NM - Earnings call transcript Q2 2022 | Navios Maritime Holdings Inc.

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Operator

Good morning, and thank you for joining Navios Maritime Holdings' Second Quarter 2022 Earnings Conference Call.

We are pleased to host this call from the Cayman Islands. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Financial Officer, Mr. George Akhniotis; and SVP of Strategic Planning, Mr. Karyotis. Ioannis the Ms. turn over call will to I Daniela call details will take the conference you through and Guerrero, who Safe Harbor statements. Daniela?

Daniela Guerrero

you. Thank

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Operator

as follows. The agenda today's conference call for is

We the the after, formal we this call conference will to remarks will begin management call with open morning's from team. And take questions.

and Angeliki Frangou. Ms. CEO, Angeliki? turn I Chairwoman to call the Holdings' Now Navios out

Angeliki Frangou

million, us the second EBITDA I $XXX.X on and Thank you, second call. joining the reported XXXX. Michael, results and $XX of income In of million Holding $XX.X quarter, revenue today's you to good pleased million. net of quarter with morning of am Navios all of our for

a used funds and pay of of Most time recorded our and how at $XXX to we Navios will XXXX, balance dry debt. of sheet. $XXX.X EBITDA of to sold million down used these $XX million. importantly, months six $XXX.X of income proceeds George of Holdings fleet $XXX address our sales revenue good net million, delever we the For million million

now With primary the we us, and have two sale fleet ownership the closing investments. of behind have exited

interest on are Logistics, But moment, this South America. company. mouth a drill provide. will in Hidrovia American Uruguay is our first group refocus logistics will the opportunity means Ioannis down zone the of is you region a infrastructure transshipment unaffected XX.X% ownership Karyotis in The assets the and located drought. in remind the the asset of on that I by which water the of unique South tax-free levels the We provider that Navios at river, can a in primary in

unaffected Our will of we and its ore which that of contract by other important, J&F the J&F, increase mine with operations. affects our is positively Vale in is a believe great sale mining, deal There the new activity volumes. equally iron recent to

in Mr. I maritime Navios ownership George financials. The like estimated investment interest through call take you that above to analyst Akhniotis, now is the have second potential as XX.X% the investment the This Navios safety NAV well Partners to is believe market price. of Partners. has current Holdings returns will also as will turn we We company. over excellent a well-diversified margin who economic is Navios CFO, a George? would the

George Achniotis

QX also American of net Logistics equivalent improvement compared by charter Navios rate $XX.X XXXX. time company. XXXX, income the the quarter 'XX. million in of achieved QX $XX.X quarter reflected X and of the fleet Please of for financial is and EBITDA mainly was you, second for turn highlights the Holdings' XX% million, The increase. results the Thank the six increase XX% in of Slide the XX% is increase a quarter the to The for to first compared Angeliki. to a review a of increase to due Navios in in a months South in

During in million XX%. 'XX, QX net improvement an XXXX, $XX recorded of $XX.X of to income compared million we

initially was 'XX financial for I first that half months of to rate the of in 'XX, mortgage with $XX fees ship the the million of the XX%. to upfront period the in of period. highlights, for we XXXX for compared 'XX, American the of of EBITDA XX% and refinancing in million in of XX% half 'XX. first debenture XXXX. the of an the results The of for noisy compared South like six half In fleet the Net than revenue gain was materially QX. Logistics the be sale would then of first improvement from the income TCE QX, some sale half notes Moving to will of during first convertible the to results XXXX forward. from includes $XX paid Navios first achieved going higher company record the $XXX.X were the $XXX.X little out will the in six a Net charters and in than million million million a income higher of first different $XX.X the the form point the and months was fleet,

Logistics, our will However, consolidated. include include which has not QX, operating only any will revenue the results Navios commencing they from Instead, South always results from in vessels. American been

sheet our Slide balance highlights. X to Moving and

notes I of trustee million at was at about December $XX end in deposited to January. $XXX about was $XX to December, remind the with in the end to million the was mortgage the ship million XXXX, restricted cash the balance of of that you As want of the order 'XX. of in notes cash the compared repayment that facilitate

in the $XXX billion half year partial our reduced have fully the repaid August, XXXX. of senior notes of bonds we notes repayment the the secured at notes. ship from end of secured the of In senior first Following of end the $X.X year, million and the the at June repayment the mortgage the to

effect the of going South the income balance sheet more Similar the sale reflected the Ioannis QX mainly reflect fleet this results. million delever debt forward bare the were the $XX the finance At consolidated sheet balance call repay fully Logistics by reducing and review mandatory as have other balance South to the full sale fleet debt I'll the the of of used and been follows. Following notes. of American assumed senior be income will of $XXX.X the the million the QX, statement. of for will secured over sheet sheet to American clearly and obligations repayment turn logistics. majority the in in to by bank The the $XXX.X Navios of proceeds boat manager; Navios liabilities loans million Partners; balance that statement, with to point, associated Navios lease and liabilities his

Ioannis Karyotis

good for transportation Thank you, provides coastal three and for The to which commodities is Slide Navios of tanker geopolitical trade. fleet global security, food focus are of to been operates George. from X. expected tensions our turn improving. an product South The river always port on Slide terminals, because benefit by for have X and Please Navios overview Logistics agricultural Logistics. America. complemented Logistics cabotage barge fleet are prospects Navios of exports the

to for to first According more in XX% South recover. our terminal, soybean In half XXXX-'XX port failed Paraguayan USDA our grain this year-on-year. to through crop And grain is is year, importantly, exports of American be the Uruguay expected higher crop are expected that fact, in stronger. this even the year,

In Paraguay service The difficult, iron ore exports port business mining of and assets barge a assets the yet exploitation system. profitability from our our the historical continue rivers increased And owns last water terminal. XXXX, ore still benefits to of compared in business. of underutilized levels terminal. and low Midwestern year. and port Meanwhile, Corumba Navios the we ownership. the which in J&F, clients. its this below to increase Hidrovia infrastructure see made couple the terminal, demand port sold conditions assets, Vale the year, who is export production exports well-located, improved interest revived average. navigation our also of our through using years, third our far, Vetria modern many years XXXX Brazil, Mining, should iron and grow affecting system started Cargill In barge which volumes under the the We with so export added in XB a the the to to XXXX, unique, new water Logistics capacity this in production client to mining were and both river recently for have Parana,

XX% have and Page higher $X.X grew exchange segment, to available at land higher of QX EBITDA Argentina driven barge improved part business by mainly operating iron to also EBITDA develop more of QX mainly XX% segment X. increase terminal. million, environment the $XX $X.X XXXX from same in market million, We to fleet compared was a days XX% in Port million other Uruguayan growing year. higher as ore the QX $X.X last throughput increased to attributed million foreign compared income to turn EBITDA port grain to the the the due cargo business, has million the new In world. due to EBITDA tariffs Please to $XX.X cabotage and to soybeans XX% port exports last year. of higher in to by higher In XXXX the XXXX increased liquid quarter differences. the a

company. XXXX, $X.X profit due was mainly QX million year, the to $X.X the improved of to last For period in loss compared same million performance

equivalents $XXX.X over million. would June end million. for six of my the turn no last significant to presentation. call $X cash revenue increased quarter compared XX% concludes XX, like final Slide to EBITDA million, the turn year. Logistics to now profit to Please were has months Turning to ending maturities Navios the XX, financial XXXX until million and $X.X Cash same I the results increased Angeliki at XXXX, the This her XXXX. and to second period the debt $XX.X Angeliki? $XX.X XX% comments. of to million to increased by period for

Angeliki Frangou

questions. our Ioannis. the open you, call presentation, Thank and This to we concludes formal

Operator

would I remarks. you no questions I call Instructions]. Thank at closing am showing for Angeliki this now back time. to like turn to the over [Operator

Angeliki Frangou

million, backdrop in and to control Logistics, We we where be our and around the $XXX very going critical an deleverage [indiscernible] over profit Thank the completed about you. the bulk to This is we important energy sale of In used think important dry of the for food the world, infrastructure we million. fleet is quarter. $XXX concentrating consideration and South favorable. Navios security that American

is iron are in have the of and port on an also see mine, we freight the port. the port for Also, unaffected Vetria river bringing and iron we new terminal mines, largest -- rich the our the new we have the grains. Hidrovia coming players and from we in and mouth ore commodities J&F, where area drought that all in see is dedicated that the players the only coming we river, in increased independent with results. ore any see ore activity these our in impact to down Also, iron in We the

the Thank we So see completes in growth area. you. favorable quarterly results. the This

Operator

Thank event. you. and concludes today's gentlemen, Ladies this

You disconnect. now may

Navios Maritime (NMPRY) 9 Sep 222022 Q2 Earnings call transcript