Navios Maritime Holdings Sells Its 36 Dry Bulk Vessels to Navios Maritime Partners
Navios Maritime Holdings Inc. on Wednesday announced it has reached a deal to sell its 36-vessel dry bulk fleet to Navios Maritime Partners L.P. approximately $835 million.Navios Holdings, which holds a 10.3% interest in the US publicly listed shipping company Navios Partners, with the sale officially exited direct fleet ownership. Going forward, the company said kit plans to focus on growing Navios South American Logistics Inc. business."We believe Navios Logistics is a leading…
$70 Million Loan Facility for Navios
Navios Maritime Acquisition Corporation, announced today that it has agreed to provide a $70 million secured loan facility maturing in November 2018 to Navios Maritime Holdings Inc. The Loan Facility bears interest of 8.75%, compounded semi-annually and is secured by (1) all of Navios Holdings’ interest in Navios Acquisition, composed of 65,301,220 shares of common stock and 1,000 preferred shares (convertible into 7,676,000 shares of common stock) and (2) 78.5% of Navios Holdings’ interest in Navios South American Logistics, Inc. (Navios Logistics) composed of 10,021 shares representing a majority of the shares outstanding of Navios Logistics. Interest will accrue and be payable upon the maturity of the loan. A 1% fee was payable on the closing.
Navios Revenue Up 25% in 3Q 2014
Highlights of Navios Maritime Holdings Inc. IPO of Navios Maritime Midstream Partners L.P. Navios Maritime Holdings Inc. a global vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year. As a result, we have announced a dividend of 6 cents for Q3 2014 representing a yield of about 4.2%. On September 17, 2014…
Navios Logistics Offers Cash Tender, Consent Solicitation
Navios South American Logistics Inc. announced today that it and Navios Logistics Finance (U.S.) Inc., its wholly-owned finance subsidiary, have commenced a cash tender offer for any and all of their outstanding 9 1/4% senior notes due 2019 and a consent solicitation to eliminate or modify most of the restrictive covenants and certain events of default and make other changes to provisions contained in the indenture governing the 2019 notes. The offer is scheduled to expire at midnight, New York City time, on May 5, 2014, unless extended or earlier terminated by the co-issuers.
South American Operator Re-Powers with Cummins
Navios South American Logistics Inc. is a provider of river transportation on the Inland Water Ways (IWW) of the Paraguay-Paraná Rivers. With a fleet of more than 250 barges and 20 well equipped push-boats on the river, the firm also operates sea-going product tankers. Recently they have repowered the first of their push boats, the 30 by 9.5 by 2.7-meter Tomas Romero Pereira, in Paraguay at the Shipyard Aguapé of Asunción city. The IWW Paraná-Paraguay is the most important waterway in South America after the Amazon river system.
Navios Reports Q4 Results
Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, reported financial results for the fourth quarter and year ended December 31, 2009. Angeliki Frangou, Chairman and CEO of Navios Holdings, said, "Our industry entered 2009 facing challenges virtually without precedent. The economic crisis required that Navios focus on its balance sheet, which we did by raising more than $1.3 billion in a mix of equity and long-term debt from the capital markets and commercial banks. Part of these proceeds were used to acquire seven capesize vessels, delivering in 2010, with secured cash flows for the next ten years. Shareholders protected from undue dilution - 14% dilution scheduled over a ten-year period.
Navios 3Q, 9 Mo. Report
Navios Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2008. "We believe that Navios' flexible business model and conservative strategy will benefit us during this difficult period in the drybulk market," stated Angeliki Frangou Chairman and CEO of Navios Holdings. "Consistent with past practices, we entered into long-term charters-out and, as a result, our core fleet is 82% covered for 2009 and 59% covered for 2010. Ms. Frangou continued, "We are paying dividends for the third quarter of $0.09 per share. We remain committed to returning capital to shareholders while allowing for future growth.
