Earnings call transcript Q2 2023

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Operator

Good morning, and thank you for joining Navios Maritime Holdings Second Quarter 2023 Earnings Conference Call.

We are pleased to host the call from the Cayman Islands.

With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Financial Officer, Mr. George Achniotis; Senior Vice President of Strategic Planning, Mr. Logistics Officer, Navios and Karyotis; Chief Mr. Financial Ioannis Ferrando. Enrique

call Ms. you Doris I harbor the will [ph] to the turn statements. safe and take now Trifon, over who call details conference through will

Unidentified Company Representative

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Operator

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

Angeliki Frangou

American South company we pleased which interest Thank region our in during results marine two in and ownership to interest good us Partners, second income revenue Navios all a am in of Logistics, of and morning call. America. a and you, of net infrastructure XXXX logistics I XX.X% transportation with Hidrovia XX.X% provider a owns Holdings a million. and the on ownership assets, Navios for Michael, South Navios of diversified of in you today’s $XX.X joining quarter $c the reported

patterns, the mineral the commodities trade old unique region We our providing evolve, region the for believe changing that green through world world’s solutions. or by materials to infrastructure for be from technology, continued maximizing global We as existing return solutions will conditions assets intend growth raw part the Hidrovia our requirements that logistics grain our for requirements leverage assets. play support our in dynamically innovative whether

would now George Mr. turn Achniotis over I will financials. call through the the to like George? to go who

George Achniotis

Please review Thank the you, slide for Holdings the second highlights six Angeliki. for quarter months first and to turn XXXX. X a financial of of Navios

order compared $X.X quarter fleet The of Focusing the and in to to million of on million in of continuing to QX EBITDA income for income was million vessel the XXXX. $XX in impairment include sale share the the in from $XX.X a $XX.X -- Navios million $XX.X in shares South net American the Logistics. loss for Navios million EBITDA drybulk from sale the was results XXXX. operations exclude in XXXX. compared Net XXXX of quarter Holding

refinancing a of Net convertible half paid in mortgage Logistics. first income for equity of first the improvement notes of to the to the pickup of half Partners to improved for from of ‘XX. half QX was was million financial for half $XX.X the Navios $XXX,XXX to fee ship is about Moving XXXX in in for first ‘XX. the form highlights. an increase American $XX million XXXX. in the million the compared of first the compared The due South income includes and the $XX.X Net million period debenture $XX mostly the Navios XXXX results in upfront EBITDA

our to highlights. X Moving slide balance sheet and

the South of The Following $XX investment Logistics about of at $XX million Navios million American of end American up Logistics. Out compared million in the consolidated sheet was the balance of Partners. balance million our to the $XX of Navios the Navios was Holdings South the balance sale fleet, $XX represents $XX mainly and million, cash Navios and of December sheet ‘XX.

an first of the of year for and provided South for three half for in fleet our complemented terminals, slide our Navios The Navios to the Hidrovia a turn company for Please American the overview X port leading by are And trade. river EBITDA. XX% of region. which and infrastructure about transportation tanker fleet product operates Logistics. Logistics barge cabotage logistics these company is coastal

new We business the we leverage our clients and region, have in which to infrastructure opportunities. assets unique serve existing develop

the At call Karyotis Logistics’ of South this Navios over developments. to turn for American an Ioannis point, recent I update

Ioannis Karyotis

Thank you, the developments. discuss George. Please recent to we where X, slide turn

as Corumba area from river exports Bolivia, Paraguay, Terminal ore of Barge Hidrovia Brazil well the State system are for through the of Increased agricultural positive a in as in exports iron Mato our Port Brazil the increased environment creating mineral business. our and and products from Grosso

the tons the million X.X barge record just the as In in quarter XXXX, through as second minerals record drive same our ore of exports year. last crops of and to period of of Increased XXX,XXX for port iron demand strong transportation. well corn soybean transshipped Paraguay, terminal compared a in were

volume beginning Since charters for barge generate which are this convoys remaining fixed $XX should our year, contracts have of period about the convoys we million revenue. dry on the barge year. X fixed also All dry under

company’s the patterns importing innovative business. failed to adapting domestic Argentinian cover new our solutions products, the logistics of of dynamic to plants trading raw from services logistics and shortfall due soybean clients soybeans for its in capture and to the supply Brazil offer market the material our crushing In crop. are agricultural are

storage Brazilian and Grain Terminal into based a Uruguay cost Argentina. Our Port of for is in beans solution competitive transshipment the

of through expect year. the trade partially weak and mitigate year the Uruguayan soybean continue new impact to this production the We the

cabotage vessels conditions are in to performing healthy, our continue and be well. Market

XX% to our add vessel. For we equivalent the per year, $XX,XXX a remaining of day expecting the months six of have fixed time days available charter of per

financial now results. would for the to Enrique of the CFO, Ferrando, Logistics discussion to like I turn over call Navios the

Enrique Ferrando

X. Please Ioannis. to turn you, Thank page

improved was during this by EBITDA segment. in Navios mainly profit of barge vessel The the million, strong of results adjusted last same million higher Logistics performance had exclude Man result the to completed adjusted a have quarter QX our been on impairment a the year. X% slide and driven $XX.X which XXXX, XXXX. losses $X.X to H, as of He as was EBITDA compared August sale the in incurred

the at and barge barge to In previous increased various for allowed significantly segment, QX us ore million. transportation $X.X EBITDA rates. A $X.X increased iron has under fix million convoys contracts attractive to XXXX by demand grain

$XX.X of exports. ore XB throughput at related Uruguayan Mining iron gain and higher mainly positive throughout, clients, as increased the during million to the Port last port a XX% the was and from quarter offset Vetria iron by segment a EBITDA reduction was in The impact tariff compared million, lower year. negatively $XX.X to same lower ore

the business, at EBITDA adjusted almost XXXX In stable million. $X.X cabotage remained QX

same For to QX XXXX, the profit last as lower adjusted the period $X.X compared year. was million, X%

ending to increased financial six-month the XX, $XX.X increased million same period adjusted to to the year. million, last for and revenue period to Turning XX% by the compared adjusted $X.X results million profit by million, $X.X June $XXX.X XXXX, increased X% EBITDA to

turn equivalents Cash QX maturities has were significant million. of debt the slide cash at no Please XX. XXXX Logistics end and until $XX.X XXXX. to Navios

for would Angeliki? I Angeliki presentation. concludes her turn to final call This like now the comments. over my to

Angeliki Frangou

Thank second conference This concludes our Enrique. quarter earnings XXXX call. you, Thank you.

Navios Maritime (NMPRY) 24 Aug 232023 Q2 Earnings call transcript