Revenue

$127.8 million in Q1 2022 compared to $117.0 million in Q1 2021

Cash provided by/(used in) operating activities

$16.4 million in Q1 2022 compared to $(27.4) million in Q1 2021

Adjusted EBITDA

$73.8 million in Q1 2022 compared to $49.2 million in Q1 2021

Time Charter Equivalent

51.1% increase

$21,767 per day in Q1 2022 compared to $14,404 per day in Q1 2021

$664.3 million bond repayments YTD

$614.3 million of Ship Mortgage Notes in January 2022

$50.0 million of Senior Notes

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM), a global seaborne shipping and logistics company, today reported financial results for the first quarter ended March 31, 2022.

Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “I am pleased with the results for the first quarter of 2022. In the first quarter of 2022, Navios Holdings reported revenue of $127.8 million and EBITDA of $73.8 million.”

Angeliki Frangou, continued, “The dry bulk market is healthy as evidenced by our charter rates for the first quarter of 2022, which are over 50% higher compared to the first quarter of 2021. There are, however, significant geopolitical headwinds, including the war in Ukraine, China’s zero-Covid policy and rising interest rates and inflation. So far, these events have impacted trade positively by creating new trade routes with longer ton miles. The situation remains fluid and we are closely monitoring developments.”

HIGHLIGHTS – RECENT DEVELOPMENTS

$664.3 million bond repayments YTD

In January 2022, the Company repaid $614.3 million of its 7.375% First Priority Ship Mortgage Notes (“Ship Mortgage Notes”). Year-to-date, Navios Holdings has redeemed $50.0 million of its 11.25% Senior Secured Notes (“Senior Notes”). Following these redemptions, $105.0 million of Senior Notes remains outstanding. The Senior Notes mature in August 2022.

Sale and Leaseback Agreement

In March 2022, Navios Holdings entered into and drew a sale and leaseback agreement for $12.0 million to finance a dry-bulk vessel. $10.4 million of the net proceeds were used to prepay a portion of the outstanding amount of the Company’s HCOB bank facility.

Fleet Statistics

Navios Holdings controls a fleet of 36 vessels totaling 3.9 million dwt, of which 25 are owned (including five bareboat-in vessels) and 11 are chartered-in under long-term charters (collectively, the "Core Fleet"). The Core Fleet consists of 12 Capesize, 19 Panamax, four Ultra-Handymax and one Handysize vessels, with an average age of 9.4 years.

As of May 13, 2022, Navios Holdings has currently chartered-out 77.1% of available days for the remaining nine months of 2022. 44.3% of available days for the remaining nine months of 2022 are chartered-out on fixed rate and 32.8% are chartered-out on index. The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining nine months of 2022 is $15,774 per day. The above figures do not include the fleet of Navios Logistics. Exhibit II provides certain details of the Core Fleet of Navios Holdings. It does not include the fleet of Navios Logistics.

Full report: Navios Maritime Holdings Inc.