Revenue

$65.4 million in Q1 2023

Net Income

$14.5 million in Q1 2023

EBITDA, a non-GAAP measure

$40.5 million in Q1 2023

Navios Logistics

$26.0 million EBITDA, a non-GAAP measure, in Q1 2023

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM), today reported its financial results for the first quarter ended March 31, 2023. Navios Holdings owns (i) a controlling equity stake in Navios South American Logistics Inc. (“Navios Logistics”), one of the largest infrastructure and logistics companies in the Hidrovia region of South America and (ii) an interest in Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM), a United States publicly listed shipping company that owns and operates dry cargo and tanker vessels.

Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “I am pleased with the results for the first quarter of 2023, in which we reported Net Income and EBITDA of $14.5 million and $40.5 million, respectively.”

Angeliki Frangou, continued, “Navios Holdings’ primary focus is on its controlling interest in Navios South American Logistics, a logistics and infrastructure provider in the Hidrovia region of South America. With global macro conditions supporting growth in the Hidrovia region, we are seeking to maximize the return on our unique infrastructure assets by adapting to changing conditions and offering innovative logistics solutions to existing and new clients.”

HIGHLIGHTS

Navios Logistics

Navios Logistics’ EBITDA increased by approximately 9% to $26.0 million in the three month period ended March 31, 2023, as compared to $23.9 million in the same period in 2022. Iron ore port transhipments for the three month period ended March 31, 2023 increased to 828 thousand tons, compared to 41 thousand tons for the same period in 2022. In iron ore transportation, Navios Logistics has fixed six dry barge convoys under period contracts, for durations up to December 2024, which are expected to generate revenues of $27.0 million. Fleet utilization in cabotage vessels increased by 20% to 84% in the three month period ended March 31, 2023, as compared to the same period in 2022.

Discontinued Operations

In September 2022, the sale of our 36-vessel drybulk fleet (the “Transaction”) was completed. Following the closing of the Transaction, the results of the dry-bulk vessel operations are reported as discontinued operations for all periods presented.

Non-GAAP Measures

EBITDA attributable to Navios Holdings’ common stockholders and EBITDA of Navios Logistics (on a stand-alone basis) are non-U.S. GAAP financial measures and should not be used in isolation or as substitute for results calculated in accordance with U.S. GAAP.

See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of Navios Holdings’ consolidated EBITDA and EBITDA of Navios Logistics (on a stand-alone basis) and a reconciliation of such measures to net income/(loss), the most comparable measure calculated under U.S. GAAP.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (NYSE: NM) owns a controlling equity stake in Navios South American Logistics Inc., one of the largest infrastructure and logistics companies in the Hidrovia region of South America and an interest in Navios Maritime Partners L.P., a US publicly listed shipping company which owns and operates dry cargo and tanker vessels.

About Navios South American Logistics Inc.

Navios South American Logistics Inc. is one of the largest infrastructure and logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the southeastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations.

About Navios Maritime Partners L.P.

Navios Maritime Partners L.P. (NYSE: NMM) is an international owner and operator of dry cargo and tanker vessels.

Full report: Navios Maritime Holdings Inc.