Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | NAVIOS MARITIME HOLDINGS INC. |
Entity Central Index Key | 0001333172 |
Entity Address, Address Line One | Strathvale House, 90 N Church Street |
Entity Address, City or Town | Grand Cayman |
Entity Address, Country | KY |
Entity Address, Postal Zip Code | KY1-1104 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 73,159 | $ 94,881 |
Restricted cash | 10 | 16,303 |
Accounts receivable, net | 69,311 | 54,328 |
Due from affiliate companies | 0 | 243 |
Inventories | 16,093 | 14,121 |
Prepaid expenses and other current assets | 17,722 | 14,981 |
Assets held for sale | 30,000 | 0 |
Total current assets | 206,295 | 194,857 |
Vessels, port terminals and other fixed assets, net | 995,689 | 1,139,539 |
Investments in affiliate companies | 97,351 | 56,988 |
Other long-term assets | 79,672 | 93,080 |
Operating lease assets | 193,967 | 227,962 |
Intangible assets other than goodwill | 95,783 | 98,563 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 1,622,798 | 1,776,468 |
Total assets | 1,829,093 | 1,971,325 |
Current liabilities | ||
Accounts payable | 34,083 | 29,185 |
Accrued expenses and other liabilities | 68,476 | 72,535 |
Deferred income and cash received in advance | 11,257 | 8,342 |
Operating lease liabilities, current portion | 60,283 | 81,415 |
Due to affiliate companies | 10,174 | 27,114 |
Current portion of loans payable to affiliate companies | 28,151 | 26,595 |
Current portion of long-term debt, net | 42,385 | 48,219 |
Current portion of senior and ship mortgage notes, net | 544,403 | 299,377 |
Total current liabilities | 799,212 | 592,782 |
Senior and ship mortgage notes, net of current portion | 708,992 | 964,189 |
Long-term debt, net of current portion | 83,662 | 143,417 |
Loans payable to affiliate companies, net of current portion | 68,860 | 102,632 |
Other long-term liabilities and deferred income | 623 | 660 |
Operating lease liabilities, net of current portion | 167,513 | 193,351 |
Deferred tax liability | 8,349 | 8,577 |
Total non-current liabilities | 1,037,999 | 1,412,826 |
Total liabilities | 1,837,211 | 2,005,608 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity | ||
Preferred stock — $0.0001 par value, authorized 1,000,000 shares, 23,032 issued and outstanding both as of June 30, 2021 and December 31, 2020. | 0 | 0 |
Common stock — $0.0001 par value, authorized 250,000,000 shares, 15,897,064 and 15,881,147 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. | 1 | 1 |
Additional paid-in capital | 643,339 | 643,033 |
Accumulated deficit | (759,493) | (784,592) |
Total Navios Holdings stockholders’ deficit | (116,153) | (141,558) |
Noncontrolling interest | 108,035 | 107,275 |
Total stockholders’ deficit | (8,118) | (34,283) |
Total liabilities and stockholders’ equity | $ 1,829,093 | $ 1,971,325 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock - par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 23,032 | 23,032 |
Preferred stock, shares issued | 23,032 | 23,032 |
Common stock - par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 15,897,064 | 15,881,147 |
Common stock, shares outstanding | 15,897,064 | 15,881,147 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 143,624 | $ 97,127 | $ 260,575 | $ 188,210 |
Time charter, voyage and logistics business expenses | (36,841) | (42,710) | (75,168) | (89,354) |
Direct vessel expenses | (29,232) | (26,007) | (55,147) | (50,738) |
General and administrative expenses | (8,544) | (8,836) | (15,363) | (15,798) |
Depreciation and amortization | (15,988) | (18,012) | (32,254) | (36,088) |
Interest expense and finance cost, net | (36,170) | (31,418) | (72,370) | (63,061) |
Impairment loss/ loss on sale of vessels, net | (5,406) | (8,967) | (25,861) | (20,215) |
Gain on bond extinguishment | 1,873 | 0 | 1,873 | 11,204 |
Other expense, net | (1,022) | (1,593) | (1,246) | (3,154) |
Impairment of loan receivable from affiliate company | 0 | 0 | 0 | (6,050) |
Income/ (loss) before equity in net earnings of affiliate companies | 12,294 | (40,416) | (14,961) | (85,044) |
Equity in net earnings of affiliate companies | 12,854 | 9,445 | 40,594 | 3,308 |
Income/ (loss) before taxes | 25,148 | (30,971) | 25,633 | (81,736) |
Income tax (expense)/ benefit | (603) | 34 | 226 | 73 |
Net income/ (loss) | 24,545 | (30,937) | 25,859 | (81,663) |
Less: Net loss/ (income) attributable to the noncontrolling interest | 391 | (4,334) | (760) | (6,883) |
Net income/ (loss) attributable to Navios Holdings common stockholders | 24,936 | (35,271) | 25,099 | (88,546) |
Declared and undeclared dividend on preferred stock and on unvested restricted shares | (1,284) | (1,284) | (2,561) | (2,578) |
Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted | $ 23,652 | $ (36,555) | $ 22,538 | $ (90,958) |
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders | $ 1.80 | $ (2.83) | $ 1.72 | $ (7.06) |
Weighted average number of shares, basic | 13,127,208 | 12,901,880 | 13,120,335 | 12,882,235 |
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders | $ 1.75 | $ (2.83) | $ 1.67 | $ (7.06) |
Weighted average number of shares, diluted | 13,511,627 | 12,901,880 | 13,508,382 | 12,882,235 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net income/(loss) | $ 25,859 | $ (81,663) |
Adjustments to reconcile net income/(loss) to net cash (used in)/ provided by operating activities: | ||
Non-cash adjustments | 26,003 | 58,997 |
(Increase)/decrease in operating assets | (20,602) | 9,933 |
(Decrease)/increase in operating liabilities | (17,016) | 32,392 |
Payments for drydock and special survey costs | (15,609) | (14,129) |
Net cash (used in)/ provided by operating activities | (1,365) | 5,530 |
INVESTING ACTIVITIES: | ||
Acquisition of/additions to vessels | (24,152) | (96,573) |
Deposits for vessels, port terminals and other fixed assets acquisitions | (19,304) | (1,250) |
Deposits for option to acquire vessels | 0 | (2,099) |
Loans from affiliate companies | 0 | 18,629 |
Proceeds from lease receivable | 0 | 79 |
Proceeds from sale of assets | 137,016 | 23,078 |
Purchase of property, equipment and other fixed assets | (2,729) | (1,328) |
Dividends received from affiliate companies | 243 | 2,919 |
Net cash provided by/(used in) investing activities | 91,074 | (56,545) |
FINANCING ACTIVITIES: | ||
Repayment of long-term debt and payment of principal | (115,270) | (20,111) |
Repurchase of senior notes | (12,454) | (9,443) |
Repayment of loan payable to affiliate companies | 0 | (31,500) |
Proceeds from loan payable to affiliate companies | 0 | 31,500 |
Proceeds from long-term loans, net of deferred financing costs | 0 | 66,862 |
Dividends paid to noncontrolling shareholders | 0 | (9,948) |
Net cash (used in)/provided by financing activities | (127,724) | 27,360 |
Decrease in cash and cash equivalents and restricted cash | (38,015) | (23,655) |
Cash and cash equivalents and restricted cash, beginning of period | 111,184 | 78,727 |
Cash and cash equivalents and restricted cash, end of period | 73,169 | 55,072 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest, net of capitalized interest | 72,105 | 62,040 |
Cash paid for income taxes | 260 | 186 |
Non-cash investing and financing activities | ||
Sale of vessels | 5,766 | 0 |
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the construction of six liquid barges | 2,246 | 0 |
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the acquisition of Navios Logistics’ 2020 Fleet | 15,000 | |
Transfers from deposits for vessels, port terminals and other fixed assets | 57,107 | 0 |
Deposits for vessels, port terminals and other fixed assets | (356) | 0 |
Acquisition of/additions to vessels | $ 0 | $ (986) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total Navios Holdings' Stockholders' (Deficit)/ Equity [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 0 | $ 1 | $ 641,765 | $ (597,916) | $ 43,850 | $ 115,175 | $ 159,025 |
Beginning balance at Dec. 31, 2019 | 23,242 | 13,360,356 | |||||
Net (loss)/income | $ 0 | $ 0 | 0 | (53,275) | (53,275) | 2,549 | (50,726) |
Stock-based compensation expenses (Note 10) | 0 | 0 | 333 | 0 | 333 | 0 | 333 |
Other adjustments in Retained Earnings | 6,285 | 6,285 | 6,285 | ||||
Dividends paid to Noncontrolling Shareholders | 0 | $ 0 | 0 | 0 | 0 | (9,948) | (9,948) |
Beginning balance | 84,336 | ||||||
Ending balance, value at Mar. 31, 2020 | $ 0 | $ 1 | 642,098 | (644,906) | (2,807) | 107,776 | 104,969 |
Ending balance at Mar. 31, 2020 | 23,032 | 13,467,404 | |||||
Conversion of Stock, Shares Converted | (210) | ||||||
Beginning balance | 22,712 | ||||||
Beginning balance, value at Dec. 31, 2019 | $ 0 | $ 1 | 641,765 | (597,916) | 43,850 | 115,175 | 159,025 |
Beginning balance at Dec. 31, 2019 | 23,242 | 13,360,356 | |||||
Net (loss)/income | (81,663) | ||||||
Ending balance, value at Jun. 30, 2020 | $ 0 | $ 1 | 642,419 | (680,177) | (37,757) | 112,110 | 74,353 |
Ending balance at Jun. 30, 2020 | 23,032 | 13,466,174 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 0 | $ 1 | 642,098 | (644,906) | (2,807) | 107,776 | 104,969 |
Beginning balance at Mar. 31, 2020 | 23,032 | 13,467,404 | |||||
Net (loss)/income | $ 0 | $ 0 | 0 | (35,271) | (35,271) | 4,334 | (30,937) |
Cancellation of shares | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares, shares | (1,230) | ||||||
Stock-based compensation expenses (Note 10) | 0 | $ 0 | 321 | 0 | 321 | 0 | 321 |
Ending balance, value at Jun. 30, 2020 | $ 0 | $ 1 | 642,419 | (680,177) | (37,757) | 112,110 | 74,353 |
Ending balance at Jun. 30, 2020 | 23,032 | 13,466,174 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 0 | $ 1 | 643,033 | (784,592) | (141,558) | 107,275 | (34,283) |
Beginning balance at Dec. 31, 2020 | 23,032 | 15,881,147 | |||||
Net (loss)/income | $ 0 | $ 0 | 0 | 163 | 163 | 1,151 | 1,314 |
Cancellation of shares | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares, shares | (27) | ||||||
Stock-based compensation expenses (Note 10) | 0 | $ 0 | 155 | 0 | 155 | 0 | 155 |
Beginning balance | 16,000 | ||||||
Ending balance, value at Mar. 31, 2021 | $ 0 | $ 1 | 643,188 | (784,429) | (141,240) | 108,426 | (32,814) |
Ending balance at Mar. 31, 2021 | 23,032 | 15,897,120 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 0 | $ 1 | 643,033 | (784,592) | (141,558) | 107,275 | (34,283) |
Beginning balance at Dec. 31, 2020 | 23,032 | 15,881,147 | |||||
Net (loss)/income | 25,859 | ||||||
Ending balance, value at Jun. 30, 2021 | $ 0 | $ 1 | 643,339 | (759,493) | (116,153) | 108,035 | (8,118) |
Ending balance at Jun. 30, 2021 | 23,032 | 15,897,064 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 0 | $ 1 | 643,188 | (784,429) | (141,240) | 108,426 | (32,814) |
Beginning balance at Mar. 31, 2021 | 23,032 | 15,897,120 | |||||
Net (loss)/income | $ 0 | $ 0 | 0 | 24,936 | 24,936 | (391) | 24,545 |
Cancellation of shares | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares, shares | (56) | ||||||
Stock-based compensation expenses (Note 10) | 0 | $ 0 | 151 | 0 | 151 | 0 | 151 |
Ending balance, value at Jun. 30, 2021 | $ 0 | $ 1 | $ 643,339 | $ (759,493) | $ (116,153) | $ 108,035 | $ (8,118) |
Ending balance at Jun. 30, 2021 | 23,032 | 15,897,064 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | NOTE 1: DESCRIPTION OF BUSINESS 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 63.8 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 the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to longer-term charters. As of June 30, 2021 and following the acquisition of Navios Maritime Containers L.P. (“Navios Containers”) by Navios Partners, referred to in Note 14, Navios Holdings had a 9.7 On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Maritime Acquisition Corporation (“Navios Acquisition”). Please refer to Note 14. Navios Containers Navios Containers is an international owner and operator of containerships. As of December 31, 2020, Navios Holdings held a 3.9 no Navios Acquisition Navios Acquisition (NYSE: NNA), is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. As of June 30, 2021, Navios Holdings had a 28.0 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 5.0 50 50 0 5,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies (a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). Going concern The interim condensed consolidated financial statements have been prepared on a going concern basis. As of June 30, 2021, Navios Holdings’ current assets totaled $ 206,295 738,929 532,634 83,259 11.25 462,466 7.375 462,466 7,000 455,466 In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 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 The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $ 100,000 The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $ 75,264 (the “$115.0 million NSM Loan”), was completed o 20,000 185,000 Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, 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 Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) 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 unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. (b) Principles of consolidation: The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. Subsidiaries: 63.8 Investments in Affiliate Companies: Affiliate companies included in the financial statements accounted for under the equity method: 9.7 28.0 3.9 47.5 (c) 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. Expenses related to our revenue-generating contracts are recognized as incurred. The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020: Summary of Significant Accounting Policies - Revenue per category Dry Bulk Vessel Operations Logistics Business for the Total for the Three Month Period Ended COA/Voyage revenue $ 2,803 $ 21,897 $ 24,700 Time chartering revenue $ 83,064 $ 11,106 $ 94,170 Port terminal revenue $ — $ 21,342 $ 21,342 Storage fees (dry port) revenue $ — $ 16 $ 16 Dockage revenue $ — $ 1,282 $ 1,282 Sale of products revenue $ — $ 315 $ 315 Liquid port terminal revenue $ — $ 1,216 $ 1,216 Other $ 186 $ 397 $ 583 Total $ 86,053 $ 57,571 $ 143,624 Dry Bulk Vessel Operations Logistics Business for the Total for the Three Month Period Ended COA/Voyage revenue $ 2,793 $ 14,496 $ 17,289 Time chartering revenue $ 35,680 $ 16,286 $ 51,966 Port terminal revenue $ — $ 21,636 $ 21,636 Storage fees (dry port) revenue $ — $ 19 $ 19 Dockage revenue $ — $ 1,476 $ 1,476 Sale of products revenue $ — $ 3,409 $ 3,409 Liquid port terminal revenue $ — $ 1,271 $ 1,271 Other $ (171) $ 232 $ 61 Total $ 38,302 $ 58,825 $ 97,127 Dry Bulk Vessel Operations Logistics Business for the Total for the Six Month Period Ended COA/Voyage revenue $ 8,016 $ 39,482 $ 47,498 Time chartering revenue $ 141,317 $ 21,973 $ 163,290 Port terminal revenue $ — $ 40,925 $ 40,925 Storage fees (dry port) revenue $ — $ 124 $ 124 Dockage revenue $ — $ 1,880 $ 1,880 Sale of products revenue $ — $ 3,495 $ 3,495 Liquid port terminal revenue $ — $ 2,448 $ 2,448 Other $ 448 $ 467 $ 915 Total $ 149,781 $ 110,794 $ 260,575 Dry Bulk Vessel Operations Logistics Business Total for the Six Month Period Ended COA/Voyage revenue $ 2,793 $ 25,946 $ 28,739 Time chartering revenue $ 69,705 $ 35,312 $ 105,017 Port terminal revenue $ — $ 35,828 $ 35,828 Storage fees (dry port) revenue $ — $ 2,842 $ 2,842 Dockage revenue $ — $ 1,909 $ 1,909 Sale of products revenue $ — $ 11,257 $ 11,257 Liquid port terminal revenue $ — $ 2,267 $ 2,267 Other $ 64 $ 287 $ 351 Total $ 72,562 $ 115,648 $ 188,210 Deferred Income and Cash Received In Advance: These amounts are recognized as revenue over the voyage or charter period. (d) Recent Accounting Pronouncements: Adoption of new accounting pronouncements: 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 adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed 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 adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents and restricted cash consisted of the following: Cash and cash equivalents June 30, 2021 December 31, 2020 Cash on hand and at banks $ 73,115 $ 94,787 Short-term deposits and highly liquid funds 44 94 Restricted cash 10 16,303 Cash and cash equivalents and restricted cash $ 73,169 $ 111,184 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. |
Vessels, Port Terminals and Oth
Vessels, Port Terminals and Other Fixed Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Port Terminals and Other Fixed Assets, Net | NOTE 4: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Vessels, Port Terminals and Other Fixed Assets, net Vessels, Port Terminals and Other Fixed Assets, Net Vessels, Port Terminals and Other Fixed Assets, net Cost Accumulated Depreciation Net Book Value Balance December 31, 2020 $ 1,600,313 $ (460,774 ) $ 1,139,539 Additions 6,881 (29,474 ) (22,593 ) Impairment losses (89,888 ) 68,258 (21,630 ) Vessel disposals (142,782 ) — (142,782 ) Transfers from oil storage plant and port facilities for liquid cargoes 5,645 — 5,645 Vessel acquisition 16,049 — 16,049 Transfers from deposits for vessels, port terminal and other fixed assets, net 51,461 — 51,461 Transfers to assets held for sale (30,000 ) — (30,000 ) Balance June 30, 2021 $ 1,417,679 $ (421,990 ) $ 995,689 Deposits for Vessels and Port Terminals Acquisitions During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $ 19,501 1,062 16,696 611 During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal. As of June 30, 2021, a total of $ 1,843 1,285 As of June 30, 2021 and December 31, 2020, Navios Logistics had paid $ 685 631 During the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and a total of $ 3,803 723 Impairment Loss/ Loss on Sale of Vessels, Net In June 2021, the Company agreed to sell to Navios Partners the Navios Azimuth, a 2011 Capesize 179,169 9,104 1,950 30,000 In June 2021, the Company completed the sale to Navios Partners of the Navios Ray, a 2012 Capesize 179,515 2009 Capesize 180,022 58,000 8,753 1,775 In June 2021, the Company completed the sale to Navios Partners of the Navios Koyo,of a 2011 Capesize 28,500 8,500 12,451 In June 2021, the Company completed the sale to an unrelated third party of the Navios Serenity, a 2011 Handysize 34,690 10,388 6,957 11 In March 2021, the Company completed the sale to Navios Partners of the Navios Centaurus, a 2012 Panamax 81,472 2012 Panamax 81,355 39,250 13,498 495 In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a 2006 Ultra Handymax 53,468 6,644 Vessel Acquisitions of Navios Logistics In the fourth quarter of 2020, Navios Logistics signed a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics 2020 Fleet”), for a purchase price of $ 30,000 31,960 Since 2018, Navios Logistics acquired approximately 6.6 hectares 2.3 additional hectares 1,580 In February 2017, two self-propelled barges of Navios Logistics’ fleet, Formosa and San Lorenzo, were sold for a total amount of $ 1,109 |
Intangible Assets Other Than Go
Intangible Assets Other Than Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Other Than Goodwill | NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible Assets, Other Than Goodwill Intangible Assets Other Than Goodwill Intangible assets June 30, 2021 December 31, 2020 Acquisition cost $ 178,642 $ 178,642 Accumulated amortization (82,859) (80,079) Total Intangible assets net book value $ 95,783 $ 98,563 Amortization expense for both three month periods ended June 30, 2021 and 2020 amounted to $ 1,394 2,780 2,787 The remaining aggregate amortization of acquired intangibles as of June 30, 2021 will be as follows: Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization Period Year One $ 5,581 Year Two 5,581 Year Three 5,588 Year Four 5,581 Year Five 5,581 Thereafter 67,871 Total $ 95,783 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 6: BORROWINGS Borrowings Borrowings, as of June 30, 2021 and December 31, 2020, consisted of the following: Borrowings - Loan’s outstanding amounts Facility June 30, 2021 December 31, 2020 Secured credit facilities $ — $ 70,074 2022 Senior Secured Notes 305,000 305,000 2022 Notes 462,466 476,822 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $358 and $526, respectively) 57,026 78,901 $50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) 39,986 50,326 Sale and Leaseback Agreements 60,165 62,934 2025 Logistics Senior Notes 500,000 500,000 Navios Logistics other long-term loans and notes payable 66,797 60,035 Total borrowings 1,500,066 1,612,718 Less: current portion, net (614,939 ) (374,191 ) Less: deferred finance costs, net (23,613 ) (28,289 ) Total long-term borrowings $ 861,514 $ 1,210,238 Secured Credit Facilities As of June 30, 2021, the Company repaid $ 70,074 11,100 11,400 9,945 4,504 20,200 12,925 As of June 30, 2021, the Company had no secured bank credit facilities following their full repayment. 2022 Senior Secured Notes On November 21, 2017 305,000 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 the Company 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). 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 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 June 30, 2021. Under the terms of the 2022 Senior Secured Notes, the Company 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, the Company 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) (the “Grimaud Loan”) 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. On November 17, 2020, the Company entered into the Seventh Supplemental Indenture to further amend the terms of the indenture governing the 2022 Senior Secured Notes, pursuant to which Wilmington Trust, National Association became the successor Trustee and successor Collateral Trustee in respect of the 2022 Senior Secured Notes. On June 29, 2021, the Company entered into the Eighth Supplemental Indenture which eliminated the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the Redemption. On July 23, 2021, the Company completed the Redemption. The Redemption was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $ 75,264 The Eighth Supplemental Indenture also, 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; and (iii) permits the lender under the $115.0 million NSM Loan (as defined herein) to take a second lien on the pledged share collateral (which pledged share collateral secures the 2022 Senior Secured Notes on a first lien basis). On July 23, 2021, the Company completed the Redemption of an aggregate principal amount of $ 100,000 100 On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $ 20,000 100 After the Redemption and the Second Redemption, $ 185,000 2022 Notes On November 29, 2013 650,000 7.375 35,661 28,796 35,500 17,642 81,235 50,683 20,782 9,443 11,204 14,356 12,454 1,873 7,000 6,134 855 455,466 The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels 14,250 17 drybulk vessels 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 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 June 30, 2021. 2024 Notes On March 21, 2019 4,747 9.75 10,930 On April 21, 2019 3,879 8,841 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 NSM Loan On August 29, 2019 141,795 57,026 358 $50.0 million NSM Loan In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$50.0 million NSM Loan”) for a loan of up to $ 50,000 39,986 250 $115.0 million NSM Loan In June 2021, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$115.0 million NSM Loan”) for a loan up to $ 115,000 Sale and Leaseback Agreements In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $ 68,000 The Sale and Leaseback Agreements are repayable by 144 monthly 224 238 60,165 fourth quarter of 2031 first quarter of 2032 750 The Sale and Leaseback Agreements have no financial covenants. 2025 Logistics Senior Notes On July 8, 2020 500,000 10.75 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 35 110.750 100 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 “Grimaud”). 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 value of any assets securing such other obligations. The indenture governing the 2025 Logistics Senior Notes contains restrictive covenants that limit, among other things, the ability of the Logistics Co-Issuers and their subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliate companies, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Logistics Senior Notes also contains customary events of default. The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2021. As of June 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025 Logistics Senior Notes amounted to $ 17,724 19,414 Navios Logistics Other Long-term Loans and Notes Payable In December 2020, Navios Logistics entered into a $ 13,475 20 quarterly 8.5 12,368 In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics’ 2020 Fleet”). The acquisition was completed on March 22, 2021, and consequently, the Company entered into a $ 15,000 5.0 three annual 5,000 As of June 30, 2021, Navios Logistics had long-term loans and notes payable, with a total outstanding balance of $ 66,797 LIBOR plus spread 3.15 3.25 August 2021 November 2025 During the six month period ended June 30, 2021, the Company in relation to its secured credit facilities paid, $ 79,071 36,199 The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2021 were 9.34 9.33 7.48 7.50 The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of June 30, 2021, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities. Borrowings - Principal payments Payment due by period June 30, 2022 $ 616,440 June 30, 2023 267,331 June 30, 2024 54,079 June 30, 2025 22,868 June 30, 2026 506,892 June 30, 2027 and thereafter 32,456 Total $ 1,500,066 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Of Financial Instruments | |
Fair Value of Financial Instruments | NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents: Restricted cash: Borrowings: Loans payable to affiliate companies: Investments in available-for-sale securities: The estimated fair values of the Company’s financial instruments are as follows: Fair Value of Financial Instruments - Fair Value June 30, 2021 December 31, 2020 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 73,159 $ 73,159 $ 94,881 $ 94,881 Restricted cash $ 10 $ 10 $ 16,303 $ 16,303 Investments in available-for-sale-securities $ 364 $ 364 $ 222 $ 222 Senior and ship mortgage notes, net $ (1,253,395) $ (1,269,481) $ (1,263,566) $ (1,054,616) Long-term debt, including current portion $ (126,047) $ (126,962) $ (191,636) $ (193,043) Loans payable to affiliate companies, including current portion $ (96,404) $ (96,404) $ (129,227) $ (129,227) 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 of Financial Instruments - Fair value measurements on a recurring basis Fair Value Measurements as of June 30, 2021 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 $ 364 $ 364 $ — $ — Total $ 364 $ 364 $ — $ — 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 $ — $ — As of June 30, 2021, the Company’s assets measured at fair value on a non-recurring basis were: Fair Value of Financial Instruments - Fair value on a non-recurring basis Fair Value Measurements as of June 30, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Assets held for sale $ 30,000 $ 30,000 $ — $ — Total $ 30,000 $ 30,000 $ — $ — Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $ 9,104 30,000 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 38,054 The Company recorded an impairment loss of $ 1,361 10,018 Fair Value Measurements The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. Fair Value of Financial Instruments - Fair value measurements Fair Value Measurements at June 30, 2021 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 73,159 $ 73,159 $ — $ — Restricted cash $ 10 $ 10 $ — $ — Investments in available-for-sale-securities $ 364 $ 364 $ — $ — Senior and ship mortgage notes $ (1,269,481) $ (1,260,855) $ (8,626) $ — Long-term debt, including current portion (1) $ (126,962) $ — $ (126,962) $ — Loans payable to affiliate companies, including current portion (2) $ (96,404) $ — $ (96,404) $ — 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 $ — $ — 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 (2) $ (129,227) $ — $ (129,227) $ — (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 loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8: COMMITMENTS AND CONTINGENCIES Commitments and Contingencies As of June 30, 2021, the Company was contingently liable for letters of guarantee and letters of credit amounting to $ 10 10 In December 2017, December 31, 2017 10 years 81,789 March 30, 2020 5,410 6,704 In January 2018, January 31, 2018 10 years 82,036 81,516 August 28, 2019 November 28, 2019 11,140 14,070 In April 2018, April 30, 2018 10 years 81,946 January 17, 2020 5,590 7,193 In October 2018, October 30, 2018 10 years 82,037 May 15, 2020 5,820 7,506 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 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 $ 847 519 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 three 1,380 The Company is involved in a number of legal proceedings and has various unresolved claims pending arising in the ordinary course of business. Based on currently available information and the opinion of legal counsel, management believes that the final outcome will not have a significant effect on the Company’s operating results or financial position and that no additional provisions over and above provisions already reflected in the interim condensed consolidated financial statements are required. |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with related parties | NOTE 9: TRANSACTIONS WITH RELATED PARTIES Transactions with related parties Transactions with Related Parties Vessel Operating Expenses (management fees): 3.7 3 3.8 0.03 August 29, 2024 9,794 11,537 20,365 22,525 Navios Partners Guarantee: 5,000 General and administrative expenses: five years five years August 29, 2024 2,168 2,377 4,508 4,639 Pursuant to an administrative services agreement with the Manager dated August 29, 2019, NSM provides administrative services to Navios Logistics. Total general and administrative fees for each of the three month periods ended June 30, 2021 and 2020 amounted to $ 286 572 Balance due to/from affiliate companies: 10,174 22,114 0 5,000 0 243 As of June 30, 2021 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 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 containership 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 June 30, 2021, Navios Holdings had not exercised any part of that option. Sale of Vessels and Sale of Rights to Navios Partners: 6,285 In March 2021, Navios Holdings completed the sale to Navios Partners of the Navios Centaurus, a 2012 Panamax 81,472 2012 Panamax 81,355 39,250 2012 Capesize 179,515 2009 Capesize 180,022 58,000 2011 Capesize 28,500 2011 Capesize 179,169 30,000 Balance due from Navios Europe II: 43,500 14,000 On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $ 5,000 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. The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at 1,800 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 Secured credit facility with Navios Logistics (Grimaud Loan): April 25, 2019 50,000 500 12.75 14.75 20,000 10.0 13.0 18,726 On June 24, 2020, Navios Logistics assigned its legal and beneficial right, title and interest in the credit facility to its wholly owned subsidiary Grimaud. On June 25, 2020, Navios Holdings and Grimaud amended the Grimaud Loan 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 2,308 On June 30, 2021, the Company entered into a supplemental agreement to the Grimaud Loan (the “Supplemental Grimaud Loan Agreement”) with Grimaud, whereby the Company and Grimaud agreed to amend the Grimaud Loan. Pursuant to the amendment, the Grimaud Loan may be repaid or prepaid in full by the issuance of shares of common stock of Navios Holding 7,500 On July 13, 2021 9,301,542 7,500 . NSM Loan: August 29, 2019 141,795 five years 47,000 quarterly 20,000 10,000 5.0 7.0 13,420 31,500 18,500 21,706 As of June 30, 2021, the outstanding balance was $ 56,668 78,375 358 526 16,548 10,328 The Company’s obligations under the NSM Loan were guaranteed by 2,070,016 14,940 $50.0 million NSM Loan: 50,000 18 quarterly 5.0 7.0 10,265 As of June 30, 2021, the outstanding balance was $ 39,736 50,000 250 326 11,603 16,266 The Company’s obligations under the $50.0 million NSM Loan were 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 40,587 On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan described below. $115.0 million NSM Loan: 115,000 39,736 70,000 14 quarterly 2,838 November 30, 2024 seven quarterly 22,632 6,000 February 28, 2023 Both tranches bear interest at a rate of 10.5 90 12.0 The Company’s obligations under the $115.0 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 40,587 4,850,207 452,090 On July 12, 2021, the amount under this facility was fully drawn. Navios Logistics’ Shareholders Agreement: |
Preferred and Common Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Preferred and Common Stock | NOTE 10: PREFERRED AND COMMON STOCK Preferred and Common Stock Vested, Surrendered and Forfeited During the three and six month periods ended June 30, 2021, 56 83 0 37,879 During the three and six month periods ended June 30, 2020, 1,230 84,336 Conversion of Preferred Stock During the year ended December 31, 2020, 210 22,712 1,712 171 1,712 6 Issuance of Cumulative Perpetual Preferred Stock The Company’s 2,000,000 4,800,000 2,500 25.00 8.75 8.625 0.25 In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of June 30, 2021 were $ 27,783 Series G and Series H American Depositary Shares Exchange Offer On December 21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 2024 Notes for approximately 66 2/3% of each of the outstanding Series G American Depositary Shares and Series H American Depositary Shares. As of March 21, 2019, a total of 10,930 26,297 997 4,188 4,747 16,365 7,678 As of April 18, 2019, a total of 8,841 21,271 620 4,423 3,879 12,568 6,798 Issuances to Officers and Directors On December 21, 2020, pursuant to the stock plan approved by the Board of the Directors, 16,000 shares of Navios Holdings had outstanding as of June 30, 2021 and December 31, 2020, 15,897,064 15,881,147 2,414,263 23,032 5,350 17,682 Dividends from Navios Logistics On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. Immediately thereafter, Grimaud redeemed the equity interests held by its non-controlling shareholder in full at fair market value. Grimaud is now an indirect wholly-owned subsidiary of the Company, and its equity interests are pledged as collateral under the 2022 Senior Secured Notes (as defined below). As of September 9, 2021, Grimaud sold 6,434,000 31,270 which was used to fund the Second Redemption On July 10, 2020 Navios Logistics declared and paid a $ 6,381 2,414,263 2,308 On February 21, 2020, Navios Logistics’ board of directors declared and paid a $ 27,500 17,552 9,948 |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | NOTE 11: OTHER INCOME, NET Other Income, Net During the three month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $ 1,218 590 During the six month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $ 2,222 2,021 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 12: SEGMENT INFORMATION Segment Information The Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of port terminal business, barge business and cabotage business. The Company measures segment performance based on net income/(loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows: Segment Information - Summarized financial information Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2021 Logistics Business for the Three Month Period Ended June 30, 2021 Total for the Three Month Period Ended June 30, 2021 Revenue $ 86,053 $ 57,571 $ 143,624 Interest expense and finance cost, net (21,011) (15,159) (36,170) Depreciation and amortization (7,917) (8,071) (15,988) Equity in net earnings of affiliate companies 12,854 — 12,854 Net income/ (loss) attributable to Navios Holdings common stockholders 27,795 (2,859) 24,936 Total assets 1,156,441 672,652 1,829,093 Goodwill 56,240 104,096 160,336 Capital expenditures (22,758) (3,646) (26,404) Investment in affiliate companies 97,351 — 97,351 Cash and cash equivalents 25,689 47,470 73,159 Restricted cash 10 — 10 Long-term debt, net (including current and noncurrent portion) $ 927,399 $ 549,054 $ 1,476,453 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 Revenue $ 38,302 $ 58,825 $ 97,127 Interest expense and finance cost, net (22,159) (9,259) (31,418) Depreciation and amortization (10,745) (7,267) (18,012) Equity in net earnings of affiliate companies 9,445 — 9,445 Net (loss)/ income attributable to Navios Holdings common stockholders (42,918) 7,647 (35,271) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliate companies 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2021 Logistics Business for the Six Month Period Ended June 30, 2021 Total for the Six Month Period Ended June 30, 2021 Revenue $ 149,781 $ 110,794 $ 260,575 Interest expense and finance cost, net (42,855) (29,515) (72,370) Depreciation and amortization (16,714) (15,540) (32,254) Equity in net earnings of affiliate companies 40,594 — 40,594 Net income/ (loss) attributable to Navios Holdings common stockholders 27,694 (2,595) 25,099 Total assets 1,156,441 672,652 1,829,093 Goodwill 56,240 104,096 160,336 Capital expenditures (24,152) (22,033) (46,185) Investment in affiliate companies 97,351 — 97,351 Cash and cash equivalents 25,689 47,470 73,159 Restricted cash 10 — 10 Long-term debt, net (including current and noncurrent portion) $ 927,399 $ 549,054 $ 1,476,453 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 Revenue $ 72,562 $ 115,648 $ 188,210 Interest expense and finance cost, net (44,529) (18,532) (63,061) Depreciation and amortization (21,543) (14,545) (36,088) Equity in net earnings of affiliate companies 3,308 — 3,308 Net (loss)/ income attributable to Navios Holdings common stockholders (100,690) 12,144 (88,546) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliate companies 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 |
Earnings_ (Loss) Per Common Sha
Earnings/ (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/ (Loss) Per Common Share | NOTE 13: EARNINGS/(LOSS) PER COMMON SHARE Earnings/ (Loss) Per Common Share Earnings/(Loss) per share is calculated by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net income/(loss) attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net income/(loss) attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. For the three month period ended June 30, 2021, 384,419 0 For the three month period ended June 30, 2020, 566,525 0 For the six month period ended June 30, 2021, 388,027 0 For the six month period ended June 30, 2020, 583,126 3,115 Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted Three Month Period Ended June 30, 2021 Three Month Period Ended June 30, 2020 Six Month Period Ended June 30, 2021 Six Month Period Ended June 30, 2020 Numerator: Net income/ (loss) attributable to Navios Holdings common stockholders $ 24,936 $ (35,271) $ 25,099 $ (88,546) Less: Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,284) (2,561) (2,578) Plus: Gain from eliminated dividends (preferred stock) due to conversion — — — 166 Income/ (loss) available to Navios Holdings common stockholders, basic and diluted $ 23,652 $ (36,555) $ 22,538 $ (90,958) Denominator: Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares 13,127,208 12,901,880 13,120,335 12,882,235 Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.80 $ (2.83) $ 1.72 $ (7.06) Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares 13,511,627 12,901,880 13,508,382 12,882,235 Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.75 $ (2.83) $ 1.67 (7.06) |
Investments in Affiliate Compan
Investments in Affiliate Companies and Available-For-Sale Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [Abstract] | |
Investments in Affiliate Companies and Available-For-Sale Securities | NOTE 14: INVESTMENTS IN AFFILIATE COMPANIES AND AVAILABLE-FOR-SALE SECURITIES Investments in Affiliate Companies and Available-For-Sale Securities Navios Partners On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0 As of June 30, 2021 and December 31, 2020 Navios Partners has issued 6,638,503 357,508 135,482 7,298 As of June 30, 2021 and following the Navios Partners’ Merger (as defined herein), total units of 1,263,276 492,678 2,562,893 9.7 As of June 30, 2021 and December 31, 2020, 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 $ 39,587 77,904 As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Partners was $ 80,632 39,133 Total equity method income/(loss) of $ 9,125 (1,227) 38,322 (2,354) Dividends received during each of the three month periods ended June 30, 2021 and 2020 were $ 128 621 nd for each of the six month periods ended June 30, 2021 and 2020, were $ 232 1,242 As of June 30, 2021, the market value of the investment in Navios Partners was $ 75,759 Navios Partners’ Merger II On August 25, 2021, Navios Partners and its direct wholly-owned subsidiary Navios Acquisition Merger Sub. Inc. (“Merger Sub”) entered into an Agreement and Plan of Merger with Navios Acquisition (the “Navios Partners’ Merger II”). Pursuant to the Navios Partners’ Merger II, Merger Sub will be merged with and into Navios Acquisition, with Navios Acquisition being the surviving entity (the “Merger”) as a wholly-owned subsidiary of Navios Partners. Upon consummation of the Navios Partners’ Merger II, Navios Acquisition will become wholly owned by Navios Partners and each outstanding share of common stock of Navios Acquisition that is held by a holder other than Navios Partners, Navios Acquisition and their respective subsidiaries will be converted into the right to receive 0.1275 Pursuant to the Navios Partners’ Merger II, on August 26, 2021, Navios Acquisition called for redemption of all of its outstanding 8.125% first Priority Ship Mortgage Notes due November 15, 2021 (the “Navios Acquisition’s Ship Mortgage Notes”) and remitted to the indenture trustee the aggregate redemption price payable to the holders of the Navios Acquisition’s Ship Mortgage Notes to satisfy and discharge Navios Acquisition’s obligations under the indenture relating to the Navios Acquisition’s Ship Mortgage Notes. The redemption date for the Navios Acquisition’s Ship Mortgage Notes will be September 25, 2021. The Navios Partners’ Merger II is expected to close in the fourth quarter of 2021 upon completion of certain customary conditions. After the completion of the Navios Partners’ Merger II, Navios Holdings expects to have a 10.3 Navios Acquisition As of June 30, 2021 and December 31, 2020, Navios Acquisition has issued 1,776,016 753,251 As of June 30, 2021, Navios Holdings had a 28.0 As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company’s underlying equity in net assets of Navios Acquisition was $ 75,408 68,793 As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Acquisition was $ 16,719 15,033 Total equity method income of $ 3,739 10,650 Total equity method income of $ 1,686 12,207 Dividends received for each of the three month periods ended June 30, 2021 and 2020 were $ 0 1,460 243 2,919 As of June 30, 2021, the market value of the investment in Navios Acquisition was $ 16,590 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 43,500 14,000 5,000 On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II was a VIE and that it had not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II. Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method. The initial amount provided for in Navios Europe II of $ 6,650 9,419 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 No Navios Containers Following the sale of Navios Containers general partnership interest effected on August 30, 2019, 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 was accounted for under the equity method, through Navios Partners’ Merger (as defined herein) on March 31, 2021. As of December 31, 2020, the carrying amount of the investment in Navios Containers was $ 2,812 As of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers. Total equity method loss of $ 0 77 Total equity method income of $ 596 105 Merger Agreement Navios Partners: 8,133,452 0.39 12.6 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: Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies Income Statement Navios Partners Three Month June 30, 2021 Three Month June 30, 2020 Revenue $ 152,009 $ 46,549 Time charter and voyage expenses $ (5,869) $ (1,940) Direct vessel expenses $ (3,989) $ (2,385) Vessel operating expenses $ (41,771) $ (21,930) Net income/ (loss) $ 99,913 $ (14,641) Income Statement Navios Partners Six Month June 30, 2021 Six Month June 30, 2020 Revenue $ 217,072 $ 93,039 Time charter and voyage expenses $ (8,364) $ (5,038) Direct vessel expenses $ (7,143) $ (4,934) Vessel operating expenses $ (64,733) $ (44,135) Net income/ (loss) $ 236,592 $ (25,365) Available-for-sale securities (“AFS Securities”) During the year ended December 31, 2017, the Company received shares of Pan Ocean Co. Ltd (“STX”) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company’s vessels. The shares were recorded at fair value upon their issuance and subsequent changes in market value are recognized within consolidated statement of comprehensive income/(loss). The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities. As of June 30, 2021 and December 31, 2020, the carrying amount of AFS Securities related to STX was $ 364 222 For the three month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $ 101 5 142 36 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | NOTE 15: LEASES 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. Time charter-in and bareboat-in contracts As of June 30, 2021, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from less than 0.1 9.0 Land lease agreements As of June 30, 2021, Navios Logistics had land lease agreements whose remaining lease terms range from 44.7 45.1 Office lease agreements As of June 30, 2021, Navios Logistics had office lease agreements whose remaining lease terms ranged from less than 0.1 5.4 The tables below present the components of the Company’s lease expense for the three and six month periods ended June 30, 2021 and 2020: Leases - Lease expense Drybulk Vessel Operations Three Month Period Ended June 30, 2021 Logistics Business Three Month Period Ended June 30, 2021 Total Lease expense for charter-in contracts $ 19,252 $ 1,630 $ 20,882 Lease expense for land lease agreements — 142 142 Lease expense for office lease agreements — 91 91 Total $ 19,252 $ 1,863 $ 21,115 Drybulk Vessel Operations Three Month Period Ended June 30, 2020 Logistics Business Three Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 24,155 $ 1,170 $ 25,325 Lease expense for land lease agreements — 143 143 Lease expense for office lease agreements — 144 144 Total $ 24,155 $ 1,457 $ 25,612 Drybulk Vessel Operations Six Month Period Ended June 30, 2021 Logistics Business Six Month Period Ended June 30, 2021 Total Lease expense for charter-in contracts $ 39,850 $ 3,168 $ 43,018 Lease expense for land lease agreements — 282 282 Lease expense for office lease agreements — 157 157 Total $ 39,850 $ 3,607 $ 43,457 Drybulk Vessel Operations Six Month Period Ended June 30, 2020 Logistics Business Six Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 49,771 $ 2,988 $ 52,759 Lease expense for land lease agreements — 282 282 Lease expense for office lease agreements — 303 303 Total $ 49,771 $ 3,573 $ 53,344 Lease expenses for charter-in contracts are included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Time charter, voyage and logistics business expenses”. Lease expenses for land lease agreements and office lease agreements are included in the interim condensed consolidated statement of comprehensive income/(loss) within the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively. In 2020, Navios Holdings took delivery of the Navios Felicity I, the Navios Galaxy II and the Navios Magellan II under bareboat charters. The Company entered into new lease liabilities amounting to $ 43,516 During the three and six month periods ended June 30, 2021, the Company acquired a previously charter-in vessel, for which the Company wrote-off an amount of $ 3,953 The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts and office lease agreements as of June 30, 2021: Leases - Total amount of lease payments on an undiscounted basis Charter-in vessels in operation Land leases Office space June 30, 2022 $ 75,986 $ 556 $ 538 June 30, 2023 58,885 556 419 June 30, 2024 46,554 556 336 June 30, 2025 28,277 556 60 June 30, 2026 18,960 556 60 June 30, 2027 and thereafter 36,569 22,167 23 Total $ 265,231 $ 24,947 $ 1,436 Operating lease liabilities, including current portion $ 218,574 $ 7,976 $ 1,246 Discount based on incremental borrowing rate $ 46,657 $ 16,971 $ 190 As of June 30, 2021, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 4.9 3.1 44.8 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16: SUBSEQUENT EVENTS Subsequent Events 1. On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $ 20,000 2. On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition. Please see also Note 14. 3. In July 2021, the Company completed the sale of the Navios Azimuth to Navios Partners. Please see also Note 4. 4. In July 2021, the Company completed the redemption of an aggregate principal of $ 100,000 75,264 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
(a) Basis of presentation: | (a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). Going concern The interim condensed consolidated financial statements have been prepared on a going concern basis. As of June 30, 2021, Navios Holdings’ current assets totaled $ 206,295 738,929 532,634 83,259 11.25 462,466 7.375 462,466 7,000 455,466 In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 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 The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $ 100,000 The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $ 75,264 (the “$115.0 million NSM Loan”), was completed o 20,000 185,000 Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, 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 Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) 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 unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
(b) Principles of consolidation: | (b) Principles of consolidation: The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements. Subsidiaries: 63.8 Investments in Affiliate Companies: Affiliate companies included in the financial statements accounted for under the equity method: 9.7 28.0 3.9 47.5 |
(c) Revenue Recognition: | (c) 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. Expenses related to our revenue-generating contracts are recognized as incurred. The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020: Summary of Significant Accounting Policies - Revenue per category Dry Bulk Vessel Operations Logistics Business for the Total for the Three Month Period Ended COA/Voyage revenue $ 2,803 $ 21,897 $ 24,700 Time chartering revenue $ 83,064 $ 11,106 $ 94,170 Port terminal revenue $ — $ 21,342 $ 21,342 Storage fees (dry port) revenue $ — $ 16 $ 16 Dockage revenue $ — $ 1,282 $ 1,282 Sale of products revenue $ — $ 315 $ 315 Liquid port terminal revenue $ — $ 1,216 $ 1,216 Other $ 186 $ 397 $ 583 Total $ 86,053 $ 57,571 $ 143,624 Dry Bulk Vessel Operations Logistics Business for the Total for the Three Month Period Ended COA/Voyage revenue $ 2,793 $ 14,496 $ 17,289 Time chartering revenue $ 35,680 $ 16,286 $ 51,966 Port terminal revenue $ — $ 21,636 $ 21,636 Storage fees (dry port) revenue $ — $ 19 $ 19 Dockage revenue $ — $ 1,476 $ 1,476 Sale of products revenue $ — $ 3,409 $ 3,409 Liquid port terminal revenue $ — $ 1,271 $ 1,271 Other $ (171) $ 232 $ 61 Total $ 38,302 $ 58,825 $ 97,127 Dry Bulk Vessel Operations Logistics Business for the Total for the Six Month Period Ended COA/Voyage revenue $ 8,016 $ 39,482 $ 47,498 Time chartering revenue $ 141,317 $ 21,973 $ 163,290 Port terminal revenue $ — $ 40,925 $ 40,925 Storage fees (dry port) revenue $ — $ 124 $ 124 Dockage revenue $ — $ 1,880 $ 1,880 Sale of products revenue $ — $ 3,495 $ 3,495 Liquid port terminal revenue $ — $ 2,448 $ 2,448 Other $ 448 $ 467 $ 915 Total $ 149,781 $ 110,794 $ 260,575 Dry Bulk Vessel Operations Logistics Business Total for the Six Month Period Ended COA/Voyage revenue $ 2,793 $ 25,946 $ 28,739 Time chartering revenue $ 69,705 $ 35,312 $ 105,017 Port terminal revenue $ — $ 35,828 $ 35,828 Storage fees (dry port) revenue $ — $ 2,842 $ 2,842 Dockage revenue $ — $ 1,909 $ 1,909 Sale of products revenue $ — $ 11,257 $ 11,257 Liquid port terminal revenue $ — $ 2,267 $ 2,267 Other $ 64 $ 287 $ 351 Total $ 72,562 $ 115,648 $ 188,210 Deferred Income and Cash Received In Advance: These amounts are recognized as revenue over the voyage or charter period. |
(d) Recent Accounting Pronouncements: | (d) Recent Accounting Pronouncements: Adoption of new accounting pronouncements: 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 adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed 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 adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies - Revenue per category | Summary of Significant Accounting Policies - Revenue per category Dry Bulk Vessel Operations Logistics Business for the Total for the Three Month Period Ended COA/Voyage revenue $ 2,803 $ 21,897 $ 24,700 Time chartering revenue $ 83,064 $ 11,106 $ 94,170 Port terminal revenue $ — $ 21,342 $ 21,342 Storage fees (dry port) revenue $ — $ 16 $ 16 Dockage revenue $ — $ 1,282 $ 1,282 Sale of products revenue $ — $ 315 $ 315 Liquid port terminal revenue $ — $ 1,216 $ 1,216 Other $ 186 $ 397 $ 583 Total $ 86,053 $ 57,571 $ 143,624 Dry Bulk Vessel Operations Logistics Business for the Total for the Three Month Period Ended COA/Voyage revenue $ 2,793 $ 14,496 $ 17,289 Time chartering revenue $ 35,680 $ 16,286 $ 51,966 Port terminal revenue $ — $ 21,636 $ 21,636 Storage fees (dry port) revenue $ — $ 19 $ 19 Dockage revenue $ — $ 1,476 $ 1,476 Sale of products revenue $ — $ 3,409 $ 3,409 Liquid port terminal revenue $ — $ 1,271 $ 1,271 Other $ (171) $ 232 $ 61 Total $ 38,302 $ 58,825 $ 97,127 Dry Bulk Vessel Operations Logistics Business for the Total for the Six Month Period Ended COA/Voyage revenue $ 8,016 $ 39,482 $ 47,498 Time chartering revenue $ 141,317 $ 21,973 $ 163,290 Port terminal revenue $ — $ 40,925 $ 40,925 Storage fees (dry port) revenue $ — $ 124 $ 124 Dockage revenue $ — $ 1,880 $ 1,880 Sale of products revenue $ — $ 3,495 $ 3,495 Liquid port terminal revenue $ — $ 2,448 $ 2,448 Other $ 448 $ 467 $ 915 Total $ 149,781 $ 110,794 $ 260,575 Dry Bulk Vessel Operations Logistics Business Total for the Six Month Period Ended COA/Voyage revenue $ 2,793 $ 25,946 $ 28,739 Time chartering revenue $ 69,705 $ 35,312 $ 105,017 Port terminal revenue $ — $ 35,828 $ 35,828 Storage fees (dry port) revenue $ — $ 2,842 $ 2,842 Dockage revenue $ — $ 1,909 $ 1,909 Sale of products revenue $ — $ 11,257 $ 11,257 Liquid port terminal revenue $ — $ 2,267 $ 2,267 Other $ 64 $ 287 $ 351 Total $ 72,562 $ 115,648 $ 188,210 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents June 30, 2021 December 31, 2020 Cash on hand and at banks $ 73,115 $ 94,787 Short-term deposits and highly liquid funds 44 94 Restricted cash 10 16,303 Cash and cash equivalents and restricted cash $ 73,169 $ 111,184 |
Vessels, Port Terminals and O_2
Vessels, Port Terminals and Other Fixed Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Port Terminals and Other Fixed Assets, net | Vessels, Port Terminals and Other Fixed Assets, net Vessels, Port Terminals and Other Fixed Assets, Net Vessels, Port Terminals and Other Fixed Assets, net Cost Accumulated Depreciation Net Book Value Balance December 31, 2020 $ 1,600,313 $ (460,774 ) $ 1,139,539 Additions 6,881 (29,474 ) (22,593 ) Impairment losses (89,888 ) 68,258 (21,630 ) Vessel disposals (142,782 ) — (142,782 ) Transfers from oil storage plant and port facilities for liquid cargoes 5,645 — 5,645 Vessel acquisition 16,049 — 16,049 Transfers from deposits for vessels, port terminal and other fixed assets, net 51,461 — 51,461 Transfers to assets held for sale (30,000 ) — (30,000 ) Balance June 30, 2021 $ 1,417,679 $ (421,990 ) $ 995,689 |
Intangible Assets Other Than _2
Intangible Assets Other Than Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Other Than Goodwill | Intangible Assets, Other Than Goodwill Intangible Assets Other Than Goodwill Intangible assets June 30, 2021 December 31, 2020 Acquisition cost $ 178,642 $ 178,642 Accumulated amortization (82,859) (80,079) Total Intangible assets net book value $ 95,783 $ 98,563 |
Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization | Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization Period Year One $ 5,581 Year Two 5,581 Year Three 5,588 Year Four 5,581 Year Five 5,581 Thereafter 67,871 Total $ 95,783 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings - Loan’s outstanding amounts | Borrowings - Loan’s outstanding amounts Facility June 30, 2021 December 31, 2020 Secured credit facilities $ — $ 70,074 2022 Senior Secured Notes 305,000 305,000 2022 Notes 462,466 476,822 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $358 and $526, respectively) 57,026 78,901 $50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) 39,986 50,326 Sale and Leaseback Agreements 60,165 62,934 2025 Logistics Senior Notes 500,000 500,000 Navios Logistics other long-term loans and notes payable 66,797 60,035 Total borrowings 1,500,066 1,612,718 Less: current portion, net (614,939 ) (374,191 ) Less: deferred finance costs, net (23,613 ) (28,289 ) Total long-term borrowings $ 861,514 $ 1,210,238 |
Borrowings - Principal payments | Borrowings - Principal payments Payment due by period June 30, 2022 $ 616,440 June 30, 2023 267,331 June 30, 2024 54,079 June 30, 2025 22,868 June 30, 2026 506,892 June 30, 2027 and thereafter 32,456 Total $ 1,500,066 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Of Financial Instruments | |
Fair Value of Financial Instruments - Fair Value | Fair Value of Financial Instruments - Fair Value June 30, 2021 December 31, 2020 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 73,159 $ 73,159 $ 94,881 $ 94,881 Restricted cash $ 10 $ 10 $ 16,303 $ 16,303 Investments in available-for-sale-securities $ 364 $ 364 $ 222 $ 222 Senior and ship mortgage notes, net $ (1,253,395) $ (1,269,481) $ (1,263,566) $ (1,054,616) Long-term debt, including current portion $ (126,047) $ (126,962) $ (191,636) $ (193,043) Loans payable to affiliate companies, including current portion $ (96,404) $ (96,404) $ (129,227) $ (129,227) |
Fair Value of Financial Instruments - Fair value measurements on a recurring basis | Fair Value of Financial Instruments - Fair value measurements on a recurring basis Fair Value Measurements as of June 30, 2021 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 $ 364 $ 364 $ — $ — Total $ 364 $ 364 $ — $ — 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 of Financial Instruments - Fair value on a non-recurring basis | Fair Value of Financial Instruments - Fair value on a non-recurring basis Fair Value Measurements as of June 30, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Assets held for sale $ 30,000 $ 30,000 $ — $ — Total $ 30,000 $ 30,000 $ — $ — Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $ 9,104 30,000 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 of Financial Instruments - Fair value measurements | Fair Value of Financial Instruments - Fair value measurements Fair Value Measurements at June 30, 2021 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 73,159 $ 73,159 $ — $ — Restricted cash $ 10 $ 10 $ — $ — Investments in available-for-sale-securities $ 364 $ 364 $ — $ — Senior and ship mortgage notes $ (1,269,481) $ (1,260,855) $ (8,626) $ — Long-term debt, including current portion (1) $ (126,962) $ — $ (126,962) $ — Loans payable to affiliate companies, including current portion (2) $ (96,404) $ — $ (96,404) $ — 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 $ — $ — 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 (2) $ (129,227) $ — $ (129,227) $ — (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 loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information - Summarized financial information | Segment Information - Summarized financial information Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2021 Logistics Business for the Three Month Period Ended June 30, 2021 Total for the Three Month Period Ended June 30, 2021 Revenue $ 86,053 $ 57,571 $ 143,624 Interest expense and finance cost, net (21,011) (15,159) (36,170) Depreciation and amortization (7,917) (8,071) (15,988) Equity in net earnings of affiliate companies 12,854 — 12,854 Net income/ (loss) attributable to Navios Holdings common stockholders 27,795 (2,859) 24,936 Total assets 1,156,441 672,652 1,829,093 Goodwill 56,240 104,096 160,336 Capital expenditures (22,758) (3,646) (26,404) Investment in affiliate companies 97,351 — 97,351 Cash and cash equivalents 25,689 47,470 73,159 Restricted cash 10 — 10 Long-term debt, net (including current and noncurrent portion) $ 927,399 $ 549,054 $ 1,476,453 Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020 Logistics Business for the Three Month Period Ended June 30, 2020 Total for the Three Month Period Ended June 30, 2020 Revenue $ 38,302 $ 58,825 $ 97,127 Interest expense and finance cost, net (22,159) (9,259) (31,418) Depreciation and amortization (10,745) (7,267) (18,012) Equity in net earnings of affiliate companies 9,445 — 9,445 Net (loss)/ income attributable to Navios Holdings common stockholders (42,918) 7,647 (35,271) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliate companies 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2021 Logistics Business for the Six Month Period Ended June 30, 2021 Total for the Six Month Period Ended June 30, 2021 Revenue $ 149,781 $ 110,794 $ 260,575 Interest expense and finance cost, net (42,855) (29,515) (72,370) Depreciation and amortization (16,714) (15,540) (32,254) Equity in net earnings of affiliate companies 40,594 — 40,594 Net income/ (loss) attributable to Navios Holdings common stockholders 27,694 (2,595) 25,099 Total assets 1,156,441 672,652 1,829,093 Goodwill 56,240 104,096 160,336 Capital expenditures (24,152) (22,033) (46,185) Investment in affiliate companies 97,351 — 97,351 Cash and cash equivalents 25,689 47,470 73,159 Restricted cash 10 — 10 Long-term debt, net (including current and noncurrent portion) $ 927,399 $ 549,054 $ 1,476,453 Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020 Logistics Business for the Six Month Period Ended June 30, 2020 Total for the Six Month Period Ended June 30, 2020 Revenue $ 72,562 $ 115,648 $ 188,210 Interest expense and finance cost, net (44,529) (18,532) (63,061) Depreciation and amortization (21,543) (14,545) (36,088) Equity in net earnings of affiliate companies 3,308 — 3,308 Net (loss)/ income attributable to Navios Holdings common stockholders (100,690) 12,144 (88,546) Total assets 1,500,046 615,878 2,115,924 Goodwill 56,240 104,096 160,336 Capital expenditures (98,672) (2,578) (101,250) Investment in affiliate companies 63,498 — 63,498 Cash and cash equivalents 20,525 33,489 54,014 Restricted cash 1,058 — 1,058 Long-term debt, net (including current and noncurrent portion) $ 1,082,032 $ 509,749 $ 1,591,781 |
Earnings_ (Loss) Per Common S_2
Earnings/ (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted | Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted Three Month Period Ended June 30, 2021 Three Month Period Ended June 30, 2020 Six Month Period Ended June 30, 2021 Six Month Period Ended June 30, 2020 Numerator: Net income/ (loss) attributable to Navios Holdings common stockholders $ 24,936 $ (35,271) $ 25,099 $ (88,546) Less: Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,284) (2,561) (2,578) Plus: Gain from eliminated dividends (preferred stock) due to conversion — — — 166 Income/ (loss) available to Navios Holdings common stockholders, basic and diluted $ 23,652 $ (36,555) $ 22,538 $ (90,958) Denominator: Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares 13,127,208 12,901,880 13,120,335 12,882,235 Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.80 $ (2.83) $ 1.72 $ (7.06) Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares 13,511,627 12,901,880 13,508,382 12,882,235 Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.75 $ (2.83) $ 1.67 (7.06) |
Investments in Affiliate Comp_2
Investments in Affiliate Companies and Available-For-Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [Abstract] | |
Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies | Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies Income Statement Navios Partners Three Month June 30, 2021 Three Month June 30, 2020 Revenue $ 152,009 $ 46,549 Time charter and voyage expenses $ (5,869) $ (1,940) Direct vessel expenses $ (3,989) $ (2,385) Vessel operating expenses $ (41,771) $ (21,930) Net income/ (loss) $ 99,913 $ (14,641) Income Statement Navios Partners Six Month June 30, 2021 Six Month June 30, 2020 Revenue $ 217,072 $ 93,039 Time charter and voyage expenses $ (8,364) $ (5,038) Direct vessel expenses $ (7,143) $ (4,934) Vessel operating expenses $ (64,733) $ (44,135) Net income/ (loss) $ 236,592 $ (25,365) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases - Lease expense | Leases - Lease expense Drybulk Vessel Operations Three Month Period Ended June 30, 2021 Logistics Business Three Month Period Ended June 30, 2021 Total Lease expense for charter-in contracts $ 19,252 $ 1,630 $ 20,882 Lease expense for land lease agreements — 142 142 Lease expense for office lease agreements — 91 91 Total $ 19,252 $ 1,863 $ 21,115 Drybulk Vessel Operations Three Month Period Ended June 30, 2020 Logistics Business Three Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 24,155 $ 1,170 $ 25,325 Lease expense for land lease agreements — 143 143 Lease expense for office lease agreements — 144 144 Total $ 24,155 $ 1,457 $ 25,612 Drybulk Vessel Operations Six Month Period Ended June 30, 2021 Logistics Business Six Month Period Ended June 30, 2021 Total Lease expense for charter-in contracts $ 39,850 $ 3,168 $ 43,018 Lease expense for land lease agreements — 282 282 Lease expense for office lease agreements — 157 157 Total $ 39,850 $ 3,607 $ 43,457 Drybulk Vessel Operations Six Month Period Ended June 30, 2020 Logistics Business Six Month Period Ended June 30, 2020 Total Lease expense for charter-in contracts $ 49,771 $ 2,988 $ 52,759 Lease expense for land lease agreements — 282 282 Lease expense for office lease agreements — 303 303 Total $ 49,771 $ 3,573 $ 53,344 |
Leases - Total amount of lease payments on an undiscounted basis | Leases - Total amount of lease payments on an undiscounted basis Charter-in vessels in operation Land leases Office space June 30, 2022 $ 75,986 $ 556 $ 538 June 30, 2023 58,885 556 419 June 30, 2024 46,554 556 336 June 30, 2025 28,277 556 60 June 30, 2026 18,960 556 60 June 30, 2027 and thereafter 36,569 22,167 23 Total $ 265,231 $ 24,947 $ 1,436 Operating lease liabilities, including current portion $ 218,574 $ 7,976 $ 1,246 Discount based on incremental borrowing rate $ 46,657 $ 16,971 $ 190 |
Description of Business (Detail
Description of Business (Details Narrative) - USD ($) $ in Thousands | 4 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 21, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Jan. 04, 2021 | Jun. 30, 2020 | |
Junior Loan II [Member] | ||||||
Repayments of Debt | $ 5,000 | |||||
Navios Partners [Member] | ||||||
Percentage of ownership | 9.70% | 12.60% | ||||
Navios Containers [Member] | ||||||
Ownership percentage of Navios Holdings | 3.90% | |||||
Percentage of ownership | 0.00% | 3.90% | ||||
Navios Acquisition [Member] | ||||||
Ownership percentage of Navios Holdings | 28.00% | |||||
Percentage of ownership | 28.00% | |||||
Navios Europe II [Member] | ||||||
Percentage of ownership | 47.50% | |||||
Navios Europe II [Member] | Junior Loan II [Member] | ||||||
Repayments of Debt | $ 5,000 | |||||
Navios Logistics Subsidiary [Member] | ||||||
Entity Incorporation, Date of Incorporation | Dec. 17, 2007 | |||||
Ownership percentage of Navios Holdings | 63.80% | |||||
Navios Holdings [Member] | Navios Europe II [Member] | ||||||
Percentage of ownership | 47.50% | |||||
Voting interests | 50.00% | |||||
Navios Acquisition [Member] | Navios Europe II [Member] | ||||||
Percentage of ownership | 47.50% | |||||
Voting interests | 50.00% | |||||
Navios Partners [Member] | Navios Europe II [Member] | ||||||
Percentage of ownership | 5.00% | |||||
Voting interests | 0.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Revenue per category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 143,624 | $ 97,127 | $ 260,575 | $ 188,210 |
COA/Voyage revenue [Member] | ||||
Revenues | 24,700 | 17,289 | 47,498 | 28,739 |
Time chartering revenue [Member] | ||||
Revenues | 94,170 | 51,966 | 163,290 | 105,017 |
Port Terminal Revenue [Member] | ||||
Revenues | 21,342 | 21,636 | 40,925 | 35,828 |
Storage fees (dry port) revenue [Member] | ||||
Revenues | 16 | 19 | 124 | 2,842 |
Dockage revenue [Member] | ||||
Revenues | 1,282 | 1,476 | 1,880 | 1,909 |
Sale of products revenue [Member] | ||||
Revenues | 315 | 3,409 | 3,495 | 11,257 |
Liquid port terminal revenue [Member] | ||||
Revenues | 1,216 | 1,271 | 2,448 | 2,267 |
Other [Member] | ||||
Revenues | 583 | 61 | 915 | 351 |
Dry Bulk Vessel Operations [Member] | ||||
Revenues | 86,053 | 38,302 | 149,781 | 72,562 |
Dry Bulk Vessel Operations [Member] | COA/Voyage revenue [Member] | ||||
Revenues | 2,803 | 2,793 | 8,016 | 2,793 |
Dry Bulk Vessel Operations [Member] | Time chartering revenue [Member] | ||||
Revenues | 83,064 | 35,680 | 141,317 | 69,705 |
Dry Bulk Vessel Operations [Member] | Other [Member] | ||||
Revenues | 186 | (171) | 448 | 64 |
Logistics Business [Member] | ||||
Revenues | 57,571 | 58,825 | 110,794 | 115,648 |
Logistics Business [Member] | COA/Voyage revenue [Member] | ||||
Revenues | 21,897 | 14,496 | 39,482 | 25,946 |
Logistics Business [Member] | Time chartering revenue [Member] | ||||
Revenues | 11,106 | 16,286 | 21,973 | 35,312 |
Logistics Business [Member] | Port Terminal Revenue [Member] | ||||
Revenues | 21,342 | 21,636 | 40,925 | 35,828 |
Logistics Business [Member] | Storage fees (dry port) revenue [Member] | ||||
Revenues | 16 | 19 | 124 | 2,842 |
Logistics Business [Member] | Dockage revenue [Member] | ||||
Revenues | 1,282 | 1,476 | 1,880 | 1,909 |
Logistics Business [Member] | Sale of products revenue [Member] | ||||
Revenues | 315 | 3,409 | 3,495 | 11,257 |
Logistics Business [Member] | Liquid port terminal revenue [Member] | ||||
Revenues | 1,216 | 1,271 | 2,448 | 2,267 |
Logistics Business [Member] | Other [Member] | ||||
Revenues | $ 397 | $ 232 | $ 467 | $ 287 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jul. 23, 2021 | Aug. 31, 2021 | Dec. 31, 2020 | Sep. 03, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets, Current | $ 206,295 | $ 194,857 | |||||||
Liabilities Current Excluding Operating Lease Liability | 738,929 | ||||||||
Working capital deficit | 532,634 | ||||||||
Long-term Debt, Current Maturities | 614,939 | 374,191 | |||||||
Long-term Debt, Gross | $ 1,500,066 | $ 1,612,718 | |||||||
Navios Partners [Member] | |||||||||
Ownership percentage of Navios Holdings | 9.70% | ||||||||
Navios Acquisition [Member] | |||||||||
Ownership percentage of Navios Holdings | 28.00% | ||||||||
Ownership percentage of Navios Holdings | 28.00% | ||||||||
Navios Containers [Member] | |||||||||
Ownership percentage of Navios Holdings | 3.90% | ||||||||
Ownership percentage of Navios Holdings | 0.00% | 3.90% | |||||||
Navios Europe II [Member] | |||||||||
Ownership percentage of Navios Holdings | 47.50% | ||||||||
Navios Logistics Subsidiary [Member] | |||||||||
Ownership percentage of Navios Holdings | 63.80% | ||||||||
2022 Senior Secured Notes [Member] | |||||||||
Long-term Debt, Current Maturities | $ 83,259 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 100,000 | $ 20,000 | |||||||
Notes Payable | $ 185,000 | ||||||||
2022 Notes [Member] | |||||||||
Long-term Debt, Current Maturities | $ 462,466 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | ||||||||
Long-term Debt, Gross | $ 462,466 | $ 455,466 | |||||||
2022 Notes [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 14,356 | 7,000 | $ 20,782 | $ 81,235 | $ 35,661 | ||||
2022 Notes [Member] | Subsequent Event [Member] | |||||||||
Extinguishment of Debt, Amount | $ 7,000 | ||||||||
$115.0 million NSM Loan [Member] | |||||||||
Proceeds from Lines of Credit | $ 75,264 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash on hand and at banks | $ 73,115 | $ 94,787 | ||
Short-term deposits and highly liquid funds | 44 | 94 | ||
Restricted cash | 10 | 16,303 | ||
Cash and cash equivalents and restricted cash | $ 73,169 | $ 111,184 | $ 55,072 | $ 78,727 |
Vessels, Port Terminals and O_3
Vessels, Port Terminals and Other Fixed Assets, net (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance | $ 1,139,539 |
Balance | 995,689 |
Cost [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 1,600,313 |
Additions | 6,881 |
Impairment losses | (89,888) |
Vessel disposals | (142,782) |
Transfers from oil storage plant and port facilities for liquid cargoes | 5,645 |
Vessel acquisition | 16,049 |
Transfers from deposits for vessels, port terminal and other fixed assets, net | 51,461 |
Transfers to assets held for sale | (30,000) |
Balance | 1,417,679 |
Accumulated Depreciation [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | (460,774) |
Additions | (29,474) |
Impairment losses | 68,258 |
Balance | (421,990) |
Net Book Value [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 1,139,539 |
Additions | (22,593) |
Impairment losses | (21,630) |
Vessel disposals | (142,782) |
Transfers from oil storage plant and port facilities for liquid cargoes | 5,645 |
Vessel acquisition | 16,049 |
Transfers from deposits for vessels, port terminal and other fixed assets, net | 51,461 |
Transfers to assets held for sale | (30,000) |
Balance | $ 995,689 |
Vessels, Port Terminals and O_4
Vessels, Port Terminals and Other Fixed Assets, Net (Details Narrative) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 28, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 28, 2017 | |
Property, Plant and Equipment [Line Items] | ||||||||
Vessels, port terminals and other fixed assets, net | $ 995,689 | $ 995,689 | $ 1,139,539 | |||||
Impairment loss and gain/(loss) on sale of vessels | (5,406) | $ (8,967) | (25,861) | $ (20,215) | ||||
Proceeds from Sale of Property, Plant, and Equipment | 137,016 | 23,078 | ||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 5,406 | $ 8,967 | 25,861 | $ 20,215 | ||||
Six Liquid Barges [Member] | Navios Logistics [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessels, port terminals and other fixed assets, net | $ 19,501 | |||||||
Interest Costs Capitalized | $ 1,062 | |||||||
Six Liquid Barges [Member] | Navios Logistics [Member] | Other Long Term Assets [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Interest Costs Capitalized | 611 | |||||||
Payments for Construction in Process | 16,696 | |||||||
Two New Tanks In Liquid Port Terminal [Member] | Navios Logistics [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessels, port terminals and other fixed assets, net | 1,843 | 1,843 | ||||||
Payments for Construction in Process | 1,285 | |||||||
Land Port Murtinho [Member] | Navios Logistics [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Interest Costs Capitalized | $ 685 | 631 | ||||||
Area of Land | 6.6 hectares | |||||||
Development costs | $ 1,580 | |||||||
Land Port Murtinho [Member] | Navios Logistics [Member] | Additional Acquisition [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Area of Land | 2.3 additional hectares | |||||||
Crane In Grain Port Terminal [Member] | Navios Logistics [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessels, port terminals and other fixed assets, net | 3,803 | $ 3,803 | ||||||
Payments for Construction in Process | 723 | |||||||
Navios Azimuth [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2011 | |||||||
Vessel Type | Capesize | |||||||
Vessel Capacity | 179,169 | |||||||
Impairment loss | $ 9,104 | |||||||
Impairment loss | 1,950 | |||||||
Property, Plant, and Equipment, Fair Value Disclosure | 30,000 | 30,000 | ||||||
Vessel sale price | 30,000 | 30,000 | ||||||
Capitalized Cost Impairment Loss | $ (1,950) | |||||||
Navios Ray [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2012 | |||||||
Vessel Type | Capesize | |||||||
Vessel Capacity | 179,515 | |||||||
Navios Bonavis [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2009 | |||||||
Vessel Type | Capesize | |||||||
Vessel Capacity | 180,022 | |||||||
Navios Ray And Navios Bonavis [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment loss | $ 1,775 | |||||||
Vessel sale price | 58,000 | 58,000 | ||||||
Impairment loss and gain/(loss) on sale of vessels | 8,753 | |||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (8,753) | |||||||
Capitalized Cost Impairment Loss | $ (1,775) | |||||||
Navios Koyo [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2011 | |||||||
Vessel Type | Capesize | |||||||
Vessel sale price | 28,500 | $ 28,500 | ||||||
Impairment loss and gain/(loss) on sale of vessels | 12,451 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,500 | |||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (12,451) | |||||||
Navios Serenity [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2011 | |||||||
Vessel Type | Handysize | |||||||
Vessel Capacity | 34,690 | |||||||
Impairment loss | $ 11 | |||||||
Vessel sale price | 10,388 | 10,388 | ||||||
Impairment loss and gain/(loss) on sale of vessels | (6,957) | |||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 6,957 | |||||||
Capitalized Cost Impairment Loss | (11) | |||||||
Navios Centaurus [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2012 | |||||||
Vessel Type | Panamax | |||||||
Vessel Capacity | 81,472 | |||||||
Navios Avior [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2012 | |||||||
Vessel Type | Panamax | |||||||
Vessel Capacity | 81,355 | |||||||
Navios Centaurus and Navios Avior [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment loss | $ 495 | |||||||
Vessel sale price | 39,250 | |||||||
Impairment loss and gain/(loss) on sale of vessels | (13,498) | |||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 13,498 | |||||||
Capitalized Cost Impairment Loss | $ (495) | |||||||
Navios Astra [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Year Built | 2006 | |||||||
Vessel Type | Ultra Handymax | |||||||
Vessel Capacity | 53,468 | |||||||
Vessel sale price | $ 6,644 | |||||||
Navios Logistics 2020 Fleet [Member] | Navios Logistics [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessels, port terminals and other fixed assets, net | $ 31,960 | $ 31,960 | ||||||
Contractual Obligation | $ 30,000 | |||||||
Formosa And San Lorenzo [Member] | Navios Logistics [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel sale price | $ 1,109 |
Intangible Assets, Other Than G
Intangible Assets, Other Than Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Acquisition cost | $ 178,642 | $ 178,642 |
Accumulated amortization | (82,859) | (80,079) |
Total Intangible assets net book value | $ 95,783 | $ 98,563 |
Intangible Assets Other Than _3
Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Year One | $ 5,581 | |
Year Two | 5,581 | |
Year Three | 5,588 | |
Year Four | 5,581 | |
Year Five | 5,581 | |
Thereafter | 67,871 | |
Total | $ 95,783 | $ 98,563 |
Intangible Assets Other Than _4
Intangible Assets Other Than Goodwill (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,394 | $ 1,394 | $ 2,780 | $ 2,787 |
Borrowings - Loan_s outstanding
Borrowings - Loan’s outstanding amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Senior Notes | $ 1,253,395 | $ 1,263,566 |
Total borrowings | 1,500,066 | 1,612,718 |
Less: current portion, net | (614,939) | (374,191) |
Less: deferred finance costs, net | (23,613) | (28,289) |
Total long-term borrowings | 861,514 | 1,210,238 |
Sale And Leaseback Agreements [Member] | ||
Line of Credit Facility [Line Items] | ||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 60,165 | 62,934 |
2022 Senior Secured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Senior Notes | 305,000 | 305,000 |
2022 Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Senior Notes | 462,466 | 476,822 |
2024 Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Senior Notes | 8,626 | 8,626 |
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 57,026 | 78,901 |
Less: current portion, net | (47,000) | |
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 39,986 | 50,326 |
2025 Logistics Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Senior Notes | 500,000 | 500,000 |
Navios Logistics other long-term loans and notes payable [Member] | ||
Line of Credit Facility [Line Items] | ||
Notes and Loans Payable | 66,797 | 60,035 |
Secured credit facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 0 | $ 70,074 |
Borrowings - Principal payments
Borrowings - Principal payments (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
June 30, 2022 | $ 616,440 |
June 30, 2023 | 267,331 |
June 30, 2024 | 54,079 |
June 30, 2025 | 22,868 |
June 30, 2026 | 506,892 |
June 30, 2027 and thereafter | 32,456 |
Total | $ 1,500,066 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 23, 2021 | Sep. 03, 2021 | Aug. 31, 2021 | Nov. 29, 2013 | Dec. 31, 2020 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,873 | $ 0 | $ 1,873 | $ 11,204 | ||||||||||
Amount outstanding | 1,500,066 | $ 1,500,066 | $ 1,612,718 | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus spread | |||||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | August 2021 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | |||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | November 2025 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||
Sale And Leaseback Agreements [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of repayment installments | 144 | |||||||||||||
Frequency of payments | monthly | |||||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 60,165 | $ 60,165 | ||||||||||||
A and B Capesize Vessels | Sale And Leaseback Agreements [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Finance Lease, Liability | $ 68,000 | |||||||||||||
Capesize Vessel A | Sale And Leaseback Agreements [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Periodic payment | $ 224 | |||||||||||||
Maturity date | fourth quarter of 2031 | |||||||||||||
Balloon payment | 750 | $ 750 | ||||||||||||
Capesize Vessel B | Sale And Leaseback Agreements [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Periodic payment | $ 238 | |||||||||||||
Maturity date | first quarter of 2032 | |||||||||||||
Balloon payment | $ 750 | $ 750 | ||||||||||||
Six Liquid Barges [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from Lines of Credit | $ 13,475 | |||||||||||||
Fixed interest rate | 8.50% | 8.50% | ||||||||||||
Amount outstanding | $ 12,368 | $ 12,368 | ||||||||||||
Seller's credit agreement | 13,475 | |||||||||||||
Number of repayment installments | 20 | |||||||||||||
Frequency of payments | quarterly | |||||||||||||
Navios Logistics 2020 Fleet [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 5.00% | 5.00% | ||||||||||||
Seller's credit agreement | $ 15,000 | $ 15,000 | ||||||||||||
Number of repayment installments | 3 | |||||||||||||
Frequency of payments | annual | |||||||||||||
Periodic payment | $ 5,000 | |||||||||||||
2022 Senior Secured Notes [Member] | ||||||||||||||
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 June 30, 2021. | |||||||||||||
Debt Instrument, Repurchased Face Amount | $ 100,000 | $ 20,000 | ||||||||||||
Percentage of principal amount redeemed | 100.00% | 100.00% | ||||||||||||
Notes Payable | $ 185,000 | |||||||||||||
Three Month Period Ended [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, Weighted Average Interest Rate | 9.34% | 7.48% | 9.34% | 7.48% | ||||||||||
Six Month Period Ended [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, Weighted Average Interest Rate | 9.33% | 7.50% | 9.33% | 7.50% | ||||||||||
2022 Senior Secured Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Nov. 21, 2017 | |||||||||||||
Face amount at issuance date | $ 305,000 | $ 305,000 | ||||||||||||
Debt instrument, issuance price percentage | 97.00% | |||||||||||||
2022 Senior Secured Notes [Member] | Upon Occurence Of Certain Change Of Control Events [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 101.00% | |||||||||||||
$115.0 million NSM Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from Lines of Credit | $ 75,264 | |||||||||||||
2022 Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Nov. 29, 2013 | |||||||||||||
Face amount at issuance date | 650,000 | $ 650,000 | ||||||||||||
Debt Instrument, Repurchased Face Amount | $ 14,356 | $ 14,356 | $ 7,000 | 20,782 | $ 81,235 | $ 35,661 | ||||||||
Fixed interest rate | 7.375% | 7.375% | ||||||||||||
Debt Instrument, Repurchase Amount | $ 12,454 | $ 12,454 | 6,134 | 9,443 | $ 50,683 | 28,796 | ||||||||
Gain (Loss) on Extinguishment of Debt | 11,204 | |||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 1,873 | 855 | ||||||||||||
Debt Instrument, Collateral | 17 drybulk vessels | 23 dry bulk vessels | ||||||||||||
Escrow deposit released | $ 14,250 | |||||||||||||
2022 Notes [Member] | Navios Logistics [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Repurchased Face Amount | 35,500 | |||||||||||||
Debt Instrument, Repurchase Amount | $ 17,642 | |||||||||||||
2022 Notes [Member] | Navios Holdings Borrowings [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Covenant Description | 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 June 30, 2021. | |||||||||||||
Long-term Debt, Maturities, 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. | |||||||||||||
2022 Notes [Member] | Upon Occurence Of Certain Change Of Control Events [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 101.00% | |||||||||||||
2022 Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 7.375% | 7.375% | ||||||||||||
Amount outstanding | $ 462,466 | $ 462,466 | $ 455,466 | |||||||||||
Senior Notes 2024 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 100.00% | |||||||||||||
Senior Notes 2024 [Member] | Series H Preferred Stock [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Mar. 21, 2019 | |||||||||||||
Face amount at issuance date | $ 4,747 | $ 4,747 | ||||||||||||
Fixed interest rate | 9.75% | 9.75% | ||||||||||||
Treasury Stock, Shares, Acquired | 10,930 | |||||||||||||
Senior Notes 2024 [Member] | Series G Preferred Stock [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Apr. 21, 2019 | |||||||||||||
Face amount at issuance date | $ 3,879 | $ 3,879 | ||||||||||||
Treasury Stock, Shares, Acquired | 8,841 | |||||||||||||
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Aug. 29, 2019 | |||||||||||||
Face amount at issuance date | 141,795 | $ 141,795 | ||||||||||||
Amount outstanding | 57,026 | 57,026 | 78,901 | |||||||||||
Accrued Interest | 358 | $ 358 | ||||||||||||
Frequency of payments | quarterly | |||||||||||||
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | $ 10,265 | |||||||||||||
Amount outstanding | 39,986 | $ 39,986 | 50,326 | |||||||||||
Accrued Interest | 250 | 250 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | $ 50,000 | ||||||||||||
Frequency of payments | quarterly | |||||||||||||
Number of repayment installments | 18 | |||||||||||||
$115.0 million NSM Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 115,000 | $ 115,000 | ||||||||||||
$115.0 million NSM Loan [Member] | 2022 Senior Secured Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Repurchased Face Amount | 70,000 | $ 70,000 | ||||||||||||
2025 Logistics Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance date/Date of agreement | Jul. 8, 2020 | |||||||||||||
Face amount at issuance date | $ 500,000 | $ 500,000 | ||||||||||||
Fixed interest rate | 10.75% | 10.75% | ||||||||||||
Deferred Finance Costs | $ 17,724 | $ 17,724 | 19,414 | |||||||||||
2025 Logistics Senior Notes [Member] | Upon Occurence Of Certain Change Of Control Events [Member] | Navios Logistics 1 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of principal amount redeemed | 100.00% | |||||||||||||
2025 Logistics Senior Notes [Member] | Prior to August 1, 2022 [Member] | Navios Logistics 1 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Redemption price percentage | 110.75% | |||||||||||||
Percentage of principal amount redeemed | 35.00% | |||||||||||||
Navios Logistics other long-term loans and notes payable [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes and Loans Payable | $ 66,797 | $ 66,797 | $ 60,035 | |||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Secured Debt | 79,071 | |||||||||||||
Secured credit facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 70,074 | |||||||||||||
Credit Agricole Corporate And Investment Bank Loan 1 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 11,100 | |||||||||||||
Credit Agricole Corporate And Investment Bank Loan 2 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 11,400 | |||||||||||||
Hamburg Commercial Bank AG [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 9,945 | |||||||||||||
DVB Bank S.E. [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 4,504 | |||||||||||||
Alpha Bank A.E Loan 1 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 20,200 | |||||||||||||
Alpha Bank A.E Loan 2 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | 12,925 | |||||||||||||
Four Navios Holdings Credit Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Debt | $ 36,199 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Of Financial Instruments | ||
Cash and cash equivalents - Book Value | $ 73,159 | $ 94,881 |
Cash and cash equivalents - Fair Value | 73,159 | 94,881 |
Restricted cash - Book Value | 10 | 16,303 |
Restricted cash - Fair Value | 10 | 16,303 |
Investments in available-for-sale-securities - Book Value | 364 | 222 |
Investments in available-for-sale-securities - Fair Value | 364 | 222 |
Senior and ship mortgage notes, net - Book Value | (1,253,395) | (1,263,566) |
Senior and ship mortgage notes, net - Fair Value | (1,269,481) | (1,054,616) |
Long-term debt, including current portion - Book Value | (126,047) | (191,636) |
Long-term debt, including current portion - Fair Value | (126,962) | (193,043) |
Loans payable to affiliate companies, including current portion - Book Value | (96,404) | (129,227) |
Loans payable to affiliate companies, including current portion - Fair Value | $ (96,404) | $ (129,227) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair value measurements on a recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in available-for-sale-securities | $ 364 | $ 222 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in available-for-sale-securities | 364 | 222 |
Fair Value, Recurring [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in available-for-sale-securities | 364 | 222 |
Total | 364 | 222 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in available-for-sale-securities | 364 | 222 |
Total | $ 364 | $ 222 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair value on a non-recurring basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Assets held for sale | $ 30,000 | |
Total | 30,000 | $ 48,072 |
Vessels, port terminals and other fixed assets, net | 38,054 | |
Operating lease assets | 10,018 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Assets held for sale | 30,000 | |
Total | $ 30,000 | 6,644 |
Vessels, port terminals and other fixed assets, net | 6,644 | |
Operating lease assets | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total | 41,428 | |
Vessels, port terminals and other fixed assets, net | 31,410 | |
Operating lease assets | $ 10,018 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Fair value measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash and cash equivalents | $ 73,159 | $ 94,881 |
Restricted cash | 10 | 16,303 |
Investments in available-for-sale-securities | 364 | 222 |
Senior and ship mortgage notes | (1,269,481) | (1,054,616) |
Long-term debt, including current portion(1) | (126,962) | (193,043) |
Loans payable to affiliate companies, including current portion(2) | (96,404) | (129,227) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Cash and cash equivalents | 73,159 | 94,881 |
Restricted cash | 10 | 16,303 |
Investments in available-for-sale-securities | 364 | 222 |
Senior and ship mortgage notes | (1,260,855) | (1,045,990) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Senior and ship mortgage notes | (8,626) | (8,626) |
Long-term debt, including current portion(1) | (126,962) | (193,043) |
Loans payable to affiliate companies, including current portion(2) | $ (96,404) | $ (129,227) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Navios Azimuth [Member] | ||
Impairment loss | $ 9,104 | |
Fair value of assets | $ 30,000 | |
Three Vessels [Member] | ||
Impairment loss | $ 59,108 | |
Fair value of assets | 38,054 | |
Two Chartered In Vessels [Member] | ||
Impairment loss | 1,361 | |
Fair value of assets | $ 10,018 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Lessor, Lease, Description [Line Items] | |||
Letters of guarantee and letters of credit | $ 10 | $ 10 | |
Other long-term assets | 79,672 | $ 93,080 | |
Navios Logistics [Member] | Vitol SA [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Guarantee and indemnity letter | $ 12,000 | ||
Navios Logistics [Member] | Edolmix S.A. and Energias Renovables del Sur S.A.[Member] | |||
Lessor, Lease, Description [Line Items] | |||
Guarantor Obligations, Term | 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 [Member] | Edolmix SA [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Guarantee and indemnity letter | $ 847 | ||
Navios Logistics [Member] | Energias Renovables Del Sur SA [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Guarantee and indemnity letter | $ 519 | ||
Navios Galaxy II [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Date of charter-in agreement | Dec. 31, 2017 | ||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Vessel capacity in DWT | 81,789 | ||
Date Of Delivery | March 30, 2020 | ||
Contractual Obligation | $ 5,410 | ||
Other long-term assets | $ 6,704 | ||
Navios Herakles I And Navios Uranus [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Date of charter-in agreement | Jan. 31, 2018 | ||
Contractual Obligation | $ 11,140 | ||
Other long-term assets | $ 14,070 | ||
Navios Herakles I [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Vessel capacity in DWT | 82,036 | ||
Date Of Delivery | August 28, 2019 | ||
Navios Uranus [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Vessel capacity in DWT | 81,516 | ||
Date Of Delivery | November 28, 2019 | ||
Navios Felicity I [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Date of charter-in agreement | Apr. 30, 2018 | ||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Vessel capacity in DWT | 81,946 | ||
Date Of Delivery | January 17, 2020 | ||
Contractual Obligation | $ 5,590 | ||
Other long-term assets | $ 7,193 | ||
Navios Magellan II [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Date of charter-in agreement | Oct. 30, 2018 | ||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Vessel capacity in DWT | 82,037 | ||
Date Of Delivery | May 15, 2020 | ||
Contractual Obligation | $ 5,820 | ||
Other long-term assets | $ 7,506 | ||
Storage And Transshipment Contract [Member] | Navios Logistics [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Contractual Obligation | $ 4,140 | ||
Number of repayment installments | 3 | ||
Contractual Obligation, to be Paid, Year One | $ 1,380 | ||
Contractual Obligation, to be Paid, Year Two | 1,380 | ||
Contractual Obligation, to be Paid, Year Three | $ 1,380 |
Transactions with related par_2
Transactions with related parties (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2017 | Apr. 30, 2021 | Apr. 21, 2020 | May 31, 2021 | Jun. 30, 2021 | Jul. 10, 2020 | Jun. 30, 2020 | Aug. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||||||||||||
General and Administrative Expense | $ 8,544,000 | $ 8,836,000 | $ 15,363,000 | $ 15,798,000 | |||||||||||||
Due to Affiliate, Current | 10,174,000 | 10,174,000 | $ 27,114,000 | ||||||||||||||
Due from Affiliate, Current | 0 | 0 | 243,000 | ||||||||||||||
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | 0 | 6,050,000 | |||||||||||||
Repayments of Related Party Debt | 0 | 31,500,000 | |||||||||||||||
Current portion of long-term debt | 614,939,000 | 614,939,000 | 374,191,000 | ||||||||||||||
Long-term Debt, Gross | 1,500,066,000 | 1,500,066,000 | 1,612,718,000 | ||||||||||||||
Notes Payable, Related Parties, Current | $ 28,151,000 | $ 28,151,000 | $ 26,595,000 | ||||||||||||||
Common Stock, Shares, Outstanding | 15,897,064 | 15,897,064 | 15,881,147 | ||||||||||||||
Junior Loan II [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Repayments of Debt | $ 5,000,000 | ||||||||||||||||
2022 Notes [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | $ 12,454,000 | $ 12,454,000 | $ 6,134,000 | $ 9,443,000 | $ 50,683,000 | $ 28,796,000 | |||||||||||
Debt Instrument, Issuance Date | Nov. 29, 2013 | ||||||||||||||||
Debt Instrument, Face Amount | 650,000,000 | $ 650,000,000 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 14,356,000 | $ 14,356,000 | 7,000,000 | 20,782,000 | 81,235,000 | 35,661,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | |||||||||||||||
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Repayments of Related Party Debt | $ 18,500,000 | $ 21,706,000 | 31,500,000 | 13,420,000 | |||||||||||||
Debt Instrument, Issuance Date | Aug. 29, 2019 | ||||||||||||||||
Debt Instrument, Face Amount | $ 141,795,000 | $ 141,795,000 | |||||||||||||||
Current portion of long-term debt | 47,000,000 | ||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||
Long-term Debt, Gross | $ 57,026,000 | $ 57,026,000 | 78,901,000 | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | 5.00% | |||||||||||||||
Interest rate for deferred principal amounts | 7.00% | 7.00% | |||||||||||||||
Debt instrument, carrying amount before accrued interest | $ 56,668,000 | $ 56,668,000 | 78,375,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | 358,000 | 526,000 | |||||||||||||||
Notes Payable, Related Parties, Current | 16,548,000 | 16,548,000 | 10,328,000 | ||||||||||||||
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Revolving loan facility maximum borrowing capacity | 50,000,000 | $ 50,000,000 | |||||||||||||||
Repayments of Debt | $ 10,265,000 | ||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||
Long-term Debt, Gross | $ 39,986,000 | $ 39,986,000 | 50,326,000 | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | 5.00% | |||||||||||||||
Interest rate for deferred principal amounts | 7.00% | 7.00% | |||||||||||||||
Debt instrument, carrying amount before accrued interest | $ 39,736,000 | $ 39,736,000 | 50,000,000 | ||||||||||||||
Debt Instrument, Increase, Accrued Interest | 250,000 | 326,000 | |||||||||||||||
Notes Payable, Related Parties, Current | 11,603,000 | $ 11,603,000 | 16,266,000 | ||||||||||||||
Number of repayment installments | 18 | ||||||||||||||||
$115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 115,000,000 | $ 115,000,000 | |||||||||||||||
Navios Europe II [Member] | Junior Loan II [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Repayments of Debt | $ 5,000,000 | ||||||||||||||||
Navios Revolving Loans 2 [Member] | Navios Europe II [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 43,500,000 | ||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 14,000,000 | ||||||||||||||||
Preferred Distribution Percentage | 1800.00% | ||||||||||||||||
Grimaud Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Repayments of Debt | $ 7,500,000 | ||||||||||||||||
Secured Credit Facility [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Issuance Date | Aug. 29, 2019 | ||||||||||||||||
Long-term Debt, Term | 5 years | 5 years | |||||||||||||||
Tranche A [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | 10.50% | |||||||||||||||
Tranche A [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of repayment installments | 14 | ||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 2,838,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Nov. 30, 2024 | ||||||||||||||||
Tranche B [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | 10.50% | |||||||||||||||
Tranche B [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Number of repayment installments | 7 | ||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||
Debt Instrument, Maturity Date | Feb. 28, 2023 | ||||||||||||||||
Navios Midstream Partners [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Description | Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option. | ||||||||||||||||
Navios Logistics [Member] | 2022 Notes [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | 17,642,000 | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 35,500,000 | ||||||||||||||||
First Or Second Year [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | Payment Deferral [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Long-term Debt, Gross | $ 20,000,000 | $ 20,000,000 | |||||||||||||||
Third Year [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | Payment Deferral [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Long-term Debt, Gross | $ 10,000,000 | $ 10,000,000 | |||||||||||||||
First Mortgage [Member] | Navios Partners [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | 2,070,016 | 2,070,016 | |||||||||||||||
First Mortgage [Member] | Navios Acquisition [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Common Stock, Shares, Outstanding | 14,940 | 14,940 | |||||||||||||||
Tranche A [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Long-term Debt, Gross | $ 39,736,000 | $ 39,736,000 | |||||||||||||||
First Two Installments [Member] | Tranche B [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Line of Credit Facility, Periodic Payment | 22,632,000 | ||||||||||||||||
Remaining Installments [Member] | Tranche B [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 6,000,000 | ||||||||||||||||
Payment Deferral I [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | |||||||||||||||
Debt instrument, maximum deferred discount amortization period | 90 days | ||||||||||||||||
Navios Centaurus [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Year Built | 2012 | ||||||||||||||||
Vessel Type | Panamax | ||||||||||||||||
Vessel Capacity | 81,472 | ||||||||||||||||
Navios Avior [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Year Built | 2012 | ||||||||||||||||
Vessel Type | Panamax | ||||||||||||||||
Vessel Capacity | 81,355 | ||||||||||||||||
Navios Centaurus and Navios Avior [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 39,250,000 | ||||||||||||||||
Navios Ray [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Year Built | 2012 | ||||||||||||||||
Vessel Type | Capesize | ||||||||||||||||
Vessel Capacity | 179,515 | ||||||||||||||||
Navios Bonavis [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Year Built | 2009 | ||||||||||||||||
Vessel Type | Capesize | ||||||||||||||||
Vessel Capacity | 180,022 | ||||||||||||||||
Navios Ray And Navios Bonavis [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 58,000,000 | $ 58,000,000 | |||||||||||||||
Navios Koyo [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Year Built | 2011 | ||||||||||||||||
Vessel Type | Capesize | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 28,500,000 | $ 28,500,000 | |||||||||||||||
Navios Azimuth [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Year Built | 2011 | ||||||||||||||||
Vessel Type | Capesize | ||||||||||||||||
Vessel Capacity | 179,169 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 30,000,000 | $ 30,000,000 | |||||||||||||||
NSM [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Due to Affiliate, Current | 10,174,000 | 10,174,000 | 22,114,000 | ||||||||||||||
Navios Partners [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Due to Affiliate, Current | 0 | 0 | 5,000,000 | ||||||||||||||
Unamortized deferred gain for vessels and rights sold | $ 6,285,000 | ||||||||||||||||
Navios Acquisition [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Due from Affiliate, Current | 0 | 0 | $ 243,000 | ||||||||||||||
Navios Logistics [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Revolving loan facility maximum borrowing capacity | 50,000,000 | $ 50,000,000 | |||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 20,000,000 | ||||||||||||||||
Line of Credit Facility, Initiation Date | Apr. 25, 2019 | ||||||||||||||||
Line Credit Facility Arrangement Fees | $ 500,000 | ||||||||||||||||
Conversion of unpaid dividend of preferred stock to common stock | 2,414,263 | ||||||||||||||||
Repayments of Related Party Debt | $ 2,308,000 | ||||||||||||||||
Navios Logistics [Member] | 2022 Notes [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Repurchase Amount | $ 18,726,000 | $ 18,726,000 | |||||||||||||||
Navios Logistics [Member] | First Year [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 12.75% | ||||||||||||||||
Navios Logistics [Member] | Second Year [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 14.75% | ||||||||||||||||
Navios Logistics [Member] | Amendment [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 13.00% | 13.00% | 10.00% | ||||||||||||||
Supplemental Grimaud Loan Agreement [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 9,301,542 | ||||||||||||||||
Management Agreement [Member] | NSM [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Termination date of the administrative services agreement | August 29, 2024 | ||||||||||||||||
Management Fee Expense | $ 9,794,000 | 11,537,000 | $ 20,365,000 | 22,525,000 | |||||||||||||
Management Agreement [Member] | NSM [Member] | Owned Vessels [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Daily management fee | $ 3,700 | $ 3,800 | |||||||||||||||
Rate of annual increase in management fees | 3000.00% | 3000.00% | |||||||||||||||
Management Agreement [Member] | NSM [Member] | Chartered In Vessels [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Daily management fee | $ 30 | ||||||||||||||||
Navios Partners [Member] | Guarantee Claim [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | $ 5,000,000 | ||||||||||||||||
Navios Partners [Member] | First Mortgage [Member] | $50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | 40,587 | 40,587 | |||||||||||||||
Navios Partners [Member] | First Mortgage [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | 40,587 | 40,587 | |||||||||||||||
Navios Partners [Member] | Second Mortgage [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | 452,090 | 452,090 | |||||||||||||||
Administrative Services Agreement [Member] | NSM [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Termination date of the administrative services agreement | August 29, 2024 | ||||||||||||||||
Administrative services agreement term in years | 5 years | ||||||||||||||||
General and Administrative Expense | $ 2,168,000 | 2,377,000 | $ 4,508,000 | 4,639,000 | |||||||||||||
Administrative Services Agreement [Member] | NSM [Member] | Navios Logistics [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
General and Administrative Expense | $ 286,000 | $ 286,000 | $ 572,000 | $ 572,000 | |||||||||||||
Administrative Services Agreement [Member] | NSM [Member] | Automatic Extension [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Administrative services agreement term in years | 5 years | ||||||||||||||||
Navios Acquisition [Member] | Second Mortgage [Member] | $115.0 million NSM Loan [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Common Stock, Shares, Outstanding | 4,850,207 | 4,850,207 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 10, 2020 | Feb. 21, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 21, 2019 | Apr. 18, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 15, 2017 | Sep. 09, 2021 | Dec. 21, 2020 | Dec. 31, 2020 |
Common Stock, Shares, Outstanding | 15,897,064 | 15,897,064 | 15,881,147 | |||||||||||
Preferred Stock, Shares Outstanding | 23,032 | 23,032 | 23,032 | |||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 0 | $ 9,948 | ||||||||||||
Grimaud [Member] | ||||||||||||||
Number of shares | 6,434,000 | |||||||||||||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 31,270 | |||||||||||||
Navios Corporation [Member] | ||||||||||||||
Common Stock, Shares, Outstanding | 2,414,263 | 2,414,263 | 2,414,263 | |||||||||||
Navios Logistics [Member] | ||||||||||||||
Payments of Dividends | $ 6,381 | $ 27,500 | ||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 2,308 | 9,948 | ||||||||||||
Navios Logistics [Member] | Navios Holdings [Member] | ||||||||||||||
Payments of Dividends | $ 17,552 | |||||||||||||
Common Stock Dividends, Shares | 2,414,263 | |||||||||||||
Series G And Series H [Member] | ||||||||||||||
Percentage of the increase of the preferred dividend rate | 0.25% | |||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||
Number of shares | 2,000,000 | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | $ 2,500 | ||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | $ 25 | ||||||||||||
Dividend rate of preferred stock | 8.75% | |||||||||||||
Preferred Stock, Shares Outstanding | 5,350 | 5,350 | 5,350 | |||||||||||
Series G Preferred Stock [Member] | Senior Notes 2024 [Member] | ||||||||||||||
Dividend cancelled | $ 6,798 | |||||||||||||
Number of shares issued for the exchange offer | 8,841 | |||||||||||||
Shares tendered, nominal value | $ 21,271 | |||||||||||||
Tender offer expenses | 620 | |||||||||||||
Payments for repurchase of preferred stock | 4,423 | |||||||||||||
2024 Notes issues | 3,879 | |||||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | $ 12,568 | |||||||||||||
Series H Preferred Stock [Member] | ||||||||||||||
Number of shares | 4,800,000 | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | $ 2,500 | ||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | $ 25 | ||||||||||||
Dividend rate of preferred stock | 8.625% | |||||||||||||
Preferred Stock, Shares Outstanding | 17,682 | 17,682 | 17,682 | |||||||||||
Series H Preferred Stock [Member] | Senior Notes 2024 [Member] | ||||||||||||||
Dividend cancelled | $ 7,678 | |||||||||||||
Number of shares issued for the exchange offer | 10,930 | |||||||||||||
Shares tendered, nominal value | $ 26,297 | |||||||||||||
Tender offer expenses | 997 | |||||||||||||
Payments for repurchase of preferred stock | 4,188 | |||||||||||||
2024 Notes issues | 4,747 | |||||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | $ 16,365 | |||||||||||||
Stock plan approved by Board of Directors [Member] | ||||||||||||||
Stock-based compensation expenses, shares granted | 16,000 | |||||||||||||
Preferred Stock [Member] | ||||||||||||||
Conversion of Stock, Shares Converted | 210 | |||||||||||||
Dividend cancelled | $ 171 | |||||||||||||
Preferred Stock [Member] | Dividend Undeclared [Member] | ||||||||||||||
Undeclared Preferred Dividends | $ 27,783 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Conversion of Stock, Shares Issued | (22,712) | |||||||||||||
Common Stock [Member] | Dividend Undeclared [Member] | ||||||||||||||
Share Price | $ 6 | |||||||||||||
Common Stock [Member] | Dividends Undeclared [Member] | ||||||||||||||
Conversion of Stock, Shares Issued | (1,712) | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
Forfeited shares of common stock | 56 | 1,230 | 83 | 1,230 | ||||||||||
Vested units | 0 | 84,336 | 37,879 | 84,336 |
Other Income, Net (Details Narr
Other Income, Net (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Expense [Member] | Navios Logistics [Member] | ||||
Other (expense)/income - taxes other than income taxes | $ 1,218 | $ 590 | $ 2,222 | $ 2,021 |
Segment Information - Summarize
Segment Information - Summarized financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 143,624 | $ 97,127 | $ 260,575 | $ 188,210 | |
Interest expense and finance cost, net | (36,170) | (31,418) | (72,370) | (63,061) | |
Depreciation and amortization | (15,988) | (18,012) | (32,254) | (36,088) | |
Equity in net earnings of affiliate companies | 12,854 | 9,445 | 40,594 | 3,308 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 24,936 | (35,271) | 25,099 | (88,546) | |
Total assets | 1,829,093 | 1,829,093 | $ 1,971,325 | ||
Goodwill | 160,336 | 160,336 | 160,336 | ||
Investment in affiliate companies | 97,351 | 97,351 | 56,988 | ||
Cash and cash equivalents | 73,159 | 73,159 | 94,881 | ||
Restricted cash | 10 | 10 | $ 16,303 | ||
Long-term debt, net (including current and noncurrent portion) | 1,500,066 | 1,500,066 | |||
Dry Bulk Vessel Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 86,053 | 38,302 | 149,781 | 72,562 | |
Interest expense and finance cost, net | (21,011) | (22,159) | (42,855) | (44,529) | |
Depreciation and amortization | (7,917) | (10,745) | (16,714) | (21,543) | |
Equity in net earnings of affiliate companies | 12,854 | 9,445 | 40,594 | 3,308 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 27,795 | (42,918) | 27,694 | (100,690) | |
Total assets | 1,156,441 | 1,500,046 | 1,156,441 | 1,500,046 | |
Goodwill | 56,240 | 56,240 | 56,240 | 56,240 | |
Capital expenditures | (22,758) | (98,672) | (24,152) | (98,672) | |
Investment in affiliate companies | 97,351 | 63,498 | 97,351 | 63,498 | |
Cash and cash equivalents | 25,689 | 20,525 | 25,689 | 20,525 | |
Restricted cash | 10 | 1,058 | 10 | 1,058 | |
Long-term debt, net (including current and noncurrent portion) | 927,399 | 1,082,032 | 927,399 | 1,082,032 | |
Logistics Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 57,571 | 58,825 | 110,794 | 115,648 | |
Interest expense and finance cost, net | (15,159) | (9,259) | (29,515) | (18,532) | |
Depreciation and amortization | (8,071) | (7,267) | (15,540) | (14,545) | |
Equity in net earnings of affiliate companies | 0 | 0 | 0 | 0 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | (2,859) | 7,647 | (2,595) | 12,144 | |
Total assets | 672,652 | 615,878 | 672,652 | 615,878 | |
Goodwill | 104,096 | 104,096 | 104,096 | 104,096 | |
Capital expenditures | (3,646) | (2,578) | (22,033) | (2,578) | |
Investment in affiliate companies | 0 | 0 | 0 | 0 | |
Cash and cash equivalents | 47,470 | 33,489 | 47,470 | 33,489 | |
Restricted cash | 0 | 0 | 0 | 0 | |
Long-term debt, net (including current and noncurrent portion) | 549,054 | 509,749 | 549,054 | 509,749 | |
Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 143,624 | 97,127 | 260,575 | 188,210 | |
Interest expense and finance cost, net | (36,170) | (31,418) | (72,370) | (63,061) | |
Depreciation and amortization | (15,988) | (18,012) | (32,254) | (36,088) | |
Equity in net earnings of affiliate companies | 12,854 | 9,445 | 40,594 | 3,308 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 24,936 | (35,271) | 25,099 | (88,546) | |
Total assets | 1,829,093 | 2,115,924 | 1,829,093 | 2,115,924 | |
Goodwill | 160,336 | 160,336 | 160,336 | 160,336 | |
Capital expenditures | (26,404) | (101,250) | (46,185) | (101,250) | |
Investment in affiliate companies | 97,351 | 63,498 | 97,351 | 63,498 | |
Cash and cash equivalents | 73,159 | 54,014 | 73,159 | 54,014 | |
Restricted cash | 10 | 1,058 | 10 | 1,058 | |
Long-term debt, net (including current and noncurrent portion) | $ 1,476,453 | $ 1,591,781 | $ 1,476,453 | $ 1,591,781 |
Earnings_(Loss) per Common Shar
Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income/ (loss) attributable to Navios Holdings common stockholders | $ 24,936 | $ (35,271) | $ 25,099 | $ (88,546) |
Less: | ||||
Declared and undeclared dividend on preferred stock and on unvested restricted shares | (1,284) | (1,284) | (2,561) | (2,578) |
Plus: | ||||
Gain from eliminated dividends (preferred stock) due to conversion | 0 | 0 | 0 | 166 |
Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted | $ 23,652 | $ (36,555) | $ 22,538 | $ (90,958) |
Denominator: | ||||
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares | 13,127,208 | 12,901,880 | 13,120,335 | 12,882,235 |
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders | $ 1.80 | $ (2.83) | $ 1.72 | $ (7.06) |
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares | 13,511,627 | 12,901,880 | 13,508,382 | 12,882,235 |
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders | $ 1.75 | $ (2.83) | $ 1.67 | $ (7.06) |
Earnings_ (Loss) Per Common S_3
Earnings/ (Loss) Per Common Share (Details Narrative) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Convertible Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 0 | 0 | 0 | 3,115 |
Common Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 384,419 | 566,525 | 388,027 | 583,126 |
Investment in affiliate compani
Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue | $ 143,624 | $ 97,127 | $ 260,575 | $ 188,210 | ||
Net income/ (loss) | 24,545 | $ 1,314 | (30,937) | $ (50,726) | 25,859 | (81,663) |
Navios Partners [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue | 152,009 | 46,549 | 217,072 | 93,039 | ||
Time charter and voyage expenses | (5,869) | (1,940) | (8,364) | (5,038) | ||
Direct vessel expenses | (3,989) | (2,385) | (7,143) | (4,934) | ||
Vessel operating expenses | (41,771) | (21,930) | (64,733) | (44,135) | ||
Net income/ (loss) | $ 99,913 | $ (14,641) | $ 236,592 | $ (25,365) |
Investments in Affiliate Comp_3
Investments in Affiliate Companies and Available-For-Sale Securities (Details Narrative) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Feb. 18, 2015USD ($) | Jun. 30, 2021USD ($)shares | Mar. 31, 2021shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2017USD ($) | Apr. 21, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Aug. 25, 2021 | Dec. 31, 2020USD ($)shares | Dec. 31, 2021 | Jan. 04, 2021 | |
Schedule of Investments [Line Items] | |||||||||||||
Investments in affiliate companies | $ 97,351 | $ 97,351 | $ 56,988 | ||||||||||
Equity in net earnings of affiliated companies | 12,854 | $ 9,445 | 40,594 | $ 3,308 | |||||||||
Investment in available-for-sale-securities | 364 | 364 | 222 | ||||||||||
Available-for-sale Equity Securities, Gross Unrealized Gain | $ 101 | 5 | $ 142 | 36 | |||||||||
Junior Loan II [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Repayments of Debt | $ 5,000 | ||||||||||||
Navios Partners [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Number of units held | shares | 2,562,893 | 2,562,893 | |||||||||||
Ownership percentage of Navios Holdings | 9.70% | 9.70% | 12.60% | ||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 39,587 | $ 39,587 | 77,904 | ||||||||||
Investments in affiliate companies | 80,632 | 80,632 | 39,133 | ||||||||||
Equity in net earnings of affiliated companies | 9,125 | (1,227) | 38,322 | (2,354) | |||||||||
Dividends received | 128 | 621 | 232 | 1,242 | |||||||||
Market value of investment | $ 75,759 | $ 75,759 | |||||||||||
Navios Acquisition [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Ownership percentage of Navios Holdings | 28.00% | 28.00% | |||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 75,408 | $ 75,408 | 68,793 | ||||||||||
Investments in affiliate companies | 16,719 | 16,719 | $ 15,033 | ||||||||||
Equity in net earnings of affiliated companies | 3,739 | 10,650 | 1,686 | 12,207 | |||||||||
Dividends received | 0 | $ 1,460 | 243 | $ 2,919 | |||||||||
Market value of investment | 16,590 | $ 16,590 | |||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 28.00% | ||||||||||||
Navios Acquisition [Member] | Share Repurchase Program [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,776,016 | 753,251 | |||||||||||
Navios Europe II [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Ownership percentage of Navios Holdings | 47.50% | 47.50% | |||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 9,419 | ||||||||||||
Investments in affiliate companies | 6,650 | ||||||||||||
Equity in net earnings of affiliated companies | $ 0 | $ 0 | |||||||||||
Unrealized Gain (Loss) on Investments | $ 6,650 | ||||||||||||
Navios Europe II [Member] | Junior Loan II [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Repayments of Debt | $ 5,000 | ||||||||||||
Navios Europe II [Member] | Navios Revolving Loans 2 [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Loans and Leases Receivable, Related Parties | 14,000 | ||||||||||||
Revolving Credit Facility Maximum Borrowing Capacity | $ 43,500 | ||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 14,000 | ||||||||||||
Navios Containers [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Ownership percentage of Navios Holdings | 0.00% | 3.90% | 0.00% | ||||||||||
Equity in net earnings of affiliated companies | $ 0 | $ 77 | $ 596 | $ 105 | |||||||||
Market value of investment | $ 2,812 | $ 2,812 | |||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 3.90% | ||||||||||||
Merger Agreement with Navios Partners II [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Shares conversion rate | 0.1275 | ||||||||||||
Merger Agreement with Navios Partners II [Member] | Navios Partners [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Ownership percentage of Navios Holdings | 10.30% | ||||||||||||
Navios Holdings [Member] | Navios Partners [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
General partner interest of Navios Holdings | 2.00% | ||||||||||||
Navios Partners [Member] | Merger Agreement With Navios Partners [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Number of units converted | shares | 1,263,276 | ||||||||||||
Number of units held | shares | 492,678 | 492,678 | |||||||||||
Shares conversion rate | 0.39 | ||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | shares | 8,133,452 | ||||||||||||
Navios Partners [Member] | Continuous Offering Program Sales Agreement [Member] | General Partner [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Partners' Capital Account, Units, Sale of Units | shares | 135,482 | 7,298 | |||||||||||
Navios Partners [Member] | Common Stock [Member] | Continuous Offering Program Sales Agreement [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Partners' Capital Account, Units, Sale of Units | shares | 6,638,503 | 357,508 |
Leases - Lease expense (Details
Leases - Lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessor, Lease, Description [Line Items] | ||||
Lease expense | $ 21,115 | $ 25,612 | $ 43,457 | $ 53,344 |
Drybulk Vessel Operations [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 19,252 | 24,155 | 39,850 | 49,771 |
Logistic Business [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 1,863 | 1,457 | 3,607 | 3,573 |
Chartered In Vessels [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 20,882 | 25,325 | 43,018 | 52,759 |
Chartered In Vessels [Member] | Drybulk Vessel Operations [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 19,252 | 24,155 | 39,850 | 49,771 |
Chartered In Vessels [Member] | Logistic Business [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 1,630 | 1,170 | 3,168 | 2,988 |
Land [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 142 | 143 | 282 | 282 |
Land [Member] | Logistic Business [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 142 | 143 | 282 | 282 |
Building [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | 91 | 144 | 157 | 303 |
Building [Member] | Logistic Business [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lease expense | $ 91 | $ 144 | $ 157 | $ 303 |
Leases - Total amount of lease
Leases - Total amount of lease payments on an undiscounted basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Lessor, Lease, Description [Line Items] | ||
Operating lease liabilities, including current portion | $ 43,516 | |
Chartered In Vessels [Member] | ||
Lessor, Lease, Description [Line Items] | ||
June 30, 2022 | $ 75,986 | |
June 30, 2023 | 58,885 | |
June 30, 2024 | 46,554 | |
June 30, 2025 | 28,277 | |
June 30, 2026 | 18,960 | |
June 30, 2027 and thereafter | 36,569 | |
Total | 265,231 | |
Operating lease liabilities, including current portion | 218,574 | |
Discount based on incremental borrowing rate | 46,657 | |
Land [Member] | ||
Lessor, Lease, Description [Line Items] | ||
June 30, 2022 | 556 | |
June 30, 2023 | 556 | |
June 30, 2024 | 556 | |
June 30, 2025 | 556 | |
June 30, 2026 | 556 | |
June 30, 2027 and thereafter | 22,167 | |
Total | 24,947 | |
Operating lease liabilities, including current portion | 7,976 | |
Discount based on incremental borrowing rate | 16,971 | |
Building [Member] | ||
Lessor, Lease, Description [Line Items] | ||
June 30, 2022 | 538 | |
June 30, 2023 | 419 | |
June 30, 2024 | 336 | |
June 30, 2025 | 60 | |
June 30, 2026 | 60 | |
June 30, 2027 and thereafter | 23 | |
Total | 1,436 | |
Operating lease liabilities, including current portion | 1,246 | |
Discount based on incremental borrowing rate | $ 190 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Operating Lease, Liability | $ 43,516 | |
Chartered In Vessels [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Operating Lease, Liability | $ 218,574 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 10 months 24 days | |
Chartered In Vessels [Member] | Minimum [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 1 month 6 days | |
Chartered In Vessels [Member] | Maximum [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 9 years | |
Land [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Operating Lease, Liability | $ 7,976 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | |
Land [Member] | Minimum [Member] | Navios Logistics [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 44 years 8 months 12 days | |
Land [Member] | Maximum [Member] | Navios Logistics [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 45 years 1 month 6 days | |
Building [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Operating Lease, Liability | $ 1,246 | |
Operating Lease, Weighted Average Remaining Lease Term | 44 years 9 months 18 days | |
Building [Member] | Minimum [Member] | Navios Logistics [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 1 month 6 days | |
Building [Member] | Maximum [Member] | Navios Logistics [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 5 years 4 months 24 days | |
One Previously Chartered In Vessel [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Asset Impairment Charges | $ 3,953 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | 7 Months Ended | |
Jul. 23, 2021 | Sep. 03, 2021 | |
$115.0 million NSM Loan [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Proceeds from Lines of Credit | $ 75,264 | |
2022 Senior Secured Notes [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 100,000 | $ 20,000 |
2022 Secured Notes [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 100,000 |