Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
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, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 333-179250 |
Entity Registrant Name | Navios South American Logistics Inc. |
Entity Central Index Key | 0001506042 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | Aguada Park Free Zone |
Entity Address, City or Town | Paraguay |
Entity Address, Country | UY |
Entity Address, Postal Zip Code | 2141 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 20,000 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1349 |
Auditor Name | PRICEWATERHOUSE & Co. S.R.L. |
Auditor Location | Buenos Aires, Argentina |
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 Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Tangible assets | $ 537,128 | $ 520,811 |
Assets under construction | 713 | 20,886 |
Intangible assets | 153,062 | 155,834 |
Right-of-use assets | 8,003 | 7,275 |
Net investment in the lease | 0 | 190 |
Deferred tax assets | 82 | 691 |
Intercompany receivable loan from parent (related party), net | 0 | 69,833 |
Other assets | 2,873 | 5,082 |
Total non-current assets | 701,861 | 780,602 |
Current Assets | ||
Inventories | 8,611 | 9,901 |
Trade receivables | 44,026 | 34,190 |
Contract assets | 418 | 906 |
Prepayments and other assets | 6,176 | 6,700 |
Cash and cash equivalents | 32,580 | 74,870 |
Financial assets at amortized cost (related party) | 0 | 5,244 |
Net Investment in the lease | 0 | 110 |
Total current assets | 91,811 | 131,921 |
Total Assets | 793,672 | 912,523 |
Equity | ||
Issued capital | 20 | 20 |
Share premium | 233,441 | 233,441 |
(Accumulated deficit)/ retained earnings | (81,353) | 60,331 |
Total equity | 152,108 | 293,792 |
Non-current liabilities | ||
Interest-bearing loans and borrowings | 516,374 | 517,791 |
Promissory note (related party) | 10,000 | 0 |
Lease liabilities | 7,656 | 6,945 |
Provisions | 561 | 451 |
Deferred tax liabilities | 10,495 | 8,583 |
Income tax payable | 34 | 61 |
Other non-current liabilities | 575 | 289 |
Total non-current liabilities | 545,695 | 534,120 |
Current liabilities | ||
Trade and other payables | 62,325 | 58,889 |
Contract liabilities | 1,473 | 2,011 |
Interest-bearing loans and borrowings | 25,976 | 22,800 |
Promissory note (related party) | 5,000 | 0 |
Lease liabilities | 1,095 | 911 |
Total current liabilities | 95,869 | 84,611 |
Total liabilities | 641,564 | 618,731 |
Total equity and liabilities | $ 793,672 | $ 912,523 |
Consolidated Statement of (Loss
Consolidated Statement of (Loss)/Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue | $ 222,608 | $ 215,023 | $ 227,209 |
Cost of sales | (183,283) | (143,722) | (137,124) |
Gross profit | 39,325 | 71,301 | 90,085 |
Administrative expenses | (14,569) | (13,522) | (17,752) |
Other operating income | 1,465 | 5,121 | 2,562 |
Other operating expenses | (4,759) | (5,002) | (6,683) |
Allowance for expected credit losses on financial assets | (391) | (541) | (341) |
Operating profit | 21,071 | 57,357 | 67,871 |
Finance income | 4,627 | 8,647 | 4,579 |
Finance costs | (65,236) | (48,928) | (41,185) |
Foreign exchange differences, net | 2,637 | 574 | (1,596) |
Loss on debt extinguishment | 0 | (4,157) | 0 |
Loss from mark to market and disposal of financial asset | (24,149) | 0 | 0 |
Other income | 0 | 0 | 1,084 |
(Loss)/profit before tax | (61,050) | 13,493 | 30,753 |
Income tax expense | (5,329) | (1,824) | (599) |
(Loss)/profit for the year | $ (66,379) | $ 11,669 | $ 30,154 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Issued capital [member] | Share premium [member] | (Accumulated Deficit)/ Retained Earnings [member] | Total |
Balance as at December 31, 2020 at Dec. 31, 2018 | $ 20 | $ 233,441 | $ 52,389 | $ 285,850 |
Loss for the year | 0 | 0 | 30,154 | 30,154 |
Balance at Dec. 31, 2019 | 20 | 233,441 | 82,543 | 316,004 |
Loss for the year | 0 | 0 | 11,669 | 11,669 |
Dividends (Note 16) | 0 | 0 | (33,881) | (33,881) |
Balance at Dec. 31, 2020 | 20 | 233,441 | 60,331 | 293,792 |
Loss for the year | 0 | 0 | (66,379) | (66,379) |
Dividends (Note 16) | 0 | 0 | (75,305) | (75,305) |
Balance at Dec. 31, 2021 | $ 20 | $ 233,441 | $ (81,353) | $ 152,108 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
(Loss)/profit before tax | $ (61,050) | $ 13,493 | $ 30,753 |
Adjustments to reconcile (loss)/profit before tax to net cash flows: | |||
Impairment losses | 19,396 | 0 | 2,569 |
Depreciation of tangible assets | 32,557 | 30,322 | 31,774 |
Amortization and impairment of intangible assets | 2,772 | 2,773 | 2,773 |
Amortization of right-of-use assets | 746 | 779 | 792 |
Loss on debt extinguishment | 0 | 4,157 | 0 |
Loss from mark to market and disposal of financial asset | 24,149 | 0 | 0 |
Mark-to-market debt security investment | 0 | 0 | (908) |
Gain on debt security investment disposal | 0 | 0 | (176) |
Movements in provisions | 501 | 576 | 249 |
Finance income | (4,627) | (8,647) | (4,579) |
Finance costs | 65,236 | 48,928 | 41,185 |
Increase in other non-current assets | (2,512) | (3,172) | (6,747) |
Increase/(decrease) in other non-current liabilities | 286 | (20) | 23 |
Working capital adjustments: | |||
Increase in trade receivables | (9,741) | (4,867) | (2,723) |
Decrease /(increase) in inventories | 1,290 | (3,072) | (2,254) |
Increase in trade and other payables and contract liabilities | 2,392 | 80 | 174 |
Decrease /(Increase) in prepayments and other assets | 524 | (1,182) | 13,193 |
Interest received | 8,178 | 6,591 | 1,052 |
Interest paid | (60,130) | (25,708) | (38,919) |
Income tax paid | (27) | (48) | (96) |
Net cash flows from operating activities | 19,940 | 60,983 | 68,135 |
Investing activities | |||
Acquisition of tangible assets | (10,738) | (7,585) | (8,577) |
Acquisition of assets under construction | (19,498) | (5,153) | (4,504) |
Partial collection of the parent Company loan agreement (related party) | 7,500 | 0 | 0 |
Loan to parent Company, net of deferred finance income (related party) | 0 | (705) | (68,795) |
Investments in debt securities (related party) | 0 | 0 | (17,642) |
Disposal of debt securities (related party) | 0 | 0 | 18,726 |
Proceeds from the sale of shares (related party) | 3,704 | 0 | 0 |
Proceeds from net investment in the lease | 313 | 189 | 150 |
Net cash flows used in investing activities | (18,719) | (13,254) | (80,642) |
Financing activities | |||
Payment of principal portion of lease liabilities | (579) | (695) | (653) |
Proceeds from 2025 Notes | 0 | 487,504 | 0 |
Repayment of 2022 Notes | 0 | (375,000) | 0 |
Proceeds from long term debt, net of deferred finance costs | 0 | 13,625 | 0 |
Repayment of long-term debt and payment of principal | (13,525) | (105,551) | (13,403) |
Repayment of notes payable | (5,261) | (4,466) | (4,304) |
Dividends paid | (24,146) | (33,881) | 0 |
Net cash flows used in financing activities | (43,511) | (18,464) | (18,360) |
Net increase/(decrease) in cash and cash equivalents | (42,290) | 29,265 | (30,867) |
Cash and cash equivalents at beginning of period | 74,870 | 45,605 | 76,472 |
Cash and cash equivalents at end of period | 32,580 | 74,870 | 45,605 |
Non-cash investing and financing activities: | |||
Transfers from assets under construction to tangible assets | 57,107 | 0 | 0 |
Seller’s credit agreement for the construction of six liquid barges | 2,246 | 11,229 | 0 |
Seller’s credit agreement for the acquisition of the 2020 Fleet | 15,000 | 0 | 0 |
Collection of parent Company loan agreement (related party) | 62,500 | 0 | 0 |
Dividend in kind | (36,159) | 0 | 0 |
Dividend payable -promissory note | 15,000 | 0 | 0 |
Tangible assets unpaid as of December 31, 2021 | $ (576) | $ 0 | $ 0 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Corporate Information | NOTE 1. CORPORATE INFORMATION Corporate Information Navios South American Logistics Inc. (“Navios Logistics” or the “Company”) was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007 63.8 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Significant Accounting Policies | NOTE 2: SIGNIFICANT ACCOUNTING POLICES Significant Accounting Policies (a) Basis of preparation The consolidated financial statements of Navios Logistics have been prepared in accordance with International Financial Reporting Standards The consolidated financial statements have been prepared on a historical cost basis, except where fair value accounting is specifically required by IFRS, as explained in the accounting policies below. The consolidated financial statements are presented in U.S. dollars which is also the currency of the Company’s primary economic environment and the functional currency of the major and majority of the Company’s subsidiaries. All values are rounded to the nearest thousand (U.S.D. 000), except when otherwise indicated. (b) Going concern In considering whether it is appropriate to prepare the financial statements on a going concern basis, management has reviewed the Company’s future cash requirements, covenant compliance and earnings projections. As of December 31, 2021, the Company’s current assets totaled $ 91,811 95,869 4,058 25,000 twelve quarterly July 1, 2025 Management anticipates that the Company’s primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. Management believes that these sources of funds will be sufficient for the Company to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. On April 1, 2022, the financial statements were authorized on behalf of Navios Logistics’ board of directors for issuance and filing. The principal accounting policies are set out below. (c) Basis of consolidation The consolidated financial statements comprise the financial statements of Navios Logistics and its subsidiaries. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, has: · Power over the investee; · Exposure, or rights, to variable returns from its involvement with the investee; and · The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Company has less than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including: · The contractual arrangement(s) with the other vote holders of the investee; · Rights arising from other contractual arrangements; · The Company’s voting rights and potential voting rights. The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Company’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Non-controlling interests in subsidiaries are identified separately from the Company’s equity therein. The interests of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. For the reported years presented in these consolidated financial statements, no significant non-controlling interest exists. Subsidiaries included in the consolidation: The consolidated financial statements of the Company include Significant Accounting Policies - Subsidiaries in Consolidation (Table) Statement of Income Company Name Country of Incorporation Nature Percentage of Ownership 2021 2020 2019 Corporacion Navios S.A. Uruguay Port-Facility Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Energias Renovables del Sur S.A. Uruguay Land Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Nauticler S.A. Uruguay Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Compania Naviera Horamar S.A. Argentina Vessel-Operating Management Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Compania de Transporte Fluvial International S.A. Uruguay Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Ponte Rio S.A. Uruguay Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Tankers Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Navigation Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Shipping Ltd. Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS South Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Petrovia Internacional S.A. Uruguay Land-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Mercopar S.A. Paraguay Operating/Barge-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Petrolera San Antonio S.A. Paraguay Port Facility-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Stability Oceanways S.A. Panama Barge and Pushboat-Owning Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Hidronave South American Logistics S.A. Brazil Pushboat-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Horamar do Brasil Navegação Ltda Brazil Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Navarra Shipping Corporation Marshall Is. Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Pelayo Shipping Corporation Marshall Is. Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Navios Logistics Finance (U.S.) Inc. Delaware Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Varena Maritime Services S.A. Panama Barge and Pushboat-Owning Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Honey Bunkering S.A. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Naviera Alto Parana S.A. Paraguay Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Edolmix S.A. Uruguay Port-Terminal Rights Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Cartisur S.A. Uruguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 NP Trading S.A. British Virgin Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Ruswe International S.A. Uruguay Barge-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Delta Naval Trade S.A. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Terra Norte Group S.A. Paraguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Corporacion Navios Granos S.A. Uruguay Port-Facility Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Docas Fluvial do Porto Murtinho S.A. Brazil Land Owning Company 95% 1/1-12/31 1/1-12/31 1/1-12/31 Siriande S.A. Uruguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 9/16-12/31 Grimaud Ventures S.A. (1) Marshall Islands Financial Asset Holder Company 100 % 1/1-7/30 1/21-12/31 — Brundir S.A. (2) Uruguay Non-Operating Company 100% 10/21-12/31 — — (1) On July 30, 2021, the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud (as defined herein), representing 100% of Navios Logistics’ equity interest in Grimaud. (2) On October 21, 2021, the Company acquired 100% of the Brundir S.A. common shares. Brundir S.A. is a non-operating company. (d) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Business combinations involving entities under common control are excluded from the scope of IFRS 3 provided that they are controlled by the same party both before and after the business combination. These transactions are accounted for on a pooling of interests basis. The financial position, financial performance and cash flows of the combined Company are brought together as if the companies had always been a single entity. The Company initiates and performs a review of all acquisition transactions during each period to consider the transaction to be either a business combination or an asset acquisition in accordance with IFRS 3. When the acquisition is not a business combination by its nature, the Company identifies and recognizes the individual identifiable assets acquired (including those assets that meet the definition of, and recognition criteria for, intangible assets in IAS 38 “Intangible Assets”) and liabilities assumed. The cost of the Company is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction or event does not give rise to goodwill. Consistent with shipping industry practice, the acquisition of a vessel (whether acquired with or without charter) is treated as the acquisition of an asset rather than a business, because vessels are acquired without related business processes. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s cash-generating units (“CGUs”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU, or group of CGUs, and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. The Company considers each of the below as a separate CGU: · The barge segment · Each of the eight vessels of the Company’s cabotage fleet · Each port terminal of the Company’s business (grain, iron ore and liquid port terminals) Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs of disposal, while “value in use” is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the CGU. The fair value for goodwill impairment testing was estimated using the expected present value of real future cash flows in U.S. Dollars, using judgments and assumptions that management believes were appropriate in the circumstances, see Note 2(y). The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the real discount rate used to calculate the present value of real future cash flows and future capital expenditures. EBITDA assumptions including revenue assumptions, general and administrative expense growth assumptions, and direct vessel expenses growth assumptions. The future cash flows from operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of each segment, including utilization rates and actual storage capacity. 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 regarding risk free rates, risk premiums and systematic risk and on the Company’s cost of equity and debt and its capital structure. These assumptions could be adversely impacted by the current uncertainty surrounding global market conditions, as well as the competitive environment in which we operate. As of December 31, 2021, and 2020, the fair value of the reporting units was in significant excess of their carrying values. No impairment loss was recognized for any of the periods presented. (e) Segment reporting Operating segments, as defined, are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company has three reportable segments: Port Terminal Business, Cabotage Business and Barge Business. For additional information, please see Note 3. (f) Current versus non-current classification The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: · Expected to be realized or intended to be sold or consumed in the normal operating cycle · Held primarily for the purpose of trading · Expected to be realized within twelve months after the reporting period, or · Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: · It is expected to be settled in the normal operating cycle · It is held primarily for the purpose of trading · It is due to be settled within twelve months after the reporting period, or · There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. (g) Revenue The Company is in the business of providing services with regards to contracts of affreightment (“COA”)/voyage contracts, time charter and bareboat charter arrangements and port terminals operations. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. Revenue from contracts of COA/voyage contracts are earned for the carriage of cargo on behalf of the charterer, in the spot market and on contracts of affreightment, from one or more locations of cargo loading to one or more locations of cargo discharge in return for payment of an agreed upon freight rate per ton of cargo plus reimbursement of expenses incurred to the extent that these expenses are not included in the freight rate per ton of cargo. Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached the Company is compensated for the additional time incurred in the form of demurrage revenue. Demurrage is a variable consideration which is recognized when it is highly probable that a significant reversal of this revenue will not occur, over the remaining time of the voyage. In applying its revenue recognition method, management believes that satisfaction of a performance obligation for a voyage charter begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port (load to discharge, which is when the contract with the customer expires). The Company uses the output method for measuring the progress towards satisfaction of a performance obligation, i.e. voyage revenue is recognized pro-rata based on time elapsed from loading to the expected date of completion of the discharge. Revenues from time charters and bareboat charter arrangements are earned for exclusive use of the services of the vessel and the crew by the charterer for an agreed period of time. Revenues from time charters comprise a lease component and a service component. The revenues allocated to the lease component are accounted for as leases and are recognized on a straight line basis over the rental periods of such charters, as service is performed. The time-charter revenue is allocated to the service component based on the relative fair value of the component, which is estimated with a reference to a “cost-plus” methodology and reflects crew costs, technical maintenance and stores of a vessel with operating expenses escalation, and fees for ad hoc additional services. The service component in a time-charter usually includes a single performance obligation, where the charterer simultaneously receives and consumes the benefits over the time-charter period. Any contractual rate changes over the contract term, to the extent they relate to the firm period of the contract, are taken into account when calculating the daily hire rate. Revenues from time charters received in the period and relating to subsequent periods are deferred and recognized separately as either deferred lease revenue in payables and other liabilities, to the extent they relate to the lease component of the hire received, or as contract liabilities, to the extent that they relate to the service component of the hire received. Revenues from dry port terminals 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 stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. Revenues from the 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 load the trucks. Revenues from sales of products are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations are recognized ratably over the storage period and ends when the product is loaded onto the trucks. Variable consideratio If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for providing services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Company provides retrospective volume rebates to certain customers once the quantity of cargo transshipped during the period exceeds the threshold specified in the contract. The Company applies either the most likely amount method or the expected value method to estimate the variable consideration in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Company then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. Turnover tax Under the tax laws of Argentina, the Company’s subsidiary in that country is subject to taxes levied on gross revenues, or turnover. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0 2.0 2.0 868 901 1,062 Significant financing components Generally, the Company receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. Non-cash consideration All contracts with customers include provision for cash consideration. Contract balances (i) Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Note 2(s). (ii) Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs, by transferring goods or services to a customer, before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. (iii) Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration, which is unconditional, is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Company performs under the contract. (iv) Cost to obtain or fulfil a contract Costs to fulfil a contract, including voyage and time charter or bareboat charter arrangements (i.e. crew costs, repair and maintenance, insurance costs, port costs, canal tolls, bunkers), from load port to discharge, are recognized in line with satisfaction of the related performance obligation. Full provision is made for any losses expected on contracts with customers in progress at the end of the financial reporting period. Costs to fulfil a contract are included in “Cost of sales” line of consolidated statement of (loss)/income. (h) Other operating income and operating expenses Other operating income and other operating expenses comprise income and directly related expenses from non-core operating related activities, including income recorded from insurance claims, gain on sale of assets and taxes other than income taxes and turnover taxes. (i) Finance income and expense Bank and other interest receivable is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate (“EIR”) applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. Dividend income is recognized when the right to receive payment is established. Finance expense and other borrowing costs are recognized on an accrual basis. For all financial instruments measured at amortized cost, finance income or expense is calculated using the EIR method. EIR is the rate that discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Finance income is included in finance income and finance expense is included in finance costs in the statement of profit or loss and OCI, respectively. (j) Income Taxes Income tax expense represents the sum of the current tax and deferred tax. Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: · When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss · In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: · When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss · In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. As a result of the Law 27,630, voted by the Argentinean Parliament in June 2021, income tax rates and scales were modified for the fiscal periods starting as of January 1, 2021. Income tax liabilities of the Argentinean subsidiaries for the current period is measured at the amount expected to be paid |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment Information | NOTE 3: SEGMENT INFORMATION Segment Information Current accounting guidance establishes standards for reporting information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial reports issued to shareholders. Operating segments are components of a company of which separate financial information is available that is regularly evaluated by the chief operating decision makers in deciding how to allocate resources and assess performance. Chief operating decision makers use profit to evaluate operating performance of each segment. The guidance also establishes standards for related disclosures about a company’s products and services, geographical areas and major customers. The Company has determined that its reportable segments are those that are based on the Company’s method of internal reporting. Navios Logistics has three reportable segments: Port Terminal Business, Barge Business and Cabotage Business. The Port Terminal Business includes the dry port terminal operations and the liquid port terminal operations. A general description of each segment follows: The Port Terminal Business segment This segment includes the operating results of Navios Logistics’ dry port terminal and liquid port terminal operations. (i) Dry port terminal operations Navios Logistics owns and operates the largest independent bulk transfer and storage port terminal facilities in Uruguay based on throughputs. Its dry port terminal operations are comprised of two port terminals, one for agricultural and forest-related exports and one for mineral-related exports which are located in an international tax-free trade zone in the port of Nueva Palmira, Uruguay, at the convergence of the Parana and Uruguay rivers. (ii) Liquid port terminal operations Navios Logistics owns and operates an up-river port terminal with tank storage for refined petroleum products, oil and gas in San Antonio, Paraguay, approximately 17 miles by river from the capital of Asuncion. Its port terminal is one of the largest independent storage facilities for crude and petroleum products in Paraguay based on storage capacity. The Barge Business segment Navios Logistics services the Argentine, Bolivian, Brazilian, Paraguayan and Uruguayan river transportation markets through its fleet. Navios Logistics operates different types of pushboats and wet and dry barges for delivering a wide range of dry and liquid products between ports in the Parana, Paraguay and Uruguay River systems in South America (the Hidrovia or the “waterway”). Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis. The Cabotage Business segment Navios Logistics owns and operates ocean-going vessels to support the transportation needs of its customers in the South American coastal trade business. Its fleet consists of six ocean-going product tanker vessels, a river and estuary tanker vessel and a bunker vessel. Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis. Inter-segment transactions, if any, are accounted for at current market prices. The following table describes the results of operations of the three segments, the Port Terminal Business segment, the Barge Business segment and the Cabotage Business segment for the years ended December 31, 2021, 2020 and 2019: Segment Information - Operations Segments (Table) Year Ended December 31, 2021 Port Terminal Business Cabotage Business Barge Business Total Revenue $ 104,545 $ 34,909 $ 83,154 $ 222,608 Cost of sales (40,153) (55,293) (87,837) (183,283) Gross profit/(loss) $ 64,392 $ (20,384) $ (4,683) $ 39,325 Administrative expenses (3,429) (2,260) (8,880) (14,569) Other operating income 760 – 705 1,465 Other operating expenses (3) (1,402) (3,354) (4,759) Allowance for expected credit losses on financial (73) – (318) (391) Operating profit/(loss) $ 61,647 $ (24,046) $ (16,530) $ 21,071 Finance income 1,780 957 1,890 4,627 Finance costs (23,647) (12,995) (28,594) (65,236) Foreign exchange differences, net (62) (336) 3,035 2,637 Loss from mark to market and disposal of financial asset (9,276) (4,987) (9,886) (24,149) Profit/(loss) before tax $ $30,442 $ (41,407) $ (50,085) $ (61,050) Income tax expense - (1,933) (3,396) (5,329) Profit/(loss) for the year $ 30,442 $ (43,340) $ (53,481) $ (66,379) Year Ended December 31, 2020 Port Terminal Business Cabotage Business Barge Business Total Revenue $ 102,683 $ 45,254 $ 67,086 $ 215,023 Cost of sales (42,009) (32,214) (69,499) (143,722) Gross profit $ 60,674 $ 13,040 $ (2,413) $ 71,301 Administrative expenses (3,144) (2,069) (8,309) (13,522) Other operating income 4,329 (3) 795 5,121 Other operating expenses (3) (1,969) (3,030) (5,002) Allowances for expected credit losses on financial (103) (164) (274) (541) Operating profit/(loss) $ 61,753 $ $ 8,835 $ (13,231) $ 57,357 Finance income 3,298 1,807 3,542 8,647 Finance costs (19,976) (8,049) (20,903) (48,928) Foreign exchange differences, net (343) 344 573 574 Loss on debt extinguishment (1,586) (869) (1,702) (4,157) Profit/(loss) before tax $ 43,146 $ $ 2,068 $ (31,721) $ 13,493 Income tax (expense)/income - (2,050) 226 (1,824) Profit/(loss) for the year $ 43,146 $ $ 18 $ (31,495) $ 11,669 Year Ended December 31, 2019 Port Terminal Business Cabotage Business Barge Business Total Revenue $ 102,103 $ 46,551 $ 78,555 $ 227,209 Cost of sales (34,458) (35,150) (67,516) (137,124) Gross profit $ 67,645 $ 11,401 $ 11,039 $ 90,085 Administrative expenses (5,734) (2,463) (9,555) (17,752) Other operating income 1,081 – 1,481 2,562 Other operating expenses – (2,527) (4,156) (6,683) Allowances for expected credit losses on financial (198) – (143) (341) Operating profit/(loss) $ 62,794 $ 6,411 $ (1,334) $ 67,871 Finance income 1,934 441 2,204 4,579 Finance costs (17,835) (5,158) (18,192) (41,185) Foreign exchange differences, net (387) (911) (298) (1,596) Other income 458 104 522 1,084 Profit/(loss) before tax $ 46,964 $ 887 $ (17,098) $ 30,753 Income tax (expense)/income – (1,263) 664 (599) Profit/(loss) for the year $ 46,964 $ (376) $ (16,434) $ 30,154 For the Barge Business segment and for the Cabotage Business segment, the Company’s vessels operate on a regional basis and are not restricted to specific locations. Accordingly, it is not practicable to allocate the assets of these operations to specific locations. The total net book value of long-lived assets for vessels, including constructions in progress, amounted to $ 334,329 335,729 All the assets related to the Port Terminal Business segment are located in Uruguay and in Paraguay. The total net book value of long-lived assets for the Port Terminal Business segment amounted to $ 200,932 203,282 In addition, the net book value of intangible assets other than goodwill allocated to the Barge Business segment and to the Cabotage Business segment, collectively, amounted to $ 10,648 12,421 38,318 39,317 Goodwill totaling to $ 22,142 40,868 41,086 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Revenue | NOTE 4: REVENUE Revenue 4. 1 Disaggregated revenue information Revenue - Disaggregated Revenue (Table) Year ended Year ended Year ended December 31, December 31, December 31, 2021 2020 2019 COA/Voyage revenues $ 77,485 $ 53,649 $ 49,488 Time chartering revenues non-lease component 17,224 24,765 31,867 Dry port terminal revenues 78,740 73,112 80,180 Storage fees (dry port) revenues 1,518 3,364 3,452 Dockage revenues 3,876 3,948 4,310 Sale of products revenues-liquid port terminal 13,776 17,272 9,384 Liquid port terminal revenues 5,734 4,606 4,032 Other dry port terminal revenue 901 381 745 Turnover tax-non lease component (361) (375) (441) Revenue from contracts with customers $ 198,893 $ 180,722 $ 183,017 Time chartering revenues lease component $ 24,222 $ 34,827 $ 44,813 Turnover tax-lease component (507) (526) (621) Total revenue $ 222,608 $ 215,023 $ 227,209 Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information (Note 3): For the year ended December 31, 2021 Port Terminal Business Cabotage Business Barge Business Total COA/Voyage revenues $ – $ 2,804 $ 74,681 $ 77,485 Time chartering revenues non-lease component – 13,604 3,620 17,224 Dry port terminal revenues 78,740 – – 78,740 Storage fees (dry port) revenues 1,518 – – 1,518 Dockage revenues 3,876 – – 3,876 Sale of products revenues-liquid port terminal 13,776 – – 13,776 Liquid port terminal revenues 5,734 – – 5,734 Other dry port terminal revenue 901 – – 901 Turnover tax-non lease component – (261) (100) (361) Revenue from contracts with customers $ 104,545 $ 16,147 $ 78,201 $ 198,893 Time chartering revenues lease component – 19,129 5,093 24,222 Turnover tax-lease component – (367) (140) (507) Total revenue $ 104,545 $ 34,909 $ 83,154 $ 222,608 For the year ended December 31, 2020 Port Terminal Business Cabotage Business Barge Business Total COA/Voyage revenues $ – $ 2,721 $ 50,928 $ 53,649 Time chartering revenues non-lease component – 18,021 6,744 24,765 Dry port terminal revenues 73,112 – – 73,112 Storage fees (dry port) revenues 3,364 – – 3,364 Dockage revenues 3,948 – – 3,948 Sale of products revenues-liquid port terminal 17,272 – – 17,272 Liquid port terminal revenues 4,606 – – 4,606 Other dry port terminal revenue 381 – – 381 Turnover tax-non lease component – (345) (30) (375) Revenue from contracts with customers $ 102,683 $ 20,397 $ 57,642 $ 180,722 Time chartering revenues lease component – 25,342 9,485 34,827 Turnover tax-lease component – (485) (41) (526) Total revenue $ 102,683 $ 45,254 $ 67,086 $ 215,023 For the year ended December 31, 2019 Port Terminal Business Cabotage Business Barge Business Total COA/Voyage revenues $ – $ 1,924 $ 47,564 $ 49,488 Time chartering revenues non-lease component – 18,944 12,923 31,867 Dry port terminal revenues 80,180 – – 80,180 Storage fees (dry port) revenues 3,452 – – 3,452 Dockage revenues 4,310 – – 4,310 Sale of products revenues-liquid port terminal 9,384 – – 9,384 Liquid port terminal revenues 4,032 – – 4,032 Other dry port terminal revenue 745 – – 745 Turnover tax-non lease component – (398) (43) (441) Revenue from contracts with customers $ 102,103 $ 20,470 $ 60,444 $ 183,017 Time chartering revenues lease component – 26,641 18,172 44,813 Turnover tax-lease component – (560) (61) (621) Total revenue $ 102,103 $ 46,551 $ 78,555 $ 227,209 4.2 Contract balances Revenue - Contract Balances (Table) December 31, 2021 December 31, 2020 Trade receivable from contract with customers (Note 13) $ 44,026 $ 34,190 Contract assets $ 418 $ 906 Contract liabilities (Note 2(g)) $ 1,473 $ 2,011 4.3 Performance obligations Trade receivables from contracts with customers represent net amounts receivable from customers in respect of voyage charters, port terminals and in respect of time charters for the non-lease (service component) of the receivable. Contract assets represent amounts from contracts with customers that reflect services transferred to customers before payment or consideration is due. Specifically, contract assets represent the freight, demurrage, deviation and other amounts receivable from charterers for the completed voyage performance as at the period end. The balances of contract assets vary and depend on ongoing voyage charters at period end. Contract liabilities represent the performance due to a customer for the remaining voyage as at the period end. This may happen in the case where the customer has made an advance payment before the completion of the voyage as of the period end date. The balances of contract liabilities vary and depend on advance payments received at period end. As of December 31, 2021, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period were as follows: Revenue - Performance Obligations (Table) Amount 2022 $ 84,537 2023 74,481 2024 70,795 2025 64,492 2026 53,087 2027 and thereafter 572,033 Total $ 919,425 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2021 | |
Cost Of Sales | |
Cost of Sales | NOTE 5: COST OF SALES Cost of Sales Cost of sales for the years ended December 31, 2021, 2020 and 2019 were as follows: Cost of Sales (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Time charter, voyage and port terminal expenses $ 55,110 $ 46,312 $ 42,536 Direct vessel expenses 60,475 48,748 48,725 Cost of products sold-liquid port terminal 13,345 16,129 9,077 Depreciation and amortization 34,957 32,533 34,217 Impairment losses 19,396 - 2,569 Total costs of sales $ 183,283 $ 143,722 $ 137,124 A) Time charter, voyage and port terminal expenses Time charter, voyage and port terminal expenses for the years ended December 31, 2021, 2020 and 2019 were as follows: Cost of Sales - Time Charter, Voyage and Port Terminal Expenses (Table) Year Ended Year Ended Year Ended Fuel $ 20,710 $ $ 13,488 $ 14,103 Time charter 5,887 6,587 3,865 Ports payroll and related costs 8,651 8,036 8,880 Ports repairs and maintenance 2,038 1,862 2,011 Ports rent 887 992 1,214 Ports insurances 2,954 2,943 1,708 Docking expenses 3,382 2,712 2,423 Maritime and regulatory fees 1,455 1,301 802 Towing expenses 5,348 4,193 3,526 Other expenses 3,798 4,198 4,004 Total $ 55,110 $ 46,312 $ 42,536 B) Direct vessel expenses Direct vessel expenses for the years ended December 31, 2021, 2020 and 2019 were as follows: Cost of Sales - Direct Vessel Expenses (Table) Year Ended Year Ended Year Ended Payroll and related costs $ 35,253 $ 27,698 $ 27,837 Insurances 4,370 3,982 3,931 Repairs and maintenance 4,820 6,568 6,100 Lubricants 939 794 686 Victualing 1,704 1,317 1,223 Travel expenses 2,761 2,028 2,557 Stores 2,996 2,486 2,167 Other expenses 7,632 3,875 4,224 Total $ 60,475 $ 48,748 $ 48,725 C) Depreciation and amortization Depreciation and amortization for the years ended December 31, 2021, 2020 and 2019 were as follows: Cost of Sales - Depreciation and Amortization (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Depreciation of tangible assets $ 32,028 $ 29,611 $ 31,296 Depreciation of RoU asset 157 149 148 Amortization of intangible assets 2,772 2,773 2,773 Total $ 34,957 $ 32,533 $ 34,217 |
Administrative Expenses
Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Selling, general and administrative expense [abstract] | |
Administrative Expenses | NOTE 6: ADMINISTRATIVE EXPENSES Administrative Expenses Administrative expenses for the years ended December 31, 2021, 2020 and 2019 were as follows: Administrative Expenses (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Payroll and related costs $ 5,988 $ 5,231 $ 8,180 Professional fees 4,499 3,733 4,125 Other expenses 2,964 3,217 4,326 Depreciation of RoU asset 589 630 643 Depreciation of tangible assets 529 711 478 Total $ 14,569 $ 13,522 $ 17,752 As of December 31, 2021, the Company employed 409 28 47 101 six 215 12 626 |
Finance Income And Costs
Finance Income And Costs | 12 Months Ended |
Dec. 31, 2021 | |
Interest costs [abstract] | |
Finance Income And Costs | NOTE 7: FINANCE INCOME & COSTS Finance Income And Costs Finance income for the years ended December 31, 2021, 2020 and 2019 were as follows: Finance Income And Costs - Finance Income (Table) For the year ended December 31, 2021 2020 2019 Finance income from short term deposits $ 237 $ 209 $ 748 Finance income from loan to parent (Note 20) 4,222 8,277 3,520 Other finance income 168 161 311 Total finance income $ 4,627 $ 8,647 $ 4,579 Finance costs for the years ended December 31, 2021, 2020 and 2019 were as follows: Finance Income And Cost - Finance Cost (Table) For the year ended December 31, 2021 2020 2019 Interest on debts and borrowings $ 56,327 $ 45,516 $ 37,979 Deferred finance cost 3,509 2,806 2,552 Interest on lease liabilities 678 606 654 Other finance costs 4,722 – – Total finance cost $ 65,236 $ 48,928 $ 41,185 Foreign exchange differences, net for the years ended December 31, 2021, 2020 and 2019 were as follows: Foreign exchange differences, net for the year ended December, 31 2021, comprise a $ 85 2,722 109 683 1,857 261 |
Income Tax _ Deferred Tax
Income Tax / Deferred Tax | 12 Months Ended |
Dec. 31, 2021 | |
Deferred tax expense (income) [abstract] | |
Income Tax / Deferred Tax | NOTE 8: INCOME TAX / DEFERRED TAX Income Tax / Deferred Tax As indicated in Note 1, the Company is a Marshall Islands corporation. However, the Company is subject to tax in Argentina, Paraguay and Brazil, and with respect to its cabotage operations in Uruguay, jurisdictions where certain of its subsidiaries operate. The Company’s operations in Panama and the port and international barge transportation services in Uruguay are not taxed. The corporate income tax rate in Argentina, Paraguay, Brazil, and Uruguay is 35 10 34 25 The components of (loss)/ income before income taxes in consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 are as follows: Income Tax / Deferred Tax - Components of (Loss)/ Income (Table) Year Ended December 31, Year Ended Year Ended Argentina $ (12,843) $ 129 $ (503) Paraguay (10,232) (9,619) 1,786 Uruguay 12,835 50,271 56,572 Panama (47,055) (27,745) (23,600) Marshall Islands (3,356) 478 (3,597) Brazil (399) (21) 95 Total (loss)/ income before income taxes and noncontrolling interest $ (61,050) $ 13,493 $ 30,753 Income tax (expense)/ benefit is comprised of: Income Tax / Deferred Tax - Tax (Expense) / Benefit (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Current (2,603) (1,282) (98) Deferred (1,511) (360) (864) Total Argentina $ (4,114) $ (1,642) $ (962) Current 1 (45) – Deferred 5 7 (77) Total Brasil $ 6 $ (38) $ (77) Current (206) (54) (102) Deferred (373) (90) (100) Total Paraguay $ (579) $ (144) $ (202) Current – – – Deferred (642) – 642 Total Uruguay $ (642) – $ 642 Total income tax (expense)/ benefit $ (5,329) $ (1,824) $ (599) The net loss subject to income taxes corresponds to the operations in Argentina, Brazil, Paraguay, and the cabotage operations in Uruguay: Income Tax / Deferred Tax - Loss from Income Taxes (Table) Year Year Ended December 31, 2020 Year Ended December 31, 2019 Benefit before income taxes and noncontrolling interest $ (61,050) $ 13,493 $ 30,753 Panama, Marshall Islands, Uruguay Port/Barge (not taxed) $ (40,415) $ (23,004) $ (31,945) Net loss subject to income taxes $ (20,905) $ (9,511) $ (1,192) Reconciliation of taxes calculated based on statutory tax rates to income tax (expense)/benefit: Income Tax / Deferred Tax - Reconciliation of Taxes (Table) December 31, 2021 December 31, 2020 December 31, 2019 Income tax calculated at the tax rates applicable to profits in the respective countries (expense)/benefit $ 5,012 $ 930 $ 582 Tax effect of amounts which are not (deductible)/taxable in calculating taxable income Allocation of parent company expenses, not deductible for local income tax $ (4,231) $ (845) $ (409) Foreign exchange losses/gains in $, not (deductible)/taxable for local income tax $ 874 $ 129 $ (443) Impact of changes in local income tax rate on future years deferred tax, not taxable for local income tax $ (2,112) – $ (208) Other local GAAP and local tax return adjustments $ (4,872) $ (2,038) $ (121) Total income tax expense $ (5,329) $ (1,824) $ (599) The components of deferred income taxes included on the balance sheets were as follows: Income Tax / Deferred Tax - Deferred Income Taxes (Table) December 31, 2021 December 31, 2020 Deferred income tax assets: Future deductible differences $ 82 $ 691 Total deferred income tax assets $ 82 $ 691 Deferred income tax liability: Intangible assets (3,740) (3,299) Property, plant and equipment, net (4,255) (3,154) Tax inflation adjustment in Argentina (1,319) (1,796) Other (1,181) (334) Total deferred income tax liability (10,495) (8,583) Net deferred income tax liability $ (10,413) $ (7,892) The evolution of the deferred income tax assets and liabilities included on the balance sheets was as follows: Income Tax / Deferred Tax - Deferred Income Tax Assets (Table) Deferred income tax assets Future deductible differences Tax loss carry-forward Total Deferred Income Tax Assets At January 1, 2019 $ 931 $ 387 $ 1,318 Variance of nondeductible unpaid intercompany balances (425) – (425) Nondeductible impact of vessel impairment 642 – 642 Net utilization of tax loss carry-forward – (490) (490) Changes in income tax rate – 103 103 Other (363) – (363) At December 31, 2019 $ 785 $ – $ 785 Variance of nondeductible unpaid intercompany balances 488 – 488 Other (582) – (582) At December 31, 2020 $ 691 $ – $ 691 Variance of nondeductible unpaid intercompany balances (466) – (466) Nondeductible impact of vessel impairment (642) – (642) Changes in income tax rate 80 – 80 Other 419 – 419 At December 31, 2021 $ 82 $ – $ 82 Income Tax / Deferred Tax - Deferred Income Tax Liabilities (Table) Deferred income tax liabilities Intangible Assets Property, Plant, and Equipment Other deferred tax liabilities Total Deferred Income Tax Liabilities At January 1, 2019 $ (4,013) $ (3,264) $ (1,210) $ (8,487) Depreciations and Amortizations 534 84 – 618 Changes in income tax rate (266) (45) – (311) Other – – (95) (95) At December 31, 2019 $ (3,745) $ (3,225) $ (1,305) $ (8,275) Depreciations and Amortizations 446 71 – 517 Tax inflation adjustment in Argentina – – (1,448) (1,448) Other – – 623 623 At December 31, 2020 $ (3,299) $ (3,154) $ (2,130) $ (8,583) Depreciations and Amortizations 488 82 – 570 Changes in income tax rate (929) (1,183) – (2,112) Tax inflation adjustment in Argentina – – 477 477 Other – – (847) (847) At December 31, 2021 $ (3,740) $ (4,255) $ (2,500) $ (10,495) |
Other Operating Income and Expe
Other Operating Income and Expense | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Income And Expense | |
Other Operating Income and Expense | NOTE 9: OTHER OPERATING INCOME & EXPENSE Other Operating Income and Expense Other operating income for the years ended December 31, 2021, 2020 and 2019 were as follows: Other Operating Income and Expense - Operating Income (Table) Year Ended Year Ended Year Ended Gain from insurance claims (1) $ 1,203 $ 4,852 $ 2,536 Gain from provisions – – 26 Other income 262 269 – Total $ 1,465 $ 5,121 $ 2,562 (1) For the year ended December 31, 2020, includes $4,102 related to settlement regarding a storage and transshipment contract in the grain port terminal (Note 24 Other operating expense for the years ended December 31, 2021, 2020 and 2019 were as follows: Other Operating Income and Expense - Operating Expenses (Table) Year Ended Year Ended Year Ended Taxes other than income taxes $ 4,649 $ 4,863 $ 6,683 Provisions 110 139 – Total $ 4,759 $ 5,002 $ 6,683 |
Tangible Assets And Assets Unde
Tangible Assets And Assets Under Construction | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Tangible Assets And Assets Under Construction | NOTE 10: TANGIBLE ASSETS AND ASSETS UNDER CONSTRUCTION Tangible Assets And Assets Under Construction Tangible assets Tangible assets consist of the following: Tangible Assets And Assets Under Construction (Table) Tanker vessels, barges and pushboats Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 $ 521,036 $ (177,820) $ 343,216 Additions 2,403 (18,985) (16,582) Impairment loss – (2,569) (2,569) Write-down (2,064) 866 (1,198) Balance December 31, 2019 521,375 $ (198,508) 322,867 Additions 1,931 (18,475) (16,544) Write-down (308) – (308) Balance December 31, 2020 522,998 $ (216,983) $ 306,015 Additions 2,445 (20,315) (17,870) Impairment loss (24,769) 5,373 (19,396) Transfer from assets under construction 51,461 – 51,461 Balance December 31, 2021 552,135 $ (231,925) $ 320,210 Deferred dry dock and special survey costs Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 46,047 $ (34,889) $ 11,158 Additions 5,138 (5,166) (28) Balance December 31, 2019 51,185 $ (40,055) $ 11,130 Additions 4,296 (3,959) 337 Balance December 31, 2020 $ 55,481 $ (44,014) $ 11,467 Additions 6,774 (4,122) 2,652 Balance December 31, 2021 62,255 $ (48,136) $ 14,119 Dry port terminals Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 224,170 $ (27,318) $ 196,852 Additions 602 (6,866) (6,264) Balance December 31, 2019 $ 224,772 $ (34,184) 190,588 Additions 870 (6,915) (6,045) Write-down (88) 76 (12) Balance December 31, 2020 225,554 $ (41,023) $ 184,531 Additions 1,510 (7,274) (5,764) Disposal (130) 169 39 Transfers from assets under construction 3,803 – 3,803 Balance December 31, 2021 230,737 $ (48,128) $ 182,609 Oil storage plant and port facilities for liquid cargoes Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 $ 29,190 $ (12,457) 16,733 Additions – (320) (320) Balance December 31, 2019 29,190 $ (12,777) 16,413 Additions – (301) (301) Balance December 31, 2020 29,190 $ (13,078) $ 16,112 Additions 10 (355) (345) Transfers from assets under construction 1,843 – 1,843 Balance December 31, 2021 31,043 $ (13,433) $ 17,610 Other fixed assets Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 7,396 (4,523) 2,873 Additions 434 (437) (3) Balance December 31, 2019 7,830 $ (4,960) 2,870 Additions 488 (672) (184) Balance December 31, 2020 8,318 (5,632) 2,686 Additions 385 (491) (106) Balance December 31, 2021 8,703 $ (6,123) $ 2,580 Total Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 $ 827,839 $ (257,007) 570,832 Additions 8,577 (31,774) (23,197) Write-down (2,064) 866 (1,198) Impairment loss – (2,569) (2,569) Balance December 31, 2019 834,352 $ (290,484) 543,868 Additions 7,585 (30,322) (22,737) Write-down (396) 76 (320) Balance December 31, 2020 841,541 $ (320,730) 520,811 Additions 11,124 (32,557) (21,433) Disposal (130) 169 39 Impairment loss (24,769) 5,373 (19,396) Transfer from assets under construction 57,107 – 57,107 Balance December 31, 2021 884,873 (347,745) $ 537,128 Certain assets of the Company have been pledged as collateral for loan facilities. As of December 31, 2021, 2020 and 2019, the net book value of such assets was $ 118,438 101,145 88,573 As of December 31, 2021, after considering certain impairment indicators that affected the way the tanker vessels Malva H and Sara H are expected to be used, the Company performed an impairment assessment in accordance with its accounting policy (Note 2). The estimated recoverable amounts were lower than the respective carrying amounts of each vessel and, consequently, an aggregate impairment loss of $ 19,396 Tangible Assets and Assets Under Construction - Impairment Loss (Table) As of and for the year ended December 31, 2021 Vessel Initial carrying Impairment loss Net book value Malva H 9,036 (5,786) 3,250 Sara H 17,860 (13,610) 4,250 No impairment loss was recognized during the year ended December 31, 2020. As of December 31, 2019, after considering certain impairment indicators that affected the way the tanker vessel Malva H is expected to be used, the Company performed an impairment assessment in accordance with its accounting policy (Note 2). The estimated recoverable amount was lower than the respective carrying amount of such vessel and, consequently, an impairment loss of $ 2,569 As of and for the year ended December 31, 2019 Vessel Initial carrying Impairment loss Net book value Malva H 12,187 (2,569) 9,618 Since 2018, Navios Logistics acquired approximately 9.0 hectares of undeveloped land located in the Port Murtinho region of Brazil. Navios Logistics plans to develop this land for its port operations, for a total cost of $ 1,580 Assets under construction During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $ 19,501 1,062 16,696 611 During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal and a total of $ 1,843 1,285 As of December 31, 2021, Navios Logistics had paid $ 713 In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “2020 Fleet”), for a purchase price of $ 30,000 31,960 During the second quarter of 2021, Navios Logistics completed the installation of a crane in its grain port terminal and a total of $ 3,803 723 |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Intangibles | NOTE 11: INTANGIBLES Intangibles Intangible assets other than goodwill Intangible assets as of December 31, 2021 and 2020 consist of the following: Intangibles - Schedule (Table) December 31, 2021 Acquisition Accumulated Net Book Cost Amortization 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 December 31, 2020 Acquisition Accumulated Net book Cost Amortization Value Port terminal operating rights $ 53,152 $ (13,835) $ 39,317 Customer relationships 36,120 (23,699) 12,421 Total intangible assets $ 89,272 $ (37,534) $ 51,738 For all the years presented, no additions of intangible assets occurred. Amortization expense for each of the years ended December 31, 2021, 2020 and 2019, amounted to $ 2,772 2,773 2,773 The aggregate amortization of acquired intangibles will be as follows: Intangibles - Aggregate Amortization (Table) Description Within Year Year Year Year Thereafter Total Port terminal operating rights 995 995 $ 995 $ 995 $ 995 $ 33,343 $ 38,318 Customer relationships 1,775 1,775 1,775 1,775 1,775 1,773 10,648 Total 2,770 2,770 2,770 2,770 $ 2,770 $ 35,116 $ 48,966 Goodwill Goodwill resulted from acquisitions of businesses amounted to $ 104,096 1,049,067 8.42 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Non-current assets | |
Other Non-Current Assets | NOTE 12: OTHER NON-CURRENT ASSETS Other Non-Current Assets Other non-current assets as of December 31, 2021 and 2020, consist of the following: Other Non-Current Assets (Table) December 31, 2021 December 31, 2020 Prepaid expenses $ 13 $ 1,547 Deposits in guarantee to free zone 176 176 Other (1) 2,684 3,359 Total $ 2,873 $ 5,082 (1) As of December 31, 2021 and 2020 includes an amount of $1,330 and $2,726, respectively, related to settlement regarding a storage and transshipment contract in the grain port terminal (Note 24). |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Trade Receivables | NOTE 13: TRADE RECEIVABLES Trade Receivables Trade receivables consisted of the following: Trade Receivables (Table) December 31, 2021 December 31, 2020 Receivables from other related parties (Note 20) $ – $ 282 Receivables from third party customers 47,301 36,792 Total 47,301 37,074 Allowance for expected credit losses (3,275) (2,884) Total trade receivables $ 44,026 $ 34,190 A) Trade receivables from contracts with customers Trade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the EIR method. B) Allowances Movement in the allowance for expected credit losses of trade receivables: Trade Receivables - Allowances (Table) Amounts Balance as at January 1, 2019 $ 2,857 Allowance for expected credit losses 341 Utilized provision (708) Balance as at December 31, 2019 2,490 Allowance for expected credit losses 541 Utilized provision (147) Balance as at December 31, 2020 $ 2,884 Allowance for expected credit losses 391 Utilized provision – Balance as at December 31, 2021 $ 3,275 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | NOTE 14: CASH AND CASH EQUIVALENTS Cash and Cash Equivalents Cash and cash equivalents consisted of the following: Cash and Cash Equivalents (Table) December 31, 2021 December 31, 2020 Cash at banks and on hand $ 32,536 $ 74,776 Short-term deposits 44 94 Total $ 32,580 $ 74,870 Short-term deposits are comprised of deposits with banks with original maturities of less than 90 days. 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 Logistics does maintain cash deposits and equivalents in excess of government-provided insurance limits. Navios Logistics also seeks to reduce its exposure to credit risk by dealing with a diversified group of major financial institutions. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Miscellaneous current assets [abstract] | |
Prepayments and Other Current Assets | NOTE 15: PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and Other Current Assets Prepayments and other current assets consist of the following: Prepayments and Other Current Assets (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Insurance claims receivable, net $ 40 $ 346 VAT and other credits 1,084 2,604 Deferred insurance premiums 1,883 913 Advances to providers 1,778 1,443 Other 1,391 1,394 Total $ 6,176 $ 6,700 |
Issued Capital and Reserves
Issued Capital and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Issued Capital and Reserves | NOTE 16: ISSUED CAPITAL AND RESERVES Issued Capital and Reserves Share capital As of December 31, 2021, 2020 and 2019, the Company has issued 20,000 1.00 Holders of each share of common stock have one vote for each share held of record on all matters submitted to a vote of shareholders. Dividends on shares of common stock may be declared and paid from funds available to the Company. Distributions On July 30, 2021, the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud, representing 100% of Navios Logistics’ equity interest in Grimaud. On February 21, 2020, Navios Logistics declared and paid a dividend in cash in the aggregate amount of $ 27,500 On July 10, 2020, Navios Logistics declared and paid a dividend in cash and shares of Navios Holdings common stock in the aggregate amount of $ 6,381 For the year ended 2019, the management proposed no dividend distribution. Dividends are recorded in the Company’s consolidated financial statements in the period in which they are declared. |
Interest-Bearing Loans and Borr
Interest-Bearing Loans and Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Interest-Bearing Loans and Borrowings | NOTE 17: INTEREST-BEARING LOANS AND BORROWINGS Interest-Bearing Loans and Borrowings Interest-bearing loans and borrowings consist of the following: Interest-Bearing Loans and Borrowings - Schedule (Table) December 31, 2021 December 31, 2020 Interest Rate Maturity Notes Payable $ 4,927 $ 5,475 Six-month LIBOR November 2, 2024 (1) Seller’s credit for the construction of six liquid barges 2,676 1,901 Fixed rate of 8.5% November 16, 2025 (2) BBVA Facility 12,000 14,000 Six-month LIBOR plus 3.25% March 31, 2022 (3) Term Bank loan 1,400 1,400 Three-month LIBOR plus 3.15% May 18, 2025 Seller’s credit agreement for the acquisition of the 2020 Fleet 5,000 – Fixed rate of 5.00% March 22, 2024 Loan for Nazira – 46 Fixed rate of 6.00% August 10, 2021 Current portion of interest-bearing loans and borrowings 26,003 22,822 2025 Notes 500,000 500,000 Fixed rate of 10.75% July 1, 2025 Notes Payable 7,536 12,367 Six-month LIBOR (1) Seller’s credit for the construction of six liquid barges 8,537 9,146 Fixed rate of 8.5% (2) BBVA Facility – 8,000 Six-month LIBOR plus 3.25% March 31, 2022 (3) Term Bank loan 6,300 7,700 Three-month LIBOR plus 3.15% May 18, 2025 Seller’s credit agreement for the acquisition of the 2020 Fleet 10,000 – Fixed rate of 5.00% March 22, 2024 Non-current portion of interest-bearing loans and borrowings 532,373 537,213 Less: deferred finance costs (16,026) (19,444) Total interest-bearing loans and borrowings, net $ 542,350 $ 540,591 (1) Includes 32 different drawdown events and maturity dates are scheduled on the 16th and last semi-annual installments after the completion of each Drawdown Event. (2) Includes six different drawdown events and maturity dates are scheduled on the 20th and last quarterly installments from the drawdown date of each individual barge based on the barge's delivery date (3) Please refer to Note 26 for discussion on refinancing completed on March 23, 2022. 2025 Notes On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Co-Issuers”) issued $ 500,000 10.75 the 2025 Notes were used to satisfy and discharge the indenture governing the 2022 Notes, to repay all amounts outstanding under the Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance used for general corporate purposes. 4,157 On or after August 1, 2022, the Co-Issuers may redeem some or all of the 2025 Notes at the redemption prices set forth in the indenture governing the 2025 Notes. In addition, before August 1, 2022, the Co-Issuers may redeem up to 35 110.75 an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Notes remains outstanding. (a) 100 The Co-Issuers may also redeem all, but not less than all, of the 2025 Notes at a price equal to 100 101 The 2025 Notes are senior secured obligations of the 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 Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Company’s direct and indirect subsidiaries, other than Logistics Finance. The 2025 Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Company’s 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 indenture governing the 2025 Notes contains restrictive covenants that limit, among other things, the ability of the Co-Issuers and their restricted subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Notes also contains customary events of default. As of December 31, 2021 and 2020, deferred finance costs associated with the 2025 Notes amounted to $ 15,927 19,414 53,601 25,979 2022 Notes On April 22, 2014, the Co-Issuers issued $ 375,000 in aggregate principal amount of Senior Notes due May 1, 2022 7.25 %. The 2022 Notes were redeemed in full on July 16, 2020 100 % of their face amount, plus accrued and unpaid interest to the redemption date with the proceeds of the Co-Issuers’ 2025 Notes. Following this transaction, t 2,661 Finance costs associated with the 2022 Notes amounted to nil, $ 14,727 27,188 no Term Loan B Facility On November 3, 2017, Navios Logistics and Logistics Finance, as co-borrowers, complete 100,000 LIBOR 1.0 July 8, 2020 1,496 Finance costs associated with the Term Loan B Facility amounted to nil, $ 3,162 7,150 4.75 no Notes Payable In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, the Company entered into an unsecured export financing line of credit for a total amount of $ 41,964 5,949 16 semi-annual installments six-month LIBOR 12,463 Finance costs associated with the Notes Payable amounted to $ 608 1,006 1,591 Other Indebtedness On February 28, 2020, the Company entered into a $ 25,000 July 8, 2020 The BBVA Facility was used to repay existing debt with BBVA, and for general corporate purposes. LIBOR (180 days) quarterly is secured by assignments of certain receivables 12,000 3.25 On May 18, 2017, the Company entered into a $ 14,000 LIBOR (90 days) twenty quarterly 7,000 to amend the Term Bank Loan, extending its maturity and amending the repayment schedule. May 18, 2022 twelve quarterly 2,800 7,700 99 30 May 18,2025 3.15 In December 2020, the Company entered into a $ 13,475 20 quarterly fixed rate 8.5 11,213 1,071 176 In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of the 2020 Fleet. 15,000 fixed rate 5.0 three annual installments 5,000 584 0 In connection with the acquisition of Hidronave S.A. on October 29, 2009, the Company assumed a $ 817 in order to finance the construction of the pushboat Nazira. fixed rate September 30, 2021 6.0 In connection with its loan obligations and other long term liabilities, the Company is subject to certain covenants, commitments, limitations and restrictions. The Company was in compliance with all covenants as of December 31, 2021. The annual weighted average interest rates of the Company’s total interest-bearing loans and borrowings were 9.96 8.39 7.12 As of December, 2021, an amount of $ 23,277 26,270 The interest-bearing loans and borrowings arising from financing activities were as follows: Interest-Bearing Loans and Borrowings - Schedule From Financing Activities (Table) 2021 2020 2019 At January 1, $ 540,591 $ 514,929 $ 530,187 Proceeds from Seller’s credit agreement for the construction of six liquid barges 2,246 – – Proceeds from the credit agreement for the acquisition of the 2020 Fleet 15,000 – – Proceeds from 2025 Notes, net of deferred finance costs – 479,023 – Proceeds from long term debt, net of deferred finance costs – 24,854 – Repayment of 2022 Notes – (375,000) – Repayment of long-term debt and payment of principal (13,525) (105,551) (13,403) Repayment of notes payable (5,261) (4,466) (4,304) Accretion of Notes payable / unwinding of discount (119) (161) (103) Term bank loan additional deferred finance cost (91) – – Amortization of deferred finance cost 3,509 2,806 2,552 Loss on debt extinguishment – 4,157 – At December 31, $ 542,350 $ 540,591 $ 514,929 The maturity table below reflects future payments of the long-term interest-bearing loans and borrowings and interest outstanding as of December 31, 2021, for the next five years and thereafter, based on the repayment schedule of the respective loan facilities (as described above). Interest-Bearing Loans and Borrowings - Annual Loan Principal Payments (Table) Year Amount in thousands of U.S. dollars 2022 $ 82,062 2023 69,183 2024 66,218 2025 533,448 Total 750,911 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Trade and Other Payables | NOTE 18: TRADE & OTHER PAYABLES Trade and Other Payables Trade and other payables as of December 31, 2021 and 2020, consist of the following: Trade and Other Payables (Table) December 31, December 31, Trade payables $ 19,060 $ 15,365 Accrued expenses 6,705 5,705 Accrued interest expense 23,277 26,270 Tax payable 9,032 7,676 Other payable 753 1,060 Professional fees payable 1,893 880 Related Parties (Note 20) 384 – Deferred lease revenue 1,221 1,933 Total $ 62,325 $ 58,889 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | NOTE 19: LEASES Leases Company as a lessee The Company has lease contracts for land and offices used in its operations. Leases of land generally have an average lease term of 45 0.7 5.1 The Company also has certain leases of offices with lease terms of 12 months or less and leases of photo copy machines with low value. The Company applies the “short-term lease” and “lease of low-value assets” recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period: Leases - Lease Agreements (Table) Land Office buildings Total right of use assets Balance as at January 1, 2019 $ 7,078 $ 1,543 $ 8,621 Additions – 225 225 Depreciation expense (149) (643) (792) Balance as at December 31, 2019 $ 6,929 $ 1,125 $ 8,054 Depreciation expense (149) (630) (779) Balance as at December 31, 2020 $ 6,780 $ 495 $ 7,275 Lease reassessment 369 – 369 Additions – 1,105 1,105 Depreciation expense (157) (589) (746) Balance as at December 31, 2021 $ 6,992 $ 1,011 $ 8,003 An analysis of the lease liabilities is as follows: Leases - Analysis of Lease Liabilities (Table) 2021 2020 2019 At January 1, $ 7,856 $ 8,551 $ 8,979 Additions 1,105 – 224 Lease reassement 369 – – Accretion of interest 678 606 654 Payments (1,257) (1,301) (1,306) At December 31, $ 8,751 $ 7,856 $ 8,551 Current $ 1,095 $ 911 $ 1,300 Non-current $ 7,656 $ 6,945 $ 7,251 The maturity table of the undiscounted cash flows of the lease liabilities is presented below: Leases - Maturity Analysis of Finance Lease (Table) Less than 1 year Between 1 and 5 years Over 5 years Total Lease Liability $ 1,095 $ 3,029 $ 22,996 $ 27,120 The table below presents the Company’s fixed and variable lease payments for the years ended December 31, 2021, 2020 and 2019: Leases - Fixed and Variable Lease Payments (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Fixed lease payments $ 1,257 $ 1,301 $ 1,306 Variable lease payments 845 982 1,207 Total $ 2,102 $ 2,283 $ 2,513 The table below presents the components of the Company’s lease expense for the years ended December 31, 2021, 2020 and 2019: Leases - Lease Expenses of Lessee (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Depreciation expense of right-of-use assets $ 746 $ 779 $ 792 Finance expense on lease liabilities 678 606 654 Expense relating to short-term leases 5,887 6,587 3,865 Total $ 7,311 $ 7,972 $ 5,311 The Company had total cash outflows for leases of $ 7,144 7,888 5,171 1,105 225 0 The Company has certain lease contracts that include extension options. Management exercises judgment in determining whether these extension options are reasonably certain to be exercised, see Note 2(y). Company as a lessor The Company through its subsidiaries entered into time charter agreements with aggregate hire receivables (contracted revenues), comprising lease revenue and service revenue. There are no significant variable lease payments in relation to these agreements. At the end of the reporting period, undiscounted lease receipts and the transaction price allocated to the remaining service performance obligations, from the inception date, over the lease term, were as follows: Leases - Future Minimum Maturity Revenues (Table) Amount 2022 $ 47,051 2023 39,170 2024 25,929 2025 19,418 2026 1,875 Total $ 133,443 In February 2017, two self-propelled barges of the Company’s fleet, Formosa and San Lorenzo, were sold for a total amount of $ 1,109 |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Disclosures | NOTE 20: RELATED PARTY DISCLOSURES Related Party Disclosures At December 31, 2021 and 2020, the amounts due (to)/from affiliate companies were as follows: Related Party Disclosures - Amounts Due From Affiliated Companies (Table) December 31, 2021 December 31, 2020 Navios Holdings (Parent) $ – $ 75,077 Peers Business Inc. (15,000) – Navios Shipmanagement Inc. (Other related party) (384) 282 Total $ (15,384) $ 75,359 Amounts due (to)/from affiliate companies do not accrue interest and do not have a specific due date for their settlement apart from the Navios Holdings Loan Agreement (as defined below) which was repaid as of December 31, 2021. The Navios Holdings Loan Agreement April 25, 2019 50,000 to be used for general corporate purposes, including the repurchase of Navios Holdings’ 7.375% First Priority Ship Mortgage Notes due 2022 (the “Navios Holdings 2022 Notes”). secured by Navios Holdings 2022 Notes purchased with funds borrowed under the Navios Holdings Loan Agreement. 500 12.75 14.75 20,000 10.0 December 2024 During the first and the second quarters of 2019, Navios Logistics purchased $ 35,500 17,642 18,726 1,084 On June 24, 2020, Navios Logistics entered into a deed of assignment and assumption with its wholly-owned subsidiar y f e f 2,414,263 6,381 . E f 13.0 On June 30, 2021, Grimaud entered into a supplemental agreement (the “Supplemental Navios Holdings Loan Agreement”) to the Nav i Grimaud and Navios Holdings agreed to amend the Navios Holdings Loan Agreement v t f 7,500 f n 9,301,542 July 13, 2021 y m y 752,000 e 3,704 24,149 its consolidated statement of (loss)/income for the year ended December 31, 2021 under “Loss from mark to market and disposal of financial asset”. As of December 31, 2021, the full amount was repaid. For the year ended i 4,222 8,277 5,244 z Administrative expenses: 1,144 1,144 1,144 Lodging and travel services: 16 15 1 0 0 Promissory note 20,000 four semi-annual On July 30, 2021, Grimaud entered into an assignment agreement with Peers Business Inc. (“Peers”), whereby the promissory note was assigned to Peers. Shareholders’ agreement Pursuant to a shareholders’ agreement (the “Shareholders’ Agreement”) entered into in January 2008 in connection with the original combination of the Uruguayan port business and the upriver barge business, Grandall Investments S.A. (“Grandall”) (an entity owned and controlled by Lopez family members, including Claudio Pablo Lopez, our Chief Executive Officer and Vice Chairman) had certain rights as our shareholders, including certain rights of first offer, rights of first refusal, tag along rights, exit options and veto rights. Pursuant to an amendment dated June 17, 2010, the shares of our common stock held by Navios Holdings, upon becoming subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) will be converted into shares of Class B Common Stock, with each share of Class B Common Stock entitling its holder to twenty five votes per share. Navios Holdings has currently waived such conversion provision. If and when the conversion occurs, it will permit Navios Holdings to control our business even if it does not hold a majority economic interest in our company. Pursuant to an Assignment and Succession agreement dated December 17, 2012, Peers Business Inc., a Panamanian corporation assumed all rights and obligations of Grandall under the Shareholders’ Agreement. On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers granting certain protections to minority shareholders in certain events. Employment agreements - compensation of key management personnel The Company has executed employment agreements with three key management employees who are noncontrolling shareholders of the Company. These agreements stipulate, among other things, severance and benefit arrangements in the event of termination. In addition, the agreements include confidentiality provisions and covenants not to compete. The employment agreements initially expired in December 31, 2009, but are being renewed automatically for successive one-year periods until either party gives 90 days written notice of its intention to terminate the agreement. Generally, the agreements call for a base salary ranging from $ 280 340 re achieved 900 900 2,900 Pursuant to the assignment agreement with NC and NSM, the latter provides certain administrative management services to Navios Logistics including the compensation of its directors and members of the Company’s senior management who are not employees of the Company 1,144 1,144 1,144 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [abstract] | |
Fair Value Measurement | NOTE 21: FAIR VALUE MEASUREMENT Fair Value Measurement The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents: Net investment in the lease: Intercompany receivable loan from parent (related party): Notes Payable: Interest-bearing loans and borrowings: The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate their fair value, excluding the effect of any deferred finance costs. The 2025 Notes, the seller’s credit for the construction of six liquid barges and the 2020 Fleet are fixed rate borrowings and their fair value was determined based on quoted market prices The estimated fair values of the Company’s financial instruments are as follows: Fair Value Measurement (Table) December 31, 2021 December 31, 2020 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 32,580 $ 32,580 $ 74,870 $ 74,870 Net investment in the lease $ – $ – $ 300 $ 300 Intercompany receivable loan from parent (related party) $ – $ – $ 69,833 $ 69,833 2025 Notes $ (484,073) $ (526,710) $ (480,586) $ (542,380) Notes payable, including current portion $ (12,463) $ (12,463) $ (17,842) $ (17,842) Other long-term indebtness, including current portion $ (45,814) $ (45,814) $ (42,163) $ (42,163) Fair value measurements The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. Level III: Inputs that are unobservable. Fair Value Measurement - Measured on a Nonrecurring Basis (Table) Fair Value Measurements at December 31, 2021 Total Level I Level II Level III Cash and cash equivalents $ 32,580 $ 32,580 $ – $ – 2025 Notes $ (526,710) $ (526,710) $ – $ – Notes payable, including current portion (1) $ (12,463) $ – $ (12,463) $ – Other long-term indebtness, including current portion (1) $ (45,814) $ – $ (45,814) $ – Fair Value Measurements at December 31, 2020 Total Level I Level II Level III Cash and cash equivalents $ 74,870 $ 74,870 $ – $ – Net investment in the lease $ 300 $ 300 $ – $ – Intercompany receivable loan from parent (related party), net $ 69,833 $ – $ 69,833 $ – 2025 Notes $ (542,380) $ (542,380) $ – $ – Notes payable, including current portion (1) $ (17,842) $ – $ (17,842) $ – Other long-term indebtness, including current portion (1) $ (42,163) $ – $ (42,163) $ – 1) The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account our creditworthiness. Fair value of collaterals under intercompany receivable loan from parent (related party): The fair value of the collaterals under intercompany receivable loan from parent (related party) was determined based on quoted market prices for Navios Holding 2020 notes (Level I under fair value hierachy) and third parties valuation reports (Level II under fair value hierachy) resulting in a total amount of $99,854 There were no changes in valuation techniques during the year. For the years ended December 31, 2020 and 2019, there were no transfers between levels. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Provisions | NOTE 22: PROVISIONS Provisions Movement in the provisions is analyzed below: Provisions (Table) Amount Balance as at January 1, 2020 $ 416 Arising during the year 139 Utilized (104) Balance as at December 31, 2020 451 Arising during the year 110 Balance as at December 31, 2021 $ 561 See also Note 2(v). Provisions included in the Company’s consolidated financial statements for all periods presented are mainly related to labor claims. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per Share (EPS) | NOTE 23: (LOSS)/EARNINGS PER SHARE (EPS) Earnings per Share (EPS) Basic and diluted net (loss)/earnings per share are computed using the weighted-average number of common shares outstanding. The computations of basic and diluted earnings per share for each of the years ended December 31, 2021, 2020 and 2019, are as follows: Earnings per Share (Table) Year Ended Year Ended Year Ended (Loss)/profit attributable to Navios Logistics’ stockholders $ (66,379) $ 11,669 $ 30,154 Weighted average number of shares, basic and diluted 20,000 20,000 20,000 Net (loss)/earnings per share from continuing operations: Basic and diluted $ (3.32) $ 0.58 $ 1.51 At December 31, 2021, 2020 and 2019, the Company had no dilutive or potentially dilutive securities; accordingly there is no difference between basic and diluted net earnings per share. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies | |
Commitments and Contingencies | NOTE 24: COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Legal 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, the Company guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by the Company) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $ 847 519 In September 2020, the Company agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount to be paid to the Company as a result of the settlement of $ 4,140 three 1,380 4,102 The Company is subject to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability. While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs, individually or in aggregate of such actions will have a material effect on the Company’s consolidated financial position, results of operations or cash flows. |
Financial Management
Financial Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Management | NOTE 25: FINANCIAL MANAGEMENT Financial Management The Company’s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates and port terminal rates, and fuel prices, credit and interest rates risk. Risk management is carried out under policies approved by management. Guidelines are established for overall risk management, as well as specific areas of operations. a. Capital management The capital structure of the Company consists of net debt and equity. The Company’s objectives when managing capital are: · to safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns to its shareholder and benefits for other stakeholders; · to enhance the ability of the Company to invest in future projects by sustaining a strong financial position and high borrowings capacity; · to provide an adequate return to its shareholder; and · to maintain and improve the Company’s credit rating. The Company reviews its capital structure and the capital structure of its subsidiaries on a quarterly basis. As part of this review, management makes adjustments to it in the light of changes in economic conditions and the risk characteristics relating to the Company’s activities. In order to maintain or adjust its capital structure, the Company may repay existing secured term loans and revolving credit facilities, sell assets to reduce debt or inject additional capital into its subsidiaries. Management believes that such an approach provides for an efficient capital structure and an appropriate level of financial flexibility. The Company monitors its capital structure on the basis of the net debt ratio. The net debt ratio is calculated as net debt divided by net debt plus total equity (“total capital”). The net adjusted debt ratio is calculated as net debt divided by net debt plus total equity as adjusted for the market value of the fleet (“total adjusted capital”). Net debt is calculated as the total of Interest-bearing loans and borrowings (Note 17), Trade and other payables (Note 18) and lease liabilities (Note 19), less cash and cash equivalents (Note 14). Total equity comprises all components of equity. Certain of the Company’s debt agreements, at the subsidiary level, contain loan-to-value clauses which could require the Company, at its option, to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below their current valuations. In addition, the financing agreements impose operating restrictions and establish minimum financial covenants, including limitations on the amount of total borrowings and secured debt, and provide for acceleration of payment under certain circumstances, including failure to satisfy certain financial covenants. Failure to comply with any of the covenants in the financing agreements could also result in a default under those agreements and under other agreements containing cross-default provisions. b. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments. The sensitivity analyses in the following sections relate to the position as at December 31, 2021 and December 31, 2020. The Company is exposed to certain risks related to interest rate, foreign currency, fuel price inflation and time charter hire rate fluctuation. Risk management is carried out under policies approved by executive management. i. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates. Debt instruments: 558,376 560,035 Interest rates on the seller’s credit for the construction of six liquid barges, the 2025 Notes and the credit agreement for the acquisition of the 2020 Fleet are fixed and, therefore, changes in interest rates affect their fair value, which as of December 31, 2021 was $ 11,213 526,710 15,000 Interest rates on the loan facility of Hidronave S.A., the seller’s credit for the construction of six liquid barges and the 2025 Notes are fixed and, therefore, changes in interest rates affect their fair value which as of December 31, 2020 was $ 46 11,047 542,380 Interest rates on the Notes Payable, the New BBVA Facility and the Term Bank loan is at a floating rate and, therefore, changes in interest rates would affect their interest rate and related finance cost. Sensitivity analysis – exposure to interest rates For the purposes of market risk analysis, the Company uses scenarios to assess the sensitivity that variations in operations impacted by the Libor rates may generate in their results. The probable scenario represents the amounts of debt recognized at floating rate. The other scenarios were constructed considering an appreciation of 25% and 50% on market interest rates. The following are the possible impacts on the results in the event of these scenarios occurring: Financial Management - Sensitivity Analysis (Table) December 31, 2021 Effect on Income and Equity Carrying amount Possible increase through maturity (Δ 25%) Remote increase through maturity (Δ 50%) LIBOR Interest-bearing loans and borrowings (32,163) (33) (65) ii. Foreign currency risk The Company’s operating results, which are reported in U.S. dollars, may be affected by fluctuations in the exchange rate between the U.S. dollar and other currencies. For accounting purposes, U.S. dollar is the functional and reporting currency. Therefore, revenue and expense accounts are translated into U.S. dollars at the exchange rate in effect at the date of each transaction. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact part of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reais and Paraguayan guaranies; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. For the years ended December 31, 2021, December 31, 2020 and December 31, 2019, approximately 50.8 47.8 53.4 Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated are recognized in the statement of financial position. A change in exchange rates between the U.S. dollar and each of the foreign currencies listed above by 1.00% would change the Company’s profit for the year ended December 31, 2021 by $728 iii. Inflation and Fuel Price Increases: The impact of inflation and the resulting pressure on prices in the South American countries in which the Company operates may not be fully neutralized by equivalent adjustments in the rate of exchange between the local currencies and the U.S. dollar. Specifically, for Company’s vessels, barges and pushboats business, the Company has negotiated, and will continue to negotiate, fuel price adjustment clauses; however, in some cases, prices paid for fuel are temporarily not aligned with the adjustments that are obtained under Company’s freight contracts. c. Credit Risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Concentration of Credit Risk Accounts Receivable & Contract Assets In each of our businesses, we derive a significant part of our revenues from a small number of customers. We expect that a small number of customers will continue to generate a substantial portion of our revenues for the foreseeable future. For the year ended December 31, 2021, our largest customers, Vale International S.A. (“Vale”) and YPF SA (“YPF”) accounted for 23.4 % and 10.1 %, respectively, of our revenues, and our five largest customers accounted for approximately 53.6 % of our revenues, . For the year ended December 31, 2020, our largest customer, Vale International S.A. (“Vale”), accounted for 31.8 % of our revenues, and our five largest customers accounted for approximately 58.7 % of our revenues, . For the year ended December 31, 2019, our largest customer, Vale, accounted for 36.4 % of our revenues, and our five largest customers accounted for approximately 64.0 % of our revenues, . In addition, some of our customers, including many of our most significant customers, operate their own vessels and/or barges as well as port terminals. These customers may decide to cease or reduce the use of our services for various reasons, including employment of their own vess Cash deposits with financial institutions Cash deposits in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Although Company maintains cash deposits in excess of government-provided insurance limits, the Company minimizes exposure to credit risk by dealing with a diversified group of major financial institutions. Management is of the opinion that the credit risk on liquid funds is limited as counterparties are institutions with high credit-ratings assigned by credit rating agencies. Management continuously monitors the credit-rating of each of the counterparties and maintains the majority of its liquid funds with the Company’s lenders which are investment grade financial institutions. The Company did not recognize any expected credit loss on the above as the amount of credit loss is insignificant. Effects of inflation: The economic environment and factors in Argentina were determined to be highly inflationary as of December 31, 2021. Nevertheless, the Company does not consider inflation to be a significant risk factor to the cost of doing business in the foreseeable future as the functional currency of the Company’s Argentinian subsidiary is the U.S. dollar. In addition, the day-to-day operations of the Company’s Argentinian subsidiary are dependent on the economic environment of the Company’s U.S. dollar currency. d. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset and arises because of the possibility that the Company could be required to pay its liabilities earlier than expected. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the logistics industry, the Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve revolving credit facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. On March 23, 2022, the Company entered into the 2022 BBVA Facility, which was used to repay existing debt with BBVA , and for general corporate purposes. As of March 23, 2022, a total of $17,000 have been drawn under 2022 BBVA Facility and the remaining $8,000 will be drawn upon certain conditions been met. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments: Financial Management - Liquidity Risk (Table) Less than a year 1-2 years 2-3 years 3-4 years More than 5 years Total Interest-bearing loans and borrowings (excluding items below, Note 17) 82,062 69,183 66,218 533,448 – 750,911 Lease liabilities (Note 19) 1,095 987 759 645 23,634 27,120 Trade and other payables (Note 18) 62,325 – – – – 62,325 Promissory note (Note 20) 5,000 10,000 15,000 Total 150,482 80,170 66,977 534,093 23,634 855,356 |
Events After The Reporting Peri
Events After The Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events After The Reporting Period | NOTE 26: EVENTS AFTER THE REPORTING PERIOD Events After The Reporting Period On March 23, 2022, the Company entered into the 2022 BBVA Facility for an amount of $ 25,000 The 2022 BBVA Facility was used to repay existing debt under the BBVA Facility, and for general corporate purposes. 4.25 quarterly July 1, 2025 17,000 On March 25, 2022, the Company entered into a $ 5,000 The Santander Facility will be used for general corporate purposes 4.20 twelve quarterly March 7, 2026 is secured by assignments of certain receivables. 5,000 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Basis of preparation | (a) Basis of preparation The consolidated financial statements of Navios Logistics have been prepared in accordance with International Financial Reporting Standards The consolidated financial statements have been prepared on a historical cost basis, except where fair value accounting is specifically required by IFRS, as explained in the accounting policies below. The consolidated financial statements are presented in U.S. dollars which is also the currency of the Company’s primary economic environment and the functional currency of the major and majority of the Company’s subsidiaries. All values are rounded to the nearest thousand (U.S.D. 000), except when otherwise indicated. |
Going concern | (b) Going concern In considering whether it is appropriate to prepare the financial statements on a going concern basis, management has reviewed the Company’s future cash requirements, covenant compliance and earnings projections. As of December 31, 2021, the Company’s current assets totaled $ 91,811 95,869 4,058 25,000 twelve quarterly July 1, 2025 Management anticipates that the Company’s primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. Management believes that these sources of funds will be sufficient for the Company to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. On April 1, 2022, the financial statements were authorized on behalf of Navios Logistics’ board of directors for issuance and filing. The principal accounting policies are set out below. |
Basis of consolidation | (c) Basis of consolidation The consolidated financial statements comprise the financial statements of Navios Logistics and its subsidiaries. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, has: · Power over the investee; · Exposure, or rights, to variable returns from its involvement with the investee; and · The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Company has less than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including: · The contractual arrangement(s) with the other vote holders of the investee; · Rights arising from other contractual arrangements; · The Company’s voting rights and potential voting rights. The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Company’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Non-controlling interests in subsidiaries are identified separately from the Company’s equity therein. The interests of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. For the reported years presented in these consolidated financial statements, no significant non-controlling interest exists. Subsidiaries included in the consolidation: The consolidated financial statements of the Company include Significant Accounting Policies - Subsidiaries in Consolidation (Table) Statement of Income Company Name Country of Incorporation Nature Percentage of Ownership 2021 2020 2019 Corporacion Navios S.A. Uruguay Port-Facility Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Energias Renovables del Sur S.A. Uruguay Land Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Nauticler S.A. Uruguay Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Compania Naviera Horamar S.A. Argentina Vessel-Operating Management Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Compania de Transporte Fluvial International S.A. Uruguay Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Ponte Rio S.A. Uruguay Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Tankers Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Navigation Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Shipping Ltd. Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS South Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Petrovia Internacional S.A. Uruguay Land-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Mercopar S.A. Paraguay Operating/Barge-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Petrolera San Antonio S.A. Paraguay Port Facility-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Stability Oceanways S.A. Panama Barge and Pushboat-Owning Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Hidronave South American Logistics S.A. Brazil Pushboat-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Horamar do Brasil Navegação Ltda Brazil Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Navarra Shipping Corporation Marshall Is. Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Pelayo Shipping Corporation Marshall Is. Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Navios Logistics Finance (U.S.) Inc. Delaware Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Varena Maritime Services S.A. Panama Barge and Pushboat-Owning Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Honey Bunkering S.A. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Naviera Alto Parana S.A. Paraguay Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Edolmix S.A. Uruguay Port-Terminal Rights Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Cartisur S.A. Uruguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 NP Trading S.A. British Virgin Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Ruswe International S.A. Uruguay Barge-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Delta Naval Trade S.A. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Terra Norte Group S.A. Paraguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Corporacion Navios Granos S.A. Uruguay Port-Facility Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Docas Fluvial do Porto Murtinho S.A. Brazil Land Owning Company 95% 1/1-12/31 1/1-12/31 1/1-12/31 Siriande S.A. Uruguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 9/16-12/31 Grimaud Ventures S.A. (1) Marshall Islands Financial Asset Holder Company 100 % 1/1-7/30 1/21-12/31 — Brundir S.A. (2) Uruguay Non-Operating Company 100% 10/21-12/31 — — (1) On July 30, 2021, the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud (as defined herein), representing 100% of Navios Logistics’ equity interest in Grimaud. (2) On October 21, 2021, the Company acquired 100% of the Brundir S.A. common shares. Brundir S.A. is a non-operating company. |
Business combinations and goodwill | (d) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Business combinations involving entities under common control are excluded from the scope of IFRS 3 provided that they are controlled by the same party both before and after the business combination. These transactions are accounted for on a pooling of interests basis. The financial position, financial performance and cash flows of the combined Company are brought together as if the companies had always been a single entity. The Company initiates and performs a review of all acquisition transactions during each period to consider the transaction to be either a business combination or an asset acquisition in accordance with IFRS 3. When the acquisition is not a business combination by its nature, the Company identifies and recognizes the individual identifiable assets acquired (including those assets that meet the definition of, and recognition criteria for, intangible assets in IAS 38 “Intangible Assets”) and liabilities assumed. The cost of the Company is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction or event does not give rise to goodwill. Consistent with shipping industry practice, the acquisition of a vessel (whether acquired with or without charter) is treated as the acquisition of an asset rather than a business, because vessels are acquired without related business processes. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s cash-generating units (“CGUs”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU, or group of CGUs, and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained. The Company considers each of the below as a separate CGU: · The barge segment · Each of the eight vessels of the Company’s cabotage fleet · Each port terminal of the Company’s business (grain, iron ore and liquid port terminals) Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. The recoverable amount is the higher of an asset’s fair value less cost of disposal and “value in use”. The fair value less cost of disposal is the amount obtainable from the sale of an asset in an arm’s length transaction less the costs of disposal, while “value in use” is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the CGU. The fair value for goodwill impairment testing was estimated using the expected present value of real future cash flows in U.S. Dollars, using judgments and assumptions that management believes were appropriate in the circumstances, see Note 2(y). The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the real discount rate used to calculate the present value of real future cash flows and future capital expenditures. EBITDA assumptions including revenue assumptions, general and administrative expense growth assumptions, and direct vessel expenses growth assumptions. The future cash flows from operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of each segment, including utilization rates and actual storage capacity. 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 regarding risk free rates, risk premiums and systematic risk and on the Company’s cost of equity and debt and its capital structure. These assumptions could be adversely impacted by the current uncertainty surrounding global market conditions, as well as the competitive environment in which we operate. As of December 31, 2021, and 2020, the fair value of the reporting units was in significant excess of their carrying values. No impairment loss was recognized for any of the periods presented. |
Segment reporting | (e) Segment reporting Operating segments, as defined, are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company has three reportable segments: Port Terminal Business, Cabotage Business and Barge Business. For additional information, please see Note 3. |
Current versus non-current classification | (f) Current versus non-current classification The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: · Expected to be realized or intended to be sold or consumed in the normal operating cycle · Held primarily for the purpose of trading · Expected to be realized within twelve months after the reporting period, or · Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: · It is expected to be settled in the normal operating cycle · It is held primarily for the purpose of trading · It is due to be settled within twelve months after the reporting period, or · There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. |
Revenue | (g) Revenue The Company is in the business of providing services with regards to contracts of affreightment (“COA”)/voyage contracts, time charter and bareboat charter arrangements and port terminals operations. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. Revenue from contracts of COA/voyage contracts are earned for the carriage of cargo on behalf of the charterer, in the spot market and on contracts of affreightment, from one or more locations of cargo loading to one or more locations of cargo discharge in return for payment of an agreed upon freight rate per ton of cargo plus reimbursement of expenses incurred to the extent that these expenses are not included in the freight rate per ton of cargo. Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached the Company is compensated for the additional time incurred in the form of demurrage revenue. Demurrage is a variable consideration which is recognized when it is highly probable that a significant reversal of this revenue will not occur, over the remaining time of the voyage. In applying its revenue recognition method, management believes that satisfaction of a performance obligation for a voyage charter begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port (load to discharge, which is when the contract with the customer expires). The Company uses the output method for measuring the progress towards satisfaction of a performance obligation, i.e. voyage revenue is recognized pro-rata based on time elapsed from loading to the expected date of completion of the discharge. Revenues from time charters and bareboat charter arrangements are earned for exclusive use of the services of the vessel and the crew by the charterer for an agreed period of time. Revenues from time charters comprise a lease component and a service component. The revenues allocated to the lease component are accounted for as leases and are recognized on a straight line basis over the rental periods of such charters, as service is performed. The time-charter revenue is allocated to the service component based on the relative fair value of the component, which is estimated with a reference to a “cost-plus” methodology and reflects crew costs, technical maintenance and stores of a vessel with operating expenses escalation, and fees for ad hoc additional services. The service component in a time-charter usually includes a single performance obligation, where the charterer simultaneously receives and consumes the benefits over the time-charter period. Any contractual rate changes over the contract term, to the extent they relate to the firm period of the contract, are taken into account when calculating the daily hire rate. Revenues from time charters received in the period and relating to subsequent periods are deferred and recognized separately as either deferred lease revenue in payables and other liabilities, to the extent they relate to the lease component of the hire received, or as contract liabilities, to the extent that they relate to the service component of the hire received. Revenues from dry port terminals 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 stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. Revenues from the 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 load the trucks. Revenues from sales of products are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations are recognized ratably over the storage period and ends when the product is loaded onto the trucks. Variable consideratio If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for providing services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Company provides retrospective volume rebates to certain customers once the quantity of cargo transshipped during the period exceeds the threshold specified in the contract. The Company applies either the most likely amount method or the expected value method to estimate the variable consideration in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Company then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. Turnover tax Under the tax laws of Argentina, the Company’s subsidiary in that country is subject to taxes levied on gross revenues, or turnover. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0 2.0 2.0 868 901 1,062 Significant financing components Generally, the Company receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. Non-cash consideration All contracts with customers include provision for cash consideration. Contract balances (i) Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Note 2(s). (ii) Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs, by transferring goods or services to a customer, before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. (iii) Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration, which is unconditional, is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Company performs under the contract. (iv) Cost to obtain or fulfil a contract Costs to fulfil a contract, including voyage and time charter or bareboat charter arrangements (i.e. crew costs, repair and maintenance, insurance costs, port costs, canal tolls, bunkers), from load port to discharge, are recognized in line with satisfaction of the related performance obligation. Full provision is made for any losses expected on contracts with customers in progress at the end of the financial reporting period. Costs to fulfil a contract are included in “Cost of sales” line of consolidated statement of (loss)/income. |
Other operating income and operating expenses | (h) Other operating income and operating expenses Other operating income and other operating expenses comprise income and directly related expenses from non-core operating related activities, including income recorded from insurance claims, gain on sale of assets and taxes other than income taxes and turnover taxes. |
Finance income and expense | (i) Finance income and expense Bank and other interest receivable is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate (“EIR”) applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. Dividend income is recognized when the right to receive payment is established. Finance expense and other borrowing costs are recognized on an accrual basis. For all financial instruments measured at amortized cost, finance income or expense is calculated using the EIR method. EIR is the rate that discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Finance income is included in finance income and finance expense is included in finance costs in the statement of profit or loss and OCI, respectively. |
Income Taxes | (j) Income Taxes Income tax expense represents the sum of the current tax and deferred tax. Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: · When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss · In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: · When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss · In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available, against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. As a result of the Law 27,630, voted by the Argentinean Parliament in June 2021, income tax rates and scales were modified for the fiscal periods starting as of January 1, 2021. 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 2,112 208 Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances arises. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss. Deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. However, where an asset and a liability are recognized at the same time, temporary differences are recognized to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabilities. A deferred tax liability is recognized on unremitted earnings of subsidiaries to the extent that it is probable that the temporary tax difference arising on dividend distribution out of unremitted earnings will reverse in the foreseeable future. Deferred tax liabilities are not recognized for taxable temporary differences arising on investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Current and deferred tax for the period Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items recognized in OCI or directly in equity, in which case the current and deferred tax is also recognized in OCI or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. The Company is a Marshall Islands corporation. The Company believes that substantially all of its operations are exempt from income taxes in the Marshall Islands. The Company’s subsidiaries are, however, subject to income taxes in some of the countries in which they operate, mainly Argentina, Brazil and Paraguay. The Company’s operations in Uruguay and Panama are exempt from income taxes. As per the tax laws of the countries in which the Company operates and is subject to their respective income taxes, the provisions for income taxes have been computed on a separate return basis (i.e., the Company does not prepare a consolidated income tax return). All income tax payments are made by the subsidiaries as required by the respective tax laws. Tax regimes in which company operates Argentinean companies have open tax years ranging from 2016 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2018 and onwards. The Company is generally not able to reliably estimate the ultimate settlement amounts until the close of an audit. The Company classifies interest and penalties, related to income taxes in the consolidated statements of income under income taxes. Uncertain tax positions At any point in time, the Company may have tax audits underway at various stages of completion. The Company evaluates the tax positions and establishes liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite the Company’s belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law, and closing of statute of limitations. Such adjustments are reflected in the tax provision as appropriate. As of December 31, 2021 and 2020, no assets or liability exists in statement of financial position that relates to an uncertain tax position for which the Company considers necessary to provide a relevant amount. |
Foreign currencies | (k) Foreign currencies The Company’s consolidated financial statements are presented in U.S. dollars, which is also the parent company’s functional currency. For each entity, the Company determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Company uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. i) Transactions and balances Transactions in foreign currencies are initially recorded by the Company’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Company initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Company determines the transaction date for each payment or receipt of advance consideration. ii) Group companies The Company’s and its subsidiaries’ functional currency and reporting currency is the U.S. dollar. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact part of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reais and Paraguayan guaranies. However, all of the subsidiaries’ primary cash flows are U.S. dollar-denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the consolidated statement of (loss)/income. iii) Exchange rates For the purposes of these consolidated financial statements, the exchange rates used are as follows: Significant Accounting Policies - Exchange Rates (Table) Exchange rates 2021 closing 2021 average 2020 closing 2020 average 2019 closing 2019 average Uruguay pesos 44.70 43.55 42.37 42.01 37.34 35.29 Argentina pesos 102.72 95.19 84.15 70.65 59.89 48.28 Paraguay guarani 6,887.40 6,783.73 6,941.65 6,784.26 6,463.95 6,247.28 Brazilian reais 5.5805 5.3956 5.20 5.16 4.03 3.94 The foreign currency exchange gain/(losses) recognized in the consolidated statements of income for each of the years ended December 31, 2021, 2020 and 2019 were $ 2,637 574 1,596 |
Deferred finance costs | (l) Deferred finance costs Commitment, arrangement, structuring, legal and agency fees incurred for obtaining new loans or refinancing existing facilities are recorded as deferred loan issuance costs and classified contra to debt, while the fees incurred for the undrawn facilities are classified under non-current assets in the statement of financial position and are reclassified contra to debt on the drawdown dates. All of the above deferred finance costs are considered as directly attributable cost to debt facilities. Deferred finance costs are deferred and amortized to financial costs over the term of the relevant loan, using the effective interest method. When the relevant loan is terminated or extinguished, the unamortized loan fees are written-off in the consolidated statement of profit or loss. |
Dividends | (m) Dividends The Company recognizes a liability to pay a dividend when the distribution is authorized and the distribution is no longer at the discretion of the Company. As per the corporate laws of the Marshall Islands, a distribution is authorized when it is approved by the board of directors. A corresponding amount is recognized directly in equity. |
Tangible assets | (n) Tangible assets Barges, pushboats and other vessels The Company’s tangible assets are stated in the statement of financial position at cost less accumulated depreciation and any accumulated impairment loss. Barges, pushboats and other vessels acquired as part of a business combination are recorded at fair value on the date of acquisition and if acquired as an asset acquisition are recorded at cost (including transaction costs). All other barges, pushboats and other vessels acquired are stated at cost, which consists of the contract price, borrowing cost and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the assets. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of the sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. We also capitalize interest on long-term construction projects. Expenditures for routine maintenance and repairs are expensed as incurred. The cost of barges, pushboats and other vessels is split into two components, a “barges, pushboats and other vessels component” and a “drydocking component”. Depreciation for the vessel component is calculated on a straight-line basis, after taking into account the estimated residual values, over the estimated useful life of this major component of the vessels. Residual values are based on management’s estimation about the amount that the Company would currently obtain from disposal of its vessels, after deducting the estimated costs of disposal, if the vessels were already of the age and in the condition expected at the end of their useful life. The residual value for each vessel is calculated by reference to the scrap value. Management estimates the useful life of the Company’s vessels to be between 15 45 The scheduled drydocking and special surveys components that are carried out every five years eight years 6 years Port terminals and other fixed assets, net Port terminals acquired as part of a business combination are recorded at fair value on the date of acquisition. All other port terminals and other fixed assets are stated at cost and are depreciated utilizing the straight-line method Useful lives of the assets are: Significant Accounting Policies - Useful Lives of Assets (Table) Dry port terminal 5 49 Oil storage, plant and port facilities for liquid cargoes 5 20 Other fixed assets 5 10 |
Impairment of non-financial assets | (o) Impairment of non-financial assets At the end of each financial reporting period, the Company assesses whether there is any indication that its non-financial assets may have suffered an impairment loss. If any indication exists, the Company estimates the asset’s recoverable amount. The assessment of whether there is an indication that an asset is impaired is made with reference to trading results, predicted trading results, market rates, technical and regulatory changes and market values. If any such indication exists, the recoverable amount of the asset or CGU is estimated in order to determine the extent of any impairment loss. The first step in this process is the determination of the lowest level at which largely independent cash flows are generated, starting from the individual asset level. A CGU represents the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows generated from other assets or groups of assets. The Company allocates the carrying amount of a right of use asset to CGUs it serves if this can be done in a reasonable and consistent basis, and tests the CGUs for impairment including these right of use assets. In identifying whether cash inflows from an asset or group of assets are largely independent, and therefore determining the level of CGUs, the Company considers many factors including management’s trading strategies, how management makes decisions about continuing or disposing of the assets, nature and terms of contractual arrangements and actual and predicted employment of the vessels. Based on the above, the Company has determined it has CGUs of varying sizes ranging from individual vessels to groups of pushboats and barges and port terminals. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount is less than the carrying amount of the asset or the CGU, the asset is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the vessel or the CGU to its recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized in prior periods. Such reversal is recognized in the statement of income. As of December 31, 2021, an impairment loss of $ 19,396 no 2,569 |
Intangible assets | (p) Intangible assets Navios Logistics’ intangible assets consist of customer relationships, trade name and port terminal operating rights. Intangible assets resulting from acquisitions are accounted for using the purchase method of accounting and are recorded at fair value as estimated based on market information. The fair value of the trade name was determined based on the estimated amount that a company would have to pay in an arm’s length transaction in order to use that trade name. The trade name was fully amortized as of December 31, 2019. Other intangibles that are being amortized, such as the port terminal operating rights and customer relationships, would be considered impaired if their fair market value could not be recovered from the future discounted cash flows associated with the asset. The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires us to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of our vessels and our weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on our financial position and results of operations. No impairment loss was recognized for any of the periods presented. Amortizable intangible assets are amortized under the straight-line method according to the following amortization periods: Significant Accounting Policies - Amortization Period of Intangible Assets/Liabilities (Table) Years Trade name 10 Port terminal operating rights 47 Customer relationships 20 |
Assets under construction | (q) Assets under construction Assets under construction represent part of tangible assets and amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of tangible assets. Assets under construction also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the condition necessary (including possible relocation) for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. To the extent that the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the Company determines the amount of borrowing costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings. To the extent that the Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the Company determines the amount of borrowing costs eligible for capitalization by applying a capitalization rate to the expenditures on that asset. The capitalization rate is calculated using the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, excluding borrowings made specifically for the purpose of obtaining a qualifying asset, provided that substantially all the activities necessary to prepare that qualifying asset for its intended use or sale are complete. The amount of borrowing costs that the Company capitalizes during a period does not exceed the amount of borrowing costs incurred during that period. All other borrowing costs are recognized in the statement of income in the period in which they are incurred. |
Leases | ( r) Leases The Company assesses at contract inception whether a contract is, or contains, a lease (i.e., if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration). Company as a lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities representing obligations to make lease payments and right-of-use assets representing the right to use the underlying assets. The Company has entered into lease contracts as a lessee for office rent and land lease agreements. i) Right-of-use assets The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasured of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, on the same basis as for other tangible assets as described in Note 2(n). In case of vessel leases, at initial recognition, the cost of the right of use asset for the chartered in vessels includes the estimated cost of planned drydockings for replacement of certain components and major repairs and maintenance of other components during the lease term. The corresponding provision is recorded at present value of the expected cash flows of the planned drydockings and major repairs and maintenance of other components mentioned above and is remeasured at each period end. The changes in the carrying amount of the provision resulting from the remeasurement are recognized in correspondence with the relevant right of use asset. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies on impairment of non-financial assets in Note 2(o). ii) Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term i.e., the non-cancellable period of the lease including reasonably certain to exercise extension or termination options). The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Company’s lease liabilities are included in Lease liabilities. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of charter-in barges (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Company as a lessor The Company charter-out vessels under time charter and bareboat charter arrangements (See Note 2(g)). Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. |
Financial instruments – initial recognition and subsequent measurement | (s) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition (See Note 2(l)). Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Effective interest method The effective interest method is a method of calculating the amortized cost of a financial instrument and of allocating interest over the relevant period. The EIR is the rate that exactly discounts estimated future cash flows through the expected life of the financial instrument, or, where appropriate, a shorter period, to its net carrying amount. i) Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through OCI, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price under IFRS 15. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: · Financial assets at amortized cost (debt instruments) · Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) · Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) · Financial assets at fair value through profit or loss The Company does not have any financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) or financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments). Financial assets at amortized cost (debt instruments) The Company measures financial assets at amortized cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the EIR method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Company’s financial assets at amortized cost includes trade and other receivables, intercompany receivable loan from parent (related party) and net investment in the lease . Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes investments in debt security which the Company had not irrevocably elected to classify at fair value through OCI. See Note 21. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s consolidated statement of financial position) when: · The rights to receive cash flows from the asset have expired or · The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: · Disclosures for significant assumptions. See Note 2(y). · Trade receivables, including contract assets. See Note 2(g). The Company recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade and other receivables and bank deposits, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset in default when contractual payments exceed the agreed credit period. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or payables. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and borrowings. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified into the category “Financial liabilities at amortized cost (loans and borrowings). Financial liabilities at amortized cost (loans and borrowings) Interest-bearing loans and borrowings and trade payables is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Derecognition or modification of financial liabilities A liability is generally derecognized when the contract that gives rise to it is settled, eliminated, sold, cancelled or expired. Where an existing financial liability is exchanged by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as derecognition of the original liability and the recognition of a new liability. Similarly, the Company accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least ten per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (i) the carrying amount of the liability before the modification; and (ii) the present value of the cash flows after modification should be recognized in profit or loss as the modification gain or loss within other gains and losses. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. Fair value measurements The Company measures financial instruments such as the 2025 Notes at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair-value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes: · Disclosures for valuation methods, significant estimates and assumptions –See Note 2(y). · Quantitative disclosures of fair value measurement hierarchy – See Note 21. |
Inventories | (t) Inventories Inventories are stated at the lower of cost or net realizable value and comprise petroleum products and other inventories such as lubricants and stock provisions on board the owned vessels and pushboats. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Cost is calculated using the first in first out method. |
Cash and cash equivalents | (u) Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits and meet the definition of cash and cash equivalent. |
Provisions | (v) Provisions General Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation, and are discounted to present value where the effect of discounting is material. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Insurance Claims When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Amounts for insurance claims are recognized when amounts are virtually certain to be received, based on the management’s judgment and estimates of independent adjusters as to the amount of the claims. Contingent liabilities A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured at the higher of the amount that would be recognized in accordance with the requirements for provisions above or the amount initially recognized less (when appropriate) cumulative amortization recognized in accordance with the requirements for revenue recognition. |
Employee benefits | (w) Employee benefits (a) Severance payments Under certain laws and labor agreements of the countries in which the Company conducts its operations, the Company is required to make minimum severance payments to its dismissed employees without cause and employees leaving its employment in certain other circumstances. Accrual of severance costs is made if they relate to services already rendered, relate to rights that accumulate or vest, are probable of payment and are reasonably estimable. While the Company expects to make severance payments in the future, it is impossible to estimate the number of employees that will be dismissed without proper cause in the future, if any, and accordingly the Company has not recorded such liability. Instead, severance payments are expensed as incurred. (b) Short-term paid absences The Company recognizes the expected cost of short-term employee benefits in the form of paid absences in the case of accumulating paid absences, when the employees render service that increases their entitlement to future paid absences. |
(Loss)/Earnings per share | (x) (Loss)/Earnings per share Basic (loss)/earnings per share are computed by dividing profit by the weighted average number of common shares outstanding during the years presented. There are no dilutive or potentially dilutive securities, accordingly there is no difference between basic and diluted net earnings per share. See Note 23. |
Significant accounting judgments, estimates and assumptions | (y) Significant accounting judgments, estimates and assumptions The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses recognized in the consolidated financial statements. The Company’s management evaluates whether estimates should be made on an ongoing basis, utilizing historical experience, consultation with experts and other methods management considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities in the future. Critical accounting judgments are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. Judgments (a) Impairment of long lived assets The Company assesses at each reporting date, whether indicators for impairment exist for its non-financial assets (see Note 2(o)). The assessment includes both external and internal factors which include significant changes with an adverse effect in the regulatory or technological environment or evidence is available from internal reporting that indicates that the economic performance of the asset is, or will be worse than expected. If any indication exists, the Company estimates the asset’s or CGU’s recoverable amount. Judgment is involved to some extent in determining whether indicators exist and also the determination of the CGUs at which the respective assets are tested. As of December 31, 2021, the Company had identified certain impairment indicators in two of its product tanker vessels, which the Company considers each as a separate CGU, As a result, the Company recognized an impairment loss for an aggregate amount of $ 19,396 (b) Determination of lease term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The following factors are normally the most relevant: · If there are significant penalties to terminate (or not extend), the Company is typically reasonably certain to extend (or not terminate). · If any leasehold improvements are expected to have a significant remaining value, the Company is typically reasonably certain to extend (or not terminate). · The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes obliged to exercise (or not exercise) it. (c) Provisions Management uses its judgment as well as the available information from the Company’s legal department, in order to assess the likely outcome of these claims and if it is more likely than not that the Company will lose a claim, then a provision is recognized. Provisions for legal claims, if required, are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period (See Note 22). Estimates and assumptions (a) Income taxes The Company is subject to periodic audits by local tax authorities in various jurisdictions and the assessment process for determining the Company’s current and deferred tax balances is complex and involves high degree of estimation and judgment. There are some transactions and calculations for which the ultimate tax determination is uncertain. Where tax positions are not settled with the tax authorities, Company management takes into account past experience with similar cases as well as the advice of tax and legal experts in order to analyze the specific facts and circumstances, interpret the relevant tax legislation, assess other similar positions taken by the tax authorities to form a view about whether its tax treatments will be accepted by the tax authorities, or whether a provision is needed. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. (b) Recoverability of deferred tax assets Deferred tax assets include certain amounts which relate to carried forward tax losses. In most cases, depending on the jurisdiction in which such tax losses have arisen, such tax losses are available for set off for a limited period of time since they are incurred. The Company makes assumptions on whether these deferred tax assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for each relevant entity. (c) Value in use The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount of a CGU is determined for impairment tests purposes based on value-in-use calculations which require the use of assumptions. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The calculations use cash flow projections based on financial budgets approved by management. Cash flows beyond the period over which projections are available are extrapolated using estimated growth rates and historical average rates. These growth rates are consistent with forecasts included in countries or industry reports specific to the countries and segments in which each CGU operates. As of December 31, 2021 and 2020, growth rates used were 2.6 2.6 (d) Provision for expected credit losses of receivables The uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is based on the ’s historical credit loss experience calibrated to adjust the historical credit loss experience with forward looking information specific to the debtors and the economic environment. At each year end, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed credit losses, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The ’s historical credit loss experience and forecast of economic conditions may also not be representative of customers’ actual defaults in the future. (e) Depreciation of tangible assets The periodically assesses the useful lives of its tangible assets to determine whether the original estimated lives continue to be appropriate. To this respect, the may obtain technical studies and use external sources to determine the lives and values of its assets, which can vary depending on a variety of factors such as technological innovation and maintenance programs. Impact of Standards issued but not yet effective and not early adopted by the Company The Company has not early adopted any of the following standards, interpretations or amendments that have been issued but are not yet effective. In addition, the Company assessed all standards, interpretations and amendments issued but not yet effective, and concluded that they will not have any significant impact on the consolidated financial statements. · IFRS 17 Insurance Contracts The amendment was issued in May 2017 and modified in June 2020. It supersedes IFRS 4, introduced in 2004 as an interim standard, which gave companies dispensation to carry on accounting for insurance contracts using national accounting standards, thus resulting in several application approaches. IFRS 17 sets the principles for the recognition, measurement, presentation and disclosure of information associated with insurance contracts and is applicable as from January 1, 2023, allowing for its early adoption for entities already applying IFRS 9 and IFRS 15. The Company estimates that its application will not have a significant impact on the Company’s consolidated financial statements. · IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments) The amendments are effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The amendments affect the presentation of liabilities in the statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing its own equity instruments. · IFRS 3 Business Combinations The amendment was issued in October 2020. It incorporates references to the definitions of assets and liabilities of the new Conceptual Framework and clarifications associated with contingent assets and liabilities incurred separately from those taken on in a business combination. It applies to business combinations as from January 1, 2022, and allows for its early adoption. · Annual Improvements to IFRS Standards – 2018-2020 Cycle The amendment was issued in May 2020 and are applicable to annual periods starting as from January 1, 2022. Their application will not have a significant impact on the Company’s consolidated financial statements. · IAS 16 Property, Plant and Equipment The amendement was issued in May 2020. It incorporates modifications on the recognition of inventories, sales and costs of items produced while bringing an item of property, plant and equipment to the location and the conditions necessary for it to be capable of operating in the manner intended. Amendments are applicable to fiscal years starting on or after January 1, 2022, allowing for early adoption Their application will not have a significant impact on the Company’s consolidated financial statements. · IAS 37 Provisions, Contingent Liabilities and Contingent Assets The amendement was issued in May 2020. It clarifies the scope of the concept of fulfillment cost of an onerous contract. Amendments are applicable to fiscal years starting on or after January 1, 2022, allowing for early adoption. Their application will not have a significant impact on the Company’s consolidated financial statements. · IAS 8 Accounting Policies The amendement was issued in February 2021. Clarifies the treatment of estimates required in the application of accounting policies. Amendments are applicable to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their application will not have an impact on the Company’s consolidated financial statements. · IAS 12 Income Taxes The amendment was issued in February 2021. It incorporates modifications regarding the recognition of deferred tax related to assets and liabilities that arise from a single transaction, giving rise to equal taxable and deductible temporary differences. Amendments are applicable to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their application will not have an impact on the Company’s consolidated financial statements. Impact of standards issued and adopted The Company has applied the following standards and/or amendments for the first time as of January 1, 2021: Amendments to IFRS 9 – “ Financial Instruments Financial instruments: Presentation Financial Instruments: Disclosures Insurance Contracts Leases Leases The application of the detailed standards and amendments did not have any significant impact on the consolidated financial statements of the Company. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Significant Accounting Policies - Subsidiaries in Consolidation (Table) | Significant Accounting Policies - Subsidiaries in Consolidation (Table) Statement of Income Company Name Country of Incorporation Nature Percentage of Ownership 2021 2020 2019 Corporacion Navios S.A. Uruguay Port-Facility Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Energias Renovables del Sur S.A. Uruguay Land Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Nauticler S.A. Uruguay Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Compania Naviera Horamar S.A. Argentina Vessel-Operating Management Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Compania de Transporte Fluvial International S.A. Uruguay Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Ponte Rio S.A. Uruguay Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Tankers Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Navigation Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS Shipping Ltd. Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 HS South Inc. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Petrovia Internacional S.A. Uruguay Land-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Mercopar S.A. Paraguay Operating/Barge-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Petrolera San Antonio S.A. Paraguay Port Facility-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Stability Oceanways S.A. Panama Barge and Pushboat-Owning Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Hidronave South American Logistics S.A. Brazil Pushboat-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Horamar do Brasil Navegação Ltda Brazil Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Navarra Shipping Corporation Marshall Is. Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Pelayo Shipping Corporation Marshall Is. Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Navios Logistics Finance (U.S.) Inc. Delaware Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Varena Maritime Services S.A. Panama Barge and Pushboat-Owning Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Honey Bunkering S.A. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Naviera Alto Parana S.A. Paraguay Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Edolmix S.A. Uruguay Port-Terminal Rights Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Cartisur S.A. Uruguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 NP Trading S.A. British Virgin Sub-Holding Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Ruswe International S.A. Uruguay Barge-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Delta Naval Trade S.A. Panama Tanker-Owning Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Terra Norte Group S.A. Paraguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 1/1-12/31 Corporacion Navios Granos S.A. Uruguay Port-Facility Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Docas Fluvial do Porto Murtinho S.A. Brazil Land Owning Company 95% 1/1-12/31 1/1-12/31 1/1-12/31 Siriande S.A. Uruguay Non-Operating Company 100 % 1/1-12/31 1/1-12/31 9/16-12/31 Grimaud Ventures S.A. (1) Marshall Islands Financial Asset Holder Company 100 % 1/1-7/30 1/21-12/31 — Brundir S.A. (2) Uruguay Non-Operating Company 100% 10/21-12/31 — — (1) On July 30, 2021, the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud (as defined herein), representing 100% of Navios Logistics’ equity interest in Grimaud. (2) On October 21, 2021, the Company acquired 100% of the Brundir S.A. common shares. Brundir S.A. is a non-operating company. |
Significant Accounting Policies - Exchange Rates (Table) | Significant Accounting Policies - Exchange Rates (Table) Exchange rates 2021 closing 2021 average 2020 closing 2020 average 2019 closing 2019 average Uruguay pesos 44.70 43.55 42.37 42.01 37.34 35.29 Argentina pesos 102.72 95.19 84.15 70.65 59.89 48.28 Paraguay guarani 6,887.40 6,783.73 6,941.65 6,784.26 6,463.95 6,247.28 Brazilian reais 5.5805 5.3956 5.20 5.16 4.03 3.94 The foreign currency exchange gain/(losses) recognized in the consolidated statements of income for each of the years ended December 31, 2021, 2020 and 2019 were $ 2,637 574 1,596 |
Significant Accounting Policies - Useful Lives of Assets (Table) | Useful lives of the assets are: Significant Accounting Policies - Useful Lives of Assets (Table) Dry port terminal 5 49 Oil storage, plant and port facilities for liquid cargoes 5 20 Other fixed assets 5 10 |
Significant Accounting Policies - Amortization Period of Intangible Assets/Liabilities (Table) | Significant Accounting Policies - Amortization Period of Intangible Assets/Liabilities (Table) Years Trade name 10 Port terminal operating rights 47 Customer relationships 20 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment Information - Operations Segments (Table) | Segment Information - Operations Segments (Table) Year Ended December 31, 2021 Port Terminal Business Cabotage Business Barge Business Total Revenue $ 104,545 $ 34,909 $ 83,154 $ 222,608 Cost of sales (40,153) (55,293) (87,837) (183,283) Gross profit/(loss) $ 64,392 $ (20,384) $ (4,683) $ 39,325 Administrative expenses (3,429) (2,260) (8,880) (14,569) Other operating income 760 – 705 1,465 Other operating expenses (3) (1,402) (3,354) (4,759) Allowance for expected credit losses on financial (73) – (318) (391) Operating profit/(loss) $ 61,647 $ (24,046) $ (16,530) $ 21,071 Finance income 1,780 957 1,890 4,627 Finance costs (23,647) (12,995) (28,594) (65,236) Foreign exchange differences, net (62) (336) 3,035 2,637 Loss from mark to market and disposal of financial asset (9,276) (4,987) (9,886) (24,149) Profit/(loss) before tax $ $30,442 $ (41,407) $ (50,085) $ (61,050) Income tax expense - (1,933) (3,396) (5,329) Profit/(loss) for the year $ 30,442 $ (43,340) $ (53,481) $ (66,379) Year Ended December 31, 2020 Port Terminal Business Cabotage Business Barge Business Total Revenue $ 102,683 $ 45,254 $ 67,086 $ 215,023 Cost of sales (42,009) (32,214) (69,499) (143,722) Gross profit $ 60,674 $ 13,040 $ (2,413) $ 71,301 Administrative expenses (3,144) (2,069) (8,309) (13,522) Other operating income 4,329 (3) 795 5,121 Other operating expenses (3) (1,969) (3,030) (5,002) Allowances for expected credit losses on financial (103) (164) (274) (541) Operating profit/(loss) $ 61,753 $ $ 8,835 $ (13,231) $ 57,357 Finance income 3,298 1,807 3,542 8,647 Finance costs (19,976) (8,049) (20,903) (48,928) Foreign exchange differences, net (343) 344 573 574 Loss on debt extinguishment (1,586) (869) (1,702) (4,157) Profit/(loss) before tax $ 43,146 $ $ 2,068 $ (31,721) $ 13,493 Income tax (expense)/income - (2,050) 226 (1,824) Profit/(loss) for the year $ 43,146 $ $ 18 $ (31,495) $ 11,669 Year Ended December 31, 2019 Port Terminal Business Cabotage Business Barge Business Total Revenue $ 102,103 $ 46,551 $ 78,555 $ 227,209 Cost of sales (34,458) (35,150) (67,516) (137,124) Gross profit $ 67,645 $ 11,401 $ 11,039 $ 90,085 Administrative expenses (5,734) (2,463) (9,555) (17,752) Other operating income 1,081 – 1,481 2,562 Other operating expenses – (2,527) (4,156) (6,683) Allowances for expected credit losses on financial (198) – (143) (341) Operating profit/(loss) $ 62,794 $ 6,411 $ (1,334) $ 67,871 Finance income 1,934 441 2,204 4,579 Finance costs (17,835) (5,158) (18,192) (41,185) Foreign exchange differences, net (387) (911) (298) (1,596) Other income 458 104 522 1,084 Profit/(loss) before tax $ 46,964 $ 887 $ (17,098) $ 30,753 Income tax (expense)/income – (1,263) 664 (599) Profit/(loss) for the year $ 46,964 $ (376) $ (16,434) $ 30,154 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Revenue - Disaggregated Revenue (Table) | Revenue - Disaggregated Revenue (Table) Year ended Year ended Year ended December 31, December 31, December 31, 2021 2020 2019 COA/Voyage revenues $ 77,485 $ 53,649 $ 49,488 Time chartering revenues non-lease component 17,224 24,765 31,867 Dry port terminal revenues 78,740 73,112 80,180 Storage fees (dry port) revenues 1,518 3,364 3,452 Dockage revenues 3,876 3,948 4,310 Sale of products revenues-liquid port terminal 13,776 17,272 9,384 Liquid port terminal revenues 5,734 4,606 4,032 Other dry port terminal revenue 901 381 745 Turnover tax-non lease component (361) (375) (441) Revenue from contracts with customers $ 198,893 $ 180,722 $ 183,017 Time chartering revenues lease component $ 24,222 $ 34,827 $ 44,813 Turnover tax-lease component (507) (526) (621) Total revenue $ 222,608 $ 215,023 $ 227,209 Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information (Note 3): For the year ended December 31, 2021 Port Terminal Business Cabotage Business Barge Business Total COA/Voyage revenues $ – $ 2,804 $ 74,681 $ 77,485 Time chartering revenues non-lease component – 13,604 3,620 17,224 Dry port terminal revenues 78,740 – – 78,740 Storage fees (dry port) revenues 1,518 – – 1,518 Dockage revenues 3,876 – – 3,876 Sale of products revenues-liquid port terminal 13,776 – – 13,776 Liquid port terminal revenues 5,734 – – 5,734 Other dry port terminal revenue 901 – – 901 Turnover tax-non lease component – (261) (100) (361) Revenue from contracts with customers $ 104,545 $ 16,147 $ 78,201 $ 198,893 Time chartering revenues lease component – 19,129 5,093 24,222 Turnover tax-lease component – (367) (140) (507) Total revenue $ 104,545 $ 34,909 $ 83,154 $ 222,608 For the year ended December 31, 2020 Port Terminal Business Cabotage Business Barge Business Total COA/Voyage revenues $ – $ 2,721 $ 50,928 $ 53,649 Time chartering revenues non-lease component – 18,021 6,744 24,765 Dry port terminal revenues 73,112 – – 73,112 Storage fees (dry port) revenues 3,364 – – 3,364 Dockage revenues 3,948 – – 3,948 Sale of products revenues-liquid port terminal 17,272 – – 17,272 Liquid port terminal revenues 4,606 – – 4,606 Other dry port terminal revenue 381 – – 381 Turnover tax-non lease component – (345) (30) (375) Revenue from contracts with customers $ 102,683 $ 20,397 $ 57,642 $ 180,722 Time chartering revenues lease component – 25,342 9,485 34,827 Turnover tax-lease component – (485) (41) (526) Total revenue $ 102,683 $ 45,254 $ 67,086 $ 215,023 For the year ended December 31, 2019 Port Terminal Business Cabotage Business Barge Business Total COA/Voyage revenues $ – $ 1,924 $ 47,564 $ 49,488 Time chartering revenues non-lease component – 18,944 12,923 31,867 Dry port terminal revenues 80,180 – – 80,180 Storage fees (dry port) revenues 3,452 – – 3,452 Dockage revenues 4,310 – – 4,310 Sale of products revenues-liquid port terminal 9,384 – – 9,384 Liquid port terminal revenues 4,032 – – 4,032 Other dry port terminal revenue 745 – – 745 Turnover tax-non lease component – (398) (43) (441) Revenue from contracts with customers $ 102,103 $ 20,470 $ 60,444 $ 183,017 Time chartering revenues lease component – 26,641 18,172 44,813 Turnover tax-lease component – (560) (61) (621) Total revenue $ 102,103 $ 46,551 $ 78,555 $ 227,209 |
Revenue - Contract Balances (Table) | Revenue - Contract Balances (Table) December 31, 2021 December 31, 2020 Trade receivable from contract with customers (Note 13) $ 44,026 $ 34,190 Contract assets $ 418 $ 906 Contract liabilities (Note 2(g)) $ 1,473 $ 2,011 |
Revenue - Performance Obligations (Table) | Revenue - Performance Obligations (Table) Amount 2022 $ 84,537 2023 74,481 2024 70,795 2025 64,492 2026 53,087 2027 and thereafter 572,033 Total $ 919,425 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cost Of Sales | |
Cost of Sales (Table) | Cost of Sales (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Time charter, voyage and port terminal expenses $ 55,110 $ 46,312 $ 42,536 Direct vessel expenses 60,475 48,748 48,725 Cost of products sold-liquid port terminal 13,345 16,129 9,077 Depreciation and amortization 34,957 32,533 34,217 Impairment losses 19,396 - 2,569 Total costs of sales $ 183,283 $ 143,722 $ 137,124 |
Cost of Sales - Time Charter, Voyage and Port Terminal Expenses (Table) | Cost of Sales - Time Charter, Voyage and Port Terminal Expenses (Table) Year Ended Year Ended Year Ended Fuel $ 20,710 $ $ 13,488 $ 14,103 Time charter 5,887 6,587 3,865 Ports payroll and related costs 8,651 8,036 8,880 Ports repairs and maintenance 2,038 1,862 2,011 Ports rent 887 992 1,214 Ports insurances 2,954 2,943 1,708 Docking expenses 3,382 2,712 2,423 Maritime and regulatory fees 1,455 1,301 802 Towing expenses 5,348 4,193 3,526 Other expenses 3,798 4,198 4,004 Total $ 55,110 $ 46,312 $ 42,536 |
Cost of Sales - Direct Vessel Expenses (Table) | Cost of Sales - Direct Vessel Expenses (Table) Year Ended Year Ended Year Ended Payroll and related costs $ 35,253 $ 27,698 $ 27,837 Insurances 4,370 3,982 3,931 Repairs and maintenance 4,820 6,568 6,100 Lubricants 939 794 686 Victualing 1,704 1,317 1,223 Travel expenses 2,761 2,028 2,557 Stores 2,996 2,486 2,167 Other expenses 7,632 3,875 4,224 Total $ 60,475 $ 48,748 $ 48,725 |
Cost of Sales - Depreciation and Amortization (Table) | Cost of Sales - Depreciation and Amortization (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Depreciation of tangible assets $ 32,028 $ 29,611 $ 31,296 Depreciation of RoU asset 157 149 148 Amortization of intangible assets 2,772 2,773 2,773 Total $ 34,957 $ 32,533 $ 34,217 |
Administrative Expenses (Tables
Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Selling, general and administrative expense [abstract] | |
Administrative Expenses (Table) | Administrative Expenses (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Payroll and related costs $ 5,988 $ 5,231 $ 8,180 Professional fees 4,499 3,733 4,125 Other expenses 2,964 3,217 4,326 Depreciation of RoU asset 589 630 643 Depreciation of tangible assets 529 711 478 Total $ 14,569 $ 13,522 $ 17,752 |
Finance Income And Costs (Table
Finance Income And Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest costs [abstract] | |
Finance Income And Costs - Finance Income (Table) | Finance Income And Costs - Finance Income (Table) For the year ended December 31, 2021 2020 2019 Finance income from short term deposits $ 237 $ 209 $ 748 Finance income from loan to parent (Note 20) 4,222 8,277 3,520 Other finance income 168 161 311 Total finance income $ 4,627 $ 8,647 $ 4,579 |
Finance Income And Cost - Finance Cost (Table) | Finance Income And Cost - Finance Cost (Table) For the year ended December 31, 2021 2020 2019 Interest on debts and borrowings $ 56,327 $ 45,516 $ 37,979 Deferred finance cost 3,509 2,806 2,552 Interest on lease liabilities 678 606 654 Other finance costs 4,722 – – Total finance cost $ 65,236 $ 48,928 $ 41,185 |
Income Tax _ Deferred Tax (Tabl
Income Tax / Deferred Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred tax expense (income) [abstract] | |
Income Tax / Deferred Tax - Components of (Loss)/ Income (Table) | Income Tax / Deferred Tax - Components of (Loss)/ Income (Table) Year Ended December 31, Year Ended Year Ended Argentina $ (12,843) $ 129 $ (503) Paraguay (10,232) (9,619) 1,786 Uruguay 12,835 50,271 56,572 Panama (47,055) (27,745) (23,600) Marshall Islands (3,356) 478 (3,597) Brazil (399) (21) 95 Total (loss)/ income before income taxes and noncontrolling interest $ (61,050) $ 13,493 $ 30,753 |
Income Tax / Deferred Tax - Tax (Expense) / Benefit (Table) | Income Tax / Deferred Tax - Tax (Expense) / Benefit (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Current (2,603) (1,282) (98) Deferred (1,511) (360) (864) Total Argentina $ (4,114) $ (1,642) $ (962) Current 1 (45) – Deferred 5 7 (77) Total Brasil $ 6 $ (38) $ (77) Current (206) (54) (102) Deferred (373) (90) (100) Total Paraguay $ (579) $ (144) $ (202) Current – – – Deferred (642) – 642 Total Uruguay $ (642) – $ 642 Total income tax (expense)/ benefit $ (5,329) $ (1,824) $ (599) |
Income Tax / Deferred Tax - Loss from Income Taxes (Table) | Income Tax / Deferred Tax - Loss from Income Taxes (Table) Year Year Ended December 31, 2020 Year Ended December 31, 2019 Benefit before income taxes and noncontrolling interest $ (61,050) $ 13,493 $ 30,753 Panama, Marshall Islands, Uruguay Port/Barge (not taxed) $ (40,415) $ (23,004) $ (31,945) Net loss subject to income taxes $ (20,905) $ (9,511) $ (1,192) |
Income Tax / Deferred Tax - Reconciliation of Taxes (Table) | Income Tax / Deferred Tax - Reconciliation of Taxes (Table) December 31, 2021 December 31, 2020 December 31, 2019 Income tax calculated at the tax rates applicable to profits in the respective countries (expense)/benefit $ 5,012 $ 930 $ 582 Tax effect of amounts which are not (deductible)/taxable in calculating taxable income Allocation of parent company expenses, not deductible for local income tax $ (4,231) $ (845) $ (409) Foreign exchange losses/gains in $, not (deductible)/taxable for local income tax $ 874 $ 129 $ (443) Impact of changes in local income tax rate on future years deferred tax, not taxable for local income tax $ (2,112) – $ (208) Other local GAAP and local tax return adjustments $ (4,872) $ (2,038) $ (121) Total income tax expense $ (5,329) $ (1,824) $ (599) |
Income Tax / Deferred Tax - Deferred Income Taxes (Table) | Income Tax / Deferred Tax - Deferred Income Taxes (Table) December 31, 2021 December 31, 2020 Deferred income tax assets: Future deductible differences $ 82 $ 691 Total deferred income tax assets $ 82 $ 691 Deferred income tax liability: Intangible assets (3,740) (3,299) Property, plant and equipment, net (4,255) (3,154) Tax inflation adjustment in Argentina (1,319) (1,796) Other (1,181) (334) Total deferred income tax liability (10,495) (8,583) Net deferred income tax liability $ (10,413) $ (7,892) |
Income Tax / Deferred Tax - Deferred Income Tax Assets (Table) | Income Tax / Deferred Tax - Deferred Income Tax Assets (Table) Deferred income tax assets Future deductible differences Tax loss carry-forward Total Deferred Income Tax Assets At January 1, 2019 $ 931 $ 387 $ 1,318 Variance of nondeductible unpaid intercompany balances (425) – (425) Nondeductible impact of vessel impairment 642 – 642 Net utilization of tax loss carry-forward – (490) (490) Changes in income tax rate – 103 103 Other (363) – (363) At December 31, 2019 $ 785 $ – $ 785 Variance of nondeductible unpaid intercompany balances 488 – 488 Other (582) – (582) At December 31, 2020 $ 691 $ – $ 691 Variance of nondeductible unpaid intercompany balances (466) – (466) Nondeductible impact of vessel impairment (642) – (642) Changes in income tax rate 80 – 80 Other 419 – 419 At December 31, 2021 $ 82 $ – $ 82 |
Income Tax / Deferred Tax - Deferred Income Tax Liabilities (Table) | Income Tax / Deferred Tax - Deferred Income Tax Liabilities (Table) Deferred income tax liabilities Intangible Assets Property, Plant, and Equipment Other deferred tax liabilities Total Deferred Income Tax Liabilities At January 1, 2019 $ (4,013) $ (3,264) $ (1,210) $ (8,487) Depreciations and Amortizations 534 84 – 618 Changes in income tax rate (266) (45) – (311) Other – – (95) (95) At December 31, 2019 $ (3,745) $ (3,225) $ (1,305) $ (8,275) Depreciations and Amortizations 446 71 – 517 Tax inflation adjustment in Argentina – – (1,448) (1,448) Other – – 623 623 At December 31, 2020 $ (3,299) $ (3,154) $ (2,130) $ (8,583) Depreciations and Amortizations 488 82 – 570 Changes in income tax rate (929) (1,183) – (2,112) Tax inflation adjustment in Argentina – – 477 477 Other – – (847) (847) At December 31, 2021 $ (3,740) $ (4,255) $ (2,500) $ (10,495) |
Other Operating Income and Ex_2
Other Operating Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Income And Expense | |
Other Operating Income and Expense - Operating Income (Table) | Other Operating Income and Expense - Operating Income (Table) Year Ended Year Ended Year Ended Gain from insurance claims (1) $ 1,203 $ 4,852 $ 2,536 Gain from provisions – – 26 Other income 262 269 – Total $ 1,465 $ 5,121 $ 2,562 (1) For the year ended December 31, 2020, includes $4,102 related to settlement regarding a storage and transshipment contract in the grain port terminal (Note 24 |
Other Operating Income and Expense - Operating Expenses (Table) | Other Operating Income and Expense - Operating Expenses (Table) Year Ended Year Ended Year Ended Taxes other than income taxes $ 4,649 $ 4,863 $ 6,683 Provisions 110 139 – Total $ 4,759 $ 5,002 $ 6,683 |
Tangible Assets And Assets Un_2
Tangible Assets And Assets Under Construction (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Tangible Assets And Assets Under Construction (Table) | Tangible Assets And Assets Under Construction (Table) Tanker vessels, barges and pushboats Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 $ 521,036 $ (177,820) $ 343,216 Additions 2,403 (18,985) (16,582) Impairment loss – (2,569) (2,569) Write-down (2,064) 866 (1,198) Balance December 31, 2019 521,375 $ (198,508) 322,867 Additions 1,931 (18,475) (16,544) Write-down (308) – (308) Balance December 31, 2020 522,998 $ (216,983) $ 306,015 Additions 2,445 (20,315) (17,870) Impairment loss (24,769) 5,373 (19,396) Transfer from assets under construction 51,461 – 51,461 Balance December 31, 2021 552,135 $ (231,925) $ 320,210 Deferred dry dock and special survey costs Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 46,047 $ (34,889) $ 11,158 Additions 5,138 (5,166) (28) Balance December 31, 2019 51,185 $ (40,055) $ 11,130 Additions 4,296 (3,959) 337 Balance December 31, 2020 $ 55,481 $ (44,014) $ 11,467 Additions 6,774 (4,122) 2,652 Balance December 31, 2021 62,255 $ (48,136) $ 14,119 Dry port terminals Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 224,170 $ (27,318) $ 196,852 Additions 602 (6,866) (6,264) Balance December 31, 2019 $ 224,772 $ (34,184) 190,588 Additions 870 (6,915) (6,045) Write-down (88) 76 (12) Balance December 31, 2020 225,554 $ (41,023) $ 184,531 Additions 1,510 (7,274) (5,764) Disposal (130) 169 39 Transfers from assets under construction 3,803 – 3,803 Balance December 31, 2021 230,737 $ (48,128) $ 182,609 Oil storage plant and port facilities for liquid cargoes Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 $ 29,190 $ (12,457) 16,733 Additions – (320) (320) Balance December 31, 2019 29,190 $ (12,777) 16,413 Additions – (301) (301) Balance December 31, 2020 29,190 $ (13,078) $ 16,112 Additions 10 (355) (345) Transfers from assets under construction 1,843 – 1,843 Balance December 31, 2021 31,043 $ (13,433) $ 17,610 Other fixed assets Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 7,396 (4,523) 2,873 Additions 434 (437) (3) Balance December 31, 2019 7,830 $ (4,960) 2,870 Additions 488 (672) (184) Balance December 31, 2020 8,318 (5,632) 2,686 Additions 385 (491) (106) Balance December 31, 2021 8,703 $ (6,123) $ 2,580 Total Cost Accumulated Depreciation Net Book Value Balance January 1, 2019 $ 827,839 $ (257,007) 570,832 Additions 8,577 (31,774) (23,197) Write-down (2,064) 866 (1,198) Impairment loss – (2,569) (2,569) Balance December 31, 2019 834,352 $ (290,484) 543,868 Additions 7,585 (30,322) (22,737) Write-down (396) 76 (320) Balance December 31, 2020 841,541 $ (320,730) 520,811 Additions 11,124 (32,557) (21,433) Disposal (130) 169 39 Impairment loss (24,769) 5,373 (19,396) Transfer from assets under construction 57,107 – 57,107 Balance December 31, 2021 884,873 (347,745) $ 537,128 |
Tangible Assets and Assets Under Construction - Impairment Loss (Table) | Tangible Assets and Assets Under Construction - Impairment Loss (Table) As of and for the year ended December 31, 2021 Vessel Initial carrying Impairment loss Net book value Malva H 9,036 (5,786) 3,250 Sara H 17,860 (13,610) 4,250 No impairment loss was recognized during the year ended December 31, 2020. As of December 31, 2019, after considering certain impairment indicators that affected the way the tanker vessel Malva H is expected to be used, the Company performed an impairment assessment in accordance with its accounting policy (Note 2). The estimated recoverable amount was lower than the respective carrying amount of such vessel and, consequently, an impairment loss of $ 2,569 As of and for the year ended December 31, 2019 Vessel Initial carrying Impairment loss Net book value Malva H 12,187 (2,569) 9,618 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Intangibles - Schedule (Table) | Intangibles - Schedule (Table) December 31, 2021 Acquisition Accumulated Net Book Cost Amortization 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 December 31, 2020 Acquisition Accumulated Net book Cost Amortization Value Port terminal operating rights $ 53,152 $ (13,835) $ 39,317 Customer relationships 36,120 (23,699) 12,421 Total intangible assets $ 89,272 $ (37,534) $ 51,738 |
Intangibles - Aggregate Amortization (Table) | Intangibles - Aggregate Amortization (Table) Description Within Year Year Year Year Thereafter Total Port terminal operating rights 995 995 $ 995 $ 995 $ 995 $ 33,343 $ 38,318 Customer relationships 1,775 1,775 1,775 1,775 1,775 1,773 10,648 Total 2,770 2,770 2,770 2,770 $ 2,770 $ 35,116 $ 48,966 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Non-current assets | |
Other Non-Current Assets (Table) | Other Non-Current Assets (Table) December 31, 2021 December 31, 2020 Prepaid expenses $ 13 $ 1,547 Deposits in guarantee to free zone 176 176 Other (1) 2,684 3,359 Total $ 2,873 $ 5,082 (1) As of December 31, 2021 and 2020 includes an amount of $1,330 and $2,726, respectively, related to settlement regarding a storage and transshipment contract in the grain port terminal (Note 24). |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Trade Receivables (Table) | Trade Receivables (Table) December 31, 2021 December 31, 2020 Receivables from other related parties (Note 20) $ – $ 282 Receivables from third party customers 47,301 36,792 Total 47,301 37,074 Allowance for expected credit losses (3,275) (2,884) Total trade receivables $ 44,026 $ 34,190 |
Trade Receivables - Allowances (Table) | Trade Receivables - Allowances (Table) Amounts Balance as at January 1, 2019 $ 2,857 Allowance for expected credit losses 341 Utilized provision (708) Balance as at December 31, 2019 2,490 Allowance for expected credit losses 541 Utilized provision (147) Balance as at December 31, 2020 $ 2,884 Allowance for expected credit losses 391 Utilized provision – Balance as at December 31, 2021 $ 3,275 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents (Table) | Cash and Cash Equivalents (Table) December 31, 2021 December 31, 2020 Cash at banks and on hand $ 32,536 $ 74,776 Short-term deposits 44 94 Total $ 32,580 $ 74,870 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Miscellaneous current assets [abstract] | |
Prepayments and Other Current Assets (Table) | Prepayments and Other Current Assets (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Insurance claims receivable, net $ 40 $ 346 VAT and other credits 1,084 2,604 Deferred insurance premiums 1,883 913 Advances to providers 1,778 1,443 Other 1,391 1,394 Total $ 6,176 $ 6,700 |
Interest-Bearing Loans and Bo_2
Interest-Bearing Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Interest-Bearing Loans and Borrowings - Schedule (Table) | Interest-Bearing Loans and Borrowings - Schedule (Table) December 31, 2021 December 31, 2020 Interest Rate Maturity Notes Payable $ 4,927 $ 5,475 Six-month LIBOR November 2, 2024 (1) Seller’s credit for the construction of six liquid barges 2,676 1,901 Fixed rate of 8.5% November 16, 2025 (2) BBVA Facility 12,000 14,000 Six-month LIBOR plus 3.25% March 31, 2022 (3) Term Bank loan 1,400 1,400 Three-month LIBOR plus 3.15% May 18, 2025 Seller’s credit agreement for the acquisition of the 2020 Fleet 5,000 – Fixed rate of 5.00% March 22, 2024 Loan for Nazira – 46 Fixed rate of 6.00% August 10, 2021 Current portion of interest-bearing loans and borrowings 26,003 22,822 2025 Notes 500,000 500,000 Fixed rate of 10.75% July 1, 2025 Notes Payable 7,536 12,367 Six-month LIBOR (1) Seller’s credit for the construction of six liquid barges 8,537 9,146 Fixed rate of 8.5% (2) BBVA Facility – 8,000 Six-month LIBOR plus 3.25% March 31, 2022 (3) Term Bank loan 6,300 7,700 Three-month LIBOR plus 3.15% May 18, 2025 Seller’s credit agreement for the acquisition of the 2020 Fleet 10,000 – Fixed rate of 5.00% March 22, 2024 Non-current portion of interest-bearing loans and borrowings 532,373 537,213 Less: deferred finance costs (16,026) (19,444) Total interest-bearing loans and borrowings, net $ 542,350 $ 540,591 (1) Includes 32 different drawdown events and maturity dates are scheduled on the 16th and last semi-annual installments after the completion of each Drawdown Event. (2) Includes six different drawdown events and maturity dates are scheduled on the 20th and last quarterly installments from the drawdown date of each individual barge based on the barge's delivery date (3) Please refer to Note 26 for discussion on refinancing completed on March 23, 2022. |
Interest-Bearing Loans and Borrowings - Schedule From Financing Activities (Table) | Interest-Bearing Loans and Borrowings - Schedule From Financing Activities (Table) 2021 2020 2019 At January 1, $ 540,591 $ 514,929 $ 530,187 Proceeds from Seller’s credit agreement for the construction of six liquid barges 2,246 – – Proceeds from the credit agreement for the acquisition of the 2020 Fleet 15,000 – – Proceeds from 2025 Notes, net of deferred finance costs – 479,023 – Proceeds from long term debt, net of deferred finance costs – 24,854 – Repayment of 2022 Notes – (375,000) – Repayment of long-term debt and payment of principal (13,525) (105,551) (13,403) Repayment of notes payable (5,261) (4,466) (4,304) Accretion of Notes payable / unwinding of discount (119) (161) (103) Term bank loan additional deferred finance cost (91) – – Amortization of deferred finance cost 3,509 2,806 2,552 Loss on debt extinguishment – 4,157 – At December 31, $ 542,350 $ 540,591 $ 514,929 |
Interest-Bearing Loans and Borrowings - Annual Loan Principal Payments (Table) | Interest-Bearing Loans and Borrowings - Annual Loan Principal Payments (Table) Year Amount in thousands of U.S. dollars 2022 $ 82,062 2023 69,183 2024 66,218 2025 533,448 Total 750,911 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Trade and Other Payables (Table) | Trade and Other Payables (Table) December 31, December 31, Trade payables $ 19,060 $ 15,365 Accrued expenses 6,705 5,705 Accrued interest expense 23,277 26,270 Tax payable 9,032 7,676 Other payable 753 1,060 Professional fees payable 1,893 880 Related Parties (Note 20) 384 – Deferred lease revenue 1,221 1,933 Total $ 62,325 $ 58,889 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases - Lease Agreements (Table) | Leases - Lease Agreements (Table) Land Office buildings Total right of use assets Balance as at January 1, 2019 $ 7,078 $ 1,543 $ 8,621 Additions – 225 225 Depreciation expense (149) (643) (792) Balance as at December 31, 2019 $ 6,929 $ 1,125 $ 8,054 Depreciation expense (149) (630) (779) Balance as at December 31, 2020 $ 6,780 $ 495 $ 7,275 Lease reassessment 369 – 369 Additions – 1,105 1,105 Depreciation expense (157) (589) (746) Balance as at December 31, 2021 $ 6,992 $ 1,011 $ 8,003 |
Leases - Analysis of Lease Liabilities (Table) | Leases - Analysis of Lease Liabilities (Table) 2021 2020 2019 At January 1, $ 7,856 $ 8,551 $ 8,979 Additions 1,105 – 224 Lease reassement 369 – – Accretion of interest 678 606 654 Payments (1,257) (1,301) (1,306) At December 31, $ 8,751 $ 7,856 $ 8,551 Current $ 1,095 $ 911 $ 1,300 Non-current $ 7,656 $ 6,945 $ 7,251 |
Leases - Maturity Analysis of Finance Lease (Table) | Leases - Maturity Analysis of Finance Lease (Table) Less than 1 year Between 1 and 5 years Over 5 years Total Lease Liability $ 1,095 $ 3,029 $ 22,996 $ 27,120 |
Leases - Fixed and Variable Lease Payments (Table) | Leases - Fixed and Variable Lease Payments (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Fixed lease payments $ 1,257 $ 1,301 $ 1,306 Variable lease payments 845 982 1,207 Total $ 2,102 $ 2,283 $ 2,513 |
Leases - Lease Expenses of Lessee (Table) | Leases - Lease Expenses of Lessee (Table) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Depreciation expense of right-of-use assets $ 746 $ 779 $ 792 Finance expense on lease liabilities 678 606 654 Expense relating to short-term leases 5,887 6,587 3,865 Total $ 7,311 $ 7,972 $ 5,311 |
Leases - Future Minimum Maturity Revenues (Table) | Leases - Future Minimum Maturity Revenues (Table) Amount 2022 $ 47,051 2023 39,170 2024 25,929 2025 19,418 2026 1,875 Total $ 133,443 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Disclosures - Amounts Due From Affiliated Companies (Table) | Related Party Disclosures - Amounts Due From Affiliated Companies (Table) December 31, 2021 December 31, 2020 Navios Holdings (Parent) $ – $ 75,077 Peers Business Inc. (15,000) – Navios Shipmanagement Inc. (Other related party) (384) 282 Total $ (15,384) $ 75,359 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [abstract] | |
Fair Value Measurement (Table) | Fair Value Measurement (Table) December 31, 2021 December 31, 2020 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $ 32,580 $ 32,580 $ 74,870 $ 74,870 Net investment in the lease $ – $ – $ 300 $ 300 Intercompany receivable loan from parent (related party) $ – $ – $ 69,833 $ 69,833 2025 Notes $ (484,073) $ (526,710) $ (480,586) $ (542,380) Notes payable, including current portion $ (12,463) $ (12,463) $ (17,842) $ (17,842) Other long-term indebtness, including current portion $ (45,814) $ (45,814) $ (42,163) $ (42,163) |
Fair Value Measurement - Measured on a Nonrecurring Basis (Table) | Fair Value Measurement - Measured on a Nonrecurring Basis (Table) Fair Value Measurements at December 31, 2021 Total Level I Level II Level III Cash and cash equivalents $ 32,580 $ 32,580 $ – $ – 2025 Notes $ (526,710) $ (526,710) $ – $ – Notes payable, including current portion (1) $ (12,463) $ – $ (12,463) $ – Other long-term indebtness, including current portion (1) $ (45,814) $ – $ (45,814) $ – Fair Value Measurements at December 31, 2020 Total Level I Level II Level III Cash and cash equivalents $ 74,870 $ 74,870 $ – $ – Net investment in the lease $ 300 $ 300 $ – $ – Intercompany receivable loan from parent (related party), net $ 69,833 $ – $ 69,833 $ – 2025 Notes $ (542,380) $ (542,380) $ – $ – Notes payable, including current portion (1) $ (17,842) $ – $ (17,842) $ – Other long-term indebtness, including current portion (1) $ (42,163) $ – $ (42,163) $ – 1) The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account our creditworthiness. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Provisions (Table) | Provisions (Table) Amount Balance as at January 1, 2020 $ 416 Arising during the year 139 Utilized (104) Balance as at December 31, 2020 451 Arising during the year 110 Balance as at December 31, 2021 $ 561 |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per Share (Table) | Earnings per Share (Table) Year Ended Year Ended Year Ended (Loss)/profit attributable to Navios Logistics’ stockholders $ (66,379) $ 11,669 $ 30,154 Weighted average number of shares, basic and diluted 20,000 20,000 20,000 Net (loss)/earnings per share from continuing operations: Basic and diluted $ (3.32) $ 0.58 $ 1.51 |
Financial Management (Tables)
Financial Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Management - Sensitivity Analysis (Table) | Financial Management - Sensitivity Analysis (Table) December 31, 2021 Effect on Income and Equity Carrying amount Possible increase through maturity (Δ 25%) Remote increase through maturity (Δ 50%) LIBOR Interest-bearing loans and borrowings (32,163) (33) (65) |
Financial Management - Liquidity Risk (Table) | Financial Management - Liquidity Risk (Table) Less than a year 1-2 years 2-3 years 3-4 years More than 5 years Total Interest-bearing loans and borrowings (excluding items below, Note 17) 82,062 69,183 66,218 533,448 – 750,911 Lease liabilities (Note 19) 1,095 987 759 645 23,634 27,120 Trade and other payables (Note 18) 62,325 – – – – 62,325 Promissory note (Note 20) 5,000 10,000 15,000 Total 150,482 80,170 66,977 534,093 23,634 855,356 |
Corporate Information (Details
Corporate Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |
Entity incorporation date | Dec. 17, 2007 |
Navios Holdings [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 63.80% |
Significant Accounting Polici_4
Significant Accounting Policies - Subsidiaries in Consolidation (Table) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Corporacion Navios S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Port-Facility Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Energias Renovables del Sur S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Land Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Nauticler S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Sub-Holding Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Compania Naviera Horamar S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Argentina |
Nature | Vessel-Operating Management Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Compania de Transporte Fluvial International S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Sub-Holding Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Ponte Rio S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
HS Tankers Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
HS Navigation Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
HS Shipping Ltd. Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
HS South Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Petrovia Internacional S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Land-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Mercopar S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Paraguay |
Nature | Operating/Barge-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Petrolera San Antonio S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Paraguay |
Nature | Port Facility-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Stability Oceanways S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Barge and Pushboat-Owning Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Hidronave South American Logistics S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Nature | Pushboat-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Horamar do Brasil Navegacao Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Nature | Non-Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Navarra Shipping Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Marshall Is. |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Pelayo Shipping Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Marshall Is. |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Navios Logistics Finance (U.S.) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Delaware |
Nature | Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Varena Maritime Services S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Barge and Pushboat-Owning Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Honey Bunkering S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Naviera Alto Parana S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Paraguay |
Nature | Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Edolmix S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Port-Terminal Rights Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Cartisur S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Non-Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
NP Trading S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | British Virgin Islands |
Nature | Sub-Holding Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Ruswe International S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Barge-Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Delta Naval Trade S.A [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Panama |
Nature | Tanker-Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Terra Norte Group S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Paraguay |
Nature | Non-Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Corporacion Navios Granos S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Port-Facility Owning Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Docas Fluvial do Porto Murtinho S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Nature | Land Owning Company |
Proportion of ownership interest in subsidiary | 95.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 1/1-12/31 |
Siriande S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Non-Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-12/31 |
2020 | 1/1-12/31 |
2019 | 9/16-12/31 |
Grimaud Ventures S.A. (1) [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Marshall Islands |
Nature | Financial Asset Holder Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 1/1-7/30 |
2020 | 1/21-12/31 |
2019 | |
Brundir S.A. (2) [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Uruguay |
Nature | Non-Operating Company |
Proportion of ownership interest in subsidiary | 100.00% |
2021 | 10/21-12/31 |
2020 | |
2019 |
Significant Accounting Polici_5
Significant Accounting Policies - Exchange Rates (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Uruguay Pesos [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Closing foreign exchange rate | 44.70 | 42.37 | 37.34 |
Average foreign exchange rate | 43.55 | 42.01 | 35.29 |
Argentina Pesos [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Closing foreign exchange rate | 102.72 | 84.15 | 59.89 |
Average foreign exchange rate | 95.19 | 70.65 | 48.28 |
Paraguay Guarani [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Closing foreign exchange rate | 6,887.40 | 6,941.65 | 6,463.95 |
Average foreign exchange rate | 6,783.73 | 6,784.26 | 6,247.28 |
Brazilian Reais [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Closing foreign exchange rate | 5.5805 | 5.20 | 4.03 |
Average foreign exchange rate | 5.3956 | 5.16 | 3.94 |
Significant Accounting Polici_6
Significant Accounting Policies - Useful Lives of Assets (Table) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Dry port terminals [member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 5 years |
Dry port terminals [member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 49 years |
Oil storage, plant and port facilities for liquid cargoes [member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 5 years |
Oil storage, plant and port facilities for liquid cargoes [member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 20 years |
Other fixed assets [member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 5 years |
Other fixed assets [member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 10 years |
Significant Accounting Polici_7
Significant Accounting Policies - Amortization Period of Intangible Assets/Liabilities (Table) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Name [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets other than goodwill | 10 years |
Port terminal operating rights [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets other than goodwill | 47 years |
Customer relationships [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets other than goodwill | 20 years |
Significant Accounting Polici_8
Significant Accounting Policies (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 23, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of initial application of standards or interpretations [line items] | |||||
Entity Accounting Standard | International Financial Reporting Standards | ||||
Current assets | $ 91,811 | $ 131,921 | |||
Current liabilities | 95,869 | 84,611 | |||
Current assets (liabilities) | 4,058 | ||||
Tax expense (income) at applicable tax rate | 5,012 | 930 | $ 582 | ||
Tax effect from change in tax rate | (2,112) | 0 | (208) | ||
Foreign exchange gain (loss) | $ 2,637 | 574 | (1,596) | ||
Foreign exchange loss | 1,596 | ||||
Depreciation method, property, plant and equipment | straight-line method | ||||
Impairment losses | $ 19,396 | $ 0 | $ 2,569 | ||
Amortisation method, intangible assets other than goodwill | straight line method | ||||
Growth rate used to extrapolate cash flow projections | 2.60% | 2.60% | |||
Vessels [member] | Minimum [Member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Useful life measured as period of time, property, plant and equipment | 15 years | ||||
Vessels [member] | Maximum [Member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Useful life measured as period of time, property, plant and equipment | 45 years | ||||
On Going Vessels [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Interval between vessel drydocking special survey (in years) | 5 years | ||||
Pushboats and barges [member] | Minimum [Member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Interval between vessel drydocking special survey (in years) | 6 years | ||||
Pushboats and barges [member] | Maximum [Member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Interval between vessel drydocking special survey (in years) | 8 years | ||||
Malva H and Sara H [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Impairment losses | $ 19,396 | ||||
Argentina [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Average effective tax rate | 2.00% | 2.00% | 2.00% | ||
Tax expense (income) at applicable tax rate | $ 868 | $ 901 | $ 1,062 | ||
Applicable tax rate | 35.00% | 35.00% | |||
Tax effect from change in tax rate | $ 2,112 | ||||
Income tax expense | $ 208 | ||||
Argentina [member] | Taxable profit above 50 million pesos or $487 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Applicable tax rate | 35.00% | ||||
Argentina [member] | Taxable profit between 5 million pesos or $49 and 50 million pesos or $487 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Applicable tax rate | 30.00% | ||||
Argentina [member] | Taxable profit below 5 million pesos or $49 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Applicable tax rate | 25.00% | ||||
2022 BBVA Facility [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Notional amount | $ 25,000 | ||||
Number Of Periodic Payments | 12 | ||||
Borrowings Frequency Of Periodic Payment | quarterly | ||||
Borrowings, maturity | July 1, 2025 |
Segment Information - Operation
Segment Information - Operations Segments (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 222,608 | $ 215,023 | $ 227,209 |
Cost of sales | (183,283) | (143,722) | (137,124) |
Gross profit | 39,325 | 71,301 | 90,085 |
Administrative expenses | (14,569) | (13,522) | (17,752) |
Other operating income | 1,465 | 5,121 | 2,562 |
Other operating expenses | (4,759) | (5,002) | (6,683) |
Allowance for expected credit losses on financial | (391) | (541) | (341) |
Operating profit | 21,071 | 57,357 | 67,871 |
Finance income | 4,627 | 8,647 | 4,579 |
Finance costs | (65,236) | (48,928) | (41,185) |
Foreign exchange differences, net | 2,637 | 574 | (1,596) |
Other income | 0 | 0 | 1,084 |
Loss on debt extinguishment | 0 | (4,157) | 0 |
Loss from mark to market and disposal of financial asset | (24,149) | 0 | 0 |
(Loss)/profit before tax | (61,050) | 13,493 | 30,753 |
Profit (loss) before tax | (61,050) | 13,493 | 30,753 |
Income tax (expense)/income | (5,329) | (1,824) | (599) |
(Loss)/profit for the year | (66,379) | 11,669 | 30,154 |
Port Terminal Business [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 104,545 | 102,683 | 102,103 |
Cost of sales | (40,153) | (42,009) | (34,458) |
Gross profit | 64,392 | 60,674 | 67,645 |
Administrative expenses | (3,429) | (3,144) | (5,734) |
Other operating income | 760 | 4,329 | 1,081 |
Other operating expenses | (3) | (3) | 0 |
Allowance for expected credit losses on financial | (73) | (103) | (198) |
Operating profit | 61,647 | 61,753 | 62,794 |
Finance income | 1,780 | 3,298 | 1,934 |
Finance costs | (23,647) | (19,976) | (17,835) |
Foreign exchange differences, net | (62) | (343) | (387) |
Other income | 458 | ||
Loss on debt extinguishment | (1,586) | ||
Loss from mark to market and disposal of financial asset | (9,276) | ||
(Loss)/profit before tax | 30,442 | 43,146 | 46,964 |
Profit (loss) before tax | 30,442 | 43,146 | 46,964 |
Income tax (expense)/income | 0 | 0 | 0 |
(Loss)/profit for the year | 30,442 | 43,146 | 46,964 |
Cabotage Business [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 34,909 | 45,254 | 46,551 |
Cost of sales | (55,293) | (32,214) | (35,150) |
Gross profit | (20,384) | 13,040 | 11,401 |
Administrative expenses | (2,260) | (2,069) | (2,463) |
Other operating income | 0 | (3) | 0 |
Other operating expenses | (1,402) | (1,969) | (2,527) |
Allowance for expected credit losses on financial | 0 | (164) | 0 |
Operating profit | (24,046) | 8,835 | 6,411 |
Finance income | 957 | 1,807 | 441 |
Finance costs | (12,995) | (8,049) | (5,158) |
Foreign exchange differences, net | (336) | 344 | (911) |
Other income | 104 | ||
Loss on debt extinguishment | (869) | ||
Loss from mark to market and disposal of financial asset | (4,987) | ||
(Loss)/profit before tax | (41,407) | 2,068 | 887 |
Profit (loss) before tax | (41,407) | 2,068 | 887 |
Income tax (expense)/income | (1,933) | (2,050) | (1,263) |
(Loss)/profit for the year | (43,340) | 18 | (376) |
Barge Business [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 83,154 | 67,086 | 78,555 |
Cost of sales | (87,837) | (69,499) | (67,516) |
Gross profit | (4,683) | (2,413) | 11,039 |
Administrative expenses | (8,880) | (8,309) | (9,555) |
Other operating income | 705 | 795 | 1,481 |
Other operating expenses | (3,354) | (3,030) | (4,156) |
Allowance for expected credit losses on financial | (318) | (274) | (143) |
Operating profit | (16,530) | (13,231) | (1,334) |
Finance income | 1,890 | 3,542 | 2,204 |
Finance costs | (28,594) | (20,903) | (18,192) |
Foreign exchange differences, net | 3,035 | 573 | (298) |
Other income | 522 | ||
Loss on debt extinguishment | (1,702) | ||
Loss from mark to market and disposal of financial asset | (9,886) | ||
(Loss)/profit before tax | (50,085) | (31,721) | (17,098) |
Profit (loss) before tax | (50,085) | (31,721) | (17,098) |
Income tax (expense)/income | (3,396) | 226 | 664 |
(Loss)/profit for the year | $ (53,481) | $ (31,495) | $ (16,434) |
Segment Information (Details Na
Segment Information (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | |||
Tangible assets | $ 537,128 | $ 520,811 | |
Intangible assets | 153,062 | 155,834 | |
Goodwill | 104,096 | 104,096 | $ 104,096 |
Barge Business and Cabotage Business Segment [member] | |||
Disclosure of operating segments [line items] | |||
Tangible assets | 334,329 | 335,729 | |
Intangible assets | 10,648 | 12,421 | |
Port Terminal Business Segment [member] | |||
Disclosure of operating segments [line items] | |||
Tangible assets | 200,932 | 203,282 | |
Intangible assets | 38,318 | 39,317 | |
Goodwill | 22,142 | 22,142 | 22,142 |
Barge Business Segment [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 40,868 | 40,868 | 40,868 |
Cabotage Business [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | $ 41,086 | $ 41,086 | $ 41,086 |
Revenue - Disaggregated Revenue
Revenue - Disaggregated Revenue (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 198,893 | $ 180,722 | $ 183,017 |
Turnover tax-non lease component | (361) | (375) | (441) |
Time chartering revenues lease component | 24,222 | 34,827 | 44,813 |
Turnover tax-lease component | (507) | (526) | (621) |
Total Revenue | 222,608 | 215,023 | 227,209 |
Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 104,545 | 102,683 | 102,103 |
Turnover tax-non lease component | 0 | 0 | 0 |
Time chartering revenues lease component | 0 | 0 | 0 |
Turnover tax-lease component | 0 | 0 | 0 |
Total Revenue | 104,545 | 102,683 | 102,103 |
Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 16,147 | 20,397 | 20,470 |
Turnover tax-non lease component | (261) | (345) | (398) |
Time chartering revenues lease component | 19,129 | 25,342 | 26,641 |
Turnover tax-lease component | (367) | (485) | (560) |
Total Revenue | 34,909 | 45,254 | 46,551 |
Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 78,201 | 57,642 | 60,444 |
Turnover tax-non lease component | (100) | (30) | (43) |
Time chartering revenues lease component | 5,093 | 9,485 | 18,172 |
Turnover tax-lease component | (140) | (41) | (61) |
Total Revenue | 83,154 | 67,086 | 78,555 |
COA/Voyage revenues [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 77,485 | 53,649 | 49,488 |
COA/Voyage revenues [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
COA/Voyage revenues [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,804 | 2,721 | 1,924 |
COA/Voyage revenues [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 74,681 | 50,928 | 47,564 |
Time chartering revenues non-lease component [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 17,224 | 24,765 | 31,867 |
Time chartering revenues non-lease component [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Time chartering revenues non-lease component [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 13,604 | 18,021 | 18,944 |
Time chartering revenues non-lease component [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 3,620 | 6,744 | 12,923 |
Dry port terminal revenues [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 78,740 | 73,112 | 80,180 |
Dry port terminal revenues [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 78,740 | 73,112 | 80,180 |
Dry port terminal revenues [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Dry port terminal revenues [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Storage fees (dry port) revenues [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,518 | 3,364 | 3,452 |
Storage fees (dry port) revenues [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,518 | 3,364 | 3,452 |
Storage fees (dry port) revenues [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Storage fees (dry port) revenues [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Dockage revenues [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 3,876 | 3,948 | 4,310 |
Dockage revenues [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 3,876 | 3,948 | 4,310 |
Dockage revenues [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Dockage revenues [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Sale of products revenues-liquid port terminal [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 13,776 | 17,272 | 9,384 |
Sale of products revenues-liquid port terminal [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 13,776 | 17,272 | 9,384 |
Sale of products revenues-liquid port terminal [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Sale of products revenues-liquid port terminal [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Liquid port terminal revenues [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 5,734 | 4,606 | 4,032 |
Liquid port terminal revenues [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 5,734 | 4,606 | 4,032 |
Liquid port terminal revenues [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Liquid port terminal revenues [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Other dry port terminal revenue [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 901 | 381 | 745 |
Other dry port terminal revenue [member] | Port Terminal Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 901 | 381 | 745 |
Other dry port terminal revenue [member] | Cabotage Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Other dry port terminal revenue [member] | Barge Business [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 |
Revenue - Contract Balances (Ta
Revenue - Contract Balances (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue [abstract] | ||
Trade receivable from contract with customers (Note 13) | $ 44,026 | $ 34,190 |
Contract assets | 418 | 906 |
Contract liabilities (Note 2(g)) | $ 1,473 | $ 2,011 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | $ 919,425 |
2022 [member] | |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | 84,537 |
2023 [member] | |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | 74,481 |
2024 [member] | |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | 70,795 |
2025 [member] | |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | 64,492 |
2026 [member] | |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | 53,087 |
2027 and thereafter [member] | |
Disclosure of performance obligations [line items] | |
Transaction price allocated to remaining performance obligations | $ 572,033 |
Cost of Sales (Table) (Details)
Cost of Sales (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost Of Sales | |||
Time charter, voyage and port terminal expenses | $ 55,110 | $ 46,312 | $ 42,536 |
Direct vessel expenses | 60,475 | 48,748 | 48,725 |
Cost of products sold-liquid port terminal | 13,345 | 16,129 | 9,077 |
Depreciation and amortization | 34,957 | 32,533 | 34,217 |
Impairment losses | 19,396 | 0 | 2,569 |
Total costs of sales | $ 183,283 | $ 143,722 | $ 137,124 |
Cost of Sales - Time Charter, V
Cost of Sales - Time Charter, Voyage and Port Terminal Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature [abstract] | |||
Fuel | $ 20,710 | $ 13,488 | $ 14,103 |
Time charter | 5,887 | 6,587 | 3,865 |
Ports payroll and related costs | 8,651 | 8,036 | 8,880 |
Ports repairs and maintenance | 2,038 | 1,862 | 2,011 |
Ports rent | 887 | 992 | 1,214 |
Ports insurances | 2,954 | 2,943 | 1,708 |
Docking expenses | 3,382 | 2,712 | 2,423 |
Maritime and regulatory fees | 1,455 | 1,301 | 802 |
Towing expenses | 5,348 | 4,193 | 3,526 |
Other expenses | 3,798 | 4,198 | 4,004 |
Total | $ 55,110 | $ 46,312 | $ 42,536 |
Cost of Sales - Direct Vessel E
Cost of Sales - Direct Vessel Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature [abstract] | |||
Payroll and related costs | $ 35,253 | $ 27,698 | $ 27,837 |
Insurances | 4,370 | 3,982 | 3,931 |
Repairs and maintenance | 4,820 | 6,568 | 6,100 |
Lubricants | 939 | 794 | 686 |
Victualing | 1,704 | 1,317 | 1,223 |
Travel expenses | 2,761 | 2,028 | 2,557 |
Stores | 2,996 | 2,486 | 2,167 |
Other expenses | 7,632 | 3,875 | 4,224 |
Total | $ 60,475 | $ 48,748 | $ 48,725 |
Cost of Sales - Depreciation an
Cost of Sales - Depreciation and Amortization (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and amortisation expense [abstract] | |||
Depreciation of tangible assets | $ 32,028 | $ 29,611 | $ 31,296 |
Depreciation of RoU asset | 157 | 149 | 148 |
Amortization of intangible assets | 2,772 | 2,773 | 2,773 |
Total | $ 34,957 | $ 32,533 | $ 34,217 |
Administrative Expenses (Table)
Administrative Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, general and administrative expense [abstract] | |||
Payroll and related costs | $ 5,988 | $ 5,231 | $ 8,180 |
Professional fees | 4,499 | 3,733 | 4,125 |
Other expenses | 2,964 | 3,217 | 4,326 |
Depreciation of RoU asset | 589 | 630 | 643 |
Depreciation of tangible assets | 529 | 711 | 478 |
Total | $ 14,569 | $ 13,522 | $ 17,752 |
Administrative Expenses (Detail
Administrative Expenses (Details Narrative) | Dec. 31, 2021 |
Seafarers [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 626 |
Land Based Employees [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 409 |
Land Based Employees [member] | Asuncion [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 28 |
Land Based Employees [member] | San Antonio [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 47 |
Land Based Employees [member] | Buenos Aires [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 101 |
Land Based Employees [member] | Montevideo [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 6 |
Land Based Employees [member] | Uruguay [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 215 |
Land Based Employees [member] | Corumba [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of employees | 12 |
Finance Income And Costs - Fina
Finance Income And Costs - Finance Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Income And Costs - Finance Income Table | |||
Finance income from short term deposits | $ 237 | $ 209 | $ 748 |
Finance income from loan to parent (Note 20) | 4,222 | 8,277 | 3,520 |
Other finance income | 168 | 161 | 311 |
Total finance income | $ 4,627 | $ 8,647 | $ 4,579 |
Finance Income And Cost - Finan
Finance Income And Cost - Finance Cost (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Income And Cost - Finance Cost Table | |||
Interest on debts and borrowings | $ 56,327 | $ 45,516 | $ 37,979 |
Deferred finance cost | 3,509 | 2,806 | 2,552 |
Interest on lease liabilities | 678 | 606 | 654 |
Other finance costs | 4,722 | 0 | 0 |
Total finance costs | $ 65,236 | $ 48,928 | $ 41,185 |
Finance Income And Costs (Detai
Finance Income And Costs (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (decrease) through foreign exchange and other movements, financial assets [abstract] | |||
Net foreign exchange loss | $ 85 | $ 109 | $ 1,857 |
Net foreign exchange gain | $ 2,722 | $ 683 | $ 261 |
Income Tax _ Deferred Tax - Com
Income Tax / Deferred Tax - Components of (Loss)/ Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | $ (61,050) | $ 13,493 | $ 30,753 |
Argentina [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | (12,843) | 129 | (503) |
Paraguay [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | (10,232) | (9,619) | 1,786 |
Uruguay [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | 12,835 | 50,271 | 56,572 |
Panama [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | (47,055) | (27,745) | (23,600) |
Marshall Islands [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | (3,356) | 478 | (3,597) |
Brazil [member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit (loss) before tax | $ (399) | $ (21) | $ 95 |
Income Tax _ Deferred Tax - Tax
Income Tax / Deferred Tax - Tax (Expense) / Benefit (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total | $ 5,329 | $ 1,824 | $ 599 |
Total | (5,329) | (1,824) | (599) |
Argentina [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Current | (2,603) | (1,282) | (98) |
Deferred | (1,511) | (360) | (864) |
Total | (4,114) | (1,642) | (962) |
Total | 4,114 | 1,642 | 962 |
Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Current | 1 | (45) | 0 |
Deferred | 5 | 7 | (77) |
Total | 6 | (38) | (77) |
Total | (6) | 38 | 77 |
Paraguay [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Current | (206) | (54) | (102) |
Deferred | (373) | (90) | (100) |
Total | (579) | (144) | (202) |
Total | 579 | 144 | 202 |
Uruguay [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Current | 0 | 0 | 0 |
Deferred | (642) | 0 | 642 |
Total | (642) | 0 | 642 |
Total | $ 642 | $ 0 | $ (642) |
Income Tax _ Deferred Tax - Los
Income Tax / Deferred Tax - Loss from Income Taxes (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Deferred Tax - Loss From Income Taxes Table | |||
Benefit before income taxes and noncontrolling interest | $ (61,050) | $ 13,493 | $ 30,753 |
Panama, Marshall Islands, Uruguay Port/Barge (not taxed) | (40,415) | (23,004) | (31,945) |
Net loss subject to income taxes | $ (20,905) | $ (9,511) | $ (1,192) |
Income Tax _ Deferred Tax - Rec
Income Tax / Deferred Tax - Reconciliation of Taxes (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Income tax calculated at the tax rates applicable to profits in the respective countries (expense)/benefit | $ 5,012 | $ 930 | $ 582 |
Allocation of parent company expenses, not deductible for local income tax | (4,231) | (845) | (409) |
Foreign exchange losses/gains in $, not (deductible)/taxable for local income tax | 874 | 129 | (443) |
Impact of changes in local income tax rate on future years deferred tax, not taxable for local income tax | (2,112) | 0 | (208) |
Other local GAAP and local tax return adjustments | (4,872) | (2,038) | (121) |
Income tax (expense)/income | $ (5,329) | $ (1,824) | $ (599) |
Income Tax _ Deferred Tax - Def
Income Tax / Deferred Tax - Deferred Income Taxes (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||||
Future deductible differences | $ 82 | $ 691 | ||
Total deferred income tax assets | 82 | 691 | ||
Deferred income tax liability: | ||||
Intangible assets | (3,740) | (3,299) | ||
Property, plant and equipment, net | (4,255) | (3,154) | ||
Tax inflation adjustment in Argentina | (1,319) | (1,796) | ||
Other | (1,181) | (334) | ||
Total deferred income tax liability | (10,495) | (8,583) | $ (8,275) | $ (8,487) |
Net deferred income tax liability | $ (10,413) | $ (7,892) |
Income Tax _ Deferred Tax - D_2
Income Tax / Deferred Tax - Deferred Income Tax Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | $ 691 | ||
Balance, period end | 82 | $ 691 | |
Future deductible differences [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 691 | 785 | $ 931 |
Increase Decrease Through Variance Of Nondeductible Unpaid Intercompany Balances Deferred Tax Liability Asset | (466) | 488 | (425) |
Increase Decrease Through Nondeductible Impact Of Assets Impairment Charges Deferred Tax Liability Asset | (642) | 642 | |
Increase Decrease Through Net Utilization Of Tax Loss Carryforward Deferred Tax Liability Asset | 0 | ||
Increase Decrease Through Changes In Income Tax Rate Deferred Tax Liability Asset | 80 | 0 | |
Other Adjustments Of Deferred Tax Liability Asset | 419 | (582) | (363) |
Balance, period end | 82 | 691 | 785 |
Tax loss carry-forward [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 0 | 0 | 387 |
Increase Decrease Through Variance Of Nondeductible Unpaid Intercompany Balances Deferred Tax Liability Asset | 0 | 0 | 0 |
Increase Decrease Through Nondeductible Impact Of Assets Impairment Charges Deferred Tax Liability Asset | 0 | 0 | |
Increase Decrease Through Net Utilization Of Tax Loss Carryforward Deferred Tax Liability Asset | (490) | ||
Increase Decrease Through Changes In Income Tax Rate Deferred Tax Liability Asset | 0 | 103 | |
Other Adjustments Of Deferred Tax Liability Asset | 0 | 0 | 0 |
Balance, period end | 0 | 0 | 0 |
Total Deferred Income Tax Assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 691 | 785 | 1,318 |
Increase Decrease Through Variance Of Nondeductible Unpaid Intercompany Balances Deferred Tax Liability Asset | (466) | 488 | (425) |
Increase Decrease Through Nondeductible Impact Of Assets Impairment Charges Deferred Tax Liability Asset | (642) | 642 | |
Increase Decrease Through Net Utilization Of Tax Loss Carryforward Deferred Tax Liability Asset | (490) | ||
Increase Decrease Through Changes In Income Tax Rate Deferred Tax Liability Asset | 80 | 103 | |
Other Adjustments Of Deferred Tax Liability Asset | 419 | (582) | (363) |
Balance, period end | $ 82 | $ 691 | $ 785 |
Income Tax _ Deferred Tax - D_3
Income Tax / Deferred Tax - Deferred Income Tax Liabilities (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | $ 3,299 | ||
Balance, period start | 3,154 | ||
Balance, period start | (8,583) | $ (8,275) | $ (8,487) |
Depreciations and Amortizations | 570 | 517 | 618 |
Changes in income tax rate | (2,112) | (311) | |
Other | (847) | 623 | (95) |
Tax inflation adjustment in Argentina | 477 | (1,448) | |
Balance, period end | 3,740 | 3,299 | |
Balance, period end | 4,255 | 3,154 | |
Balance, period end | (10,495) | (8,583) | (8,275) |
Other deferred tax liabilities [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (2,130) | (1,305) | (1,210) |
Depreciations and Amortizations | 0 | 0 | 0 |
Changes in income tax rate | 0 | 0 | |
Other | (847) | 623 | (95) |
Tax inflation adjustment in Argentina | 477 | (1,448) | |
Balance, period end | (2,500) | (2,130) | (1,305) |
Property, Plant And Equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (3,154) | (3,225) | (3,264) |
Depreciations and Amortizations | 82 | 71 | 84 |
Changes in income tax rate | (1,183) | (45) | |
Other | 0 | 0 | 0 |
Tax inflation adjustment in Argentina | 0 | 0 | |
Balance, period end | (4,255) | (3,154) | (3,225) |
Intangible Assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (3,299) | (3,745) | (4,013) |
Depreciations and Amortizations | 488 | 446 | 534 |
Changes in income tax rate | (929) | (266) | |
Other | 0 | 0 | 0 |
Tax inflation adjustment in Argentina | 0 | 0 | |
Balance, period end | $ (3,740) | $ (3,299) | $ (3,745) |
Income Tax _ Deferred Tax (Deta
Income Tax / Deferred Tax (Details Narrative) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Argentina [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Applicable tax rate | 35.00% | 35.00% |
Paraguay [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Applicable tax rate | 10.00% | |
Brazil [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Applicable tax rate | 34.00% | |
Uruguay [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Applicable tax rate | 25.00% |
Other Operating Income and Ex_3
Other Operating Income and Expense - Operating Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive income [abstract] | |||
Gain from insurance claims (1) | $ 1,203 | $ 4,852 | $ 2,536 |
Gain from provisions | 0 | 0 | 26 |
Other income | 262 | 269 | 0 |
Total | $ 1,465 | $ 5,121 | $ 2,562 |
Other Operating Income and Ex_4
Other Operating Income and Expense - Operating Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature [abstract] | |||
Taxes other than income taxes | $ 4,649 | $ 4,863 | $ 6,683 |
Provisions | 110 | 139 | 0 |
Total | $ 4,759 | $ 5,002 | $ 6,683 |
Tangible Assets And Assets Un_3
Tangible Assets And Assets Under Construction (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | $ 520,811 | ||
Additions | (48,966) | ||
Transfers from assets under construction | 57,107 | $ 0 | $ 0 |
Balance, period end | 537,128 | 520,811 | |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 841,541 | 834,352 | 827,839 |
Additions | 11,124 | 7,585 | 8,577 |
Disposal | (130) | ||
Impairment loss | (24,769) | 0 | |
Write-down/ Write-off | (396) | (2,064) | |
Transfers from assets under construction | 57,107 | ||
Balance, period end | 884,873 | 841,541 | 834,352 |
Cost [member] | Tanker vessels, barges and pushboats [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 522,998 | 521,375 | 521,036 |
Additions | 2,445 | 1,931 | 2,403 |
Impairment loss | (24,769) | 0 | |
Write-down/ Write-off | (308) | (2,064) | |
Transfers from assets under construction | 51,461 | ||
Balance, period end | 552,135 | 522,998 | 521,375 |
Cost [member] | Deferred dry dock and special survey costs [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 55,481 | 51,185 | 46,047 |
Additions | 6,774 | 4,296 | 5,138 |
Balance, period end | 62,255 | 55,481 | 51,185 |
Cost [member] | Dry port terminals [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 225,554 | 224,772 | 224,170 |
Additions | 1,510 | 870 | 602 |
Disposal | (130) | ||
Write-down/ Write-off | (88) | ||
Transfers from assets under construction | 3,803 | ||
Balance, period end | 230,737 | 225,554 | 224,772 |
Cost [member] | Oil storage plant and port facilities for liquid cargoes [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 29,190 | 29,190 | 29,190 |
Additions | 10 | 0 | 0 |
Transfers from assets under construction | 1,843 | ||
Balance, period end | 31,043 | 29,190 | 29,190 |
Cost [member] | Other fixed assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 8,318 | 7,830 | 7,396 |
Additions | 385 | 488 | 434 |
Balance, period end | 8,703 | 8,318 | 7,830 |
Accumulated Depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (320,730) | (290,484) | (257,007) |
Additions | (32,557) | (30,322) | (31,774) |
Disposal | 169 | ||
Impairment loss | (2,569) | ||
Write-down/ Write-off | 76 | 866 | |
Impairment loss | 5,373 | ||
Transfers from assets under construction | 0 | ||
Balance, period end | (347,745) | (320,730) | (290,484) |
Accumulated Depreciation [member] | Tanker vessels, barges and pushboats [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (216,983) | (198,508) | (177,820) |
Additions | (20,315) | (18,475) | (18,985) |
Impairment loss | (2,569) | ||
Write-down/ Write-off | 0 | 866 | |
Impairment loss | 5,373 | ||
Transfers from assets under construction | 0 | ||
Balance, period end | (231,925) | (216,983) | (198,508) |
Accumulated Depreciation [member] | Deferred dry dock and special survey costs [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (44,014) | (40,055) | (34,889) |
Additions | (4,122) | (3,959) | (5,166) |
Balance, period end | (48,136) | (44,014) | (40,055) |
Accumulated Depreciation [member] | Dry port terminals [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (41,023) | (34,184) | (27,318) |
Additions | (6,866) | ||
Additions | (7,274) | (6,915) | |
Disposal | 169 | ||
Write-down/ Write-off | 76 | ||
Transfers from assets under construction | 0 | ||
Balance, period end | (48,128) | (41,023) | (34,184) |
Accumulated Depreciation [member] | Oil storage plant and port facilities for liquid cargoes [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (13,078) | (12,777) | (12,457) |
Additions | (355) | (301) | (320) |
Transfers from assets under construction | 0 | ||
Balance, period end | (13,433) | (13,078) | (12,777) |
Accumulated Depreciation [member] | Other fixed assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | (5,632) | (4,960) | (4,523) |
Additions | (491) | (672) | (437) |
Balance, period end | (6,123) | (5,632) | (4,960) |
Net Book Value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 520,811 | 543,868 | 570,832 |
Additions | (21,433) | (22,737) | (23,197) |
Disposal | 39 | ||
Impairment loss | (19,396) | (2,569) | |
Write-down/ Write-off | (320) | (1,198) | |
Transfers from assets under construction | 57,107 | ||
Balance, period end | 537,128 | 520,811 | 543,868 |
Net Book Value | Tanker vessels, barges and pushboats [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 306,015 | 322,867 | 343,216 |
Additions | (17,870) | (16,544) | (16,582) |
Impairment loss | (19,396) | (2,569) | |
Write-down/ Write-off | (308) | (1,198) | |
Transfers from assets under construction | 51,461 | ||
Balance, period end | 320,210 | 306,015 | 322,867 |
Net Book Value | Deferred dry dock and special survey costs [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 11,467 | 11,130 | 11,158 |
Additions | 2,652 | 337 | (28) |
Balance, period end | 14,119 | 11,467 | 11,130 |
Net Book Value | Dry port terminals [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 184,531 | 190,588 | 196,852 |
Additions | (5,764) | (6,045) | (6,264) |
Disposal | 39 | ||
Write-down/ Write-off | (12) | ||
Transfers from assets under construction | 3,803 | ||
Balance, period end | 182,609 | 184,531 | 190,588 |
Net Book Value | Oil storage plant and port facilities for liquid cargoes [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 16,112 | 16,413 | 16,733 |
Additions | (345) | (301) | (320) |
Transfers from assets under construction | 1,843 | ||
Balance, period end | 17,610 | 16,112 | 16,413 |
Net Book Value | Other fixed assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance, period start | 2,686 | 2,870 | 2,873 |
Additions | (106) | (184) | (3) |
Balance, period end | $ 2,580 | $ 2,686 | $ 2,870 |
Tangible Assets and Assets Un_4
Tangible Assets and Assets Under Construction - Impairment Loss (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 537,128 | $ 520,811 | |
Recoverable amount of asset or cash-generating unit | 1,049,067 | ||
Malva H [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 9,036 | $ 12,187 | |
Impairment loss recognised in profit or loss, property, plant and equipment | (5,786) | (2,569) | |
Recoverable amount of asset or cash-generating unit | 3,250 | $ 9,618 | |
Sara H [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 17,860 | ||
Impairment loss recognised in profit or loss, property, plant and equipment | (13,610) | ||
Recoverable amount of asset or cash-generating unit | $ 4,250 |
Tangible Assets And Assets Un_5
Tangible Assets And Assets Under Construction (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value of assets pledged as collateral | $ 118,438 | $ 101,145 | $ 88,573 |
Impairment loss | 19,396 | 0 | 2,569 |
Acquisition of tangible assets | 10,738 | 7,585 | 8,577 |
Borrowing costs capitalised | 16,026 | 19,444 | |
Malva H and Sara H [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | 19,396 | ||
Malva H [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | $ 2,569 | ||
Port Murtinho [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of tangible assets | 1,580 | ||
Borrowing costs capitalised | 713 | ||
Six Liquid Barges [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of tangible assets | 19,501 | ||
Borrowing costs capitalised | 1,062 | 611 | |
Construction in progress | 16,696 | ||
Construction of two new tanks [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of tangible assets | 1,843 | ||
Construction in progress | 1,285 | ||
2020 Fleet [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of tangible assets | 31,960 | ||
Purchase price | 30,000 | ||
Installation of crane [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of tangible assets | $ 3,803 | ||
Payments for property plant and equipment construction | $ 723 |
Intangibles - Schedule (Table)
Intangibles - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 153,062 | $ 155,834 |
Acquisition Cost [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 89,272 | 89,272 |
Acquisition Cost [member] | Port terminal operating rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 53,152 | 53,152 |
Acquisition Cost [member] | Customer relationships [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 36,120 | 36,120 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | (40,306) | (37,534) |
Accumulated depreciation and amortisation [member] | Port terminal operating rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | (14,834) | (13,835) |
Accumulated depreciation and amortisation [member] | Customer relationships [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | (25,472) | (23,699) |
Net Book Value | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 48,966 | 51,738 |
Net Book Value | Port terminal operating rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 38,318 | 39,317 |
Net Book Value | Customer relationships [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 10,648 | $ 12,421 |
Intangibles - Aggregate Amortiz
Intangibles - Aggregate Amortization (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | $ 48,966 |
Within One Year [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 2,770 |
Year Two [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 2,770 |
Year Three [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 2,770 |
Year Four [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 2,770 |
Year Five [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 2,770 |
Thereafter [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 35,116 |
Port terminal operating rights [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 38,318 |
Port terminal operating rights [member] | Within One Year [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 995 |
Port terminal operating rights [member] | Year Two [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 995 |
Port terminal operating rights [member] | Year Three [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 995 |
Port terminal operating rights [member] | Year Four [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 995 |
Port terminal operating rights [member] | Year Five [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 995 |
Port terminal operating rights [member] | Thereafter [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 33,343 |
Customer relationships [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 10,648 |
Customer relationships [member] | Within One Year [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 1,775 |
Customer relationships [member] | Year Two [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 1,775 |
Customer relationships [member] | Year Three [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 1,775 |
Customer relationships [member] | Year Four [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 1,775 |
Customer relationships [member] | Year Five [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | 1,775 |
Customer relationships [member] | Thereafter [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Aggregate amortization | $ 1,773 |
Intangibles (Details Narrative)
Intangibles (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets and goodwill [abstract] | |||
Amortization of intangible assets | $ 2,772 | $ 2,773 | $ 2,773 |
Goodwill | 104,096 | $ 104,096 | $ 104,096 |
Recoverable amount | $ 1,049,067 | ||
Weighted average cost of capital | 8.42% |
Other Non-Current Assets (Tab_2
Other Non-Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Prepaid expenses | $ 13 | $ 1,547 |
Deposits in guarantee to free zone | 176 | 176 |
Other (1) | 2,684 | 3,359 |
Total | $ 2,873 | $ 5,082 |
Trade Receivables (Table) (Deta
Trade Receivables (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||||
Receivables from other related parties (Note 20) | $ 0 | $ 282 | ||
Receivables from third party customers | 47,301 | 36,792 | ||
Total | 47,301 | 37,074 | ||
Allowance for expected credit losses | (3,275) | (2,884) | $ (2,490) | $ (2,857) |
Total trade receivables | $ 44,026 | $ 34,190 |
Trade Receivables - Allowances
Trade Receivables - Allowances (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other receivables [abstract] | |||
Balance, period start | $ 2,884 | $ 2,490 | $ 2,857 |
Allowance for expected credit losses | 391 | 541 | 341 |
Utilized provision | 0 | (147) | (708) |
Balance, period end | $ 3,275 | $ 2,884 | $ 2,490 |
Cash and Cash Equivalents (Ta_2
Cash and Cash Equivalents (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash at banks and on hand | $ 32,536 | $ 74,776 | ||
Short-term deposits | 44 | 94 | ||
Total | $ 32,580 | $ 74,870 | $ 45,605 | $ 76,472 |
Prepayments and Other Current_3
Prepayments and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Miscellaneous current assets [abstract] | ||
Insurance claims receivable, net | $ 40 | $ 346 |
VAT and other credits | 1,084 | 2,604 |
Deferred insurance premiums | 1,883 | 913 |
Advances to providers | 1,778 | 1,443 |
Other | 1,391 | 1,394 |
Total | $ 6,176 | $ 6,700 |
Issued Capital and Reserves (De
Issued Capital and Reserves (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 21, 2020 | Jul. 10, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | |||||
Number of shares issued | 20,000 | 20,000 | 20,000 | ||
Par value per share | $ 1 | $ 1 | $ 1 | ||
Dividends paid | $ 27,500 | $ 24,146 | $ 33,881 | $ 0 | |
Navios Holdings [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Dividends paid | $ 6,381 |
Interest-Bearing Loans and Bo_3
Interest-Bearing Loans and Borrowings - Schedule (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 26,003 | $ 22,822 | ||
Non-current portion of interest-bearing loans and borrowings | 532,373 | 537,213 | ||
Less: deferred finance costs | (16,026) | (19,444) | ||
Total interest-bearing loans and borrowings, net | 542,350 | 540,591 | $ 514,929 | $ 530,187 |
Notes Payable [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 4,927 | 5,475 | ||
Interest Rate | Six-month LIBOR | |||
Maturity | November 2, 2024 (1) | |||
Non-current portion of interest-bearing loans and borrowings | $ 7,536 | 12,367 | ||
Less: deferred finance costs | (5,949) | |||
Total interest-bearing loans and borrowings, net | 12,463 | |||
Seller's credit for the construction of the six liquid barges [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 2,676 | 1,901 | ||
Interest Rate | Fixed rate of 8.5% | |||
Maturity | November 16, 2025 (2) | |||
Non-current portion of interest-bearing loans and borrowings | $ 8,537 | 9,146 | ||
BBVA Facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 12,000 | 14,000 | ||
Interest Rate | Six-month LIBOR plus 3.25% | |||
Maturity | March 31, 2022(3) | |||
Non-current portion of interest-bearing loans and borrowings | $ 0 | 8,000 | ||
Total interest-bearing loans and borrowings, net | 12,000 | |||
Term Bank loan [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 1,400 | 1,400 | ||
Interest Rate | Three-month LIBOR plus 3.15% | |||
Maturity | May 18, 2025 | |||
Non-current portion of interest-bearing loans and borrowings | $ 6,300 | 7,700 | ||
Less: deferred finance costs | (99) | (30) | ||
Total interest-bearing loans and borrowings, net | 7,700 | |||
Seller's credit agreement for the acquisition of the 2020 Fleet [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 5,000 | 0 | ||
Interest Rate | Fixed rate of 5.00% | |||
Maturity | March 22, 2024 | |||
Non-current portion of interest-bearing loans and borrowings | $ 10,000 | 0 | ||
Loan for Nazira [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current portion of interest-bearing loans and borrowings | $ 0 | 46 | ||
Interest Rate | Fixed rate of 6.00% | |||
Maturity | August 10, 2021 | |||
2025 Notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest Rate | Fixed rate of 10.75% | |||
Maturity | July 1, 2025 | |||
Non-current portion of interest-bearing loans and borrowings | $ 500,000 | $ 500,000 |
Interest-Bearing Loans and Bo_4
Interest-Bearing Loans and Borrowings - Schedule From Financing Activities (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |||
Borrowings | $ 540,591 | $ 514,929 | $ 530,187 |
Proceeds from Seller’s credit agreement for the construction of six liquid barges | 2,246 | 0 | 0 |
Proceeds from the credit agreement for the acquisition of the 2020 Fleet | 15,000 | 0 | 0 |
Proceeds from 2025 Notes, net of deferred finance costs | 0 | 479,023 | 0 |
Proceeds from long term debt, net of deferred finance costs | 0 | 24,854 | 0 |
Repayment of 2022 Notes | 0 | (375,000) | 0 |
Repayment of long-term debt and payment of principal | (13,525) | (105,551) | (13,403) |
Repayment of notes payable | (5,261) | (4,466) | (4,304) |
Accretion of Notes payable / unwinding of discount | (119) | (161) | (103) |
Term bank loan additional deferred finance cost | (91) | 0 | 0 |
Amortization of deferred finance cost | 3,509 | 2,806 | 2,552 |
Loss on debt extinguishment | 0 | 4,157 | 0 |
Borrowings | $ 542,350 | $ 540,591 | $ 514,929 |
Interest-Bearing Loans and Bo_5
Interest-Bearing Loans and Borrowings - Annual Loan Principal Payments (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of performance obligations [line items] | |
Bank borrowings, undiscounted cash flows | $ 750,911 |
2022 [member] | |
Disclosure of performance obligations [line items] | |
Bank borrowings, undiscounted cash flows | 82,062 |
2023 [member] | |
Disclosure of performance obligations [line items] | |
Bank borrowings, undiscounted cash flows | 69,183 |
2024 [member] | |
Disclosure of performance obligations [line items] | |
Bank borrowings, undiscounted cash flows | 66,218 |
2025 [member] | |
Disclosure of performance obligations [line items] | |
Bank borrowings, undiscounted cash flows | $ 533,448 |
Interest-Bearing Loans and Bo_6
Interest-Bearing Loans and Borrowings (Details Narrative) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2022USD ($) | Oct. 29, 2009USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 08, 2020USD ($) | Feb. 28, 2020USD ($) | Dec. 31, 2018USD ($) | Nov. 03, 2017USD ($) | May 18, 2017USD ($) | Apr. 22, 2014USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 9.96% | 8.39% | 7.12% | ||||||||
Loss on debt extinguishment | $ 0 | $ 4,157 | $ 0 | ||||||||
Borrowing costs capitalised | 16,026 | 19,444 | |||||||||
Finance costs | 65,236 | 48,928 | 41,185 | ||||||||
Outstanding amount | 542,350 | 540,591 | 514,929 | $ 530,187 | |||||||
Amount of trade and other payable related to accrued interest | $ 23,277 | 26,270 | |||||||||
Notes 2025 [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notes and debentures issued | $ 500,000 | ||||||||||
Interest rate | 10.75% | ||||||||||
Description of debt instrument's scope | the 2025 Notes were used to satisfy and discharge the indenture governing the 2022 Notes, to repay all amounts outstanding under the Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance used for general corporate purposes. | ||||||||||
Loss on debt extinguishment | $ 4,157 | ||||||||||
Description of collateral | The 2025 Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Company’s 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”). | ||||||||||
Borrowing costs capitalised | $ 15,927 | 19,414 | |||||||||
Finance costs | $ 53,601 | 25,979 | |||||||||
Notes 2025 [member] | Before August 1, 2022 [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | ||||||||||
Debt Instrument, Redemption Price, Percentage | 110.75% | ||||||||||
Debt Instrument, Redemption, Description | an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Notes remains outstanding. | ||||||||||
Notes 2025 [member] | Prior to August 1, 2022 [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||||
Debt Instrument, Redemption, Description | (a) 100% of the principal amount of the 2025 Notes to be redeemed; plus (b) the applicable “make- whole” premium described in the indenture governing the 2025 Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. | ||||||||||
Notes 2025 [member] | Upon certain changes in law [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||||
Debt Instrument, Redemption, Description | The Co-Issuers may also redeem all, but not less than all, of the 2025 Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. | ||||||||||
Notes 2025 [member] | Upon the occurence of certain change of control events [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||||||||
Notes 2022 [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notes and debentures issued | $ 375,000 | ||||||||||
Interest rate | 7.25% | ||||||||||
Loss on debt extinguishment | 2,661 | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||||
Borrowings, maturity | May 1, 2022 | ||||||||||
Redemption date | July 16, 2020 | ||||||||||
Finance costs | $ 0 | 14,727 | 27,188 | ||||||||
Term Loan B Facility [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 4.75% | ||||||||||
Loss on debt extinguishment | 1,496 | ||||||||||
Finance costs | $ 0 | 3,162 | 7,150 | ||||||||
Notional amount | $ 100,000 | ||||||||||
Borrowings, interest rate basis | LIBOR | ||||||||||
Debt Amortization Percentage | 1.00% | ||||||||||
Repayment date | July 8, 2020 | ||||||||||
Notes Payable [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notes and debentures issued | $ 41,964 | ||||||||||
Borrowing costs capitalised | $ 5,949 | ||||||||||
Borrowings, maturity | November 2, 2024 (1) | ||||||||||
Finance costs | $ 608 | 1,006 | $ 1,591 | ||||||||
Borrowings, interest rate basis | six-month LIBOR | ||||||||||
Number of periodic payments | 16 | ||||||||||
Frequency of periodic payments | semi-annual installments | ||||||||||
Outstanding amount | $ 12,463 | ||||||||||
BBVA Facility [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 3.25% | ||||||||||
Description of debt instrument's scope | The BBVA Facility was used to repay existing debt with BBVA, and for general corporate purposes. | ||||||||||
Description of collateral | is secured by assignments of certain receivables | ||||||||||
Borrowings, maturity | March 31, 2022(3) | ||||||||||
Notional amount | $ 25,000 | ||||||||||
Borrowings, interest rate basis | LIBOR (180 days) | ||||||||||
Frequency of periodic payments | quarterly | ||||||||||
Outstanding amount | $ 12,000 | ||||||||||
Drawn down date | July 8, 2020 | ||||||||||
Term Bank loan [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 3.15% | ||||||||||
Description of debt instrument's scope | the Company entered into a $14,000 term loan facility (the “Term Bank Loan”) in order to finance the acquisition of two product tankers. | ||||||||||
Borrowing costs capitalised | $ 99 | 30 | |||||||||
Borrowings, maturity | May 18, 2025 | ||||||||||
Notional amount | $ 14,000 | ||||||||||
Borrowings, interest rate basis | LIBOR (90 days) | ||||||||||
Number of periodic payments | 20 | ||||||||||
Frequency of periodic payments | quarterly | ||||||||||
Outstanding amount | $ 7,700 | ||||||||||
Balloon payment | $ 7,000 | ||||||||||
Maturity of borrowings | May 18, 2022 | ||||||||||
Term Bank loan [member] | Amended loan facility [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Description of debt instrument's scope | to amend the Term Bank Loan, extending its maturity and amending the repayment schedule. | ||||||||||
Number of periodic payments | 12 | ||||||||||
Frequency of periodic payments | quarterly | ||||||||||
Balloon payment | $ 2,800 | ||||||||||
Six Liquid Barges [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 8.50% | ||||||||||
Finance costs | $ 1,071 | 176 | |||||||||
Notional amount | 13,475 | ||||||||||
Borrowings, interest rate basis | fixed rate | ||||||||||
Number of periodic payments | 20 | ||||||||||
Frequency of periodic payments | quarterly | ||||||||||
Outstanding amount | $ 11,213 | ||||||||||
Seller's credit agreement for the acquisition of the 2020 Fleet [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 5.00% | ||||||||||
Description of debt instrument's scope | Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of the 2020 Fleet. | ||||||||||
Borrowings, maturity | March 22, 2024 | ||||||||||
Finance costs | $ 584 | 0 | |||||||||
Notional amount | $ 15,000 | ||||||||||
Borrowings, interest rate basis | fixed rate | ||||||||||
Number of periodic payments | 3 | ||||||||||
Frequency of periodic payments | annual installments | ||||||||||
Borrowings Periodic Payment | $ 5,000 | ||||||||||
Hidronave S.A. [member] | Pushboat Nazira [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 6.00% | ||||||||||
Description of debt instrument's scope | in order to finance the construction of the pushboat Nazira. | ||||||||||
Borrowings, interest rate basis | fixed rate | ||||||||||
Repayment date | September 30, 2021 | ||||||||||
Non cash Or Part Non cash Acquisition Debt Assumed1 | $ 817 |
Trade and Other Payables (Tab_2
Trade and Other Payables (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other payables [abstract] | ||
Trade payables | $ 19,060 | $ 15,365 |
Accrued expenses | 6,705 | 5,705 |
Accrued interest expense | 23,277 | 26,270 |
Tax payable | 9,032 | 7,676 |
Other payable | 753 | 1,060 |
Professional fees payable | 1,893 | 880 |
Related Parties (Note 20) | 384 | 0 |
Deferred lease revenue | 1,221 | 1,933 |
Total | $ 62,325 | $ 58,889 |
Leases - Lease Agreements (Tabl
Leases - Lease Agreements (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, period start | $ 7,275 | $ 8,054 | $ 8,621 |
Additions | 1,105 | 0 | 225 |
Depreciation expense | (746) | (779) | (792) |
Lease reassesment | 369 | 0 | 0 |
Balance, period end | 8,003 | 7,275 | 8,054 |
Land [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, period start | 6,780 | 6,929 | 7,078 |
Additions | 0 | 0 | |
Depreciation expense | (157) | (149) | (149) |
Lease reassesment | 369 | ||
Balance, period end | 6,992 | 6,780 | 6,929 |
Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance, period start | 495 | 1,125 | 1,543 |
Additions | 1,105 | 0 | 225 |
Depreciation expense | (589) | (630) | (643) |
Lease reassesment | 0 | ||
Balance, period end | $ 1,011 | $ 495 | $ 1,125 |
Leases - Analysis of Lease Liab
Leases - Analysis of Lease Liabilities (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities [abstract] | |||
At January 1, | $ 7,856 | $ 8,551 | $ 8,979 |
Additions | 1,105 | 0 | 224 |
Lease reassesment | 369 | 0 | 0 |
Accretion of interest | 678 | 606 | 654 |
Payments | (1,257) | (1,301) | (1,306) |
At December 31, | 8,751 | 7,856 | 8,551 |
Current | 1,095 | 911 | 1,300 |
Non-current | $ 7,656 | $ 6,945 | $ 7,251 |
Leases - Maturity Analysis of F
Leases - Maturity Analysis of Finance Lease (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Lease Liability | $ 27,120 |
Less than 1 year [member] | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Lease Liability | 1,095 |
Between 1 and 5 years [member] | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Lease Liability | 3,029 |
Over 5 years [member] | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Lease Liability | $ 22,996 |
Leases - Fixed and Variable Lea
Leases - Fixed and Variable Lease Payments (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities [abstract] | |||
Fixed lease payments | $ 1,257 | $ 1,301 | $ 1,306 |
Variable lease payments | 845 | 982 | 1,207 |
Total | $ 2,102 | $ 2,283 | $ 2,513 |
Leases - Lease Expenses of Less
Leases - Lease Expenses of Lessee (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Depreciation expense of right-of-use assets | $ 746 | $ 779 | $ 792 |
Finance expense on lease liabilities | 678 | 606 | 654 |
Expense relating to short-term leases | 5,887 | 6,587 | 3,865 |
Total | $ 7,311 | $ 7,972 | $ 5,311 |
Leases - Future Minimum Maturit
Leases - Future Minimum Maturity Revenues (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
IfrsStatementLineItems [Line Items] | |
Undiscounted operating lease payments to be received | $ 133,443 |
2022 [member] | |
IfrsStatementLineItems [Line Items] | |
Undiscounted operating lease payments to be received | 47,051 |
2023 [member] | |
IfrsStatementLineItems [Line Items] | |
Undiscounted operating lease payments to be received | 39,170 |
2024 [member] | |
IfrsStatementLineItems [Line Items] | |
Undiscounted operating lease payments to be received | 25,929 |
2025 [member] | |
IfrsStatementLineItems [Line Items] | |
Undiscounted operating lease payments to be received | 19,418 |
2026 [member] | |
IfrsStatementLineItems [Line Items] | |
Undiscounted operating lease payments to be received | $ 1,875 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Cash outflow for leases | $ 7,144 | $ 7,888 | $ 5,171 | |
Additions | $ 1,105 | 0 | 225 | |
Formosa And San Lorenzo [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Sale price | $ 1,109 | |||
Land [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lessee Operating Lease Term Of Contract | 45 years | |||
Additions | $ 0 | 0 | ||
Land [member] | Minimum [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lessee Operating Lease Term Of Contract | 8 months 12 days | |||
Land [member] | Maximum [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lessee Operating Lease Term Of Contract | 5 years 1 month 6 days | |||
Buildings [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Additions | $ 1,105 | $ 0 | $ 225 |
Related Party Disclosures - Amo
Related Party Disclosures - Amounts Due From Affiliated Companies (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of transactions between related parties [line items] | ||
Amounts due to affiliate companies | $ (15,384) | |
Amounts due from affiliate companies | $ 75,359 | |
Navios Holdings (Parent) [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts due to affiliate companies | 0 | |
Amounts due from affiliate companies | 75,077 | |
Peers Business Inc. (Other related party) [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts due to affiliate companies | (15,000) | |
Amounts due from affiliate companies | 0 | |
Navios Shipmanagement Inc. (Other Related Party) [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts due to affiliate companies | $ (384) | |
Amounts due from affiliate companies | $ 282 |
Related Party Disclosures (Deta
Related Party Disclosures (Details Narrative) $ in Thousands | 6 Months Ended | 7 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021USD ($)shares | Jul. 10, 2020USD ($)shares | Jun. 30, 2019USD ($) | Jul. 30, 2021USD ($)shares | Dec. 02, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||||||||
Interest rate | 9.96% | 8.39% | 7.12% | ||||||
Losses on disposals of investments | $ 24,149 | $ 0 | $ 0 | ||||||
Interest income | 4,627 | 8,647 | 4,579 | ||||||
Financial assets at amortized cost | 0 | 5,244 | |||||||
Services expense | 55,110 | 46,312 | 42,536 | ||||||
Key management personnel compensation | 900 | 900 | 2,900 | ||||||
Minimum [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Compensation expenses | 280 | ||||||||
Maximum [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Compensation expenses | $ 340 | ||||||||
Navios Holdings 2022 Notes [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Notes face value | $ 35,500 | ||||||||
Purchases fair value measurement assets | 17,642 | ||||||||
Sales fair value measurement assets | 18,726 | ||||||||
Gain loss on disposal of debt securities | $ 1,084 | ||||||||
Navios Holdings [member] | Navios Holdings Agreement [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Line of credit facility initiation date | Apr. 25, 2019 | ||||||||
Notional amount | $ 50,000 | ||||||||
Description of agreement's scope | to be used for general corporate purposes, including the repurchase of Navios Holdings’ 7.375% First Priority Ship Mortgage Notes due 2022 (the “Navios Holdings 2022 Notes”). | ||||||||
Description of collateral | secured by Navios Holdings 2022 Notes purchased with funds borrowed under the Navios Holdings Loan Agreement. | ||||||||
Brokerage fee expense | $ 500 | ||||||||
Interest income | $ 4,222 | 8,277 | |||||||
Financial assets at amortized cost | 5,244 | ||||||||
Navios Holdings [member] | Navios Holdings Agreement [member] | Admendment [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Interest rate | 10.00% | ||||||||
Increase of credit facility | $ 20,000 | ||||||||
Maturity date | December 2024 | ||||||||
Navios Holdings [member] | Navios Holdings Agreement [member] | First Year [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Interest rate | 12.75% | ||||||||
Navios Holdings [member] | Navios Holdings Agreement [member] | Second Year [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Interest rate | 14.75% | ||||||||
Navios Holdings [member] | Administrative Services Agreement [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Administrative expenses | $ 1,144 | 1,144 | 1,144 | ||||||
Grimaud [member] | Common shares [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Interest rate | 13.00% | ||||||||
Common stock issued | shares | 2,414,263 | ||||||||
Interest payable | $ 6,381 | ||||||||
Common stock sold | shares | 752,000 | ||||||||
Proceeds from sale of common stock | $ 3,704 | ||||||||
Losses on disposals of investments | 24,149 | ||||||||
Grimaud [member] | Promissory Note [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Debt instruments issued | $ 20,000 | ||||||||
Number Of Periodic Payments | 4 | ||||||||
Borrowings Frequency Of Periodic Payment | semi-annual | ||||||||
Supplemental Navios Holdings Loan Agreement [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Description of agreement's scope | Grimaud and Navios Holdings agreed to amend the Navios Holdings Loan Agreement | ||||||||
Prepayment amount | $ 7,500 | ||||||||
Common stock sold | shares | 9,301,542 | ||||||||
Repayment date | July 13, 2021 | ||||||||
Empresa Hotelera Argentina S.A. Pit Jet [member] | Lodging and travel services [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Services expense | 0 | 16 | $ 15 | ||||||
Amounts payable, related party transactions | $ 0 | $ 1 |
Fair Value Measurement (Table)
Fair Value Measurement (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | $ 32,580 | $ 74,870 |
Cash and cash equivalents | Book Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at book value | 32,580 | 74,870 |
Cash and cash equivalents | Fair Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | 32,580 | 74,870 |
Net investment in the lease [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | 300 | |
Net investment in the lease [member] | Book Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at book value | 0 | 300 |
Net investment in the lease [member] | Fair Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | 0 | 300 |
Intercompany receivable loan from parent (related party) [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | 69,833 | |
Intercompany receivable loan from parent (related party) [member] | Book Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at book value | 0 | 69,833 |
Intercompany receivable loan from parent (related party) [member] | Fair Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | 0 | 69,833 |
2025 Notes [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | (526,710) | (542,380) |
2025 Notes [member] | Book Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at book value | (484,073) | (480,586) |
2025 Notes [member] | Fair Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | (526,710) | (542,380) |
Notes payable, including current portion | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | (12,463) | (17,842) |
Notes payable, including current portion | Book Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at book value | (12,463) | (17,842) |
Notes payable, including current portion | Fair Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | (12,463) | (17,842) |
Other long-term indebtness, including current portion | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | (45,814) | (42,163) |
Other long-term indebtness, including current portion | Book Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at book value | (45,814) | (42,163) |
Other long-term indebtness, including current portion | Fair Value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Assets at fair value | $ (45,814) | $ (42,163) |
Fair Value Measurement - Measur
Fair Value Measurement - Measured on a Nonrecurring Basis (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | $ 32,580 | $ 74,870 |
Cash and cash equivalents | Level I [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 32,580 | 74,870 |
Cash and cash equivalents | Level II [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
Cash and cash equivalents | Level III [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
2025 Notes [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | (526,710) | (542,380) |
2025 Notes [member] | Level I [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | (526,710) | (542,380) |
2025 Notes [member] | Level II [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
2025 Notes [member] | Level III [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
Notes payable, including current portion | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | (12,463) | (17,842) |
Notes payable, including current portion | Level I [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
Notes payable, including current portion | Level II [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | (12,463) | (17,842) |
Notes payable, including current portion | Level III [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
Other long-term indebtness, including current portion | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | (45,814) | (42,163) |
Other long-term indebtness, including current portion | Level I [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | 0 |
Other long-term indebtness, including current portion | Level II [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | (45,814) | (42,163) |
Other long-term indebtness, including current portion | Level III [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | $ 0 | 0 |
Net investment in the lease [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 300 | |
Net investment in the lease [member] | Level I [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 300 | |
Net investment in the lease [member] | Level II [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | |
Net investment in the lease [member] | Level III [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | |
Intercompany receivable loan from parent (related party) [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 69,833 | |
Intercompany receivable loan from parent (related party) [member] | Level I [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 0 | |
Intercompany receivable loan from parent (related party) [member] | Level II [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 69,833 | |
Intercompany receivable loan from parent (related party) [member] | Level III [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | $ 0 |
Fair Value Measurement (Details
Fair Value Measurement (Details Narrative) $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value [member] | Navios Holdings 2020 Notes [member] | |
Disclosure of transactions between related parties [line items] | |
Fair value of collaterals | $ 99,854 |
Provisions (Table) (Details)
Provisions (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions [abstract] | ||
Balance, period start | $ 451 | $ 416 |
Arising during the year | 110 | 139 |
Utilized | (104) | |
Balance, period end | $ 561 | $ 451 |
Earnings per Share (Table) (Det
Earnings per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit (loss), attributable to ordinary equity holders of parent entity [abstract] | |||
(Loss)/profit attributable to Navios Logistics’ stockholders | $ (66,379) | $ 11,669 | $ 30,154 |
Weighted average number of shares, basic and diluted | 20,000 | 20,000 | 20,000 |
Net (loss)/earnings per share from continuing operations: Basic and diluted | $ (3.32) | $ 0.58 | $ 1.51 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023USD ($) | Jun. 30, 2022USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of transactions between related parties [line items] | |||||||
Gains on litigation settlements | $ 1,203 | $ 4,852 | $ 2,536 | ||||
Vitol S.A. [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision Of Guarantees Or Collateral By Entity Related Party Transactions | 12,000 | ||||||
Free Zone Of Nueva Palmira [member] | Edolmix S.A. [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision Of Guarantees Or Collateral By Entity Related Party Transactions | 847 | ||||||
Free Zone Of Nueva Palmira [member] | Energas Renovables Del Sur S A [Member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision Of Guarantees Or Collateral By Entity Related Party Transactions | $ 519 | ||||||
Settlement regarding a storage and transshipment contract in the grain port terminal [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Installment | $ 4,140 | ||||||
Number of installments | 3 | ||||||
Gains on litigation settlements | $ 4,102 | ||||||
Settlement regarding a storage and transshipment contract in the grain port terminal [member] | Installment A [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Installment | $ 1,380 | ||||||
Settlement regarding a storage and transshipment contract in the grain port terminal [member] | Installment B [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Installment | $ 1,380 | ||||||
Settlement regarding a storage and transshipment contract in the grain port terminal [member] | Installment C [member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Installment | $ 1,380 |
Financial Management - Sensitiv
Financial Management - Sensitivity Analysis (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Carrying amount | $ (32,163) |
Minimum | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Effect on Income and Equity Possible increase through maturity | (33) |
Maximum | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Effect on Income and Equity Possible increase through maturity | $ (65) |
Financial Management - Liquidit
Financial Management - Liquidity Risk (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [line items] | ||
Interest-bearing loans and borrowings (excluding items below, Note 17) | $ 750,911 | |
Lease liabilities (Note 19) | 27,120 | |
Trade and other payables (Note 18) | 62,325 | $ 58,889 |
Promissory note (Note 20) | 15,000 | |
Total | 855,356 | |
Less than a year [member] | ||
Disclosure of financial liabilities [line items] | ||
Interest-bearing loans and borrowings (excluding items below, Note 17) | 82,062 | |
Lease liabilities (Note 19) | 1,095 | |
Trade and other payables (Note 18) | 62,325 | |
Promissory note (Note 20) | 5,000 | |
Total | 150,482 | |
1-2 years [member] | ||
Disclosure of financial liabilities [line items] | ||
Interest-bearing loans and borrowings (excluding items below, Note 17) | 69,183 | |
Lease liabilities (Note 19) | 987 | |
Trade and other payables (Note 18) | 0 | |
Promissory note (Note 20) | 10,000 | |
Total | 80,170 | |
2-3 years [member] | ||
Disclosure of financial liabilities [line items] | ||
Interest-bearing loans and borrowings (excluding items below, Note 17) | 66,218 | |
Lease liabilities (Note 19) | 759 | |
Trade and other payables (Note 18) | 0 | |
Total | 66,977 | |
3-4 years [member] | ||
Disclosure of financial liabilities [line items] | ||
Interest-bearing loans and borrowings (excluding items below, Note 17) | 533,448 | |
Lease liabilities (Note 19) | 645 | |
Trade and other payables (Note 18) | 0 | |
Total | 534,093 | |
More than 5 years | ||
Disclosure of financial liabilities [line items] | ||
Interest-bearing loans and borrowings (excluding items below, Note 17) | 0 | |
Lease liabilities (Note 19) | 23,634 | |
Trade and other payables (Note 18) | 0 | |
Total | $ 23,634 |
Financial Management (Details N
Financial Management (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||
Debt Instruments Held | $ 32,163 | ||
Description of effect of changes in foreign exchange rates | A change in exchange rates between the U.S. dollar and each of the foreign currencies listed above by 1.00% would change the Company’s profit for the year ended December 31, 2021 by $728 | ||
Foreign Customers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 50.80% | 47.80% | 53.40% |
Vale International S.A. [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 23.40% | 31.80% | 36.40% |
YPF S.A. [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 10.10% | ||
Five largest customers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 53.60% | 58.70% | 64.00% |
Fair Value [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Instruments Held | $ 558,376 | $ 560,035 | |
Fair Value [member] | Six Liquid Barges [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Instruments Held | 11,213 | 11,047 | |
Fair Value [member] | 2025 Notes [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Instruments Held | 526,710 | 542,380 | |
Fair Value [member] | Credit agreement for the acquisition of the 2020 Fleet [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Instruments Held | $ 15,000 | ||
Fair Value [member] | Hidronave SA [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Instruments Held | $ 46 |
Events After The Reporting Pe_2
Events After The Reporting Period (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 25, 2022USD ($) | Mar. 23, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Interest rate | 9.96% | 8.39% | 7.12% | ||
Proceeds from borrowings | $ 0 | $ 13,625 | $ 0 | ||
2022 BBVA Facility [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | $ 25,000 | ||||
Description of scope, borrowings | The 2022 BBVA Facility was used to repay existing debt under the BBVA Facility, and for general corporate purposes. | ||||
Interest rate | 4.25% | ||||
Borrowings Frequency Of Periodic Payment | quarterly | ||||
Maturity date | July 1, 2025 | ||||
Proceeds from borrowings | $ 17,000 | ||||
Number Of Periodic Payments | 12 | ||||
Santander Facility [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | $ 5,000 | ||||
Description of scope, borrowings | The Santander Facility will be used for general corporate purposes | ||||
Interest rate | 4.20% | ||||
Borrowings Frequency Of Periodic Payment | quarterly | ||||
Maturity date | March 7, 2026 | ||||
Proceeds from borrowings | $ 5,000 | ||||
Number Of Periodic Payments | 12 | ||||
Description of collateral | is secured by assignments of certain receivables. |