• 2017 November 21 18:24

    Navios Maritime Holdings reports 3Q, 9 months financial results

    Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company reported financial results for the third quarter and nine months ended September 30, 2017.

    Angeliki Frangou, Chairman and Chief Executive Officer, stated, "I am very pleased with our results for the third quarter of 2017, for which we reported revenues of $120.6 million and adjusted EBITDA of $31.2 million."

    Angeliki Frangou continued: "On November 14, 2017, we successfully refinanced the 8.125% Senior Unsecured Notes that were maturing in 15 months, with $305.0 million of 11.25% Senior Secured Notes. The new notes are callable at any time which provides the flexibility to refinance these new notes as the dry bulk market and our financial performance improve.”

    On November 14, 2017, Navios Holdings announced the pricing of $305.0 million 11.25% Senior Secured Notes due 2022 (the “Notes”). The Notes will be secured by a first priority lien on the capital stock owned by certain of the subsidiary guarantors of Navios Holdings in each of Navios Maritime Partners L.P. (“Navios Partners”), Navios GP L.L.C., Navios Maritime Acquisition Corporation (“Navios Acquisition”), Navios South American Logistics Inc. (“Navios Logistics”) and Navios Maritime Containers Inc. The Notes will be guaranteed by all of the Company’s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics. The net proceeds of the offering will be used to complete a cash tender offer for any and all of Company’s outstanding 8 1⁄8% Senior Notes due 2019 and to redeem any and all such notes that are not purchased in the tender offer after all conditions to the tender offer are satisfied or waived, including the payment of related fees and expenses and any redemption premium, with any remaining proceeds to be used for general corporate purposes.

    Other debt developments
    On November 3, 2017, Navios Holdings prepaid in full the total outstanding amount borrowed under its secured loan facility with Navios Acquisition of up to $70.0 million entered into in September 2016 with a payment of $55.1 million and extinguished the secured loan facility. The prepayment amount consisted of the $50.0 million drawn under the facility and $5.1 million of accrued interest.

    On November 1, 2017, Navios Holdings agreed to extend $18.3 million outstanding balance under one of its secured credit facilities originally due by September 2018 for three years to September 2021.

    Navios Logistics
    On November 3, 2017, Navios Logistics completed the borrowing of a new $100.0 million Term Loan B (the “Term Loan B”). The Term Loan B bears an interest rate of LIBOR plus 475 basis points and has a four year term with 1.0% amortization per annum. The Term Loan B is secured by first priority mortgages covering certain vessels owned by subsidiaries of Navios Logistics, as well as by assignments of certain receivables. Navios Logistics used $70.0 million of the proceeds of the Term Loan B to finance a cash dividend to its equity holders, of which Navios Holdings received $44.7 million. Navios Logistics intends to use the remaining proceeds of the Term Loan B: (i) for general corporate purposes and (ii) to pay fees and expenses relating to the Term Loan B.

    Fleet update
    Navios Holdings controls a fleet of 64 operating vessels totaling 6.6 million dwt, of which 38 are owned and 26 are chartered-in under long-term charters (collectively, the "Core Fleet"). The fleet consists of 21 Capesize, 23 Panamax, 18 Ultra Handymax and two Handysize vessels with an average age of 8.3 years.

    As of November 1, 2017, Navios Holdings has chartered-out 66.6% and 11.2% of available days for the remaining three months of 2017 and 2018, respectively (excluding index and profit sharing days). The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining three months of 2017 is $12,521




2017 December 16

07:46 CMA CGM announces GRR from Asia to West Africa
06:51 Hapag-Lloyd announces new rates from Far East Westbound East Asia (including Japan) to Europe N.C. and Mediterranean
06:49 Hutchison Ports ECT Rotterdam to launch a pilot project with ‘fixed windows’ for inland vessels with large call sizes
06:45 Miriam Maes to succeed Rutger van Slobbe as Chair of the Port of Rotterdam Authority Advisory Board
06:37 DNV GL launches first class guideline for additive manufacturing

2017 December 15

23:12 Russia and USA filed first ever joint note to IMO on shipping in Bering Strait and Bering Sea
18:20 Onezhsky Shipyard launched self-propelled hopper Silnaya (photo)
18:06 DOF sells the vessel Skandi Marstein
17:06 The Port of Gdansk to expand the Oliwskie Quay
16:50 Russia’s State Duma approves ensuring the priority of ships flying RF flag in the segment of short-sea shipping
16:21 CMA CGM announces GRR from Asia to West Africa
15:34 Construction at NIBULON’s transshipment terminal in Mykolaiv is in full swing
14:45 Klaipėdos Nafta and Eesti Gaas begin cooperation in small-scale LNG distribution business
14:18 Arctic Economic Council welcomes Korea Shipowners’ Association as first sub-Arctic member
13:51 Baltic Workboats delivered 24m combat pollution and diving support vessel to Port of Klaipeda
13:29 WMU Executive Board 21st Session meets in London
12:56 Marine Recruiting Agency launches training project for Rosterminalugol
12:33 Skangas to source LNG at import terminal on Isle of Grain, UK
12:10 Ningbo Zhoushan Port volumes up 9.6% to 933 million tons in Jan - Nov 2017
11:58 Azerbaijan Caspian Shipping Company holds training with participation of crane ships crew
11:32 Africa maritime cooperation centre launched
11:09 Throughput of port Helsinki (Finland) up 14% to 13.1 mln t in 11M’17
10:44 Brent Crude futures price up 0.11% to $63.38, Light Sweet Crude – up 0.39% to $57.26
10:30 Rolls-Royce delivers first mobile MTU gas engines for Rederij Doeksen
10:11 Port of Klaipeda (Lithuania) handled 39.21 mln t of cargo in 11M’17, up 6.5% Y-o-Y
09:57 IAA PortNews offers video of virtual round-table meeting “Best practices of coal transshipment in Russian ports”
09:32 Baltic Dry Index down to 1,668 points
09:16 GTT signs new Global Services Agreement with Chevron Transport Corporation
08:25 Safe Bulkers announces acquisition of a Post-Panamax class dry-bulk vessel
07:05 Port of Los Angeles sets new record for highest monthly container volumes
06:04 CMA CGM announces new FAK rates from Asia to North Europe
05:04 The Foundation Det Norske Veritas assumes full ownership of DNV GL
04:43 Damen Shiprepair & Conversion wins contract for first European conversion of a dredger to dual-fuel LNG / MGO

2017 December 14

18:03 Bunker prices still maintain the potential for growth
18:02 Pacific centre launches on low-carbon shipping mission
17:37 Gazprom and Shell to handle oversized equipment for Baltic LNG at Commercial Sea Port of Ust-Luga (photo)
17:29 Key decisions from MEPC 71 related to implementing BWM Convention outlined at BWMTech London Conference
17:05 Ulstein and TTS shortlisted for OSJ Innovation Award
16:35 HHI Group receives support of LR in building an LNG-fuelled future
16:05 Aker Solutions secures subsea services agreement with Statoil
15:50 Commercial Sea Port of Kandalaksha handled 1.46 mln t of cargo in 11M’17, up 3 times Y-o-Y
15:36 Special issue of PortNews magazine published for Transport Week is available online
15:25 United Nations experts endorse RF initiative
15:07 BASF extend their fleet with another Konecranes barge handler
14:52 Infrastructure development will be one of priorities of Vladimir Putin’s new presidential term
14:45 CMA CGM launches new, innovative and complementary set of products
14:03 Wärtsilä and Mitsubishi Heavy Industries MME to collaborate in creating improved power and propulsion for ships
13:31 CLdN adds fourth weekly sailing between Gothenburg and Zeebrugge
13:01 GTT and Korean DSEC sign Technical Assistance and License Agreement
12:29 IMO encourages member countries to ratify and enforce the London Protocol to prohibit dumping at sea
12:00 Bahri welcomes Abdullah Aldubaikhi as new CEO
11:30 Bunker fuel is still in short supply at the Far East ports of Russia (graph)
11:01 Port of Oakland import volume ahead of last year’s pace
10:40 Outright prohibition of heavy fuel in the Arctic is not reasonable – maritime administrations of Russia and Finland
10:21 Brent Crude futures price up 0.58% to $62.8, Light Sweet Crude – up 0.18% to $56.7
10:14 ABS awarded contract by Cenac Marine Services to support compliance with US Coast Guard (USCG) Subchapter M requirements
09:59 Russia and Finland have similar positions on double control of fuel used by vessels
09:30 Amsterdam joins the ‘Premier League’ in the ethanol market
09:14 Baltic Dry Index down to 1,730 points
08:28 APL introduces mobile application for container tracking