• 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

2018 March 24

07:50 CMA CGM announces GRR from UAE to East Africa
07:48 ZIM announces 2017 results
07:44 APM Terminals celebrates its first year of working at Lázaro Cárdenas, Mexico
07:42 Stena joins a unique cooperation for climate smart transport
07:40 Sea Machines opens second office in Hamburg, Germany

2018 March 23

18:07 World's largest modularized cracking furnace delivered from Wison Zhoushan Yard
17:59 UCL Holding companies performed a unique joint project on delivery of oversize cargo (photo)
17:32 Port of Antwerp pushes ahead with onshore power for ships
17:20 IMO Tier III certification for MTU marine engines from Rolls-Royce
17:18 ABS leads industry discussion on impact of 2020 sulfur cap, cybersecurity and digitization
16:17 WMU contributes to Marine Spatial Planning Training
15:39 Vladimir Putin wins presidential election in Russia with 76.69% of votes
14:46 Court approves amicable agreement in the case on allision of Delta Pioneer tanker with a pier at Primorsk port
14:24 Work to address maritime security challenges in Africa’s maritime zones underway at a regional workshop
14:23 Samskip starts container service between Amsterdam Container Terminal and Hull
13:58 International organizations join forces in the fisheries sector
13:32 New addition to DNV GL’s Veracity platform promises to raise drilling efficiency by offering digital solution based on data from 80 000 wells
13:02 Wärtsilä to ensure the continuous operations of Hidrovias Group’s pusher tugs in South American rivers
12:35 Diana Shipping announces time charter contract for m/v New Orleans with SwissMarine
12:10 BMT teams with BAE SYSTEMS and CAMMELL LAIRD to deliver additional Type 45 Power Generation
11:49 29 icebreaker escort operations performed in eastern part of Gulf of Finland during 24 hours on March 22-23
11:30 TechnipFMC and Magma Global to enter into a strategic collaboration agreement for hybrid flexible pipe
10:55 BMT and ARES to deliver a further 9 vessels for the Qatari Coastguard
10:44 Port of Rotterdam Authority invests in Port railway line capacity expansion
10:20 Brent Crude futures price up 0.93% to $69.55, Light Sweet Crude – up 1.09% to $65
09:59 Port of Rotterdam Authority starts construction of Container Exchange Route
09:37 Bunker prices continue surging at the Port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index is flat at 1,117 points

2018 March 22

18:18 Global fuel market to remain relatively stable next week, expert says
18:03 Port of Klaipeda (Lithuania) handled 7.25 million tonnes of cargo in 2M'18, up 6% Y-o-Y
17:45 Transas to return all funds received under state support programme in 2016-18
17:12 Germany based firm offers AIS vessel management tracking systems preventing IUU fishing
16:51 Investments of Tuapse Sea Commercial Port in production development totaled RUB 343 million in 2017
16:30 Rolls-Royce completes the £1.3 million MAXCMAS research project
15:59 Nitrogen deposition in the oceans needs further study
15:30 Acta Marine newbuild successfully completed sea trials
14:30 APL starts new India Pakistan Express 2 Service
14:04 RF Transport Ministry defines procedure for approval of widespread minerals production at Russia’s IWWs
13:33 Open simulation platform launches with new partners
13:12 Volga Shipping Company named “Industry Leader” in “Cargo Shipping Company” nomination
12:58 Wärtsilä Seals & Bearings joins the Green Award scheme in support of clean environment
12:48 WMU Board of Governors meets in Turkey
12:25 MAN Diesel & Turbo partners with Hyundai to build new test-engine facility in Ulsan
12:00 Workshop on prevention and control of shipping and port air emissions being developed as part of GloMEEP-IAPH partnership
11:36 19 icebreaker escort operations performed in eastern part of Gulf of Finland during 24 hours on March 21-22
11:21 Russian Trade and Economic Development Council sign MoU to further strengthen commercial ties with Abu Dhabi Ports
11:14 Bunker prices are flat at the Far East ports of Russia (graph)
10:53 The Maritime Standard announces a special discount for the 2018 Awards
10:27 Brent Crude futures price up 0.01% to $69.48, Light Sweet Crude – up 0.09% to $65.23
10:05 Ukraine’s water transport carried 1,000 passengers in 2M’18, down 64.7%, Y-o-Y
09:41 Cargo transportation by Ukraine’s water transport grew by 41.2% to 0.3 million tonnes in 2M’18
09:19 Baltic Dry Index down to 1,117 points

2018 March 21

18:29 Wight Shipyard wins second order for fast ferry duo from Mexican ferry operator
18:16 Dorian LPG announces third Japanese financing
18:14 GasLog Partners LP announces acquisition of GasLog Gibraltar for $207 million and repayment of intercompany loan
18:04 ABP South Wales achieves new ISO 9001:2016 standard for bulk handling operations
17:42 Port of Gdansk to breathe new life into Dworzec Drzewny Quay
17:20 ABB wins contract to equip two next-generation shuttle tankers with future-proof solutions
17:13 Finnlines decides to exercise the options to lengthen two more ro-ro vessels
17:03 Throughput of Chinese ports up 4.7% to 1.45 billion tonnes in 2M’18