Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
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, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 46,220 | $ 53,591 |
Restricted cash | 8,726 | 84,260 |
Accounts receivable, net | 68,738 | 62,839 |
Inventories | 11,789 | 11,663 |
Prepaid expenses and other current assets | 18,195 | 17,094 |
Total current assets | 153,668 | 229,447 |
Vessels, port terminals and other fixed assets, net | 928,423 | 950,002 |
Investments in affiliate companies | 148,384 | 125,744 |
Other long-term assets | 77,103 | 76,842 |
Finance lease assets | 19,254 | 0 |
Operating lease assets | 150,963 | 173,426 |
Intangible assets other than goodwill | 90,201 | 92,981 |
Goodwill | 160,336 | 160,336 |
Total non-current assets | 1,574,664 | 1,579,331 |
Total assets | 1,728,332 | 1,808,778 |
Current liabilities | ||
Accounts payable | 31,743 | 36,622 |
Accrued expenses and other liabilities | 47,582 | 64,459 |
Deferred income and cash received in advance | 8,276 | 8,141 |
Operating lease liabilities, current portion | 51,946 | 54,747 |
Due to affiliate companies | 45,095 | 21,028 |
Current portion of loans payable to affiliate companies | 0 | 877 |
Current portion of long-term debt, net | 75,804 | 37,916 |
Finance lease liability, current portion | 1,900 | 0 |
Current portion of promissory note | 15,000 | 5,000 |
Current portion of senior and ship mortgage notes, net | 89,858 | 268,658 |
Total current liabilities | 367,204 | 497,448 |
Senior and ship mortgage notes, net of current portion | 494,592 | 833,273 |
Long-term debt, net of current portion | 303,570 | 134,003 |
Finance lease liability, net of current portion | 15,385 | 0 |
Loans payable to affiliate companies, net of current portion | 260,428 | 111,757 |
Convertible debenture payable to affiliate companies | 47,637 | 0 |
Long-term portion of promissory note | 0 | 10,000 |
Other long-term liabilities and deferred income | 867 | 927 |
Operating lease liabilities, net of current portion | 119,615 | 144,239 |
Deferred tax liability | 10,150 | 10,487 |
Total non-current liabilities | 1,252,244 | 1,244,686 |
Total liabilities | 1,619,448 | 1,742,134 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity | ||
Preferred Stock — $0.0001 par value, authorized 1,000,000 shares, 24,032 and 23,032 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. | 0 | 0 |
Common stock — $0.0001 par value, authorized 250,000,000 shares, 25,238,591 and 25,198,620 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. | 2 | 2 |
Additional paid-in capital | 679,391 | 679,301 |
Accumulated deficit | (627,946) | (667,906) |
Total Navios Holdings stockholders’ equity | 51,447 | 11,397 |
Noncontrolling interest | 57,437 | 55,247 |
Total stockholders’ equity | 108,884 | 66,644 |
Total liabilities and stockholders’ equity | $ 1,728,332 | $ 1,808,778 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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 issued | 24,032 | 23,032 |
Preferred stock shares oustanding | 24,032 | 23,032 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 25,238,591 | 25,198,620 |
Common stock shares outstanding | 25,238,591 | 25,198,620 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 159,221 | $ 143,624 | $ 287,011 | $ 260,575 |
Time charter, voyage and logistics business expenses | (35,649) | (36,841) | (65,141) | (75,168) |
Direct vessel expenses | (30,040) | (29,232) | (58,502) | (55,147) |
General and administrative expenses | (9,340) | (8,544) | (15,905) | (15,363) |
Depreciation and amortization | (14,766) | (15,988) | (29,144) | (32,254) |
Interest expense and finance cost, net | (35,343) | (36,170) | (72,908) | (72,370) |
Impairment loss/loss on sale of vessels, net | 0 | (5,406) | 0 | (25,861) |
(Loss)/gain on bond extinguishment | (106) | 1,873 | (221) | 1,873 |
Other income/(expense), net | 899 | (1,022) | (1,288) | (1,246) |
Non-operating other finance cost | 0 | 0 | (24,000) | 0 |
Income/(loss) before equity in net earnings of affiliate companies | 34,876 | 12,294 | 19,902 | (14,961) |
Equity in net earnings of affiliate companies | 13,160 | 12,854 | 22,958 | 40,594 |
Income before taxes | 48,036 | 25,148 | 42,860 | 25,633 |
Income tax (expense)/benefit | (758) | (603) | (710) | 226 |
Net income | 47,278 | 24,545 | 42,150 | 25,859 |
Less: Net (income)/loss attributable to the noncontrolling interest | (2,318) | 391 | (2,190) | (760) |
Net income attributable to Navios Holdings common stockholders | 44,960 | 24,936 | 39,960 | 25,099 |
Income attributable to Navios Holdings common stockholders, basic and diluted | $ 31,225 | $ 23,652 | $ 28,115 | $ 22,538 |
Basic earnings per share attributable to Navios Holdings common stockholders | $ 1.38 | $ 1.80 | $ 1.24 | $ 1.72 |
Weighted average number of shares, basic | 22,654,825 | 13,127,208 | 22,643,215 | 13,120,335 |
Diluted earnings per share attributable to Navios Holdings common stockholders | $ 1.37 | $ 1.75 | $ 1.23 | $ 1.67 |
Weighted average number of shares, diluted | 22,848,328 | 13,511,627 | 22,845,014 | 13,508,382 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
OPERATING ACTIVITIES: | ||
Net income | $ 42,150 | $ 25,859 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Non-cash adjustments | 40,773 | 26,003 |
Increase in operating assets | (7,921) | (20,602) |
Increase /(decrease) in operating liabilities | 17,996 | (17,016) |
Payments for drydock and special survey costs | (6,905) | (15,609) |
Net cash provided by/(used in) operating activities | 86,093 | (1,365) |
INVESTING ACTIVITIES: | ||
Acquisition of/additions to vessels | (1,576) | (24,152) |
Deposits for vessels, port terminals and other fixed assets acquisitions | (2,054) | (19,304) |
Proceeds from sale of assets | 0 | 137,016 |
Purchase of property, equipment and other fixed assets | (2,657) | (2,729) |
Dividends received from affiliate companies | 0 | 243 |
Net cash (used in)/provided by investing activities | (6,287) | 91,074 |
FINANCING ACTIVITIES: | ||
Repayment of long-term debt and payment of principal | (57,415) | (115,270) |
Repayment of loans payable to affiliate companies | (112,632) | 0 |
Repayment/repurchase of senior notes | (520,466) | (12,454) |
Proceeds from long-term loans | 266,725 | 0 |
Proceeds from loans payable to affiliate companies | 262,632 | 0 |
Debt issuance costs | (1,425) | 0 |
Repayment of finance lease liability | (130) | 0 |
Net cash used in financing activities | (162,711) | (127,724) |
Decrease in cash and cash equivalents and restricted cash | (82,905) | (38,015) |
Cash and cash equivalents and restricted cash, beginning of period | 137,851 | 111,184 |
Cash and cash equivalents and restricted cash, end of period | 54,946 | 73,169 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest, net of capitalized interest | 62,901 | 72,105 |
Cash paid for income taxes | 61 | 260 |
Non-cash investing and financing activities | ||
Lease modification | 19,417 | 0 |
Additions to vessels | (389) | 0 |
Sale of vessels | 0 | 5,766 |
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the construction of six liquid barges | 0 | 2,246 |
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the acquisition of Navios Logistics’ 2020 Fleet | 0 | 15,000 |
Transfers from deposits for vessels, port terminals and other fixed assets | 0 | 57,107 |
Other long-term assets unpaid | $ (835) | $ (356) |
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, 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 income/(loss) | $ 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 |
Stock-based compensation expenses (Note 10), shares | 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 income/(loss) | 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 income/(loss) | $ 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 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 0 | $ 2 | 679,301 | (667,906) | 11,397 | 55,247 | 66,644 |
Beginning balance at Dec. 31, 2021 | 23,032 | 25,198,620 | |||||
Net income/(loss) | $ 0 | $ 0 | 0 | (5,000) | (5,000) | (128) | (5,128) |
Cancellation of shares | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares, shares | (29) | ||||||
Issuance of preferred stock (Note 10), shares | 1,000 | ||||||
Stock-based compensation expenses (Note 10) | $ 0 | $ 0 | 46 | 0 | 46 | 0 | 46 |
Stock-based compensation expenses (Note 10), shares | 40,000 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 0 | $ 2 | 679,347 | (672,906) | 6,443 | 55,119 | 61,562 |
Ending balance at Mar. 31, 2022 | 24,032 | 25,238,591 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 0 | $ 2 | 679,301 | (667,906) | 11,397 | 55,247 | 66,644 |
Beginning balance at Dec. 31, 2021 | 23,032 | 25,198,620 | |||||
Net income/(loss) | 42,150 | ||||||
Ending balance, value at Jun. 30, 2022 | $ 0 | $ 2 | 679,391 | (627,946) | 51,447 | 57,437 | 108,884 |
Ending balance at Jun. 30, 2022 | 24,032 | 25,238,591 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 0 | $ 2 | 679,347 | (672,906) | 6,443 | 55,119 | 61,562 |
Beginning balance at Mar. 31, 2022 | 24,032 | 25,238,591 | |||||
Net income/(loss) | $ 0 | $ 0 | 0 | 44,960 | 44,960 | 2,318 | 47,278 |
Stock-based compensation expenses (Note 10) | 0 | 0 | 44 | 0 | 44 | 0 | 44 |
Ending balance, value at Jun. 30, 2022 | $ 0 | $ 2 | $ 679,391 | $ (627,946) | $ 51,447 | $ 57,437 | $ 108,884 |
Ending balance at Jun. 30, 2022 | 24,032 | 25,238,591 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination, Description [Abstract] | |
Description of Business | NOTE 1: DESCRIPTION OF BUSINESS Description of Business Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM) owns (i) a controlling equity stake in Navios South American Logistics Inc. (“Navios Logistics”), a leading infrastructure and logistics company in the Hidrovia region of South America; and (ii) an ownership interest in Navios Maritime Partners L.P. (“Navios Partners”), a leading, United States (“U.S.”) publicly listed shipping company which owns and operates dry cargo and tanker vessels. On July 26, 2022, Navios Holdings agreed to sell its 36 835,000 Prior to the Transaction, Navios Holdings was 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 Logistics, a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007 infrastructures and 63.8 Navios Partners Navios Partners (NYSE:NMM) is an international owner and operator of dry cargo and tanker vessels and is engaged in the seaborne transportation services of a wide range of liquid and dry cargo commodities. Types of commodities Navios Partners transports include Navios Partners charters On March 31, 2021, Navios Partners acquired Navios Maritime Containers L.P. (“Navios Containers”), an international owner and operator of containerships, Following the completion of the NMCI Merger on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ. In consequence of the NMCI Merger, as of June 30, 2022, Navios Holdings had no equity investment in Navios Containers. On October 15, Navios Maritime Acquisition Corporation (“Navios Acquisition”), and Navios Partners consummated a merger transaction (the “NNA Merger”). Following the consummation of the NNA Merger on October 15, 2021, Navios Acquisition common shares were no longer listed for trading on the NYSE. In consequence of the NNA Merger, as of June 30, 2022, Navios Holdings had no equity investment in Navios Acquisition. As of both June 30, 2022 and December 31, 2021, Navios Holdings had a 10.3 of Navios Holdings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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, 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, 2021 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). Following Russia’s invasion of Ukraine in February 2022 the United States, the European Union, the United Kingdom and other countries have announced sanctions against Russia, and may impose wider sanctions and take other actions in the future. To date, no apparent consequences have been identified on the Company’s business. It should be noted that since the Company employs Ukrainian and Russian seafarers, it may face problems in relation to their employment, repatriation, salary payments and be subject to claims in this regard. Notwithstanding the foregoing, it is possible that these tensions might eventually have an adverse impact on our business, financial condition, results of operations and cash flows. Going concern The interim condensed consolidated financial statements have been prepared on a going concern basis. As of June 30, 2022, Navios Holdings’ current assets totaled $ 153,668 315,258 161,590 90,000 11.25 August 2022 77,704 As of August 2022, the Company had redeemed its 2022 Senior Secured Notes in full. Please see Note 6 “Borrowings” to the interim condensed consolidated financial statements. In July 2022, Navios Holdings agreed to sell its 36 835,000 262,632 80,000 Based on internal forecasts and projections that take into account potential changes in the Company’s trading performance and other assets, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of the interim condensed consolidated financial statements. Although internal forecasts and projections are driven by market data and are subject to future volatility along with other factors outside the control of the Company, with the existence of alternative liquidity sources and management’s ability to utilize them if needed, management concludes that the Company has the ability to continue as a going concern as of the date of the issuance of the interim condensed consolidated financial statements. (b) Principles of consolidation: Subsidiaries: 100 63.8 Investments in Affiliate Companies: 20 50 Affiliate companies included in the financial statements accounted for under the equity method: 10.3 6.9 3.9 (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. 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 number of days traveled as of the balance sheet date divided by the number of 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 set forth in the applicable 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. However, for loss generating time charters, the loss is recognized in the period during which the loss is generated. 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. Charters for periods of less than three months are referred to as spot-charters. Charters for periods of three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. For time-charters, the owner of the vessel typically pays the vessel’s operating costs, such as crews, maintenance and insurance. 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 to load 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 upon term. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks. Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage, and to load the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. Expenses related to our revenue-generating contracts are recognized as incurred. The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2022 and 2021: 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 $ — $ 24,519 $ 24,519 Time chartering revenue $ 89,349 $ 13,808 $ 103,157 Port terminal revenue $ — $ 25,174 $ 25,174 Storage fees (dry port) revenue $ — $ 1,812 $ 1,812 Dockage revenue $ — $ 1,745 $ 1,745 Liquid port terminal revenue $ — $ 1,614 $ 1,614 Other $ 687 $ 513 $ 1,200 Total $ 90,036 $ 69,185 $ 159,221 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 Six Month Period Ended COA/Voyage revenue $ — $ 44,326 $ 44,326 Time chartering revenue $ 157,724 $ 25,201 $ 182,925 Port terminal revenue $ — $ 47,991 $ 47,991 Storage fees (dry port) revenue $ — $ 2,173 $ 2,173 Dockage revenue $ — $ 3,107 $ 3,107 Sale of products revenue $ — $ 1,894 $ 1,894 Liquid port terminal revenue $ — $ 3,075 $ 3,075 Other $ 948 $ 572 $ 1,520 Total $ 158,672 $ 128,339 $ 287,011 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 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 July 2021, the FASB issued ASU 2021-05, Lease (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The guidance in ASU 2021-05 amends the lease classification requirements for the lessors under certain leases containing variable payments to align with practice under ASC 840. The lessor should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in ASC 842-10-25-2 through 25-3; and 2) the lessor would have otherwise recognized a day-one loss. The amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s interim condensed consolidated financial statements. On August 5, 2020, the FASB issued ASU No. 2020-06, Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -Contracts in Entity’s Own Equity (Subtopic 815-40). The objective of this update is to improve understandability and reduce complexity on distinguishing liabilities from equity. Amendments affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Adoption is allowed through either a modified retrospective method of transition or a fully retrospective method of transition. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s opening balances and interim condensed consolidated financial statements. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2022 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted 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, 2022 December 31, 2021 Cash on hand and at banks $ 45,561 $ 53,547 Short-term deposits and highly liquid funds 659 44 Restricted cash 8,726 84,260 Cash and cash equivalents and restricted cash $ 54,946 $ 137,851 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 condensed consolidated balance sheets under 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. As of June 30, 2022 and December 31, 2021, restricted cash included $ 8,726 0 84,250 10 |
Vessels, Port Terminals and Oth
Vessels, Port Terminals and Other Fixed Assets, Net | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 $ 1,392,629 $ (442,627) $ 950,002 Additions 4,622 (26,201) (21,579) Balance June 30, 2022 $ 1,397,251 $ (468,828) $ 928,423 Deposits for Vessels and Port Terminals Acquisitions As of June 30, 2022 and December 31, 2021, Navios Logistics had paid $ 765 713 “Other long-term assets”. During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges. As of December 31, 2021 a total of $ 19,501 1,062 During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal. As of December 31, 2021 a total of $ 1,843 During the second quarter of 2021, Navios Logistics completed the installation of a crane in its Grain Port Terminal. As of December 31, 2021, a total of $ 3,803 Impairment Loss/ Loss on Sale of Vessels, Net In July 2021, the Company completed the sale to Navios Partners of the Navios Azimuth, a 2011 Capesize 179,169 30,000 9,104 1,950 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, 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 5,766 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 30,000 March 22, 2021 31,960 Since 2018, Navios Logistics acquired approximately 9.0 hectares 1,580 |
Intangible Assets Other Than Go
Intangible Assets Other Than Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 December 31, 2021 Acquisition cost $ 178,642 $ 178,642 Accumulated amortization (88,441) (85,661) Total intangible assets net book value $ 90,201 $ 92,981 Amortization expense for both three month periods ended June 30, 2022 and 2021 amounted to $ 1,394 2,780 The remaining aggregate amortization of acquired intangibles as of June 30, 2022 will be as follows: Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization Period Year One $ 5,581 Year Two 5,588 Year Three 5,581 Year Four 5,581 Year Five 5,581 Thereafter 62,289 Total $ 90,201 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 6: BORROWINGS Borrowings Borrowings, as of June 30, 2022 and December 31, 2021, consisted of the following: Borrowings Facility June 30, 2022 December 31, 2021 Secured Credit Facilities $ 185,930 $ — 2022 Senior Secured Notes 90,000 155,000 2022 Notes — 455,466 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $ 306 — 48,879 $115.0 million NSM Loan (incl. accrued interest $571) — 64,630 NSM Loan I 127,632 — NSM Loan II 135,000 — Convertible Debenture 47,637 — Sale and Leaseback Agreements 137,802 114,837 2025 Logistics Senior Notes 500,000 500,000 Navios Logistics other long-term loans and notes payable 58,804 58,376 Total borrowings 1,291,431 1,405,814 Less: current portion, net (165,662) (307,451) Less: deferred finance costs, net (19,542) (19,330) Total long-term borrowings $ 1,106,227 $ 1,079,033 Navios Holdings Debt 2022 Senior Secured Notes November 21, 2017 305,000 11.25 97 During the three and six month periods ended June 30, 2022, the Company redeemed an aggregate principal amount of $ 40,000 65,000 100.00 No 106 221 10,000 In August 2022, the Company fully redeemed the outstanding balance of $ 80,000 the 2022 Senior Secured Notes 142 deferred financing costs For further information s 2022 Notes On November 29, 2013 650,000 of 7.375 14,356 12,454 1,873 In January 2022, the Company fully repaid the outstanding balance of $ 455,466 206,725 77,000 four 100,000 158,873 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 Secured Credit Facilities Hamburg Commercial Bank AG In December 2021 101,750 for the refinancing of seven dry bulk vessels January 5, 2022 LIBOR plus a margin 3.25 4.50 March 2022 10,380 one 91,345 eight quarterly 3,915 60,027 The loan facility required compliance with certain covenants, as described below. As of June 30, 2022, the outstanding balance under this facility was $ 87,430 . As of September 8, 2022 the outstanding balance of the secured credit facility was assumed by Navios Partners pursuant to the Transaction. For further information s Credit Agricole CIB/ BNP Paribas In December 2021 105,000 for the refinancing of seven dry bulk vessels. January 5, 2022 LIBOR plus a margin 2.85 3.75 quarterly 6,500 quarterly 4,750 41,000 The loan facility required compliance with certain covenants, as described below. As of June 30, 2022, the outstanding balance under this facility was $ 98,500 As of September 8, 2022 the outstanding balance of the secured credit facility was assumed by Navios Partners pursuant to the Transaction. For further information s The facilities were secured by first priority mortgages on certain of Navios Holdings’ vessels and other collateral. The credit facilities contained a number of restrictive covenants that limited Navios Holdings and/or certain of its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels securing such facilities; changing the flag, class, management or ownership of certain Navios Holdings’ vessels; changing the commercial and technical management of certain Navios Holdings’ vessels; selling or changing the ownership of certain Navios Holdings’ vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels. The credit facilities also required the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, the credit facilities required compliance with the covenants contained in the indentures governing the 2022 Senior Secured Notes and the 2024 Notes. Among other events, it would have been an event of default under the credit facilities if the Company failed to maintain the financial covenants or if Angeliki Frangou and her affiliate companies owned (in the aggregate) less than 10% of the outstanding share capital of Navios Holdings. The Company’s secured credit facilities required compliance with maintenance covenants. Depending on the facility, these covenants included: (i) value-to-loan ratio covenants based on charter-free valuations, ranging from over 125% to 133%; (ii) minimum liquidity, as defined in the credit facilities, of $10,000; (iii) total debt divided by total assets, as defined in each credit facility, of 75%; and (iv) net worth, as defined in the credit facility, of $125,000. As of June 30, 2022, the Company was in compliance with all of the covenants under each of its credit facilities. NSM Loan I In December 2021 127,632 two 48,573 79,059 As of June 30, 2022, the total outstanding balance of this facility amounted to $ 127,632 and is presented under the caption a 11,204 accrued payment in kind (“ PIK”) 18 under the caption . In the third quarter of 2022, the outstanding balance under NSM Loan I was fully repaid using cash received from the Transaction. For further information s NSM Loan II In December 2021 , Navios Holdings entered an amended and restated loan agreement to the existing $115.0 million NSM Loan (as defined herein) dated June 29, 2021 the “NSM Loan II” ”). Pursuant to NSM Loan II, a wholly-owned subsidiary of NSM made up to $ 135,000 available to the Company under a secured term loan in two tranches. The first tranche of $ 64,059 represented outstanding borrowings already made available under the $115.0 million NSM Loan and the second tranche of $ 70,941 represented new borrowings made available, in exchange for the release by NSM of certain existing collateral. As of June 30, 2022, the total outstanding balance of this facility amounted to $ 135,000 and is presented und 11,850 18 In the third quarter of 2022, the outstanding balance under NSM Loan II was fully repaid using cash received from the Transaction. For further information s Upon completion of the refinancing in January 2022, NSM received an upfront fee in respect of the NSM Loan I and the NSM Loan II of $24,000 in the form of a Convertible Debenture and is included in the interim condensed consolidated statement of comprehensive income under the caption “Non-operating other finance cost”. The agreements also provide for prepayment premiums ranging from 5 10 36 Convertible Debenture In December 2021, Navios Holdings entered into a convertible debenture with NSM (the “Convertible Debenture”), covering certain payments under the NSM Loans including an upfront fee of $ 24,000 five years 4 47,637 18 4 11,204 11,850 583 Following the repayments of the NSM Loan I and NSM Loan II described above, the applicable prepayment fee paid via increase of the Convertible Debenture is $ 61,730 Sale and Leaseback Agreements In the first quarter of 2020 68,000 for two Capesize vessels The sale and leaseback agreements for the two Capesize vessels were repayable by 144 monthly 224 238 fourth quarter of 2031 first quarter of 2032 750 In December 2021 77,000 in order to finance four dry bulk vessels. December 2021 58,000 Two dry bulk vessels were repayable by 96 481 72 monthly 688 fourth quarter of 2029 fourth quarter of 2027 3,600 3,500 19,000 January 2022 84 monthly 643 first quarter of 2029 1,000 In March 2022 to finance one dry bulk vessel 12,000 March 2022 60 monthly 521 first quarter of 2027 1,600 As of June 30, 2022, the outstanding balance under the sale and leaseback agreements was $ 137,802 In the third quarter of 2022, Navios Holdings completed the acquisition of a previously chartered-in vessel, Navios Sky. Please see also Note 15 “Leases” to the interim condensed consolidated financial statements. third quarter of 2022 to finance a dry bulk vessel 22,000 third quarter 2022 120 monthly 158 third quarter of 2032 3,000 The sale and leaseback agreements had no financial covenants. As of September 8, 2022 the outstanding balances of the sale and leaseback agreements were assumed by Navios Partners pursuant to the Transaction. For further information s Navios Logistics Debt 2025 Logistics Senior Notes On July 8, 2020 500,000 July 1, 2025 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 Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. 100 101 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. 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 are 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 restricted 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, 2022. As of , 2022 and December 31, 2021, deferred financing costs associated with the 2025 Logistics Senior Notes amounted to $ 14,403 15,927 Navios Logistics Other Long-term Loans and Notes Payable On February 28, 2022 7,000 in order to repay existing debt under the Navios Logistics Alpha Bank Loan. Secured Overnight Financing Rate (“SOFR”) plus 315 basis points. twelve quarterly August 18, 2022 2,800 May 18, 2022 7,000 87 99 On March 23, 2022 25,000 to repay existing debt with BBVA and for general corporate purposes. 4.25 quarterly July 1, 2025 is secured by assignments of certain receivables. 17,000 17,000 On March 25, 2022 5,000 for general corporate purposes. 4.20 twelve quarterly March 7, 2026 is secured by assignments of certain receivables. 4,711 As of June 30, 2022, Navios Logistics had long-term loans and notes payable, with a total outstanding balance of $ 58,804 to finance the construction of its Dry Port Terminal, the acquisition of vessels, or for general corporate purposes. LIBOR or SOFR 3.15 8.50 March 2024 March 2026 During the six month period ended June 30, 2022, the Company paid $ 39,035 131,012 262,632 235,725 31,000 During the six month period ended June 30, 2021, the Company 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, 2022 were 10.17 10.05 9.34 9.33 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, 2022, 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, 2023 $ 167,099 June 30, 2024 176,407 June 30, 2025 126,501 June 30, 2026 750,798 June 30, 2027 17,695 June 30, 2028 and thereafter 52,931 Total $ 1,291,431 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
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, including Convertible Debenture: 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, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 46,220 $ 46,220 $ 53,591 $ 53,591 Restricted cash $ 8,726 $ 8,726 $ 84,260 $ 84,260 Investments in available-for-sale-securities $ 220 $ 220 $ 219 $ 219 Senior and ship mortgage notes, net $ (584,450) $ (572,943) $ (1,101,931) $ (1,142,545) Long-term debt, including current portion $ (379,374) $ (382,536) $ (171,919) $ (173,213) Loans payable to affiliate companies, including current portion and Convertible Debenture $ (308,065) $ (310,269) $ (112,634) $ (112,634) 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, 2022 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 $ 220 $ 220 $ — $ — Total $ 220 $ 220 $ — $ — Fair Value Measurements as of December 31, 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 $ 219 $ 219 $ — $ — Total $ 219 $ 219 $ — $ — As of June 30, 2022, there were no assets measured at fair value on a non-recurring basis. As of December 31, 2021, the Company’s assets measured at fair value on a non-recurring basis were: Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis Fair Value Measurements as of December 31, 2021 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 $ 7,500 $ — $ 7,500 $ — Total $ 7,500 $ — $ 7,500 $ — Navios Logistics recorded an impairment loss of $ 21,966 7,500 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, 2022 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 46,220 $ 46,220 $ — $ — Restricted cash $ 8,726 $ 8,726 $ — $ — Investments in available-for-sale-securities $ 220 $ 220 $ — $ — Senior and ship mortgage notes $ (572,943) $ (564,317) $ (8,626) $ — Long-term debt, including current portion (1) $ (382,536) $ — $ (382,536) $ — Loans payable to affiliate companies, including current portion (2) $ (310,269) $ — $ (310,269) $ — Fair Value Measurements at December 31, 2021 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 53,591 $ 53,591 $ — $ — Restricted cash $ 84,260 $ 84,260 $ — $ — Investments in available-for-sale-securities $ 219 $ 219 $ — $ — Senior and ship mortgage notes $ (1,142,545) $ (1,133,919) $ (8,626) $ — Long-term debt, including current portion (1) $ (173,213) $ — $ (173,213) $ — Loans payable to affiliate companies, including current portion (2) $ (112,634) $ — $ (112,634) $ — (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, including Convertible Debenture 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, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8: COMMITMENTS AND CONTINGENCIES Commitments and Contingencies As of June 30, 2022, the Company was contingently liable for letters of guarantee and letters of credit amounting to $ 10 10 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 to be paid to Navios Logistics as a result of the settlement of $ 4,140 three 1,380 On April 28, 2022, Navios Logistics entered into a five year contract for eight liquid barges to be delivered from the fourth quarter of 2022 through the second quarter of 2023 60 monthly 26 At expiration, the Navios Logistics will have the ability to exercise the purchase option of these barges or extend the term of the finance leasing contract. In July 2022, Vale S.A. announced the closing of the sale of its iron ore, manganese ore and logistics assets in the Midwestern system to J&F Mineracao Ltda., an entity controlled by J&F Investimentos S.A. The Vale port contract entered into between Corporacion Navios S.A., a company controlled by Navios Logistics, and Vale International S.A. (“Vale”), dated September 27, 2013, remains in full force and effect. Any transfer, novation, or assignment of the Vale port contract or any obligations or rights arising thereunder by Vale is subject to the prior approval of the Navios counterparty. 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, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 9: TRANSACTIONS WITH RELATED PARTIES Transactions with Related Parties Vessel Operating Expenses (management fees): August 29, 2019 The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a 3.7 3.8 3.9 0.03 August 29, 2024 8,697 9,794 interim condensed consolidated statements of comprehensive income 17,297 20,365 interim condensed consolidated statements of comprehensive income 550 1,656 interim condensed consolidated statements of comprehensive income During the three and six month periods ended June 30, 2021, certain extraordinary fees and costs related to COVID-19 measures, including crew related expenses, amounted t 169 171 espectively, and are presented under the caption “Direct vessel expenses” in the interim condensed consolidated statements of comprehensive income Navios Partners Guarantee: November 2012 April 2021 5,000 General and administrative expenses: August 29, 2019 five years automatic five years August 29, 2024 1,932 2,168 3,843 4,508 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, 2022 and 2021 amounted to $ 286 572 Balance due to affiliate companies: 45,095 and 21,028 As of June 30, 2022, the balance due to NSM consisted mainly of management fees for vessel operating expenses, payments to the Manager in accordance with the 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, 2022, Navios Holdings had not exercised any part of that option. Sale of Vessels and Sale of Rights to Navios Partners: 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 of 2012 Capesize 179,515 2009 Capesize 180,022 58,000 2011 Capesize 28,500 2011 Capesize 179,169 30,000 On July 26, 2022, Navios Holdings agreed to sell its 36 835,000 Secured credit facility with Navios Logistics (Grimaud Loan): April 25, 2019 50,000 to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility was secured by any 2022 Notes purchased by Navios Holdings with these funds. 500 12.75 14.75 20,000 10.0 December 2024 Effective as of May 2021, and upon the release of certain collateral, the facility bore interest of 13.0 On June 30, 2021 On July 13, 2021, the Grimaud Loan plus accrued interest was repaid in full by the Company through the issuance of 9,301,542 7,500 NSM Loan: August 29, 2019 141,795 The Company’s obligations under the NSM Loan were guaranteed by substantially the same subsidiaries that guaranteed the 2022 Notes and secured by assets of the Company that did not secure the 2022 Notes or the 2022 Senior Secured Notes. 47,000 quarterly In certain cases, principal payments could be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. 5.0 7.0 five years In December 2021, the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of this facility through the NSM Loan I (as defined herein). As of June 30, 2022, and following the refinancing, the NSM Loan was fully repaid. The Company’s obligations under the NSM Loan were guaranteed by 2,072,121 ommon units in Navios Partners, first priority share pledges on two companies that have entered into sale and leaseback agreements and five companies that hold the rights to certain bareboat contracts $50.0 million NSM Loan: June 2020 50,000 to be used for general corporate purposes 18 quarterly 5.0 7.0 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 2022 Notes due 2022 owned by Navios Holdings and 40,587 On July 12, 2021, the Company refinanced the total outstanding balance of $ 39,735 $115.0 million NSM Loan: June 2021 115,000 to refinance $39,736 being the outstanding balance under the $50.0 million NSM Loan described above (“Tranche A”), (ii) to redeem amount of $70,000 of 2022 Senior Secured Notes and (iii) to be used for general corporate purposes (“Tranche B”) (the “$115.0 million NSM Loan”). 14 quarterly $2,838 November 30, 2024 seven quarterly 22,632 6,000 February 28, 2023 Both tranches bore interest at a rate of 10.5 quarterly 90 days 12.0 On July 12, 2021 In December 2021, the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of that facility through the NSM Loan I (as defined herein). As of June 30, 2022, and following the refinancing, the $115.0 million NSM Loan was fully repaid. As of June 30, 2022, the Company wrote off $ 875 The Company’s obligations under the $115.0 million NSM Loan were guaranteed by first priority security interests in a vessel, as well as pledge of certain 2022 Notes owned by Navios Holdings and 40,587 1,070,491 NSM Loan I: December 2021 127,632 two 48,573 79,059 quarterly 5,000 18% 16.5% 13.5% 127,632 11,204 18 four years The Company’s obligations under the NSM Loan I were guaranteed by 2,072,121 In the third quarter of 2022, the outstanding balance under NSM Loan I was fully repaid using cash received from the Transaction. For further information s NSM Loan II: December 2021 135,000 two 64,059 70,941 quarterly 5,000 18% 16.5% 13.5% 135,000 11,850 18 four years The Company’s obligations under the NSM Loan II were guaranteed by 40,587 1,070,491 In the third quarter of 2022, the outstanding balance under NSM Loan II was fully repaid using cash received from the Transaction. For further information s Upon completion of the refinancing in January 2022, NSM received an upfront fee in respect of the NSM Loan I and the NSM Loan II of $24,000 in the form of a Convertible Debenture and is included in the interim condensed consolidated statement of comprehensive income under the caption “Non-operating other finance cost”. The agreements also provide for prepayment premiums ranging from 5 10 36 Convertible Debenture: 24 five years 4 As of June 30, 2022, the total outstanding balance of the Convertible Debenture amounted to 47,637 18 4 11,204 11,850 583 Following the repayments of the NSM Loan I and NSM Loan II described above, the applicable prepayment fee paid via increase of the Convertible Debenture is $ 61,730 In accordance with the terms of the Convertible Debenture, Navios Holdings issued 1,000 9,133,147 29,754,721 3.93 Navios Logistics’ Shareholders Agreement: Promissory note: 20,000 four semi-annual 10,000 |
Preferred and Common Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022, 0 29 0 37,879 During the three and six month periods ended June 30, 2021, 56 83 0 37,879 Issuance of Cumulative Perpetual Preferred Stock The Company’s 2,000,000 4,800,000 2,500 25 8.75 8.625 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 In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. On July 15, 2017, the Company reached six quarterly dividend payments in arrears relating to its Series G and Series H and as a result the respective dividend rate increased by 0.25 32,909 Series I Preferred Stock In accordance with the terms of the Convertible Debenture, Navios Holdings issued 1,000 9,133,147 29,754,721 3.93 Issuances to Officers and Directors On December 15, 2021, pursuant to the stock plan approved by the Board of the Directors, 40,000 Navios Holdings had outstanding as of June 30, 2022 and December 31, 2021, 25,238,591 25,198,620 2,414,263 24,032 5,350 17,682 1,000 23,032 5,350 17,682 Sale of Navios Holdings shares of common stock On July 13, 2021, the Company issued 9,301,542 9,301,542 44,437 176 |
Other Income_(Expense), Net
Other Income/(Expense), Net | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income/(Expense), Net | NOTE 11: OTHER INCOME/(EXPENSE), NET Other Income/(Expense), Net During the three month periods ended June 30, 2022 and 2021, taxes other-than income taxes of Navios Logistics amounted to $ 1,418 1,218 During the six month periods ended June 30, 2022 and 2021, taxes other-than income taxes of Navios Logistics amounted to $ 3,002 2,222 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
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 Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of port terminal business, barge business and cabotage business. The Company measures segment performance based on net income attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows: Segment Information - Summarized financial information Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2022 Logistics Business for the Three Month Period Ended June 30, 2022 Total for the Three Month Period Ended June 30, 2022 Revenue $ 90,036 $ 69,185 $ 159,221 Interest expense and finance cost, net (19,893) (15,450) (35,343) Depreciation and amortization (6,640) (8,126) (14,766) Equity in net earnings of affiliate companies 13,160 — 13,160 Net income attributable to Navios Holdings common stockholders 40,870 4,090 44,960 Total assets 1,115,201 613,131 1,728,332 Goodwill 56,240 104,096 160,336 Capital expenditures (2,000) (988) (2,988) Investment in affiliate companies 148,384 — 148,384 Cash and cash equivalents 8,578 37,642 46,220 Restricted cash 8,726 — 8,726 Long-term debt, net (including current and noncurrent portion) $ 679,569 $ 544,683 $ 1,224,252 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 Six Month Period Ended June 30, 2022 Logistics Business for the Six Month Period Ended June 30, 2022 Total for the Six Month Period Ended June 30, 2022 Revenue $ 158,672 $ 128,339 $ 287,011 Interest expense and finance cost, net (42,114) (30,794) (72,908) Depreciation and amortization (13,072) (16,072) (29,144) Equity in net earnings of affiliate companies 22,958 — 22,958 Net income attributable to Navios Holdings common stockholders 36,099 3,861 39,960 Total assets 1,115,201 613,131 1,728,332 Goodwill 56,240 104,096 160,336 Capital expenditures (3,578) (2,709) (6,287) Investment in affiliate companies 148,384 — 148,384 Cash and cash equivalents 8,578 37,642 46,220 Restricted cash 8,726 — 8,726 Long-term debt, net (including current and noncurrent portion) $ 679,569 $ 544,683 $ 1,224,252 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 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 13: EARNINGS PER COMMON SHARE Earnings Per Common Share Earnings per share is calculated by dividing net income attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net income attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. For the three month periods ended June 30, 2022 and 2021, 193,503 and 384,419 , respectively, The Series I Preferred Stock are considered participating shares in earnings and are included in the calculation of basic and diluted earnings per common share. For the six month periods ended June 30, 2022 and 2021, 201,799 and 388,027 , respectively, The Series I Preferred Stock are considered participating shares in earnings and are included in the calculation of basic and diluted earnings per common share. Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted Three Month Period Ended June 30, 2022 Three Month Period Ended June 30, 2021 Six Month Period Ended June 30, 2022 Six Month Period Ended June 30, 2021 Numerator: Net income attributable to Navios Holdings common stockholders $ 44,960 $ 24,936 $ 39,960 $ 25,099 Less: Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,284) (2,561) (2,561) Undistributed income attributable to Series I participating preferred shares (12,451) — (9,284) — Plus: Income available to Navios Holdings common stockholders, basic and diluted $ 31,225 $ 23,652 $ 28,115 $ 22,538 Denominator: Denominator for basic earnings per share attributable to Navios Holdings common stockholders — weighted average shares 22,654,825 13,127,208 22,643,215 13,120,335 Basic earnings per share attributable to Navios Holdings common stockholders $ 1.38 $ 1.80 $ 1.24 $ 1.72 Denominator for diluted earnings per share attributable to Navios Holdings common stockholders — weighted average shares 22,848,328 13,511,627 22,845,014 13,508,382 Diluted earnings per share attributable to Navios Holdings common stockholders $ 1.37 $ 1.75 $ 1.23 1.67 |
Investments in Affiliate Compan
Investments in Affiliate Companies and Available-for-Sale Securities | 6 Months Ended |
Jun. 30, 2022 | |
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., 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, 2022 and December 31, 2021 Navios Partners has issued 7,687,730 156,895 As of June 30, 2022 and following the NMCI Merger and NNA Merger, Navios Holdings holds a total of 3,183,199 10.3 As of June 30, 2022 and December 31, 2021, 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 $ 54,479 56,351 As of June 30, 2022 and December 31, 2021, the carrying amount of the investment in Navios Partners was $ 148,384 125,744 Total equity method income of $ 13,160 9,125 22,958 38,322 Dividends received during each of the three month periods ended June 30, 2022 and 2021 were $ 159 128 318 232 As of June 30, 2022, the market value of the investment in Navios Partners was $ 73,214 Navios Acquisition 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 “NNA Merger”). On August 25, 2021, Navios Partners purchased 44,117,647 8.125 September 25, 2021 On October 15, 2021, Navios Partners completed the NNA Merger. As a result thereof, Navios Acquisition became a wholly-owned subsidiary of Navios Partners. Each outstanding common unit of Navios Acquisition that was held by a unitholder, other than Navios Partners, Navios Acquisition and their respective subsidiaries was converted into the right to receive 0.1275 3,388,226 Upon completion of the NNA Merger, as of October 15, 2021, Navios Holdings derecognized its investment in Navios Acquisition. Total equity method income of nil and $ 3,739 0 Total equity method income of nil and $ 1,686 0 Dividends received for each of the three month periods ended June 30, 2022 and 2021 were nil and for each of the six month periods ended June 30, 2022 and 2021 were nil and $ 243 0 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, On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the “NMCI Merger”). Under the terms of the NMCI Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of 8,133,452 0.39 . Upon completion of the NMCI Merger, as of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers. Total equity method income was nil for both the three month periods ended June 30, 2022 and 2021. Total equity method income of nil and $ 596 0 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, 2022 Three Month June 30, 2021 Revenue $ 280,661 $ 152,009 Time charter and voyage expenses $ (21,718) $ (5,869) Direct vessel expenses $ (12,920) $ (3,989) Vessel operating expenses $ (73,989) $ (41,771) Net income $ 118,160 $ 99,913 Income Statement Navios Partners Six Month June 30, 2022 Six Month June 30, 2021 Revenue $ 517,278 $ 217,072 Time charter and voyage expenses $ (38,861) $ (8,364) Direct vessel expenses $ (24,113) $ (7,143) Vessel operating expenses $ (147,161) $ (64,733) Net income $ 203,825 $ 236,592 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 the interim condensed consolidated statement of comprehensive (loss)/income. The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities. As of June 30, 2022 and December 31, 2021, the carrying amount of AFS Securities related to STX was $ 220 219 For the three month periods ended June 30, 2022 and 2021, the unrealized holding earnings related to these AFS Securities included under the caption “Other income/(expense), net” were $ 57 101 2 142 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | NOTE 15: LEASES Leases Operating 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, 2022, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from less than 0.1 8.0 Land lease agreements As of June 30, 2022, Navios Logistics had land lease agreements whose remaining lease terms range from 43.7 44.1 Office lease agreements As of June 30, 2022, Navios Logistics had office lease agreements whose remaining lease terms ranged from less than 1.3 4.4 The tables below present the components of the Company’s lease expense for the three and six month periods ended June 30, 2022 and 2021: Leases - Lease Expense Dry Bulk Vessel Operations Three Month Period Ended June 30, 2022 Logistics Business Three Month Period Ended June 30, 2022 Total Lease expense for charter-in contracts $ 15,514 $ 1,013 $ 16,527 Lease expense for land lease agreements — 165 165 Lease expense for office lease agreements — 120 120 Total $ 15,514 $ 1,298 $ 16,812 Dry Bulk 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 Dry Bulk Vessel Operations Six Month Period Ended June 30, 2022 Logistics Business Six Month Period Ended June 30, 2022 Total Lease expense for charter-in contracts $ 30,522 $ 2,021 $ 32,543 Lease expense for land lease agreements — 309 309 Lease expense for office lease agreements — 191 191 Total $ 30,522 $ 2,521 $ 33,043 Dry Bulk 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 Lease expenses for charter-in contracts are included in the interim condensed consolidated statement of comprehensive income under 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 under the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively. In June 2021, the Company acquired a previously charter-in vessel Navios Koyo, for which the Company wrote-off an amount of $ 3,952 12,541 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, 2022: Leases - Total amount of lease payments on an undiscounted basis Charter-in vessels in operation Land leases Office space June 30, 2023 $ 80,620 $ 556 $ 432 June 30, 2024 46,554 556 348 June 30, 2025 28,277 556 62 June 30, 2026 18,960 556 60 June 30, 2027 10,680 556 23 June 30, 2028 and thereafter 25,888 21,611 — Total $ 210,979 $ 24,391 $ 925 Operating lease liabilities, including current portion $ 162,567 $ 8,167 $ 826 Discount based on incremental borrowing rate $ 48,412 $ 16,224 $ 99 As of June 30, 2022, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 4.5 2.5 43.8 Finance Leases In the second quarter of 2022, the Company exercised the option to purchase the charter-in vessel Navios Sky. In accordance with ASC 842, the Company re-assessed the respective lease agreement and concluded the option would be accounted for as a lease modification. As of June 30, 2022, the Company recognized a finance lease asset amounting to $ 19,417 866 163 As of June 30, 2022, the Company paid an amount of $ 2,002 130 The table below provides the total amount of lease payments on our finance lease liability as of June 30, 2022: Leases - Total amount of lease payments Payment due by period June 30, 2023 $ 1,900 June 30, 2024 1,900 June 30, 2025 1,900 June 30, 2026 1,900 June 30, 2027 1,900 June 30, 2028 and thereafter 7,785 Total $ 17,285 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16: SUBSEQUENT EVENTS Subsequent Events 1) In August 2022, the Company fully redeemed the outstanding balance of $ 80,000 on the 2022 Senior Secured Notes using cash received from the Transaction. Please see also Note 6 “Borrowings” to the interim condensed consolidated financial statements. 2) On July 26, 2022, Navios Holdings agreed to sell its 36 -vessel dry bulk fleet for an aggregate consideration of $ 835,000 consisting of cash and the assumption of bank debt and finance leases related to the vessels and subject to working capital adjustment at closing, to Navios Partners. The closing of the Transaction was subject to customary closing conditions, including receipt of certain consents required in connection with Navios Partners’ assumption of bank debt in connection with the Transaction. The closing of the Transaction was effected in two tranches. The first tranche, involving the transfer of 15 vessels, was completed on July 29, 2022 . The second tranche, involving the remaining 21 vessels, was completed on September 8, 2022 . The net cash proceeds of the Transaction were used (a) to repay $ 262,632 under the NSM loans and (b) to fully redeem the outstanding balance of $ 80,000 under the 2022 Senior Secured Notes at maturity on August 15, 2022 . The Transaction was negotiated and unanimously approved by the Special Committee of Navios Holdings and was also unanimously approved by the full board of directors of Navios Holdings. The net cash proceeds will be determined once the working capital adjustments are finalized and settled as per the terms of the agreement. The expected gain from the Transaction will be recorded in the consolidated statements of comprehensive income in the third quarter of 2022. 3) In July 2022, the Company entered into a sale and leaseback agreement amounting to $ 22,000 to finance a dry bulk vessel third quarter of 2022 Please see also Note 6 “Borrowings” to the interim condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation: | (a) Basis of presentation: The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income, statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2021 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). Following Russia’s invasion of Ukraine in February 2022 the United States, the European Union, the United Kingdom and other countries have announced sanctions against Russia, and may impose wider sanctions and take other actions in the future. To date, no apparent consequences have been identified on the Company’s business. It should be noted that since the Company employs Ukrainian and Russian seafarers, it may face problems in relation to their employment, repatriation, salary payments and be subject to claims in this regard. Notwithstanding the foregoing, it is possible that these tensions might eventually have an adverse impact on our business, financial condition, results of operations and cash flows. Going concern The interim condensed consolidated financial statements have been prepared on a going concern basis. As of June 30, 2022, Navios Holdings’ current assets totaled $ 153,668 315,258 161,590 90,000 11.25 August 2022 77,704 As of August 2022, the Company had redeemed its 2022 Senior Secured Notes in full. Please see Note 6 “Borrowings” to the interim condensed consolidated financial statements. In July 2022, Navios Holdings agreed to sell its 36 835,000 262,632 80,000 Based on internal forecasts and projections that take into account potential changes in the Company’s trading performance and other assets, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of the interim condensed consolidated financial statements. Although internal forecasts and projections are driven by market data and are subject to future volatility along with other factors outside the control of the Company, with the existence of alternative liquidity sources and management’s ability to utilize them if needed, management concludes that the Company has the ability to continue as a going concern as of the date of the issuance of the interim condensed consolidated financial statements. |
Principles of consolidation: | (b) Principles of consolidation: Subsidiaries: 100 63.8 Investments in Affiliate Companies: 20 50 Affiliate companies included in the financial statements accounted for under the equity method: 10.3 6.9 3.9 |
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. 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 number of days traveled as of the balance sheet date divided by the number of 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 set forth in the applicable 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. However, for loss generating time charters, the loss is recognized in the period during which the loss is generated. 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. Charters for periods of less than three months are referred to as spot-charters. Charters for periods of three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. For time-charters, the owner of the vessel typically pays the vessel’s operating costs, such as crews, maintenance and insurance. 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 to load 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 upon term. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks. Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage, and to load the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. Expenses related to our revenue-generating contracts are recognized as incurred. The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2022 and 2021: 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 $ — $ 24,519 $ 24,519 Time chartering revenue $ 89,349 $ 13,808 $ 103,157 Port terminal revenue $ — $ 25,174 $ 25,174 Storage fees (dry port) revenue $ — $ 1,812 $ 1,812 Dockage revenue $ — $ 1,745 $ 1,745 Liquid port terminal revenue $ — $ 1,614 $ 1,614 Other $ 687 $ 513 $ 1,200 Total $ 90,036 $ 69,185 $ 159,221 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 Six Month Period Ended COA/Voyage revenue $ — $ 44,326 $ 44,326 Time chartering revenue $ 157,724 $ 25,201 $ 182,925 Port terminal revenue $ — $ 47,991 $ 47,991 Storage fees (dry port) revenue $ — $ 2,173 $ 2,173 Dockage revenue $ — $ 3,107 $ 3,107 Sale of products revenue $ — $ 1,894 $ 1,894 Liquid port terminal revenue $ — $ 3,075 $ 3,075 Other $ 948 $ 572 $ 1,520 Total $ 158,672 $ 128,339 $ 287,011 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 Deferred Income and Cash Received In Advance: These amounts are recognized as revenue over the voyage or charter period. |
Recent Accounting Pronouncements: | (d) Recent Accounting Pronouncements: Adoption of new accounting pronouncements: In July 2021, the FASB issued ASU 2021-05, Lease (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The guidance in ASU 2021-05 amends the lease classification requirements for the lessors under certain leases containing variable payments to align with practice under ASC 840. The lessor should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in ASC 842-10-25-2 through 25-3; and 2) the lessor would have otherwise recognized a day-one loss. The amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s interim condensed consolidated financial statements. On August 5, 2020, the FASB issued ASU No. 2020-06, Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -Contracts in Entity’s Own Equity (Subtopic 815-40). The objective of this update is to improve understandability and reduce complexity on distinguishing liabilities from equity. Amendments affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Adoption is allowed through either a modified retrospective method of transition or a fully retrospective method of transition. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s opening balances and interim condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 $ — $ 24,519 $ 24,519 Time chartering revenue $ 89,349 $ 13,808 $ 103,157 Port terminal revenue $ — $ 25,174 $ 25,174 Storage fees (dry port) revenue $ — $ 1,812 $ 1,812 Dockage revenue $ — $ 1,745 $ 1,745 Liquid port terminal revenue $ — $ 1,614 $ 1,614 Other $ 687 $ 513 $ 1,200 Total $ 90,036 $ 69,185 $ 159,221 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 Six Month Period Ended COA/Voyage revenue $ — $ 44,326 $ 44,326 Time chartering revenue $ 157,724 $ 25,201 $ 182,925 Port terminal revenue $ — $ 47,991 $ 47,991 Storage fees (dry port) revenue $ — $ 2,173 $ 2,173 Dockage revenue $ — $ 3,107 $ 3,107 Sale of products revenue $ — $ 1,894 $ 1,894 Liquid port terminal revenue $ — $ 3,075 $ 3,075 Other $ 948 $ 572 $ 1,520 Total $ 158,672 $ 128,339 $ 287,011 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 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Cash and Cash equivalents | Cash and Cash equivalents June 30, 2022 December 31, 2021 Cash on hand and at banks $ 45,561 $ 53,547 Short-term deposits and highly liquid funds 659 44 Restricted cash 8,726 84,260 Cash and cash equivalents and restricted cash $ 54,946 $ 137,851 |
Vessels, Port Terminals and O_2
Vessels, Port Terminals and Other Fixed Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Cost Accumulated Depreciation Net Book Value Balance December 31, 2021 $ 1,392,629 $ (442,627) $ 950,002 Additions 4,622 (26,201) (21,579) Balance June 30, 2022 $ 1,397,251 $ (468,828) $ 928,423 |
Intangible Assets Other Than _2
Intangible Assets Other Than Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Other Than Goodwill | Intangible Assets Other Than Goodwill Intangible assets June 30, 2022 December 31, 2021 Acquisition cost $ 178,642 $ 178,642 Accumulated amortization (88,441) (85,661) Total intangible assets net book value $ 90,201 $ 92,981 |
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 5,588 Year Three 5,581 Year Four 5,581 Year Five 5,581 Thereafter 62,289 Total $ 90,201 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Facility June 30, 2022 December 31, 2021 Secured Credit Facilities $ 185,930 $ — 2022 Senior Secured Notes 90,000 155,000 2022 Notes — 455,466 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $ 306 — 48,879 $115.0 million NSM Loan (incl. accrued interest $571) — 64,630 NSM Loan I 127,632 — NSM Loan II 135,000 — Convertible Debenture 47,637 — Sale and Leaseback Agreements 137,802 114,837 2025 Logistics Senior Notes 500,000 500,000 Navios Logistics other long-term loans and notes payable 58,804 58,376 Total borrowings 1,291,431 1,405,814 Less: current portion, net (165,662) (307,451) Less: deferred finance costs, net (19,542) (19,330) Total long-term borrowings $ 1,106,227 $ 1,079,033 |
Borrowings - Principal payments | Borrowings - Principal payments Payment due by period June 30, 2023 $ 167,099 June 30, 2024 176,407 June 30, 2025 126,501 June 30, 2026 750,798 June 30, 2027 17,695 June 30, 2028 and thereafter 52,931 Total $ 1,291,431 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Of Financial Instruments | |
Fair Value of Financial Instruments - Fair Value | Fair Value of Financial Instruments - Fair Value June 30, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 46,220 $ 46,220 $ 53,591 $ 53,591 Restricted cash $ 8,726 $ 8,726 $ 84,260 $ 84,260 Investments in available-for-sale-securities $ 220 $ 220 $ 219 $ 219 Senior and ship mortgage notes, net $ (584,450) $ (572,943) $ (1,101,931) $ (1,142,545) Long-term debt, including current portion $ (379,374) $ (382,536) $ (171,919) $ (173,213) Loans payable to affiliate companies, including current portion and Convertible Debenture $ (308,065) $ (310,269) $ (112,634) $ (112,634) |
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, 2022 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 $ 220 $ 220 $ — $ — Total $ 220 $ 220 $ — $ — Fair Value Measurements as of December 31, 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 $ 219 $ 219 $ — $ — Total $ 219 $ 219 $ — $ — |
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis | Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis Fair Value Measurements as of December 31, 2021 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 $ 7,500 $ — $ 7,500 $ — Total $ 7,500 $ — $ 7,500 $ — |
Fair Value of Financial Instruments - Fair value measurements | Fair Value of Financial Instruments - Fair value measurements Fair Value Measurements at June 30, 2022 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 46,220 $ 46,220 $ — $ — Restricted cash $ 8,726 $ 8,726 $ — $ — Investments in available-for-sale-securities $ 220 $ 220 $ — $ — Senior and ship mortgage notes $ (572,943) $ (564,317) $ (8,626) $ — Long-term debt, including current portion (1) $ (382,536) $ — $ (382,536) $ — Loans payable to affiliate companies, including current portion (2) $ (310,269) $ — $ (310,269) $ — Fair Value Measurements at December 31, 2021 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 53,591 $ 53,591 $ — $ — Restricted cash $ 84,260 $ 84,260 $ — $ — Investments in available-for-sale-securities $ 219 $ 219 $ — $ — Senior and ship mortgage notes $ (1,142,545) $ (1,133,919) $ (8,626) $ — Long-term debt, including current portion (1) $ (173,213) $ — $ (173,213) $ — Loans payable to affiliate companies, including current portion (2) $ (112,634) $ — $ (112,634) $ — (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, including Convertible Debenture 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, 2022 | |
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, 2022 Logistics Business for the Three Month Period Ended June 30, 2022 Total for the Three Month Period Ended June 30, 2022 Revenue $ 90,036 $ 69,185 $ 159,221 Interest expense and finance cost, net (19,893) (15,450) (35,343) Depreciation and amortization (6,640) (8,126) (14,766) Equity in net earnings of affiliate companies 13,160 — 13,160 Net income attributable to Navios Holdings common stockholders 40,870 4,090 44,960 Total assets 1,115,201 613,131 1,728,332 Goodwill 56,240 104,096 160,336 Capital expenditures (2,000) (988) (2,988) Investment in affiliate companies 148,384 — 148,384 Cash and cash equivalents 8,578 37,642 46,220 Restricted cash 8,726 — 8,726 Long-term debt, net (including current and noncurrent portion) $ 679,569 $ 544,683 $ 1,224,252 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 Six Month Period Ended June 30, 2022 Logistics Business for the Six Month Period Ended June 30, 2022 Total for the Six Month Period Ended June 30, 2022 Revenue $ 158,672 $ 128,339 $ 287,011 Interest expense and finance cost, net (42,114) (30,794) (72,908) Depreciation and amortization (13,072) (16,072) (29,144) Equity in net earnings of affiliate companies 22,958 — 22,958 Net income attributable to Navios Holdings common stockholders 36,099 3,861 39,960 Total assets 1,115,201 613,131 1,728,332 Goodwill 56,240 104,096 160,336 Capital expenditures (3,578) (2,709) (6,287) Investment in affiliate companies 148,384 — 148,384 Cash and cash equivalents 8,578 37,642 46,220 Restricted cash 8,726 — 8,726 Long-term debt, net (including current and noncurrent portion) $ 679,569 $ 544,683 $ 1,224,252 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 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Three Month Period Ended June 30, 2021 Six Month Period Ended June 30, 2022 Six Month Period Ended June 30, 2021 Numerator: Net income attributable to Navios Holdings common stockholders $ 44,960 $ 24,936 $ 39,960 $ 25,099 Less: Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,284) (2,561) (2,561) Undistributed income attributable to Series I participating preferred shares (12,451) — (9,284) — Plus: Income available to Navios Holdings common stockholders, basic and diluted $ 31,225 $ 23,652 $ 28,115 $ 22,538 Denominator: Denominator for basic earnings per share attributable to Navios Holdings common stockholders — weighted average shares 22,654,825 13,127,208 22,643,215 13,120,335 Basic earnings per share attributable to Navios Holdings common stockholders $ 1.38 $ 1.80 $ 1.24 $ 1.72 Denominator for diluted earnings per share attributable to Navios Holdings common stockholders — weighted average shares 22,848,328 13,511,627 22,845,014 13,508,382 Diluted earnings per share attributable to Navios Holdings common stockholders $ 1.37 $ 1.75 $ 1.23 1.67 |
Investments in Affiliate Comp_2
Investments in Affiliate Companies and Available-for-Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Three Month June 30, 2021 Revenue $ 280,661 $ 152,009 Time charter and voyage expenses $ (21,718) $ (5,869) Direct vessel expenses $ (12,920) $ (3,989) Vessel operating expenses $ (73,989) $ (41,771) Net income $ 118,160 $ 99,913 Income Statement Navios Partners Six Month June 30, 2022 Six Month June 30, 2021 Revenue $ 517,278 $ 217,072 Time charter and voyage expenses $ (38,861) $ (8,364) Direct vessel expenses $ (24,113) $ (7,143) Vessel operating expenses $ (147,161) $ (64,733) Net income $ 203,825 $ 236,592 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases - Lease Expense | Leases - Lease Expense Dry Bulk Vessel Operations Three Month Period Ended June 30, 2022 Logistics Business Three Month Period Ended June 30, 2022 Total Lease expense for charter-in contracts $ 15,514 $ 1,013 $ 16,527 Lease expense for land lease agreements — 165 165 Lease expense for office lease agreements — 120 120 Total $ 15,514 $ 1,298 $ 16,812 Dry Bulk 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 Dry Bulk Vessel Operations Six Month Period Ended June 30, 2022 Logistics Business Six Month Period Ended June 30, 2022 Total Lease expense for charter-in contracts $ 30,522 $ 2,021 $ 32,543 Lease expense for land lease agreements — 309 309 Lease expense for office lease agreements — 191 191 Total $ 30,522 $ 2,521 $ 33,043 Dry Bulk 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 |
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, 2023 $ 80,620 $ 556 $ 432 June 30, 2024 46,554 556 348 June 30, 2025 28,277 556 62 June 30, 2026 18,960 556 60 June 30, 2027 10,680 556 23 June 30, 2028 and thereafter 25,888 21,611 — Total $ 210,979 $ 24,391 $ 925 Operating lease liabilities, including current portion $ 162,567 $ 8,167 $ 826 Discount based on incremental borrowing rate $ 48,412 $ 16,224 $ 99 |
Leases - Total amount of lease payments | Leases - Total amount of lease payments Payment due by period June 30, 2023 $ 1,900 June 30, 2024 1,900 June 30, 2025 1,900 June 30, 2026 1,900 June 30, 2027 1,900 June 30, 2028 and thereafter 7,785 Total $ 17,285 |
Description of Business (Detail
Description of Business (Details Narrative) $ in Thousands | 6 Months Ended | 7 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jul. 26, 2022 USD ($) | Dec. 31, 2021 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 0 | $ 137,016 | ||
Navios Partners [Member] | ||||
Economic interests | 10.30% | 10.30% | ||
Navios Logistics [Member] | ||||
Incorporation date | Dec. 17, 2007 | |||
Ownership percentage of Navios Holdings | 63.80% | |||
Navios Partners [Member] | ||||
Number of vessels to be sold | 36 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 835,000 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 159,221 | $ 143,624 | $ 287,011 | $ 260,575 |
COA/Voyage revenue [Member] | ||||
Revenues | 24,519 | 24,700 | 44,326 | 47,498 |
Time chartering revenue [Member] | ||||
Revenues | 103,157 | 94,170 | 182,925 | 163,290 |
Port terminal revenue [Member] | ||||
Revenues | 25,174 | 21,342 | 47,991 | 40,925 |
Storage fees (dry port) revenue [Member] | ||||
Revenues | 1,812 | 16 | 2,173 | 124 |
Dockage revenue [Member] | ||||
Revenues | 1,745 | 1,282 | 3,107 | 1,880 |
Liquid port terminal revenue [Member] | ||||
Revenues | 1,614 | 1,216 | 3,075 | 2,448 |
Other [Member] | ||||
Revenues | 1,200 | 583 | 1,520 | 915 |
Sale of products revenue [Member] | ||||
Revenues | 315 | 1,894 | 3,495 | |
Dry bulk vessels [Member] | ||||
Revenues | 90,036 | 86,053 | 158,672 | 149,781 |
Dry bulk vessels [Member] | COA/Voyage revenue [Member] | ||||
Revenues | 0 | 2,803 | 0 | 8,016 |
Dry bulk vessels [Member] | Time chartering revenue [Member] | ||||
Revenues | 89,349 | 83,064 | 157,724 | 141,317 |
Dry bulk vessels [Member] | Port terminal revenue [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Dry bulk vessels [Member] | Storage fees (dry port) revenue [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Dry bulk vessels [Member] | Dockage revenue [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Dry bulk vessels [Member] | Liquid port terminal revenue [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Dry bulk vessels [Member] | Other [Member] | ||||
Revenues | 687 | 186 | 948 | 448 |
Dry bulk vessels [Member] | Sale of products revenue [Member] | ||||
Revenues | 0 | 0 | 0 | |
Logistics Business [Member] | ||||
Revenues | 69,185 | 57,571 | 128,339 | 110,794 |
Logistics Business [Member] | COA/Voyage revenue [Member] | ||||
Revenues | 24,519 | 21,897 | 44,326 | 39,482 |
Logistics Business [Member] | Time chartering revenue [Member] | ||||
Revenues | 13,808 | 11,106 | 25,201 | 21,973 |
Logistics Business [Member] | Port terminal revenue [Member] | ||||
Revenues | 25,174 | 21,342 | 47,991 | 40,925 |
Logistics Business [Member] | Storage fees (dry port) revenue [Member] | ||||
Revenues | 1,812 | 16 | 2,173 | 124 |
Logistics Business [Member] | Dockage revenue [Member] | ||||
Revenues | 1,745 | 1,282 | 3,107 | 1,880 |
Logistics Business [Member] | Liquid port terminal revenue [Member] | ||||
Revenues | 1,614 | 1,216 | 3,075 | 2,448 |
Logistics Business [Member] | Other [Member] | ||||
Revenues | $ 513 | 397 | 572 | 467 |
Logistics Business [Member] | Sale of products revenue [Member] | ||||
Revenues | $ 315 | $ 1,894 | $ 3,495 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) $ in Thousands | 6 Months Ended | 7 Months Ended | 8 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jul. 26, 2022 USD ($) | Aug. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Assets, Current | $ 153,668 | $ 229,447 | |||
Current liabilities, excluding operating lease liabilities | 315,258 | ||||
Working capital deficit | 161,590 | ||||
Long-Term Debt, Current Maturities | 165,662 | $ 307,451 | |||
Repayments of Debt | 77,704 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 0 | $ 137,016 | |||
Navios Partners and its subsidiaries [Member] | |||||
Economic rights | 10.30% | ||||
Navios Acquisition and its subsidiaries [Member] | |||||
Economic rights | 6.90% | ||||
Navios Containers and its subsidiaries [Member] | |||||
Economic rights | 3.90% | ||||
Minimum [Member] | Affiliate Companies [Member] | |||||
Voting rights | 20% | ||||
Maximum [Member] | Affiliate Companies [Member] | |||||
Voting rights | 50% | ||||
All Except Navios Logistics Subsidiary [Member] | |||||
Ownership percentage of Navios Holdings | 100% | ||||
Navios Logistics [Member] | |||||
Ownership percentage of Navios Holdings | 63.80% | ||||
Navios Partners [Member] | |||||
Number of vessels to be sold | 36 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 835,000 | ||||
2022 Senior Secured Notes [Member] | |||||
Long-Term Debt, Current Maturities | $ 90,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | ||||
Maturity Date | August 2022 | ||||
Repayments of Debt | $ 80,000 | ||||
NSM Loan I & II [Member] | Navios Partners [Member] | |||||
Repayments of Debt | 262,632 | ||||
2022 Notes [Member] | Navios Partners [Member] | |||||
Debt Instrument, Repurchased Face Amount | $ 80,000 |
Cash and Cash equivalents (Deta
Cash and Cash equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash on hand and at banks | $ 45,561 | $ 53,547 | ||
Short-term deposits and highly liquid funds | 659 | 44 | ||
Restricted cash | 8,726 | 84,260 | ||
Cash and cash equivalents and restricted cash | $ 54,946 | $ 137,851 | $ 73,169 | $ 111,184 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 8,726 | $ 84,260 |
Retention Accounts [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | 8,726 | 0 |
Navios Lumen, Navios Stellar and Navios Phoenix [Member] | 2022 Notes [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | 84,250 | |
Amounts Held As Security [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 10 | $ 10 |
Vessels, Port Terminals and O_3
Vessels, Port Terminals and Other Fixed Assets, net (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance | $ 950,002 |
Balance | 928,423 |
Cost [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 1,392,629 |
Additions | 4,622 |
Balance | 1,397,251 |
Accumulated Depreciation [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | (442,627) |
Additions | (26,201) |
Balance | (468,828) |
Net Book Value [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 950,002 |
Additions | (21,579) |
Balance | $ 928,423 |
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 | 7 Months Ended | 12 Months Ended | |||||
Feb. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||||||||||
Vessels, port terminals and other fixed assets, net | $ 928,423 | $ 928,423 | $ 950,002 | |||||||
Loss due to sale of vessels | $ 0 | $ (5,406) | 0 | $ (25,861) | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | $ 137,016 | ||||||||
Land Port Murtinho [Member] | Navios Logistics [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Capitalized interest | $ 765 | 713 | ||||||||
Area of land | 9.0 hectares | |||||||||
Costs Incurred, Development Costs | 1,580 | |||||||||
Construction of six liquid barges [Member] | Navios Logistics [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Capitalized interest | 1,062 | |||||||||
Vessels, port terminals and other fixed assets, net | 19,501 | |||||||||
Construction of 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 | |||||||||
Installation of a 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 | |||||||||
Navios Azimuth [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Year built | 2011 | |||||||||
Vessel type | Capesize | |||||||||
Vessel Capacity | 179,169 | |||||||||
Vessel sale price | $ 30,000 | |||||||||
Impairment loss | 9,104 | |||||||||
Carrying balance of dry dock and special survey costs | $ 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] | ||||||||||
Vessel sale price | 58,000 | $ 58,000 | ||||||||
Carrying balance of dry dock and special survey costs | 1,775 | |||||||||
Loss due to sale of vessels | $ 8,753 | |||||||||
Navios Koyo [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Year built | 2011 | |||||||||
Vessel type | Capesize | |||||||||
Vessel sale price | 28,500 | $ 28,500 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,500 | |||||||||
Gain due to sale of vessels | $ 12,451 | |||||||||
Navios Serenity [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Year built | 2011 | |||||||||
Vessel type | Handysize | |||||||||
Vessel Capacity | 34,690 | |||||||||
Vessel sale price | $ 10,388 | $ 10,388 | ||||||||
Carrying balance of dry dock and special survey costs | 11 | |||||||||
Loss due to sale of vessels | $ 6,957 | |||||||||
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] | ||||||||||
Vessel sale price | $ 39,250 | |||||||||
Carrying balance of dry dock and special survey costs | 495 | |||||||||
Loss due to sale of vessels | 13,498 | |||||||||
Working capital adjustments | $ 5,766 | |||||||||
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 | |||||||||
Seller's Credit Agreement for the Navios Logistics 2020 Fleet [Member] | Navios Logistics [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessels, port terminals and other fixed assets, net | $ 31,960 | |||||||||
Description of scope | for the acquisition of three pushboats and 18 tank barges | |||||||||
Purchase price | $ 30,000 | |||||||||
Acquisition date | March 22, 2021 |
Intangible Assets Other Than _3
Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Acquisition cost | $ 178,642 | $ 178,642 |
Accumulated amortization | (88,441) | (85,661) |
Total intangible assets net book value | $ 90,201 | $ 92,981 |
Intangible Assets Other Than _4
Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Year One | $ 5,581 | |
Year Two | 5,588 | |
Year Three | 5,581 | |
Year Four | 5,581 | |
Year Five | 5,581 | |
Thereafter | 62,289 | |
Total | $ 90,201 | $ 92,981 |
Intangible Assets Other Than _5
Intangible Assets Other Than Goodwill (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,394 | $ 1,394 | $ 2,780 | $ 2,780 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Line of Credit | $ 584,450 | $ 1,101,931 |
Total borrowings | 1,291,431 | 1,405,814 |
Less: current portion, net | (165,662) | (307,451) |
Less: deferred finance costs, net | (19,542) | (19,330) |
Total long-term borrowings | 1,106,227 | 1,079,033 |
2022 Senior Secured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit | 90,000 | 155,000 |
2022 Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit | 0 | 455,466 |
2024 Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit | 8,626 | 8,626 |
NSM Loan (incl. accrued interest $306) [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 0 | 48,879 |
$115.0 million NSM Loan (incl. accrued interest $571) [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 0 | 64,630 |
NSM Loan I [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 127,632 | 0 |
NSM Loan II [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 135,000 | 0 |
Convertible Debenture [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 47,637 | 0 |
Sale and Leaseback Agreements [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowings | 137,802 | 114,837 |
2025 Logistics Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit | 500,000 | 500,000 |
Navios Logistics other long-term loans and notes payable [Member] | ||
Line of Credit Facility [Line Items] | ||
Notes payable | 58,804 | 58,376 |
Secured Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit | $ 185,930 | $ 0 |
Borrowings - Principal payments
Borrowings - Principal payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
June 30, 2023 | $ 167,099 |
June 30, 2024 | 176,407 |
June 30, 2025 | 126,501 |
June 30, 2026 | 750,798 |
June 30, 2027 | 17,695 |
June 30, 2028 and thereafter | 52,931 |
Total | $ 1,291,431 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jul. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 77,704,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | $ (106,000) | $ 1,873,000 | (221,000) | $ 1,873,000 | |||||
Outstanding amount | 1,291,431,000 | $ 1,291,431,000 | $ 1,405,814,000 | ||||||
Debt Instrument, Covenant Description | The Company’s secured credit facilities required compliance with maintenance covenants. Depending on the facility, these covenants included: (i) value-to-loan ratio covenants based on charter-free valuations, ranging from over 125% to 133%; (ii) minimum liquidity, as defined in the credit facilities, of $10,000; (iii) total debt divided by total assets, as defined in each credit facility, of 75%; and (iv) net worth, as defined in the credit facility, of $125,000. | ||||||||
Convertible Notes Payable, Noncurrent | 47,637,000 | $ 47,637,000 | $ 0 | ||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 137,802 | 137,802 | |||||||
Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible Notes Payable, Noncurrent | 47,637,000 | $ 47,637,000 | |||||||
Convertible conversion ratio | 4% | ||||||||
Number of trading months | 36 | ||||||||
Convertible Debt | $ 24,000,000 | ||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | five years | ||||||||
Minimum [Member] | Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible conversion ratio | 5% | ||||||||
Maximum [Member] | Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible conversion ratio | 10% | ||||||||
Hamburg Commercial Bank AG [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | December 2021 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 101,750,000 | $ 101,750,000 | |||||||
Description of scope, credit facility | for the refinancing of seven dry bulk vessels | ||||||||
Drawn down date | January 5, 2022 | ||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | ||||||||
Prepayment date | March 2022 | ||||||||
Prepayments of debt | $ 10,380,000 | ||||||||
Number Of Vessels Released As Collateral | one | ||||||||
Outstanding amount | 87,430,000 | $ 87,430,000 | $ 91,345,000 | ||||||
Number of repayment installments | 8 | ||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||
Line of Credit Facility, Periodic Payment | $ 3,915,000 | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 60,027,000 | $ 60,027,000 | |||||||
Hamburg Commercial Bank AG [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||
Hamburg Commercial Bank AG [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||
Loan Facility Credit Agricole CIB/ BNP Paribas ($105,000) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | December 2021 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 105,000,000 | $ 105,000,000 | |||||||
Description of scope, credit facility | for the refinancing of seven dry bulk vessels. | ||||||||
Drawn down date | January 5, 2022 | ||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | ||||||||
Outstanding amount | 98,500,000 | $ 98,500,000 | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 41,000,000 | $ 41,000,000 | |||||||
Loan Facility Credit Agricole CIB/ BNP Paribas ($105,000) [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||||||||
Loan Facility Credit Agricole CIB/ BNP Paribas ($105,000) [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||
Four of Navios Holdings Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 131,012,000 | $ 36,199,000 | |||||||
Sale and Leaseback Agreements $77,000 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Sale Leaseback Transaction, Date | December 2021 | ||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 77,000,000 | $ 77,000,000 | |||||||
Sale and Leaseback Transaction Description | in order to finance four dry bulk vessels. | ||||||||
Sale and Leaseback Agreements $77,000 [Member] | Two dry bulk vessels [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of repayment installments | 96 | ||||||||
Debt Instrument, Periodic Payment | $ 481,000 | ||||||||
Debt Instrument, Maturity Date, Description | fourth quarter of 2029 | ||||||||
Balloon payment | 3,600,000 | $ 3,600,000 | |||||||
Sale and Leaseback Agreements $77,000 [Member] | One Dry Bulk Vessel [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||
Number of repayment installments | 72 | ||||||||
Debt Instrument, Periodic Payment | $ 688,000 | ||||||||
Debt Instrument, Maturity Date, Description | fourth quarter of 2027 | ||||||||
Balloon payment | 3,500,000 | $ 3,500,000 | |||||||
Sale and Leaseback Agreements $77,000 [Member] | Fourth Sale Lease Back Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Drawn down date | January 2022 | ||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||
Number of repayment installments | 84 | ||||||||
Debt Instrument, Periodic Payment | $ 643,000 | ||||||||
Debt Instrument, Maturity Date, Description | first quarter of 2029 | ||||||||
Balloon payment | 1,000,000 | $ 1,000,000 | |||||||
Proceeds from Lines of Credit | $ 19,000,000 | ||||||||
Sale And Leaseback Agreements $68,000 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||
Sale Leaseback Transaction, Date | first quarter of 2020 | ||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 68,000,000 | $ 68,000,000 | |||||||
Sale and Leaseback Transaction Description | for two Capesize vessels | ||||||||
Number of repayment installments | 144 | ||||||||
Sale And Leaseback Agreements $68,000 [Member] | Capesize Vessel A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment | $ 224,000 | ||||||||
Debt Instrument, Maturity Date, Description | fourth quarter of 2031 | ||||||||
Balloon payment | 750,000 | $ 750,000 | |||||||
Sale And Leaseback Agreements $68,000 [Member] | Capesize Vessel B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment | $ 238,000 | ||||||||
Debt Instrument, Maturity Date, Description | first quarter of 2032 | ||||||||
Balloon payment | 750,000 | $ 750,000 | |||||||
Sale and Leaseback Agreements $12,000 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Drawn down date | March 2022 | ||||||||
Number of repayment installments | 60 | ||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||
Sale Leaseback Transaction, Date | March 2022 | ||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 12,000,000 | $ 12,000,000 | |||||||
Sale and Leaseback Transaction Description | to finance one dry bulk vessel | ||||||||
Debt Instrument, Periodic Payment | $ 521,000 | ||||||||
Debt Instrument, Maturity Date, Description | first quarter of 2027 | ||||||||
Balloon payment | $ 1,600,000 | $ 1,600,000 | |||||||
Sale and Leaseback Agreements $22,000 [Member] | Eight Sale Lease Back Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Drawn down date | third quarter 2022 | ||||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||||
Sale Leaseback Transaction, Date | third quarter of 2022 | ||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 22,000,000 | ||||||||
Sale and Leaseback Transaction Description | to finance a dry bulk vessel | ||||||||
Number of repayment installments | 120 | ||||||||
Debt Instrument, Periodic Payment | $ 158,000 | ||||||||
Debt Instrument, Maturity Date, Description | third quarter of 2032 | ||||||||
Balloon payment | 3,000,000 | ||||||||
First four installments [Member] | Loan Facility Credit Agricole CIB/ BNP Paribas ($105,000) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Periodic Payment | $ 6,500,000 | ||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||
Next eight installments [Member] | Loan Facility Credit Agricole CIB/ BNP Paribas ($105,000) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Periodic Payment | $ 4,750,000 | ||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||
Three of the four new sale and leaseback agreements [Member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Drawn down date | December 2021 | ||||||||
Proceeds from Lines of Credit | $ 58,000,000 | ||||||||
Three Month Period Ended [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Weighted Average Interest Rate | 10.17% | 9.34% | 10.17% | 9.34% | |||||
Six Month Period Ended [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Weighted Average Interest Rate | 10.05% | 9.33% | 10.05% | 9.33% | |||||
2022 Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | November 21, 2017 | ||||||||
Debt Instrument, Face Amount | $ 305,000,000 | $ 305,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | 11.25% | |||||||
Debt instrument, issuance price percentage | 97% | ||||||||
Agreggate principal amount, redeemed | $ 40,000,000 | $ 0 | $ 65,000,000 | $ 0 | $ 10,000,000 | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | ||||||||
Write off of Deferred Debt Issuance Cost | 106,000 | $ 221,000 | |||||||
Repayments of Debt | $ 80,000,000 | ||||||||
Deferred Financing Costs | $ 142,000 | ||||||||
Maturity Date | August 2022 | ||||||||
2022 Notes [member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 650,000,000 | $ 650,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | |||||||
Repayments of Debt | $ 455,466,000 | ||||||||
Debt Instrument, Issuance Date | Nov. 29, 2013 | ||||||||
Debt Instrument, Repurchased Face Amount | 14,356,000 | 14,356,000 | |||||||
Debt Instrument, Repurchase Amount | $ 12,454,000 | 12,454,000 | |||||||
Gain (Loss) on Extinguishment of Debt | 1,873,000 | ||||||||
2022 Notes [member] | NSM Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | 100,000,000 | ||||||||
2022 Notes [member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 77,000,000 | ||||||||
Number of sale and leaseback agreements | four | ||||||||
2022 Notes [member] | Two Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 206,725,000 | ||||||||
2022 Notes [member] | NSM Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Asset Not Pledged As Collateral. | $ 158,873,000 | ||||||||
Senior Notes 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||
Senior Notes 2024 [Member] | Series H Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 4,747,000 | $ 4,747,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | 9.75% | |||||||
Debt instrument issuance date | March 21, 2019 | ||||||||
Treasury Stock, Shares, Acquired | shares | 10,930 | ||||||||
Senior Notes 2024 [Member] | Series G Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 3,879,000 | $ 3,879,000 | |||||||
Debt instrument issuance date | April 21, 2019 | ||||||||
Treasury Stock, Shares, Acquired | shares | 8,841 | ||||||||
Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Covenant Compliance | As of June 30, 2022, the Company was in compliance with all of the covenants under each of its credit facilities. | ||||||||
NSM Loan I [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | December 2021 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 127,632,000 | $ 127,632,000 | |||||||
Outstanding amount | $ 127,632,000 | $ 127,632,000 | |||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | ||||||||
Number of loan tranches | 2 | 2 | |||||||
NSM Loan I [Member] | Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible Notes Payable, Noncurrent | $ 11,204,000 | $ 11,204,000 | |||||||
Convertible conversion ratio | 18% | ||||||||
NSM Loan I [Member] | Tranche A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 48,573,000 | $ 48,573,000 | |||||||
NSM Loan I [Member] | Tranche B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 79,059,000 | $ 79,059,000 | |||||||
NSM Loan II [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | December 2021 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 135,000,000 | $ 135,000,000 | |||||||
Outstanding amount | $ 135,000,000 | $ 135,000,000 | |||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | ||||||||
Number of loan tranches | 2 | 2 | |||||||
NSM Loan II [Member] | Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible Notes Payable, Noncurrent | $ 11,850,000 | $ 11,850,000 | |||||||
Convertible conversion ratio | 18% | ||||||||
NSM Loan II [Member] | Tranche A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 64,059,000 | $ 64,059,000 | |||||||
NSM Loan II [Member] | Tranche B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,941,000 | $ 70,941,000 | |||||||
NSM Loan I & II [Member] | Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible conversion ratio | 18% | ||||||||
Prepayment fee | $ 61,730,000 | ||||||||
Four Percent PIK [Member] | Convertible Debenture [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Convertible Notes Payable, Noncurrent | 583,000 | $ 583,000 | |||||||
Convertible conversion ratio | 4% | ||||||||
2025 Logistics Senior Notes [Member] | Navios Logistics [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | 10.75% | |||||||
Deferred Financing Costs | $ 14,403,000 | $ 14,403,000 | 15,927,000 | ||||||
Debt Instrument, Issuance Date | Jul. 08, 2020 | ||||||||
Debt Instrument, Covenant Description | 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”). | ||||||||
Debt Instrument, Covenant Compliance | The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2022. | ||||||||
Maturity Date | July 1, 2025 | ||||||||
2025 Logistics Senior Notes [Member] | Prior to August 1, 2022 [Member] | Navios Logistics [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35% | ||||||||
Debt Instrument, Redemption Price, Percentage | 110.75% | ||||||||
Debt Instrument, Redemption, Description | Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. | ||||||||
2025 Logistics Senior Notes [Member] | Upon Certain Changes In Law [Member] | Navios Logistics [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | ||||||||
2025 Logistics Senior Notes [Member] | Upon occurrence of certain change of control events [Member] | Navios Logistics [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101% | ||||||||
2022 Navios Logistics Alpha Bank Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | February 28, 2022 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,000,000 | $ 7,000,000 | |||||||
Description of scope, credit facility | in order to repay existing debt under the Navios Logistics Alpha Bank Loan. | ||||||||
Drawn down date | May 18, 2022 | ||||||||
Line of Credit Facility, Interest Rate Description | Secured Overnight Financing Rate (“SOFR”) plus 315 basis points. | ||||||||
Outstanding amount | 7,000,000 | $ 7,000,000 | |||||||
Number of repayment installments | 12 | ||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,800,000 | $ 2,800,000 | |||||||
Debt Instrument, Date of First Required Payment | Aug. 18, 2022 | ||||||||
Debt Issuance Costs, Gross | 87,000 | $ 87,000 | 99,000 | ||||||
2022 Navios Logistics BBVA Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | March 23, 2022 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | $ 25,000,000 | |||||||
Description of scope, credit facility | to repay existing debt with BBVA and for general corporate purposes. | ||||||||
Outstanding amount | $ 17,000,000 | $ 17,000,000 | |||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||
Maturity Date | July 1, 2025 | ||||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | 4.25% | |||||||
Description of collateral | is secured by assignments of certain receivables. | ||||||||
Amount drawn down | $ 17,000,000 | $ 17,000,000 | |||||||
Navios Logistics Santander Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility initiation date | March 25, 2022 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | $ 5,000,000 | |||||||
Description of scope, credit facility | for general corporate purposes. | ||||||||
Outstanding amount | $ 4,711,000 | $ 4,711,000 | |||||||
Number of repayment installments | 12 | ||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||
Maturity Date | March 7, 2026 | ||||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.20% | 4.20% | |||||||
Description of collateral | is secured by assignments of certain receivables. | ||||||||
Navios Logistics other long-term loans and notes payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Description of scope, credit facility | to finance the construction of its Dry Port Terminal, the acquisition of vessels, or for general corporate purposes. | ||||||||
Notes and Loans Payable | $ 58,804,000 | $ 58,804,000 | $ 58,376,000 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR or SOFR | ||||||||
Navios Logistics other long-term loans and notes payable [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | ||||||||
Debt Instrument, Maturity Date, Description | March 2024 | ||||||||
Navios Logistics other long-term loans and notes payable [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | ||||||||
Debt Instrument, Maturity Date, Description | March 2026 | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Secured Debt | $ 39,035,000 | $ 79,071,000 | |||||||
NSM Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | 262,632,000 | ||||||||
Long-term debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | 235,725,000 | ||||||||
Sale and Leaseback Agreements [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 31,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Of Financial Instruments | ||
Cash and cash equivalents - Book Value | $ 46,220 | $ 53,591 |
Cash and cash equivalents - Fair Value | 46,220 | 53,591 |
Restricted cash - Book Value | 8,726 | 84,260 |
Restricted cash - Fair Value | 8,726 | 84,260 |
Investments in available-for-sale-securities - Book Value | 220 | 219 |
Investments in available-for-sale-securities - Fair Value | 220 | 219 |
Senior and ship mortgage notes, net - Book Value | (584,450) | (1,101,931) |
Senior and ship mortgage notes, net - Fair Value | (572,943) | (1,142,545) |
Long-term debt, including current portion - Book Value | (379,374) | (171,919) |
Long-term debt, including current portion - Fair Value | (382,536) | (173,213) |
Loans payable to affiliate companies, including current portion and Convertible Debenture - Book Value | (308,065) | (112,634) |
Loans payable to affiliate companies, including current portion and Convertible Debenture - Fair Value | $ (310,269) | $ (112,634) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair value measurements on a recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale-securities | $ 220 | $ 219 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale-securities | 220 | 219 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale-securities | 220 | 219 |
Total | 220 | 219 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale-securities | 220 | 219 |
Total | $ 220 | $ 219 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Vessels, port terminals and other fixed assets, net | $ 7,500 |
Total | 7,500 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Vessels, port terminals and other fixed assets, net | 7,500 |
Total | $ 7,500 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Fair value measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Cash and cash equivalents | $ 46,220 | $ 53,591 |
Restricted cash | 8,726 | 84,260 |
Investments in available-for-sale-securities | 220 | 219 |
Senior and ship mortgage notes | (572,943) | (1,142,545) |
Long-term debt, including current portion | (382,536) | (173,213) |
Loans payable to affiliate companies, including current portion and Convertible Debenture | (310,269) | (112,634) |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash and cash equivalents | 46,220 | 53,591 |
Restricted cash | 8,726 | 84,260 |
Investments in available-for-sale-securities | 220 | 219 |
Senior and ship mortgage notes | (564,317) | (1,133,919) |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Senior and ship mortgage notes | (8,626) | (8,626) |
Long-term debt, including current portion | (382,536) | (173,213) |
Loans payable to affiliate companies, including current portion and Convertible Debenture | $ (310,269) | $ (112,634) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Details Narrative) - Navios Logistics [Member] - Two tanker vessels [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Impairment Charges | $ 21,966 |
Property, Plant, and Equipment, Fair Value Disclosure | $ 7,500 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | 4 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Apr. 28, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Jun. 01, 2023 USD ($) | Jun. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2021 USD ($) | |
Letters of Credit Outstanding, Amount | $ 10 | $ 10 | |||||
Navios Logistics [Member] | Storage And Transshipment Contract [Member] | |||||||
Contractual Obligation | $ 4,140 | ||||||
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 | ||||||
Navios Logistics [Member] | Finance Leasing Contract For Eight Liquid Barges [Member] | |||||||
Repayment installments | 60 | ||||||
Finance lease liability, maturity | five year | ||||||
Lessee, Finance Lease, Description | contract for eight liquid barges to be delivered from the | ||||||
Date of delivery | fourth quarter of 2022 through the second quarter of 2023 | ||||||
Frequency of periodic payments | monthly | ||||||
Finance Lease, Principal Payments | $ 26 | ||||||
Lessee, Finance Lease, Option to Extend | At expiration, the Navios Logistics will have the ability to exercise the purchase option of these barges or extend the term of the finance leasing contract. | ||||||
Navios Logistics [Member] | Vitol S.A. [Member] | Performance Guarantee [Member] | |||||||
Description of guarantee | Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2023. | ||||||
Guarantee and indemnity letter | $ 12,000 | ||||||
Navios Logistics [Member] | Edolmix S.A. and Energias Renovables del Sur S.A. [Member] | Performance Guarantee [Member] | |||||||
Description of guarantee | On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively. | ||||||
Navios Logistics [Member] | Eldomix S.A. [Member] | Performance Guarantee [Member] | |||||||
Guarantee and indemnity letter | $ 847 | ||||||
Navios Logistics [Member] | Energias Renovables del Sur S.A. [Member] | Performance Guarantee [Member] | |||||||
Guarantee and indemnity letter | $ 519 |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||
Sep. 08, 2022 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Jul. 13, 2021 USD ($) shares | Jun. 30, 2021 USD ($) | Aug. 15, 2022 USD ($) | Jul. 26, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 30, 2021 USD ($) | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Dec. 02, 2019 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Sep. 13, 2022 shares | Jan. 03, 2022 shares | Jul. 12, 2021 USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||||||||
Direct Operating Costs | $ 30,040,000 | $ 29,232,000 | $ 58,502,000 | $ 55,147,000 | |||||||||||||||
General and Administrative Expense | 9,340,000 | 8,544,000 | 15,905,000 | 15,363,000 | |||||||||||||||
Due to Affiliate, Current | 45,095,000 | 45,095,000 | $ 21,028,000 | ||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 137,016,000 | |||||||||||||||||
Repayments of Debt | 77,704,000 | ||||||||||||||||||
Long-Term Debt, Gross | 1,291,431,000 | 1,291,431,000 | 1,405,814,000 | ||||||||||||||||
Convertible Debenture, outstanding balance | 47,637,000 | 47,637,000 | $ 0 | ||||||||||||||||
Nonoperating, other finance cost | $ 0 | 0 | $ (24,000,000) | $ 0 | |||||||||||||||
Common Stock, Shares, Outstanding | shares | 25,238,591 | 25,238,591 | 25,198,620 | ||||||||||||||||
Convertible Debenture [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible Debenture, outstanding balance | $ 47,637,000 | $ 47,637,000 | |||||||||||||||||
Convertible conversion ratio | 4% | ||||||||||||||||||
Number of trading days | 36 | ||||||||||||||||||
Nonoperating, other finance cost | $ 24,000,000 | ||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | five years | ||||||||||||||||||
Convertible Debenture [Member] | Minimum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible conversion ratio | 5% | ||||||||||||||||||
Convertible Debenture [Member] | Maximum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible conversion ratio | 10% | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common Stock, Shares, Outstanding | shares | 25,238,591 | 25,238,591 | 25,198,620 | ||||||||||||||||
Series I Preferred Stock [Member] | Convertible Debenture [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 1,000 | ||||||||||||||||||
Common Stock, Shares, Outstanding | shares | 9,133,147 | 9,133,147 | 29,754,721 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.93 | $ 3.93 | |||||||||||||||||
Grimaud Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | April 25, 2019 | ||||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |||||||||||||||||
Description of scope, credit facility | to be used for general corporate purposes, including the repurchase of 2022 Notes. | ||||||||||||||||||
Description of collateral | This credit facility was secured by any 2022 Notes purchased by Navios Holdings with these funds. | ||||||||||||||||||
Line Credit Facility Arrangement Fees | $ 500,000 | ||||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 20,000,000 | ||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 10% | 10% | |||||||||||||||||
Maturity date | December 2024 | ||||||||||||||||||
Amended Grimaud Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 13% | 13% | |||||||||||||||||
Supplemental Grimaud Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | June 30, 2021 | ||||||||||||||||||
Prepayments of debt | $ 7,500,000 | ||||||||||||||||||
Supplemental Grimaud Loan [Member] | Common Stock [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | shares | 9,301,542 | ||||||||||||||||||
Midstream General Partner Option Agreement [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, 2022, Navios Holdings had not exercised any part of that option. | ||||||||||||||||||
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] | |||||||||||||||||||
Sale price | $ 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] | |||||||||||||||||||
Sale price | 58,000,000 | $ 58,000,000 | |||||||||||||||||
Navios Koyo [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Year built | 2011 | ||||||||||||||||||
Vessel type | Capesize | ||||||||||||||||||
Sale price | 28,500,000 | $ 28,500,000 | |||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,500,000 | ||||||||||||||||||
Navios Azimuth [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Year built | 2011 | ||||||||||||||||||
Vessel type | Capesize | ||||||||||||||||||
Vessel Capacity | 179,169 | ||||||||||||||||||
Sale price | $ 30,000,000 | ||||||||||||||||||
Navios Partners Guarantee [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Guarantee Initiation Date | November 2012 | ||||||||||||||||||
Repayment date | April 2021 | ||||||||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | $ 5,000,000 | ||||||||||||||||||
First Year [Member] | Grimaud Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 12.75% | ||||||||||||||||||
Second Year [Member] | Grimaud Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 14.75% | ||||||||||||||||||
NSM Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 141,795,000 | $ 141,795,000 | |||||||||||||||||
Debt Instrument, Issuance Date | Aug. 29, 2019 | ||||||||||||||||||
Description of the facility's collateral | The Company’s obligations under the NSM Loan were guaranteed by substantially the same subsidiaries that guaranteed the 2022 Notes and secured by assets of the Company that did not secure the 2022 Notes or the 2022 Senior Secured Notes. | ||||||||||||||||||
Repayments of Debt | $ 47,000,000 | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Line of Credit Facility, Frequency of Payment and Payment Terms | In certain cases, principal payments could be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. | ||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5% | 5% | |||||||||||||||||
Interest rate for deferred principal amounts | 7% | 7% | |||||||||||||||||
Line of Credit Facility, Expiration Period | 5 years | ||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 2,072,121 | 2,072,121 | |||||||||||||||||
$50.0 million NSM Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | June 2020 | ||||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |||||||||||||||||
Description of scope, credit facility | to be used for general corporate purposes | ||||||||||||||||||
Repayment frequency | quarterly | ||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5% | 5% | |||||||||||||||||
Interest rate for deferred principal amounts | 7% | 7% | |||||||||||||||||
Number of repayment installments | 18 | ||||||||||||||||||
Long-Term Debt, Gross | $ 39,735,000 | ||||||||||||||||||
$115.0 million NSM Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | June 2021 | ||||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 115,000,000 | $ 115,000,000 | |||||||||||||||||
Description of scope, credit facility | to refinance $39,736 being the outstanding balance under the $50.0 million NSM Loan described above (“Tranche A”), (ii) to redeem amount of $70,000 of 2022 Senior Secured Notes and (iii) to be used for general corporate purposes (“Tranche B”) (the “$115.0 million NSM Loan”). | ||||||||||||||||||
Amount drawn down | 115,000,000 | $ 115,000,000 | |||||||||||||||||
Drawn down date | July 12, 2021 | ||||||||||||||||||
Debt Issuance Costs, Net | $ 875,000 | $ 875,000 | |||||||||||||||||
$115.0 million NSM Loan [Member] | Tranche A [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Maturity date | November 30, 2024 | ||||||||||||||||||
Number of repayment installments | 14 | ||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 2,838,000 | ||||||||||||||||||
$115.0 million NSM Loan [Member] | Tranche B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Maturity date | February 28, 2023 | ||||||||||||||||||
Number of repayment installments | 7 | ||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||||
$115.0 million NSM Loan [Member] | Tranche A and B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | 10.50% | |||||||||||||||||
$115.0 million NSM Loan [Member] | First Two Installments [Member] | Tranche B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 22,632,000 | ||||||||||||||||||
$115.0 million NSM Loan [Member] | Remaining Installments [Member] | Tranche B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 6,000,000 | ||||||||||||||||||
$115.0 million NSM Loan [Member] | Payment Deferral [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | 12% | |||||||||||||||||
Debt instrument, maximum deferred discount amortization period | 90 days | ||||||||||||||||||
NSM Loan I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | December 2021 | ||||||||||||||||||
Revolving loan facility maximum borrowing capacity | $ 127,632,000 | $ 127,632,000 | |||||||||||||||||
Description of the facility's collateral | The Company’s obligations under the NSM Loan I were guaranteed by 2,072,121 common units in Navios Partners. | ||||||||||||||||||
Line of Credit Facility, Expiration Period | 4 years | ||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 2,072,121 | 2,072,121 | |||||||||||||||||
Long-Term Debt, Gross | $ 127,632,000 | $ 127,632,000 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | ||||||||||||||||||
Number of loan tranches | 2 | 2 | |||||||||||||||||
NSM Loan I [Member] | Convertible Debenture [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible Debenture, outstanding balance | $ 11,204,000 | $ 11,204,000 | |||||||||||||||||
Convertible conversion ratio | 18% | ||||||||||||||||||
NSM Loan I [Member] | Tranche A [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revolving loan facility maximum borrowing capacity | 48,573,000 | $ 48,573,000 | |||||||||||||||||
NSM Loan I [Member] | Tranche B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revolving loan facility maximum borrowing capacity | 79,059,000 | $ 79,059,000 | |||||||||||||||||
NSM Loan I [Member] | Until the 2022 Senior Secured Notes are repaid [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 18% | ||||||||||||||||||
NSM Loan I [Member] | When paid in form of Convertible Debenture for the first 18 months [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 16.5% | ||||||||||||||||||
NSM Loan I [Member] | When paid in form of cash [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 13.5% | ||||||||||||||||||
NSM Loan II [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of credit facility initiation date | December 2021 | ||||||||||||||||||
Revolving loan facility maximum borrowing capacity | 135,000,000 | $ 135,000,000 | |||||||||||||||||
Line of Credit Facility, Expiration Period | 4 years | ||||||||||||||||||
Long-Term Debt, Gross | $ 135,000,000 | $ 135,000,000 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | ||||||||||||||||||
Number of loan tranches | 2 | 2 | |||||||||||||||||
NSM Loan II [Member] | Convertible Debenture [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible Debenture, outstanding balance | $ 11,850,000 | $ 11,850,000 | |||||||||||||||||
Convertible conversion ratio | 18% | ||||||||||||||||||
NSM Loan II [Member] | Tranche A [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revolving loan facility maximum borrowing capacity | 64,059,000 | $ 64,059,000 | |||||||||||||||||
NSM Loan II [Member] | Tranche B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revolving loan facility maximum borrowing capacity | 70,941,000 | $ 70,941,000 | |||||||||||||||||
NSM Loan II [Member] | Until the 2022 Senior Secured Notes are repaid [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 18% | ||||||||||||||||||
NSM Loan II [Member] | When paid in form of cash [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 13.5% | ||||||||||||||||||
NSM Loan II [Member] | When paid in PIK Interest [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 16.5% | ||||||||||||||||||
NSM Loan I & II [Member] | Convertible Debenture [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible conversion ratio | 18% | ||||||||||||||||||
Prepayment fee | $ 61,730,000 | ||||||||||||||||||
Four Percent PIK [Member] | Convertible Debenture [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Convertible Debenture, outstanding balance | $ 583,000 | $ 583,000 | |||||||||||||||||
Convertible conversion ratio | 4% | ||||||||||||||||||
NSM [Member] | Management Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ratio of management services fee | $ 3,900 | $ 3,800 | $ 3,700 | ||||||||||||||||
NSM [Member] | Management Agreement [Member] | Automatic Extension [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Duration of management fees agreement | five years | five years | |||||||||||||||||
Navios Partners [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of vessels to be sold | 36 | ||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 835,000,000 | ||||||||||||||||||
Navios Partners [Member] | Tranche A [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of vessels to be sold | 15 | ||||||||||||||||||
Navios Partners [Member] | Tranche B [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of vessels to be sold | 21 | ||||||||||||||||||
Navios Partners [Member] | NSM Loan [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Repayments of Debt | $ 262,632,000 | ||||||||||||||||||
Navios Partners [Member] | NSM Loan I & II [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Repayments of Debt | $ 262,632,000 | ||||||||||||||||||
Navios Partners [Member] | $50.0 million NSM Loan [Member] | First Priority Mortgage [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Description of the facility's collateral | 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 2022 Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners. | ||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 40,587 | 40,587 | |||||||||||||||||
Navios Partners [Member] | $115.0 million NSM Loan [Member] | First Priority Mortgage [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Description of the facility's collateral | The Company’s obligations under the $115.0 million NSM Loan were guaranteed by first priority security interests in a vessel, as well as pledge of certain 2022 Notes owned by Navios Holdings and 40,587 common units in Navios Partners and a second priority pledge in the Navios Logistics’ shares, 1,070,491 common units in Navios Partners and second priority pledge over the collateral securing the NSM Loan. | ||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 40,587 | 40,587 | |||||||||||||||||
Navios Partners [Member] | $115.0 million NSM Loan [Member] | Second Priority Mortgage [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 1,070,491 | 1,070,491 | |||||||||||||||||
Navios Partners [Member] | NSM Loan II [Member] | First Priority Mortgage [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Description of the facility's collateral | The Company’s obligations under the NSM Loan II were guaranteed by 40,587 common units in Navios Partners, a second priority pledge in the Navios Logistics’ shares, 1,070,491 common units in Navios Partners, and a second priority pledge over the collateral securing the NSM Loan I. | ||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 40,587 | 40,587 | |||||||||||||||||
Navios Partners [Member] | NSM Loan II [Member] | Second Priority Mortgage [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | shares | 1,070,491 | 1,070,491 | |||||||||||||||||
NSM [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Affiliate, Current | $ 45,095,000 | $ 45,095,000 | $ 21,028,000 | ||||||||||||||||
NSM [Member] | Management Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Management Agreement Initiation Date | August 29, 2019 | ||||||||||||||||||
Duration of management fees agreement | five years | five years | |||||||||||||||||
Termination date of agreement | August 29, 2024 | ||||||||||||||||||
Management Fee Expense | $ 8,697,000 | 9,794,000 | $ 17,297,000 | 20,365,000 | |||||||||||||||
Direct Operating Costs | $ 550,000 | 169,000 | 1,656,000 | 171,000 | |||||||||||||||
NSM [Member] | Management Agreement [Member] | Chartered-in vessels [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ratio of management services fee | $ 30 | ||||||||||||||||||
NSM [Member] | Administrative Services Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Termination date of agreement | August 29, 2024 | ||||||||||||||||||
Adrninistrative Services Agreement Initiation Date | August 29, 2019 | ||||||||||||||||||
Duration of administrative services agreement | five years | five years | |||||||||||||||||
General and Administrative Expense | $ 1,932,000 | 2,168,000 | $ 3,843,000 | 4,508,000 | |||||||||||||||
NSM [Member] | Administrative Services Agreement [Member] | Navios Logistics [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
General and Administrative Expense | $ 286,000 | $ 286,000 | $ 572,000 | $ 572,000 | |||||||||||||||
NSM [Member] | Administrative Services Agreement [Member] | Automatic Extension [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Duration of administrative services agreement | five years | five years | |||||||||||||||||
Navios Logistics [Member] | Grimaud [Member] | Promissory Note [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of repayment installments | 4 | ||||||||||||||||||
Line of Credit Facility, Frequency of Payments | semi-annual | ||||||||||||||||||
Origination of Notes Receivable from Related Parties | $ 20,000,000 | ||||||||||||||||||
Repayment of Notes Receivable from Related Parties | $ 10,000,000 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jan. 15, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 21, 2019 | Apr. 18, 2019 | Jun. 30, 2022 | Jul. 13, 2021 | Jun. 30, 2021 | Jul. 15, 2017 | Dec. 31, 2021 | Sep. 13, 2022 | Jan. 03, 2022 | |
Class of Stock [Line Items] | ||||||||||||
Shares tendered, nominal value | $ 0 | $ 0 | $ 0 | |||||||||
Common Stock, Shares, Outstanding | 25,238,591 | 25,238,591 | 25,198,620 | |||||||||
Preferred Stock, Shares Outstanding | 24,032 | 24,032 | 23,032 | |||||||||
Grimaud [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 9,301,542 | |||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 9,301,542 | |||||||||||
Net proceeds | $ 44,437 | |||||||||||
Costs from sale of common stock | $ 176 | |||||||||||
Navios Corporation [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Treasury Stock, Common, Shares | 2,414,263 | 2,414,263 | ||||||||||
American Depositary Shares [Member] | Series G and Series H [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Percentage of the increase of the preferred dividend rate | 25% | |||||||||||
Stock Plan Approved By B.O.D [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,000 | |||||||||||
Series G Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Outstanding | 5,350 | 5,350 | 5,350 | |||||||||
Series G Preferred Stock [Member] | Exchange program for 66 2/3% shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued for the exchange offer | 8,841 | |||||||||||
Shares tendered, nominal value | $ 21,271 | |||||||||||
Tender offer expenses | 620 | |||||||||||
Payments for tender offer expenses | 4,423 | |||||||||||
2024 Notes issued | 3,879 | |||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | 12,568 | |||||||||||
Dividends cancelled | $ 6,798 | |||||||||||
Series G Preferred Stock [Member] | American Depositary Shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 2,000,000 | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | $ 2,500 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | $ 25 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | |||||||||||
Series H Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Outstanding | 17,682 | 17,682 | 17,682 | |||||||||
Series H Preferred Stock [Member] | Exchange program for 66 2/3% shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued for the exchange offer | 10,930 | |||||||||||
Shares tendered, nominal value | $ 26,297 | |||||||||||
Tender offer expenses | 997 | |||||||||||
Payments for tender offer expenses | 4,188 | |||||||||||
2024 Notes issued | 4,747 | |||||||||||
Gain/ (Loss) from stock redemption recognized in Retained Earnings | 16,365 | |||||||||||
Dividends cancelled | $ 7,678 | |||||||||||
Series H Preferred Stock [Member] | American Depositary Shares [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,800,000 | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | $ 2,500 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | $ 25 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.625% | |||||||||||
Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Outstanding | 24,032 | 24,032 | 23,032 | |||||||||
Preferred Stock [Member] | Dividends Undeclared [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Undeclared preferred dividends | $ 32,909 | |||||||||||
Series I Preferred Stock [Member] | Convertible Debenture [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,000 | |||||||||||
Common Stock, Shares, Outstanding | 9,133,147 | 9,133,147 | 29,754,721 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 3.93 | $ 3.93 | ||||||||||
Preferred Stock, Shares Outstanding | 1,000 | 1,000 | ||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common Stock, Shares, Outstanding | 25,238,591 | 25,238,591 | 25,198,620 | |||||||||
Restricted Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Forfeited shares of common stock | 0 | 56 | 29 | 83 | ||||||||
Vested units | 0 | 0 | 37,879 | 37,879 |
Other Income_(Expense), Net (De
Other Income/(Expense), Net (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Expense [Member] | Navios Logistics [Member] | ||||
Other (expense)/income - taxes other than income taxes | $ 1,418 | $ 1,218 | $ 3,002 | $ 2,222 |
Segment Information - Summarize
Segment Information - Summarized financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 159,221 | $ 143,624 | $ 287,011 | $ 260,575 | |
Interest expense and finance cost, net | (35,343) | (36,170) | (72,908) | (72,370) | |
Depreciation and amortization | (14,766) | (15,988) | (29,144) | (32,254) | |
Equity in net earnings of affiliate companies | 13,160 | 12,854 | 22,958 | 40,594 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 44,960 | 24,936 | 39,960 | 25,099 | |
Total assets | 1,728,332 | 1,728,332 | $ 1,808,778 | ||
Goodwill | 160,336 | 160,336 | 160,336 | ||
Investment in affiliate companies | 148,384 | 148,384 | 125,744 | ||
Cash and cash equivalents | 46,220 | 46,220 | 53,591 | ||
Restricted cash | 8,726 | 8,726 | $ 84,260 | ||
Long-term debt, net (including current and noncurrent portion) | 1,291,431 | 1,291,431 | |||
Dry bulk vessels [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 90,036 | 86,053 | 158,672 | 149,781 | |
Interest expense and finance cost, net | (19,893) | (21,011) | (42,114) | (42,855) | |
Depreciation and amortization | (6,640) | (7,917) | (13,072) | (16,714) | |
Equity in net earnings of affiliate companies | 13,160 | 12,854 | 22,958 | 40,594 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 40,870 | 27,795 | 36,099 | 27,694 | |
Total assets | 1,115,201 | 1,156,441 | 1,115,201 | 1,156,441 | |
Goodwill | 56,240 | 56,240 | 56,240 | 56,240 | |
Capital expenditures | (2,000) | (22,758) | (3,578) | (24,152) | |
Investment in affiliate companies | 148,384 | 97,351 | 148,384 | 97,351 | |
Cash and cash equivalents | 8,578 | 25,689 | 8,578 | 25,689 | |
Restricted cash | 8,726 | 10 | 8,726 | 10 | |
Long-term debt, net (including current and noncurrent portion) | 679,569 | 927,399 | 679,569 | 927,399 | |
Logistics Business [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 69,185 | 57,571 | 128,339 | 110,794 | |
Interest expense and finance cost, net | (15,450) | (15,159) | (30,794) | (29,515) | |
Depreciation and amortization | (8,126) | (8,071) | (16,072) | (15,540) | |
Equity in net earnings of affiliate companies | 0 | 0 | 0 | 0 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 4,090 | (2,859) | 3,861 | (2,595) | |
Total assets | 613,131 | 672,652 | 613,131 | 672,652 | |
Goodwill | 104,096 | 104,096 | 104,096 | 104,096 | |
Capital expenditures | (988) | (3,646) | (2,709) | (22,033) | |
Investment in affiliate companies | 0 | 0 | 0 | 0 | |
Cash and cash equivalents | 37,642 | 47,470 | 37,642 | 47,470 | |
Restricted cash | 0 | 0 | 0 | 0 | |
Long-term debt, net (including current and noncurrent portion) | 544,683 | 549,054 | 544,683 | 549,054 | |
Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 159,221 | 143,624 | 287,011 | 260,575 | |
Interest expense and finance cost, net | (35,343) | (36,170) | (72,908) | (72,370) | |
Depreciation and amortization | (14,766) | (15,988) | (29,144) | (32,254) | |
Equity in net earnings of affiliate companies | 13,160 | 12,854 | 22,958 | 40,594 | |
Net income/ (loss) attributable to Navios Holdings common stockholders | 44,960 | 24,936 | 39,960 | 25,099 | |
Total assets | 1,728,332 | 1,829,093 | 1,728,332 | 1,829,093 | |
Goodwill | 160,336 | 160,336 | 160,336 | 160,336 | |
Capital expenditures | (2,988) | (26,404) | (6,287) | (46,185) | |
Investment in affiliate companies | 148,384 | 97,351 | 148,384 | 97,351 | |
Cash and cash equivalents | 46,220 | 73,159 | 46,220 | 73,159 | |
Restricted cash | 8,726 | 10 | 8,726 | 10 | |
Long-term debt, net (including current and noncurrent portion) | $ 1,224,252 | $ 1,476,453 | $ 1,224,252 | $ 1,476,453 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net income attributable to Navios Holdings common stockholders | $ 44,960 | $ 24,936 | $ 39,960 | $ 25,099 |
Less: | ||||
Declared and undeclared dividend on preferred stock and on unvested restricted shares | (1,284) | (1,284) | (2,561) | (2,561) |
Undistributed income attributable to Series I participating preferred shares | (12,451) | 0 | (9,284) | 0 |
Plus: | ||||
Income available to Navios Holdings common stockholders, basic and diluted | $ 31,225 | $ 23,652 | $ 28,115 | $ 22,538 |
Denominator: | ||||
Denominator for basic earnings per share attributable to Navios Holdings common stockholders — weighted average shares | 22,654,825 | 13,127,208 | 22,643,215 | 13,120,335 |
Basic earnings per share attributable to Navios Holdings common stockholders | $ 1.38 | $ 1.80 | $ 1.24 | $ 1.72 |
Denominator for diluted earnings per share attributable to Navios Holdings common stockholders — weighted average shares | 22,848,328 | 13,511,627 | 22,845,014 | 13,508,382 |
Diluted earnings per share attributable to Navios Holdings common stockholders | $ 1.37 | $ 1.75 | $ 1.23 | $ 1.67 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details Narrative) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Common Stock [Member] | ||||
Antidilutive Securities Included In Computation of Earnings Per Share, Amount | 193,503 | 384,419 | 201,799 | 388,027 |
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, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue | $ 159,221 | $ 143,624 | $ 287,011 | $ 260,575 | ||
Net income | 47,278 | $ (5,128) | 24,545 | $ 1,314 | 42,150 | 25,859 |
Navios Partners [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue | 280,661 | 152,009 | 517,278 | 217,072 | ||
Time charter and voyage expenses | (21,718) | (5,869) | (38,861) | (8,364) | ||
Direct vessel expenses | (12,920) | (3,989) | (24,113) | (7,143) | ||
Vessel operating expenses | (73,989) | (41,771) | (147,161) | (64,733) | ||
Net income | $ 118,160 | $ 99,913 | $ 203,825 | $ 236,592 |
Investments in Affiliate Comp_3
Investments in Affiliate Companies and Available-for-Sale Securities (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 04, 2021 shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Aug. 25, 2021 shares | Oct. 15, 2021 shares | Dec. 31, 2021 USD ($) shares | |
Investments in affiliate companies | $ 148,384 | $ 148,384 | $ 125,744 | |||||
Equity in net earnings of affiliated companies | 13,160 | $ 12,854 | 22,958 | $ 40,594 | ||||
Investment in available-for-sale-securities | $ 220 | $ 220 | $ 219 | |||||
Navios Acquisition [Member] | Navios Acquisition's Ship Mortgage Notes [Member] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 44,117,647 | |||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.125% | |||||||
Debt Instrument, Maturity Date | Sep. 25, 2021 | |||||||
Navios Partners [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 10.30% | 10.30% | 10.30% | |||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 54,479 | $ 54,479 | $ 56,351 | |||||
Investments in affiliate companies | 148,384 | 148,384 | 125,744 | |||||
Equity in net earnings of affiliated companies | 13,160 | 9,125 | 22,958 | 38,322 | ||||
Dividends received | 159 | 128 | 318 | 232 | ||||
Market value of the investment | $ 73,214 | $ 73,214 | ||||||
Navios Partners [Member] | Upon NMCI and NNA Merger [Member] | ||||||||
Partners' Capital Account, Units | shares | 3,183,199 | 3,183,199 | ||||||
Equity Method Investment, Ownership Percentage | 10.30% | 10.30% | ||||||
Navios Acquisition [Member] | ||||||||
Equity in net earnings of affiliated companies | $ 0 | 3,739 | $ 0 | 1,686 | ||||
Dividends received | 0 | 243 | ||||||
Shares conversion rate | 0.1275 | |||||||
Partners' Capital Account, Units, Acquisitions | shares | 3,388,226 | |||||||
Navios Containers [Member] | ||||||||
Equity in net earnings of affiliated companies | 0 | 596 | ||||||
AFS Securities [Member] | ||||||||
Investment in available-for-sale-securities | 220 | 220 | $ 219 | |||||
Available-for-sale Equity Securities, Gross Unrealized Gain | $ 57 | $ 101 | $ 2 | $ 142 | ||||
Navios Containers [Member] | Navios Partners [Member] | NMCI Merger [Member] | ||||||||
Shares conversion rate | 0.39 | |||||||
Common units issued | shares | 8,133,452 | |||||||
Navios Holdings [Member] | Navios Partners [Member] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2% | |||||||
Navios Partners [Member] | Continuous Offering Program Sales Agreement [Member] | General Partner [Member] | ||||||||
Partners' Capital Account, Units, Sale of Units | shares | 156,895 | 156,895 | ||||||
Navios Partners [Member] | Common Stock [Member] | Continuous Offering Program Sales Agreement [Member] | ||||||||
Partners' Capital Account, Units, Sale of Units | shares | 7,687,730 | 7,687,730 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease expense | $ 16,812 | $ 21,115 | $ 33,043 | $ 43,457 |
Drybulk Vessel Operations [Member] | ||||
Lease expense | 15,514 | 19,252 | 30,522 | 39,850 |
Logistics Business [Member] | ||||
Lease expense | 1,298 | 1,863 | 2,521 | 3,607 |
Chartered-in vessels [Member] | ||||
Lease expense | 16,527 | 20,882 | 32,543 | 43,018 |
Chartered-in vessels [Member] | Drybulk Vessel Operations [Member] | ||||
Lease expense | 15,514 | 19,252 | 30,522 | 39,850 |
Chartered-in vessels [Member] | Logistics Business [Member] | ||||
Lease expense | 1,013 | 1,630 | 2,021 | 3,168 |
Land [Member] | ||||
Lease expense | 165 | 142 | 309 | 282 |
Land [Member] | Logistics Business [Member] | ||||
Lease expense | 165 | 142 | 309 | 282 |
Building [Member] | ||||
Lease expense | 120 | 91 | 191 | 157 |
Building [Member] | Logistics Business [Member] | ||||
Lease expense | $ 120 | $ 91 | $ 191 | $ 157 |
Leases - Total amount of lease
Leases - Total amount of lease payments on an undiscounted basis (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Chartered-in vessels [Member] | |
June 30, 2023 | $ 80,620 |
June 30, 2024 | 46,554 |
June 30, 2025 | 28,277 |
June 30, 2026 | 18,960 |
June 30, 2027 | 10,680 |
June 30, 2028 and thereafter | 25,888 |
Total | 210,979 |
Operating lease liabilities, including current portion | 162,567 |
Discount based on incremental borrowing rate | 48,412 |
Land [Member] | |
June 30, 2023 | 556 |
June 30, 2024 | 556 |
June 30, 2025 | 556 |
June 30, 2026 | 556 |
June 30, 2027 | 556 |
June 30, 2028 and thereafter | 21,611 |
Total | 24,391 |
Operating lease liabilities, including current portion | 8,167 |
Discount based on incremental borrowing rate | 16,224 |
Building [Member] | |
June 30, 2023 | 432 |
June 30, 2024 | 348 |
June 30, 2025 | 62 |
June 30, 2026 | 60 |
June 30, 2027 | 23 |
June 30, 2028 and thereafter | 0 |
Total | 925 |
Operating lease liabilities, including current portion | 826 |
Discount based on incremental borrowing rate | $ 99 |
Leases - Total amount of leas_2
Leases - Total amount of lease payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases | |
June 30, 2023 | $ 1,900 |
June 30, 2024 | 1,900 |
June 30, 2025 | 1,900 |
June 30, 2026 | 1,900 |
June 30, 2027 | 1,900 |
June 30, 2028 and thereafter | 7,785 |
Total | $ 17,285 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease modification | $ 19,417 | $ 0 | |
Finance Lease, Interest Expense | $ 866 | 866 | |
Finance Lease, Right-of-Use Asset, Amortization | $ 163 | 163 | |
Repayment of finance lease liability | $ 130 | 0 | |
Charter-in and bareboat contracts [Member] | Minimum [Member] | |||
Operating lease remaining lease term | 1 month 6 days | 1 month 6 days | |
Charter-in and bareboat contracts [Member] | Maximum [Member] | |||
Operating lease remaining lease term | 8 years | 8 years | |
Land lease agreements [Member] | |||
Operating lease remaining lease term | 43 years 9 months 18 days | 43 years 9 months 18 days | |
Land lease agreements [Member] | Minimum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 43 years 8 months 12 days | 43 years 8 months 12 days | |
Land lease agreements [Member] | Maximum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 44 years 1 month 6 days | 44 years 1 month 6 days | |
Office lease agreements [Member] | |||
Operating lease remaining lease term | 2 years 6 months | 2 years 6 months | |
Office lease agreements [Member] | Minimum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 1 year 3 months 18 days | 1 year 3 months 18 days | |
Office lease agreements [Member] | Maximum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 4 years 4 months 24 days | 4 years 4 months 24 days | |
One Previously Chartered In Vessel [Member] | |||
Amount written off | 3,952 | ||
Gain on sale of vessel | $ 12,541 | ||
Charter-in contracts [Member] | |||
Operating lease remaining lease term | 4 years 6 months | 4 years 6 months | |
Navios Sky [Member] | |||
Lease modification | $ 19,417 | ||
Deposit for acquisition of vessel | 2,002 | ||
Repayment of finance lease liability | $ 130 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jul. 31, 2022 USD ($) | Jul. 26, 2022 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Total borrowings | $ 1,291,431,000 | $ 1,405,814,000 | |||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | $ 137,016,000 | |||||
Repayments of Debt | 77,704,000 | ||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 137,802 | ||||||
Sale and Leaseback Agreements $22,000 [Member] | Subsequent Event [Member] | |||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 22,000,000 | ||||||
Sale and Leaseback Transaction Description | to finance a dry bulk vessel | ||||||
Drawn down date | third quarter of 2022 | ||||||
Navios Partners [Member] | |||||||
Number of vessels to be sold | 36 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 835,000,000 | ||||||
Number of transaction tranches | two | ||||||
Navios Partners [Member] | Tranche A [Member] | |||||||
Number of vessels to be sold | 15 | ||||||
Date of delivery | July 29, 2022 | ||||||
Navios Partners [Member] | Tranche B [Member] | |||||||
Number of vessels to be sold | 21 | ||||||
Date of delivery | September 8, 2022 | ||||||
Senior Secured 2022 Notes I Member | |||||||
Total borrowings | $ 80,000,000 | ||||||
NSM Loan [Member] | |||||||
Repayments of Debt | $ 47,000,000 | ||||||
NSM Loan [Member] | Navios Partners [Member] | |||||||
Repayments of Debt | $ 262,632,000 | ||||||
Senior Secured Notes I [Member] | Navios Partners [Member] | |||||||
Total borrowings | $ 80,000,000 | ||||||
Maturity Date | August 15, 2022 |