- Earnings call transcript Q3 2022

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Operator

Good day, everyone, and welcome to the Navios Maritime Holdings Q3 2022 Earnings Conference Call [Operator Instructions]. Please note that this call may be recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Michael Pearson. Please go ahead.

Michael Pearson

Good morning, and thank you for joining Navios Maritime Holdings third quarter 2022 earnings conference call.

host from to Cayman pleased are this the call Islands. We over now turn will to the I call Ms. who the and conference Guerrero, call Daniela will details safe take harbor you through statements. Daniela?

Daniela Guerrero

you. Thank

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the in found today's in call also be webcast You'll of page, referenced see link the and presentation the there. middle the a copy of will

forward-looking Navios contain under Now Reform This review conference of I Private the the statement. the could will meaning harbor Act safe call of Maritime statements Securities Litigation XXXX about Holdings.

are and Holdings' the such historical facts. current in Exchange uncertainties, actual light results should which statements this are from Maritime Such fully upon of discussed contained expectations Commission. that and are obligation assume and in Maritime based Navios could to update forward-looking information conference of cause any Navios are be set Forward-looking risks The and the more with are differ statements. Such herein information risks. beliefs does Holdings to Holdings statements forth risks Maritime forward-looking the to the not call. Securities in Navios not management statements understood subject filings

Michael Pearson

with begin Frangou. and Angeliki? will Navios morning's We conference CEO, this call Chairman Holdings' Ms. Angeliki

Angeliki Frangou

generated with Navios you, and X. results Holdings. We the of the income to pleased today's for Slide to for XXXX. good I all morning call. of quarter $XX Thank a Please am Michael, XXXX turning net marks on you joining million. us third point QX turn of

company. of sales which break $XXX.X primarily for dry as different bulk million in the debt, market. Our to $XXX The be a generated future materially dry will million, use on deleveraging advantage taking strong our substantially fleet a down we cash result results

interest XXX,XXX in $X.X event Partners, and offer. a transportation to nature the repurchase of eliminated annual diversified also the owns Navios in preferred million the business, dividend Given we in million $XX about for tender We ownership an underlying obligation. million of liquidity used After marine Holdings shares an Navios XX.X% offer sales, issued originally $X.X the the form company. change stockholders a a

logistics also Navios in America. We region provided Logistics, Hidrovia the and in ownership South infrastructure of South and American own XX.X%

years, are Navios American a management plan. and Navios We George have has to Logistics years. Logistics has with American been leadership. Logistics. focused George am developing together CEO and many I his closely and for XX team South appointed report the on confident for worked have South American pleased South Navios as implemented Achniotis George in succession worked I almost I'm that of the

was CFO. Holdings. Ferrando, for Navios this He an the many on has long-time Vice moved natural. So [Claudio] Ioannis other as basis. and will promotions; Aires President full-time Officer; Karyotis, appointed a serve benefit hope Enrique wisdom Navios Operating as years. appointed we Chief from his and Chairman, to to the Vice continue Logistics would the move experience I and also also active will a been Buenos America has CFO obviously has few been He as like CFO formerly Finance, mention as of South our of to

detail. in the of there in opportunity ranks commercial that changes this see the large been We George a will will management and is discuss have You throughout this greater region. that believe

go team. the I through George security to to renewed a call in has develop, are logistics having Hidrovia who now assets developments been catalysts take Achniotis to over global our Brazil advantage Mr. the for among business mining and opportunities. volumes is positive with of the George? to on development hope assets. may Overall, new like There will this creating While would take energy in of turn region. the increasing impact financials. interest of on the other [Corumba] focus region the the food some time We

George Achniotis

Thank Please I financial X the want highlights were of out Navios that quarter for to Slide of point and for Navios sale of XXXX. Holdings a the nine the fleet the review turn the to first results of to Partners. you, affected months this Angeliki. third by the quarter

the of of a the sale, resulted discontinued completion $XXX Following million. gain The this dry bulk have sale in as results operations. been net the fleet the of reported has of fleet

Navios EBITDA consolidated $XXX million of the the the quarter for the was of to South reflect XXXX. results of will compared $XXX Logistics. forward, company Going mainly in QX results about American million

include the $XX sale million fleet, In of 'XX. QX the million, $XX in for investment compared from in Navios to Partners. other impairment of income was of the about $XX of to our QX results gain million a QX addition the Net temporary than

In items income debt. of that for addition net EBITDA, QX by to also affected the affected prepayment the was fees

to the period financial to the month $XXX 'XX. affected by the of 'XX. EBITDA income million $XX same that period compared the items was nine nine Moving months $XXX was in to affected million results. Net in the for the million for highlights. million compared first of same XXXX QX was EBITDA $XX

in the that results QX charges QX. affected to EBITDA, prepayment items and were for the of the fees refinancing by our addition also In affected debt

Slide X our highlights. to and Moving sheet balance

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

to XX% fleet complemented Logistics. and transportation three terminals, or barge the fleet overview cabotage of our South EBITDA. coastal These our trades. product reflects about tanker river the America of sheet balance Navios are of South mainly Navios QX the operates port turn of which by for provide and consolidated for the X Navios balance Logistics for sale sheet American Logistics. Slide of Please of in the obligations, Following the maturity an fleet repayment

mentioned, Enrique Ferrando as Board is in Turning is the proceeded as with of Officer, to CFO; new Slide month, CEO. COO; new the we Karyotis in Rebolo changes have Ioannis achieved Directors Chief past the already the the new company. our of and the position I of Mariana and Risk management the and X, Angeliki

We our of team with and the Francisco commercial development business have and Tazelaar. appointments also strengthened [indiscernible]

As of new management, we are excited all very the us. opportunity with ahead

innovative opportunities. Our maximize our capture business the to is strategy and return provide existing assets, of our new solutions clients to logistics

call want We to region, for existing to opportunities. developments. clients have develop serve unique an this the which update to assets Ioannis At Ioannis? new in we infrastructure Karyotis turn and recent leverage point, over on I'll our business the

Ioannis Karyotis

same X. benefit agricultural on food focus to America. nine should from In exports continue than higher higher exports to period driven South of XXXX, turn last year, first XX% American Uruguayan security were soybean Please George. of mainly According strengthen. The to through soybeans. you, Slide crop South by XXXX/'XX Uruguay port in months the should the global our grain exports Thank the the USDA,

production region XXXX/'XX. exploiting recover outlook see Guruma then Importantly a grain the transshipment Hidrovia river The transportation the and are mineral assets revived interest Brazil, is difficult expected to terminal, for in for our in crop of is transited which through mineral from Paraguayan positive. system. We

from more made level Paraguayan business mainly our also into in rivers low this terminals terminal. historical years, to port both the create ore interest both that barge affecting In through yet barge our opportunities benefit the and the still production ore water actual J&F Vetria growth. export We compared new directly, and improved currently last regional Parana iron recently revenue and water adversely increase XB XXXX not other our business. to iron our Vale, To use mines the Europe. navigation volumes XXXX, expect producers, is will We acquired only XXXX, but will believe increase in from and for couple In driving Mining, will average. below of difficult,

internationally. to gradually dry Navios the In for Enrique targeted reduced crop addition, the following period, same bulk would of XX% year now discussion conditions The and XXXX CFO, compared our period Ferrando, market employment In poor the rates cabotage like for are soybean Logistics improving financial charter and are the in improving. turn results. strong month over transportation. increased cargo X the last to the call Paraguay to fleet demand market the I

Enrique Ferrando

our Page on Thank adjusted demand increase the million Vale adjusted higher as XX. million, EBITDA adjusted the same in $X.X in following by from environment to contract, port year. throughput improved Uruguayan into QX tariffs well of last to to XXXX increased compared the a business, quarter port $X.X inflation grain Port days segment, driven ore more to market turn the Argentina to higher XX% end due following low of as operating $XX.X the soybeans the Mining of million, last due attributed Vetria. has XXXX cabotage demand mainly export to cargo. the recovery compared XXXX XX% clients as In EBITDA to iron segment million, at QX a year, ore to embedded you, by [bulk] $X XX% adjustments XB grew annual million throughput after decreased XX% In iron the mainly lockdowns. increased to the the was of fleet higher terminal $XX.X the the and Please QX EBITDA Ioannis. dry EBITDA adjusted

operations. segment lower tax million to adjusted the XXXX, income in and QX due Argentinian same on mainly was $X.X period to compared million loss For year, $X.X port the profit last improved performance

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

Angeliki Frangou

presentation Thank for much. Enrique. formal completes you the you, very our QX results. This Thank

Navios Maritime (NMPRY) 22 Nov 222022 Q3 Earnings call transcript