For 2016, Navios Maritime Holdings has posted an adjusted net loss of $83.9. CEO Angeliki Frangou sees the company in position to capture »any market recovery«.
Net Loss of Navios Holdings was $75.8 million and $134.1 million for the year ended December 31, 2016 and 2015, respe[ds_preview]ctively. Adjusted Net Loss for the year was $83.9 million as compared to $104.3 million for the same period of 2015.
Net income of Navios Logistics was $10.2 million for the year ended December 31, 2016, as compared to $22.2 million for the same period in 2015.
Adjusted EBITDA of Navios Holdings for the year ended December 31, 2016 increased by $10.6 million to $144.0 million as compared to $133.4 million for the same period of 2015.
EBITDA of Navios Logistics was $68.1 million for the year ended December 31, 2016, as compared to $80.5 million for the same period in 2015.
Navios‘ revenue from drybulk vessel operations for the year ended December 31, 2016 was $199.5 million as compared to $229.8 million for the same period during 2015. The decrease in drybulk revenue was mainly attributable to a decrease in available days of the fleet by 1,879 days, mainly due to a decrease in short-term charter-in fleet available days; and the decrease in the freight market.
Revenue from the logistics business was $220.3 million for the year ended December 31, 2016 as compared to $251.0 million for the same period of 2015. This decrease was mainly attributable to a decrease in the cabotage fleet‘s operating days, a decrease in sales of products in the liquid terminal and a decrease in products transported in the dry port terminal.
Certainty regarding iron ore port in South America
Angeliki Frangou, Chairman and Chief Executive Officer, stated: »Navios Holdings is positioned to capture any market recovery. In 2016, we reduced expected 2017 breakeven by $28.0 million through a number of actions, including purchasing, at a discount, about $60.0 million in face value of our unsecured bonds and $61.1 million of par outstanding Series G and H ADSs. We also reduced the average charter rate for our charter-in fleet by $2,170 per day and cash requirements for servicing commercial bank debt. Our scale provides industry leading operating efficiencies, with Opex about 37% below industry averages and G&A among the lowest of our publicly listed shipping peers.«
Frangou continued, »We are pleased that we have removed the uncertainty regarding our iron ore port in South America. The London arbitration tribunal has ruled in favor of Navios Logistics – that the Vale 20-year port services contract remains in full force and effect. The Vale minimum guarantee, for 4 million of the 10 million tons of annual capacity, should generate about $35.0 million in annual EBITDA. Over the 20-year term of the contract, this minimum guarantee should generate about $1.0 billion in EBITDA.«
Navios Holdings controls a fleet of 66 operating vessels totaling 6.7 million dwt, of which 40 are owned and 26 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 21 Capesize, 23 Panamax, 20 Ultra Handymax and two Handysize vessels and the current average age of operating fleet is 7.8 years.
As of February 6, 2017, Navios Holdings has chartered-out 19.5% of available days for 2017 (excluding index and profit sharing days). The average contracted daily charter-in rate for the long-term charter-in vessels for 2017 is $12,214.
