Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-33311 | |
Entity Registrant Name | Navios Maritime Holdings Inc. | |
Entity Central Index Key | 0001333172 | |
Entity Incorporation, State or Country Code | 1T | |
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 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,826,450 | |
Preferred Stock, Shares Outstanding | 16,988 | 23,032 |
ICFR Auditor Attestation Flag | true | |
Auditor Firm ID | 1387 | |
Auditor Name | PricewaterhouseCoopers S.A. | |
Auditor Location | Athens, Greece | |
Common Stock [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | NM | |
Security Exchange Name | NYSE | |
Series G Preferred Stock [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | American Depositary Shares | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE | |
Preferred Stock, Shares Outstanding | 5,148 | 5,350 |
Series H Preferred Stock [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | American Depositary Shares | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE | |
Preferred Stock, Shares Outstanding | 11,840 | 17,682 |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | One New York Plaza | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10004 | |
City Area Code | 212 | |
Local Phone Number | 859-8000 | |
Contact Personnel Name | Mark Hayek |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 78,541 | $ 53,367 |
Restricted cash | 310 | 10 |
Accounts receivable, net | 46,494 | 53,653 |
Inventories | 10,468 | 8,611 |
Prepaid expenses and other current assets | 8,268 | 7,108 |
Total current assets, continuing operations | 144,081 | 122,749 |
Current assets from discontinued operations | 3,489 | 106,698 |
Total current assets | 147,570 | 229,447 |
Vessels, port terminals and other fixed assets, net | 495,919 | 522,616 |
Deferred dry dock and special survey costs, net | 14,974 | 14,119 |
Investments in affiliate companies | 99,292 | 125,744 |
Other long-term assets | 4,480 | 3,567 |
Operating lease assets | 11,787 | 9,159 |
Intangible assets other than goodwill | 46,193 | 48,966 |
Goodwill | 104,096 | 104,096 |
Total non-current assets, continuing operations | 776,741 | 828,267 |
Non-current assets from discontinued operations | 0 | 751,064 |
Total non-current assets | 776,741 | 1,579,331 |
Total assets | 924,311 | 1,808,778 |
Current liabilities | ||
Accounts payable | 21,638 | 30,388 |
Accrued expenses and other liabilities | 39,852 | 48,337 |
Deferred income and cash received in advance | 4,271 | 2,693 |
Operating lease liabilities, current portion | 834 | 257 |
Due to affiliate companies | 1,642 | 385 |
Current portion of loans payable to affiliate companies | 0 | 877 |
Current portion of long-term debt, net | 23,544 | 25,976 |
Current portion of promissory note | 10,000 | 5,000 |
Current portion of senior and ship mortgage notes, net | 0 | 103,840 |
Total current liabilities, continuing operations | 101,781 | 217,753 |
Current liabilities from discontinued operations | 6,082 | 279,695 |
Total current liabilities | 107,863 | 497,448 |
Senior and ship mortgage notes, net of current portion | 496,608 | 542,698 |
Long-term debt, net of current portion | 35,769 | 32,302 |
Convertible debenture payable to affiliate companies | 118,833 | 0 |
Long term portion, promissory note | 0 | 10,000 |
Loans payable to affiliate companies, net of current portion | 0 | 111,757 |
Other long-term liabilities and deferred income | 927 | 927 |
Deferred voyage revenue, non current portion | 1,313 | 0 |
Operating lease liabilities, net of current portion | 10,953 | 8,901 |
Deferred tax liability | 9,954 | 10,487 |
Total non-current liabilities, continuing operations | 674,357 | 717,072 |
Non-current liabilities from discontinued operations | 0 | 527,614 |
Total non-current liabilities | 674,357 | 1,244,686 |
Total liabilities | 782,220 | 1,742,134 |
Commitments and contingencies | 0 | 0 |
Preferred Stock — $0.0001 par value, authorized 1,000,000 shares, 16,988 and 23,032 issued and outstanding as of December 31, 2022 and 2021, respectively. | 0 | 0 |
Common stock — $0.0001 par value, authorized 250,000,000 shares, 22,826,450 and 25,198,620 issued and outstanding as of December 31, 2022 and 2021, respectively. | 2 | 2 |
Additional paid-in capital | 664,932 | 679,301 |
Accumulated deficit | (576,053) | (667,906) |
Total Navios Holdings stockholders’ equity | 88,881 | 11,397 |
Noncontrolling interest | 53,210 | 55,247 |
Total stockholders’ equity | 142,091 | 66,644 |
Total liabilities and stockholders’ equity | $ 924,311 | $ 1,808,778 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 16,988 | 23,032 |
Preferred stock shares oustanding | 16,988 | 23,032 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 250,000,000 | 250,000,000 |
Common stock shares issued | 22,826,450 | 25,198,620 |
Common stock shares outstanding | 22,826,450 | 25,198,620 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 255,397 | $ 223,476 | $ 215,925 |
Time charter, voyage and logistics business expenses | (68,726) | (69,040) | (62,997) |
Direct vessel expenses | (76,394) | (64,597) | (52,706) |
General and administrative expenses | (19,772) | (17,042) | (16,859) |
Depreciation and amortization | (31,713) | (31,655) | (28,939) |
Allowance for credit losses | (320) | (391) | (541) |
Interest income | 878 | 230 | 209 |
Interest expense and finance cost | (64,680) | (65,399) | (49,166) |
Impairment loss/ loss on sale of vessels | (3,195) | (21,966) | 0 |
Loss on bond and debt extinguishment | 0 | 0 | (4,157) |
Non-operating other finance cost | (24,000) | 0 | 0 |
Other income | 3,790 | 4,100 | 5,694 |
Other expense | (6,610) | (5,531) | (5,764) |
(Loss)/income before equity in net (losses)/earnings of affiliate companies | (35,345) | (47,815) | 699 |
Equity in net (losses)/earnings of affiliate companies | (25,815) | 69,275 | (1,293) |
(Loss)/income before taxes | (61,160) | 21,460 | (594) |
Income tax benefit/(expense) | 323 | (4,717) | (1,865) |
Net (loss)/income from continuing operations | (60,837) | 16,743 | (2,459) |
Net income/(loss) from discontinued operations (including gain from sale of $169,631 in 2022) | 146,106 | 75,158 | (186,146) |
Net income/(loss) | 85,269 | 91,901 | (188,605) |
Less: Net loss/(income) attributable to the noncontrolling interest | 2,037 | 24,785 | (4,356) |
Net income/(loss) attributable to Navios Holdings | 87,306 | 116,686 | (192,961) |
Net income/(loss) attributable to Navios Holdings from continuing and discontinued operations: | |||
(Loss)/income attributable to Navios Holdings, basic and diluted from continuing operations | (58,800) | 41,528 | (6,815) |
Income/(loss) attributable to Navios Holdings, basic and diluted from discontinued operations | 146,106 | 75,158 | (186,146) |
Income/(loss) attributable to Navios Holdings common stockholders, basic and diluted | $ 57,083 | $ 111,559 | $ (197,939) |
Basic (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations | $ (1.27) | $ 2.25 | $ (0.91) |
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations | 3.79 | 4.65 | (14.43) |
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders | $ 2.52 | $ 6.90 | $ (15.35) |
Weighted average number of shares, basic | 22,653,879 | 16,168,329 | 12,896,568 |
Diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations | $ (1.27) | $ 2.20 | $ (0.91) |
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations | 3.77 | 4.54 | (14.43) |
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders | $ 2.50 | $ 6.74 | $ (15.35) |
Weighted average number of shares, diluted | 22,838,129 | 16,553,011 | 12,896,568 |
Total comprehensive income/(loss) | $ 85,269 | $ 91,901 | $ (188,605) |
Comprehensive loss/(income) attributable to noncontrolling interest | 2,037 | 24,785 | (4,356) |
Total comprehensive income/(loss) attributable to Navios Holdings common stockholders | $ 87,306 | $ 116,686 | $ (192,961) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss)/Income (Parenthetical) $ in Thousands | Dec. 31, 2022 USD ($) |
Income Statement [Abstract] | |
Net income from discontinued operations | $ 169,631 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES: | |||
Net income/(loss) | $ 85,269 | $ 91,901 | $ (188,605) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 49,848 | 61,235 | 71,015 |
Amortization and write-off of deferred financing costs | 10,784 | 8,870 | 7,863 |
Amortization of deferred drydock and special survey costs | 9,693 | 11,084 | 10,255 |
Allowance for credit losses | 785 | 1,831 | 541 |
Stock-based compensation expenses | 171 | 589 | 1,268 |
(Loss)/gain on bond and debt extinguishment, net | 221 | (951) | (7,047) |
Income tax (benefit)/ expense | (270) | 4,817 | 2,052 |
Equity in net losses/(earnings) of affiliate companies, net of dividends received | 26,502 | (68,752) | 2,709 |
Impairment loss/ loss on sale of vessels, net | 3,195 | 47,827 | 88,367 |
Impairment of loan receivable from affiliate company | 0 | 0 | 6,050 |
Non operating other finance cost (convertible debenture) | 85,730 | 0 | 0 |
Gain on sale of shipping business | (169,631) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | (689) | (9,887) | (2,992) |
(Increase)/decrease in inventories | (2,113) | 1,801 | (3,641) |
Decrease/(increase) in prepaid expenses and other assets | 7,288 | 2,155 | (5,505) |
Decrease in due from affiliate companies | 936 | 667 | 18,895 |
(Decrease)/increase in accounts payable | (2,178) | 7,149 | 7,763 |
(Decrease)/increase in accrued expenses and other liabilities | (21,696) | (11,019) | 18,469 |
Decrease in operating lease liabilities, net | (5,573) | (17,292) | (3,985) |
Increase/(decrease) in due to affiliate companies | 33,343 | (1,138) | 18,626 |
(Decrease)/increase in deferred income and cash received in advance | (2,558) | (200) | 648 |
Increase/(decrease) in other long-term liabilities and deferred income | 0 | 267 | (173) |
Payments for drydock and special survey costs | (11,451) | (21,334) | (17,362) |
Convertible debenture movement | 33,103 | 0 | 0 |
Net cash provided by operating activities | 130,709 | 109,620 | 25,211 |
INVESTING ACTIVITIES: | |||
Proceeds from the Transaction | 370,638 | 0 | 0 |
Cash disposed of due to the Transaction | (9,862) | 0 | 0 |
Loan from affiliate companies | 0 | 0 | 18,629 |
Dividends received from affiliate companies | 0 | 243 | 5,838 |
Deposits for vessels, port terminals and other fixed assets | (2,598) | (19,498) | (5,153) |
Proceeds from lease receivable | 0 | 313 | 189 |
Proceeds from sale of asset | 2,186 | 167,016 | 83,445 |
Acquisition of/additions to vessels | (21,357) | (24,950) | (96,969) |
Purchase of property, equipment and other fixed assets | (6,892) | (4,350) | (3,288) |
Deposit for option to acquire vessels | 0 | 0 | (2,099) |
Net cash provided by investing activities | 332,115 | 118,774 | 592 |
FINANCING ACTIVITIES: | |||
Tender offer - redemption of preferred stock | (9,993) | 0 | 0 |
Repayment of loans payable to affiliate companies | (375,264) | (130,743) | (50,000) |
Proceeds from loans payable to affiliate companies | 262,632 | 115,000 | 50,000 |
Proceeds from long-term loans, net of deferred financing costs | 296,725 | 58,000 | 81,625 |
Proceeds from issuance of senior notes, net of deferred financing costs | 0 | 0 | 487,504 |
Repayment of long-term debt and payment of principal | (78,584) | (94,959) | (164,638) |
Repayment/repurchase of senior notes | (610,466) | (168,588) | (384,443) |
Debt issuance costs | (1,645) | (3,874) | (1,138) |
Repayment of finance lease liability | (229) | 0 | 0 |
Proceeds from sale of shares, net | 0 | 44,437 | 0 |
Dividends paid to noncontrolling shareholders | 0 | 0 | (12,256) |
Acquisition of noncontrolling interest | (5,000) | (21,000) | 0 |
Net cash (used in)/provided by financing activities | (521,824) | (201,727) | 6,654 |
(Decrease) /increase in cash and cash equivalents and restricted cash | (59,000) | 26,667 | 32,457 |
Cash and cash equivalents and restricted cash, beginning of year | 137,851 | 111,184 | 78,727 |
Cash and cash equivalents and restricted cash, end of year | 78,851 | 137,851 | 111,184 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of capitalized interest | 101,731 | 141,494 | 110,454 |
Cash paid for income taxes | 61 | 260 | 186 |
Non-cash investing and financing activities | |||
Acquisition of/additions to vessels | 0 | 0 | (986) |
Sale of vessels | 0 | 5,766 | 4,378 |
Proceeds from seller’s credit agreement for the construction of six liquid barges | 0 | 2,246 | 11,229 |
Transfers from other long-term assets assets | 0 | 57,107 | 0 |
Proceeds from the Navios Logistics’ 2020 Fleet | 0 | 15,000 | 0 |
Deposits for vessels, port terminals and other fixed assets | 0 | (190) | 0 |
Promissory note for the acquisition of the noncontrolling interest | 0 | 15,000 | 0 |
Other long-term assets unpaid as of December 31, 2021 | 0 | (386) | 0 |
Discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 101,021 | 109,297 | (33,990) |
Net cash provided by investing activities of discontinued operations | $ 339,419 | $ 142,065 | $ 3,008 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Comprehensive Income [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 0 | $ 1 | $ 641,765 | $ (597,916) | $ 0 | $ 43,850 | $ 115,175 | $ 159,025 |
Beginning balance, shares at Dec. 31, 2019 | 23,242 | 13,360,356 | ||||||
Net income | $ 0 | $ 0 | 0 | (192,961) | 0 | (192,961) | 4,356 | (188,605) |
Tender offer- redemption of preferred stock (Note 17) | 0 | |||||||
Cancellation of shares (Note 17) | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares (Note 17) | (1,345) | |||||||
Conversion of convertible preferred stock to common stock (Note 17) | (210) | |||||||
Conversion of convertible preferred stock to common stock (Note 17) | 22,712 | |||||||
Issuance of common stock (Note 17) | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock, shares (Note17) | 2,414,263 | |||||||
Stock-based compensation expenses (Note 17) | 0 | $ 0 | 1,268 | 0 | 0 | 1,268 | 0 | 1,268 |
Stock-based compensation expenses, shares (Note 17) | 85,161 | |||||||
Other adjustments in accumulated deficit | 0 | $ 0 | 0 | 6,285 | 0 | 6,285 | 0 | 6,285 |
Dividends paid to noncontrolling shareholders | $ 0 | $ 0 | 0 | 0 | 0 | 0 | (12,256) | (12,256) |
Ending balance, shares at Dec. 31, 2020 | 23,032 | 15,881,147 | ||||||
Ending balance, value at Dec. 31, 2020 | $ 0 | $ 1 | 643,033 | (784,592) | 0 | (141,558) | 107,275 | (34,283) |
Net income | 0 | 0 | 0 | 116,686 | 0 | 116,686 | (24,785) | 91,901 |
Tender offer- redemption of preferred stock (Note 17) | 0 | |||||||
Cancellation of shares (Note 17) | 0 | $ 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares (Note 17) | (894) | |||||||
Issuance of common stock (Note 17) | 0 | $ 0 | 0 | 0 | 0 | 1 | 0 | 1 |
Issuance of common stock, shares (Note17) | 9,301,542 | |||||||
Sale of shares (Note 17) | 0 | $ 0 | 44,436 | 0 | 0 | 44,436 | 0 | 44,436 |
Stock-based compensation expenses (Note 17) | 0 | $ 0 | 589 | 0 | 0 | 589 | 0 | 589 |
Stock-based compensation expenses, shares (Note 17) | 16,825 | |||||||
Acquisition of Noncontrolling Interest (Note 17) | $ 0 | $ 0 | (8,757) | 0 | 0 | (8,757) | (27,243) | (36,000) |
Ending balance, shares at Dec. 31, 2021 | 23,032 | 25,198,620 | ||||||
Ending balance, value at Dec. 31, 2021 | $ 0 | $ 2 | 679,301 | (667,906) | 0 | 11,397 | 55,247 | 66,644 |
Net income | 0 | 0 | 0 | 87,306 | 0 | 87,306 | (2,037) | 85,269 |
Tender offer- redemption of preferred stock (Note 17) | $ 0 | 0 | (14,540) | 4,547 | 0 | (9,993) | 0 | (9,993) |
Tender offer- redemption of preferred stock, shares (Note 17) | (6,044) | |||||||
Cancellation of shares (Note 17) | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of shares (Note 17) | (2,452,170) | |||||||
Issuance of common stock, shares (Note17) | 1,000 | |||||||
Stock-based compensation expenses (Note 17) | $ 0 | $ 0 | 171 | 0 | 0 | 171 | 0 | 171 |
Stock-based compensation expenses, shares (Note 17) | 80,000 | |||||||
Ending balance, shares at Dec. 31, 2022 | 16,988 | 22,826,450 | ||||||
Ending balance, value at Dec. 31, 2022 | $ 0 | $ 2 | $ 664,932 | $ (576,053) | $ 0 | $ 88,881 | $ 53,210 | $ 142,091 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | NOTE 1: DESCRIPTION OF BUSINESS Description of Business Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM) owns (i) a controlling equity stake in Navios South American Logistics Inc. (“Navios Logistics”), one of the largest infrastructure and logistics companies in the Hidrovia region of South America; and (ii) an interest in Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM), a United States publicly listed shipping company that owns and operates dry cargo and tanker vessels. In September 2022, Navios Holdings completed the sale of its 36 one Navios South American Logistics Inc. Navios Logistics, a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007 . Navios Logistics believes it is one of the largest infrastructure and logistics companies in the Hidrovia region river system, the main navigable river system in the region (the “Hidrovia region”), and on the cabotage trades along the south-eastern coast of South America. Navios Logistics serves its customers in the Hidrovia region through its three existing port storage and transfer facilities (the “Port Terminal Business”). The Port Terminal Business comprises its grain port terminal (the “Grain Port Terminal”), which supports agricultural and forest-related exports; its iron-ore port terminal (the “Iron Ore Port Terminal”), which supports mineral-related exports; and its liquid port terminal (the “Liquid Port Terminal”), with tank storage for refined petroleum products. The Grain Port Terminal and the Iron Ore Port Terminal (together, the “Dry Port Terminal”) are located in Nueva Palmira, Uruguay, and the located in San Antonio, Paraguay. Navios Logistics complements these three port terminals with a diverse fleet of 271 30 five one one 63.8% of Navios Logistics’ stock Navios Partners Navios Partners 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 crude oil, refined petroleum, chemicals, iron ore, coal, grain, fertilizer and containers. Navios Partners charters its vessels under short-, medium-, and longer-term charters. On March 31, 2021, Navios Partners acquired Navios Maritime Containers L.P. (“Navios Containers”) in a merger transaction (the “NMCI Merger”). Following the completion of the NMCI Merger Navios Holdings had no equity investment in Navios Containers. For more information about the NMCI Merger, see Note 9 “Investments in Affiliate Companies” to the consolidated financial statements. On October 15, 2021, Navios Maritime Acquisition Corporation (“Navios Acquisition”) and Navios Partners consummated a merger transaction (the “NNA Merger”). Following the consummation of the NNA Merger, Navios Holdings had no equity investment in Navios Acquisition. For more information about the NNA Merger, see Note 9 “Investments in Affiliate Companies” to the consolidated financial statements. As of both December 31, 2022 and 2021, Navios Holdings had a 10.3% . Navios Europe II On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II) Inc. (“Navios Europe II”) and had economic interests of 47.5% 47.5% 5.0% 50% 50% 0% 5,000 June 2020 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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: U.S. GAAP 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 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 consolidated financial statements. 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. 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. (b) Principles of consolidation: The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary of such entity. ASC 810-15-14 outlines the criteria for evaluating whether an entity is a VIE. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability; and an interest in the entity’s residual risks and reward; or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support; or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both; and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Subsidiaries: 100% 63.8% Discontinued Operations: 36 September 8, 2022 All references to the dry bulk vessels included in the following accounting policies relate to the periods prior to the completion of the Transaction. Investments in Affiliate Companies: Affiliate companies are entities over which the Company holds between 20% 50% Affiliate companies included in the financial statements accounted for under the equity method In the consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of December 31, 2022 and 2021 was 10.3% 6.9% 3.9% June 2020 47.5% Subsidiaries Included in the Consolidation: Summary of Significant Accounting Policies - Entities included in the consolidation (Table) Ownership Country of Statements of Operations Company Name Nature Interest Incorporation 2022 2021 2020 Navios Maritime Holdings Inc. Holding Company — Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios South American Logistics Inc. Sub-Holding Company 63.8% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios International Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Navimax Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Handybulk Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hestia Shipping Ltd. Operating Company 100% Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Anemos Maritime Holdings Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 NAV Holdings Limited Sub-Holding Company 100% Malta 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Kleimar N.V. Operating Company/ Vessel Owning Company/ Management Company 100% Belgium 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Bulkinvest S.A. Operating Company 100% Luxembourg 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Astra Maritime Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Achilles Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Apollon Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Herakles Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hios Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ionian Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kypros Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Meridian Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rondine Management Corp . Vessel Owning Company 100% Marshall Is. — 1/1 - 9/30 3/22 - 12/31 Vernazza Shiptrade Inc. Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 9/25-12/31 Beaufiks Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Nostos Shipmanagement Corp. Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31 Portorosa Marine Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shikhar Ventures S.A. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Sizzling Ventures Inc. Operating Company 100% Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rheia Associates Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Taharqa Spirit Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rumer Holding Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Pharos Navigation S.A. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Pueblo Holdings Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Quena Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aramis Navigation Inc. Vessel Owning Company 100% Marshall Is. — 1/1 - 7/9 1/1 - 12/31 White Narcissus Marine S.A. Vessel Owning Company 100% Panama 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Navios GP L.L.C. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Red Rose Shipping Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Highbird Management Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Ducale Marine Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Vector Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Faith Marine Ltd. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance II (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Tulsi Shipmanagement Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Cinthara Shipping Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rawlin Services Company Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mauve International S.A. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Serenity Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100% Marshall Is. — 1/1 - 3/30 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100% Marshall Is. — 1/1 - 3/30 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Iris Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Emery Shipping Corporation Vessel Owning Company 100% Marshall Is. — — 1/1 - 9/30 Lavender Shipping Corporation Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31 Roselite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Smaltite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Motiva Trading Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Alpha Merit Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Thalassa Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Asteroid Shipping S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Cloud Atlas Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Heodor Shipping Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pacifico Navigation Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rider Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Talia Shiptrade S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Moonstone Shipping Corporation Vessel Owning Company 100 Marshall Is. 1/1 – 9/8 6/30 - 12/31 — Opal Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 – 9/8 6/30 –12/31 — Grimaud Ventures S.A. Operating Company 100% Marshall Is. 1/1 – 12/31 7/30-12/31 — Anafi Shipping Corporation Operating Company 100% Marshall Is. 5/12 – 9/8 — — (c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates the estimates and judgments. Estimates and judgements management evaluates relate to. among other things, uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that they believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. (d) Cash and Cash Equivalents: (e) Restricted Cash: 10 300 84,250 (e) Insurance Claims: (g) Inventories: (h) Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Expenditures for routine maintenance and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value. Annual depreciation rates used, which approximate the useful life of the assets are: Summary of Significant Accounting Policies - Depreciation Periods (Table) Dry bulk vessels 25 years Port terminals 5 49 years Tanker vessels, barges and pushboats 15 45 years Furniture, fixtures and equipment 3 10 years Computer equipment and software 5 years Leasehold improvements shorter of lease term or 6 years Management estimated the residual values of the Company’s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values were periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimated the residual values of the Company’s vessels based on a scrap rate of $ 340 Management estimated the useful life of its dry bulk vessels to be 25 years (i) Deposits for Vessels, Port Terminals and Other Fixed Assets: 3,311 713 0 1,062 986 Other long-term assets”, (j) Assets Held for Sale: The Company’s policy is to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale as of December 31, 2022 and 2021. (k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings’ management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value. Navios Holdings Navios Holdings determined the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment were reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. Undiscounted projected net operating cash flows were determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) would reflect the excess of carrying value over fair value (selling price) for the vessel asset group. Where the undiscounted projected net operating cash flows for each asset group did not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeded to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis. Pursuant to the Transaction during the third quarter of 2022, the Company completed the sale of its 21 owned vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements. No impairment losses were recognized on any of Navios Holdings vessels during the year ended December 31, 2022. As of December 31, 2021, the Company considered various indicators, including but not limited to the market price of its long-lived assets, its contracted revenues and cash flows and the economic outlook, and concluded for the Dry Bulk Vessel Operations that no events and circumstances occurred, which could trigger the existence of potential impairment of the Company’s vessels. As a result, no step one of impairment assessment was performed as of December 31, 2021. During the fourth quarter of fiscal year 2020, management concluded that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% 99.3% As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry-bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value for such vessels. As a result, the Company recorded an impairment loss of $ 52,820 N et income/(loss) from discontinued operations Navios Logistics Vessels, other fixed assets and other long-lived assets held and used by Navios Logistics are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with accounting for long-lived assets, management determines projected undiscounted cash flows for each asset group and compares it to its carrying amount. In the event that projected undiscounted cash flows for an asset group is less than its carrying amount, then management reviews fair values and compares them to the asset group’s carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset group’s carrying amount to its fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows. During the fourth quarter of 2022, Navios Logistics completed the sale of vessel Malva H for a sale price of $ 2,186 778 732 The fair value was determined based on the agreed sale’s price. 2,417 As of December 31, 2021, management concluded that certain events and circumstances had changed, indicating a potential impairment of two of the Logistics Business’s tanker vessels. These events and circumstances included the extended period in which its tanker vessels operating in the cabotage business have been without a long-term time charter contract. The extended delay is the result of the status of the current tanker market and the vessels’ capacity. Vessels’ capacity appears to be limited to trading in the markets of Argentina and Uruguay. Navios Logistics recorded an impairment loss of $ 21,966 for two of its tanker vessels operating in its cabotage business, representing the difference between the carrying value of the vessels including the carrying value of deferred drydock and special survey costs related to these vessels, and their respective fair values. Navios Logistics determined the fair value of its assets on the basis of evaluations provided by third-party independent shipbrokers and compared them to the carrying value of the vessels including the unamortized portion of deferred drydock and special survey costs. The impairment loss recognized reflected the excess of carrying value over fair value for the vessel asset group. The impairment loss is included under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss). See Note 7 “Vessels, Port Terminals and Other Fixed Assets, Net” in the consolidated financial statements. No No (l) Deferred Drydock and Special Survey Costs: 30 60 72 96 Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2022, 2021 and 2020, the amortization of deferred drydock and special survey costs from continuing operations was $ 4,356 4,122 3,958 (m) Deferred Financing Costs: 3,980 3,378 2,626 Interest Expense and Finance Cost” to the consolidated financial statements. (n) Goodwill and Other Intangibles (i) Goodwill: Navios Holdings evaluated impairment of goodwill using a single step process following the adoption of ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)” as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. Navios Holdings determined the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss was measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. As of December 31, 2022, goodwill of $ 56,240 As of December 31, 2021, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which,was allocated goodwill of $ 56,240 The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average of historical one-year time-charter rates). The Company believes this approach to be objective for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company’s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount. As of December 31, 2022 and 2021, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $ 104,096 No (ii) Intangibles Other Than Goodwill: 44,015 straight-line 32 years The Company reviews its other intangibles such as trade name, customer relationships and port terminal operating rights periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the differenc e between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions. As of December 31, 2022, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Logistics’ other intangible assets including port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2022. As of December 31, 2021, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Holdings trade name, and the Navios Logistics’ other intangible assets, including port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2021. During the fourth quarter of fiscal year 2020, management concluded that certain events occurred and circumstances had changed indicating a potential impairment of the Navios Holdings trade name. These changes in events and circumstances included continued volatility in the spot market, and the impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed. The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective “relief from royalty” rate applied to the future cash flows of the Dry Bulk Vessel Operations. No The weighted average amortization periods for intangibles are: Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table) Intangible assets Years Trade name 32 Port terminal operating rights 47 Customer relationships 20 (o) Foreign Currency Translation: 2,658 2,637 574 (p) Provisions: The Company participates in Protection and Indemnity (“P&I”) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. Provision for losses subject to claims was provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December 31, 2022 and 2021, the balance for this provision was $ 0 (q) Segment Reporting: two 36 September 8, 2022 (r) Revenue and Expense Recognition: Revenue Recognition: Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel 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 tim |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 3: DISCONTINUED OPERATIONS Discontinued Operations In September 2022, Navios Holdings completed the sale of its 36 two 15 July 29, 2022 21 September 8, 2022 370,638 262,632 80,000 August 15, 2022 The difference between the cash consideration received from the disposal and the carrying value of the disposed component resulted in a gain on sale of $ 169,631 The gain on sale was calculated as follows: Discontinued Operations Proceeds received: Cash consideration $ 370,638 Carrying value of assets and liabilities: Book value of Vessels and other fixed assets 452,697 Book value of Operating lease assets and other, net 19,016 Book value of Intangible assets other than goodwill 42,082 Book value of Goodwill 56,240 Bank debt and finance leases payable assumed by Navios Partners (332,013) Net liabilities derecognized (37,015) 201,007 Gain on sale $ 169,631 Amounts recorded in r ions in the years ended December 31, 2022, 2021 and 2020, respectively are as follows: Discontinued Operations - Net Income/(Loss) from Discontinued Operations (Table) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, Revenue $ 204,981 $ 362,342 $ 200,793 Time charter, voyage and logistics business expenses (38,515) (85,412) (103,592) Direct vessel expenses (30,686) (47,753) (52,049) General and administrative expenses (11,408) (14,285) (16,843) Depreciation and amortization (18,135) (29,581) (42,076) Interest expense and finance cost, net (58,791) (79,584) (87,345) Impairment loss/loss on sale of vessels, net — (25,861) (88,367) (Loss)/gain on bond extinguishment, net (221) 951 11,204 Impairment loss for Navios Europe II — — (6,050) Non-operating other finance cost (61,730) — — Gain on sale of shipping business 169,631 — — Other expense, net (8,967) (5,561) (1,634) Income tax expense (53) (98) (187) Net income/(loss) from discontinued operations $ 146,106 $ 75,158 $ (186,146) Assets and liabilities in respect of sented within the consolidated balance sheet as of December 31, 2022 and 2021 are as follows: Discontinued Operations - Assets and Liabilities from Discontinued Operations (Table) December 31, 2022 December 31, 2021 Cash and cash equivalent $ — $ 224 Restricted cash — 84,250 Accounts receivable, net 3,489 9,186 Inventories — 3,052 Other current assets — 9,986 Vessels and other fixed assets, net — 427,386 Deferred dry dock and special survey costs, net — 23,467 Operating Lease assets — 164,267 Goodwill — 56,240 Intangible assets other than goodwill — 44,015 Other non-current assets — 35,689 Total assets of discontinued operations $ 3,489 $ 857,762 Accounts payable 3,692 6,234 Accrued expenses and other liabilities 1,825 16,122 Deferred income and cash received in advance — 5,448 Due to related parties, net 565 20,643 Operating lease liabilities, including current portion — 189,828 Long-term debt, net, including current portion — 113,641 Senior and ship mortgage notes, including current portion — 455,393 Total liabilities of discontinued operations $ 6,082 $ 807,309 Borrowings 2022 Notes On November 29, 2013 650,000 7.375% 20,782 9,443 11,204 21,356 18,588 2,728 In January 2022, the Company fully repaid the outstanding balance of $ 455,466 206,725 77,000 four 100,000 158,873 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 10,380 one 91,345 eight quarterly 3,915 60,027 The loan facility required compliance with certain covenants. As of September 8, 2022, the outstanding balance of the secured credit facility was assumed by Navios Partners pursuant to the Transaction. 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 of September 8, 2022, the outstanding balance of the secured credit facility was assumed by Navios Partners pursuant to the Transaction. Sale and Leaseback Agreements In the first quarter of 2020 68,000 for two Capesize vessels In December 2021, Navios Holdings entered into four new sale and leaseback agreements of $ 77,000 in order to finance four dry bulk vessels. 58,000 Two of sale and leaseback agreements 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 In the third quarter of 2022, Navios Holdings completed the acquisition of a previously chartered-in vessel, Navios Sky. In the third quarter of 2022 to finance the 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. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | NOTE 4: 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 and Restricted Cash (Table) December 31, 2022 December 31, 2021 Cash on hand and at banks $ 32,851 $ 53,323 Short-term deposits and highly liquid funds 45,690 44 Restricted cash 310 10 Cash and cash equivalents and restricted cash $ 78,851 $ 53,377 Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months and are included in the consolidated balance sheets 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. See also Note 2(e) Summary of Significant Accounting Policies-Restricted Cash” to the consolidated financial statements. |
Accounts Receivable, net
Accounts Receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable Net | |
Accounts Receivable, net | NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts Receivable, net Accounts receivable consisted of the following: Accounts Receivable, Net (Table) December 31, 2022 December 31, 2021 Accounts receivable $ 49,841 $ 56,928 Less: Allowance for credit losses (3,347) (3,275) Accounts receivable, net $ 46,494 $ 53,653 Changes to the allowance for credit losses are summarized as follows: Accounts Receivable, Net - Provisions for Doubtful Accounts (Table) Allowance for credit losses Balance at Beginning of Period Charges to Costs and Expenses Amount Utilized Balance at End of Period Year ended December 31, 2020 $ (2,489) $ (541) $ 146 $ (2,884) Year ended December 31, 2021 $ (2,884) $ (391) $ — $ (3,275) Year ended December 31, 2022 $ (3,275) $ (320) $ 248 $ (3,347) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables For the year ended December 31, 2022, two customers accounted for 20.9% 13.4% For the year ended December 31, 2021, two customers accounted for 23.3% 10.3% 31.7% |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: Prepaid Expenses and Other Current Assets (Table) December 31, 2022 December 31, 2021 Prepaid voyage and operating costs $ 3,408 $ 3,126 Claims receivable 419 (30) Prepaid other taxes 2,881 1,084 Other 1,560 2,928 Total prepaid expenses and other current assets $ 8,268 $ 7,108 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. |
Vessels, Port Terminals and Oth
Vessels, Port Terminals and Other Fixed, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Port Terminals and Other Fixed, Net | NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Vessels, Port Terminals and Other Fixed, Net Vessels, Port Terminals and Other Fixed Assets (Table) Tanker vessels, barges and pushboats (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 526,051 $ (200,756) $ 325,295 Additions 1,931 (18,278) (16,347) Write-down (308) — (308) Balance December 31, 2020 $ 527,674 $ (219,034) $ 308,640 Additions 2,445 (20,763) (18,318) Impairment loss (27,339) 5,373 (21,966) Transfers from other long-term assets 51,461 — 51,461 Balance December 31, 2021 $ 554,241 $ (234,424) $ 319,817 Additions 6,130 (20,998) (14,868) Impairment loss (14,920) 12,457 (2,463) Sale of vessel (2,186) — (2,186) Balance December 31, 2022 $ 548,640 $ (248,004) $ 300,300 Port Terminals (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 253,962 $ (46,961) $ 207,001 Additions 870 (7,216) (6,346) Write offs (88) 76 (12) Balance December 31, 2020 $ 254,744 $ (54,101) $ 200,643 Additions 1,520 (7,629) (6,109) Disposal (130) 169 39 Transfers from other long-term assets 5,646 — 5,646 Balance December 31, 2021 $ 261,780 $ (61,561) $ 200,219 Additions 792 (7,735) (6,943) Balance December 31, 2022 $ 262,572 $ (69,296) $ 193,276 Other fixed assets (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 7,831 $ (4,960) $ 2,871 Additions 488 (672) (184) Balance December 31, 2020 $ 8,319 $ (5,632) $ 2,687 Additions 384 (491) (107) Balance December 31, 2021 $ 8,703 $ (6,123) $ 2,580 Additions 22 (207) (185) Disposals (52) — (52) Balance December 31, 2022 $ 8,673 $ (6,330) $ 2,343 Total (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 787,844 $ (252,677) $ 535,167 Additions 3,289 (26,166) (22,877) Write-down (396) 76 (320) Balance December 31, 2020 $ 790,737 $ (278,767) $ 511,970 Additions 4,349 (28,883) (24,534) Disposal (130) 169 39 Impairment loss (27,339) 5,373 (21,966) Transfers from other long-term assets 57,107 — 57,107 Balance December 31, 2021 $ 824,724 $ (302,108) $ 522,616 Additions 6,944 (28,940) (21,996) Impairment loss (14,920) 12,457 (2,463) Sale of vessel (2,186) — (2,186) Disposals (52) — (52) Balance December 31, 2022 $ 814,510 $ (318,591) $ 495,919 On September 8, 2022, the Company completed the sale of its 21 owned vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements. Navios Logistics Since 2018, Navios Logistic 9.0 1,580 Deposits for Vessels and Port Terminals Acquisitions As of December 31, 2022, Navios Logistics has paid $ 1,907 . As of December 31, 2022, and 2021, Navios Logistics has paid $ 807 713 “Other long-term assets”. As of December 31, 2022, Navios Logistics has paid $ 597 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 construction 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 As of December 31, 2022, Navios Logistics completed the sale of vessel Malva H for a sale price of $ 2,186 778 732 2,186 In 2022, Navios Logistics recorded an impairment loss of $ 2,417 representing the difference between the fair value and the carrying value together with the carrying value of deferred drydock and special survey costs, if any, related to these barges, The fair value was determined based on the agreed or expected sale’s price. Assets Acquisitions 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 |
Intangible Assets other than Go
Intangible Assets other than Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets other than Goodwill | NOTE 8: INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible Assets other than Goodwill Intangible Assets other than Goodwill (Table) Net Book Value of Intangible Assets other than Goodwill as at December 31, 2022 December 31, 2022 Acquisition Cost Accumulated Depreciation Net Book Value Port terminal operating rights $ 53,152 $ (15,832) $ 37,320 Customer relationships 36,120 (27,247) 8,873 Total intangible assets $ 89,272 $ (43,079) $ 46,193 Net Book Value of Intangible Assets other than Goodwill as at December 31, 2021 December 31, 2021 Acquisition Cost Accumulated Depreciation Net Book Value Port terminal operating rights $ 53,152 $ (14,834) $ 38,318 Customer relationships 36,120 (25,472) 10,648 Total intangible assets $ 89,272 $ (40,306) $ 48,966 Amortization expense the years ended December 31, 2022, 2021 and 2020 were as follows: Intangible Assets other than Goodwill - Amortization Expense (Table) Amortization Expense Year Ended December 31, 2022 Amortization Expense Year Ended December 31, 2021 Amortization Expense Year Ended December 31, 2020 Port terminal operating rights $ 998 $ 998 $ 998 Customer relationships 1,775 1,774 1,775 Total $ 2,773 $ 2,772 $ 2,773 The remaining aggregate amortization of acquired intangibles as of December 31, 2022 was as follows: Intangible Assets other than Goodwill - Amortization Schedule (Table) Description Within one year Year Two Year Three Year Four Year Five Thereafter Total Port terminal operating rights $ 995 $ 995 $ 995 $ 995 $ 995 $ 32,345 $ 37,320 Customer relationships 1,775 1,775 1,775 1,775 1,773 — 8,873 Total amortization $ 2,770 $ 2,770 $ 2,770 $ 2,770 $ 2,768 $ 32,345 $ 46,193 |
Investments in Affiliate Compan
Investments in Affiliate Companies | 12 Months Ended |
Dec. 31, 2022 | |
Investments in and Advances to Affiliates [Abstract] | |
Investments in Affiliate Companies | NOTE 9: INVESTMENTS IN AFFILIATE COMPANIES Investments in Affiliate Companies Navios Partners On August 7, 2007, Navios Holdings formed Navios Partners under the laws of the Republic 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 December 31, 2022 and 2021 Navios Partners has issued 7,687,730 156,895 As of December 31, 2022 and 2021, as a result of the NMCI Merger and NNA Merger, Navios Holdings holds a total of 3,183,199 10.3% As of December 31, 2022 and 2021, the carrying amount of the investment in Navios Partners was $ 99,292 125,744 97,688 he amount was included under the caption “Equity in net (losses)/earnings of affiliate companies”. As of December 31, 2022 and 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 $ 142,080 56,351 As a result of the OTTI loss recorded as at September 30, 2022, the Company recomputed this difference to be amortized in future period through “Equity in net (losses)/earnings of affiliate companies” over the remaining life of the tangible and intangible assets of Navios Partners. Total equity method (loss)/income of $ (25,815) 66,745 and $ 5,466 Dividends received during the years ended December 31, 2022, 2021 and 2020 were $ 637 519 1,449 As of December 31, 2022, the market value of the investment in Navios Partners was $ 82,636 Navios Acquisition On August 25, 2021, Navios Partners entered into an Agreement and Plan of Merger with Navios Acquisition. 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, Navios Holdings derecognized its investment in Navios Acquisition. During the year ny recognized an OTTI loss of $ 13,368 , relating to its investment in Navios Acquisition and the amount was included under the caption “Equity in net (losses)/earnings of affiliate companies”. Total equity method income of nil, 0 1,944 13,129 Dividends received for each of the years ended December 31, 2022, 2021 and 2020 were $ 0 243 5,838 Navios Containers Following the sale of the Navios Containers general partnership interest that was consummated 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 had entered into a definitive merger agreement. 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 of nil, 0 595 130 Navios Europe II On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II. From June 8, 2015 through December 31, 2015, Navios Europe II acquired 14 14,000 43,500 14,000 5,000 44,300 On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and had concluded that Navios Europe II was a VIE and that it was not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II. Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method. The initial amount provided for in Navios Europe II of $ 6,650 9,419 As of March 31, 2020, the Company considered the decline in fair value of its investment in Navios Europe II as OTTI and therefore recognized a loss of $ 6,650 As of December 31, 2020, the Company received in cash all balances relating to Navios Europe II following the liquidation of the structure and recognized a loss of $ 6,050 No income was recognized under the caption “Equity in net earnings/(loss) of affiliate companies” for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2022, 2021 and 2020, the carrying amount of the investment in Navios Europe II and the balance of Navios Terms Loans II was $ 0 Following the results of the significance tests performed by the Company, it was concluded that Navios Partners met the significance threshold requiring summarized financial information of all affiliate companies being presented. Summarized financial information of the affiliate companies is presented below: Investments in Affiliate Companies - Financial Information of the Affiliate Companies - Balance Sheet (Table) Balance sheet – Navios Partners December 31, 2022 December 31, 2021 Cash and cash equivalents, including restricted cash $ 175,098 $ 169,446 Current assets $ 310,424 $ 226,340 Non-current assets $ 4,585,280 $ 3,396,959 Current liabilities $ 617,740 $ 395,505 Long- term debt including current portion, net $ 1,945,447 $ 1,361,709 Non-current liabilities $ 1,935,001 $ 1,458,069 Investments in Affiliate Companies - Financial Information of Affiliate Companies - Income Statement (Table) December 31, 2022 Income Statement Navios Partners Navios Acquisition Navios Containers Revenue $ 1,210,528 $ — $ — Net income $ 579,247 $ — $ — Income Statement Navios Partners 01/01/2021-12/31/2021 Navios Acquisition 01/01/2021-10/15/2021 Navios Containers 01/01/2021-03/31/2021 Revenue $ 713,175 $ 188,304 $ 43,763 Net income/(loss) $ 516,186 $ (6,307) $ 15,270 December 31, 2020 Income Statement Navios Partners Navios Acquisition Navios Europe II Navios Containers Revenue $ 226,771 $ 361,438 $ 17,059 $ 127,188 Net (loss)/income $ (68,541) $ 27,465 $ (26,661) $ 3,348 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | NOTE 10: ACCRUED EXPENSES AND OTHER LIABILITIES Accrued Expenses and Other Liabilities Accrued expenses and other liabilities as of December 31, 2022 and 2021 consisted of the following: Accrued Expenses and Other Liabilities (Table) December 31, 2022 December 31, 2021 Payroll $ 7,352 $ 7,912 Accrued interest 23,354 30,004 Accrued voyage expenses 646 771 Audit fees and related services 235 — Accrued taxes 7,647 9,032 Professional fees 577 143 Other accrued expenses 41 475 Total accrued expenses $ 39,852 $ 48,337 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 11: BORROWINGS Borrowings Borrowings as of December 31, 2022 and 2021 consisted of the following: Borrowings (Table) Navios Holdings borrowings December 31, 2022 December 31, 2021 2022 Senior Secured Notes — 155,000 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $306 and $526, respectively) — 48,879 $115.0 million NSM Loan (incl. accrued interest $571) — 64,630 Convertible Debenture 118,833 — Total Navios Holdings borrowings $ 127,459 $ 277,135 Navios Logistics borrowings December 31, 2022 December 31, 2021 2025 Logistics Senior Notes 500,000 500,000 Navios Logistics Notes Payable 7,677 12,463 2022 Navios Logistics BBVA Facility 22,530 — 2022 Navios Logistics Alpha Bank Loan 6,300 — Navios Logistics BBVA Facility — 12,000 Navios Logistics Alpha Bank Loan — 7,700 Navios Logistics Santander Facility 4,125 — Seller’s Credit Agreement for the construction of six liquid barges 8,753 11,213 Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet 10,000 15,000 Total Navios Logistics borrowings $ 559,385 $ 558,376 Total December 31, 2022 December 31, 2021 Total borrowings $ 686,844 $ 835,511 Less: current portion, net (23,544) (130,693) Less: deferred finance costs and discount, net (12,090) (18,061) Total long-term borrowings $ 651,210 $ 686,757 Navios Holdings Debt 2022 Senior Secured Notes On November 21, 2017 305,000 11.25 97 On March 18, 2022, J he Company issued a notice of redemption with respect to an aggregate principal amount of $ 25,000 15,000 10,000 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of March 30, 2022 June 16, 2022 July 10, 2022 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 During the year ended December 31, 2021, the Company redeemed an aggregate principal amount of $ 150,000 100.00% 1,777 No redemptions incurred during the year ended December 31, 2020. 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 NSM Loan I In December 2021 127,632 two 48,573 79,059 In the third quarter of 2022, the outstanding balance under NSM Loan I was fully repaid using cash received from the Transaction. Such repayment was mandatory as per the terms of the loan agreement. The amount of $ 14,853 18% NSM Loan II In December 2021 135,000 two 64,059 70,941 In the third quarter of 2022, the outstanding balance under NSM Loan II was fully repaid using cash received from the Transaction. Such repayment was mandatory as per the terms of the loan agreement. The amount of $ 15,759 18% Upon completion of the refinancing in January 2022, NSM received an upfront fee of $24,000 in respect of the NSM Loan I and the NSM Loan II in the form of a Convertible Debenture that is included in the consolidated statement of comprehensive income under the caption “Non-operating other finance cost”. The agreements also provided for prepayment premiums ranging from 5% 10% 36 Convertible Debenture In December 2021, Navios Holdings entered into a convertible debenture with NSM, covering certain payments under the NSM Loans including an upfront fee of $ 24,000 five years 4% payable at maturity, if not earlier converted into shares of our common stock. As of December 31, 2022, the total outstanding balance of the Convertible Debenture amounted to $ 118,833 , which consists of (i) the upfront fee of $ 24,000 , (ii) $ 14,853 being the accrued PIK interest at 18% on the NSM Loan I, (iii) $ 15,759 being the accrued PIK interest at 18% on the NSM Loan II, (iv) $ 2,491 being the 4% PIK interest on the Convertible Debenture and (v) $ 61,730 being the applicable prepayment fee (as defined in the NSM Loans) incurred in connection with the repayments of the NSM Loan I and NSM Loan II described above, which prepayment fee was paid via increasing the outstanding principal amount of the Convertible Debenture and is included under the caption “Net income/(loss) from discontinued operations”. The Convertible Debenture that was recognised as a single liability instrument is presented under the caption “Convertible debenture payable to affiliate companies”. For information on the Convertible Debenture, see Note 16 “Transactions with Related Parties” and Note 17 “Preferred and Common Stock” in the consolidated financial statements. Navios Logistics Debt 2022 Logistics Senior Notes On April 22, 2014 375,000 May 1, 2022 7.25% July 16, 2020 100% 2,661 Navios Logistics Term Loan B Facility On November 3, 2017 100,000 LIBOR 475 1.0% July 8, 2020 1,496 2025 Logistics Senior Notes On July 8, 2020 500,000 July 1, 2025 10.75 The 2025 Co-Issuers have the option to redeem the 2025 Notes in whole or in part, at any time on or after August 1, 2022, at a fixed price of 108.063% 102.688% 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 Logistics Co-Issuers were in compliance with the covenants as of December 31, 2022. As of December 31, 2022 and 2021, deferred financing costs associated with the 2025 Logistics Senior Notes amounted to $ 12,018 15,927 Navios Logistics Notes Payable In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, Corporacion Navios S.A. (“CNSA”) entered into an unsecured export financing line of credit for a total amount of $ 41,964 5,949 16 semi-annual six-month LIBOR and will convert to the Commercial Interest Reference Rates (“CIRR”) or Secured Overnight Financing Rate (“SOFR”), to be agreed with the bank within 2023 7,677 2022 Navios Logistics Alpha Bank Loan On February 28, 2022 , Navios Logistics entered into a $ 7,000 loan facility with Alpha Bank (the “2022 Navios Logistics Alpha Bank Loan”) in order to repay existing debt under the Navios Logistics Alpha Bank Loan. The 2022 Navios Logistics Alpha Bank Loan bears interest at a rate of SOFR The 2022 Navios Logistics Alpha Bank Loan is repayable in twelve quarterly installments, beginning on August 18, 2022 , with a final balloon payment of $ 2,800 on the last repayment date. On May 18, 2022 , the amount available under this facility was fully drawn. As of December 31, 2022, the outstanding amount of the 2022 Term Bank Loan was $ 6,300 . As of December 31, 2022 and December 31, 2021, unamortized deferred finance costs associated with the 2022 Navios Logistics Alpha Bank Loan 72 99 Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics Alpha Bank Loan as of December 31, 2022. 2022 Navios Logistics BBVA Facility On March 23, 2022 25,000 two 17,000 March 22, 2022 8,000 September 22, 2022 used to repay existing debt with BBVA and for general corporate purposes 4.25% quarterly July 1, 2025 is secured by assignments of certain receivables 22,530 Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics BBVA Facility as of December 31, 2022 Navios Logistics Santander Facility On March 25, 2022, Navios Logistics entered into a $ 5,000 loan facility with Banco Santander S.A. (the “Navios Logistics Santander Facility”) for general corporate purposes. The Navios Logistics Santander Facility bears interest at a rate of 4.20% per annum, is repayable in twelve equal quarterly installments with final maturity on March 7, 2026 and is secured by assignments of certain receivables . As of December 31, 2022, Navios Logistics had drawn the total available amount and the outstanding balance was $ 4,125 . Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics Santander Facility as of December 31, 2022 Seller’s Credit Agreement for the construction of six liquid barges In December 2020 13,475 for the construction of six liquid barges six 20 quarterly 8.5% had drawn the total available amount and the outstanding balance was $ 8,753 . Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet fourth quarter of 2020 for the acquisition of three pushboats and 18 tank barges 15,000 fixed rate 5.0% annual 5,000 10,000 Navios Logistics Other long-term loans In connection with the acquisition of Hidronave S.A. on October 29, 2009 817 in order to finance the construction of the pushboat Nazira. fixed rate 600 monthly 6 During the year ended December 31, 2022 78,584 and sale and leaseback agreements 332,013 375,264 262,632 243,725 53,000 During the year ended December 31, 2021 189,503 36,199 115,000 58,000 The above payments and proceeds include debt from continuing and discontinued operations During the December 31, 2020 28,582 38,556 97,500 66,862 13,625 11,229 The annual weighted average interest rates of the Company’s total borrowings were 9.84% 8.78% 7.89% The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of December 31, 2022, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities. Borrowings - Principal payments (Table) Year 2023 $ 23,574 2024 29,975 2025 514,124 2026 338 2027 and thereafter 118,833 Total $ 686,844 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Of Financial Instruments | |
Fair Value of Financial Instruments | NOTE 12: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments Fair value of financial instruments The Company uses the following methods and assumptions to estimate the fair value of each class of financial instrument: Cash and cash equivalents: Restricted cash: Borrowings: The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating Loans payable to affiliate companies: Loans payable to affiliate companies, including Convertible Debenture: The estimated fair values of the Company’s financial instruments were as follows: Fair Value of Financial Instruments - Fair Value of financial instruments (Table) December 31, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 78,541 $ 78,541 $ 53,367 $ 53,367 Restricted cash $ 310 $ 310 $ 10 $ 10 Senior and ship mortgage notes, net $ (496,608) $ (491,976) $ (646,538) $ (690,400) Long-term debt, including current portion $ (59,313) $ (59,385) $ (58,278) $ (58,376) Loans payable to affiliate companies, including current portion $ — $ — $ (112,634) $ (113,509) Convertible debenture payable to affiliate companies (2) $ (118,833) $ (118,833) $ — $ — 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 As of December 31, 2022 and 2021, there were no assets measured at fair value on a recurring basis. As of December 31, 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 (Table) 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 the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. Fair Value of Financial Liabilities - Non-Recurring Measurements (Table) Fair Value Measurements at December 31, 2022 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 78,541 $ 78,541 $ — $ — Restricted cash $ 310 $ 310 $ — $ — Senior and ship mortgage notes $ (491,976) $ (483,350) $ (8,626) $ — Long-term debt, including current portion (1) $ (59,385) $ — $ (59,385) $ — Convertible debenture payable to affiliate companies (2) $ (118,833) $ — $ (118,833) $ — Fair Value Measurements at December 31, 2021 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 53,367 $ 53,367 $ — $ — Restricted cash $ 10 $ 10 $ — $ — Senior and ship mortgage notes $ (690,400) $ (681,774) $ (8,626) $ — Long-term debt, including current portion (1) $ (58,376) $ — $ (58,376) $ — Loans payable to affiliate companies, including current portion $ (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 and Convertible Debenture payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefit Plans | NOTE 13: EMPLOYEE BENEFIT PLANS Employee Benefit Plans Stock Plan The Company has awarded restricted share units, shares of restricted common stock and restricted stock units to its employees, officers and directors. The restriction lapses in two, three or four equal tranches, over the requisite service periods, of one, two, three and four years from the grant date. The Company has also awarded share appreciation rights and stock options to its officers and directors only, based on service conditions, which vest in three equal tranches over the requisite service periods of one, two and three years from the grant date. Each option expires seven years after its grant date. No stock options were exercised during the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, 250,000 Summary of Significant Accounting Policies- Employee benefits” to the consolidated financial statements. During the years ended December 31, 2022, 2021 and 2020, the Company did not award any restricted stock, restricted stock units or stock options, which vest upon achievement of certain performance conditions. The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2022 was $ 2.94 The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2021 was $ 2.28 No The effect of compensation expense arising from the stock-based arrangements described above amounted to $ 171 589 1,268 The outstanding stock-based awards relate to grants to the Company’s officers and directors. The summary of stock-based awards is summarized as follows (in thousands except share and per share data which have been adjusted to reflect the Reverse Stock Split): Employee Benefit Plans (Table) Options Shares Weighted average exercise price Weighted average remaining term Aggregate fair value Outstanding as of December 31, 2021 350,000 $ 12.0 1.66 2,730 Vested at December 31, 2021 — — — — Exercisable at December 31, 2021 — — — — Forfeited or expired (100,000) — — (552) Outstanding as of December 31, 2022 250,000 $ 12.0 0.68 2,179 Restricted stock and restricted stock units Non Vested as of December 31, 2021 171,412 $ — 1.17 667 Granted 80,000 — — 211 Vested (131,504) — — (526) Forfeited or expired (37,907) — — (100) Non Vested as of December 31, 2022 82,001 $ — 3.93 252 The estimated compensation cost relating to service conditions of non-vested (i) share appreciation rights and stock options and (ii) restricted share units, restricted stock and restricted stock unit awards, not yet recognized was $ 0 146 2.93 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 14: COMMITMENTS AND CONTINGENCIES Commitments and Contingencies As of December 31, 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 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 4,102 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, Navios Logistics will have the ability to exercise the purchase option of these barges or extend the term of the leasing contract. Please refer to Note 15 “Leases”. 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 various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts can be reasonably estimated, based upon facts known on the date the financial statements were prepared. Although the Company cannot predict with certainty the ultimate resolutions of these matters, in the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | NOTE 15: LEASES Leases Time charter out contracts The Company’s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected to not separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. As a result of the adoption of these standards, there was no effect on the Company’s opening accumulated deficit, consolidated balance sheets and consolidated statements of comprehensive income/(loss). Land lease agreements As of December 31, 2022, Navios Logistics had land lease agreements whose remaining lease terms ranged from 43.2 43.6 Office lease agreements As of December 31, 2022, Navios Logistics had office lease agreements whose remaining lease terms ranged from 0.5 3.9 Liquid Barges leasing contract On April 28, 202 five year 60 26 ASC 842 requires that the leases be classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Leases - Operating Lease Assets and Liabilities (Table) December 31, 2022 December 31, 2021 Operating lease assets Land lease agreements 8,260 8,078 Office lease agreements 844 1,081 Liquid Barges leasing contract 2,683 — Total $ 11,787 $ 9,159 Operating lease liabilities, current portion Land lease agreements (166) (182) Office lease agreements 523 439 Liquid Barges leasing contract 477 — Total $ 834 $ 257 Operating lease liabilities, net of current portion Land lease agreements 8,426 8,259 Office lease agreements 321 642 Liquid Barges leasing contract 2,206 — Total $ 10,953 $ 8,901 At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in land lease agreements, office lease agreements and liquid barges leasing contracts that can be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company then applied the respective incremental borrowing rates to each lease based on the remaining lease term of the specific lease. Navios Logistics’ incremental borrowing rate upon adoption relating to land and office lease agreements was 7.25% 5.78% The tables below present the components of the Company’s lease expense for the years ended December 31, 2022, 2021 and 2020: Leases - Lease Expenses (Table) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Lease expense for charter-in contracts $ 4,058 $ 5,887 $ 6,587 Lease expense for land lease agreements 630 571 564 Lease expense for office lease agreements 464 307 600 Total $ 5,152 $ 6,765 $ 7,751 Lease expenses for charter-in contracts are included in the consolidated statement of comprehensive income/(loss) under the caption “Time charter, voyage and logistics business expenses”. Lease expenses for land lease agreements and office lease agreements are included in the consolidated statement of comprehensive income/(loss) under the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively. On July 29, 2022, the Company completed the sale of its 15 The table below provides the total amount of lease payments on an undiscounted basis on our office lease agreements, land lease agreements and liquid barges leasing contract as of December 31, 2022: Leases - Total amount of lease payments on an undiscounted basis (Table) Land Leases Office space Liquid Barges December 31, 2023 $ 556 $ 576 $ 619 December 31, 2024 556 224 619 December 31, 2025 556 69 619 December 31, 2026 556 57 619 December 31, 2027 556 — 619 December 31, 2028 and thereafter 21,333 — — Total 24,113 926 3,095 Operating lease liabilities, including current portion 8,260 844 2,683 Discount based on incremental borrowing rate $ 15,853 $ 82 $ 412 As of December 31, 2022, the weighted average remaining lease terms on our office 1.9 43.3 5 As of December 2.7 44.3 Charter-out vessels, barges and pushboats: The future minimum revenue, net of commissions for the Company’s logistics business, expected to be earned on non-cancelable time charters, COA’s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics’ ports expected to be earned on non-cancelable time charters, are as follows: Leases - Future Revenue for Chartered-out Vessels, Barges, Pushboats and for Logistics Business (Table) Amount 2023 $ 190,021 2024 160,911 2025 130,283 2026 72,069 2027 58,573 2028 and thereafter 572,574 Total $ 1,184,431 |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 16: TRANSACTIONS WITH RELATED PARTIES Transactions with Related Parties Vessel Operating Expenses (management fees): Prior to the Transaction and pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), five years with an automatic extension period of five years thereafter unless a notice for termination was received by either party. The ship management services fees provided by the Manager was a fixed rate of $ 3.7 per day per owned/bareboat-in vessel until August 2021, $ 3.8 per day per owned/bareboat-in vessel until August 2022 and $ 3.9 per day until the closing of the Transaction on September 8, 2022. The fee for the ship management services provided by the Manager was a daily fee of $ 0.03 per day per charter-in vessel. Drydocking expenses under this agreement were reimbursed by Navios Holdings at cost. The agreement also provided for payment of a termination fee by Navios Holdings, equal to the fees charged for the full calendar year preceding the termination date, in the event the Management Agreement is terminated on or before August 29, 2024, upon the occurrence of certain events. No such fees were triggered. Total management fees for vessel operating expenses for the year ended December 31, 2022, 2021 and 2020 amounted to $ 19,018 $ 37,813 and $ 45,587 Net income/(loss) from discontinued operations 2,010 $ 2,918 and $ 265 Navios Partners Guarantee: November 2012 5,000 General and Administrative Expenses: August 29, 2019 five years five years August 29, 2024 5,879 8,572 9,371 5,339 8,031 8,830 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 the years ended December 31, 2022, 2021 and 2020 amounted to $ 1,431 1,144 1,144 Balance due to/from affiliate companies: 1,642 385 As of December 31, 2022 the balance mainly consisted of payments to the Manager in accordance with the Administrative Agreement. Midstream General Partner Option Agreement: Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of December 31, 2022, Navios Holdings had not exercised any part of that option. Sale of Vessels and Sale of Rights to Navios Partners: 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 In September 2022, Navios Holdings completed the sale of its 36 Secured credit facility with Navios Logistics (Grimaud Loan) On April 25, 2019 50,000 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 As of December 31, 2022, the total amount of this facility was repaid in full, as described below. On June 24, 2020, Navios Logistics assigned its legal and beneficial right, title and interest in the credit facility to its wholly-owned subsidiary Grimaud Ventures S.A. (“Grimaud”). On June 25, 2020, Navios Holdings and Grimaud amended the Grimaud Loan to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 2,308 Effective as of May 2021, and upon 13.0% On June 30, 2021 7,500 On July 13, 2021, the Grimaud Loan plus accrued interest was repaid by the Company in full through the issuance of 9,301,542 7,500 NSM Loan: August 29, 2019 141,795 47,000 quarterly quarterly 48 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 December 31, 2022, and following the refinancing, the NSM Loan was fully repaid . $50.0 million NSM Loan: June 2020 50,000 to be used for general corporate purposes 18 quarterly 5.0 7.0 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 December 31, 2022, and following the refinancing, the $115.0 million NSM Loan was fully repaid. As of December 31, 2022, the Company wrote off $ 875 . NSM Loan I: December 2021 127,632 two 48,573 79,059 quarterly 5,000 18% 16.5% 13.5% 14,853 18% four years In the third quarter of 2022, the outstanding balance under NSM Loan I was fully repaid using cash received from the Transaction. Such repayment was mandatory as per the terms of the loan agreement. For further information see Note 3 “Discontinued operations” in the consolidated financial statements . NSM Loan II: December 2021 135,000 two 64,059 70,941 quarterly 5,000 18% 16.5% 13.5% 15,759 18% four years In the third quarter of 2022, the outstanding balance under NSM Loan II was fully repaid using cash received from the Transaction. Such repayment was mandatory as per the terms of the loan agreement. For further information see Note 3 “Discontinued operations” in the consolidated financial statements. Upon completion of the refinancing in January 2022, NSM received an upfront fee of $ 24,000 5% 10% 36 Convertible Debenture: 24,000 five years 4% 118,833 24,000 14,853 18% 15,759 18% 2,491 4% 61,730 Navios Logistics’ Shareholders Agreement: minority Promissory note: 20,000 promissory note to Grimaud. The promissory note is payable in four semi-annual equal installments commencing on August 15, 2021. The Company has the ability to defer payment of one of the first three installments subject to certain conditions. On July 30, 2021, Grimaud entered into an assignment agreement with Peers Business Inc. (“Peers”), whereby the promissory note was assigned to Peers. Please refer to Note 17 “Preferred and Common Stock” to the consolidated financial statements. As of December 31, 2022, the Company had paid an amount of $ 10,000 relating to the promissory note. In February 2023, the remaining outstanding balance was repaid in full. |
Preferred and Common Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred and Common Stock | NOTE 17: PREFERRED AND COMMON STOCK Preferred and Common Stock Series I Preferred Stock In accordance with the terms of the Convertible Debenture, Navios Holdings issued 1,000 29,945,271 30,247,185 3.93 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 As of March 21, 2019, a total of 10,930 26,297 997 offer 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 Series G ADSs Series H ADSs 0.25% Total undeclared 26,192 30,348 On September 14, 2022, Navio 20,000 20,185 318 584,158 8,926 4,547 and undeclared preferred dividends 8,949 514,720 1,183,944 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock 1/100th of a Share of 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock Preferred stock was 16,988 ( 5,148 Series G ADSs and, 11,840 Series H ADSs) and 23,032 ( 5,350 Series G ADSs and 17,682 Series H ADSs) as of December 31, 2022 and 2021 respectively. Vested, Surrendered and Forfeited During 2022, no restricted stock units, issued to the During 2021, 825 the During 2020, 825 84,336 issued During the years ended December 31, 2022, 2021 and 2020, 37,907 894 1,345 Conversion of Preferred Stock During the years ended December 31, 2022 and 2021, there were no conversions of preferred stock. 0 During the year ended December 31, 2020, 210 22,712 1,712 171 1,712 6 As of December 31, 2022, 2021 and 2020, the balance of convertible preferred stock was nil. 0 Cumulative Perpetual Preferred Stock The Company’s 2,000,000 Series G ADSs 4,800,000 Series H ADSs shares Series G ADSs Series H ADSs 2,500 25 Dividends are payable quarterly in arrears Series G ADSs 8.75% Series H ADSs 8.625% Issuances to Employees, Officers and Directors On December 21, 2022, pursuant to the stock plan 40,000 restricted shares of common stock were granted to Navios Holdings officers and directors and issued on December 21, 2022. On December 15, 2021, pursuant to the stock plan approved by the Board of the Directors, 40,000 On December 21, 2020, pursuant to the stock plan approved by the Board of the Directors, 16,000 During the years ended December 31, 2022 and 2021, no stock option As of December 31, 2022, Navios Holdings has outstanding 25,198,620 25,198,620 2,414,263 In October 2022, 2,414,263 Dividends from Navios Logistics—Acquisition of noncontrolling interest On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. All transactions were eliminated on a consolidated level as of that date. Immediately thereafter, Grimaud agreed to redeem the equity interests held by its non-controlling shareholder in full at fair market value, which was payable through $ 16,000 20,000 21,000 15,000 20,000 27,243 8,757 As of December 31, 2022, the Company had pa $ 10,000 relating to the promissory note. In February 2023, the remaining outstanding balance was repaid in full. Sale of Navios Holdings shares of common stock On July 10, 2020, Navios Logistics declared and paid a $ 6,381 2,414,263 2,308 On February 21, 2020, Navios Logistics’ board of directors declared and paid a $ 27,500 17,552 9,948 On July 13, 2021, the Company issued 9,301,542 9,301,542 44,437 176 |
Interest Expense and Finance Co
Interest Expense and Finance Cost | 12 Months Ended |
Dec. 31, 2022 | |
Interest Expense And Finance Cost | |
Interest Expense and Finance Cost | NOTE 18: INTEREST EXPENSE AND FINANCE COST Interest Expense and Finance Cost Interest expense and finance Interest Expense and Finance Cost (Table) For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Interest expense $ 60,573 $ 61,937 $ 46,553 Amortization and write-off of deferred financing costs 3,980 3,378 2,626 Other 127 84 (13) Interest expense and financing cost $ 64,680 $ 65,399 $ 49,166 |
Earnings_(Loss) per Common Shar
Earnings/(Loss) per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) per Common Share | NOTE 19: EARNINGS/(LOSS) PER COMMON SHARE Earnings/(Loss) per Common Share Basic earnings/(loss) per share is calculated by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding (excluding restricted shares) during the periods presented. Diluted income per common share is calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. The as converted number of common shares under the Convertible Debenture are deemed participating securities. Earnings are only allocated to participating securities in a period of net income (including income from continued and discontinued operations). Net income/(loss) attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net income/(loss) attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. For the year ended December 31, 2022, 184,250 0 For the year ended December 31, 2021, 384,682 0 For the year ended December 31, 2020, 569,998 1,549 Earnings/(Loss) per Common Share - Earnings/(Loss) per share, basic and diluted (Table) Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Numerator: (Loss)/income attributable to Navios Holdings, from continuing operations $ (58,800) $ 41,528 $ (6,815) Less: Undeclared dividend on preferred stock and on unvested restricted shares (3,785) (5,127) (5,144) Tender Offer — Redemption of preferred stock Series G ADSs and H ADSs including $8,949 of undeclared preferred dividend cancelled for the year ended December 31, 2022 13,496 — — Gain from eliminated dividend on preferred stock due to conversion — — 166 Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from continuing operations 20,206 — — (Loss)/income attributable to Navios Holdings common stockholders, basic and diluted from continuing operations $ 28,883 $ 36,401 $ (11,793) Income/(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations 146,106 75,158 (186,146) Less: Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from discontinued operations (60,140) — — Income /(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations $ 85,966 $ 75,158 $ (186,146) Net income/(loss) attributable to Navios Holdings common stockholders $ 57,083 $ 111,559 $ (197,939) Denominator: Denominator for basic earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares 22,653,879 16,168,329 12,896,568 Basic (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations $ (1.27) 2.25 (0.91) Basic earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations $ 3.79 $ 4.65 $ (14.43) Basic earnings/(loss) per share attributable to Navios Holdings common stockholders $ 2.52 $ 6.90 $ (15.35) Denominator for diluted earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares 22,838,129 16,553,011 12,896,568 Diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations $ (1.27) 2.20 (0.91) Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations $ 3.77 $ 4.54 $ (14.43) Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders $ 2.50 $ 6.74 $ (15.35) Weighted average Number of Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted 15,848,301 — — Earnings per share to Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted $ 2.52 $ — $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 20: INCOME TAXES Income Taxes The Republic of the Marshall Islands, Liberia, Panama and Malta do not impose a tax on international shipping income. Under the laws of the Republic of the Marshall Islands, Malta, Liberia and Panama, the countries of incorporation of the Company and its subsidiaries and the vessels’ registration, the companies are subject to registration and tonnage taxes in the accompanying consolidated statements of comprehensive income/(loss). In accordance with the currently applicable Greek law, ship owning companies of foreign-flagged vessels that are managed by Greek or foreign ship management companies having established an office/branch in Greece on the basis of the applicable licensing regime are subject to tax liability towards the Greek state which is calculated on the basis of the relevant vessel’s tonnage. A tax credit is recognized for tonnage tax (or similar tax) paid abroad, up to the amount of the tax due in Greece. The owner, the manager and the bareboat charterer or the financial lessee (where applicable) are liable to pay the tax due to the Greek state. The payment of said tax exhausts the tax liability of the foreign ship owning company, the bareboat charterer, the financial lessee (as applicable) and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign-flagged vessel outside Greece. The income tax (expense)/ benefit reflected in the Company’s consolidated financial statements for the years ended December 31, 2022, 2021, and 2020 is mainly attributable to Navios Holdings’ subsidiaries in South America, which are subject to the Argentinean, Brazilian and Paraguayan income tax regime. CNSA and Corporacion Navios Granos S.A. (“CNGSA”) are located in a tax free zone and are not liable to income tax. Navios Logistics’ current port operations in Uruguay are exempted from income taxes. As a result of the Law 27,630, voted by the Argentinian Parliament in June 2021, income tax rates and scales were modified. Scales are updated annually as per inflation Income tax liabilities of the Argentinean subsidiaries for the current period is measured at the amount expected to be paid to the taxation authorities using a tax rate of 35 30 25 35 30 Under the tax laws of Argentina, the subsidiaries of the Company in that country are subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0% 2.0% 2.0% Until the fiscal year ended December 31, 2019, there were two possible options to determine the income tax liability of Paraguayan subsidiaries. Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. Companies whose operations were considered international freights could choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, were neither deducted nor carried forward As per the tax reform in Paraguay that is in force since January 1, 2020 (Law 6,380 from September 25, 2019 confirmed by Decree 3182 from December 30, 2019), there are still two possible options to determine the income tax liability of Paraguayan companies. Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. The 100% of revenues derived from freights carried between other countries with destination Paraguay are considered Paraguayan sourced, and therefore taxed. The tax reform also states that any fiscal losses generated as of the fiscal year starting January 1, 2020, will be carried forward for up to five years, with the possibility to deduct each year the 20% from future fiscal years taxable income. Companies whose operations are considered international freights can alternatively choose to pay income taxes on their revenues at an effective tax rate of 3% of such revenues, without considering any other kind of adjustments. Once the methodology is chosen, the Paraguayan companies have to keep it for at least five years. The corporate income tax rate in Argentina, Paraguay, Brazil, and Uruguay is 30% 10% 34% 25% |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Expense | NOTE 21: OTHER EXPENSE Other Expense During the years ended December 31, 2022, 2021 and 2020, taxes other-than-income taxes of Navios Logistics amounted to $ 6,515 5,442 5,762 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 22: SUBSEQUENT EVENTS Subsequent Events There are no events subsequent to the balance sheet date that require disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation: | (a) Basis of presentation: U.S. GAAP 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 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 consolidated financial statements. 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. 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. |
Principles of consolidation: | (b) Principles of consolidation: The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary of such entity. ASC 810-15-14 outlines the criteria for evaluating whether an entity is a VIE. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability; and an interest in the entity’s residual risks and reward; or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support; or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both; and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Subsidiaries: 100% 63.8% Discontinued Operations: 36 September 8, 2022 All references to the dry bulk vessels included in the following accounting policies relate to the periods prior to the completion of the Transaction. Investments in Affiliate Companies: Affiliate companies are entities over which the Company holds between 20% 50% Affiliate companies included in the financial statements accounted for under the equity method In the consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of December 31, 2022 and 2021 was 10.3% 6.9% 3.9% June 2020 47.5% Subsidiaries Included in the Consolidation: Summary of Significant Accounting Policies - Entities included in the consolidation (Table) Ownership Country of Statements of Operations Company Name Nature Interest Incorporation 2022 2021 2020 Navios Maritime Holdings Inc. Holding Company — Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios South American Logistics Inc. Sub-Holding Company 63.8% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios International Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Navimax Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Handybulk Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hestia Shipping Ltd. Operating Company 100% Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Anemos Maritime Holdings Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 NAV Holdings Limited Sub-Holding Company 100% Malta 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Kleimar N.V. Operating Company/ Vessel Owning Company/ Management Company 100% Belgium 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Bulkinvest S.A. Operating Company 100% Luxembourg 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Astra Maritime Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Achilles Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Apollon Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Herakles Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hios Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ionian Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kypros Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Meridian Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rondine Management Corp . Vessel Owning Company 100% Marshall Is. — 1/1 - 9/30 3/22 - 12/31 Vernazza Shiptrade Inc. Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 9/25-12/31 Beaufiks Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Nostos Shipmanagement Corp. Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31 Portorosa Marine Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shikhar Ventures S.A. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Sizzling Ventures Inc. Operating Company 100% Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rheia Associates Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Taharqa Spirit Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rumer Holding Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Pharos Navigation S.A. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Pueblo Holdings Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Quena Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aramis Navigation Inc. Vessel Owning Company 100% Marshall Is. — 1/1 - 7/9 1/1 - 12/31 White Narcissus Marine S.A. Vessel Owning Company 100% Panama 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Navios GP L.L.C. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Red Rose Shipping Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Highbird Management Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Ducale Marine Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Vector Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Faith Marine Ltd. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance II (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Tulsi Shipmanagement Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Cinthara Shipping Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rawlin Services Company Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mauve International S.A. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Serenity Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100% Marshall Is. — 1/1 - 3/30 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100% Marshall Is. — 1/1 - 3/30 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Iris Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Emery Shipping Corporation Vessel Owning Company 100% Marshall Is. — — 1/1 - 9/30 Lavender Shipping Corporation Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31 Roselite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Smaltite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Motiva Trading Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Alpha Merit Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Thalassa Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Asteroid Shipping S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Cloud Atlas Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Heodor Shipping Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pacifico Navigation Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rider Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Talia Shiptrade S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Moonstone Shipping Corporation Vessel Owning Company 100 Marshall Is. 1/1 – 9/8 6/30 - 12/31 — Opal Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 – 9/8 6/30 –12/31 — Grimaud Ventures S.A. Operating Company 100% Marshall Is. 1/1 – 12/31 7/30-12/31 — Anafi Shipping Corporation Operating Company 100% Marshall Is. 5/12 – 9/8 — — |
Use of Estimates: | (c) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates the estimates and judgments. Estimates and judgements management evaluates relate to. among other things, uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that they believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. |
Cash and Cash Equivalents: | (d) Cash and Cash Equivalents: |
Restricted Cash: | (e) Restricted Cash: 10 300 84,250 |
Insurance Claims: | (e) Insurance Claims: |
Inventories: | (g) Inventories: |
Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: | (h) Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Expenditures for routine maintenance and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value. Annual depreciation rates used, which approximate the useful life of the assets are: Summary of Significant Accounting Policies - Depreciation Periods (Table) Dry bulk vessels 25 years Port terminals 5 49 years Tanker vessels, barges and pushboats 15 45 years Furniture, fixtures and equipment 3 10 years Computer equipment and software 5 years Leasehold improvements shorter of lease term or 6 years Management estimated the residual values of the Company’s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values were periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimated the residual values of the Company’s vessels based on a scrap rate of $ 340 Management estimated the useful life of its dry bulk vessels to be 25 years |
Deposits for Vessels, Port Terminals and Other Fixed Assets: | (i) Deposits for Vessels, Port Terminals and Other Fixed Assets: 3,311 713 0 1,062 986 Other long-term assets”, |
Assets Held for Sale: | (j) Assets Held for Sale: The Company’s policy is to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale as of December 31, 2022 and 2021. |
Impairment of Long Lived Assets: | (k) Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings’ management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value. Navios Holdings Navios Holdings determined the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment were reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. Undiscounted projected net operating cash flows were determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) would reflect the excess of carrying value over fair value (selling price) for the vessel asset group. Where the undiscounted projected net operating cash flows for each asset group did not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeded to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis. Pursuant to the Transaction during the third quarter of 2022, the Company completed the sale of its 21 owned vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements. No impairment losses were recognized on any of Navios Holdings vessels during the year ended December 31, 2022. As of December 31, 2021, the Company considered various indicators, including but not limited to the market price of its long-lived assets, its contracted revenues and cash flows and the economic outlook, and concluded for the Dry Bulk Vessel Operations that no events and circumstances occurred, which could trigger the existence of potential impairment of the Company’s vessels. As a result, no step one of impairment assessment was performed as of December 31, 2021. During the fourth quarter of fiscal year 2020, management concluded that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% 99.3% As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry-bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value for such vessels. As a result, the Company recorded an impairment loss of $ 52,820 N et income/(loss) from discontinued operations Navios Logistics Vessels, other fixed assets and other long-lived assets held and used by Navios Logistics are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with accounting for long-lived assets, management determines projected undiscounted cash flows for each asset group and compares it to its carrying amount. In the event that projected undiscounted cash flows for an asset group is less than its carrying amount, then management reviews fair values and compares them to the asset group’s carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset group’s carrying amount to its fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows. During the fourth quarter of 2022, Navios Logistics completed the sale of vessel Malva H for a sale price of $ 2,186 778 732 The fair value was determined based on the agreed sale’s price. 2,417 As of December 31, 2021, management concluded that certain events and circumstances had changed, indicating a potential impairment of two of the Logistics Business’s tanker vessels. These events and circumstances included the extended period in which its tanker vessels operating in the cabotage business have been without a long-term time charter contract. The extended delay is the result of the status of the current tanker market and the vessels’ capacity. Vessels’ capacity appears to be limited to trading in the markets of Argentina and Uruguay. Navios Logistics recorded an impairment loss of $ 21,966 for two of its tanker vessels operating in its cabotage business, representing the difference between the carrying value of the vessels including the carrying value of deferred drydock and special survey costs related to these vessels, and their respective fair values. Navios Logistics determined the fair value of its assets on the basis of evaluations provided by third-party independent shipbrokers and compared them to the carrying value of the vessels including the unamortized portion of deferred drydock and special survey costs. The impairment loss recognized reflected the excess of carrying value over fair value for the vessel asset group. The impairment loss is included under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss). See Note 7 “Vessels, Port Terminals and Other Fixed Assets, Net” in the consolidated financial statements. No No |
Deferred Drydock and Special Survey Costs: | (l) Deferred Drydock and Special Survey Costs: 30 60 72 96 Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2022, 2021 and 2020, the amortization of deferred drydock and special survey costs from continuing operations was $ 4,356 4,122 3,958 |
Deferred Financing Costs: | (m) Deferred Financing Costs: 3,980 3,378 2,626 Interest Expense and Finance Cost” to the consolidated financial statements. |
Goodwill and Other Intangibles | (n) Goodwill and Other Intangibles (i) Goodwill: Navios Holdings evaluated impairment of goodwill using a single step process following the adoption of ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)” as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. Navios Holdings determined the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss was measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. As of December 31, 2022, goodwill of $ 56,240 As of December 31, 2021, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which,was allocated goodwill of $ 56,240 The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average of historical one-year time-charter rates). The Company believes this approach to be objective for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company’s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount. As of December 31, 2022 and 2021, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $ 104,096 No (ii) Intangibles Other Than Goodwill: 44,015 straight-line 32 years The Company reviews its other intangibles such as trade name, customer relationships and port terminal operating rights periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the differenc e between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions. As of December 31, 2022, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Logistics’ other intangible assets including port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2022. As of December 31, 2021, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Holdings trade name, and the Navios Logistics’ other intangible assets, including port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2021. During the fourth quarter of fiscal year 2020, management concluded that certain events occurred and circumstances had changed indicating a potential impairment of the Navios Holdings trade name. These changes in events and circumstances included continued volatility in the spot market, and the impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed. The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective “relief from royalty” rate applied to the future cash flows of the Dry Bulk Vessel Operations. No The weighted average amortization periods for intangibles are: Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table) Intangible assets Years Trade name 32 Port terminal operating rights 47 Customer relationships 20 |
Foreign Currency Translation: | (o) Foreign Currency Translation: 2,658 2,637 574 |
Provisions: | (p) Provisions: The Company participates in Protection and Indemnity (“P&I”) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs. Provision for losses subject to claims was provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December 31, 2022 and 2021, the balance for this provision was $ 0 |
Segment Reporting: | (q) Segment Reporting: two 36 September 8, 2022 |
Revenue and Expense Recognition: | (r) Revenue and Expense Recognition: Revenue Recognition: Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel 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. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material. Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage, and 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 years ended December 31, 2022, 2021 and 2020: Summary of Significant Accounting Policies - Revenue per Category (Table) Year Ended December 31, 2022 Year Ended COA/Voyage revenue $ 77,798 $ 77,485 $ 54,005 Time chartering revenue 59,120 41,446 59,236 Dry Port terminal revenue 96,311 78,740 73,112 Storage fees (dry port) revenue 2,233 1,518 3,364 Dockage revenue 6,596 3,876 3,948 Sale of products revenue 5,183 13,776 17,272 Liquid port terminal revenue 7,010 5,734 4,606 Other 1,146 901 382 Total $ 255,397 $ 223,476 $ 215,925 General and administrative expenses: Pursuant to an administrative services agreement dated August 29, 2019 (the “Administrative Services Agreement”), these services are provided by NSM. The Manager is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The Administrative Services Agreement also provides that the Company pay a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August 29, 2024, upon the occurrence of certain events Deferred Income and Cash Received in Advance: Time Charter, Voyage and Logistics Business Expenses: Direct Vessel Expenses: the “Management Agreement”) (see also Note 16 “Transactions with Related Parties” to the consolidated financial statements). The ship management services fees provided by the Manager was a fixed rate of $ 3.7 3.8 3.9 The 0.03 August 29, 2024 Prepaid Voyage Costs: |
Employee benefits: | (s) Employee benefits: Stock-Based Compensation: The fair value of restricted share units, restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. |
Financial Instruments: | (t) Financial Instruments: Financial Risk Management: Credit Risk: The Company closely monitors its exposure to customers and counterparties for credit risk. Navios Holdings, through its access to NSM policies and personnel, has policies designed to limit trading to customers and counterparties with an appropriate credit history. Credit risk with respect to accounts receivable is reduced by the Company by rendering services to established international operators. Management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables Liquidity Risk: Foreign Exchange Risk: |
Earnings/(Loss) Per Share: | (u) Earnings/(Loss) Per Share: |
Income Taxes: | (v) Income Taxes: The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. As a result of the Law 27,630, voted by the Argentinean Parliament in June 2021, income tax rates and scales were modified. Scales are updated annually as per inflation. Income tax liabilities of the Argentinean subsidiaries for the current period is measured at the amount expected to be paid to the taxation authorities using a tax rate of 35% on any taxable profit above 76 million Argentinean pesos or $429, 30% on any taxable profit between 8 million Argentinean pesos or $42 and 76 million Argentinean pesos or $429, and 25% on any taxable profit below 8 million Argentinean pesos or $42. The enacted Law 27,630 replaced the income tax rates and scales enacted by the Law 27,541, voted by the Parliament on December 23, 2019, which had made changes to the income tax law in Argentina. The Law 27,541, had modified the rates for income taxes applicable for the fiscal years beginning on January 1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 35% 2,112 |
Dividends: | (w) Dividends: 0 0 |
Guarantees: | (x) Guarantees: On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 16 Transactions with Related Parties” to the consolidated financial statements). |
Leases: | (y) Leases: The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. For charters classified as operating leases where Navios Holdings is deemed the lessor, refer to Note 2(r) “Summary of Significant Accounting Policies -Revenue and Expense Recognition” to the consolidated financial statements. The Company acts as a lessor under operating leases in connection with all of its charter out arrangements. In cases of lease agreements where the Company acts as lessee, the Company recognizes an operating lease asset and a corresponding lease liability on the consolidated balance sheet. For charters classified as operating leases where Navios Holdings is or is deemed the lessee, the expense is recognized on a straight-line basis over the rental periods of such charter agreements. The expense is included under the caption “Time charter, voyage and logistics business expenses”. In cases of sale and leaseback agreements, if the transfer of the asset to the lessor does not qualify as a sale, then the agreement constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset. Impairment of operating lease assets: Undiscounted projected net operating cash flows were determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest (asset group). If the step two of the impairment analysis was required, the analysis included the use of discounted cash flows which includes various assumptions, including the Company’s WACC. If management determined that step two of the impairment analysis was required for any of our asset groups, a discounted cash flow analysis using the Company’s WACC was performed. The WACC was based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. Where the undiscounted projected net operating cash flows for each asset group did not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeded to perform step two of the impairment assessment. Pursuant to the Transaction during the third quarter of 2022, the Company completed the sale of its 15 As of December 31, 2021, the Company concluded that no events or circumstances occurred that would trigger the existence of potential impairment of its operating lease assets. As a result, no step-one impairment assessment was performed as of December 31, 2021. During the fourth quarter of fiscal year 2020, management concluded that events occurred, and certain circumstances had changed, such that potential impairment of the Company’s operating lease assets could exist. These events and circumstances included continued volatility in the spot market, the impact of such volatility on the current dry bulk sector, and the resulting effect on management’s expectation for future revenues. As a result, an impairment assessment of operating lease assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each charter-in and bareboat-in vessel and compared those cash flows to each operating lease asset’s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest. Factors and assumptions used in the undiscounted projected net operating cash flow analysis included a determination of the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed-fleet days (the Company’s remaining charter agreement rates), an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat-in vessels), and management fees for vessel operating expenses in accordance with the terms of the Management Agreement. The determination process assumed an annual increase of 3.0% As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two asset groups, which involved a discounted cash flow analysis using the Company’s WACC. As a result, the Company recorded an impairment loss of $ 1,361 Net income/(loss) from discontinued operations |
Treasury Stock: | (z) Treasury Stock: |
Trade Accounts Receivable: | (aa) Trade Accounts Receivable: On January 1, 2020, the Company adopted Topic 326 “Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments” using the modified retrospective approach. This standard amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 “Leases”. In addition, this standard requires the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. This new guidance did not have a material impact on the Company’s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard. As a result of the adoption of this standard, there was no cumulative impact to the Company’s accumulated deficit at January 1, 2020. |
Convertible Preferred Stock: | (ab) Convertible Preferred Stock: 0.0001 2.0% Five years after the issuance date, 30.0% 10 20 10 14 14 0 |
Cumulative Redeemable Perpetual Preferred Stock: | (ac) Cumulative Redeemable Perpetual Preferred Stock: 2,000,000 4,800,000 Each of the shares represents 1/100th of a share of the Series G ADSs, with a liquidation preference of $ 2,500 25 8.75 8.625 2,500 25 |
Convertible Debenture and Series I Preferred Stock: | (ad) Convertible Debenture and Series I Preferred Stock: Concurrently with the refinancing of the NSM loans I & II, 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 , accrued interest, and prepayment fees. NSM has the option to convert any portion of the outstanding balance under the Convertible Debenture into shares of common stock of Navios Holdings pursuant to an agreed-upon mechanism. In accordance with the terms of the Convertible Debenture, on January 3, 2022, Navios Holdings issued 1,000 shares of preferred stock (the “Series I Preferred Stock”), which have no voting and no economic rights. The Convertible Debenture was deemed to be a single liability instrument at inception under ASC 480, as the preferred shares embody an unconditional obligation that the issuer may settle by issuing a variable number of its equity shares with a monetary value that is determinable. Payments/PIK to holders are reported as interest cost and accrued but not-yet-paid payments increase the balance of the convertible debenture. The Convertible Debenture was accounted for under ASU 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), amounts to $ 118,833 and nil 0 as of December 31, 2022 and 2021, respectively, and is presented under the caption “Convertible debenture payable to affiliate companies” in the consolidated balance sheets. The Series I Preferred Stock represents 29,945,271 shares of common stock issuable as of December 31, 2022 which are deemed outstanding for voting purposes. The as converted number of common shares are deemed to be participating securities for the purposes of earning per share calculation. |
Investment in Equity Securities: | (ae) Investment in Equity Securities: |
Financial Instruments and Fair Value: | (af) Financial Instruments and Fair Value: A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements. |
Recent Accounting Pronouncements: | (ag) Recent Accounting Pronouncements: Adoption of new accounting pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2024. Following the deferral of the sunset date of topic 848, as amended by ASU 2022 06 . 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 were 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 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 were effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this ASU on January 1, 2022 through the modified retrospective method did not have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies - Entities included in the consolidation (Table) | Summary of Significant Accounting Policies - Entities included in the consolidation (Table) Ownership Country of Statements of Operations Company Name Nature Interest Incorporation 2022 2021 2020 Navios Maritime Holdings Inc. Holding Company — Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios South American Logistics Inc. Sub-Holding Company 63.8% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios International Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Navimax Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Handybulk Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hestia Shipping Ltd. Operating Company 100% Malta 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Anemos Maritime Holdings Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 NAV Holdings Limited Sub-Holding Company 100% Malta 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Kleimar N.V. Operating Company/ Vessel Owning Company/ Management Company 100% Belgium 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Bulkinvest S.A. Operating Company 100% Luxembourg 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Primavera Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ginger Services Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aquis Marine Corp. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Astra Maritime Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Achilles Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Apollon Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Herakles Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Hios Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Ionian Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Kypros Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Meridian Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mercator Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Arc Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Horizon Shipping Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Magellan Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aegean Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Star Maritime Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Corsair Shipping Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Rowboat Marine Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rondine Management Corp . Vessel Owning Company 100% Marshall Is. — 1/1 - 9/30 3/22 - 12/31 Vernazza Shiptrade Inc. Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 9/25-12/31 Beaufiks Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Nostos Shipmanagement Corp. Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31 Portorosa Marine Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Shikhar Ventures S.A. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Sizzling Ventures Inc. Operating Company 100% Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rheia Associates Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Taharqa Spirit Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rumer Holding Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Pharos Navigation S.A. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Pueblo Holdings Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Quena Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Aramis Navigation Inc. Vessel Owning Company 100% Marshall Is. — 1/1 - 7/9 1/1 - 12/31 White Narcissus Marine S.A. Vessel Owning Company 100% Panama 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Navios GP L.L.C. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Red Rose Shipping Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Highbird Management Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Ducale Marine Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Vector Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Faith Marine Ltd. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Maritime Finance II (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Tulsi Shipmanagement Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Cinthara Shipping Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rawlin Services Company Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mauve International S.A. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Serenity Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Mandora Shipping Ltd Vessel Owning Company 100% Marshall Is. — 1/1 - 3/30 1/1 - 12/31 Solange Shipping Ltd. Vessel Owning Company 100% Marshall Is. — 1/1 - 3/30 1/1 - 12/31 Diesis Ship Management Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Holdings Europe Finance Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Navios Asia LLC Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Iris Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Jasmine Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Emery Shipping Corporation Vessel Owning Company 100% Marshall Is. — — 1/1 - 9/30 Lavender Shipping Corporation Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31 Roselite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31 Smaltite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Motiva Trading Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Alpha Merit Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Thalassa Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Asteroid Shipping S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Cloud Atlas Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Heodor Shipping Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Pacifico Navigation Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Rider Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Talia Shiptrade S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31 Moonstone Shipping Corporation Vessel Owning Company 100 Marshall Is. 1/1 – 9/8 6/30 - 12/31 — Opal Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 – 9/8 6/30 –12/31 — Grimaud Ventures S.A. Operating Company 100% Marshall Is. 1/1 – 12/31 7/30-12/31 — Anafi Shipping Corporation Operating Company 100% Marshall Is. 5/12 – 9/8 — — |
Summary of Significant Accounting Policies - Depreciation Periods (Table) | Summary of Significant Accounting Policies - Depreciation Periods (Table) Dry bulk vessels 25 years Port terminals 5 49 years Tanker vessels, barges and pushboats 15 45 years Furniture, fixtures and equipment 3 10 years Computer equipment and software 5 years Leasehold improvements shorter of lease term or 6 years |
Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table) | Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table) Intangible assets Years Trade name 32 Port terminal operating rights 47 Customer relationships 20 |
Summary of Significant Accounting Policies - Revenue per Category (Table) | Summary of Significant Accounting Policies - Revenue per Category (Table) Year Ended December 31, 2022 Year Ended COA/Voyage revenue $ 77,798 $ 77,485 $ 54,005 Time chartering revenue 59,120 41,446 59,236 Dry Port terminal revenue 96,311 78,740 73,112 Storage fees (dry port) revenue 2,233 1,518 3,364 Dockage revenue 6,596 3,876 3,948 Sale of products revenue 5,183 13,776 17,272 Liquid port terminal revenue 7,010 5,734 4,606 Other 1,146 901 382 Total $ 255,397 $ 223,476 $ 215,925 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations - Gain on Sale (Table) | Discontinued Operations Proceeds received: Cash consideration $ 370,638 Carrying value of assets and liabilities: Book value of Vessels and other fixed assets 452,697 Book value of Operating lease assets and other, net 19,016 Book value of Intangible assets other than goodwill 42,082 Book value of Goodwill 56,240 Bank debt and finance leases payable assumed by Navios Partners (332,013) Net liabilities derecognized (37,015) 201,007 Gain on sale $ 169,631 |
Discontinued Operations - Net Income/(Loss) from Discontinued Operations (Table) | Discontinued Operations - Net Income/(Loss) from Discontinued Operations (Table) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, Revenue $ 204,981 $ 362,342 $ 200,793 Time charter, voyage and logistics business expenses (38,515) (85,412) (103,592) Direct vessel expenses (30,686) (47,753) (52,049) General and administrative expenses (11,408) (14,285) (16,843) Depreciation and amortization (18,135) (29,581) (42,076) Interest expense and finance cost, net (58,791) (79,584) (87,345) Impairment loss/loss on sale of vessels, net — (25,861) (88,367) (Loss)/gain on bond extinguishment, net (221) 951 11,204 Impairment loss for Navios Europe II — — (6,050) Non-operating other finance cost (61,730) — — Gain on sale of shipping business 169,631 — — Other expense, net (8,967) (5,561) (1,634) Income tax expense (53) (98) (187) Net income/(loss) from discontinued operations $ 146,106 $ 75,158 $ (186,146) |
Discontinued Operations - Assets and Liabilities from Discontinued Operations (Table) | Discontinued Operations - Assets and Liabilities from Discontinued Operations (Table) December 31, 2022 December 31, 2021 Cash and cash equivalent $ — $ 224 Restricted cash — 84,250 Accounts receivable, net 3,489 9,186 Inventories — 3,052 Other current assets — 9,986 Vessels and other fixed assets, net — 427,386 Deferred dry dock and special survey costs, net — 23,467 Operating Lease assets — 164,267 Goodwill — 56,240 Intangible assets other than goodwill — 44,015 Other non-current assets — 35,689 Total assets of discontinued operations $ 3,489 $ 857,762 Accounts payable 3,692 6,234 Accrued expenses and other liabilities 1,825 16,122 Deferred income and cash received in advance — 5,448 Due to related parties, net 565 20,643 Operating lease liabilities, including current portion — 189,828 Long-term debt, net, including current portion — 113,641 Senior and ship mortgage notes, including current portion — 455,393 Total liabilities of discontinued operations $ 6,082 $ 807,309 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Restricted Cash (Table) | Cash and Cash Equivalents and Restricted Cash (Table) December 31, 2022 December 31, 2021 Cash on hand and at banks $ 32,851 $ 53,323 Short-term deposits and highly liquid funds 45,690 44 Restricted cash 310 10 Cash and cash equivalents and restricted cash $ 78,851 $ 53,377 |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable Net | |
Accounts Receivable, Net (Table) | Accounts Receivable, Net (Table) December 31, 2022 December 31, 2021 Accounts receivable $ 49,841 $ 56,928 Less: Allowance for credit losses (3,347) (3,275) Accounts receivable, net $ 46,494 $ 53,653 |
Accounts Receivable, Net - Provisions for Doubtful Accounts (Table) | Accounts Receivable, Net - Provisions for Doubtful Accounts (Table) Allowance for credit losses Balance at Beginning of Period Charges to Costs and Expenses Amount Utilized Balance at End of Period Year ended December 31, 2020 $ (2,489) $ (541) $ 146 $ (2,884) Year ended December 31, 2021 $ (2,884) $ (391) $ — $ (3,275) Year ended December 31, 2022 $ (3,275) $ (320) $ 248 $ (3,347) |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets (Table) | Prepaid Expenses and Other Current Assets (Table) December 31, 2022 December 31, 2021 Prepaid voyage and operating costs $ 3,408 $ 3,126 Claims receivable 419 (30) Prepaid other taxes 2,881 1,084 Other 1,560 2,928 Total prepaid expenses and other current assets $ 8,268 $ 7,108 |
Vessels, Port Terminals and O_2
Vessels, Port Terminals and Other Fixed, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Port Terminals and Other Fixed Assets (Table) | Vessels, Port Terminals and Other Fixed Assets (Table) Tanker vessels, barges and pushboats (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 526,051 $ (200,756) $ 325,295 Additions 1,931 (18,278) (16,347) Write-down (308) — (308) Balance December 31, 2020 $ 527,674 $ (219,034) $ 308,640 Additions 2,445 (20,763) (18,318) Impairment loss (27,339) 5,373 (21,966) Transfers from other long-term assets 51,461 — 51,461 Balance December 31, 2021 $ 554,241 $ (234,424) $ 319,817 Additions 6,130 (20,998) (14,868) Impairment loss (14,920) 12,457 (2,463) Sale of vessel (2,186) — (2,186) Balance December 31, 2022 $ 548,640 $ (248,004) $ 300,300 Port Terminals (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 253,962 $ (46,961) $ 207,001 Additions 870 (7,216) (6,346) Write offs (88) 76 (12) Balance December 31, 2020 $ 254,744 $ (54,101) $ 200,643 Additions 1,520 (7,629) (6,109) Disposal (130) 169 39 Transfers from other long-term assets 5,646 — 5,646 Balance December 31, 2021 $ 261,780 $ (61,561) $ 200,219 Additions 792 (7,735) (6,943) Balance December 31, 2022 $ 262,572 $ (69,296) $ 193,276 Other fixed assets (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 7,831 $ (4,960) $ 2,871 Additions 488 (672) (184) Balance December 31, 2020 $ 8,319 $ (5,632) $ 2,687 Additions 384 (491) (107) Balance December 31, 2021 $ 8,703 $ (6,123) $ 2,580 Additions 22 (207) (185) Disposals (52) — (52) Balance December 31, 2022 $ 8,673 $ (6,330) $ 2,343 Total (Navios Logistics) Cost Accumulated Depreciation Net Book Value Balance January 1, 2020 $ 787,844 $ (252,677) $ 535,167 Additions 3,289 (26,166) (22,877) Write-down (396) 76 (320) Balance December 31, 2020 $ 790,737 $ (278,767) $ 511,970 Additions 4,349 (28,883) (24,534) Disposal (130) 169 39 Impairment loss (27,339) 5,373 (21,966) Transfers from other long-term assets 57,107 — 57,107 Balance December 31, 2021 $ 824,724 $ (302,108) $ 522,616 Additions 6,944 (28,940) (21,996) Impairment loss (14,920) 12,457 (2,463) Sale of vessel (2,186) — (2,186) Disposals (52) — (52) Balance December 31, 2022 $ 814,510 $ (318,591) $ 495,919 |
Intangible Assets other than _2
Intangible Assets other than Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets other than Goodwill (Table) | Intangible Assets other than Goodwill (Table) Net Book Value of Intangible Assets other than Goodwill as at December 31, 2022 December 31, 2022 Acquisition Cost Accumulated Depreciation Net Book Value Port terminal operating rights $ 53,152 $ (15,832) $ 37,320 Customer relationships 36,120 (27,247) 8,873 Total intangible assets $ 89,272 $ (43,079) $ 46,193 Net Book Value of Intangible Assets other than Goodwill as at December 31, 2021 December 31, 2021 Acquisition Cost Accumulated Depreciation Net Book Value Port terminal operating rights $ 53,152 $ (14,834) $ 38,318 Customer relationships 36,120 (25,472) 10,648 Total intangible assets $ 89,272 $ (40,306) $ 48,966 |
Intangible Assets other than Goodwill - Amortization Expense (Table) | Intangible Assets other than Goodwill - Amortization Expense (Table) Amortization Expense Year Ended December 31, 2022 Amortization Expense Year Ended December 31, 2021 Amortization Expense Year Ended December 31, 2020 Port terminal operating rights $ 998 $ 998 $ 998 Customer relationships 1,775 1,774 1,775 Total $ 2,773 $ 2,772 $ 2,773 |
Intangible Assets other than Goodwill - Amortization Schedule (Table) | Intangible Assets other than Goodwill - Amortization Schedule (Table) Description Within one year Year Two Year Three Year Four Year Five Thereafter Total Port terminal operating rights $ 995 $ 995 $ 995 $ 995 $ 995 $ 32,345 $ 37,320 Customer relationships 1,775 1,775 1,775 1,775 1,773 — 8,873 Total amortization $ 2,770 $ 2,770 $ 2,770 $ 2,770 $ 2,768 $ 32,345 $ 46,193 |
Investments in Affiliate Comp_2
Investments in Affiliate Companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in and Advances to Affiliates [Abstract] | |
Investments in Affiliate Companies - Financial Information of the Affiliate Companies - Balance Sheet (Table) | Investments in Affiliate Companies - Financial Information of the Affiliate Companies - Balance Sheet (Table) Balance sheet – Navios Partners December 31, 2022 December 31, 2021 Cash and cash equivalents, including restricted cash $ 175,098 $ 169,446 Current assets $ 310,424 $ 226,340 Non-current assets $ 4,585,280 $ 3,396,959 Current liabilities $ 617,740 $ 395,505 Long- term debt including current portion, net $ 1,945,447 $ 1,361,709 Non-current liabilities $ 1,935,001 $ 1,458,069 |
Investments in Affiliate Companies - Financial Information of Affiliate Companies - Income Statement (Table) | Investments in Affiliate Companies - Financial Information of Affiliate Companies - Income Statement (Table) December 31, 2022 Income Statement Navios Partners Navios Acquisition Navios Containers Revenue $ 1,210,528 $ — $ — Net income $ 579,247 $ — $ — Income Statement Navios Partners 01/01/2021-12/31/2021 Navios Acquisition 01/01/2021-10/15/2021 Navios Containers 01/01/2021-03/31/2021 Revenue $ 713,175 $ 188,304 $ 43,763 Net income/(loss) $ 516,186 $ (6,307) $ 15,270 December 31, 2020 Income Statement Navios Partners Navios Acquisition Navios Europe II Navios Containers Revenue $ 226,771 $ 361,438 $ 17,059 $ 127,188 Net (loss)/income $ (68,541) $ 27,465 $ (26,661) $ 3,348 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities (Table) | Accrued Expenses and Other Liabilities (Table) December 31, 2022 December 31, 2021 Payroll $ 7,352 $ 7,912 Accrued interest 23,354 30,004 Accrued voyage expenses 646 771 Audit fees and related services 235 — Accrued taxes 7,647 9,032 Professional fees 577 143 Other accrued expenses 41 475 Total accrued expenses $ 39,852 $ 48,337 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings (Table) | Borrowings (Table) Navios Holdings borrowings December 31, 2022 December 31, 2021 2022 Senior Secured Notes — 155,000 2024 Notes 8,626 8,626 NSM Loan (incl. accrued interest $306 and $526, respectively) — 48,879 $115.0 million NSM Loan (incl. accrued interest $571) — 64,630 Convertible Debenture 118,833 — Total Navios Holdings borrowings $ 127,459 $ 277,135 Navios Logistics borrowings December 31, 2022 December 31, 2021 2025 Logistics Senior Notes 500,000 500,000 Navios Logistics Notes Payable 7,677 12,463 2022 Navios Logistics BBVA Facility 22,530 — 2022 Navios Logistics Alpha Bank Loan 6,300 — Navios Logistics BBVA Facility — 12,000 Navios Logistics Alpha Bank Loan — 7,700 Navios Logistics Santander Facility 4,125 — Seller’s Credit Agreement for the construction of six liquid barges 8,753 11,213 Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet 10,000 15,000 Total Navios Logistics borrowings $ 559,385 $ 558,376 Total December 31, 2022 December 31, 2021 Total borrowings $ 686,844 $ 835,511 Less: current portion, net (23,544) (130,693) Less: deferred finance costs and discount, net (12,090) (18,061) Total long-term borrowings $ 651,210 $ 686,757 |
Borrowings - Principal payments (Table) | Borrowings - Principal payments (Table) Year 2023 $ 23,574 2024 29,975 2025 514,124 2026 338 2027 and thereafter 118,833 Total $ 686,844 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Of Financial Instruments | |
Fair Value of Financial Instruments - Fair Value of financial instruments (Table) | Fair Value of Financial Instruments - Fair Value of financial instruments (Table) December 31, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 78,541 $ 78,541 $ 53,367 $ 53,367 Restricted cash $ 310 $ 310 $ 10 $ 10 Senior and ship mortgage notes, net $ (496,608) $ (491,976) $ (646,538) $ (690,400) Long-term debt, including current portion $ (59,313) $ (59,385) $ (58,278) $ (58,376) Loans payable to affiliate companies, including current portion $ — $ — $ (112,634) $ (113,509) Convertible debenture payable to affiliate companies (2) $ (118,833) $ (118,833) $ — $ — |
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) | Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) 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 Liabilities - Non-Recurring Measurements (Table) | Fair Value of Financial Liabilities - Non-Recurring Measurements (Table) Fair Value Measurements at December 31, 2022 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 78,541 $ 78,541 $ — $ — Restricted cash $ 310 $ 310 $ — $ — Senior and ship mortgage notes $ (491,976) $ (483,350) $ (8,626) $ — Long-term debt, including current portion (1) $ (59,385) $ — $ (59,385) $ — Convertible debenture payable to affiliate companies (2) $ (118,833) $ — $ (118,833) $ — Fair Value Measurements at December 31, 2021 Total (Level I) (Level II) (Level III) Cash and cash equivalents $ 53,367 $ 53,367 $ — $ — Restricted cash $ 10 $ 10 $ — $ — Senior and ship mortgage notes $ (690,400) $ (681,774) $ (8,626) $ — Long-term debt, including current portion (1) $ (58,376) $ — $ (58,376) $ — Loans payable to affiliate companies, including current portion $ (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 and Convertible Debenture payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefit Plans (Table) | Employee Benefit Plans (Table) Options Shares Weighted average exercise price Weighted average remaining term Aggregate fair value Outstanding as of December 31, 2021 350,000 $ 12.0 1.66 2,730 Vested at December 31, 2021 — — — — Exercisable at December 31, 2021 — — — — Forfeited or expired (100,000) — — (552) Outstanding as of December 31, 2022 250,000 $ 12.0 0.68 2,179 Restricted stock and restricted stock units Non Vested as of December 31, 2021 171,412 $ — 1.17 667 Granted 80,000 — — 211 Vested (131,504) — — (526) Forfeited or expired (37,907) — — (100) Non Vested as of December 31, 2022 82,001 $ — 3.93 252 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases - Operating Lease Assets and Liabilities (Table) | Leases - Operating Lease Assets and Liabilities (Table) December 31, 2022 December 31, 2021 Operating lease assets Land lease agreements 8,260 8,078 Office lease agreements 844 1,081 Liquid Barges leasing contract 2,683 — Total $ 11,787 $ 9,159 Operating lease liabilities, current portion Land lease agreements (166) (182) Office lease agreements 523 439 Liquid Barges leasing contract 477 — Total $ 834 $ 257 Operating lease liabilities, net of current portion Land lease agreements 8,426 8,259 Office lease agreements 321 642 Liquid Barges leasing contract 2,206 — Total $ 10,953 $ 8,901 |
Leases - Lease Expenses (Table) | Leases - Lease Expenses (Table) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Lease expense for charter-in contracts $ 4,058 $ 5,887 $ 6,587 Lease expense for land lease agreements 630 571 564 Lease expense for office lease agreements 464 307 600 Total $ 5,152 $ 6,765 $ 7,751 |
Leases - Total amount of lease payments on an undiscounted basis (Table) | Leases - Total amount of lease payments on an undiscounted basis (Table) Land Leases Office space Liquid Barges December 31, 2023 $ 556 $ 576 $ 619 December 31, 2024 556 224 619 December 31, 2025 556 69 619 December 31, 2026 556 57 619 December 31, 2027 556 — 619 December 31, 2028 and thereafter 21,333 — — Total 24,113 926 3,095 Operating lease liabilities, including current portion 8,260 844 2,683 Discount based on incremental borrowing rate $ 15,853 $ 82 $ 412 |
Leases - Future Revenue for Chartered-out Vessels, Barges, Pushboats and for Logistics Business (Table) | Leases - Future Revenue for Chartered-out Vessels, Barges, Pushboats and for Logistics Business (Table) Amount 2023 $ 190,021 2024 160,911 2025 130,283 2026 72,069 2027 58,573 2028 and thereafter 572,574 Total $ 1,184,431 |
Interest Expense and Finance _2
Interest Expense and Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest Expense And Finance Cost | |
Interest Expense and Finance Cost (Table) | Interest Expense and Finance Cost (Table) For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Interest expense $ 60,573 $ 61,937 $ 46,553 Amortization and write-off of deferred financing costs 3,980 3,378 2,626 Other 127 84 (13) Interest expense and financing cost $ 64,680 $ 65,399 $ 49,166 |
Earnings_(Loss) per Common Sh_2
Earnings/(Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) per Common Share - Earnings/(Loss) per share, basic and diluted (Table) | Earnings/(Loss) per Common Share - Earnings/(Loss) per share, basic and diluted (Table) Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Numerator: (Loss)/income attributable to Navios Holdings, from continuing operations $ (58,800) $ 41,528 $ (6,815) Less: Undeclared dividend on preferred stock and on unvested restricted shares (3,785) (5,127) (5,144) Tender Offer — Redemption of preferred stock Series G ADSs and H ADSs including $8,949 of undeclared preferred dividend cancelled for the year ended December 31, 2022 13,496 — — Gain from eliminated dividend on preferred stock due to conversion — — 166 Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from continuing operations 20,206 — — (Loss)/income attributable to Navios Holdings common stockholders, basic and diluted from continuing operations $ 28,883 $ 36,401 $ (11,793) Income/(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations 146,106 75,158 (186,146) Less: Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from discontinued operations (60,140) — — Income /(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations $ 85,966 $ 75,158 $ (186,146) Net income/(loss) attributable to Navios Holdings common stockholders $ 57,083 $ 111,559 $ (197,939) Denominator: Denominator for basic earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares 22,653,879 16,168,329 12,896,568 Basic (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations $ (1.27) 2.25 (0.91) Basic earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations $ 3.79 $ 4.65 $ (14.43) Basic earnings/(loss) per share attributable to Navios Holdings common stockholders $ 2.52 $ 6.90 $ (15.35) Denominator for diluted earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares 22,838,129 16,553,011 12,896,568 Diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations $ (1.27) 2.20 (0.91) Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations $ 3.77 $ 4.54 $ (14.43) Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders $ 2.50 $ 6.74 $ (15.35) Weighted average Number of Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted 15,848,301 — — Earnings per share to Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted $ 2.52 $ — $ — |
Description of Business (Detail
Description of Business (Details Narrative) $ in Thousands | 4 Months Ended | 12 Months Ended | |
Apr. 21, 2020 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Reportable Segments | 1 | 2 | |
Navios Partners [Member] | |||
Ownership percentage of Navios Holdings | 10.30% | 10.30% | |
Navios Europe II [Member] | |||
Liquidation date | June 2020 | ||
Navios Europe II [Member] | Junior Loan II [Member] | |||
Repayments of Debt | $ 5,000 | ||
Navios Logistics [Member] | |||
Entity Incorporation, Date of Incorporation | Dec. 17, 2007 | ||
Navios Logistics Subsidiary [Member] | |||
Ownership percentage of Navios Holdings | 63.80% | ||
Navios Holdings [Member] | Navios Europe II [Member] | |||
Ownership percentage of Navios Holdings | 47.50% | ||
Voting interests | 50% | ||
Navios Acquisition [Member] | Navios Europe II [Member] | |||
Ownership percentage of Navios Holdings | 47.50% | ||
Voting interests | 50% | ||
Navios Partners [Member] | Navios Europe II [Member] | |||
Ownership percentage of Navios Holdings | 5% | ||
Voting interests | 0% | ||
Navios Partners [Member] | |||
Number of vessels sold | 36 | ||
Barge Business [Member] | |||
Number of barges vessels | 271 | ||
Number of pushboats vessels | 30 | ||
Number of tankers vessels | 5 | ||
Number of bunker vessel | 1 | ||
Number of river and estuary product tanker vessel | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Entities included in the consolidation (Table) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Navios Maritime Holdings Inc. [Member] | |
Nature | Holding Company |
Ownership interest | 0% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios South American Logistics Inc. [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 63.80% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios Corporation [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios International Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 7/29 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navimax Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios Handybulk Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Hestia Shipping Ltd. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Malta |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Anemos Maritime Holdings Inc. [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
NAV Holdings Limited [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Malta |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Kleimar N.V. [Member] | |
Nature | Operating Company/ Vessel Owning Company/ Management Company |
Ownership interest | 100% |
Country of Incorporation | Belgium |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Bulkinvest S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Luxembourg |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Primavera Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Ginger Services Co. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Aquis Marine Corp. [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Astra Maritime Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Achilles Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Apollon Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Herakles Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Hios Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Ionian Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Kypros Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Meridian Shipping Enterprises Inc. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Mercator Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Arc Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Horizon Shipping Enterprises Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Magellan Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Aegean Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Star Maritime Enterprises Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Corsair Shipping Ltd. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Rowboat Marine Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Rondine Management Corp. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | 1/1 - 9/30 |
2020 | 3/22 - 12/31 |
Vernazza Shiptrade Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 9/25-12/31 |
Beaufiks Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Nostos Shipmanagement Corp. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | 1/1 - 6/30 |
2020 | 1/1 - 12/31 |
Portorosa Marine Corp. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Shikhar Ventures S.A. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Liberia |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Sizzling Ventures Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Liberia |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Rheia Associates Co. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Taharqa Spirit Corp. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Rumer Holding Ltd. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Pharos Navigation S.A. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Pueblo Holdings Ltd. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Quena Shipmanagement Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Aramis Navigation Inc. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | 1/1 - 7/9 |
2020 | 1/1 - 12/31 |
White Narcissus Marine S.A. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Panama |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios GP L.L.C. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Red Rose Shipping Corp. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Highbird Management Inc. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Ducale Marine Inc. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Vector Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Faith Marine Ltd. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Liberia |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios Maritime Finance (US) Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Delaware |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios Maritime Finance II (US) Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Delaware |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Tulsi Shipmanagement Co. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Cinthara Shipping Ltd. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Rawlin Services Company [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Mauve International S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Serenity Shipping Enterprises Inc. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Mandora Shipping Ltd [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | 1/1 - 3/30 |
2020 | 1/1 - 12/31 |
Solange Shipping Ltd. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | 1/1 - 3/30 |
2020 | 1/1 - 12/31 |
Diesis Ship Management Ltd. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios Holdings Europe Finance Inc. [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Navios Asia LLC [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Iris Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Jasmine Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Emery Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | |
2020 | 1/1 - 9/30 |
Lavender Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | |
2021 | 1/1 - 6/30 |
2020 | 1/1 - 12/31 |
Roselite Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 9/8 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Smaltite Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Motiva Trading Ltd. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Alpha Merit Corporation [Member] | |
Nature | Sub-Holding Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Thalassa Marine S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 7/29 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Asteroid Shipping S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 7/29 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Cloud Atlas Marine S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 7/29 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Heodor Shipping Inc. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Pacifico Navigation Corp. [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 12/31 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Rider Shipmanagement Inc. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 7/29 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Talia Shiptrade S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 - 7/29 |
2021 | 1/1 - 12/31 |
2020 | 1/1 - 12/31 |
Moonstone Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 – 9/8 |
2021 | 6/30 - 12/31 |
2020 | |
Opal Shipping Corporation [Member] | |
Nature | Vessel Owning Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 – 9/8 |
2021 | 6/30 –12/31 |
2020 | |
Grimaud Ventures S.A. [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 1/1 – 12/31 |
2021 | 7/30-12/31 |
2020 | |
Anafi Shipping Corporation [Member] | |
Nature | Operating Company |
Ownership interest | 100% |
Country of Incorporation | Marshall Is. |
2022 | 5/12 – 9/8 |
2021 | |
2020 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Depreciation Periods (Table) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Dry bulk vessels [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 25 years |
Port terminals [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 5 years |
Port terminals [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 49 years |
Tanker vessels, barges and pushboats [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 15 years |
Tanker vessels, barges and pushboats [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 45 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 3 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 10 years |
Computer equipment and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life assets | shorter of lease term or 6 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Trade name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization periods | 32 years |
Port terminal operating rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization periods | 47 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization periods | 20 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue per Category (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 255,397 | $ 223,476 | $ 215,925 |
COA/Voyage revenue [Member] | |||
Revenue | 77,798 | 77,485 | 54,005 |
Time chartering revenue [Member] | |||
Revenue | 59,120 | 41,446 | 59,236 |
Dry Port terminal revenue [Member] | |||
Revenue | 96,311 | 78,740 | 73,112 |
Storage fees (dry port) revenue [Member] | |||
Revenue | 2,233 | 1,518 | 3,364 |
Dockage revenue [Member] | |||
Revenue | 6,596 | 3,876 | 3,948 |
Sale of products revenue [Member] | |||
Revenue | 5,183 | 13,776 | 17,272 |
Liquid port terminal revenue [Member] | |||
Revenue | 7,010 | 5,734 | 4,606 |
Other [Member] | |||
Revenue | $ 1,146 | $ 901 | $ 382 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
Document Accounting Standard | U.S. GAAP | ||
Restricted Cash and Cash Equivalents, Current | $ 310,000 | $ 10,000 | |
Restricted cash of discontinued operation | 0 | 84,250,000 | |
Other long-term assets | 4,480,000 | 3,567,000 | |
Annual growth factor management fees every second year | 3% | ||
Impairment loss | 3,195,000 | 47,827,000 | $ 88,367,000 |
Impairment loss | (3,195,000) | (21,966,000) | 0 |
Carrying balance of dry dock | 495,919,000 | 522,616,000 | |
Amortization of deferred dry dock and special survey costs | 4,356,000 | 4,122,000 | 3,958,000 |
Amortization and write-off of deferred financing | 10,784,000 | 8,870,000 | 7,863,000 |
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent | 0 | 56,240,000 | |
Goodwill | 104,096,000 | 104,096,000 | |
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | 0 | 44,015,000 | |
Impairment of Intangible Assets, Finite-Lived | 0 | 0 | 0 |
Foreign Currency Transaction Gain (Loss), Realized | 2,658,000 | 2,637,000 | 574,000 |
Provision for losses on vessels time charter | $ 0 | $ 0 | |
Number of Reportable Segments | 1 | 2 | |
Income Tax Expense (Benefit) | $ (323,000) | $ 4,717,000 | 1,865,000 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 0 | $ 0 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | |
Balance of convertible preferred stock | $ 0 | $ 0 | |
Convertible Notes Payable, Noncurrent | $ 118,833,000 | 0 | |
Preferred Stock, Convertible, Shares Issuable | shares | 29,945,271 | ||
Preferred Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | shares | 1,000 | ||
Convertible Debenture [Member] | |||
Convertible Debt | $ 24,000,000 | 24,000,000 | |
Convertible Notes Payable, Noncurrent | $ 118,833,000 | ||
Convertible Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | ||
Preferred Stock, Dividend Rate, Percentage | 2% | ||
Preferred Stock, Convertible, Terms | Five years after the issuance date, | ||
Balance of convertible preferred stock | $ 0 | $ 0 | 0 |
American Depositary Shares Series G [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 8.75% | ||
Number of shares | shares | 2,000,000 | ||
Preferred Stock, Redemption Terms | Each of the shares represents 1/100th of a share of the Series G ADSs, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). | ||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 2,500 | ||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | ||
American Depositary Shares Series H [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 8.625% | ||
Number of shares | shares | 4,800,000 | ||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 2,500 | ||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | ||
Argentina [Member] | |||
Effective Income Tax Rate Reconciliation, Percent | 35% | ||
Income Tax Expense (Benefit) | $ 2,112 | ||
Five years after the issuance date [Member] | Convertible Preferred Stock [Member] | |||
Percentage of preferred stock converted | 30% | ||
Convertible Preferred Stock Share Price | $ / shares | $ 10 | ||
After the third anniversary of the issuance date [Member] | Convertible Preferred Stock [Member] | |||
Convertible Preferred Stock Share Price | $ / shares | $ 14 | ||
Number of consecutive business days | 10 | ||
At any time following the issuance date and prior to the final conversion date [Member] | Convertible Preferred Stock [Member] | |||
Convertible Preferred Stock Share Price | $ / shares | $ 14 | ||
Dry bulk vessels [Member] | |||
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent | $ 56,240,000 | 56,240,000 | |
Logistics Business [Member] | |||
Impairment loss | $ 0 | 0 | |
Goodwill | 104,096,000 | ||
Navios Holdings [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets, Amortization Method | straight-line | ||
Finite-Lived Intangible Asset, Useful Life | 32 years | ||
Continuing Operations [Member] | |||
Restricted Cash and Cash Equivalents, Current | $ 310,000 | 10,000 | |
Amortization and write-off of deferred financing | $ 3,980,000 | 3,378,000 | 2,626,000 |
Navios Holdings [Member] | |||
Annual growth factor management fees every second year | 3% | ||
Utilization rate of fleet | 99.30% | ||
Vessels [Member] | |||
Scrap value per LWT | $ 340 | ||
Interest Costs Capitalized | $ 0 | 1,062,000 | 986,000 |
Dry bulk vessels [Member] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Vessels, port terminals and other fixed asset [Member] | |||
Other long-term assets | $ 3,311,000 | 713,000 | |
Two dry bulk vessels held and used [Member] | Navios Holdings [Member] | |||
Impairment loss | 52,820,000 | ||
Malva H [Member] | |||
Proceeds from Sale of Other Property, Plant, and Equipment | 2,186,000 | ||
Impairment loss | 778,000 | ||
Carrying balance of dry dock | 732,000 | ||
Certain Barges [Member] | |||
Impairment loss | 2,417,000 | ||
Two tanker vessels held and used [Member] | Navios Logistics [Member] | |||
Impairment loss | 21,966,000 | ||
Chartered-in vessels [Member] | |||
Impairment loss | $ 1,361,000 | ||
Navios Lumen, Navios Stellar and Navios Phoenix [Member] | |||
Restricted cash of discontinued operation | 84,250,000 | ||
Amounts Held As Security [Member] | |||
Restricted Cash and Cash Equivalents, Current | 10,000 | $ 10,000 | |
Cash Collateral in Escrow Accounts [Member] | |||
Restricted Cash and Cash Equivalents, Current | $ 300,000 | ||
Navios Partners and its subsidiaries [Member] | |||
Equity Method Investment, Ownership Percentage | 10.30% | 10.30% | |
Navios Acquisition and its subsidiaries [Member] | |||
Equity Method Investment, Ownership Percentage | 6.90% | ||
Navios Containers and its subsidiaries [Member] | |||
Equity Method Investment, Ownership Percentage | 3.90% | ||
Navios Europe II and its subsidiaries [Member] | |||
Equity Method Investment, Ownership Percentage | 47.50% | ||
Liquidation date | June 2020 | ||
Minimum [Member] | After the third anniversary of the issuance date [Member] | Convertible Preferred Stock [Member] | |||
Share Price | $ / shares | $ 20 | ||
Minimum [Member] | Ocean-going vessels [Member] | |||
Interval between vessel drydockings / special surveys | 30 months | ||
Minimum [Member] | Pushboats and barges [Member] | |||
Interval between vessel drydockings / special surveys | 72 months | ||
Minimum [Member] | Affiliate Companies [Member] | |||
Voting rights | 20% | ||
Maximum [Member] | Ocean-going vessels [Member] | |||
Interval between vessel drydockings / special surveys | 60 months | ||
Maximum [Member] | Pushboats and barges [Member] | |||
Interval between vessel drydockings / special surveys | 96 months | ||
Maximum [Member] | Affiliate Companies [Member] | |||
Voting rights | 50% | ||
Navios Partners [Member] | |||
Number of vessels sold | 36 | ||
Date of delivery | September 8, 2022 | ||
Number of owned vessels | 21 | ||
Transaction date | Sep. 08, 2022 | ||
Number of charter-in and bareboat vessels | 15 | ||
Management Agreement [Member] | NSM [Member] | |||
Termination date of agreement | August 29, 2024 | ||
Management Agreement [Member] | NSM [Member] | Owned Vessels [Member] | Until August 2021 [Member] | |||
Daily management fee | $ 3,700 | ||
Management Agreement [Member] | NSM [Member] | Owned Vessels [Member] | Until August 2022 [Member] | |||
Daily management fee | 3,800 | ||
Management Agreement [Member] | NSM [Member] | Owned Vessels [Member] | Until September 2022 [Member] | |||
Daily management fee | 3,900 | ||
Management Agreement [Member] | NSM [Member] | Chartered-in vessels [Member] | |||
Daily management fee | $ 30 | ||
All Except Navios Logistics Subsidiary [Member] | |||
Ownership percentage of Navios Holdings | 100% | ||
Navios Logistics Subsidiary [Member] | |||
Ownership percentage of Navios Holdings | 63.80% |
Discontinued Operations - Gain
Discontinued Operations - Gain on Sale (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |
Cash consideration | $ 370,638 |
Book value of Vessels and other fixed assets | 452,697 |
Book value of Operating lease assets and other, net | 19,016 |
Book value of Intangible assets other than goodwill | 42,082 |
Book value of Goodwill | 56,240 |
Bank debt and finance leases payable assumed by Navios Partners | (332,013) |
Net liabilities derecognized | (37,015) |
Total carrying value of assets and liabilities | 201,007 |
Gain on sale | $ 169,631 |
Discontinued Operations - Net I
Discontinued Operations - Net Income/(Loss) from Discontinued Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenue | $ 204,981 | $ 362,342 | $ 200,793 |
Time charter, voyage and logistics business expenses | (38,515) | (85,412) | (103,592) |
Direct vessel expenses | (30,686) | (47,753) | (52,049) |
General and administrative expenses | (11,408) | (14,285) | (16,843) |
Depreciation and amortization | (18,135) | (29,581) | (42,076) |
Interest expense and finance cost, net | (58,791) | (79,584) | (87,345) |
Impairment loss/loss on sale of vessels, net | 0 | (25,861) | (88,367) |
(Loss)/gain on bond extinguishment, net | (221) | 951 | 11,204 |
Impairment loss for Navios Europe II | 0 | 0 | (6,050) |
Non-operating other finance cost | (61,730) | 0 | 0 |
Gain on sale of shipping business | 169,631 | 0 | 0 |
Other expense, net | (8,967) | (5,561) | (1,634) |
Income tax expense | (53) | (98) | (187) |
Net income/(loss) from discontinued operations | $ 146,106 | $ 75,158 | $ (186,146) |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities from Discontinued Operations (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Cash and cash equivalent | $ 0 | $ 224 |
Restricted cash | 0 | 84,250 |
Accounts receivable, net | 3,489 | 9,186 |
Inventories | 0 | 3,052 |
Other current assets | 0 | 9,986 |
Vessels and other fixed assets, net | 0 | 427,386 |
Deferred dry dock and special survey costs, net | 0 | 23,467 |
Operating Lease assets | 0 | 164,267 |
Goodwill | 0 | 56,240 |
Intangible assets other than goodwill | 0 | 44,015 |
Other non-current assets | 0 | 35,689 |
Total assets of discontinued operations | 3,489 | 857,762 |
Accounts payable | 3,692 | 6,234 |
Accrued expenses and other liabilities | 1,825 | 16,122 |
Deferred income and cash received in advance | 0 | 5,448 |
Due to related parties, net | 565 | 20,643 |
Operating lease liabilities, including current portion | 0 | 189,828 |
Long-term debt, net, including current portion | 0 | 113,641 |
Senior and ship mortgage notes, including current portion | 0 | 455,393 |
Total liabilities of discontinued operations | $ 6,082 | $ 807,309 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disposal Group, Including Discontinued Operation, Consideration | $ 370,638 | ||||||
Disposa group including discontinued operation income gain | 169,631 | ||||||
Gain (Loss) on Extinguishment of Debt | 0 | $ 0 | $ (4,157) | ||||
Long-Term Debt, Gross | $ 686,844 | 835,511 | |||||
Hamburg Commercial Bank AG ($101,750) [Member] | |||||||
Initiation date | December 2021 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 101,750 | ||||||
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 | ||||||
Prepayments of debt | $ 10,380 | ||||||
Number of vessels released from collateral | one | ||||||
Long-Term Debt, Gross | $ 91,345 | ||||||
Number of repayment installments | 8 | ||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||
Line of Credit Facility, Periodic Payment | $ 3,915 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 60,027 | ||||||
Hamburg Commercial Bank AG ($101,750) [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||
Hamburg Commercial Bank AG ($101,750) [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||
Credit Agricole CIB/ BNP Paribas [Member] | |||||||
Initiation date | December 2021 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 105,000 | ||||||
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 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 41,000 | ||||||
Credit Agricole CIB/ BNP Paribas [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||||||
Credit Agricole CIB/ BNP Paribas [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||
Sale and Leaseback Agreements $77,000 [Member] | |||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 77,000 | ||||||
Description of Sale leaseback transaction | in order to finance four dry bulk vessels. | ||||||
Sale And Leaseback Agreements $68,000 [Member] | |||||||
Sale Leaseback Transaction, Date | first quarter of 2020 | ||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 68,000 | ||||||
Description of Sale leaseback transaction | for two Capesize vessels | ||||||
Sale and Leaseback Agreements $12,000 [Member] | |||||||
Drawn down date | March 2022 | ||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||
Sale Leaseback Transaction, Date | March 2022 | ||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 12,000 | ||||||
Description of Sale leaseback transaction | to finance one dry bulk vessel | ||||||
Number of repayment installments | 60 | ||||||
Debt Instrument, Periodic Payment | $ 521 | ||||||
Debt Instrument, Maturity Date, Description | first quarter of 2027 | ||||||
Balloon payment | $ 1,600 | ||||||
Sale And Leaseback Agreement $22,000 [Member] | |||||||
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 | ||||||
Description of Sale leaseback transaction | to finance the vessel | ||||||
Number of repayment installments | 120 | ||||||
Debt Instrument, Periodic Payment | $ 158 | ||||||
Debt Instrument, Maturity Date, Description | third quarter of 2032 | ||||||
Balloon payment | $ 3,000 | ||||||
NSM Loan [Member] | |||||||
Repayments of Debt | $ 47,000 | ||||||
Debt Instrument, Issuance Date | Aug. 29, 2019 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 141,795 | ||||||
Number of repayment installments | 48 | ||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | quarterly | |||||
2022 Senior Secured Notes [Member] | |||||||
Repayments of Debt | $ 80,000 | ||||||
Debt Instrument, Face Amount | $ 305,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | ||||||
Initiation date | November 21, 2017 | ||||||
2022 Notes [Member] | |||||||
Repayments of Debt | $ 455,466 | ||||||
Debt Instrument, Repurchased Face Amount | $ 20,782 | $ 21,356 | |||||
Debt Instrument, Issuance Date | Nov. 29, 2013 | ||||||
Debt Instrument, Face Amount | $ 650,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | ||||||
Debt Instrument, Repurchase Amount | $ 9,443 | 18,588 | |||||
Gain (Loss) on Extinguishment of Debt | 11,204 | 2,728 | |||||
2022 Notes [Member] | NSM Loan [Member] | |||||||
Repayments of Debt | 100,000 | ||||||
2022 Notes [Member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||
Repayments of Debt | $ 77,000 | ||||||
Number of sale and leaseback agreements | four | ||||||
Two Credit Facilities [Member] | 2022 Notes [Member] | |||||||
Repayments of Debt | $ 206,725 | ||||||
NSM Loan [Member] | 2022 Notes [Member] | |||||||
Asset not pledged as collateral | 158,873 | ||||||
Asset pledged as collateral | $ 158,873 | ||||||
First four installments [Member] | Credit Agricole CIB/ BNP Paribas [Member] | |||||||
Line of Credit Facility, Periodic Payment | $ 6,500 | ||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||
Next eight installments [Member] | Credit Agricole CIB/ BNP Paribas [Member] | |||||||
Line of Credit Facility, Periodic Payment | $ 4,750 | ||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||
Three of the four new sale and leaseback agreements [Member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||
Proceeds from Lines of Credit | $ 58,000 | ||||||
Navios Partners [Member] | |||||||
Number of vessels sold | 36 | ||||||
Number of loan tranches | 2 | ||||||
Number of charter-in and bareboat vessels | 15 | ||||||
Transaction date | Sep. 08, 2022 | ||||||
Number of owned vessels | 21 | ||||||
Navios Partners [Member] | NSM Loan [Member] | |||||||
Repayments of Debt | $ 262,632 | ||||||
Navios Partners [Member] | 2022 Senior Secured Notes [Member] | |||||||
Debt Instrument, Repurchased Face Amount | $ 80,000 | ||||||
Maturity date of debt | August 15, 2022 | ||||||
Navios Partners [Member] | Tranche A [Member] | |||||||
Number of charter-in and bareboat vessels | 15 | ||||||
Transaction date | Jul. 29, 2022 | ||||||
Navios Partners [Member] | Tranche B [Member] | |||||||
Transaction date | Sep. 08, 2022 | ||||||
Number of owned vessels | 21 | ||||||
First Two Sale And Leaseback Agreements [Member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||
Number of repayment installments | 96 | ||||||
Debt Instrument, Periodic Payment | $ 481 | ||||||
Debt Instrument, Maturity Date, Description | fourth quarter of 2029 | ||||||
Balloon payment | $ 3,600 | ||||||
Third Sale and Leaseback Agreement [Member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||
Number of repayment installments | 72 | ||||||
Debt Instrument, Periodic Payment | $ 688 | ||||||
Debt Instrument, Maturity Date, Description | fourth quarter of 2027 | ||||||
Balloon payment | $ 3,500 | ||||||
Fourth Sale and Leaseback Agreement [Member] | Sale and Leaseback Agreements $77,000 [Member] | |||||||
Drawn down date | January 2022 | ||||||
Debt Instrument, Frequency of Periodic Payment | monthly | ||||||
Proceeds from Lines of Credit | $ 19,000 | ||||||
Number of repayment installments | 84 | ||||||
Debt Instrument, Periodic Payment | $ 643 | ||||||
Debt Instrument, Maturity Date, Description | first quarter of 2029 | ||||||
Balloon payment | $ 1,000 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 310 | $ 10 | ||
Cash and cash equivalents and restricted cash | 78,851 | 137,851 | $ 111,184 | $ 78,727 |
Continuing Operations [Member] | ||||
Cash on hand and at banks | 32,851 | 53,323 | ||
Short-term deposits and highly liquid funds | 45,690 | 44 | ||
Restricted cash | 310 | 10 | ||
Cash and cash equivalents and restricted cash | $ 78,851 | $ 53,377 |
Accounts Receivable, Net (Tab_2
Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable Net | ||||
Accounts receivable | $ 49,841 | $ 56,928 | ||
Less: Allowance for credit losses | (3,347) | (3,275) | $ (2,884) | $ (2,489) |
Accounts receivable, net | $ 46,494 | $ 53,653 |
Accounts Receivable, Net - Prov
Accounts Receivable, Net - Provisions for Doubtful Accounts (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable Net | |||
Balance at Beginning of Period | $ (3,275) | $ (2,884) | $ (2,489) |
Charges to Costs and Expenses | (320) | (391) | (541) |
Amount Utilized | 248 | 0 | 146 |
Balance at End of Period | $ (3,347) | $ (3,275) | $ (2,884) |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | |||
Concentration Risk, Customer | Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables | ||
Customer 1 [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 20.90% | 23.30% | 31.70% |
Customer 2 [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 13.40% | 10.30% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid voyage and operating costs | $ 3,408 | $ 3,126 |
Claims receivable | 419 | (30) |
Prepaid other taxes | 2,881 | 1,084 |
Other | 1,560 | 2,928 |
Total prepaid expenses and other current assets | $ 8,268 | $ 7,108 |
Vessels, Port Terminals and O_3
Vessels, Port Terminals and Other Fixed Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Balance | $ 522,616 | ||
Additions | (49,848) | $ (61,235) | $ (71,015) |
Write offs | (3,195) | (47,827) | (88,367) |
Sale of vessel | (2,186) | (167,016) | (83,445) |
Balance | 495,919 | 522,616 | |
Cost [Member] | Total Navios Logistics [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 824,724 | 790,737 | 787,844 |
Additions | 6,944 | 4,349 | 3,289 |
Write offs | (396) | ||
Impairment loss | (14,920) | (27,339) | |
Transfers from other long-term assets | 57,107 | ||
Sale of vessel | (2,186) | ||
Disposals | (52) | (130) | |
Balance | 814,510 | 824,724 | 790,737 |
Cost [Member] | Tanker vessels, barges and pushboats [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 554,241 | 527,674 | 526,051 |
Additions | 6,130 | 2,445 | 1,931 |
Write offs | (308) | ||
Impairment loss | (14,920) | (27,339) | |
Transfers from other long-term assets | 51,461 | ||
Sale of vessel | (2,186) | ||
Balance | 548,640 | 554,241 | 527,674 |
Cost [Member] | Port Terminals (Navios Logistics) [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 261,780 | 254,744 | 253,962 |
Additions | 792 | 1,520 | 870 |
Write offs | (88) | ||
Transfers from other long-term assets | 5,646 | ||
Disposals | (130) | ||
Balance | 262,572 | 261,780 | 254,744 |
Cost [Member] | Other fixed assets [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 8,703 | 8,319 | 7,831 |
Additions | 22 | 384 | 488 |
Disposals | (52) | ||
Balance | 8,673 | 8,703 | 8,319 |
Accumulated Depreciation [Member] | Total Navios Logistics [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (302,108) | (278,767) | (252,677) |
Additions | (28,940) | (28,883) | (26,166) |
Write offs | 76 | ||
Impairment loss | 12,457 | 5,373 | |
Disposals | 169 | ||
Balance | (318,591) | (302,108) | (278,767) |
Accumulated Depreciation [Member] | Tanker vessels, barges and pushboats [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (234,424) | (219,034) | (200,756) |
Additions | (20,998) | (20,763) | (18,278) |
Impairment loss | 12,457 | 5,373 | |
Balance | (248,004) | (234,424) | (219,034) |
Accumulated Depreciation [Member] | Port Terminals (Navios Logistics) [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (61,561) | (54,101) | (46,961) |
Additions | (7,735) | (7,629) | (7,216) |
Write offs | 76 | ||
Disposals | 169 | ||
Balance | (69,296) | (61,561) | (54,101) |
Accumulated Depreciation [Member] | Other fixed assets [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (6,123) | (5,632) | (4,960) |
Additions | (207) | (491) | (672) |
Balance | (6,330) | (6,123) | (5,632) |
Net Book Value [Member] | Total Navios Logistics [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 522,616 | 511,970 | 535,167 |
Additions | (21,996) | (24,534) | (22,877) |
Write offs | (320) | ||
Impairment loss | (2,463) | (21,966) | |
Transfers from other long-term assets | 57,107 | ||
Sale of vessel | (2,186) | ||
Disposals | (52) | 39 | |
Balance | 495,919 | 522,616 | 511,970 |
Net Book Value [Member] | Tanker vessels, barges and pushboats [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 319,817 | 308,640 | 325,295 |
Additions | (14,868) | (18,318) | (16,347) |
Write offs | (308) | ||
Impairment loss | (2,463) | (21,966) | |
Transfers from other long-term assets | 51,461 | ||
Sale of vessel | (2,186) | ||
Balance | 300,300 | 319,817 | 308,640 |
Net Book Value [Member] | Port Terminals (Navios Logistics) [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 200,219 | 200,643 | 207,001 |
Additions | (6,943) | (6,109) | (6,346) |
Write offs | (12) | ||
Transfers from other long-term assets | 5,646 | ||
Disposals | 39 | ||
Balance | 193,276 | 200,219 | 200,643 |
Net Book Value [Member] | Other fixed assets [Member] | Navios Logistics[Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 2,580 | 2,687 | 2,871 |
Additions | (185) | (107) | (184) |
Disposals | (52) | ||
Balance | $ 2,343 | $ 2,580 | $ 2,687 |
Vessels, Port Terminals and O_4
Vessels, Port Terminals and Other Fixed, Net (Details Narrative) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Carrying balance of dry dock | $ 495,919 | $ 522,616 | ||
Impairment loss | (3,195) | (21,966) | $ 0 | |
Land Port Murtinho [Member] | Navios Logistics [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land | 9.0 | |||
Development costs | 1,580 | |||
Capitalized interest | 807 | 713 | ||
Iron Ore Port [Member] | Navios Logistics [Member] | Stockpile [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Purchase price | 1,907 | |||
Iron Ore Port [Member] | Navios Logistics [Member] | Crane [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Purchase price | 597 | |||
Construction of six liquid barges [Member] | Navios Logistics [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capitalized interest | 1,062 | |||
Carrying balance of dry dock | 19,501 | |||
Construction Of Two New Tanks In Liquid Port Terminal [Member] | Navios Logistics [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Carrying balance of dry dock | 1,843 | |||
Installation of a crane in grain port terminal [Member] | Navios Logistics [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Carrying balance of dry dock | 3,803 | |||
Malva H [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Carrying balance of dry dock | 732 | |||
Proceeds from Sale of Other Property, Plant, and Equipment | 2,186 | |||
Impairment loss | 778 | |||
Assets, Fair Value Disclosure | 2,186 | |||
Certain Barges [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment loss | $ 2,417 | |||
Seller's Credit Agreement for the Navios Logistics 2020 Fleet [Member] | Navios Logistics [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Purchase price | 30,000 | |||
Carrying balance of dry dock | $ 31,960 | |||
Description of scope | for the acquisition of three pushboats and 18 tank barges | |||
Acquisition date of vessel | March 22, 2021 | |||
Navios Partners [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of owned vessels | 21 |
Intangible Assets other than _3
Intangible Assets other than Goodwill (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Por terminal operating rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | $ 53,152 | $ 53,152 |
Accumulated Amortization | (15,832) | (14,834) |
Net Book Value | 37,320 | 38,318 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 36,120 | 36,120 |
Accumulated Amortization | (27,247) | (25,472) |
Net Book Value | 8,873 | 10,648 |
Total Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 89,272 | 89,272 |
Accumulated Amortization | (43,079) | (40,306) |
Net Book Value | $ 46,193 | $ 48,966 |
Intangible Assets other than _4
Intangible Assets other than Goodwill - Amortization Expense (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Por terminal operating rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $ 998 | $ 998 | $ 998 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | 1,775 | 1,774 | 1,775 |
Total [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization Expense and Write Offs | $ 2,773 | $ 2,772 | $ 2,773 |
Intangible Assets other than _5
Intangible Assets other than Goodwill - Amortization Schedule (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Within one year | $ 2,770 |
Year Two | 2,770 |
Year Three | 2,770 |
Year Four | 2,770 |
Year Five | 2,768 |
Thereafter | 32,345 |
Total | 46,193 |
Por terminal operating rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Within one year | 995 |
Year Two | 995 |
Year Three | 995 |
Year Four | 995 |
Year Five | 995 |
Thereafter | 32,345 |
Total | 37,320 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Within one year | 1,775 |
Year Two | 1,775 |
Year Three | 1,775 |
Year Four | 1,775 |
Year Five | 1,773 |
Thereafter | 0 |
Total | $ 8,873 |
Investments in Affiliate Comp_3
Investments in Affiliate Companies - Financial Information of the Affiliate Companies - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents, including restricted cash | $ 78,851 | $ 137,851 | $ 111,184 | $ 78,727 |
Current assets | 147,570 | 229,447 | ||
Non-current assets | 776,741 | 1,579,331 | ||
Current liabilities | 107,863 | 497,448 | ||
Non-current liabilities | 674,357 | 1,244,686 | ||
Navios Partners [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents, including restricted cash | 175,098 | 169,446 | ||
Current assets | 310,424 | 226,340 | ||
Non-current assets | 4,585,280 | 3,396,959 | ||
Current liabilities | 617,740 | 395,505 | ||
Long- term debt including current portion, net | 1,945,447 | 1,361,709 | ||
Non-current liabilities | $ 1,935,001 | $ 1,458,069 |
Investments in Affiliate Comp_4
Investments in Affiliate Companies - Financial Information of Affiliate Companies - Income Statement (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Oct. 15, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | $ 255,397 | $ 223,476 | $ 215,925 | ||
Net (loss)/income | (85,269) | (91,901) | 188,605 | ||
Navios Partners [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | 1,210,528 | 713,175 | 226,771 | ||
Net (loss)/income | 579,247 | $ 516,186 | (68,541) | ||
Navios Acquisition [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | $ 188,304 | 0 | 361,438 | ||
Net (loss)/income | $ (6,307) | 0 | 27,465 | ||
Navios Containers [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | $ 43,763 | 0 | 127,188 | ||
Net (loss)/income | $ 15,270 | $ 0 | 3,348 | ||
Navios Europe II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | 17,059 | ||||
Net (loss)/income | $ (26,661) |
Investments in Affiliate Comp_5
Investments in Affiliate Companies (Details Narrative) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 04, 2021 shares | Feb. 18, 2015 USD ($) | Mar. 31, 2020 USD ($) | Mar. 31, 2017 USD ($) | Apr. 21, 2020 USD ($) | Aug. 25, 2021 shares | Oct. 15, 2021 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Investments in affiliate companies | $ 99,292 | $ 125,744 | |||||||||
Equity in net earnings of affiliated companies | $ (25,815) | $ 69,275 | $ (1,293) | ||||||||
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% | ||||||||||
Redemption date | Sep. 25, 2021 | ||||||||||
Navios Partners [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 10.30% | 10.30% | |||||||||
Investments in affiliate companies | $ 99,292 | $ 125,744 | |||||||||
Loss on investments | 97,688 | ||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | 142,080 | 56,351 | |||||||||
Equity in net earnings of affiliated companies | (25,815) | 66,745 | 5,466 | ||||||||
Dividends received | 637 | $ 519 | 1,449 | ||||||||
Market value of the investment | $ 82,636 | ||||||||||
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] | |||||||||||
Loss on investments | 13,368 | ||||||||||
Equity in net earnings of affiliated companies | $ 0 | $ 1,944 | 13,129 | ||||||||
Dividends received | 0 | 243 | 5,838 | ||||||||
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 | $ 595 | 130 | ||||||||
Navios Europe II [Member] | Navios Revolving Loans II [Member] | |||||||||||
Loans and Leases Receivable, Related Parties | $ 14,000 | ||||||||||
Revolving Credit Facility Maximum Borrowing Capacity | 43,500 | ||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 14,000 | ||||||||||
Navios Europe II [Member] | Junior Loan II [Member] | |||||||||||
Repayments of Debt | $ 5,000 | ||||||||||
Navios Containers [Member] | Navios Partners [Member] | NMCI Merger [Member] | |||||||||||
Shares conversion rate | 0.39 | ||||||||||
Common units issued | shares | 8,133,452 | ||||||||||
Navios Europe II [Member] | |||||||||||
Investments in affiliate companies | 6,650 | 0 | |||||||||
Loss on investments | $ 6,650 | ||||||||||
Difference between carrying amount of investment and underlying equity in net assets of equity method investee | $ 9,419 | ||||||||||
Number of vessels acquired | 14 | ||||||||||
Due to Related Parties, Current | $ 44,300 | ||||||||||
Unrealized Gain (Loss) on Investments | $ 6,050 | ||||||||||
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 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Payroll | $ 7,352 | $ 7,912 |
Accrued interest | 23,354 | 30,004 |
Accrued voyage expenses | 646 | 771 |
Audit fees and related services | 235 | 0 |
Accrued taxes | 7,647 | 9,032 |
Professional fees | 577 | 143 |
Other accrued expenses | 41 | 475 |
Total accrued expenses | $ 39,852 | $ 48,337 |
Borrowings (Table) (Details)
Borrowings (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 496,608 | $ 646,538 |
Total Borrowings | 686,844 | 835,511 |
Less: current portion, net | (23,544) | (130,693) |
Less: deferred finance costs and discount, net | (12,090) | (18,061) |
Total long-term borrowings | 651,210 | 686,757 |
Total Navios Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 127,459 | 277,135 |
Total Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 559,385 | 558,376 |
2022 Senior Secured Notes [Member] | Navios Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0 | 155,000 |
2024 Notes [Member] | Navios Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 8,626 | 8,626 |
NSM Loan [Member] | Navios Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 0 | 48,879 |
$115.0 million NSM Loan (incl. accrued interest $571) | Navios Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Line of Credit | 0 | 64,630 |
Convertible Debenture [Member] | Navios Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 118,833 | 0 |
2025 Logistics Senior Notes [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500,000 | 500,000 |
Navios Logistics Notes Payable [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | 7,677 | 12,463 |
2022 Navios Logistics BBVA Facility [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 22,530 | 0 |
2022 Navios Logistics Alpha Bank Loan [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 6,300 | 0 |
Navios Logistics BBVA Facility [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 0 | 12,000 |
Navios Logistics Alpha Bank Loan [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 0 | 7,700 |
Navios Logistics Santander Facility [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 4,125 | 0 |
Seller's Credit Agreement for the construction of six liquid barges [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | 8,753 | 11,213 |
Seller's Credit Agreement for the Navios Logistics' 2020 Fleet [Member] | Navios Logistics [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowings | $ 10,000 | $ 15,000 |
Borrowings - Principal payments
Borrowings - Principal payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 23,574 | |
2024 | 29,975 | |
2025 | 514,124 | |
2026 | 338 | |
2027 and thereafter | 118,833 | |
Total | $ 686,844 | $ 835,511 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 22, 2022 | Mar. 18, 2022 | Jun. 06, 2022 | Jun. 30, 2022 | Aug. 31, 2022 | Sep. 22, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Convertible Notes Payable, Noncurrent | $ 118,833 | $ 0 | ||||||||
Gain/ (Loss) on bond and debt extinguishment | 0 | 0 | $ (4,157) | |||||||
Long-Term Debt, Gross | $ 686,844 | $ 835,511 | ||||||||
Debt, Weighted Average Interest Rate | 9.84% | 8.78% | 7.89% | |||||||
Navios Logistics [Member] | Six Liquid Barges [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | December 2020 | |||||||||
Fixed interest rate | 8.50% | |||||||||
Number of loan tranches | 6 | |||||||||
Number of repayment installments | 20 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Long-Term Debt, Gross | $ 8,753 | |||||||||
Seller's credit agreement | $ 13,475 | |||||||||
Description of Sale leaseback transaction | for the construction of six liquid barges | |||||||||
Navios Logistics [Member] | Seller's Credit Agreement for the Navios Logistics 2020 Fleet [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | fourth quarter of 2020 | |||||||||
Fixed interest rate | 5% | |||||||||
Debt Instrument, Interest Rate Terms | fixed rate | |||||||||
Line of Credit Facility, Frequency of Payments | annual | |||||||||
Long-Term Debt, Gross | $ 10,000 | |||||||||
Seller's credit agreement | $ 15,000 | |||||||||
Description of Sale leaseback transaction | for the acquisition of three pushboats and 18 tank barges | |||||||||
Line of Credit Facility, Periodic Payment | $ 5,000 | |||||||||
Convertible Debenture [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible Notes Payable, Noncurrent | $ 118,833 | |||||||||
Convertible conversion ratio | 0.04% | 0.04% | ||||||||
Debt instrument convertible threshold trading days | 36 | |||||||||
Convertible Debt | $ 24,000 | $ 24,000 | ||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | five years | five years | ||||||||
Convertible Debenture [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible conversion ratio | 5% | |||||||||
Convertible Debenture [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible conversion ratio | 10% | |||||||||
2022 Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | November 21, 2017 | |||||||||
Face amount at issuance date | $ 305,000 | |||||||||
Fixed interest rate | 11.25% | |||||||||
Debt instrument, issuance price percentage | 97% | |||||||||
Agreggate principal amount, redeemed | $ 25,000 | $ 15,000 | $ 10,000 | $ 150,000 | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | 100% | ||||||||
Debt Instrument, Redemption Period End Date | Mar. 30, 2022 | Jun. 16, 2022 | Jul. 10, 2022 | |||||||
Repayments of Debt | $ 80,000 | |||||||||
Deferred Financing Costs | $ 142 | |||||||||
Write off of Deferred Debt Issuance Cost | $ 1,777 | |||||||||
Senior Notes 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price percentage | 100% | |||||||||
Senior Notes 2024 [Member] | Series H Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | $ 4,747 | |||||||||
Fixed interest rate | 9.75% | |||||||||
Date of debt instrument issuance | March 21, 2019 | |||||||||
Treasury Stock, Shares, Acquired | 10,930 | |||||||||
Senior Notes 2024 [Member] | Series G Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | $ 3,879 | |||||||||
Date of debt instrument issuance | April 21, 2019 | |||||||||
Treasury Stock, Shares, Acquired | 8,841 | |||||||||
NSM Loan I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | December 2021 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 127,632 | |||||||||
Number of loan tranches | 2 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Line of Credit Facility, Periodic Payment | $ 5,000 | |||||||||
NSM Loan I [Member] | Convertible Debenture [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible Notes Payable, Noncurrent | $ 14,853 | |||||||||
Convertible conversion ratio | 0.18% | |||||||||
NSM Loan I [Member] | Tranche A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 48,573 | |||||||||
NSM Loan I [Member] | Tranche B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 79,059 | |||||||||
NSM Loan II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | December 2021 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 135,000 | |||||||||
Number of loan tranches | 2 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Line of Credit Facility, Periodic Payment | $ 5,000 | |||||||||
NSM Loan II [Member] | Convertible Debenture [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible Notes Payable, Noncurrent | $ 15,759 | |||||||||
Convertible conversion ratio | 0.18% | |||||||||
NSM Loan II [Member] | Tranche A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,059 | |||||||||
NSM Loan II [Member] | Tranche B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,941 | |||||||||
Four Percent PIK [Member] | Convertible Debenture [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible Notes Payable, Noncurrent | $ 2,491 | |||||||||
Convertible conversion ratio | 0.04% | |||||||||
NSM Loan I & II [Member] | Convertible Debenture [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible Notes Payable, Noncurrent | $ 61,730 | |||||||||
Convertible Debt | $ 24,000 | |||||||||
2022 Logistics Senior Notes [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | $ 375,000 | |||||||||
Fixed interest rate | 7.25% | |||||||||
Debt Instrument, Redemption Period End Date | Jul. 16, 2020 | |||||||||
Redemption price percentage | 100% | |||||||||
Issuance date/Date of agreement | Apr. 22, 2014 | |||||||||
Maturity Date | May 01, 2022 | |||||||||
Gain/ (Loss) on bond and debt extinguishment | $ 2,661 | |||||||||
Navios Logistics Term Loan B Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | 97,500 | |||||||||
Navios Logistics Term Loan B Facility [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | $ 100,000 | |||||||||
Issuance date/Date of agreement | Nov. 03, 2017 | |||||||||
Gain/ (Loss) on bond and debt extinguishment | $ 1,496 | |||||||||
Debt Instrument, Interest Rate Terms | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | |||||||||
Debt amortization percentage | 1% | |||||||||
Repayment date | July 8, 2020 | |||||||||
2025 Logistics Senior Notes [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price percentage | 100% | |||||||||
2025 Logistics Senior Notes [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount at issuance date | $ 500,000 | |||||||||
Fixed interest rate | 10.75% | |||||||||
Deferred Financing Costs | $ 12,018 | 15,927 | ||||||||
Issuance date/Date of agreement | Jul. 08, 2020 | |||||||||
Maturity date of debt | July 1, 2025 | |||||||||
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”). | |||||||||
2025 Logistics Senior Notes [Member] | Time On Or After August 2022 [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 108.063% | |||||||||
2025 Logistics Senior Notes [Member] | Time On Or After August 2023 [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.688% | |||||||||
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% | |||||||||
Navios Logistics Notes Payable [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Deferred Financing Costs | $ 5,949 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 41,964 | |||||||||
Debt Instrument, Interest Rate Terms | six-month LIBOR | |||||||||
Number of repayment installments | 16 | |||||||||
Line of Credit Facility, Frequency of Payments | semi-annual | |||||||||
Notes Payable | $ 7,677 | |||||||||
2022 Navios Logistics Alpha Bank Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | February 28, 2022 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000 | |||||||||
Number of repayment installments | 12 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Description of scope, credit facility | in order to repay existing debt under the Navios Logistics Alpha Bank Loan. | |||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||
Debt Instrument, Date of First Required Payment | Aug. 18, 2022 | |||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 2,800 | |||||||||
Drawn down date | May 18, 2022 | |||||||||
Long-Term Debt, Gross | $ 6,300 | |||||||||
Debt Issuance Costs, Gross | $ 72 | $ 99 | ||||||||
Debt Instrument, Covenant Compliance | Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics Alpha Bank Loan as of December 31, 2022. | |||||||||
2022 Navios Logistics BBVA Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | March 23, 2022 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||||||
Number of loan tranches | 2 | |||||||||
Maturity date of debt | July 1, 2025 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Description of scope, credit facility | used to repay existing debt with BBVA and for general corporate purposes | |||||||||
Long-Term Debt, Gross | $ 22,530 | |||||||||
Debt Instrument, Covenant Compliance | Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics BBVA Facility as of December 31, 2022 | |||||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | |||||||||
Debt securities covenants | is secured by assignments of certain receivables | |||||||||
2022 Navios Logistics BBVA Facility [Member] | Tranche A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Drawn down date | March 22, 2022 | |||||||||
Proceeds from Lines of Credit | $ 17,000 | |||||||||
2022 Navios Logistics BBVA Facility [Member] | Tranche B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Drawn down date | September 22, 2022 | |||||||||
Proceeds from Lines of Credit | $ 8,000 | |||||||||
Navios Logistics Santander Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.20% | |||||||||
Maturity date of debt | March 7, 2026 | |||||||||
Number of repayment installments | 12 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Long-Term Debt, Gross | $ 4,125 | |||||||||
Debt Instrument, Covenant Compliance | Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics Santander Facility as of December 31, 2022 | |||||||||
Debt securities covenants | is secured by assignments of certain receivables | |||||||||
Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest rate | 6% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 817 | |||||||||
Debt Instrument, Interest Rate Terms | fixed rate | |||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||
Description of Sale leaseback transaction | in order to finance the construction of the pushboat Nazira. | |||||||||
Line of Credit Facility, Periodic Payment | $ 6 | |||||||||
Line of Credit Facility, Initiation Date | Oct. 29, 2009 | |||||||||
Navios Logistics [Member] | Secured Credit Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | December 31, 2022 | |||||||||
Repayments of Debt | $ 78,584 | |||||||||
Navios Logistics [Member] | Navios Partners [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | 332,013 | |||||||||
Navios Logistics [Member] | Four Navios Holdings Credit Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | December 31, 2021 | |||||||||
Repayments of Debt | $ 189,503 | |||||||||
Navios Logistics [Member] | Scheduled Repayment Installments [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | 36,199 | |||||||||
Navios Logistics [Member] | NSM Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | 375,264 | |||||||||
Proceeds from Lines of Credit | 262,632 | |||||||||
Navios Logistics [Member] | Long Term Debts [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Lines of Credit | 243,725 | |||||||||
Navios Logistics [Member] | Three of the four new sale and leaseback agreements [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Lines of Credit | 53,000 | 58,000 | ||||||||
Navios Logistics [Member] | $115.0 million NSM Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Lines of Credit | $ 115,000 | |||||||||
Secured Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initiation date | December 31, 2020 | |||||||||
Repayments of Debt | $ 28,582 | |||||||||
Two Credit Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | 38,556 | |||||||||
Sale and Leaseback Agreements [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Lines of Credit | 66,862 | |||||||||
Navios Logistics BBVA Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Lines of Credit | 13,625 | |||||||||
Navios Logistics BBVA Facility [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Gross | 0 | 12,000 | ||||||||
Seller's Credit Agreement for the construction of six liquid barges [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Lines of Credit | 11,229 | |||||||||
Seller's Credit Agreement for the construction of six liquid barges [Member] | Navios Logistics [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Gross | $ 8,753 | $ 11,213 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value of financial instruments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value Of Financial Instruments | ||||
Cash and cash equivalents - Book Value | $ 78,541 | $ 53,367 | ||
Cash and cash equivalents - Fair Value | 78,541 | 53,367 | ||
Restricted cash - Book Value | 310 | 10 | ||
Restricted cash - Fair Value | 310 | 10 | ||
Senior and ship mortgage notes, net - Book Value | (496,608) | (646,538) | ||
Senior and ship mortgage notes, net - Fair Value | (491,976) | (690,400) | ||
Long-term debt, including current portion - Book Value | (59,313) | (58,278) | ||
Long-term debt, including current portion - Fair Value | [1] | (59,385) | (58,376) | |
Loans payable to affiliate companies, including current portion - Book Value | 0 | (112,634) | ||
Loans payable to affiliate companies, including current portion - Fair Value | 0 | (113,509) | ||
Convertible debenture payable to affiliate companies - Book Value | (118,833) | 0 | ||
Convertible debenture payable to affiliate companies - Fair Value | $ (118,833) | [2] | $ 0 | |
[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 and Convertible Debenture payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Held-for-sale, Long-Lived, Fair Value Disclosure | $ 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 Liabili
Fair Value of Financial Liabilities - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cash and cash equivalents | $ 78,541 | $ 53,367 | ||
Restricted cash | 310 | 10 | ||
Senior and ship mortgage notes | (491,976) | (690,400) | ||
Long-term debt, including current portion | [1] | (59,385) | (58,376) | |
Convertible debenture payable to affiliate companies | (118,833) | [2] | 0 | |
Loans payable to affiliate companies, including current portion | 0 | (112,634) | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cash and cash equivalents | 78,541 | 53,367 | ||
Restricted cash | 310 | 10 | ||
Senior and ship mortgage notes | (483,350) | (681,774) | ||
Long-term debt, including current portion | [1] | 0 | 0 | |
Convertible debenture payable to affiliate companies | [2] | 0 | ||
Loans payable to affiliate companies, including current portion | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Senior and ship mortgage notes | (8,626) | (8,626) | ||
Long-term debt, including current portion | [1] | (59,385) | (58,376) | |
Convertible debenture payable to affiliate companies | [2] | $ (118,833) | ||
Loans payable to affiliate companies, including current portion | $ (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 and Convertible Debenture payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Impairment loss | $ (3,195) | $ (21,966) | $ 0 |
Navios Logistics [Member] | Two tanker vessels [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Impairment loss | 21,966 | ||
Fair value of assets | $ 7,500 |
Employee Benefit Plans (Table)
Employee Benefit Plans (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shares [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding, shares | 250,000 | 350,000 |
Vested, shares | 0 | |
Exercisable, shares | 0 | |
Forfeited or expired, shares | (100,000) | |
Non Vested, shares | 82,001 | 171,412 |
Granted, shares | 80,000 | |
Vested, shares | (131,504) | |
Forfeited or expired, shares | (37,907) | |
Weighted average exercise price [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding | $ 12 | $ 12 |
Weighted average remaining term [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Weighted average remaining contractual terms | 8 months 4 days | 1 year 7 months 28 days |
Weighted average remaining contractual terms | 3 years 11 months 4 days | 1 year 2 months 1 day |
Aggregate fair value [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding, value | $ 2,179 | $ 2,730 |
Forfeited or expired, value | (552) | |
Non vested, value | 252 | $ 667 |
Granted, value | 211 | |
Vested, value | (526) | |
Forfeited or expired, value | $ (100) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Compensation expense | $ 171 | $ 589 | $ 1,268 |
Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Fair value of stock granted | $ 2.94 | $ 2.28 | $ 0 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 250,000 | ||
Service Conditions [Member] | |||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 146 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 2 years 11 months 4 days |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 28, 2022 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) | Jun. 01, 2023 USD ($) | Jun. 01, 2022 USD ($) | Jun. 01, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Letters of Credit Outstanding, Amount | $ 10 | $ 10 | |||||
Navios Logistics [Member] | Storage And Transshipment Contract [Member] | |||||||
Contractual Obligation | $ 4,140 | $ 4,102 | |||||
Number of repayment installments | 3 | ||||||
Contractual Obligation, to be Paid, Year Three | $ 1,380 | $ 1,380 | $ 1,380 | ||||
Navios Logistics [Member] | Finance Leasing Contract For Eight Liquid Barges [Member] | |||||||
Date the finance lease liability terminate | five year | ||||||
Lessee, Finance Lease, Description | contract for eight liquid barges to be delivered from the fourth quarter of 2022 through the second quarter of 2023 | ||||||
Date of delivery | 60 | ||||||
Frequency of periodic payment | monthly | ||||||
Finance Lease, Principal Payments | $ 26 | ||||||
Lessee, Finance Lease, Option to Extend | At expiration, Navios Logistics will have the ability to exercise the purchase option of these barges or extend the term of the leasing contract. | ||||||
Navios Logistics [Member] | Performance Guarantee [Member] | Vitol S.A. [Member] | |||||||
Guarantees | Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $ 12,000 | ||||||
Guarantee and indemnity letter | $ 12,000 | ||||||
Navios Logistics [Member] | Performance Guarantee [Member] | Edolmix S.A. and Energias Renovables del Sur S.A. [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] | Performance Guarantee [Member] | Eldomix S.A. [Member] | |||||||
Guarantee and indemnity letter | $ 847 | ||||||
Navios Logistics [Member] | Performance Guarantee [Member] | Energias Renovables del Sur S.A. [Member] | |||||||
Guarantee and indemnity letter | $ 519 |
Leases - Operating Lease Assets
Leases - Operating Lease Assets and Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Operating lease assets | $ 11,787 | $ 9,159 |
Operating lease liabilities, current portion | 834 | 257 |
Operating lease liabilities, net of current portion | 10,953 | 8,901 |
Land lease agreements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating lease assets | 8,260 | 8,078 |
Operating lease liabilities, current portion | (166) | (182) |
Operating lease liabilities, net of current portion | 8,426 | 8,259 |
Office lease agreements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating lease assets | 844 | 1,081 |
Operating lease liabilities, current portion | 523 | 439 |
Operating lease liabilities, net of current portion | 321 | 642 |
Liquid Barges leasing contract [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating lease assets | 2,683 | 0 |
Operating lease liabilities, current portion | 477 | 0 |
Operating lease liabilities, net of current portion | $ 2,206 | $ 0 |
Leases - Lease Expenses (Table)
Leases - Lease Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Lease expenses | $ 5,152 | $ 6,765 | $ 7,751 |
Charter-in contracts [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expenses | 4,058 | 5,887 | 6,587 |
Land lease agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expenses | 630 | 571 | 564 |
Office lease agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expenses | $ 464 | $ 307 | $ 600 |
Leases - Total amount of lease
Leases - Total amount of lease payments on an undiscounted basis (Table) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Land Leases [Member] | |
Property, Plant and Equipment [Line Items] | |
December 31, 2023 | $ 556 |
December 31, 2024 | 556 |
December 31, 2025 | 556 |
December 31, 2026 | 556 |
December 31, 2027 | 556 |
December 31, 2028 and thereafter | 21,333 |
Total | 24,113 |
Operating lease liabilities, including current portion | 8,260 |
Discount based on incremental borrowing rate | 15,853 |
Office Space [Member] | |
Property, Plant and Equipment [Line Items] | |
December 31, 2023 | 576 |
December 31, 2024 | 224 |
December 31, 2025 | 69 |
December 31, 2026 | 57 |
December 31, 2027 | 0 |
December 31, 2028 and thereafter | 0 |
Total | 926 |
Operating lease liabilities, including current portion | 844 |
Discount based on incremental borrowing rate | 82 |
Liquid Barges [Member] | |
Property, Plant and Equipment [Line Items] | |
December 31, 2023 | 619 |
December 31, 2024 | 619 |
December 31, 2025 | 619 |
December 31, 2026 | 619 |
December 31, 2027 | 619 |
December 31, 2028 and thereafter | 0 |
Total | 3,095 |
Operating lease liabilities, including current portion | 2,683 |
Discount based on incremental borrowing rate | $ 412 |
Leases - Future Revenue for Cha
Leases - Future Revenue for Chartered-out Vessels, Barges, Pushboats and for Logistics Business (Table) (Details) - Logistics Business [Member] $ in Thousands | Dec. 31, 2021 USD ($) |
2023 | $ 190,021 |
2024 | 160,911 |
2025 | 130,283 |
2026 | 72,069 |
2027 | 58,573 |
2028 and thereafter | 572,574 |
Total | $ 1,184,431 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 4 Months Ended | ||
Apr. 28, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease discount rate | 7.25% | ||
Navios Partners [Member] | |||
Number of charter-in and bareboat vessels | 15 | ||
Navios Logistics [Member] | |||
Operating lease discount rate | 5.78% | ||
Land lease agreements [Member] | |||
Operating lease remaining lease term | 43 years 3 months 18 days | 44 years 3 months 18 days | |
Land lease agreements [Member] | Minimum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 43 years 2 months 12 days | ||
Land lease agreements [Member] | Maximum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 43 years 7 months 6 days | ||
Office lease agreements [Member] | |||
Operating lease remaining lease term | 1 year 10 months 24 days | 2 years 8 months 12 days | |
Office lease agreements [Member] | Minimum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 6 months | ||
Office lease agreements [Member] | Maximum [Member] | Navios Logistics [Member] | |||
Operating lease remaining lease term | 3 years 10 months 24 days | ||
Finance Leasing Contract For Eight Liquid Barges [Member] | Navios Logistics [Member] | |||
Date the finance lease liability terminate | five year | ||
Date of delivery | 60 | ||
Finance Lease, Principal Payments | $ 26 | ||
Liquid Barges Leasing Agreements [Member] | |||
Operating lease remaining lease term | 5 years |
Transactions with Related Par_2
Transactions with Related Parties (Details Narrative) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Sep. 08, 2022 USD ($) | Mar. 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jul. 10, 2020 USD ($) shares | Jul. 31, 2021 USD ($) | Jul. 30, 2021 USD ($) | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 31, 2022 USD ($) | Jul. 12, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||
Other Expenses | $ 6,610,000 | $ 5,531,000 | $ 5,764,000 | |||||||||||
General and Administrative Expense | 19,772,000 | 17,042,000 | 16,859,000 | |||||||||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 11,408,000 | 14,285,000 | 16,843,000 | |||||||||||
Due to Affiliate, Current | 1,642,000 | 385,000 | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 370,638,000 | |||||||||||||
Long-Term Debt, Gross | 686,844,000 | 835,511,000 | ||||||||||||
Convertible Notes Payable, Noncurrent | 118,833,000 | $ 0 | ||||||||||||
Convertible Debenture [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Convertible Notes Payable, Noncurrent | $ 118,833,000 | |||||||||||||
Convertible conversion ratio | 0.04% | 0.04% | ||||||||||||
Convertible Debt | $ 24,000,000 | $ 24,000,000 | ||||||||||||
Debt instrument convertible threshold trading days | 36 | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | five years | 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% | |||||||||||||
Grimaud Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of credit facility initiation date | April 25, 2019 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||||||
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% | |||||||||||||
Maturity date | December 2024 | |||||||||||||
Repayments of Debt | $ 7,500,000 | |||||||||||||
Grimaud Loan [Member] | Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | shares | 9,301,542 | |||||||||||||
Amended Grimaud Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 13% | |||||||||||||
Supplemental Grimaud Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of credit facility initiation date | June 30, 2021 | |||||||||||||
Repayments of Debt | $ 7,500,000 | |||||||||||||
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 December 31, 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] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 39,250,000 | |||||||||||||
Navios Ray [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Year built | 2012 | |||||||||||||
Vessel type | Capesize | |||||||||||||
Vessel Capacity | 179,515 | |||||||||||||
Navios Bonavis [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Year built | 2009 | |||||||||||||
Vessel type | Capesize | |||||||||||||
Vessel Capacity | 180,022 | |||||||||||||
Navios Ray And Navios Bonavis [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 58,000,000 | |||||||||||||
Navios Koyo [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Year built | 2011 | |||||||||||||
Vessel type | Capesize | |||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 28,500,000 | |||||||||||||
Navios Azimuth [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Year built | 2011 | |||||||||||||
Vessel type | Capesize | |||||||||||||
Vessel Capacity | 179,169 | |||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 30,000,000 | |||||||||||||
Navios Partners Guarantee [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Guarantee Initiation Date | November 2012 | |||||||||||||
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] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 141,795,000 | |||||||||||||
Repayments of Debt | $ 47,000,000 | |||||||||||||
Debt Instrument, Issuance Date | Aug. 29, 2019 | |||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | quarterly | ||||||||||||
Number of repayment installments | 48 | |||||||||||||
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% | |||||||||||||
Interest rate for deferred principal amounts | 7% | |||||||||||||
Line of Credit Facility, Expiration Period | 5 years | |||||||||||||
$50.0 million NSM Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of credit facility initiation date | June 2020 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | |||||||||||||
Number of repayment installments | 18 | |||||||||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5% | |||||||||||||
Interest rate for deferred principal amounts | 7% | |||||||||||||
Description of scope, credit facility | to be used for general corporate purposes | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||
Drawn down date | July 12, 2021 | |||||||||||||
Debt Issuance Costs, Net | $ 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% | |||||||||||||
$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% | |||||||||||||
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 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 127,632,000 | |||||||||||||
Line of Credit Facility, Expiration Period | 4 years | |||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | |||||||||||||
Number of loan tranches | 2 | |||||||||||||
NSM Loan I [Member] | Convertible Debenture [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Convertible Notes Payable, Noncurrent | $ 14,853,000 | |||||||||||||
Convertible conversion ratio | 0.18% | |||||||||||||
NSM Loan I [Member] | Tranche A [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 48,573,000 | |||||||||||||
NSM Loan I [Member] | Tranche B [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 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 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 135,000,000 | |||||||||||||
Line of Credit Facility, Expiration Period | 4 years | |||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | |||||||||||||
Number of loan tranches | 2 | |||||||||||||
NSM Loan II [Member] | Convertible Debenture [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Convertible Notes Payable, Noncurrent | $ 15,759,000 | |||||||||||||
Convertible conversion ratio | 0.18% | |||||||||||||
NSM Loan II [Member] | Tranche A [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,059,000 | |||||||||||||
NSM Loan II [Member] | Tranche B [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 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 Notes Payable, Noncurrent | $ 61,730,000 | |||||||||||||
Convertible Debt | $ 24,000,000 | |||||||||||||
Four Percent PIK [Member] | Convertible Debenture [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Convertible Notes Payable, Noncurrent | $ 2,491,000 | |||||||||||||
Convertible conversion ratio | 0.04% | |||||||||||||
NSM [Member] | Management Agreement [Member] | Automatic Extension [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Duration of management fees agreement | five years | |||||||||||||
Administrative Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Duration of management fees agreement | five years | |||||||||||||
Administrative Services Agreement [Member] | Automatic Extension [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Duration of management fees agreement | five years | |||||||||||||
Navios Partners [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of vessels sold | 36 | |||||||||||||
Number of loan tranches | 2 | |||||||||||||
Navios Partners [Member] | NSM Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repayments of Debt | $ 262,632,000 | |||||||||||||
Navios Logistics [Member] | Amended Grimaud Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repayments of Related Party Debt | $ 2,308,000 | |||||||||||||
Navios Logistics [Member] | Amended Grimaud Loan [Member] | Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,414,263 | |||||||||||||
NSM [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Due to Affiliate, Current | $ 1,642,000 | $ 385,000 | ||||||||||||
NSM [Member] | Management Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Management Agreement Initiation Date | August 29, 2019 | |||||||||||||
Duration of management fees agreement | five years | |||||||||||||
Rate of annual increase in management fees | $ 3,900 | $ 3,800 | $ 3,700 | |||||||||||
Management Fee Expense | $ 19,018,000 | 37,813,000 | $ 45,587,000 | |||||||||||
NSM [Member] | Management Agreement [Member] | Chartered-in vessels [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Rate of annual increase in management fees | 30 | |||||||||||||
NSM [Member] | Management Agreement [Member] | Covid-19 Measures [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Other Expenses | $ 2,010,000 | 2,918,000 | 265,000 | |||||||||||
NSM [Member] | Administrative Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Adrninistrative Services Agreement Initiation Date | August 29, 2019 | |||||||||||||
Termination date of agreement | August 29, 2024 | |||||||||||||
General and Administrative Expense | $ 5,879,000 | 8,572,000 | 9,371,000 | |||||||||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 5,339,000 | 8,031,000 | 8,830,000 | |||||||||||
NSM [Member] | Administrative Services Agreement [Member] | Navios Logistics [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
General and Administrative Expense | 1,431,000 | $ 1,144,000 | $ 1,144,000 | |||||||||||
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 | 10,000,000 | ||||||||||||
Repayment of Notes Receivable from Related Parties | $ 10,000,000 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Jan. 15, 2022 | Jan. 19, 2021 | Feb. 21, 2020 | Mar. 21, 2019 | Apr. 18, 2019 | Jul. 13, 2021 | Jul. 10, 2020 | Jul. 15, 2017 | Jul. 30, 2021 | Sep. 14, 2022 | Oct. 31, 2022 | Oct. 21, 2022 | Dec. 31, 2022 | Dec. 21, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 03, 2023 | Jan. 03, 2022 | |
Class of Stock [Line Items] | ||||||||||||||||||
Common Stock, Shares, Outstanding | 22,826,450 | 25,198,620 | ||||||||||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||||||||||||||||
Tender offer - Preferred stock redemption amount | $ 13,496,000 | $ 0 | $ 0 | |||||||||||||||
Preferred Stock, Shares Outstanding | 16,988 | 23,032 | ||||||||||||||||
Grimaud [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 21,000,000 | |||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 9,301,542 | |||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 9,301,542 | |||||||||||||||||
Payments of Dividends | $ 16,000,000 | |||||||||||||||||
Notes Payable, Related Parties | 20,000,000 | |||||||||||||||||
Debt Securities | $ 15,000,000 | |||||||||||||||||
Derecognision of non-controlling interest | 27,243,000 | |||||||||||||||||
Paid in capital | 8,757,000 | |||||||||||||||||
Net proceeds | 44,437,000 | |||||||||||||||||
Costs from sale of common stock | $ 176,000 | |||||||||||||||||
Navios Corporation [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common Stock, Shares, Outstanding | 2,414,263 | |||||||||||||||||
Common units repurchased / cancelled | 2,414,263 | |||||||||||||||||
Navios Logistics [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends paid | $ 27,500,000 | $ 6,381,000 | ||||||||||||||||
Common Stock Dividends, Shares | 2,414,263 | |||||||||||||||||
Dividends paid to noncontrolling shareholders | 9,948,000 | $ 2,308,000 | ||||||||||||||||
Navios Logistics [Member] | Navios Holdings [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends paid | $ 17,552,000 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Vested stock units | 0 | |||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Forfeited shares of common stock | 37,907 | 894 | 1,345 | |||||||||||||||
Issued in 2017 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Vested stock units | 825 | 825 | ||||||||||||||||
Issued in 2016 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Vested stock units | 84,336 | |||||||||||||||||
Series G ADSs and Series H ADSs [Member] | American Depositary Shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Dividend Payment Terms | the Company reached six quarterly dividend payments | |||||||||||||||||
Percentage of the increase of the preferred dividend rate | 0.25% | |||||||||||||||||
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 | 29,945,271 | 30,247,185 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 3.93 | |||||||||||||||||
Series H Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 11,840 | 17,682 | ||||||||||||||||
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 | |||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.625% | |||||||||||||||||
Series H Preferred Stock [Member] | Exchange program for 66 2/3% shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 10,930 | |||||||||||||||||
Preferred Stock, Value, Issued | $ 26,297,000 | |||||||||||||||||
Tender offer expenses | 997,000 | |||||||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 4,188,000 | |||||||||||||||||
Notes Issued | 4,747,000 | |||||||||||||||||
Stock Redeemed or Called During Period, Value | 16,365,000 | |||||||||||||||||
Dividends cancelled | $ 7,678,000 | |||||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 5,148 | 5,350 | ||||||||||||||||
Series G Preferred Stock [Member] | American Depositary Shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Dividend Payment Terms | Dividends are payable quarterly in arrears | |||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 2,000,000 | |||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 2,500 | |||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | |||||||||||||||||
Series G Preferred Stock [Member] | Exchange program for 66 2/3% shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 8,841 | |||||||||||||||||
Preferred Stock, Value, Issued | $ 21,271,000 | |||||||||||||||||
Tender offer expenses | 620,000 | |||||||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 4,423,000 | |||||||||||||||||
Notes Issued | 3,879,000 | |||||||||||||||||
Stock Redeemed or Called During Period, Value | 12,568,000 | |||||||||||||||||
Dividends cancelled | $ 6,798,000 | |||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 16,988 | 23,032 | ||||||||||||||||
Preferred Stock [Member] | Dividends Undeclared [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Undeclared preferred dividends | $ 26,192,000 | $ 30,348,000 | ||||||||||||||||
Series G ADSs and Series H ADSs [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Repurchased During Period, Value | $ 20,000,000 | |||||||||||||||||
Series G ADSs [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,185 | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 318,000 | |||||||||||||||||
Shares, Outstanding | 514,720 | |||||||||||||||||
Preferred Stock, Redemption Terms | 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock | |||||||||||||||||
Series H ADSs [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends cancelled | $ 8,949,000 | |||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 584,158 | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 8,926,000 | |||||||||||||||||
Tender offer - Preferred stock redemption amount | $ 4,547,000 | |||||||||||||||||
Shares, Outstanding | 1,183,944 | |||||||||||||||||
Preferred Stock, Redemption Terms | 1/100th of a Share of 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock | |||||||||||||||||
Convertible Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | $ 0 | |||||||||||||||
Conversion of Stock, Shares Converted | 0 | 0 | 210 | |||||||||||||||
Conversion of stock shares issued | 22,712 | |||||||||||||||||
Balance of convertible preferred stock | 0 | 0 | 0 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 2% | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common Stock, Shares, Outstanding | 25,198,620 | 25,198,620 | ||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 40,000 | 16,000 | 40,000 | |||||||||||||||
Common Stock [Member] | Dividends Undeclared [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends cancelled | $ 171,000 | |||||||||||||||||
Conversion of Stock, Shares Issued | 1,712 | |||||||||||||||||
Share Price | $ 6 | |||||||||||||||||
Promissory Note [Member] | Grimaud [Member] | Navios Logistics [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Origination of Notes Receivable from Related Parties | $ 20,000,000 | $ 10,000,000 |
Interest Expense and Finance _3
Interest Expense and Finance Cost (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest expense | $ 60,573 | $ 61,937 | $ 46,553 |
Amortization and write-off of deferred financing costs | 10,784 | 8,870 | 7,863 |
Other | 127 | 84 | (13) |
Interest expense and financing cost | 64,680 | 65,399 | 49,166 |
Continuing Operations [Member] | |||
Amortization and write-off of deferred financing costs | $ 3,980 | $ 3,378 | $ 2,626 |
Earnings_(Loss) per Common Sh_3
Earnings/(Loss) per Common Share - Earnings/(Loss) per share, basic and diluted (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
(Loss)/income attributable to Navios Holdings, from continuing operations | $ (58,800) | $ 41,528 | $ (6,815) |
Less: | |||
Undeclared dividend on preferred stock and on unvested restricted shares | (3,785) | (5,127) | (5,144) |
Tender Offer — Redemption of preferred stock Series G ADSs and H ADSs including $8,949 of undeclared preferred dividend cancelled for the year ended December 31, 2022 | 13,496 | 0 | 0 |
Gain from eliminated dividend on preferred stock due to conversion | 0 | 0 | 166 |
Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from continuing operations | 20,206 | 0 | 0 |
(Loss)/income attributable to Navios Holdings common stockholders, basic and diluted from continuing operations | 28,883 | 36,401 | (11,793) |
Income/(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations | 146,106 | 75,158 | (186,146) |
Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from discontinued operations | (60,140) | 0 | 0 |
Income /(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations | 85,966 | 75,158 | (186,146) |
Net income/(loss) attributable to Navios Holdings common stockholders | $ 57,083 | $ 111,559 | $ (197,939) |
Denominator: | |||
Denominator for basic earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares | 22,653,879 | 16,168,329 | 12,896,568 |
Basic (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations | $ (1.27) | $ 2.25 | $ (0.91) |
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations | 3.79 | 4.65 | (14.43) |
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders | $ 2.52 | $ 6.90 | $ (15.35) |
Denominator for diluted earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares | 22,838,129 | 16,553,011 | 12,896,568 |
Diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations | $ (1.27) | $ 2.20 | $ (0.91) |
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations | 3.77 | 4.54 | (14.43) |
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders | $ 2.50 | $ 6.74 | $ (15.35) |
Weighted average Number of Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted | 15,848,301 | 0 | 0 |
Earnings per share to Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted | $ 2.52 | $ 0 | $ 0 |
Earnings_(Loss) per Common Sh_4
Earnings/(Loss) per Common Share (Details Narrative) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Preferred Stock [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 0 | 0 | 1,549 |
Common Stock [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares with anti-dilutive effect, not included in calculation of earnings per share | 184,250 | 384,682 | 569,998 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Argentina [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 35% | |||||
Corporate Income Tax Rate | 30% | 30% | 30% | 30% | 35% | |
Tax rate on revenues | 2% | 2% | 2% | |||
Argentina [Member] | Taxable profit 76 million pesos or $429 [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 35% | |||||
Argentina [Member] | Taxable profit between 8 million pesos or $42 and 76 million pesos or $429 [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 30% | |||||
Argentina [Member] | Taxable profit below 8 million pesos or $42 [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 25% | |||||
Paraguay [Member] | ||||||
Corporate Income Tax Rate | 10% | |||||
Options to determine income tax liabilities | Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. The 100% of revenues derived from freights carried between other countries with destination Paraguay are considered Paraguayan sourced, and therefore taxed. The tax reform also states that any fiscal losses generated as of the fiscal year starting January 1, 2020, will be carried forward for up to five years, with the possibility to deduct each year the 20% from future fiscal years taxable income. Companies whose operations are considered international freights can alternatively choose to pay income taxes on their revenues at an effective tax rate of 3% of such revenues, without considering any other kind of adjustments. Once the methodology is chosen, the Paraguayan companies have to keep it for at least five years. | Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. Companies whose operations were considered international freights could choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, were neither deducted nor carried forward | ||||
Brazil [Member] | ||||||
Corporate Income Tax Rate | 34% | |||||
Uruguay [Member] | ||||||
Corporate Income Tax Rate | 25% |
Other Expense (Details Narrativ
Other Expense (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Expense [Member] | Navios Logistics [Member] | |||
Other (expense)/income - taxes other than income taxes | $ 6,515 | $ 5,442 | $ 5,762 |