Navios Maritime Closes $35M Offering
Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Following the closing, Navios Partners will have 167,589,764 common units and 3,420,203 general partner units outstanding.
$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 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 Updates Fleet Status
Navios Maritime Holdings controls a fleet of 72 vessels totaling 7.3 million dwt, of which 39 are owned and 33 are chartered-in under long-term charters. The fleet consists of 21 Capesize, 31 Panamax, 18 Ultra Handymax and two Handysize vessels, with an average age of 7.7 years, basis fully delivered fleet. Angeliki Frangou, Chairman and Chief Executive Officer, stated: "We are expanding our fleet capacity and creating market exposure at an opportune time. He added: "We did this using modest capex, as we chartered in the kamsarmaxes, three with favorable purchase options.
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 Maritime Takes Delivery of Capesize Newbuild
Navios Maritime Holdings Inc. (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, announced that the Capesize vessel Navios Buena Ventura of 179,109 dwt was delivered from a South Korean shipyard to Navios Holdings' owned fleet on October 29, 2010. The vessel is chartered-out for ten years at a net rate of $29,356 per day with 50/50 profit sharing above a BCI Time Charter Average of $38,500.
Navios Announces Delivery of Capesize Vessels
Navios Maritime Holdings Inc. (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, announced that the Capesize vessels Navios Phoenix and Navios Stellar were delivered from a Japanese and a South Korean shipyard respectively to Navios Holdings' owned fleet. The Navios Phoenix is a Capesize vessel of 180,242 dwt. She was delivered to Navios Holdings' fleet on December 21, 2009. Approximately $52.5m was used to finance the purchase from the escrow established under the 8 7/8% First Priority Ship Mortgage Notes. The Navios Stellar is a Capesize vessel of 169,001 dwt. She was delivered to Navios Holdings' fleet on December 23, 2009.
Navios Maritime Acquires Newbuilds
Navios Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, announced the delivery of a new build Capesize vessel and the agreement to acquire another new build Capesize vessel. The Navios Antares, a 169,059 dwt Capesize vessel, was delivered to Navios Holdings' owned fleet on January 20, 2010 from a South Korean Shipyard. Navios Holdings agreed to acquire a new build Capesize vessel of 180,000 dwt, under construction with a South Korean Shipyard. The vessel is scheduled for delivery in the second quarter of 2011 and is secured by a 12-year charter to a quality counter party for $27,431 (net) daily rate. It is anticipated that this charter will generate annual EBITDA of $8.1m and cumulative EBITDA of $92.6m.
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.
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 Agrees to Acquire Four Newbuilds
Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it has reached an agreement to acquire four Capesize vessels, three of which are from companies controlled by Commerzbank A.G. All vessels are currently under construction at the same South Korean Shipyard. Navios Holdings also announced that it amended the terms of existing agreements for three new build Capesize vessels. Navios Holdings will fund a portion of the purchase price for all seven vessels by issuing $165.2m in mandatorily convertible preferred stock. Angeliki Frangou…
Navios Delivers 3 Newbuild Capesize Vessels
Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it took scheduled delivery in June and July, 2009 of three newbuild Capesize vessels, constructed by South Korean shipyards. Navios Holdings also announced that it issued a $20m unsecured Bond due 2012 having a coupon of 6% to fund a portion of the purchase price due. A more detailed description of the vessels and an overview of certain material terms of the Bond are set forth below. The three vessels will be employed under existing long-term charter-out contracts that will generate a total annual EBITDA of approximately $46.6 million*. These contracts have been insured by an AA+ EU governmental agency.
CMA CGM Plans Multi-Temperature Logistics Facility at DP World
CMA CGM, a world leader in maritime transport, is to take a long-term lease and invest in a build-to-suit, multi-temperature warehouse facility at DP World London Gateway Logistics Park. The CMA CGM Group will occupy, through its international freight forwarding and logistics solutions subsidiary, a one hectare cold store facility within a 2.4 hectare logistics plot development on the River Thames and located close to main road access into the London area. This state-of-the-art facility…
Navios Maritime Sells Hyperion
Navios Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, announced that on January 8, 2010, it has sold the Navios Hyperion, a 2004 Japanese-built Panamax vessel with a capacity of 75,707 dwt to Navios Maritime Partners L.P. for $63m in cash. Navios Hyperion has been chartered out at a net rate of $32,300 per day until February 2010 and $37,953 per day until April 2014. Navios Holdings intends to use the proceeds from the sale of this vessel for operating purposes, such as repayment of indebtedness or reinvestment in vessels. (www.navios-mlp.com)
Navios Regains NYSE Compliance
Navios Maritime Holdings Inc. regains compliance with NYSE continued listing requirements Dry bulk shipping and logistics firm Navios Maritime Holdings Inc. announced that, based upon a notice received on April 1, 2016 from the New York Stock Exchange, Inc. (NYSE), the company is once again in compliance with the NYSE’s continued listing requirement of a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period. At the close of trading on March 31, 2016, the average closing price of Navios’ common stock for the previous 30 trading-days was above $1.00 per share and its closing share price on March 31, 2016 exceeded $1.00. Accordingly, the company has resumed compliance with all NYSE continued listing requirements.
Navios Appoints George Malanga to Board
Navios Maritime Holdings Inc. (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, announced the appointment of George Malanga to its Board of Directors. George Malanga is currently serving as the Chief Credit Officer of The Bank of New York Mellon Corporation. Malanga holds a bachelor degree in Business Administration from Rutgers College and an MBA in Finance from New York University. Navios Holdings has also announced that Rex Harrington, who has been a director of Navios Holdings' since October 2005, has resigned so that he can join the board of Navios Maritime Acquisition Corp. (NYSE:NNA.U).
Navios Maritime Announces Long-Term Time Charters
Navios Maritime Holdings Inc., a vertically integrated global shipping company specializing in the dry-bulk shipping industry, announced today that it has secured favorable time charter contracts for three of its vessels. As a result, Navios has extended the coverage of its core fleet to 100.0% for 2006, 73.3% for 2007 and 37.0% for 2008. The time charters, for the Navios Cielo, Navios Orbiter and Navios Sagittarius, have been fixed for approximately 2 years each at rates creating approximately $32.9 million of EBITDA over the charter periods.
Navios Maritime Reports $2 mln income for Q1 2014
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the quarter ended March 31, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the first quarter of 2014, for which we reported net income of $2.0 million and EBITDA of $59.8 million. Angeliki Frangou continued, "By establishing and developing in house technical and commercial management…
Frangou Named CMA 2011 Commodore
Angeliki Frangou, Chairman & CEO of the Navios group of companies has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2011. Frangou follows a long succession of influential maritime industry leaders as Commodore. The Award will be presented to Frangou on March 23, 2011 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.
Navios Maritime Holdings Takes Delivery of Vessel
Navios Maritime Holdings Inc. announced the delivery of its latest owned vessel, the Navios Star, a 76,662 dwt panamax vessel. The Navios Star was built at the Imabari Shipyard in Japan in April of 2002. Navios received ownership of the Star through the exercise of a purchase option that Navios had obtained in connection with the long-term charter in agreement of the vessel. This exercise was previously announced in August of 2006 and is being fully financed by HSH Nordbank with a term facility of $19.5M. The current market value of the Navios Star is approximately $48.0 million. The Navios Star is currently employed under a long-term charter out agreement through January of 2010.
Navios Maritime Purchases Navios Aurora II
Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, announced the purchase of Navios Aurora II, a 2009 South Korean-built Capesize vessel with a capacity of 169,031 dwt, for $110m from Navios Maritime Holdings Inc. (NYSE: NM). The vessel is chartered out until November 2019 for $41,325 (net) per day. $20m of the purchase price is funded by the issuance 1,174,219 common units of Navios Partners. The $17.03 issue price reflects NYSE's volume weighted average price of the common units for the five business day period prior to the acquisition of the vessel. The balance of $90m of the purchase price is funded by $60m cash on the balance sheet and $30m of new debt.
Navios in Talks to Buy Kleimar
According to AP, Greek shipping company Navios Maritime Holdings Inc. plans to negotiate a takeover of Belgium-based shipper Kleimar NV, which does a key business transporting cargo to China. An initial agreement with Kleimar provides Navios with an exclusive negotiation period to acquire all the outstanding shares of Kleimar. Navios ships iron ore, coal and grain. The company's stock closed up 3 cents to $5.37 on the Nasdaq. Source: AP