other Fixed Assets | (i) Deposits for Vessels, Port Terminals and Other Fixed Assets: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2020, 2019 and 2018 amounted to $986, $1,960 and $2,879, respectively. |
Assets Held for Sale | (j) Assets Held for Sale : It is the Company’s policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented. |
Impairment of Long Lived Assets | (k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings’ management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value. Navios Holdings determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings’ long-lived assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% every second year and a utilization rate of 99.3% based on the fleet’s historical performance. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis. The significant factors and assumptions used by management in determining fair value of vessels includes those in developing the projected net operating cash flows over the remaining economic life of each vessel and the discount rate. We have evaluated the impact of current economic situation due to COVID-19 pandemic on the recoverability of the carrying amount of our vessels. As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $52,820 for these vessels, being the difference between the fair value and the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to these vessels, presented within the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive (loss)/income. As of December 31, 2019, the Company recorded an impairment loss of $84,584 for two dry bulk vessels, being the difference between the fair value and the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs and ballast water treatment system costs related to these vessels, presented within the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive (loss)/income. As of December 31, 2018, the Company recorded an impairment loss of $179,186 for four dry bulk vessels, being the difference between the fair value and the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs related to these vessels, presented within the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive (loss)/income. |
Deferred Drydock and Special Survey Costs | (l) Deferred Drydock and Special Survey Costs: The Company’s vessels, barges and pushboats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and up to every 72 to 96 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and pushboats sold are written-off to income in the year the vessel, barge or pushboat is sold. Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2020, 2019 and 2018, the amortization of deferred drydock and special survey costs from continuing operations was $10,255, $11,067 and $13,828, respectively. |
Deferred Financing Costs | (m) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. Deferred financing costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs from continuing operations for each of the years ended December 31, 2020, 2019 and 2018 were $7,863, $7,746 and $7,866, respectively. See also Note 18 |
Goodwill and Other Intangibles | (n) Goodwill and Other Intangibles (i) Goodwill : Goodwill is tested for impairment at the reporting unit level at least annually. The Company evaluates impairment of goodwill using a single step process following the adoption of ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)” as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. As of December 31, 2020, the Company performed its impairments test for its reporting units within the Dry Bulk Vessel Operations and the Logistics Business. The Company additionally considered that its market capitalization continued to remain at a level well below the carrying amount. As of December 31, 2020, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which had a negative carrying amount of $144,919, and for which goodwill allocated is $56,240. The impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded its carrying amount. The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company’s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount. As of December 31, 2020, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $104,096. The impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. The significant factors and assumptions used by management in the discounted cash flow analysis for the Logistics Business includes a combination of revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. No impairment loss was recognized for any of the periods presented for both the Dry Bulk Vessel Operations and the Logistics Business. (ii) Intangibles Other Than Goodwill: Navios Holdings’ intangible assets and liabilities consist of trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm’s length transaction to use that trade name. The asset is being amortized under the straight-line method over 32 years. Navios Logistics’ trade name is being amortized under the straight-line method over 10 years and was fully amortized as of December 31, 2019. The fair value of customer relationships of Navios Logistics was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight-line method. The Company reviews its other intangibles such as trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the difference between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions. The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective “relief from royalty” rate applied to the future cash flows of the Dry Bulk Vessel Operations. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company’s vessels and the Company’s weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations. The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the consolidated statements of comprehensive (loss)/income within the caption “Depreciation and amortization”. The amortizable value of favorable leases would be considered impaired if its carrying value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised, the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date, it is written-off in the consolidated statements of comprehensive (loss)/income. No favorable and unfavorable lease terms have been identified for the years ended December 31, 2020 and 2019. During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings’ trade name might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management’s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed. No such circumstances indicated that potential impairment of the Company’s other intangible assets such as port terminal operating rights and customer relationships exist. For the years ended December 31, 2020, 2019 and 2018, there were no impairment losses recognized for the Company’s intangible assets. The weighted average amortization periods for intangibles are: Intangible assets Years Trade name 32 Port terminal operating rights 47 Customer relationships 20 See also Note 3 and Note 8. |
Foreign Currency Translation | (o) Foreign Currency Translation: The Company’s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company’s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized within the captions “Other income” and “Other expense”, respectively, in the consolidated statements of comprehensive (loss)/income for each of the years ended December 31, 2020, 2019 and 2018, were $546, $(967) and $(1,206), respectively. |
Provisions | (p) Provisions: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. See also Note 14. The Company participates in Protection and Indemnity (“P&I”) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. Provision for losses subject to claims was provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December 31, 2020 and 2019, the balance for this provision was $0. |
Segment Reporting | (q) Segment Reporting: Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company through August 30, 2019 had three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment. Following the reclassification of the results of Navios Containers as discontinued operations (Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. |
Revenue and Expense Recognition | (r) Revenue and Expense Recognition: Revenue Recognition: Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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 years ended December 31, 2020, 2019 and 2018: Dry Bulk Vessel Operations for the Year Ended December 31, 2020 Logistics Business for the Year Ended December 31, 2020 Total for the Year Ended December 31, 2020 COA/Voyage revenue $ 6,660 $ 54,005 $ 60,665 Time chartering revenue 194,005 59,236 253,241 Port terminal revenue — 73,112 73,112 Storage fees (dry port) revenue — 3,364 3,364 Dockage revenue — 3,948 3,948 Sale of products revenue — 17,272 17,272 Liquid port terminal revenue — 4,606 4,606 Other 128 382 510 Total $ 200,793 $ 215,925 $ 416,718 Dry Bulk Vessel Operations for the Year Ended December 31, 2019 Logistics Business for the Year Ended December 31, 2019 Total for the Year Ended December 31, 2019 COA/Voyage revenue $ 3,727 $ 49,488 $ 53,215 Time chartering revenue 250,187 76,680 326,867 Port terminal revenue — 80,180 80,180 Storage fees (dry port) revenue — 3,452 3,452 Dockage revenue — 4,310 4,310 Sale of products revenue — 9,384 9,384 Liquid port terminal revenue — 4,032 4,032 Other 264 745 1,009 Total $ 254,178 $ 228,271 $ 482,449 Dry Bulk Vessel Operations for the Year Ended December 31, 2018 Logistics Business for the Year Ended December 31, 2018 Containers Business for the Year Ended December 31, 2018 Total for the Year Ended December 31, 2018 COA/Voyage revenue $ 19,121 $ 35,623 $ — $ 54,744 Time chartering revenue 278,591 72,689 12,053 363,333 Profit sharing revenue ( 52 ) — — ( 52 ) Port terminal revenue — 58,552 — 58,552 Storage fees (dry port) revenue — 882 — 882 Dockage revenue — 3,136 — 3,136 Sale of products revenue — 32,508 — 32,508 Liquid port terminal revenue — 3,739 — 3,739 Other 392 505 — 897 Total $ 298,052 $ 207,634 $ 12,053 $ 517,739 Administrative fee revenue from affiliate companies: Administrative fee revenue from affiliate companies consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliate companies (Refer to Note 16). 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 affiliate companies. 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”). General and administrative expenses: The general and administrative expenses incurred on behalf of affiliate companies were determined based on a combination of actual expenses incurred on behalf of the affiliate companies as well as a reasonable allocation of expenses that are not affiliate companies specific but incurred on behalf of all affiliate companies. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM, pursuant to an administrative services agreement dated August 29, 2019 (“Administrative Services Agreement”). The Manager 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 (see also Note 16). Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers’ liability insurances, allowance for credit losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. In the transition to ASC 842, the operating lease assets were adjusted for the carrying amount of the liability regarding the allowance for credit losses on time charters and voyages in progress on that date. Direct Vessel Expenses: Direct vessel expenses consisted of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees for vessel operating expenses. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided to Navios Holdings’ vessels by NSM, pursuant to a management agreement dated August 29, 2019 (“Management Agreement”) (see also Note 16). The fee for the ship management services provided by the Manager is a daily fee of $3.7 per day per owned vessel. This rate is fixed for a two-year period and will increase thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by the Manager is a daily fee of $0.03 per day per charter-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. Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. |
Employee benefits | (s) Employee benefits: Pension and Retirement Obligations-Crew: The Company’s ship-owning subsidiaries employed the crew on board under short-term contracts (usually up to nine months) and, accordingly, were not liable for any pension or post-retirement benefits. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, Navios Holdings does not employ any crew. Provision for Employees’ Severance and Retirement Compensation: The employees in the Company’s office in Greece were protected by Greek labor law. According to the law, the Company was required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years’ salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation which was equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known. The Company considered this plan equivalent to a lump sum defined benefit pension plan and accounted for it under relevant guidance on employer’s accounting for pensions. The Company was required to annually value the statutory terminations indemnities liability. Management obtained a valuation from independent actuaries to assist in the calculation of the benefits. The Company provided, in full, for the employees’ termination indemnities liability. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, this liability amounted to $0 as at December 31, 2020 and 2019. U.S. Retirement Savings Plan: The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan’s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services. See also Note 13. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM. Other Post-Retirement Obligations: The Company had a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits was only to these former employees. The expected costs of these benefits were accrued each year, using an accounting methodology similar to that for defined benefit pension plans. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, the Company has no such arrangements. Stock-Based Compensation: In December 2020, February and December 2019, the Company authorized the grant of restricted common stock. In December 2017, the Company authorized the grant of restricted common stock and restricted stock units. These awards of restricted share units, share appreciation rights, restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three and four years. See also Note 13. The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity. |
Financial Instruments | (t) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, account receivables and payables, other current assets and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable. Financial Risk Management: The Company’s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. Credit Risk: The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Holdings. When negotiating on behalf of Navios Holdings various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. Liquidity Risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs. Foreign Exchange Risk: Foreign currency transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive (loss)/income. |
(Loss)/Earnings Per Share | (u) (Loss)/Earnings Per Share: Basic (loss)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. 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. Diluted (loss)/earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted (loss)/earnings per share computation. Restricted share units, restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted (loss)/earnings per share, based on the weighted average number of restricted share units, restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted (loss)/earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 20. |
Income Taxes | (v) Income Taxes: The Company is a Marshall Islands corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. The tax expense reflected in the Company’s consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes. The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. On December 23, 2019, the Argentine government enacted the Law 27,541 which made changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable for the fiscal years beginning on January 1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 30% was applied on temporary differences, reversals of which are expected to occur in respect of the 2020 and 2021 fiscal years, and a rate of 25% on temporary differences remaining thereafter. Due to these changes in the rate of the income tax, the Company has recorded an income tax expense $0 and $208 during the years ended December 31, 2020 and December 31, 2019, respectively, within the caption “Income tax (expense)/ benefit” in the consolidated statements of comprehensive (loss)/income. |
Dividends | (w) Dividends: Dividends are recorded in the Company’s financial statements in the period in which they are declared. Navios Holdings paid $0 to its common stockholders during each year ended December 31, 2020, 2019 and 2018, and $0 to its preferred stockholders during each year ended December 31, 2020, 2019 and 2018. In November 2015, Navios Holdings announced that the Board of Directors decided to suspend the dividend to its common stockholders. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G”) and Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H”). All inter-company dividends are eliminated upon consolidation. |
Guarantees | (x) Guarantees: A liability for the fair value of an obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent’s guarantee of a subsidiary’s debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made. On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 16). |
Leases | (y) Leases: Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease. For charters classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r). In cases of lease agreements where the Company acts as the lessee, the Company recognizes an operating lease asset and a corresponding lease liability on the consolidated balance sheet. For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight-line basis over the rental periods of such charter agreements. The expense is included within the caption “Time charter, voyage and logistics business expenses”. In the transition to ASC 842, the operating leases assets were adjusted for the carrying amount of the straight-line liabilities on that date. In cases of sale and leaseback agreements, if the transfer of the asset to the lessor does not qualify as a sale, then the agreement constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the buyer, and the buyer would need to obtain substantially all the benefits from the use of the asset. Impairment of operating lease assets : Operating lease assets used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value of the asset group. Navios Holdings determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions. Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest (asset group). If the step two of the impairment analysis is required, the analysis includes the use of discounted cash flows which includes various assumptions, including the Company’s WACC. During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings’ operating lease assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management’s expectation for future revenues. As a result, an impairment assessment of operating lease assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each charter-in and bareboat chartered-in vessel and compared it to operating lease asset’s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat chartered-in vessels), management fees for vessel operating expenses in accordance with the terms of management agreement (assuming an annual increase of 3.0% every second year for the bareboat chartered-in vessels). As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two asset groups, which involves a discounted cash flow analysis using the Company’s WACC. The WACC is based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. As a result, the Company recorded an impairment loss of $1,361, being the difference between the fair value of the operating lease asset and its carrying value, presented within the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive (loss)/income. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. As of December 31, 2019, our assessment concluded that step two of the impairment analysis was required for certain charter-in vessels, which involves a discounted cash flow analysis using the Company’s WACC. As a result, the Company recorded an impairment loss of $38,636, being the difference between the fair value of the operating lease asset and its carrying value, presented within the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive (loss)/income. |
Treasury Stock | (z) Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital. |
Trade Accounts Receivable | (aa) Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for credit losses. On January 1, 2020, the Company adopted Topic 326 "Financial Instruments - Credit Losses". Measurement of Credit Losses on Financial Instruments” using the modified retrospective approach . This standard amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 “Leases”. In addition, this standard requires the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. This new guidance did not have a material impact on the Company’s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard. As a result of the adoption of this standard, there was no cumulative impact to the Company’s accumulated deficit at January 1, 2020. |
Convertible Preferred Stock | (ab) Convertible Preferred Stock: The Company’s 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) is recorded at fair market value on the date of issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. See also Note 17. |
Cumulative Redeemable Perpetual Preferred Stock | (ac) Cumulative Redeemable 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, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. See also Note 17. |
Investment in Available-for-Sale Securities | (ad) Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses reflected directly in the consolidated statements of comprehensive (loss)/income at each reporting period. Management evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. Investment in Equity Securities: Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Containers (following the deconsolidation) and evaluated Navios Europe I, Navios Europe II (through their liquidation in December 2019 and June 2020, respectively) for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Containers, and (iii) the intent and ability of the Company to retain its investment in Navios Acquisition, Navios Partners and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value. If the Company considers any decline to be “other-than-temporary”, then the Company would write down the carrying amount of the investment to its estimated fair value. |
Financial Instruments and Fair Value | (ae) Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements. |
Recent Accounting Pronouncements | (af) Recent Accounting Pronouncements: 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. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. 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. As of December 31, 2020, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements. 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. See also Note 2(n). 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. 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. See also Note 2(aa). Recently Issued Accounting Pronouncements Pending Adoption In December 2019, 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 of that standard and believes that it will not have any material impact on the Company’s disclosures to the 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 of that standard and believes that it will not have any material impact on the Company’s disclosures to the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Entities included in the consolidation | Ownership Country of Statements of Operations Company Name Nature Interest Incorporation 2020 2019 2018 Navios Maritime Holdings Inc. Holding Company Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios South American Logistics Inc. Sub-Holding Company 63.8 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Containers L.P. Holding Company 3.7 % Marshall Is. — 1/1 – 8/29 11/30 - 12/31 Navios Corporation Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios International Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navimax Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Handybulk Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hestia Shipping Ltd. Operating Company 100 % Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Anemos Maritime Holdings Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Shipmanagement Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 NAV Holdings Limited Sub-Holding Company 100 % Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar N.V. Operating Company/ Vessel Owning Company/ Management Company 100 % Belgium 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kleimar Ltd. Operating Company 100 % Marshall Is. — 1/1 – 8/29 1/1 - 12/31 Bulkinvest S.A. Operating Company 100 % Luxembourg 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Tankers Management Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 Astra Maritime Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Achilles Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Apollon Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Herakles Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hios Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ionian Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kypros Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Meridian Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rondine Management Corp . Vessel Owning Company 100 % Marshall Is. 1/1 - 9/30 3/22 - 12/31 — Vernazza Shiptrade Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 9/25-12/31 — Navios Corporation Management Inc. Operating Company 100 % Marshall Is. — 7/4 -8/29 — Beaufiks Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Nostos Shipmanagement Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Portorosa Marine Corp. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shikhar Ventures S.A. Vessel Owning Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Sizzling Ventures Inc. Operating Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rheia Associates Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Taharqa Spirit Corp. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rumer Holding Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pharos Navigation S.A. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pueblo Holdings Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Quena Shipmanagement Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aramis Navigation Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 White Narcissus Marine S.A. Vessel Owning Company 100 % Panama 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios GP L.L.C. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Red Rose Shipping Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Highbird Management Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ducale Marine Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Vector Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Faith Marine Ltd. Vessel Owning Company 100 % Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance (US) Inc. Operating Company 100 % Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance II (US) Inc. Operating Company 100 % Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Tulsi Shipmanagement Co. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Cinthara Shipping Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rawlin Services Company Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mauve International S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Serenity Shipping Enterprises Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Iris Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Emery Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 9/30 1/1 - 12/31 1/1 - 12/31 Lavender Shipping Corporation Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Esmeralda Shipping Corporation Vessel Owning Company 100 % Marshall Is. — — 1/1 - 8/30 Triangle Shipping Corporation Vessel Owning Company 100 % Marshall Is. — — 1/1 - 8/30 Roselite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Smaltite Shipping Corporation Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Motiva Trading Ltd. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Alpha Merit Corporation Sub-Holding Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Thalassa Marine S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Asteroid Shipping S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/12 - 12/31 Cloud Atlas Marine S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/15 - 12/31 Heodor Shipping Inc. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 2/13 - 12/31 Navios Maritime Containers GP LLC Operating Company 100 % Marshall Is. — 1/1 - 8/29 9/11 - 12/31 Navios Containers Management Inc. Management Company 100 % Marshall Is. — 1/1 - 8/29 1/1 - 12/31 Pacifico Navigation Corp. Vessel Owning Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 11/7 - 12/31 Rider Shipmanagement Inc. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 12/4 - 12/31 Talia Shiptrade S.A. Operating Company 100 % Marshall Is. 1/1 - 12/31 1/1 - 12/31 10/11-12/31 Moonstone Shipping Corporation Vessel Owning Company 100 % Marshall Is. 6/30 – 12/31 — — Opal Shipping Corporation Vessel Owning Company 100 % Marshall Is. 6/30 – 12/31 — — |
Depreciation rates | Dry bulk vessels 25 years Port terminals 5 to 49 years Tanker vessels, barges and pushboats 15 to 45 years Furniture, fixtures and equipment 3 to 10 years Computer equipment and software 5 years Leasehold improvements shorter of lease term or 6 years |
Finite lived acquired intangible assets | Intangible assets Years Trade name 32 Port terminal operating rights 47 Customer relationships 20 |
Revenue per category | Dry Bulk Vessel Operations for the Year Ended December 31, 2020 Logistics Business for the Year Ended December 31, 2020 Total for the Year Ended December 31, 2020 COA/Voyage revenue $ 6,660 $ 54,005 $ 60,665 Time chartering revenue 194,005 59,236 253,241 Port terminal revenue — 73,112 73,112 Storage fees (dry port) revenue — 3,364 3,364 Dockage revenue — 3,948 3,948 Sale of products revenue — 17,272 17,272 Liquid port terminal revenue — 4,606 4,606 Other 128 382 510 Total $ 200,793 $ 215,925 $ 416,718 Dry Bulk Vessel Operations for the Year Ended December 31, 2019 Logistics Business for the Year Ended December 31, 2019 Total for the Year Ended December 31, 2019 COA/Voyage revenue $ 3,727 $ 49,488 $ 53,215 Time chartering revenue 250,187 76,680 326,867 Port terminal revenue — 80,180 80,180 Storage fees (dry port) revenue — 3,452 3,452 Dockage revenue — 4,310 4,310 Sale of products revenue — 9,384 9,384 Liquid port terminal revenue — 4,032 4,032 Other 264 745 1,009 Total $ 254,178 $ 228,271 $ 482,449 Dry Bulk Vessel Operations for the Year Ended December 31, 2018 Logistics Business for the Year Ended December 31, 2018 Containers Business for the Year Ended December 31, 2018 Total for the Year Ended December 31, 2018 COA/Voyage revenue $ 19,121 $ 35,623 $ — $ 54,744 Time chartering revenue 278,591 72,689 12,053 363,333 Profit sharing revenue ( 52 ) — — ( 52 ) Port terminal revenue — 58,552 — 58,552 Storage fees (dry port) revenue — 882 — 882 Dockage revenue — 3,136 — 3,136 Sale of products revenue — 32,508 — 32,508 Liquid port terminal revenue — 3,739 — 3,739 Other 392 505 — 897 Total $ 298,052 $ 207,634 $ 12,053 $ 517,739 |
Sale of Management & Consolid_2
Sale of Management & Consolidation/Deconsolidation of Navios Containers (Tables) | 12 Months Ended |
Dec. 31, 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 | Period from January 1 to August 30, 2019 Period from November 30 to December 31, 2018 Revenue $ 89,925 $ 12,053 Time charter, voyage and port terminal expenses (3,976) (546) Direct vessel expenses (44,088) (5,282) General and administrative expenses (6,706) (873) Depreciation and amortization (22,858) (3,060) Interest expense and finance cost (10,519) (1,204) Other expense, net (5,896) (336) Net (loss)/income from discontinued operations $ (4,118) $ 752 Less: Net loss/(income) attributable to the noncontrolling interest $ 3,968 $ (725) Net (loss)/income attributable to Navios Holdings common stockholders $ (150) $ 27 |
Fair value of Navios Containers' outsantading shares, assets and liabilities and noncontrolling interest | Fair value of Navios Containers’ outstanding shares: Fair value of Navios Holdings’ interest (3.7%) $ 6,269 Fair value of noncontrolling interest (96.3%) 165,474 Total fair value of Navios Containers’ outstanding shares 171,743 Fair value of Navios Containers’ assets and liabilities: Current assets (including cash and restricted cash of $24,400) $ 27,705 Vessels 376,133 Favorable lease terms 31,342 Long term receivable from affiliate companies 7,313 Other long term assets 1,099 Long term debt assumed (including current portion) (199,000 ) Current liabilities (14,727 ) Fair value of Navios Containers’ net assets 229,865 Bargain gain upon obtaining control $ 58,122 |
Schedule of acquired intangible assets | Weighted Average Amortization (years) Amortization per Year Favorable lease terms 1.4 $ (22,391) |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH [Abstract] | |
Cash and cash equivalents | December 31, 2020 December 31, 2019 Cash on hand and at banks $ 94,787 $ 77,041 Short-term deposits and highly liquid funds 94 950 Restricted cash 16,303 736 Cash and cash equivalents and restricted cash $ 111,184 $ 78,727 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE,NET [Abstract] | |
Accounts receivable, net | December 31, 2020 December 31, 2019 Accounts receivable $ 69,694 $ 68,309 Less: Allowance for credit losses (15,366) (16,377) Accounts receivable, net $ 54,328 $ 51,932 |
Allowance for doubtfull receivables | Allowance for credit losses Balance at Beginning of Period Charges to Costs and Expenses Amount Utilized Balance at End of Period Year ended December 31, 2018 $ (19,706 ) $ (575 ) $ 4,195 $ (16,086 ) Year ended December 31, 2019 $ (16,086 ) $ (999 ) $ 708 $ (16,377 ) Year ended December 31, 2020 $ (16,377 ) $ (541 ) $ 1,552 $ (15,366 ) |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
Prepaid expenses and other current assets | December 31, 2020 December 31, 2019 Prepaid voyage and operating costs $ 4,616 $ 5,726 Claims receivable 4,136 3,826 Prepaid other taxes 2,604 1,012 Other 3,625 1,675 Total prepaid expenses and other current assets $ 14,981 $ 12,239 |
Vessels, Port Terminals and O_2
Vessels, Port Terminals and Other Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Vessels, Port Terminals, Tanker Vessels, Barges, Push boats and other fixed assets | Vessels Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 1,814,965 $ (536,518) $ 1,278,447 Additions 398 (66,405) (66,007) Vessel impairment (411,265) 212,399 (198,866) Disposals (101,717) — (101,717) Vessel acquisition 22,385 (458) 21,927 Balance December 31, 2018 1,324,766 (390,982) 933,784 Additions 4,747 (48,812) (44,065) Vessel impairment (274,067) 159,834 (114,233) Disposals (48,830) — (48,830) Vessel acquisition 14,735 (44) 14,691 Balance December 31, 2019 1,021,351 (280,004) 741,347 Additions 1,277 (36,438) (35,161) Vessel impairment (221,754) 137,255 (84,499) Disposals (87,823) — (87,823) Vessel acquisition 96,678 (2,820) 93,858 Write offs (153) — (153) Balance December 31, 2020 $ 809,576 $ (182,007) $ 627,569 Port Terminals (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 251,641 $ (32,628 ) $ 219,013 Additions 2,530 (7,284 ) (4,754 ) Transfers from oil storage plant and port facilities for liquid cargoes (629 ) — (629 ) Transfers to other long-term assets (26 ) — (26 ) Disposals (156 ) 137 (19 ) Balance December 31, 2018 253,360 (39,775) 213,585 Additions 602 (7,186) (6,584) Balance December 31, 2019 253,962 (46,961) 207,001 Additions 869 (7,216) (6,347) Write offs (87) 76 (11) Balance December 31, 2020 $ 254,744 $ (54,101) $ 200,643 Tanker vessels, barges and pushboats (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 472,081 $ (164,056 ) $ 308,025 Additions 3,581 (18,528 ) (14,947 ) Transfers 629 — 629 Transfers from deposits for vessels, port terminal and other fixed assets, net 49,421 — 49,421 Balance December 31, 2018 525,712 (182,584 ) 343,128 Additions 2,403 (19,038) (16,635) Write offs (2,064) 866 (1,198) Balance December 31, 2019 526,051 (200,756) 325,295 Additions 1,931 (18,278) (16,347) Write offs (308) — (308) Balance December 31, 2020 $ 527,674 $ (219,034) $ 308,640 Containerships (Navios Containers) Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ — $ — $ — Vessels upon obtaining control 376,133 (882 ) 375,251 Vessel acquisition 24,763 (35 ) 24,728 Balance December 31, 2018 400,896 (917 ) 399,979 Additions 1,715 (7,497) (5,782) Vessel acquisition 53,097 (649) 52,448 Navios Containers Deconsolidation (455,708) 9,063 (446,645) Balance December 31, 2019 — — — Other fixed assets Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 14,360 $ (10,620 ) $ 3,740 Additions 5,845 (1,572 ) 4,273 Write offs (329) 295 (34) Balance December 31, 2018 19,876 (11,897 ) 7,979 Additions 2,161 (1,056 ) 1,105 Write offs (14,206 ) 7,993 (6,213) Balance December 31, 2019 7,831 (4,960 ) 2,871 Additions 488 (672 ) (184) Balance December 31, 2020 $ 8,319 $ (5,632 ) $ 2,687 Total Cost Accumulated Depreciation Net Book Value Balance December 31, 2017 $ 2,553,047 $ (743,822 ) $ 1,809,225 Vessels upon obtaining control 376,133 (882 ) 375,251 Additions 12,354 (93,789 ) (81,435 ) Vessel acquisition 47,148 (493 ) 46,655 Vessel impairment (411,265 ) 212,399 (198,866 ) Vessel disposals (101,717 ) — (101,717 ) Disposals (156 ) 137 (19 ) Write offs (329 ) 295 (34 ) Transfers from deposits for vessels, port terminals and other fixed assets 49,421 — 49,421 Transfers to other long-term assets (26 ) — (26 ) Balance December 31, 2018 2,524,610 (626,155 ) 1,898,455 Additions 11,628 (83,589) (71,961) Vessel acquisition 67,832 (693) 67,139 Vessel impairment (274,067) 159,834 (114,233) Vessel disposals (48,830) — (48,830) Write offs (16,270) 8,859 (7,411) Navios Containers Deconsolidation (455,708) 9,063 (446,645) Balance December 31, 2019 $ 1,809,195 $ (532,681) $ 1,276,514 Additions 4,565 (62,604) (58,039) Vessel acquisition 96,678 (2,820) 93,858 Vessel impairment (221,754) 137,255 (84,499) Vessel disposals (87,823) — (87,823) Write offs (548) 76 (472) Balance December 31, 2020 $ 1,600,313 $ (460,774) $ 1,139,539 |
Intangible Assets_Liabilities_2
Intangible Assets/Liabilities Other Than Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL [Abstract] | |
Schedule of intangible assets | Net Book Value of Intangible Assets other than Goodwill as at December 31, 2020 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2020 Trade name $ 90,000 $ (43,175) $ 46,825 Port terminal operating rights 53,152 (13,835) 39,317 Customer relationships 35,490 (23,069) 12,421 Total Intangible assets $ 178,642 $ (80,079) $ 98,563 Net Book Value of Intangible Assets other than Goodwill as at December 31, 2019 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2019 Trade name $ 90,000 $ (40,357) $ 49,643 Port terminal operating rights 53,152 (12,837) 40,315 Customer relationships 35,490 (21,294) 14,196 Favorable lease terms – Navios Containers 31,342 (16,855) 14,487 Navios Containers deconsolidation (31,342) 16,855 (14,487) Total Intangible assets $ 178,642 $ (74,488) $ 104,154 |
Amortization expense | Amortization Expense and Write Offs Year Ended December 31, 2020 Amortization Expense and Write Offs Year Ended December 31, 2019 Amortization Expense and Write Offs Year Ended December 31, 2018 Trade name $ 2,818 $ 2,811 $ 2,811 Port terminal operating rights 998 999 950 Customer relationships 1,775 1,774 1,774 Total $ 5,591 $ 5,584 $ 5,535 |
Schedule of aggregate amortization expense | Description Within one year Year Two Year Three Year Four Year Five Thereafter Total Trade name $ 2, 811 $ 2, 811 $ 2, 811 $ 2,818 $ 2,811 $ 32,763 $ 46,825 Port terminal operating rights 995 995 995 995 995 34,342 39,317 Customer relationships 1,775 1,775 1,775 1,775 1,775 3,546 12,421 Total amortization $ 5,581 $ 5,581 $ 5,581 $ 5,588 $ 5,581 $ 70,651 $ 98,563 |
Investments in affiliates and_2
Investments in affiliates and investments in available-for-sale securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENTS IN AFFILIATES AND INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
Financial information of affiliate companies, balance sheet | December 31, 2020 December 31, 2019 Balance Sheet Navios Partners Navios Acquisition Navios Europe II Navios Containers Navios Partners Navios Acquisition Navios Europe II Navios Containers Cash and cash equivalents, including restricted cash $ 30,728 $ 41,357 $ — $ 7,573 $ 30,402 $ 44,051 $ 27,431 $ 18,109 Current assets $ 60,780 $ 140,605 $ — $ 16,684 $ 75,990 $ 114,008 $ 32,249 $ 29,450 Non-current assets $ 1,146,489 $ 1,428,392 $ — $ 414,106 $ 1,177,527 $ 1,441,947 $ 179,688 $ 430,852 Current liabilities $ 253,252 $ 805,860 $ — $ 39,862 $ 79,784 $ 241,939 $ 57,078 $ 71,397 Long- term debt including current portion, net $ 486,857 $ 1,076,587 $ — $ 232,159 $ 489,028 $ 1,173,117 $ 89,025 $ 245,658 Non-current liabilities $ 299,187 $ 433,280 $ — $ 199,383 $ 445,714 $ 1,000,164 $ 163,123 $ 198,925 |
Financial information of affiliate companies, income statement | December 31, 2020 Income Statement Navios Partners Navios Acquisition Navios Europe II Navios Containers Revenue $ 226,771 $ 361,438 $ 17,059 $ 127,188 Net (loss)/income $ (68,541 ) $ 27,465 $ (26,661) $ 3,348 December 31, 2019 December 31, 2018 Income Statement Navios Partners Navios Acquisition Navios Europe I Navios Europe II Navios Containers Navios Partners Navios Acquisition Navios Europe I Navios Europe II Revenue $ 219,379 $ 280,117 $ 36,822 $ 46,718 $ 141,532 $ 231,361 $ 187,946 $ 34,885 $ 49,870 Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II $ (62,134 ) $ (65,707 ) $ (18,575 ) $ (30,203 ) $ 7,507 $ (13,081 ) $ (82,233 ) $ (22,881 ) $ (12,899 ) Net (loss)/income $ (62,134 ) $ (65,707 ) $ (18,575 ) $ (30,203 ) $ 7,507 $ (13,081 ) $ (82,233 ) $ (3,197 ) $ (12,169 ) |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | |
Accrued expenses and Other Liabilities | December 31, 2020 December 31, 2019 Payroll $ 6,671 $ 6,701 Accrued interest 55,650 35,926 Accrued voyage expenses 1,344 — Audit fees and related services 225 234 Accrued taxes 7,911 8,002 Professional fees 470 317 Other accrued expenses 264 — Total accrued expenses $ 72,535 $ 51,180 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BORROWINGS [Abstract] | |
Loans' outstanding amounts | Navios Holdings borrowings December 31, 2020 December 31, 2019 Loan Facility HCOB ($15,300) 9,945 11,475 Loan Facility Credit Agricole ($23,000) 11,100 12,600 Loan Facility Credit Agricole ($23,000) 11,400 12,900 Loan Facility DVB Bank SE ($72,000) 4,504 41,073 Loan Facility DVB Bank SE ($40,000) — 5,556 Loan Facility Alpha Bank ($31,000) 20,200 22,000 Loan Facility Alpha Bank ($16,125) 12,925 14,025 Sale and Leaseback Agreements 62,934 — 2022 Senior Secured Notes 305,000 305,000 2022 Notes 476,822 497,604 2024 Notes 8,626 8,626 NSM Loan (including accrued interest of $526 and $2,163, respectively) 78,901 130,538 $50.0 million NSM Loan (including accrued interest of $326 and $0, respectively) 50,326 — Total Navios Holdings borrowings $ 1,052,683 $ 1,061,397 Navios Logistics borrowings December 31, 2020 December 31, 2019 2022 Logistics Senior Notes $ — $ 375,000 2025 Logistics Senior Notes 500,000 — Navios Logistics Notes Payable 17,842 22,469 Navios Logistics BBVA Loan Facility — 14,275 Navios Logistics New BBVA Loan Facility 22,000 — Navios Logistics Alpha Bank Loan 9,100 10,500 Navios Logistics Term Loan B Facility — 98,000 Seller’s Credit Agreement for the construction of six liquid barges 11,047 — Other long-term loans 46 115 Total Navios Logistics borrowings $ 560,035 $ 520,359 Total December 31, 2020 December 31, 2019 Total borrowings $ 1,612,718 $ 1,581,756 Less: current portion, net (374,191) (50,110) Less: deferred finance costs and discount, net (28,289) (18,509) Total long-term borrowings $ 1,210,238 $ 1,513,137 |
Principal payments | Year 2021 (including total accrued interest of $852 of NSM Loan & $50.0 million NSM Loan) $ 380,308 2022 592,231 2023 50,346 2024 46,683 2025 507,925 2026 and thereafter 35,225 Total $ 1,612,718 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Fair value of financial instruments | December 31, 2020 December 31, 2019 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 94,881 $ 94,881 $ 77,991 $ 77,991 Restricted cash $ 16,303 $ 16,303 $ 736 $ 736 Investments in available-for-sale-securities $ 222 $ 222 $ 189 $ 189 Loan receivable from affiliate companies $ — $ — $ 24,495 $ 24,495 Long-term receivable from affiliate company $ — $ — $ 5,328 $ 5,328 Senior and ship mortgage notes, net $ (1,263,566) $ (1,054,616) $ (1,170,679) $ (875,228) Long-term debt, including current portion $ (191,636) $ (193,043) $ (262,030) $ (264,498) Loans payable to affiliate companies, including current portion $ (129,227) $ (129,227) $ (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 December 31, 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 $ 222 $ 222 $ — $ — Total $ 222 $ 222 $ — $ — 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 December 31, 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 $ 38,054 $ 6,644 $ 31,410 $ — Operating lease assets $ 10,018 $ — $ 10,018 $ — Total $ 48,072 $ 6,644 $ 41,428 $ — 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 December 31, 2020 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 94,881 $ 94,881 $ — $ — Restricted cash $ 16,303 $ 16,303 $ — $ — Investments in available-for-sale-securities $ 222 $ 222 $ — $ — Loan receivable from affiliate companies (2) $ — $ — $ — $ — Long-term receivable from affiliate company $ — $ — $ — $ — Senior and ship mortgage notes $ (1,054,616 ) $ (1,045,990) $ (8,626) $ — Long-term debt, including current portion (1) $ (193,043 ) $ — $ (193,043) $ — Loans payable to affiliate companies, including current portion $ (129,227 ) $ — $ (129,227) $ — Long-term payable to affiliate companies (2) $ — $ — $ — $ — 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 $ 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) $ — Loans payable to affiliate companies, including current portion $ (130,538 ) $ — $ (130,538) $ — Long-term payable to affiliate companies (2) $ (5,000 ) $ — $ (5,000) $ — (1) The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness. (2) The fair value of the Company’s loan receivable from/payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
Summary of stock based awards | Options Shares Weighted average exercise price Weighted average remaining term Aggregate fair value Outstanding as of December 31, 2017 790,458 $ 29.8 3.80 $ 7,539 Vested at December 31, 2017 136,011 — — — Exercisable at December 31, 2017 136,011 — — — Forfeited or expired (128,481 ) — — (1,843 ) Granted — — — — Outstanding as of December 31, 2018 661,977 $ 28.2 3.36 $ 5,696 Vested at December 31, 2018 116,667 — — — Exercisable at December 31, 2018 116,667 — — — Forfeited or expired (132,209 ) — — (682 ) Outstanding as of December 31, 2019 529,768 26.6 2.96 5,014 Vested at December 31, 2019 83,333 — — — Exercisable at December 31, 2019 83,333 — — — Forfeited or expired (67,475 ) — — (1,199 ) Outstanding as of December 31, 2020 462,293 17.9 2.25 3,815 Restricted stock and restricted stock units Non Vested as of December 31, 2017 701,731 $ — 3.09 $ 9,059 Granted 287,500 — — 863 Vested (279,071 ) — — (3,425 ) Forfeited or expired (450 ) — — (7 ) Non Vested as of December 31, 2018 709,710 $ — 3.11 $ 6,490 Granted 167,515 — — 476 Vested (180,469 ) — — (1,595 ) Forfeited or expired (3,367 ) — — (42 ) Non Vested as of December 31, 2019 693,389 $ — 2.32 $ 5,329 Granted — — — — Vested (309,664) — — (2,858 ) Forfeited or expired (1,345) — — (17 ) Non Vested as of December 31, 2020 382,380 $ — 1.72 2,453 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASES [Abstract] | |
Recognition of lease expenses | Dry Bulk Vessel Operations December 31, 2020 Dry Bulk Vessel Operations December 31, 2019 Logistics Business December 31, 2020 Logistics Business December 31, 2019 Total December 31, 2020 Total December 31, 2019 Operating lease assets Charter-in contracts (1) $ 219,574 $ 255,153 $ — $ — $ 219,574 $ 255,153 Land lease agreements — — 7,878 7,660 7,878 7,660 Office lease agreements — — 510 1,192 510 1,192 Total $ 219,574 $ 255,153 $ 8,388 $ 8,852 $ 227,962 $ 264,005 Operating lease liabilities, current portion Charter-in contracts $ 81,276 $ 86,636 $ — $ — $ 81,276 $ 86,636 Land lease agreements — — (199 ) (218 ) (199 ) (218 ) Office lease agreements — — 338 685 338 685 Total $ 81,276 $ 86,636 $ 139 $ 467 $ 81,415 $ 87,103 Operating lease liabilities, net of current portion Charter-in contracts $ 185,092 $ 217,932 $ — $ — $ 185,092 $ 217,932 Land lease agreements — — 8,077 7,878 8,077 7,878 Office lease agreements — — 181 519 181 519 Total $ 185,092 $ 217,932 $ 8,258 $ 8,397 $ 193,350 $ 226,329 (1)Based on the net present value of the remaining charter-in and rental payments for existing operating leases |
Company’s lease expense | Dry Bulk Vessel Operations Year Ended December 31, 2020 Logistics Business Year Ended December 31, 2020 Total Lease expense for charter-in contracts $ 94,545 $ 6,587 $ 101,132 Lease expense for land lease agreements — 564 564 Lease expense for office lease agreements — 600 600 Total $ 94,545 $ 7,751 $ 102,296 Dry Bulk Vessel Operations Year Ended December 31, 2019 Logistics Business Year Ended December 31, 2019 Total Lease expense for charter-in contracts $ 117,562 $ 3,865 $ 121,427 Lease expense for land lease agreements — 552 552 Lease expense for office lease agreements 1,825 676 2,501 Total $ 119,387 $ 5,093 $ 124,480 Dry Bulk Vessel Operations Year Ended December 31, 2018 Logistics Business Year Ended December 31, 2018 Total Lease expense for charter-in contracts $ 131,438 $ 114 $ 131,552 Lease expense for land lease agreements — 344 344 Lease expense for office lease agreements 2,174 702 2,876 Total $ 133,612 $ 1,160 $ 134,772 |
Total amount of lease payments on an undiscounted basis | Charter-in vessels in operation Land Leases Office space December 31, 2021 $ 100,690 $ 556 $ 356 December 31, 2022 63,995 556 101 December 31, 2023 54,148 556 81 December 31, 2024 39,788 556 — December 31, 2025 19,076 556 — December 31, 2026 and thereafter 45,934 22,446 — Total $ 323,631 $ 25,226 $ 538 Operating lease liabilities, including current portion $ 266,367 $ 7,878 $ 519 Discount based on incremental borrowing rate $ 57,264 $ 17,348 $ 19 |
Chartered-out vessels, barges and pushboats | Dry bulk vessels Logistics business 2021 36,850 119,181 2022 — 95,041 2023 — 82,671 2024 — 71,458 2025 — 71,427 2026 and thereafter — 583,645 Total minimum revenue, net of commissions $ 36,850 $ 1,023,423 |
Interest Expense and Finance _2
Interest Expense and Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INTEREST EXPENSE AND FINANCE COST [Abstract] | |
Interest expense and finance cost | For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Interest expense $ 128,696 $ 125,496 $ 129,941 Amortization and write-off of deferred financing costs 7,863 7,746 7,866 Other — 237 109 Interest expense and financing cost $ 136,559 $ 133,479 $ 137,916 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEGMENT INFORMATION [Abstract] | |
Segment summarized financial information | Dry Bulk Vessel Operations for the Year Ended December 31, 2020 Logistics Business for the Year Ended December 31, 2020 Total for the Year Ended December 31, 2020 Revenue $ 200,794 $ 215,924 $ 416,718 Interest income 48 209 257 Interest expense and financing cost (88,237) (48,322) (136,559) Depreciation and amortization (42,076) (28,939) (71,015) Equity in net losses of affiliate companies (1,293) — (1,293) Net loss attributable to Navios Holdings common stockholders (192,207) (754) (192,961) Total assets 1,316,936 654,389 1,971,325 Goodwill 56,240 104,096 160,336 Capital expenditures (99,068) (8,441) (107,509) Investment in affiliate companies 56,988 — 56,988 Cash and cash equivalents 20,011 74,870 94,881 Restricted cash 16,303 — 16,303 Long-term debt, net (including current and noncurrent portion) $ 1,043,839 $ 540,590 1,584,429 Dry Bulk Vessel Operations for the Year Ended December 31, 2019 Logistics Business for the Year Ended December 31, 2019 Total for the Year Ended December 31, 2019 Revenue $ 254,178 $ 228,271 $ 482,449 Administrative fee revenue from affiliate companies 16,991 — 16,991 Interest income 9,610 1,052 10,662 Interest expense and financing cost (92,948) (40,531) (133,479) Depreciation and amortization (52,288) (29,435) (81,723) Equity in net losses of affiliate companies (9,185) — (9,185) Net (loss)/ income attributable to Navios Holdings common stockholders (209,096) 16,986 (192,110) Total assets 1,511,517 631,338 2,142,855 Goodwill 56,240 104,096 160,336 Capital expenditures (36,628) (7,943) (44,571) Investment in affiliate companies 64,352 — 64,352 Cash and cash equivalents 32,386 45,605 77,991 Restricted cash 736 — 736 Long-term debt, net (including current and noncurrent portion) $ 1,048,318 $ 514,929 1,563,247 Dry Bulk Vessel Operations for the Year Ended December 31, 2018 Logistics Business for the Year Ended December 31, 2018 Containers Business for the Year Ended December 31, 2018 Total for the Year Ended December 31, 2018 Revenue $ 298,052 $ 207,634 $ 12,053 $ 517,739 Administrative fee revenue from affiliate companies 28,972 — (579 ) 28,393 Interest income 8,231 517 — 8,748 Interest expense and financing cost (98,247 ) (39,669 ) (1,204 ) (139,120 ) Depreciation and amortization (70,472 ) (29,307 ) (3,060 ) (102,839 ) Equity in net losses of affiliate companies (80,205 ) — — (80,205 ) Net (loss)/ income attributable to Navios Holdings common stockholders (273,125 ) 4,380 27 (268,718 ) Total assets 1,558,581 677,343 446,572 2,682,496 Goodwill 56,240 104,096 — 160,336 Capital expenditures (41,003 ) (19,879 ) (24,763 ) (85,645 ) Investment in affiliate companies 91,111 — — 91,111 Cash and cash equivalents 44,452 76,472 16,958 137,882 Restricted cash 10,958 — 1,934 12,892 Long-term debt, net (including current and noncurrent portion) $ 1,063,762 $ 530,186 $ 222,059 $ 1,816,007 |
Revenue by geographic region | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 North America $ — $ 2,259 $ 4,248 Australia 2,055 — — Europe 132,582 179,009 142,688 Asia 63,610 67,468 135,614 South America 218,442 232,394 208,751 Other 28 1,319 26,438 Total $ 416,718 $ 482,449 $ 517,739 |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LOSS PER COMMON SHARE [Abstract] | |
Loss per share, basic and diluted | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Numerator: Net loss attributable to Navios Holdings common stockholders $ (192,961 ) $ (192,110 ) $ (268,718 ) Less: Undeclared dividend on preferred stock and on unvested restricted shares (5,144 ) (7,178 ) (10,241 ) Plus: Tender Offer — Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled — 45,680 — Gain from eliminated dividend on preferred stock due to conversion 166 — — Loss attributable to Navios Holdings common stockholders, basic and diluted $ (197,939 ) $ (153,608 ) $ (278,959 ) Denominator: Denominator for basic and diluted net loss per share attributable to Navios Holdings common stockholders — adjusted weighted shares 12,896,568 12,356,024 11,958,959 Basic and diluted net loss per share attributable to Navios Holdings common stockholders $ (15.35 ) $ (12.43 ) $ (23.33 ) |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Trading Symbol | NM | ||
Navios Logistics | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Ownership percentage of Navios Holdings | 63.80% | ||
Entity incorporation date of incorporation | Dec. 17, 2007 | ||
Navios Containers | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Trading Symbol | NMCI | ||
Ownership percentage of Navios Holdings | 3.90% | 3.70% | |
Navios Partners | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Trading Symbol | NMM | ||
Ownership percentage of Navios Holdings | 17.90% | 12.60% | |
Navios Acquisition | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Trading Symbol | NNA | ||
Ownership percentage of Navios Holdings | 29.50% | ||
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 (Details) - Navios Europe I | 12 Months Ended | |
Dec. 31, 2019 | Oct. 09, 2013 | |
Related Party Transaction [Line Items] | ||
Percentage of ownership | 47.50% | |
Navios Holdings | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 47.50% | |
Percentage of voting stock held | 50.00% | |
Navios Acquisition | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 47.50% | |
Percentage of voting stock held | 50.00% | |
Navios Partners | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 5.00% | |
Percentage of voting stock held | 0.00% | |
Tanker vessels | ||
Related Party Transaction [Line Items] | ||
Number of vessels | 5 | |
Container vessels | ||
Related Party Transaction [Line Items] | ||
Number of vessels | 5 |
Description of Business - Rel_2
Description of Business - Related Parties - Navios Europe II (Details) - Navios Europe II $ in Thousands | 4 Months Ended | 6 Months Ended | |
Apr. 21, 2020USD ($) | Jun. 30, 2020 | Feb. 18, 2015 | |
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Navios Revolving Loans II | Navios Holdings, Navios Acquisitions, Navios Partners | |||
Related Party Transaction [Line Items] | |||
Debt Instrument, Decrease, Forgiveness | $ 5,000 | ||
Navios Holdings | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Percentage of voting stock held | 50.00% | ||
Navios Acquisition | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 47.50% | ||
Percentage of voting stock held | 50.00% | ||
Navios Partners | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership | 5.00% | ||
Percentage of voting stock held | 0.00% | ||
Dry bulkers vessels | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 7 | ||
Container vessels | |||
Related Party Transaction [Line Items] | |||
Number of vessels | 7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Subsidiaries (Table) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Navios Maritime Holdings Inc. | |
Entity Information [Line Items] | |
Nature | Holding Company |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios South American Logistics Inc. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 63.80% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Maritime Containers L.P. | |
Entity Information [Line Items] | |
Nature | Holding Company |
Ownership Interest | 3.70% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 8/29 |
2018 | 11/30 - 12/31 |
Navios Corporation | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios International Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navimax Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Handybulk Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Hestia Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Malta |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Anemos Maritime Holdings Inc. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Shipmanagement Inc. | |
Entity Information [Line Items] | |
Nature | Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
NAV Holdings Limited | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Malta |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Kleimar N.V. | |
Entity Information [Line Items] | |
Nature | Operating Company/Vessel Owning Company/Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Belgium |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Kleimar Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 8/29 |
2018 | 1/1 - 12/31 |
Bulkinvest S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Luxembourg |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Primavera Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Ginger Services Co. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Aquis Marine Corp. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Tankers Management Inc. | |
Entity Information [Line Items] | |
Nature | Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 8/29 |
2018 | 1/1 - 12/31 |
Astra Maritime Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Achilles Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Apollon Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Herakles Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Hios Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Ionian Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Kypros Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Meridian Shipping Enterprises Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Mercator Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Arc Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Horizon Shipping Enterprises Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Magellan Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Aegean Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Star Maritime Enterprises Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Corsair Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Rowboat Marine Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Rondine Management Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 9/30 |
2019 | 3/22 - 12/31 |
Vernazza Shiptrade Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 9/25 - 12/31 |
Navios Corporation Management Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 7/4 - 8/29 |
Beaufiks Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Nostos Shipmanagement Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Portorosa Marine Corp. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Shikhar Ventures S.A. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Liberia |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Sizzling Ventures Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Liberia |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Rheia Associates Co. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Taharqa Spirit Corp. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Rumer Holding Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Pharos Navigation S.A. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Pueblo Holdings Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Quena Shipmanagement Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Aramis Navigation Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
White Narcissus Marine S.A. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Panama |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios GP L.L.C. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Red Rose Shipping Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Highbird Management Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Ducale Marine Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Vector Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Faith Marine Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Liberia |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Maritime Finance (US) Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Delaware |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Maritime Finance II (US) Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Delaware |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Tulsi Shipmanagement Co. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Cinthara Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Rawlin Services Company | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Mauve International S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Serenity Shipping Enterprises Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Mandora Shipping Ltd | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Solange Shipping Ltd. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Diesis Ship Management Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Holdings Europe Finance Inc. | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Navios Asia LLC | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Iris Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Jasmine Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Emery Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Lavender Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Esmeralda Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2018 | 1/1 - 8/30 |
Triangle Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2018 | 1/1 - 8/30 |
Roselite Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Smaltite Shipping Corporation | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Motiva Trading Ltd. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Alpha Merit Corporation | |
Entity Information [Line Items] | |
Nature | Sub-Holding Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Thalassa Marine S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/1 - 12/31 |
Asteroid Shipping S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/12 - 12/31 |
Cloud Atlas Marine S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 1/15 - 12/31 |
Heodor Shipping Inc. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 2/13 - 12/31 |
Navios Maritime Containers GP LLC | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 8/29 |
2018 | 9/11 - 12/31 |
Navios Containers Management Inc. | |
Entity Information [Line Items] | |
Nature | Management Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2019 | 1/1 - 8/29 |
2018 | 1/1 - 12/31 |
Pacifico Navigation Corp. | |
Entity Information [Line Items] | |
Nature | Vessel Owning Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 11/7 - 12/31 |
Rider Shipmanagement Inc. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 12/4 - 12/31 |
Talia Shiptrade S.A. | |
Entity Information [Line Items] | |
Nature | Operating Company |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 1/1 - 12/31 |
2019 | 1/1 - 12/31 |
2018 | 10/11 - 12/31 |
Moonstone Shipping Corporation | |
Entity Information [Line Items] | |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 6/30 – 12/31 |
Opal Shipping Corporation | |
Entity Information [Line Items] | |
Ownership Interest | 100.00% |
Country of Incorporation | Marshall Is. |
Statement of Operations | |
2020 | 6/30 – 12/31 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Depreciation Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Dry bulk vessels | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 25 years |
Port terminals | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 5 years |
Port terminals | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 49 years |
Tanker vessels, barges and pushboats | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 15 years |
Tanker vessels, barges and pushboats | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 45 years |
Furniture, fixtures and equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 10 years |
Computer equipment and software | |
Property Plant And Equipment [Line Items] | |
Useful life assets | 5 years |
Leasehold improvements | |
Property Plant And Equipment [Line Items] | |
Useful life assets | shorter of lease term or 6 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Amortization Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Trade name | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 32 years |
Port terminal operating rights | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 47 years |
Customer relationships | |
Acquired Finite Lived Intangible Assets | |
Weighted average amortization periods | 20 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenues per Category (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | $ 416,718 | $ 482,449 | $ 505,686 |
Sale of products revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 17,272 | 9,384 | 32,508 |
COA/Voyage revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 60,665 | 53,215 | 54,744 |
Time chartering revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 253,241 | 326,867 | 363,333 |
Profit sharing revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 0 | 0 | (52) |
Port terminal revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 73,112 | 80,180 | 58,552 |
Storage fees (dry port) revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 3,364 | 3,452 | 882 |
Dockage revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 3,948 | 4,310 | 3,136 |
Liquid port terminal revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 4,606 | 4,032 | 3,739 |
Other | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 510 | 1,009 | 897 |
Dry Bulk Vessel Operations | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 200,793 | 254,178 | 298,052 |
Dry Bulk Vessel Operations | COA/Voyage revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 6,660 | 3,727 | 19,121 |
Dry Bulk Vessel Operations | Time chartering revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 194,005 | 250,187 | 278,591 |
Dry Bulk Vessel Operations | Profit sharing revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 0 | 0 | (52) |
Dry Bulk Vessel Operations | Other | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 128 | 264 | 392 |
Logistics Business | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 215,925 | 228,271 | 207,634 |
Logistics Business | Sale of products revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 17,272 | 9,384 | 32,508 |
Logistics Business | COA/Voyage revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 54,005 | 49,488 | 35,623 |
Logistics Business | Time chartering revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 59,236 | 76,680 | 72,689 |
Logistics Business | Port terminal revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 73,112 | 80,180 | 58,552 |
Logistics Business | Storage fees (dry port) revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 3,364 | 3,452 | 882 |
Logistics Business | Dockage revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 3,948 | 4,310 | 3,136 |
Logistics Business | Liquid port terminal revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 4,606 | 4,032 | 3,739 |
Logistics Business | Other | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 382 | 745 | 505 |
Containers Business | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 0 | 0 | 12,053 |
Containers Business | Time chartering revenue | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 12,053 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Basis Of Presentation, Subsidiaries, Affiliates and Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Jan. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Restricted Cash And Cash Equivalents Items [Line Items] | |||||||||
Restricted cash | $ 16,303 | $ 736 | |||||||
Senior Notes | 1,263,566 | 1,170,679 | |||||||
Current assets | 194,857 | 168,001 | |||||||
Liabilities current excluding operating lease liability | 511,367 | ||||||||
Working capital | (316,510) | ||||||||
Retention Accounts | |||||||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||||||
Restricted cash | 684 | 726 | |||||||
Amount Held as Security | |||||||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||||||
Restricted cash | $ 10 | $ 10 | |||||||
Navios Logistics | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Ownership percentage of Navios Holdings | 63.80% | ||||||||
Navios Partners and its subsidiaries | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Economic interest | 17.90% | 12.60% | |||||||
Navios Acquisition and its subsidiaries | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Economic interest | 29.50% | ||||||||
Navios Europe I and its subsidiaries | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Economic interest | 47.50% | ||||||||
Navios Europe II and its subsidiaries | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Economic interest | 47.50% | ||||||||
Navios Containers | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Ownership percentage of Navios Holdings | 3.90% | 3.70% | |||||||
2022 Notes | |||||||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||||||
Fixed interest rate | 7.375% | ||||||||
Restricted cash | $ 15,609 | $ 14,250 | $ 15,251 | $ 358 | $ 10,129 | $ 7,410 | $ 14,000 | ||
Senior Notes | $ 476,822 | $ 497,604 | |||||||
Maturity date | Jan. 31, 2022 | ||||||||
2022 Senior Secured Notes | |||||||||
Restricted Cash And Cash Equivalents Items [Line Items] | |||||||||
Fixed interest rate | 11.25% | ||||||||
Senior Notes | $ 305,000 | $ 305,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Long Lived Assets and Deferred Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||
Annual growth factor management fees every second year | 3.00% | ||
Utilization rate of fleet | 99.30% | ||
Amortization of deferred drydock and special survey costs | $ 10,255,000 | $ 11,714,000 | $ 13,828,000 |
Amortization and write-off of deferred financing | 7,863,000 | 8,242,000 | 7,880,000 |
Continuing operations | |||
Property Plant And Equipment [Line Items] | |||
Amortization of deferred drydock and special survey costs | 10,255,000 | 11,067,000 | 13,828,000 |
Amortization and write-off of deferred financing | 7,863,000 | 7,746,000 | 7,866,000 |
Vessels | |||
Property Plant And Equipment [Line Items] | |||
Scrap value of vessels per LWT | 340 | ||
Capitalized interest costs | 986,000 | 1,960,000 | 2,879,000 |
Two dry bulk vessels held and used | |||
Property Plant And Equipment [Line Items] | |||
Impairment loss | $ 52,820,000 | 84,584,000 | |
Four dry bulk vessels held and used | |||
Property Plant And Equipment [Line Items] | |||
Impairment loss | $ 179,186,000 | ||
Ocean-going vessels | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Period of review of special costs of assets | 30 months | ||
Ocean-going vessels | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Period of review of special costs of assets | 60 months | ||
Pushboats and barges | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Period of review of special costs of assets | 72 months | ||
Pushboats and barges | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Period of review of special costs of assets | 96 months | ||
Chartered-in vessels | |||
Property Plant And Equipment [Line Items] | |||
Impairment loss | $ 1,361,000 | $ 38,636,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Goodwill and Other Intangibles - Intangibles Other Than Goodwill and Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 160,336 | $ 160,336 | |
Foreign currency exchange gains/(losses) | 546 | (967) | $ (1,206) |
Property Plant And Equipment Net | 1,139,539 | 1,276,514 | |
Negative carrying amount | (144,919) | ||
Dry bulk vessels | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Goodwill | 56,240 | 56,240 | 56,240 |
Property Plant And Equipment Net | 627,569 | 741,347 | |
Logistics Business | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Goodwill | 104,096 | 104,096 | $ 104,096 |
Property Plant And Equipment Net | $ 509,283 | $ 536,342 | |
Trade name | Navios Holdings | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Useful life of assets | 32 years | ||
Finite lived intangible assets amortization method | straight-line | ||
Trade name | Navios Logistics | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Useful life of assets | 10 years | ||
Finite lived intangible assets amortization method | straight-line | ||
Customer relationships | Navios Logistics | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Finite lived intangible assets amortization method | straight-line |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Provisions, Segment Reporting, Direct Vessel Expenses, Employee Benefits, Income Taxes and Dividends (Details) | 8 Months Ended | 12 Months Ended | |||||
Aug. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Provision for losses on vessels time charter | $ 0 | $ 0 | |||||
Number of Reportable Segments | 3 | 2 | |||||
Termination of indemnities liability | $ 0 | 0 | |||||
Dividends paid to common stockholders | 0 | 0 | $ 0 | ||||
Dividends paid to preferred stockholders | 0 | 0 | 0 | ||||
Income tax (expense)/benefit | $ (2,052,000) | $ (1,475,000) | $ 1,108,000 | ||||
Annual growth factor management fees every second year | 3.00% | ||||||
Severance and retirement compensation plan | |||||||
Description of defined contribution pension and other postretirement plans | The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years’ salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation which was equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known. | ||||||
Defined Benefit Plan, Funded Percentage | 40.00% | ||||||
Argentina | |||||||
Effective Income Tax Rate Continuing Operations | 25.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% | |
Income tax (expense)/benefit | $ 0 | $ (208,000) | |||||
US Retirement Savings Plan | |||||||
Description of defined contribution pension and other postretirement plans | The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan’s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services. | ||||||
Minimum | Stock-Based Compensation | |||||||
Vesting Period | 3 years | ||||||
Maximum | Stock-Based Compensation | |||||||
Vesting Period | 4 years | ||||||
Management agreement | NSM | |||||||
Termination date of agreement | Aug. 29, 2024 | ||||||
Management agreement | Owned Vessels | NSM | |||||||
Daily management fee | $ 3,700 | ||||||
Management agreement | After two years | Owned Vessels | NSM | |||||||
Rate of annual increase in management fees | 3.00% | ||||||
Management agreement | Chartered-in vessels | NSM | |||||||
Daily management fee | $ 30 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Convertible Preferred Stock- Cumulative Redeemable Perpetual Preferred Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Par value of preferred stock | $ 0.0001 | $ 0.0001 |
Conversion terms of preferred stock | Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. | |
Dividend rate of preferred stock | 2.00% | |
American Depositary Shares - The Series G | ||
Number of shares | 2,000,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | |
Dividend rate of preferred stock | 8.75% | |
Preferred Stock Redemption Terms | Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. | |
Sale of Stock- Redemption price per share | $ 25 | |
American Depositary Shares - The Series H | ||
Number of shares | 4,800,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | |
Dividend rate of preferred stock | 8.625% | |
Preferred Stock Redemption Terms | Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. | |
Sale of Stock- Redemption price per share | $ 25 | |
Five years after the issuance date of Convertible Preferred Stock | ||
Percentage of preferred stock converted | 30.00% | |
Convertible Preferred Stock Share Price | $ 10 | |
After the Third Anniversary of the issuance date | ||
Convertible Preferred Stock Share Price | $ 14 | |
Number of consecutive business days | 10 | |
At any time following the issuance date and prior to the final conversion date | ||
Convertible Preferred Stock Share Price | $ 14 | |
At any time on or after January 28, 2019 | American Depositary Shares - The Series G | ||
Preferred Stock, Liquidation Preference Per Share | 2,500 | |
Preferred Stock Redemption Price per American Depositary Share | 25 | |
At any time on or after July 8, 2019 | American Depositary Shares - The Series H | ||
Preferred Stock, Liquidation Preference Per Share | 2,500 | |
Preferred Stock Redemption Price per American Depositary Share | 25 | |
Minimum | After the Third Anniversary of the issuance date | ||
Closing price of the common stock | $ 20 |
Sale Of Management & Consolid_3
Sale Of Management & Consolidation/Deconsolidation of Navios Containers - Gain on Sale (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 0 | (141,795) | $ 0 |
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 & Consolid_4
Sale Of Management & Consolidation/Deconsolidation of Navios Containers - Discontinued Operations (Table) (Details) - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Aug. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |||||
Revenue | $ 12,053 | $ 89,925 | |||
Time charter, voyage and port terminal expenses | (546) | (3,976) | |||
Direct vessel expenses | (5,282) | (44,088) | |||
General and administrative expenses | (873) | (6,706) | |||
Depreciation and amortization | (3,060) | (22,858) | |||
Interest expense and finance cost | (1,204) | (10,519) | |||
Other expense, net | (336) | (5,896) | |||
Net (loss)/income from discontinued operations | 752 | (4,118) | |||
Less: Net loss/(income) attributable to the noncontrolling interest | (725) | 3,968 | |||
Net (loss)/income attributable to Navios Holdings common stockholders | $ 27 | $ (150) | $ 0 | $ (4,118) | $ 752 |
Sale Of Management & Consolid_5
Sale Of Management & Consolidation/Deconsolidation of Navios Containers - Consolidation of Navios Containers (Table) (Details) $ in Thousands | 11 Months Ended |
Nov. 30, 2018USD ($) | |
Fair value of Navios Containers’ outstanding shares: | |
Fair value of Navios Holdings’ interest (3.7%) | $ 6,269 |
Fair value of noncontrolling interest (96.3%) | 165,474 |
Total fair value of Navios Containers’ outstanding shares | 171,743 |
Current assets (including cash and restricted cash of $24,400) | 27,705 |
Vessels | 376,133 |
Favorable lease terms | 31,342 |
Long term receivable from affiliate companies | 7,313 |
Other long term assets | 1,099 |
Long term debt assumed (including current portion) | (199,000) |
Current liabilities | (14,727) |
Fair value of Navios Containers’ net assets | 229,865 |
Bargain gain upon obtaining control | $ 58,122 |
Sale Of Management & Consolid_6
Sale Of Management & Consolidation/Deconsolidation of Navios Containers - Consolidation of Navios Containers (Table) (Details) - Favorable lease terms $ in Thousands | 11 Months Ended |
Nov. 30, 2018USD ($) | |
Finite Lived Intangible Assets [Line Items] | |
Weighted Average Amortization (years) | 1 year 4 months 24 days |
Amortization per Year | $ (22,391) |
Finite lived intangible assets amortization method | straight line method |
Sale of Management & Consolid_7
Sale of Management & Consolidation/Deconsolidation of Navios Containers (Details) - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||
Aug. 30, 2019 | Nov. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Common stock shares outstanding | 15,881,147 | 13,360,356 | 12,843,414 | 12,038,647 | ||
Proceeds from Divestiture of Businesses | $ 0 | $ 3,000 | $ 0 | |||
The Transaction | NSM | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Proceeds from Divestiture of Businesses | $ 20,000 | |||||
Navios Containers | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Common stock shares outstanding | 1,263,276 | |||||
Closing price of the common stock | $ 2 | |||||
Gain/ (loss) on revaluation of retained investment | $ (3,742) | |||||
Fair value of investment | 2,527 | |||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 57,999 | |||||
Discount rate | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Weighted average cost of capital | 0.0895 | |||||
Navios Containers | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Date of conversion into a limited partnership | Nov. 30, 2018 | |||||
Common stock shares outstanding | 34,603,100 | |||||
Closing price of the common stock | $ 4.96 | |||||
Ownership by Noncontrolling interest | 96.30% | |||||
Cash and restricted cash | $ 24,400 | |||||
Navios Containers | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Interest percentage of Navios Holdings | 3.70% | |||||
Carrying value of Navios Holdings' interest | $ 6,078 | |||||
Gain on obtaining control | $ 191 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH [Abstract] | ||||
Cash on hand and at banks | $ 94,787 | $ 77,041 | ||
Short-term deposits and highly liquid funds | 94 | 950 | ||
Restricted cash | 16,303 | 736 | ||
Cash and cash equivalents and restricted cash | $ 111,184 | $ 78,727 | $ 150,774 | $ 134,190 |
Accounts Receivable, Net (Tab_2
Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ACCOUNTS RECEIVABLE,NET [Abstract] | ||||
Accounts receivable | $ 69,694 | $ 68,309 | ||
Less: Allowance for credit losses | (15,366) | (16,377) | $ (16,086) | $ (19,706) |
Accounts receivable, net | $ 54,328 | $ 51,932 |
Accounts Receivable, Net - Prov
Accounts Receivable, Net - Provisions For Doubtful Accounts (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
ACCOUNTS RECEIVABLE,NET [Abstract] | |||
Balance at Beginning of Period | $ (16,377) | $ (16,086) | $ (19,706) |
Charges to Costs and Expenses | (541) | (999) | (575) |
Amount Utilized | 1,552 | 708 | 4,195 |
Balance at End of Period | $ (15,366) | $ (16,377) | $ (16,086) |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Concentration of credit risk with respect to accounts receivable | Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. | ||
Customer 1 | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 16.40% | 17.10% | 13.10% |
Customer 2 | |||
Loss Contingencies [Line Items] | |||
Concentration Risk, Percentage | 11.20% | 14.40% | 11.60% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ||
Prepaid voyage and operating costs | $ 4,616 | $ 5,726 |
Claims receivable | 4,136 | 3,826 |
Prepaid other taxes | 2,604 | 1,012 |
Other | 3,625 | 1,675 |
Total prepaid expenses and other current assets | $ 14,981 | $ 12,239 |
Vessels, Port Terminals and O_3
Vessels, Port Terminals and Other Fixed Assets, Net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||
Balance | $ 1,276,514 | ||
Additions | (71,015) | $ (104,581) | $ (102,839) |
Transfers from deposits for vessels, port terminals and other fixed assets | 0 | 0 | 49,421 |
Transfers to other long-term assets | 0 | 0 | (26) |
Balance | 1,139,539 | 1,276,514 | |
Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,809,195 | 2,524,610 | 2,553,047 |
Vessels upon obtaining control | 376,133 | ||
Additions | 4,565 | 11,628 | 12,354 |
Vessel acquisition | 96,678 | 67,832 | 47,148 |
Vessel impairment | (221,754) | (274,067) | (411,265) |
Disposals | (156) | ||
Disposals | (87,823) | (48,830) | (101,717) |
Write offs | (548) | (16,270) | (329) |
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | ||
Transfers to other long-term assets | (26) | ||
Navios Containers deconsolidation | (455,708) | ||
Balance | 1,600,313 | 1,809,195 | 2,524,610 |
Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (532,681) | (626,155) | (743,822) |
Vessels upon obtaining control | (882) | ||
Additions | (62,604) | (83,589) | (93,789) |
Vessel acquisition | (2,820) | (693) | (493) |
Vessel impairment | 137,255 | 159,834 | 212,399 |
Disposals | 137 | ||
Write offs | 76 | 8,859 | 295 |
Navios Containers deconsolidation | 9,063 | ||
Balance | (460,774) | (532,681) | (626,155) |
Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,276,514 | 1,898,455 | 1,809,225 |
Vessels upon obtaining control | 375,251 | ||
Additions | (58,039) | (71,961) | (81,435) |
Vessel acquisition | 93,858 | 67,139 | 46,655 |
Vessel impairment | (84,499) | (114,233) | (198,866) |
Disposals | (19) | ||
Disposals | (87,823) | (48,830) | (101,717) |
Write offs | (472) | (7,411) | (34) |
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | ||
Transfers to other long-term assets | (26) | ||
Navios Containers deconsolidation | (446,645) | ||
Balance | 1,139,539 | 1,276,514 | 1,898,455 |
Vessels | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 1,021,351 | 1,324,766 | 1,814,965 |
Additions | 1,277 | 4,747 | 398 |
Vessel acquisition | 96,678 | 14,735 | 22,385 |
Vessel impairment | (221,754) | (274,067) | (411,265) |
Disposals | (87,823) | (48,830) | (101,717) |
Write offs | (153) | ||
Balance | 809,576 | 1,021,351 | 1,324,766 |
Vessels | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (280,004) | (390,982) | (536,518) |
Additions | (36,438) | (48,812) | (66,405) |
Vessel acquisition | (2,820) | (44) | (458) |
Vessel impairment | 137,255 | 159,834 | 212,399 |
Balance | (182,007) | (280,004) | (390,982) |
Vessels | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 741,347 | 933,784 | 1,278,447 |
Additions | (35,161) | (44,065) | (66,007) |
Vessel acquisition | 93,858 | 14,691 | 21,927 |
Vessel impairment | (84,499) | (114,233) | (198,866) |
Disposals | (87,823) | ||
Disposals | (48,830) | (101,717) | |
Write offs | (153) | ||
Balance | 627,569 | 741,347 | 933,784 |
Port Terminals (Navios Logistics) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 253,962 | 253,360 | 251,641 |
Additions | 869 | 602 | 2,530 |
Disposals | (156) | ||
Write offs | (87) | ||
Transfers from oil storage plant and port facilities for liquid cargoes | (629) | ||
Transfers to other long-term assets | (26) | ||
Balance | 254,744 | 253,962 | 253,360 |
Port Terminals (Navios Logistics) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (46,961) | (39,775) | (32,628) |
Additions | (7,216) | (7,186) | (7,284) |
Disposals | 137 | ||
Write offs | 76 | ||
Balance | (54,101) | (46,961) | (39,775) |
Port Terminals (Navios Logistics) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 207,001 | 213,585 | 219,013 |
Additions | (6,347) | (6,584) | (4,754) |
Disposals | (19) | ||
Write offs | (11) | ||
Transfers from oil storage plant and port facilities for liquid cargoes | (629) | ||
Transfers to other long-term assets | (26) | ||
Balance | 200,643 | 207,001 | 213,585 |
Tanker vessels, barges and pushboats (Navios Logistics) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 526,051 | 525,712 | 472,081 |
Additions | 1,931 | 2,403 | 3,581 |
Write offs | (308) | (2,064) | |
Transfers | 629 | ||
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | ||
Balance | 527,674 | 526,051 | 525,712 |
Tanker vessels, barges and pushboats (Navios Logistics) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (200,756) | (182,584) | (164,056) |
Additions | (18,278) | (19,038) | (18,528) |
Write offs | 866 | ||
Balance | (219,034) | (200,756) | (182,584) |
Tanker vessels, barges and pushboats (Navios Logistics) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 325,295 | 343,128 | 308,025 |
Additions | (16,347) | (16,635) | (14,947) |
Write offs | (308) | (1,198) | |
Transfers | 629 | ||
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | ||
Balance | 308,640 | 325,295 | 343,128 |
Containerships (Navios Containers) | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 0 | 400,896 | 0 |
Vessels upon obtaining control | 376,133 | ||
Additions | 1,715 | ||
Vessel acquisition | 53,097 | 24,763 | |
Navios Containers deconsolidation | (455,708) | ||
Balance | 0 | 0 | 400,896 |
Containerships (Navios Containers) | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | 0 | (917) | 0 |
Vessels upon obtaining control | (882) | ||
Additions | (7,497) | ||
Vessel acquisition | (649) | (35) | |
Navios Containers deconsolidation | 9,063 | ||
Balance | 0 | 0 | (917) |
Containerships (Navios Containers) | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 0 | 399,979 | 0 |
Vessels upon obtaining control | 375,251 | ||
Additions | (5,782) | ||
Vessel acquisition | 52,448 | 24,728 | |
Navios Containers deconsolidation | (446,645) | ||
Balance | 0 | 0 | 399,979 |
Other fixed assets | Cost | |||
Property Plant And Equipment [Line Items] | |||
Balance | 7,831 | 19,876 | 14,360 |
Additions | 488 | 2,161 | 5,845 |
Write offs | (14,206) | (329) | |
Balance | 8,319 | 7,831 | 19,876 |
Other fixed assets | Accumulated Depreciation | |||
Property Plant And Equipment [Line Items] | |||
Balance | (4,960) | (11,897) | (10,620) |
Additions | (672) | (1,056) | (1,572) |
Write offs | 7,993 | 295 | |
Balance | (5,632) | (4,960) | (11,897) |
Other fixed assets | Net Book Value | |||
Property Plant And Equipment [Line Items] | |||
Balance | 2,871 | 7,979 | 3,740 |
Additions | 1,105 | 4,273 | |
Additions | (184) | ||
Write offs | (6,213) | (34) | |
Balance | $ 2,687 | $ 2,871 | $ 7,979 |
Vessels, Port Terminals and O_4
Vessels, Port Terminals and Other Fixed Assets - Impairment Loss/ Loss on Sale of Vessels, Net 2020 (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2021 | Sep. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | |
Property Plant And Equipment [Line Items] | ||||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (88,367) | $ (156,106) | $ (200,657) | |||||||||
Net liabilities included in sale price | 4,378 | 0 | $ 0 | |||||||||
Two dry bulk vessels held and used | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Impairment loss | $ 52,820 | $ 84,584 | ||||||||||
Navios Astra | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Feb. 28, 2021 | |||||||||||
Year Built | 2006 | |||||||||||
Vessel capacity in DWT | 53,468 dwt | |||||||||||
Vessel sale price | $ 6,644 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (6,288) | |||||||||||
Capitalized Cost, Impairment Loss | $ 98 | |||||||||||
Navios Gem | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2014 | |||||||||||
Vessel capacity in DWT | 181,336 dwt | |||||||||||
Navios Victory | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Year Built | 2014 | |||||||||||
Vessel capacity in DWT | 77,095 dwt | |||||||||||
Vessel acquisition cost | $ 14,735 | |||||||||||
Cash consideration for purchase of vessel | $ 14,735 | |||||||||||
Navios Victory and Navios Gem | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Sep. 30, 2020 | |||||||||||
Vessel sale price | $ 51,000 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (7,683) | |||||||||||
Capitalized Cost, Impairment Loss | 1,747 | |||||||||||
Net liabilities included in sale price | $ 4,378 | |||||||||||
Navios Amitie | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Sep. 30, 2020 | |||||||||||
Year Built | 2005 | |||||||||||
Vessel capacity in DWT | 75,395 dwt | |||||||||||
Vessel sale price | $ 6,885 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (4,478) | |||||||||||
Navios Northern Star | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Aug. 31, 2020 | |||||||||||
Year Built | 2005 | |||||||||||
Vessel capacity in DWT | 75,395 dwt | |||||||||||
Vessel sale price | $ 6,860 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (4,489) | |||||||||||
Navios Star | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | May 31, 2020 | |||||||||||
Year Built | 2002 | |||||||||||
Vessel capacity in DWT | 76,662 dwt | |||||||||||
Vessel sale price | $ 6,450 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (5,697) | |||||||||||
Capitalized Cost, Impairment Loss | $ 258 | |||||||||||
Navios Kypros | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Feb. 29, 2020 | |||||||||||
Year Built | 2003 | |||||||||||
Vessel capacity in DWT | 55,222 dwt | |||||||||||
Vessel sale price | $ 9,131 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (5,551) | |||||||||||
Capitalized Cost, Impairment Loss | $ 404 | |||||||||||
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 | |||||||||||
Jupiter N and Rainbow N | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Jun. 30, 2020 | |||||||||||
Vessel acquisition cost | $ 24,883 | |||||||||||
Navios Corali | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | 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] | ||||||||||||
Disposal date | 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 - Impairment Loss/ Loss on Sale of Vessels, Net 2019 (Details) - USD ($) $ in Thousands | 2 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2018 | Nov. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2020 | Sep. 30, 2019 | Aug. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | May 31, 2019 | Mar. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (88,367) | $ (156,106) | $ (200,657) | |||||||||
Two dry bulk vessels held and used | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Impairment loss | $ 52,820 | $ 84,584 | ||||||||||
Navios Hios | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Jan. 31, 2020 | |||||||||||
Year Built | 2003 | |||||||||||
Vessel capacity in DWT | 55,180 dwt | |||||||||||
Vessel sale price | $ 7,497 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (7,429) | |||||||||||
Capitalized Cost, Impairment Loss | $ 611 | |||||||||||
Navios Primavera | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Sep. 30, 2019 | |||||||||||
Date of delivery | Nov. 30, 2018 | |||||||||||
Year Built | 2007 | |||||||||||
Vessel capacity in DWT | 53,464 dwt | |||||||||||
Vessel acquisition cost | $ 12,130 | |||||||||||
Cash consideration for purchase of vessel | $ 10,980 | |||||||||||
Vessel sale price | $ 9,891 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (1,673) | |||||||||||
Navios Mercator | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Aug. 30, 2019 | |||||||||||
Year Built | 2002 | |||||||||||
Vessel capacity in DWT | 53,553 dwt | |||||||||||
Vessel sale price | $ 6,664 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (4,849) | |||||||||||
Capitalized Cost, Impairment Loss | $ 490 | |||||||||||
Navios Arc | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Jul. 31, 2019 | |||||||||||
Year Built | 2003 | |||||||||||
Vessel capacity in DWT | 53,514 dwt | |||||||||||
Vessel sale price | $ 7,105 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (5,149) | |||||||||||
Capitalized Cost, Impairment Loss | $ 685 | |||||||||||
Navios Vector | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Jun. 30, 2019 | |||||||||||
Year Built | 2002 | |||||||||||
Vessel capacity in DWT | 50,296 dwt | |||||||||||
Vessel sale price | $ 6,860 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (10,039) | |||||||||||
Capitalized Cost, Impairment Loss | $ 673 | |||||||||||
Navios Equator Prosper | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | May 31, 2019 | |||||||||||
Year Built | 2000 | |||||||||||
Vessel capacity in DWT | 171,191 dwt | |||||||||||
Vessel acquisition cost | $ 10,255 | |||||||||||
Cash consideration for purchase of vessel | $ 10,255 | |||||||||||
Vessel sale price | $ 11,520 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ 1,784 | |||||||||||
Navios Meridian | ||||||||||||
Property Plant And Equipment [Line Items] | ||||||||||||
Disposal date | Mar. 31, 2019 | |||||||||||
Year Built | 2002 | |||||||||||
Vessel capacity in DWT | 50,316 dwt | |||||||||||
Vessel sale price | $ 6,790 | |||||||||||
Impairment loss and gain/(loss) on sale of vessels | $ (5,531) | |||||||||||
Capitalized Cost, Impairment Loss | $ 778 |
Vessels, Port Terminals and O_6
Vessels, Port Terminals and Other Fixed Assets - Impairment Loss/ Loss on Sale of Vessels, Net 2018 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Mar. 31, 2018 | |
Property Plant And Equipment [Line Items] | ||||||
Impairment loss and gain/(loss) on sale of vessels | $ (88,367) | $ (156,106) | $ (200,657) | |||
Four dry bulk vessels held and used | ||||||
Property Plant And Equipment [Line Items] | ||||||
Impairment loss | $ 179,186 | |||||
Navios Magellan | ||||||
Property Plant And Equipment [Line Items] | ||||||
Disposal date | Dec. 31, 2018 | |||||
Year Built | 2000 | |||||
Vessel capacity in DWT | 74,333 dwt | |||||
Vessel sale price | $ 6,950 | |||||
Impairment loss and gain/(loss) on sale of vessels | (5,402) | |||||
Capitalized Cost, Impairment Loss | $ 726 | |||||
Navios Mars | ||||||
Property Plant And Equipment [Line Items] | ||||||
Year Built | 2016 | |||||
Vessel capacity in DWT | 181,259 dwt | |||||
Navios Sphera | ||||||
Property Plant And Equipment [Line Items] | ||||||
Year Built | 2016 | |||||
Vessel capacity in DWT | 84,872 dwt | |||||
Navios Mars and Navios Sphera | ||||||
Property Plant And Equipment [Line Items] | ||||||
Disposal date | Aug. 31, 2018 | |||||
Vessel sale price | $ 79,000 | |||||
Impairment loss and gain/(loss) on sale of vessels | $ (2,759) | |||||
Navios Achilles | ||||||
Property Plant And Equipment [Line Items] | ||||||
Disposal date | Jul. 31, 2018 | |||||
Year Built | 2001 | |||||
Vessel capacity in DWT | 52,063 dwt | |||||
Vessel sale price | $ 8,085 | |||||
Impairment loss and gain/(loss) on sale of vessels | $ (6,595) | |||||
Capitalized Cost, Impairment Loss | $ 584 | |||||
Navios Herakles | ||||||
Property Plant And Equipment [Line Items] | ||||||
Disposal date | Mar. 31, 2018 | |||||
Year Built | 2001 | |||||
Vessel capacity in DWT | 52,061 dwt | |||||
Vessel sale price | $ 7,682 | |||||
Impairment loss and gain/(loss) on sale of vessels | $ (6,715) | |||||
Capitalized Cost, Impairment Loss | $ 481 |
Vessels, Port Terminals and O_7
Vessels, Port Terminals and Other Fixed Assets, Net - Navios Logistics (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 24, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Construction of six liquid barges | |||
Property Plant And Equipment [Line Items] | |||
Total purchase price | $ 17,760 | ||
Secured credit of purchase price | 75.00% | ||
Debt Instrument, Term | 5 years | ||
Capitalized interest costs | $ 611 | ||
Payments for construction in process | 16,696 | ||
Undeveloped land located in Port Murtinho region, Brazil | |||
Property Plant And Equipment [Line Items] | |||
Capitalized interest costs | $ 631 | $ 458 | |
Area of land (in hectares) | 2,3 hectares | 6,6 hectares | |
Payments to acquire land | $ 1,456 | ||
Three pushboats and 18 liquid barges | |||
Property Plant And Equipment [Line Items] | |||
Total purchase price | 1,551 | ||
Construction of two new tanks | |||
Property Plant And Equipment [Line Items] | |||
Payments for construction in process | 1,285 | ||
Construction of a crane | |||
Property Plant And Equipment [Line Items] | |||
Payments for construction in process | $ 723 |
Vessels, Port Terminals and O_8
Vessels, Port Terminals and Other Fixed Assets, Net - Navios Containers (Details) - USD ($) $ in Thousands | 4 Months Ended | 11 Months Ended | 12 Months Ended | |
Apr. 23, 2019 | Dec. 07, 2018 | Dec. 31, 2020 | Dec. 17, 2018 | |
Navios Constellation Containership | ||||
Property Plant And Equipment [Line Items] | ||||
Year Built | 2011 | |||
Vessel capacity in TEU | 10,000 TEU | |||
Vessel acquisition cost | $ 53,097 | |||
Bermuda Containership | ||||
Property Plant And Equipment [Line Items] | ||||
Year Built | 2010 | |||
Vessel capacity in TEU | 4,360 TEU | |||
Vessel acquisition cost | $ 11,098 | |||
Capitalized interest costs | $ 398 | |||
Bahamas Containership | ||||
Property Plant And Equipment [Line Items] | ||||
Year Built | 2010 | |||
Vessel capacity in TEU | 4,360 TEU | |||
Vessel acquisition cost | $ 13,422 | |||
Capitalized interest costs | $ 522 |
Intangible Assets_Liabilities_3
Intangible Assets/Liabilities Other Than Goodwill (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade name | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition Cost | $ 90,000 | $ 90,000 |
Accumulated Amortization | (43,175) | (40,357) |
Net Book Value | 46,825 | 49,643 |
Port terminal operating rights | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 53,152 | 53,152 |
Accumulated Amortization | (13,835) | (12,837) |
Net Book Value | 39,317 | 40,315 |
Customer relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 35,490 | 35,490 |
Accumulated Amortization | (23,069) | (21,294) |
Net Book Value | 12,421 | 14,196 |
Favorable lease terms – Navios Containers | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 31,342 | |
Accumulated Amortization | (16,855) | |
Net Book Value | 14,487 | |
Navios Containers deconsolidation | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition Cost | (31,342) | |
Accumulated Amortization | 16,855 | |
Net Book Value | (14,487) | |
Total Intangible assets | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 178,642 | 178,642 |
Accumulated Amortization | (80,079) | (74,488) |
Net Book Value | $ 98,563 | $ 104,154 |
Intangible Assets_Liabilities_4
Intangible Assets/Liabilities Other Than Goodwill - Amortization Expense and Write Offs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade name | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $ 2,818 | $ 2,811 | $ 2,811 |
Port terminal operating rights | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 998 | 999 | 950 |
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 1,775 | 1,774 | 1,774 |
Total | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $ 5,591 | $ 5,584 | $ 5,535 |
Intangible Assets_Liabilities_5
Intangible Assets/Liabilities Other Than Goodwill - Amortization Schedule (Table) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | $ 5,581 |
Year Two | 5,581 |
Year Three | 5,581 |
Year Four | 5,588 |
Year Five | 5,581 |
Thereafter | 70,651 |
Total | 98,563 |
Trade name | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 2,811 |
Year Two | 2,811 |
Year Three | 2,811 |
Year Four | 2,818 |
Year Five | 2,811 |
Thereafter | 32,763 |
Total | 46,825 |
Port terminal operating rights | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 995 |
Year Two | 995 |
Year Three | 995 |
Year Four | 995 |
Year Five | 995 |
Thereafter | 34,342 |
Total | 39,317 |
Customer relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Within one year | 1,775 |
Year Two | 1,775 |
Year Three | 1,775 |
Year Four | 1,775 |
Year Five | 1,775 |
Thereafter | 3,546 |
Total | $ 12,421 |
Investments in affiliates and_3
Investments in affiliates and investments in available-for-sale securities (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance sheet | ||||
Cash and cash equivalents, including restricted cash | $ 111,184 | $ 78,727 | $ 150,774 | $ 134,190 |
Current assets | 194,857 | 168,001 | ||
Non-current assets | 1,776,468 | 1,974,854 | ||
Current liabilities | 592,782 | 225,273 | ||
Non-current liabilities | 1,412,826 | 1,758,557 | ||
Income Statement | ||||
Revenue | 416,718 | 482,449 | 505,686 | |
Net (loss)/income | (188,605) | (184,452) | (265,511) | |
Navios Partners | ||||
Balance sheet | ||||
Cash and cash equivalents, including restricted cash | 30,728 | 30,402 | ||
Current assets | 60,780 | 75,990 | ||
Non-current assets | 1,146,489 | 1,177,527 | ||
Current liabilities | 253,252 | 79,784 | ||
Long- term debt including current portion, net | 486,857 | 489,028 | ||
Non-current liabilities | 299,187 | 445,714 | ||
Income Statement | ||||
Revenue | 226,771 | 219,379 | 231,361 | |
Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II | (62,134) | (13,081) | ||
Net (loss)/income | (68,541) | (62,134) | (13,081) | |
Navios Acquisition | ||||
Balance sheet | ||||
Cash and cash equivalents, including restricted cash | 41,357 | 44,051 | ||
Current assets | 140,605 | 114,008 | ||
Non-current assets | 1,428,392 | 1,441,947 | ||
Current liabilities | 805,860 | 241,939 | ||
Long- term debt including current portion, net | 1,076,587 | 1,173,117 | ||
Non-current liabilities | 433,280 | 1,000,164 | ||
Income Statement | ||||
Revenue | 361,438 | 280,117 | 187,946 | |
Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II | (65,707) | (82,233) | ||
Net (loss)/income | 27,465 | (65,707) | (82,233) | |
Navios Europe I | ||||
Income Statement | ||||
Revenue | 36,822 | 34,885 | ||
Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II | (18,575) | (22,881) | ||
Net (loss)/income | (18,575) | (3,197) | ||
Navios Europe II | ||||
Balance sheet | ||||
Cash and cash equivalents, including restricted cash | 0 | 27,431 | ||
Current assets | 0 | 32,249 | ||
Non-current assets | 0 | 179,688 | ||
Current liabilities | 0 | 57,078 | ||
Long- term debt including current portion, net | 0 | 89,025 | ||
Non-current liabilities | 0 | 163,123 | ||
Income Statement | ||||
Revenue | 17,059 | 46,718 | 49,870 | |
Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II | (30,203) | (12,899) | ||
Net (loss)/income | (26,661) | (30,203) | $ (12,169) | |
Navios Containers | ||||
Balance sheet | ||||
Cash and cash equivalents, including restricted cash | 7,573 | 18,109 | ||
Current assets | 16,684 | 29,450 | ||
Non-current assets | 414,106 | 430,852 | ||
Current liabilities | 39,862 | 71,397 | ||
Long- term debt including current portion, net | 232,159 | 245,658 | ||
Non-current liabilities | 199,383 | 198,925 | ||
Income Statement | ||||
Revenue | 127,188 | 141,532 | ||
Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II | 7,507 | |||
Net (loss)/income | $ 3,348 | $ 7,507 |
Investments in affiliates and_4
Investments in affiliates and investments in available-for-sale securities (Details) - USD ($) $ in Thousands | Jan. 03, 2019 | Jan. 31, 2019 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 21, 2018 | Mar. 31, 2018 | May 21, 2019 | Nov. 14, 2018 | Dec. 06, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Investments in affiliate companies | $ 56,988 | $ 64,352 | ||||||||||
Other than temporary impairment loss on investments | 6,050 | 0 | $ 0 | |||||||||
Equity in net earnings of affiliated companies | (1,293) | $ (9,185) | (80,205) | |||||||||
Stockholders' equity, Reverse stock split | one-for-ten reverse stock split | |||||||||||
Navios Partners | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Partners capital account units acquisitions | 7,775 | 27,960 | 29,888 | |||||||||
Partners capital account acquisitions | $ 5,000 | |||||||||||
Payments to acquire investment | $ 8 | $ 714 | $ 64 | $ 27 | ||||||||
Equity in net earnings of affiliated companies | $ 0 | $ 1,842 | 1,828 | |||||||||
Navios Partners | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Private placement of units to directors and/or officers | 380,952 | 1,370,044 | 1,464,494 | |||||||||
Number of shares issued-common stock | 18,422,000 | |||||||||||
Stockholders' equity, Reverse stock split | 1-for-15 reverse stock split | |||||||||||
Navios Acquisition | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Stockholders' equity, Reverse stock split | one-for-15 reverse stock spilt | |||||||||||
Navios Holdings | Navios Partners | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
General partner interest of Navios Holdings | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||
Navios Partners | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Common units held by Navios Holdings | 2,070,216 | |||||||||||
Ownership percentage of Navios Holdings | 17.90% | |||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 77,904 | $ 101,492 | ||||||||||
Investments in affiliate companies | 39,133 | 35,116 | ||||||||||
Other than temporary impairment loss on investments | 0 | 0 | 55,524 | |||||||||
Equity in net earnings of affiliated companies | 5,466 | 13,526 | 16,171 | |||||||||
Dividends received | 1,449 | 2,692 | 2,068 | |||||||||
Market value of the investment | $ 23,186 | |||||||||||
Acropolis | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage of Navios Holdings | 35.00% | |||||||||||
Cash consideration from sale of investments | $ 1,000 | |||||||||||
Gain on sale of investments | $ 866 | |||||||||||
Procceds from sale of investments | 500 | 500 | ||||||||||
Ownership Interest | 50.00% | |||||||||||
Profit Sharing Arrangement | Navios Holdings, until the sale of its investment, had a 50% interest in Acropolis. Although Navios Holdings owned 50% of Acropolis’ stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends would be allocated 35% to the Company with the balance to the other shareholder. | |||||||||||
Dividends received | $ 0 | 0 | 170 | |||||||||
Navios Acquisition | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage of Navios Holdings | 29.50% | |||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 68,793 | 79,477 | ||||||||||
Investments in affiliate companies | 15,033 | 19,894 | ||||||||||
Other than temporary impairment loss on investments | 13,368 | 13,543 | 0 | |||||||||
Equity in net earnings of affiliated companies | 13,129 | (11,098) | (43,378) | |||||||||
Dividends received | 5,838 | $ 4,379 | $ 5,838 | |||||||||
Market value of the investment | $ 15,033 | |||||||||||
Share Repurchase Program | Navios Partners | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Share repurchase program, Authorized amount | $ 50,000 | |||||||||||
Share repurchase program, Period in force | 2 years | |||||||||||
Number of shares repurchased | 4,694,279 | |||||||||||
Share Repurchase Program | Navios Acquisition | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Share repurchase program, Authorized amount | $ 25,000 | |||||||||||
Share repurchase program, Period in force | 2 years | |||||||||||
Number of shares repurchased | 735,251 |
Investments in affiliates and_5
Investments in affiliates and investments in 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 | ||||||
Mar. 31, 2020USD ($) | Mar. 31, 2017USD ($) | Apr. 21, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 18, 2013USD ($) | Feb. 18, 2015USD ($) | |
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Equity in net (losses)/earnings of affiliated companies | $ (1,293) | $ (9,185) | $ (80,205) | |||||||
Investments in affiliate companies | 56,988 | $ 64,352 | ||||||||
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 | |||||||||
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. | |||||||||
Equity in net (losses)/earnings of affiliated companies | 0 | $ 0 | 0 | |||||||
Investments in affiliate companies | 4,750 | |||||||||
Repayment of loan payable to affiliate companies | 13,420 | |||||||||
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 | 0 | 5,128 | $ 9,419 | |||||||
Profit Sharing Arrangement | On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. | |||||||||
Equity in net (losses)/earnings of affiliated companies | 0 | 1,775 | $ 2,032 | |||||||
Investments in affiliate companies | $ 0 | $ 6,650 | $ 6,650 | |||||||
Due to Related Parties, Current | $ 44,300 | |||||||||
Unrealized Gain/ (Loss) On Ιnvestments | $ (6,650) | |||||||||
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 |
Investments in affiliates and_6
Investments in affiliates and investments in available-for-sale securities - Navios Containers (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 5 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Feb. 28, 2019 | Mar. 13, 2018 | Dec. 31, 2019 | Mar. 31, 2018 | Jun. 08, 2017 | Dec. 03, 2018 | Nov. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Equity in net (losses)/earnings of affiliated companies | $ (1,293) | $ (9,185) | $ (80,205) | |||||||
Investments in affiliate companies | $ 64,352 | $ 56,988 | $ 64,352 | |||||||
Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Investments on the equity | $ 500 | $ 5,000 | ||||||||
Ownership percentage of Navios Holdings | 3.90% | 3.70% | ||||||||
Equity in net (losses)/earnings of affiliated companies | 155 | $ 417 | $ 130 | |||||||
Investments in affiliate companies | $ 2,682 | 2,812 | $ 2,682 | |||||||
Market value of the investment | $ 5,179 | |||||||||
Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership interest | 96.30% | |||||||||
Date of conversion into a limited partnership | Nov. 30, 2018 | |||||||||
Warrants | Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership interest | 1.70% | |||||||||
Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage of Navios Holdings | 3.70% | |||||||||
Navios Partners | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Partners' Capital Account, Units, Sold in Private Placement | 380,952 | 1,370,044 | 1,464,494 | |||||||
Navios Partners | Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent | $ 30,000 | |||||||||
Navios Partners | Warrants | Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Ownership percentage | 6.80% | |||||||||
Navios Partners | Navios Containers | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Percentage of partners' capital | 2.50% | |||||||||
Navios Containers | Common units | ||||||||||
Investments In And Advances To Affiliates [Line Items] | ||||||||||
Partners' Capital Account, Units, Sold in Private Placement | 10,057,645 | |||||||||
Price per share offered | $ 5 | |||||||||
Proceeds from Issuance of Private Placement | $ 50,288 |
Investments in affiliates and_7
Investments in affiliates and investments in available-for-sale securities - Merger Agreement Navios Partners (Details) - shares | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Navios Europe I | |||
Investments In And Advances To Affiliates [Line Items] | |||
Percentage of ownership | 47.50% | ||
Navios Partners | |||
Investments In And Advances To Affiliates [Line Items] | |||
Percentage of ownership | 12.60% | 17.90% | |
Navios Partners | Navios Partners Merger | |||
Investments In And Advances To Affiliates [Line Items] | |||
Business Acquisition, Name of Acquired Entity | Navios Containers | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 8,133,452 | ||
Exchange ratio | 0.39 | ||
Date of delivery | Jan. 4, 2021 | ||
Date of acquisition | Mar. 31, 2021 |
Investments in affiliates and_8
Investments in affiliates and investments in available-for-sale securities - Investments in available-for-sale securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | ||
Investment in available-for-sale-securities | $ 222 | $ 189 |
Unrealized gain | 33 | |
Unrealized loss | $ (3) | $ (46) |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilitites (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract] | ||
Payroll | $ 6,671 | $ 6,701 |
Accrued interest | 55,650 | 35,926 |
Accrued voyage expenses | 1,344 | 0 |
Audit fees and related services | 225 | 234 |
Accrued taxes | 7,911 | 8,002 |
Professional fees | 470 | 317 |
Other accrued expenses | 264 | 0 |
Total accrued expenses | $ 72,535 | $ 51,180 |
Borrowings (Table) (Details)
Borrowings (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,263,566 | $ 1,170,679 |
Borrowings | 1,612,718 | 1,581,756 |
Less: current portion, net | (374,191) | (50,110) |
Less: deferred finance costs and discount, net | (28,289) | (18,509) |
Total long-term borrowings | 1,210,238 | 1,513,137 |
Loan Facility HCOB ($15,300) | ||
Debt Instrument [Line Items] | ||
Line of credit | 9,945 | 11,475 |
Loan Facility Credit Agricole ($23,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 11,100 | 12,600 |
Loan Facility Credit Agricole ($23,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 11,400 | 12,900 |
Loan Facility DVB Bank SE ($72,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 4,504 | 41,073 |
Loan Facility DVB Bank SE ($40,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 0 | 5,556 |
Loan Facility Alpha Bank ($31,000) | ||
Debt Instrument [Line Items] | ||
Line of credit | 20,200 | 22,000 |
Loan Facility Alpha Bank ($16,125) | ||
Debt Instrument [Line Items] | ||
Line of credit | 12,925 | 14,025 |
Sale and Leaseback Agreements | ||
Debt Instrument [Line Items] | ||
Borrowings | 62,934 | 0 |
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 (including accrued interest of $526 and $2,163, respectively) | ||
Debt Instrument [Line Items] | ||
Borrowings | 78,901 | 130,538 |
$50.0 million NSM Loan (including accrued interest of $326 and $0, respectively) | ||
Debt Instrument [Line Items] | ||
Line of credit | 50,326 | 0 |
Navios Holdings borrowings | ||
Debt Instrument [Line Items] | ||
Borrowings | 1,052,683 | 1,061,397 |
Navios Logistics borrowings | 2022 Logistics Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0 | 375,000 |
Navios Logistics borrowings | 2025 Logistics Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500,000 | 0 |
Navios Logistics borrowings | Navios Logistics Notes Payable | ||
Debt Instrument [Line Items] | ||
Senior Notes | 17,842 | 22,469 |
Navios Logistics borrowings | Navios Logistics BBVA Loan Facility | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 14,275 |
Navios Logistics borrowings | Navios Logistics New BBVA Loan Facility | ||
Debt Instrument [Line Items] | ||
Borrowings | 22,000 | 0 |
Navios Logistics borrowings | Navios Logistics Alpha Bank Loan | ||
Debt Instrument [Line Items] | ||
Borrowings | 9,100 | 10,500 |
Navios Logistics borrowings | Navios Logistics Term Loan B Facility | ||
Debt Instrument [Line Items] | ||
Borrowings | 0 | 98,000 |
Navios Logistics borrowings | Seller’s Credit Agreement for the construction of six liquid barges | ||
Debt Instrument [Line Items] | ||
Borrowings | 11,047 | 0 |
Navios Logistics borrowings | Other long-term loans | ||
Debt Instrument [Line Items] | ||
Line of credit | 46 | 115 |
Navios Logistics borrowings | Total Navios Logistics borrowings | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 560,035 | $ 520,359 |
Borrowings - Principal Payments
Borrowings - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
BORROWINGS [Abstract] | ||
2021(including total accrued interest of $852 of NSM Loan & $50.0 million NSM Loan) | $ 380,308 | |
2022 | 592,231 | |
2023 | 50,346 | |
2024 | 46,683 | |
2025 | 507,925 | |
2026 and thereafter | 35,225 | |
Total | $ 1,612,718 | $ 1,581,756 |
Borrowings - Senior and Ship Mo
Borrowings - Senior and Ship Mortgage Notes Navios Holdings and Navios Logistics (Details) € in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2021 | Aug. 26, 2019USD ($) | Aug. 26, 2019EUR (€) | Nov. 29, 2013 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 110.75% | |||||||||||||
Gain/ (Loss) on bond and debt extinguishment | $ 7,047 | $ 47,430 | $ 6,464 | |||||||||||
Restricted cash | 16,303 | 736 | ||||||||||||
Amount outstanding | 1,612,718 | 1,581,756 | ||||||||||||
Accrued interest | 55,650 | 35,926 | ||||||||||||
Proceeds from long-term loans | 81,625 | 129,022 | 56,919 | |||||||||||
Proceeds from issuance of senior notes, net of deferred financing costs | 487,504 | 0 | 0 | |||||||||||
Senior Notes | $ 1,263,566 | 1,170,679 | ||||||||||||
2022 Senior Secured Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Nov. 21, 2017 | |||||||||||||
Face amount at issuance date | $ 305,000 | |||||||||||||
Debt instrument, issuance price percentage | 97.00% | |||||||||||||
2022 Senior Secured Notes | Upon occurrence of certain change of control events | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 101.00% | |||||||||||||
2022 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Nov. 29, 2013 | |||||||||||||
Face amount at issuance date | $ 650,000 | |||||||||||||
Fixed interest rate | 7.375% | 7.375% | ||||||||||||
Maturity date | Jan. 31, 2022 | |||||||||||||
Repurchase of notes | $ 20,782 | 81,235 | 35,661 | |||||||||||
Repurchase of senior notes - cash consideration | 9,443 | 50,683 | 28,796 | |||||||||||
Gain/ (Loss) on bond and debt extinguishment | 11,204 | 47,430 | $ 6,464 | |||||||||||
Restricted cash | 15,609 | $ 14,250 | $ 15,251 | $ 358 | $ 10,129 | $ 7,410 | $ 14,000 | |||||||
Debt Instrument Collateral | 17 drybulk vessels | 23 drybulk vessels | ||||||||||||
Senior Notes | $ 476,822 | 497,604 | ||||||||||||
2022 Notes | Upon occurrence of certain change of control events | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 101.00% | |||||||||||||
2022 Logistics Senior Notes | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Apr. 22, 2014 | |||||||||||||
Face amount at issuance date | $ 375,000 | |||||||||||||
Fixed interest rate | 7.25% | 7.25% | ||||||||||||
Redemption price percentage | 100.00% | |||||||||||||
Maturity date | May 1, 2022 | |||||||||||||
Repurchase of notes | 35,500 | |||||||||||||
Repurchase of senior notes - cash consideration | 17,642 | |||||||||||||
Gain/ (Loss) on bond and debt extinguishment | $ (2,661) | |||||||||||||
Repayment of debt | 375,000 | |||||||||||||
Senior Notes | $ 0 | 375,000 | ||||||||||||
Debt Instrument, Redemption Period End Date | Jul. 16, 2020 | |||||||||||||
2025 Notes | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Jul. 8, 2020 | |||||||||||||
Face amount at issuance date | $ 500,000 | |||||||||||||
Fixed interest rate | 10.75% | 10.75% | ||||||||||||
Debt finance costs | $ 19,414 | |||||||||||||
Maturity date | Jul. 1, 2025 | |||||||||||||
Proceeds from issuance of senior notes, net of deferred financing costs | $ 487,504 | |||||||||||||
Senior Notes | 500,000 | 0 | ||||||||||||
Interest Expense Debt | $ 25,979 | |||||||||||||
2025 Notes | Navios Logistics | On or after August 1, 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of principal amount redeemed | 35.00% | |||||||||||||
2025 Notes | Navios Logistics | Prior to August 1, 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of principal amount redeemed | 100.00% | |||||||||||||
2025 Notes | Navios Logistics | Upon occurrence of certain change of control events | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of principal amount redeemed | 100.00% | |||||||||||||
Navios Logistics BBVA Loan Facility | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Dec. 15, 2016 | |||||||||||||
Face amount at issuance date | $ 25,000 | |||||||||||||
Loan margin percentage | 3.25% | |||||||||||||
Interest rate | LIBOR (180 days) plus 325 basis points | |||||||||||||
Number of repayment installments | 20 | |||||||||||||
Repayment frequency | quarterly | |||||||||||||
Amount outstanding | $ 0 | 14,275 | ||||||||||||
Navios Logistics New BBVA Loan Facility | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Feb. 28, 2020 | |||||||||||||
Face amount at issuance date | $ 25,000 | |||||||||||||
Loan margin percentage | 3.25% | |||||||||||||
Interest rate | LIBOR (180 days) plus 325 basis points | |||||||||||||
Maturity date | Mar. 31, 2022 | |||||||||||||
Repayment frequency | quarterly | |||||||||||||
Amount outstanding | $ 22,000 | |||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 13,625 | |||||||||||||
Navios Logistics Alpha Bank Loan | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | May 18, 2017 | |||||||||||||
Face amount at issuance date | $ 14,000 | |||||||||||||
Number of vessels financed | 2 | 2 | ||||||||||||
Loan margin percentage | 3.15% | |||||||||||||
Interest rate | LIBOR (90 days) plus 315 basis points | |||||||||||||
Number of repayment installments | 20 | |||||||||||||
Repayment frequency | quarterly | |||||||||||||
Amount outstanding | $ 9,100 | 10,500 | ||||||||||||
Balloon payment on the last repayment date | $ 7,000 | |||||||||||||
Navios Logistics Credit agreement | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Aug. 17, 2018 | |||||||||||||
Face amount at issuance date | $ 7,615 | € 6,200 | ||||||||||||
Fixed interest rate | 6.75% | 6.75% | ||||||||||||
Maturity date | Aug. 17, 2020 | |||||||||||||
Number of repayment installments | 24 | |||||||||||||
Repayment frequency | monthly | |||||||||||||
Repayment of debt | $ 3,808 | € 3,100 | $ 38,556 | |||||||||||
Navios Logistics Term Loan B Facility | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Nov. 3, 2017 | |||||||||||||
Face amount at issuance date | $ 100,000 | |||||||||||||
Loan margin percentage | 4.75% | |||||||||||||
Interest rate | LIBOR plus 475 basis points | |||||||||||||
Gain/ (Loss) on bond and debt extinguishment | $ (1,496) | |||||||||||||
Duration of loan | 4 years | |||||||||||||
Debt amortization percentage | 1.00% | |||||||||||||
Amount outstanding | $ 0 | 98,000 | ||||||||||||
Repayment of debt | 97,500 | |||||||||||||
Navios Logistics Notes Payable | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility maximum borrowing capacity | 41,964 | |||||||||||||
Debt finance costs | $ 5,949 | |||||||||||||
Interest rate | six-month LIBOR | |||||||||||||
Number of repayment installments | 16 | |||||||||||||
Repayment frequency | semi-annual | |||||||||||||
Amount outstanding | $ 17,842 | 22,469 | ||||||||||||
Other long-term loans | Navios Logistics | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility issuance date | Oct. 29, 2009 | |||||||||||||
Fixed interest rate | 6.00% | 6.00% | ||||||||||||
Line of credit facility maximum borrowing capacity | $ 817 | |||||||||||||
Repayment frequency | monthly | |||||||||||||
Amount outstanding | $ 46 | $ 115 | ||||||||||||
Repayment installment | $ 6 |
Borrowings - Loan Facilities Na
Borrowings - Loan Facilities Navios Holdings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Amount outstanding | $ 1,612,718 | $ 1,581,756 | |||
Gain/ (Loss) on bond and debt extinguishment | 7,047 | 47,430 | $ 6,464 | ||
(Repayment of)/proceeds from loan payable to affiliate company | $ (50,000) | (13,420) | 0 | ||
Redemption price percentage | 110.75% | ||||
Proceeds from long-term loans | $ 81,625 | 129,022 | 56,919 | ||
Accrued interest | 55,650 | 35,926 | |||
Sale and leaseback transaction, net proceeds financing activities | $ 66,862 | ||||
Construction of six liquid barges | |||||
Debt Instrument [Line Items] | |||||
Issuance date/Date of agreement | Dec. 31, 2020 | ||||
Maximum borrowing capacity | $ 13,475 | ||||
Number of loan tranches | 6 | ||||
Number of vessels financed | 6 | ||||
Number of repayment installments | 20 | ||||
Repayment frequency | quarterly | ||||
Amount outstanding | $ 11,047 | ||||
Fixed interest rate | 8.50% | ||||
Proceeds from Debt, Net of Issuance Costs | $ 11,229 | ||||
Interest Expense Debt | $ 176 | ||||
2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
Secured debt | |||||
Debt Instrument [Line Items] | |||||
Repayments Of Secured Debt | $ 28,582 | ||||
NSM Loan | |||||
Debt Instrument [Line Items] | |||||
Issuance date/Date of agreement | Aug. 29, 2019 | ||||
Amount outstanding | $ 78,901 | 130,538 | |||
Face amount at issuance date | 141,795 | ||||
Repayment of loan payable to affiliate companies | 50,000 | 13,420 | |||
Accrued interest | 526 | ||||
Two Navios Containers' credit facilities | |||||
Debt Instrument [Line Items] | |||||
Repayments Of Secured Debt | $ 38,556 | ||||
$50.0 million NSM Loan | |||||
Debt Instrument [Line Items] | |||||
Issuance date/Date of agreement | Jun. 30, 2020 | ||||
Number of repayment installments | 18 | ||||
Amount outstanding | $ 50,326 | 0 | |||
Face amount at issuance date | 50,000 | ||||
Accrued interest | $ 326 | ||||
Navios Logistics Term Loan B Facility | Navios Logistics | |||||
Debt Instrument [Line Items] | |||||
Issuance date/Date of agreement | Nov. 3, 2017 | ||||
Interest rate | LIBOR plus 475 basis points | ||||
Loan margin percentage | 4.75% | ||||
Amount outstanding | $ 0 | 98,000 | |||
Face amount at issuance date | 100,000 | ||||
Repayment of debt | 97,500 | ||||
Gain/ (Loss) on bond and debt extinguishment | $ (1,496) | ||||
Series H Depositary Shares | 2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Issuance date/Date of agreement | Mar. 21, 2019 | ||||
Face amount at issuance date | $ 4,747 | ||||
Fixed interest rate | 9.75% | ||||
Number of shares repurchased | shares | 10,930 | ||||
Series G Depositary Shares | 2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Issuance date/Date of agreement | Apr. 21, 2019 | ||||
Face amount at issuance date | $ 3,879 | ||||
Number of shares repurchased | shares | 8,841 | ||||
Loan Facility Credit Agricole ($40,000) to partially finance the construction of one newbuilding Capesize vessel | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Sep. 30, 2010 | ||||
Maximum borrowing capacity | $ 40,000 | ||||
Number of vessels partially financed | 1 | ||||
Interest rate description | LIBOR plus 275 basis points | ||||
Loan margin percentage | 2.75% | ||||
Amount outstanding | 0 | ||||
Maturity date | Aug. 31, 2021 | ||||
Loan Facility Credit Agricole ($23,000) to partially finance the construction of one Panamax vessel | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Aug. 31, 2011 | ||||
Maximum borrowing capacity | $ 23,000 | ||||
Number of vessels partially financed | 1 | ||||
Interest rate description | LIBOR plus 275 basis points | ||||
Loan margin percentage | 2.75% | ||||
Number of repayment installments | 5 | ||||
Repayment frequency | semi-annual | ||||
Repayment installment | $ 750 | ||||
Balloon payment on the last repayment date | 8,850 | ||||
Amount outstanding | $ 11,100 | 12,600 | |||
Loan Facility Credit Agricole ($23,000) to partially finance the construction of one newbuilding bulk carrier | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Dec. 31, 2011 | ||||
Maximum borrowing capacity | $ 23,000 | ||||
Number of vessels partially financed | 1 | ||||
Interest rate description | LIBOR plus 325 basis points | ||||
Loan margin percentage | 3.25% | ||||
Number of repayment installments | 3 | ||||
Repayment frequency | semi-annual | ||||
Repayment installment | $ 750 | ||||
Balloon payment on the last repayment date | 9,150 | ||||
Amount outstanding | $ 11,400 | 12,900 | |||
Loan Facility Credit Agricole ($22,500) to finance the acquisition of two Panamax Vessels | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Dec. 20, 2013 | ||||
Maximum borrowing capacity | $ 22,500 | ||||
Number of loan tranches | 2 | ||||
Number of vessels financed | 2 | ||||
Interest rate description | LIBOR plus 300 basis points | ||||
Loan margin percentage | 3.00% | ||||
Amount outstanding | 0 | ||||
Maturity date | Aug. 31, 2021 | ||||
Loan Facility Credit Agricole ($28,745) to repay all amounts outstanding under the facility agreement dated September 2010 and to repay all amounts outstanding under the facility agreement dated December 20, 2013 | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Feb. 14, 2018 | ||||
Maximum borrowing capacity | $ 28,745 | ||||
Number of loan tranches | 3 | ||||
Interest rate description | LIBOR plus 280 basis points | ||||
Loan margin percentage | 2.80% | ||||
Amount outstanding | 0 | ||||
Loan Facility Credit Agricole ($28,745) to repay all amounts outstanding under the facility agreement dated September 2010 and to repay all amounts outstanding under the facility agreement dated December 20, 2013 | Tranche A | |||||
Debt Instrument [Line Items] | |||||
Amount drawn down | 15,245 | ||||
Number of repayment installments | 6 | ||||
Repayment frequency | semi-annual | ||||
Repayment installment | $ 1,205 | ||||
Balloon payment on the last repayment date | $ 6,810 | ||||
Loan Facility Credit Agricole ($28,745) to repay all amounts outstanding under the facility agreement dated September 2010 and to repay all amounts outstanding under the facility agreement dated December 20, 2013 | Tranche B | |||||
Debt Instrument [Line Items] | |||||
Amount drawn down | 6,750 | ||||
Number of repayment installments | 6 | ||||
Repayment frequency | semi-annual | ||||
Repayment installment | $ 563 | ||||
Balloon payment on the last repayment date | $ 2,813 | ||||
Loan Facility Credit Agricole ($28,745) to repay all amounts outstanding under the facility agreement dated September 2010 and to repay all amounts outstanding under the facility agreement dated December 20, 2013 | New Tranche June 2014 | |||||
Debt Instrument [Line Items] | |||||
Amount drawn down | 6,750 | ||||
Number of repayment installments | 6 | ||||
Repayment frequency | semi-annual | ||||
Repayment installment | $ 563 | ||||
Balloon payment on the last repayment date | $ 2,813 | ||||
Hamburg Commercial Bank AG ($15,300) to partially refinance the 4th tranche of the Commerzbank facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | May 23, 2017 | ||||
Maximum borrowing capacity | $ 15,300 | ||||
Interest rate description | LIBOR plus 300 basis points | ||||
Loan margin percentage | 3.00% | ||||
Number of repayment installments | 3 | ||||
Repayment frequency | quarterly | ||||
Repayment installment | $ 383 | ||||
Balloon payment on the last repayment date | 8,798 | ||||
Amount outstanding | $ 9,945 | 11,475 | |||
Loan Facility DVB Bank SE ($72,000) | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Mar. 23, 2012 | ||||
Maximum borrowing capacity | $ 42,000 | ||||
Number of loan tranches | 2 | ||||
Interest rate description | LIBOR plus 293 basis points | ||||
Loan margin percentage | 2.93% | ||||
Amount outstanding | $ 4,504 | 41,073 | |||
Maturity date | Jun. 30, 2021 | ||||
Repayment of debt | $ 33,003 | ||||
Loan Facility DVB Bank SE ($72,000) | Tranche A | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 26,000 | ||||
Number of vessels financed | 1 | ||||
Loan Facility DVB Bank SE ($72,000) | Tranche B | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 16,000 | ||||
Number of vessels financed | 1 | ||||
Number of repayment installments | 2 | ||||
Repayment frequency | quarterly | ||||
Repayment installment | $ 268 | ||||
Balloon payment on the last repayment date | $ 3,968 | ||||
Loan Facility DVB Bank SE ($72,000) | New Tranche June 2014 | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Jun. 27, 2014 | ||||
Maximum borrowing capacity | $ 30,000 | ||||
Number of vessels financed | 1 | ||||
Loan Facility DVB Bank SE ($40,000) to finance the acquisition of four Panamax vessels | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Sep. 30, 2013 | ||||
Maximum borrowing capacity | $ 40,000 | ||||
Number of vessels financed | 4 | ||||
Interest rate description | LIBOR plus 325 basis points | ||||
Loan margin percentage | 3.25% | ||||
Amount outstanding | $ 0 | 5,556 | |||
Maturity date | Sep. 30, 2021 | ||||
Repayment of debt | $ 5,556 | ||||
Loan Facility DVB Bank SE ($41,000) to finance the acquisition of one newbuilding Panamax vessel and one newbuilding Capesize vessel | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Jan. 31, 2016 | ||||
Maximum borrowing capacity | $ 41,000 | ||||
Number of loan tranches | 2 | ||||
Number of vessels financed | 2 | ||||
Interest rate description | LIBOR plus 255 basis points | ||||
Loan margin percentage | 2.55% | ||||
Amount drawn down | $ 39,900 | ||||
Repayment of debt | $ 31,769 | ||||
Alpha Bank A.E. ($31,000) to finance part of the acquisition of a Capesize vessel | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Nov. 6, 2014 | ||||
Maximum borrowing capacity | $ 31,000 | ||||
Number of vessels partially financed | 1 | ||||
Interest rate description | LIBOR plus 300 basis points | ||||
Loan margin percentage | 3.00% | ||||
Number of repayment installments | 8 | ||||
Repayment frequency | quarterly | ||||
Repayment installment | $ 450 | ||||
Balloon payment on the last repayment date | 16,600 | ||||
Amount outstanding | $ 20,200 | 22,000 | |||
Alpha Bank A.E. ($16,125) to refinance one Capesize vessel | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility issuance date | Nov. 3, 2016 | ||||
Maximum borrowing capacity | $ 16,125 | ||||
Number of vessels financed | 1 | ||||
Interest rate description | LIBOR plus 300 basis points | ||||
Loan margin percentage | 3.00% | ||||
Number of repayment installments | 8 | ||||
Repayment frequency | quarterly | ||||
Repayment installment | $ 275 | ||||
Balloon payment on the last repayment date | 10,725 | ||||
Amount outstanding | 12,925 | 14,025 | |||
Sale and Leaseback Agreements | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 62,934 | $ 0 | |||
Finance lease liability | $ 68,000 | ||||
Number of repayment installments | 144 | ||||
Sale and Leaseback Agreements | Capesize Vessel A | |||||
Debt Instrument [Line Items] | |||||
Sale and 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 | ||||
Sale and Leaseback Agreements | Capesize Vessel B | |||||
Debt Instrument [Line Items] | |||||
Sale and 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) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Annual weighted average interest rate | 7.89% | 7.70% | 7.78% |
Borrowings - Repayment Terms an
Borrowings - Repayment Terms and Covenants (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 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, the 2022 Notes 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 affiliate companies, 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 December 31, 2020. |
Other long-term loans | Navios Logistics | |
Debt Instrument [Line Items] | |
Repayment terms | The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. |
2022 Logistics Senior Notes | Navios Logistics | |
Debt Instrument [Line Items] | |
Debt Instrument Covenant Description | 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 affiliate companies, 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 December 31, 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 | Amendment of covenants | |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents - Book Value | $ 94,881 | $ 77,991 |
Cash and cash equivalents - Fair Value | 94,881 | 77,991 |
Restricted cash - Book Value | 16,303 | 736 |
Restricted cash - Fair Value | 16,303 | 736 |
Investments in available-for-sale securities - Book Value | 222 | 189 |
Investments in available-for-sale securities - Fair Value | 222 | 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 company - Book Value | 0 | 5,328 |
Long-term receivable from affiliate company - Fair Value | 0 | 5,328 |
Senior and ship mortgage notes, net - Book Value | (1,263,566) | (1,170,679) |
Senior and ship mortgage notes, net - Fair Value | (1,054,616) | (875,228) |
Long-term debt, including current portion - Book Value | (191,636) | (262,030) |
Long-term debt, including current portion - Fair Value | (193,043) | (264,498) |
Loan payable to affiliate companies, including current portion - Book Value | (129,227) | (130,538) |
Loan payable to affiliate companies, including current portion - Fair Value | (129,227) | (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 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investments in available-for-sale securities | $ 222 | $ 189 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Investments in available-for-sale securities | 222 | 189 |
Total | 222 | 189 |
Quoted Prices in Active Markets for Identical Assets (Level I) | Fair Value, Measurements, Recurring | ||
Assets | ||
Investments in available-for-sale securities | 222 | 189 |
Total | $ 222 | $ 189 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 38,054 | $ 62,397 |
Operating lease assets | 10,018 | 89,945 |
Total | 48,072 | 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 | 6,644 | 7,497 |
Total | 6,644 | 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 | 31,410 | 54,900 |
Operating lease assets | 10,018 | 89,945 |
Total | $ 41,428 | $ 144,845 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 94,881 | $ 77,991 | ||
Restricted cash | 16,303 | 736 | ||
Investments in available-for-sale securities | 222 | 189 | ||
Loan receivable from affiliate companies | 0 | 24,495 | ||
Long-term receivable from affiliate company | 0 | 5,328 | ||
Senior and ship mortgage notes | 1,054,616 | 875,228 | ||
Long-term debt, including current portion | (193,043) | (264,498) | ||
Loan payable to affiliate companies, including current portion | (129,227) | (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 | 94,881 | 77,991 | ||
Restricted cash | 16,303 | 736 | ||
Investments in available-for-sale securities | 222 | 189 | ||
Loan receivable from affiliate companies | [1] | 0 | 24,495 | |
Long-term receivable from affiliate company | 0 | 5,328 | ||
Senior and ship mortgage notes | (1,054,616) | (875,228) | ||
Long-term debt, including current portion | [2] | (193,043) | (264,498) | |
Loan payable to affiliate companies, including current portion | (129,227) | (130,538) | ||
Long-term payable to affiliate companies | 0 | (5,000) | [1] | |
(Level I) | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 94,881 | 77,991 | ||
Restricted cash | 16,303 | 736 | ||
Investments in available-for-sale securities | 222 | 189 | ||
Senior and ship mortgage notes | (1,045,990) | (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] | 0 | 24,495 | |
Long-term receivable from affiliate company | 0 | 5,328 | ||
Senior and ship mortgage notes | (8,626) | (8,626) | ||
Long-term debt, including current portion | [2] | (193,043) | (264,498) | |
Loan payable to affiliate companies, including current portion | (129,227) | (130,538) | ||
Long-term payable to affiliate companies | $ 0 | $ (5,000) | [1] | |
[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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Three vessels | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment loss | $ 59,108 | $ 92,013 |
Chartered-in vessels | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment loss | $ 1,361 | $ 38,636 |
Employee Benefit Plans (Table)
Employee Benefit Plans (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | ||||
Options | ||||
Outstanding, shares | 462,293 | 529,768 | 661,977 | 790,458 |
Vested, shares | 83,333 | 116,667 | 136,011 | |
Exercisable, shares | 83,333 | 116,667 | 136,011 | |
Forfeited or expired, shares | (67,475) | (132,209) | (128,481) | |
Restricted stock and restricted stock units | ||||
Non Vested, shares | 382,380 | 693,389 | 709,710 | 701,731 |
Granted, shares | 0 | 167,515 | 287,500 | |
Vested, shares | (309,664) | (180,469) | (279,071) | |
Forfeited or expired, shares | (1,345) | (3,367) | (450) | |
Weighted average exercise price | ||||
Options | ||||
Outstanding | $ 17.9 | $ 26.6 | $ 28.2 | $ 29.8 |
Weighted average remaining term | ||||
Options | ||||
Weighted average remaining term | 2 years 3 months 1 day | 2 years 11 months 16 days | 3 years 4 months 10 days | 3 years 9 months 18 days |
Restricted stock and restricted stock units | ||||
Weighted average remaining term | 1 year 8 months 19 days | 2 years 3 months 25 days | 3 years 1 month 10 days | 3 years 1 month 2 days |
Aggregate fair value | ||||
Options | ||||
Outstanding, value | $ 3,815 | $ 5,014 | $ 5,696 | $ 7,539 |
Forfeited or expired, value | (1,199) | (682) | (1,843) | |
Restricted stock and restricted stock units | ||||
Non vested, value | 2,453 | 5,329 | 6,490 | $ 9,059 |
Granted, value | 0 | 476 | 863 | |
Vested, value | (2,858) | (1,595) | (3,425) | |
Forfeited or expired, value | $ (17) | $ (42) | $ (7) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Company's contributions to employee saving plan | $ 0 | $ 73 | $ 132 | |||||||
Discretionary company's contribition to employee saving plan | 0 | 0 | 36 | |||||||
Compensation expense | $ 1,268 | $ 2,885 | $ 4,556 | |||||||
Share appreciation rights and stock options | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Method used for the calculation of all stock options awards | Black-Scholes method | |||||||||
Exercised, shares | 0 | 0 | 0 | 14,319 | 15,356 | 2,925 | 13,058 | 13,058 | ||
Expected term simplified method | 4.5 years | |||||||||
Vesting Period | 3 years | |||||||||
Weighted average time to vest | 2 years | |||||||||
Contractual term of the award | 7 years | |||||||||
Service Conditions | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Expected volatility | 84.71% | 55.17% | ||||||||
Risk free rate | 1.81% | 1.46% | ||||||||
Estimated compensation cost relating to non-vested service conditions stock option not yet recognized | $ 0 | |||||||||
Estimated compensation cost relating to non-vested service conditions restricted stock and restricted stock units awards not yet recognized | $ 666 | |||||||||
Years to maturity | 2 years 2 months 3 days | |||||||||
Restricted share unit awards | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Expected dividend assumption | $ 0 | $ 0 | $ 0 | |||||||
Fair value of stock granted | 12.7 | |||||||||
Restricted share unit | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Expected dividend assumption | $ 0 | 0 | 0 | |||||||
Fair value of stock granted | $ 2.84 | $ 3 | ||||||||
Tranche - Year 1 | Share appreciation rights and stock options | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Percentage of vesting of the service conditions options, per each year | 33.30% | |||||||||
Tranche - Year 2 | Share appreciation rights and stock options | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Percentage of vesting of the service conditions options, per each year | 33.30% | |||||||||
Tranche - Year 3 | Share appreciation rights and stock options | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Percentage of vesting of the service conditions options, per each year | 33.40% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 22, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Letters of guarantee and letters of credit | $ 10 | $ 10 | |||
Other long term assets | 61,900 | 49,071 | |||
Other Nonoperating Income | $ 6,303 | 44,750 | $ 14,500 | ||
Navios Galaxy II | |||||
Date of charter-in agreement | Dec. 31, 2017 | ||||
Duration of bareboat contract | 10 years | ||||
Vessel capacity in DWT | 81,789 dwt | ||||
Contractual Obligation | $ 5,410 | ||||
Cash consideration for purchase of vessel | 2,705 | ||||
Other long term assets | $ 6,704 | ||||
Date of delivery | Mar. 30, 2020 | ||||
Navios Herakles I | |||||
Duration of bareboat contract | 10 years | ||||
Vessel capacity in DWT | 82,036 dwt | ||||
Date of delivery | Aug. 28, 2019 | ||||
Navios Uranus | |||||
Duration of bareboat contract | 10 years | ||||
Vessel capacity in DWT | 81,516 dwt | ||||
Date of delivery | Nov. 28, 2019 | ||||
Navios Herakles I and Navios Uranus | |||||
Date of charter-in agreement | Jan. 31, 2018 | ||||
Contractual Obligation | $ 11,140 | ||||
Cash consideration for purchase of vessel | 2,800 | 8,340 | |||
Other long term assets | $ 14,070 | ||||
Navios Felicity I | |||||
Date of charter-in agreement | Apr. 30, 2018 | ||||
Duration of bareboat contract | 10 years | ||||
Vessel capacity in DWT | 81,946 dwt | ||||
Contractual Obligation | $ 5,590 | ||||
Cash consideration for purchase of vessel | 2,795 | 2,795 | |||
Other long term assets | $ 7,193 | ||||
Date of delivery | Jan. 17, 2020 | ||||
Navios Magellan II | |||||
Date of charter-in agreement | Oct. 31, 2018 | ||||
Duration of bareboat contract | 10 years | ||||
Vessel capacity in DWT | 82,037 dwt | ||||
Contractual Obligation | $ 5,820 | ||||
Cash consideration for purchase of vessel | $ 2,910 | $ 2,910 | |||
Other long term assets | $ 7,506 | ||||
Date of delivery | May 15, 2020 | ||||
Navios Logistics' 2020 fleet | Subsequent Event [Member] | |||||
Cash consideration for purchase of vessel | $ 15,000 | ||||
Purchase price | $ 30,000 | ||||
Fixed interest rate | 5.00% | ||||
Short term non bank loans and notes payable | $ 15,000 | ||||
Number of repayment installments | 3 | ||||
Repayment frequency | annual | ||||
Storage And Transshipment Contract | |||||
Other Nonoperating Income | $ 4,102 | ||||
Navios Logistics | Storage And Transshipment Contract | |||||
Contractual Obligation | $ 4,140 | ||||
Contractual obligation next twelve months | 1,380 | ||||
Contractual Obligation Due In Second Year | 1,380 | ||||
Contractual Obligation Due In Third Year | 1,380 | ||||
Number of installments | 3 | ||||
Navios Logistics | Vitol S.A. | |||||
Guarantee and indemnity letter | $ 12,000 | ||||
Guarantees | Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2022. | ||||
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 |
Leases - Navios Holdings Operat
Leases - Navios Holdings Operating Lease Assets and Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease assets | $ 227,962 | $ 264,005 | |
Operating lease liabilities, current portion | 81,415 | 87,103 | |
Operating lease liabilities, net of current portion | 193,351 | 226,329 | |
Charter-in contracts | |||
Operating lease assets | [1] | 219,574 | 255,153 |
Operating lease liabilities, current portion | 81,276 | 86,636 | |
Operating lease liabilities, net of current portion | 185,092 | 217,932 | |
Land lease agreements | |||
Operating lease assets | 7,878 | 7,660 | |
Operating lease liabilities, current portion | (199) | (218) | |
Operating lease liabilities, net of current portion | 8,077 | 7,878 | |
Office lease agreements | |||
Operating lease assets | 510 | 1,192 | |
Operating lease liabilities, current portion | 338 | 685 | |
Operating lease liabilities, net of current portion | 181 | 519 | |
Dry Bulk Vessel Operations | |||
Operating lease assets | 219,574 | 255,153 | |
Operating lease liabilities, current portion | 81,276 | 86,636 | |
Operating lease liabilities, net of current portion | 185,092 | 217,932 | |
Dry Bulk Vessel Operations | Charter-in contracts | |||
Operating lease assets | [1] | 219,574 | 255,153 |
Operating lease liabilities, current portion | 81,276 | 86,636 | |
Operating lease liabilities, net of current portion | 185,092 | 217,932 | |
Logistic Business | |||
Operating lease assets | 8,388 | 8,852 | |
Operating lease liabilities, current portion | 139 | 467 | |
Operating lease liabilities, net of current portion | 8,258 | 8,397 | |
Logistic Business | Land lease agreements | |||
Operating lease assets | 7,878 | 7,660 | |
Operating lease liabilities, current portion | (199) | (218) | |
Operating lease liabilities, net of current portion | 8,077 | 7,878 | |
Logistic Business | Office lease agreements | |||
Operating lease assets | 510 | 1,192 | |
Operating lease liabilities, current portion | 338 | 685 | |
Operating lease liabilities, net of current portion | $ 181 | $ 519 | |
[1] | Based on the net present value of the remaining charter-in and rental payments for existing operating leases. |
Leases - Navios Holdings Lease
Leases - Navios Holdings Lease Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leased Assets [Line Items] | |||
Lease expenses | $ 102,296 | $ 124,480 | $ 134,772 |
Charter-in contracts | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 101,132 | 121,427 | 131,552 |
Land lease agreements | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 564 | 552 | 344 |
Office lease agreements | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 600 | 2,501 | 2,876 |
Dry Bulk Vessel Operations | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 94,545 | 119,387 | 133,612 |
Dry Bulk Vessel Operations | Charter-in contracts | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 94,545 | 117,562 | 131,438 |
Dry Bulk Vessel Operations | Office lease agreements | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 0 | 1,825 | 2,174 |
Logistic Business | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 7,751 | 5,093 | 1,160 |
Logistic Business | Charter-in contracts | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 6,587 | 3,865 | 114 |
Logistic Business | Land lease agreements | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 564 | 552 | 344 |
Logistic Business | Office lease agreements | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | $ 600 | $ 676 | $ 702 |
Leases - Future Minimum Commitm
Leases - Future Minimum Commitments for Chartered-In Contracts (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease liabilities, including current portion | $ 43,516 | $ 47,064 |
Charter-in contracts | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
December 31, 2021 | 100,690 | |
December 31, 2022 | 63,995 | |
December 31, 2023 | 54,148 | |
December 31, 2024 | 39,788 | |
December 31, 2025 | 19,076 | |
December 31, 2026 and thereafter | 45,934 | |
Total | 323,631 | |
Operating lease liabilities, including current portion | 266,367 | |
Discount based on incremental borrowing rate | 57,264 | |
Land leases | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
December 31, 2021 | 556 | |
December 31, 2022 | 556 | |
December 31, 2023 | 556 | |
December 31, 2024 | 556 | |
December 31, 2025 | 556 | |
December 31, 2026 and thereafter | 22,446 | |
Total | 25,226 | |
Operating lease liabilities, including current portion | 7,878 | |
Discount based on incremental borrowing rate | 17,348 | |
Office space | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
December 31, 2021 | 356 | |
December 31, 2022 | 101 | |
December 31, 2023 | 81 | |
December 31, 2024 | 0 | |
December 31, 2025 | 0 | |
December 31, 2026 and thereafter | 0 | |
Total | 538 | |
Operating lease liabilities, including current portion | 519 | |
Discount based on incremental borrowing rate | $ 19 |
Leases - Navios Holdings Future
Leases - Navios Holdings Future Revenue for Chartered-Out Vessels, Barges, Pushboats and for Logistics Business (Table) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Dry bulk vessels | |
Property Subject To Or Available For Operating Lease [Line Items] | |
2021 | $ 36,850 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 and thereafter | 0 |
Total minimum revenue, net of commissions | 36,850 |
Logistics Business | |
Property Subject To Or Available For Operating Lease [Line Items] | |
2021 | 119,181 |
2022 | 95,041 |
2023 | 82,671 |
2024 | 71,458 |
2025 | 71,427 |
2026 and thereafter | 583,645 |
Total minimum revenue, net of commissions | $ 1,023,423 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease discount rate | 8.25% | |
Operating lease liabilities | $ 43,516 | $ 47,064 |
Navios Logistics | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease discount rate | 7.25% | |
Charter-in contracts | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 4 years 10 months 23 days | 4 years 6 months |
Operating lease liabilities | $ 266,367 | |
Charter-in contracts | Minimum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 1 month 6 days | |
Charter-in contracts | Maximum | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 9 years 6 months | |
Land leases | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 45 years 3 months 7 days | 46 years 3 months 18 days |
Operating lease liabilities | $ 7,878 | |
Land leases | Minimum | Navios Logistics | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 45 years 2 months 12 days | |
Land leases | Maximum | Navios Logistics | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 45 years 6 months 27 days | |
Office lease agreements | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 1 year 6 months | 1 year 10 months 24 days |
Operating lease liabilities | $ 519 | |
Office lease agreements | Minimum | Navios Logistics | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 6 months | |
Office lease agreements | Maximum | Navios Logistics | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Operating lease remaining lease term | 2 years 9 months 18 days | |
Chartered-in vessels | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Impairment loss | $ 1,361 | $ 38,636 |
Transactions with Related Par_2
Transactions with Related Parties - Vessels Charter Hire and Management Fees (Details) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Aug. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Voyage expenses | $ 0 | $ 0 | $ 651,000 | |
Proceeds From Divestiture Of Businesses Net Of Transaction Costs | (1,912,000) | |||
Proceeds from Divestiture of Businesses | $ 0 | 3,000,000 | 0 | |
NSM | ||||
Voyage expenses | $ 149,184,000 | 206,427,000 | ||
Other income/ (expense), net | 15,750,000 | $ 0 | ||
Administrative services agreement term in years | 5 years | |||
NSM | Management agreement | ||||
Termination date of the administrative services agreement | Aug. 29, 2024 | |||
Management fees | $ 45,487,000 | $ 14,372,000 | ||
NSM | Management agreement | Chartered-in vessels | ||||
Daily management fee | 30 | |||
NSM | The Transaction | ||||
Proceeds from Divestiture of Businesses | $ 20,000,000 | |||
NSM | Owned Vessels | Management agreement | ||||
Daily management fee | $ 3,700 | |||
NSM | Owned Vessels | Management agreement | After two years | ||||
Rate of annual increase in management fees | 3.00% |
Transactions with Related Par_3
Transactions with Related Parties (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019 | Apr. 30, 2016 | Aug. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2021 | Oct. 30, 2020 | Nov. 30, 2012 | |
General and administrative expenses | $ 33,702 | $ 36,194 | $ 26,640 | |||||||
Other long-term liabilities and deferred income | $ 5,958 | 660 | 5,958 | |||||||
Goldland Anonymos Eteria | ||||||||||
Annual lease payments of office | 0 | |||||||||
Acropolis | ||||||||||
Commissions paid | 0 | 0 | $ 0 | |||||||
Trade accounts payable | 76 | 76 | 76 | |||||||
NSM | ||||||||||
General and administrative expenses | 2,952 | $ 9,371 | ||||||||
Administrative services agreement term in years | 5 years | |||||||||
Navios Partners Agreement | ||||||||||
Maximum payout of company under Navios Partner's guarantee | $ 20,000 | |||||||||
Navios Partners Agreement | Guarantee claim | ||||||||||
Trade accounts payable | $ 5,000 | $ 5,000 | ||||||||
Other long-term liabilities and deferred income | 10,000 | $ 5,000 | $ 10,000 | |||||||
Navios Logistics Agreement | ||||||||||
General and administrative expenses | $ 381 | $ 763 | $ 1,144 | $ 1,000 | ||||||
Termination date of the administrative services agreement | December 2021 |
Transactions with Related Par_4
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||
Mar. 03, 2020 | Mar. 31, 2017 | Jul. 10, 2020 | Jun. 30, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Sep. 30, 2020 | Jan. 01, 2020 | Feb. 01, 2019 | |
Proceeds From Related Party Debt | $ 50,000 | $ 0 | $ 0 | |||||||||
Due from affiliate, current | 243 | 14,614 | ||||||||||
Due from affiliate, non current | 0 | 5,328 | ||||||||||
Due to affiliate, current | 27,114 | 6,353 | ||||||||||
Due to affiliate | 129,227 | 130,538 | ||||||||||
Due to affiliate, non current | 0 | 5,000 | ||||||||||
Deferred gain recognized in Statement of Comprehensive Income | (1,293) | (9,185) | (80,205) | |||||||||
Loan receivable from affiliate companies | 0 | 24,495 | ||||||||||
Current portion of long-term debt | 374,191 | 50,110 | ||||||||||
Accrued interest | 55,650 | 35,926 | ||||||||||
Repayment of loans payable to affiliate companies | (50,000) | (13,420) | 0 | |||||||||
Current portion of loans payable to affiliate companies | 26,595 | 24,715 | ||||||||||
Outstanding balance | 1,612,718 | 1,581,756 | ||||||||||
Impairment of loan receivable from affiliate company | 6,050 | 0 | 0 | |||||||||
Dividends declared | 12,256 | |||||||||||
Net liabilities included in sale price | $ 4,378 | 0 | 0 | |||||||||
Navios Gem | ||||||||||||
Year Built | 2014 | |||||||||||
Vessel Capacity | 181,336 dwt | |||||||||||
Navios Victory | ||||||||||||
Year Built | 2014 | |||||||||||
Vessel Capacity | 77,095 dwt | |||||||||||
Navios Victory and Navios Gem | ||||||||||||
Vessel sale price | $ 51,000 | |||||||||||
Net liabilities included in sale price | $ 4,378 | |||||||||||
Navios Partners | ||||||||||||
Due to affiliate | 5,000 | 5,000 | ||||||||||
Due to affiliate, non current | 0 | 5,000 | ||||||||||
Unamortized deferred gain for vessels and rights sold | $ 6,285 | |||||||||||
Deferred gain recognized in Statement of Comprehensive Income | 0 | 1,842 | 1,828 | |||||||||
Navios Acquisition | ||||||||||||
Due from affiliate, current | $ 243 | 1,460 | ||||||||||
Navios Midstream | ||||||||||||
Description of the option to acquire Navios Midstream | Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of December 31, 2020, Navios Holdings had not exercised any part of that option. | |||||||||||
NSM | ||||||||||||
Due from affiliate, non current | $ 0 | 5,328 | ||||||||||
Due to affiliate, current | $ 22,114 | 1,353 | ||||||||||
Share Repurchase Program | ||||||||||||
General partnership interests | 1,754,981 | |||||||||||
Minimum | Navios Midstream | ||||||||||||
Ownership percentage of Navios Holdings | 20.00% | |||||||||||
Navios Revolving Loans II | Navios Europe II | ||||||||||||
Revolving loan facility maximum borrowing capacity | $ 43,500 | |||||||||||
Line of Credit Facility, Increase | $ 14,000 | |||||||||||
Secured Credit Facility | Navios Logistics | ||||||||||||
Line of credit facility issuance date | Apr. 25, 2019 | |||||||||||
Maximum borrowing capacity | $ 50,000 | |||||||||||
Line Credit Facility Arrangement Fees | $ 500 | |||||||||||
Debt instrument maturity date | Dec. 31, 2024 | |||||||||||
Amount drawn down | $ 70,000 | |||||||||||
Line of Credit Facility, Increase | $ 20,000 | |||||||||||
Conversion of unpaid dividend of preferred stock to common stock | 2,414,263 | |||||||||||
Dividends declared | $ 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 | ||||||||||||
Interest rate description | 10.00% | |||||||||||
Secured Credit Facility | NSM | ||||||||||||
Face amount at issuance date | $ 141,795 | |||||||||||
Issuance date/Date of agreement | Aug. 29, 2019 | |||||||||||
Fixed interest rate | 5.00% | |||||||||||
Long-term debt term | 5 years | |||||||||||
Current portion of long-term debt | $ 47,000 | |||||||||||
Accrued interest | 526 | 2,163 | ||||||||||
Repayment of loan payable to affiliate companies | $ 31,500 | $ 18,500 | 13,420 | |||||||||
Current portion of loans payable to affiliate companies | $ 10,328 | 22,552 | ||||||||||
Repayment frequency | quarterly | |||||||||||
Outstanding balance | $ 78,375 | 128,375 | ||||||||||
Secured Credit Facility | NSM | Deferred principal payment | First or second year | ||||||||||||
Fixed interest rate | 7.00% | |||||||||||
Outstanding balance | $ 20,000 | |||||||||||
Secured Credit Facility | NSM | Deferred principal payment | Third year | ||||||||||||
Fixed interest rate | 7.00% | |||||||||||
Outstanding balance | $ 10,000 | |||||||||||
2022 Notes | ||||||||||||
Face amount at issuance date | $ 650,000 | |||||||||||
Issuance date/Date of agreement | Nov. 29, 2013 | |||||||||||
Debt instrument maturity date | Jan. 31, 2022 | |||||||||||
Fixed interest rate | 7.375% | |||||||||||
Extinguishment Of Debt Amount | $ 20,782 | 81,235 | $ 35,661 | |||||||||
2022 Notes | Secured Credit Facility | Navios Logistics | ||||||||||||
Extinguishment Of Debt Amount | $ 18,726 | |||||||||||
2022 Senior Secured Notes | ||||||||||||
Face amount at issuance date | $ 305,000 | |||||||||||
Issuance date/Date of agreement | Nov. 21, 2017 | |||||||||||
$50.0 million NSM Loan | ||||||||||||
Face amount at issuance date | $ 50,000 | |||||||||||
Issuance date/Date of agreement | Jun. 30, 2020 | |||||||||||
Credit facility outstanding amount | $ 50,326 | 0 | ||||||||||
Accrued interest | $ 326 | |||||||||||
$50.0 million NSM Loan | Secured Credit Facility | ||||||||||||
Issuance date/Date of agreement | Jun. 30, 2020 | |||||||||||
Maximum borrowing capacity | $ 50,000 | |||||||||||
Fixed interest rate | 5.00% | |||||||||||
Interest rate for deferred principal amounts | 7.00% | |||||||||||
Accrued interest | $ 326 | 0 | ||||||||||
Current portion of loans payable to affiliate companies | $ 16,226 | |||||||||||
Repayment frequency | quarterly | |||||||||||
Outstanding balance | $ 50,000 | 0 | ||||||||||
Navios Europe I | ||||||||||||
Proceeds From Related Party Debt | 13,420 | |||||||||||
Due from affiliate | 0 | $ 0 | ||||||||||
Ownership percentage of Navios Holdings | 47.50% | |||||||||||
Navios Europe I | Navios Revolving Loans I | ||||||||||||
Preferred Distribution Percentage | 12.70% | |||||||||||
Navios Europe II | ||||||||||||
Due from affiliate | $ 0 | $ 20,712 | ||||||||||
Due from affiliate, current | 13,154 | |||||||||||
Due from affiliate, non current | 7,558 | |||||||||||
Ownership percentage of Navios Holdings | 47.50% | |||||||||||
Navios Europe II | Navios Revolving Loans II | ||||||||||||
Preferred Distribution Percentage | 18.00% | |||||||||||
Loan receivable from affiliate companies | $ 16,938 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 03, 2019 | Feb. 01, 2019 | Feb. 21, 2020 | Feb. 29, 2016 | Mar. 21, 2019 | Apr. 18, 2019 | Jul. 10, 2020 | Jul. 15, 2017 | Dec. 10, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 18, 2019 | Dec. 31, 2018 | Dec. 27, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | Nov. 30, 2015 |
Preferred stock shares outstanding | 23,032 | 23,242 | |||||||||||||||
Common stock shares outstanding | 15,881,147 | 13,360,356 | 12,843,414 | 12,038,647 | |||||||||||||
Shares tendered, nominal value | $ 0 | $ 0 | |||||||||||||||
Payments for tender offer expenses | $ 0 | 10,228 | $ 0 | ||||||||||||||
Dividend rate of preferred stock | 2.00% | ||||||||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | $ (18,855) | ||||||||||||||||
Common stock par value | $ 0.0001 | $ 0.0001 | |||||||||||||||
Dividends paid to noncontrolling shareholders | $ 12,256 | $ 0 | $ 0 | ||||||||||||||
Stockholders' equity, Reverse stock split | one-for-ten reverse stock split | ||||||||||||||||
Navios Corporation | |||||||||||||||||
Common stock shares outstanding | 2,414,263 | ||||||||||||||||
Navios Logistics | |||||||||||||||||
Dividends paid | $ 27,500 | $ 6,381 | |||||||||||||||
Conversion of unpaid dividend of preferred stock to common stock | 2,414,263 | ||||||||||||||||
Dividends paid to noncontrolling shareholders | 9,948 | $ 2,308 | |||||||||||||||
Navios Logistics | Navios Holdings | |||||||||||||||||
Dividends paid | $ 17,552 | ||||||||||||||||
Before 1-for-10 reverse stock split | |||||||||||||||||
Common stock shares outstanding | 128,434,137 | 120,386,472 | |||||||||||||||
Series G and Series H | |||||||||||||||||
Percentage of the increase of the preferred dividend rate | 0.25% | ||||||||||||||||
Restricted common stock | |||||||||||||||||
Forfeited shares of common stock | 1,345 | 3,379 | 656 | ||||||||||||||
Restricted stock units | Issued in 2016 | |||||||||||||||||
Vested stock units | 84,336 | 334 | 85,000 | ||||||||||||||
Restricted stock units | Issued in 2017 | |||||||||||||||||
Vested stock units | 825 | 825 | 825 | ||||||||||||||
Dividends undeclared | |||||||||||||||||
Dividends cancelled | $ 171 | ||||||||||||||||
Dividends undeclared | First conversion | |||||||||||||||||
Dividends cancelled | $ 1,471 | ||||||||||||||||
Dividends undeclared | Second conversion | |||||||||||||||||
Dividends cancelled | $ 916 | ||||||||||||||||
American Depositary Shares - The Series G | |||||||||||||||||
Preferred stock shares outstanding | 5,350 | 5,350 | |||||||||||||||
Number of shares | 2,000,000 | ||||||||||||||||
Number of shares | 2,000,000 | ||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | ||||||||||||||||
Sale of Stock- Redemption price per share | $ 25 | ||||||||||||||||
Dividend rate of preferred stock | 8.75% | ||||||||||||||||
American Depositary Shares - The Series H | |||||||||||||||||
Preferred stock shares outstanding | 17,682 | 17,682 | |||||||||||||||
Number of shares | 4,800,000 | ||||||||||||||||
Number of shares | 4,800,000 | ||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | ||||||||||||||||
Sale of Stock- Redemption price per share | $ 25 | ||||||||||||||||
Dividend rate of preferred stock | 8.625% | ||||||||||||||||
Convertible preferred stock | |||||||||||||||||
Conversion of Stock, Shares converted | 210 | 3,289 | |||||||||||||||
Preferred stock shares outstanding | 210 | ||||||||||||||||
Convertible preferred stock | 10 years after the issuance date | |||||||||||||||||
Preferred stock liquidation preference | $ 10,000 | ||||||||||||||||
Sale of Stock- Redemption price per share | $ 10 | ||||||||||||||||
Common Stock | |||||||||||||||||
Stock-based compensation expenses, shares granted | 151,515 | 287,500 | 16,000 | ||||||||||||||
Converted Shares of Common Stock | 22,712 | 352,770 | |||||||||||||||
Common stock shares outstanding | 15,881,147 | 13,360,356 | |||||||||||||||
Number of common stock issued to employees | 85,161 | 168,674 | 16,000 | 805,423 | 287,500 | ||||||||||||
Common Stock | Dividends undeclared | |||||||||||||||||
Converted Shares of Common Stock | 1,712 | 23,870 | |||||||||||||||
Price per common unit | $ 6 | ||||||||||||||||
Common Stock | Dividends undeclared | First conversion | |||||||||||||||||
Conversion of Stock, Shares converted | 1,980 | ||||||||||||||||
Converted Shares of Common Stock | 14,711 | ||||||||||||||||
Price per common unit | $ 75 | ||||||||||||||||
Common Stock | Dividends undeclared | Second conversion | |||||||||||||||||
Conversion of Stock, Shares converted | 1,309 | ||||||||||||||||
Converted Shares of Common Stock | 9,159 | ||||||||||||||||
Price per common unit | $ 41 | ||||||||||||||||
Preferred Stock | |||||||||||||||||
Conversion of Stock, Shares converted | 210 | 3,289 | |||||||||||||||
Preferred stock shares outstanding | 23,032 | 23,242 | |||||||||||||||
Number of shares issued for the exchange offer | 19,771 | ||||||||||||||||
Preferred Stock | Dividends undeclared | |||||||||||||||||
Undeclared preferred dividends | $ 25,222 | ||||||||||||||||
Share Repurchase Program | Common Stock | |||||||||||||||||
Share repurchase program, Authorized amount | $ 25,000 | ||||||||||||||||
Acquisition of treasury stock, shares | 114,791 | 94,858 | |||||||||||||||
Acquisition of treasury stock, value | $ 1,070 | $ 818 | |||||||||||||||
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 tender offer expenses | 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 tender offer expenses | 4,188 | ||||||||||||||||
2024 Notes issued | 4,747 | ||||||||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | 16,365 | ||||||||||||||||
Dividends cancelled | $ 7,678 |
Interest Expense and Finance _3
Interest Expense and Finance Cost (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest expense | $ 128,696 | $ 125,496 | $ 129,941 |
Amortization and write-off of deferred financing | 7,863 | 8,242 | 7,880 |
Other | 0 | 237 | 109 |
Interest expense and finance cost | 136,559 | 133,479 | 137,916 |
Continuing operations | |||
Amortization and write-off of deferred financing | $ 7,863 | $ 7,746 | $ 7,866 |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 416,718 | $ 482,449 | $ 505,686 |
Interest expense and finance cost | (136,559) | (133,479) | (137,916) |
Depreciation and amortization | (71,015) | (81,723) | (99,779) |
Equity in net (losses)/earnings of affiliated companies | (1,293) | (9,185) | (80,205) |
Net (loss)/ income attributable to Navios Holdings common stockholders | (192,961) | (192,110) | (268,718) |
Total assets | 1,971,325 | 2,142,855 | |
Goodwill | 160,336 | 160,336 | |
Investment in affiliates | 56,988 | 64,352 | |
Cash and cash equivalents | 94,881 | 77,991 | |
Restricted cash | 16,303 | 736 | |
Total | |||
Segment Reporting Information [Line Items] | |||
Revenue | 416,718 | 482,449 | 517,739 |
Administrative fee revenue from affiliate companies | 0 | 16,991 | 28,393 |
Interest income | 257 | 10,662 | 8,748 |
Interest expense and finance cost | (136,559) | (133,479) | (139,120) |
Depreciation and amortization | (71,015) | (81,723) | (102,839) |
Equity in net (losses)/earnings of affiliated companies | (1,293) | (9,185) | (80,205) |
Net (loss)/ income attributable to Navios Holdings common stockholders | (192,961) | (192,110) | (268,718) |
Total assets | 1,971,325 | 2,142,855 | 2,682,496 |
Goodwill | 160,336 | 160,336 | 160,336 |
Capital expenditures | (107,509) | (44,571) | (85,645) |
Investment in affiliates | 56,988 | 64,352 | 91,111 |
Cash and cash equivalents | 94,881 | 77,991 | 137,882 |
Restricted cash | 16,303 | 736 | 12,892 |
Long-term debt, net (including current and noncurrent portion) | 1,584,429 | 1,563,247 | 1,816,007 |
Dry Bulk Vessel Operations | |||
Segment Reporting Information [Line Items] | |||
Revenue | 200,794 | 254,178 | 298,052 |
Administrative fee revenue from affiliate companies | 0 | 16,991 | 28,972 |
Interest income | 48 | 9,610 | 8,231 |
Interest expense and finance cost | (88,237) | (92,948) | (98,247) |
Depreciation and amortization | (42,076) | (52,288) | (70,472) |
Equity in net (losses)/earnings of affiliated companies | (1,293) | (9,185) | (80,205) |
Net (loss)/ income attributable to Navios Holdings common stockholders | (192,207) | (209,096) | (273,125) |
Total assets | 1,316,936 | 1,511,517 | 1,558,581 |
Goodwill | 56,240 | 56,240 | 56,240 |
Capital expenditures | (99,068) | (36,628) | (41,003) |
Investment in affiliates | 56,988 | 64,352 | 91,111 |
Cash and cash equivalents | 20,011 | 32,386 | 44,452 |
Restricted cash | 16,303 | 736 | 10,958 |
Long-term debt, net (including current and noncurrent portion) | 1,043,839 | 1,048,318 | 1,063,762 |
Logistics Business | |||
Segment Reporting Information [Line Items] | |||
Revenue | 215,924 | 228,271 | 207,634 |
Interest income | 209 | 1,052 | 517 |
Interest expense and finance cost | (48,322) | (40,531) | (39,669) |
Depreciation and amortization | (28,939) | (29,435) | (29,307) |
Net (loss)/ income attributable to Navios Holdings common stockholders | (754) | 16,986 | 4,380 |
Total assets | 654,389 | 631,338 | 677,343 |
Goodwill | 104,096 | 104,096 | 104,096 |
Capital expenditures | (8,441) | (7,943) | (19,879) |
Investment in affiliates | 0 | 0 | 0 |
Cash and cash equivalents | 74,870 | 45,605 | 76,472 |
Long-term debt, net (including current and noncurrent portion) | $ 540,590 | $ 514,929 | 530,186 |
Containers Business | |||
Segment Reporting Information [Line Items] | |||
Revenue | 12,053 | ||
Administrative fee revenue from affiliate companies | (579) | ||
Interest income | 0 | ||
Interest expense and finance cost | (1,204) | ||
Depreciation and amortization | (3,060) | ||
Equity in net (losses)/earnings of affiliated companies | 0 | ||
Net (loss)/ income attributable to Navios Holdings common stockholders | 27 | ||
Total assets | 446,572 | ||
Goodwill | 0 | ||
Capital expenditures | (24,763) | ||
Investment in affiliates | 0 | ||
Cash and cash equivalents | 16,958 | ||
Restricted cash | 1,934 | ||
Long-term debt, net (including current and noncurrent portion) | $ 222,059 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Region (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | $ 416,718 | $ 482,449 | $ 505,686 |
Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 416,718 | 482,449 | 517,739 |
North America | Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 0 | 2,259 | 4,248 |
Australia | Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 2,055 | 0 | 0 |
Europe | Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 132,582 | 179,009 | 142,688 |
Asia | Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 63,610 | 67,468 | 135,614 |
South America | Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | 218,442 | 232,394 | 208,751 |
Other | Continuing and discontinued operations | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue by geographic region | $ 28 | $ 1,319 | $ 26,438 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Aug. 30, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Working capital | $ (316,510) | |||
Number of Reportable Segments | 3 | 2 | ||
Constructions in progress | $ 5,153 | $ 4,504 | $ 12,572 | |
Net book value of long-lived assets | 1,139,539 | 1,276,514 | ||
Dry bulk vessels | ||||
Segment Reporting Information [Line Items] | ||||
Net book value of long-lived assets | 627,569 | 741,347 | ||
Logistics Business | ||||
Segment Reporting Information [Line Items] | ||||
Constructions in progress | 4,046 | 4,046 | ||
Net book value of long-lived assets | $ 509,283 | $ 536,342 |
Loss Per Common Share (Table) (
Loss Per Common Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net loss attributable to Navios Holdings common stockholders | $ (192,961) | $ (192,110) | $ (268,718) |
Undeclared dividend on preferred stock and on unvested restricted shares | (5,144) | (7,178) | (10,241) |
Tender Offer — Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled | 0 | 45,680 | 0 |
Gain from eliminated dividend on preferred stock due to conversion | 166 | 0 | 0 |
Loss attributable to Navios Holdings common stockholders, basic and diluted | $ (197,939) | $ (153,608) | $ (278,959) |
Denominator: | |||
Denominator for basic and diluted net loss per share attributable to Navios Holdings common stockholders — adjusted weighted shares | 12,896,568 | 12,356,024 | 11,958,959 |
Basic and diluted net loss per share attributable to Navios Holdings common stockholders | $ (15.35) | $ (12.43) | $ (23.33) |
Loss Per Common Share (Details)
Loss Per Common Share (Details) - shares | Jan. 03, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' equity, Reverse stock split | one-for-ten reverse stock split | |||
Common shares | ||||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 569,998 | 843,097 | 664,709 | |
Convertible Preferred Stock | ||||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 1,549 | 227,496 | 349,900 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Argentina | ||||||
Income tax rate | 25.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% |
Effective Tax Rate On Corporate Assets | 1.00% | |||||
Tax rate on revenues | 2.00% | 2.00% | 3.00% | |||
Paraguay | ||||||
Options to determine income tax liabilities | Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. | |||||
Income tax rate | 10.00% | |||||
Tax rate on revenues | 1.00% | |||||
Corporate Income Tax Rate | 10.00% | |||||
Brazil | ||||||
Corporate Income Tax Rate | 34.00% | |||||
If carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay | Revenue | ||||||
Amount concentration percentage | 50.00% | |||||
Destination to Paraguay | Revenue | ||||||
Amount concentration percentage | 30.00% |
Other Income - Other Expense (D
Other Income - Other Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other expense | Navios Logistics | |||
Schedule Of Equity Method Investments [Line Items] | |||
Other (expense)/income - taxes other than income taxes | $ 5,762 | $ 7,745 | $ 7,056 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||
Jan. 31, 2021USD ($) | Feb. 28, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 22, 2021USD ($) | Apr. 29, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Subsequent Event [Line Items] | ||||||||
Gain/ (loss) on sale of assets | $ 0 | $ 0 | $ 28 | |||||
Navios Astra | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel capacity in DWT | 53,468 dwt | |||||||
Vessel sale price | $ 6,644 | |||||||
Subsequent event | Hamburg Commercial Bank | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayments Of Debt | $ 9,945 | |||||||
Subsequent event | DVB Bank Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayments Of Debt | $ 4,504 | |||||||
Subsequent event | Credit Agricole Facilities | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayments Of Debt | $ 22,500 | |||||||
Subsequent event | Navios Serenity | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel year built | 2011 | |||||||
Vessel capacity in DWT | 34,690 dwt | |||||||
Vessel type | Handysize | |||||||
Vessel sale price | $ 10,388 | |||||||
Gain/ (loss) on sale of assets | $ (6,958) | |||||||
Vessel delivery date | Q2 2021 | |||||||
Subsequent event | Navios Centaurus and Navios Avior | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel sale price | $ 39,250 | |||||||
Gain/ (loss) on sale of assets | $ (13,498) | |||||||
Subsequent event | Navios Centaurus | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel year built | 2012 | |||||||
Vessel capacity in DWT | 81,472 dwt | |||||||
Vessel type | Panamax | |||||||
Subsequent event | Navios Avior | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel year built | 2012 | |||||||
Vessel capacity in DWT | 81,355 dwt | |||||||
Vessel type | Panamax | |||||||
Subsequent event | Navios Logistics' 2020 fleet | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price | $ 30,000 | |||||||
Fixed interest rate | 5.00% | |||||||
Cash consideration for purchase of vessel | $ 15,000 | |||||||
Short term non bank loans and notes payable | $ 15,000 | |||||||
Number of repayment installments | 3 | |||||||
Repayment frequency | annual | |||||||
Subsequent event | Navios Astra | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel year built | 2006 | |||||||
Vessel capacity in DWT | 53,468 dwt | |||||||
Vessel type | Ultra-Handymax | |||||||
Vessel sale price | $ 6,445 | |||||||
Subsequent event | New Capesize Vessel | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel year built | 2011 | |||||||
Vessel type | Capesize | |||||||
Purchase price | $ 28,500 | |||||||
Vessel delivery date | Q2 2021 |