Saturday, March 25, 2023
HomeEditor’s PicksNavios Holdings posts Net Income of $87.3 million in 2022

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Navios Holdings posts Net Income of $87.3 million in 2022

Navios Maritime Holdings Inc. reported its financial results for the fourth quarter and year ended December 31, 2022.

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., a leading United States publicly listed shipping company that owns and operates dry cargo and tanker vessels.

Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, “We are pleased with the results for 2022, during which we reported Net Income of $87.3 million and EBITDA of $355.1 million.”

Angeliki Frangou, continued, “In 2022, we exited international shipping and are now focused on growing Navios South American Logistics, a transportation and infrastructure provider in the Hidrovia region of South America. We believe that the global macro conditions support healthy growth in the Hidrovia region and are focusing on maximizing the return from assets by offering innovative logistics solutions.”

HIGHLIGHTS

Navios Logistics

Navios Logistics’ Adjusted EBITDA increased by approximately 20% to $94.1 million in the year ended December 31, 2022 as compared to $78.0 million in the previous year. Iron ore port transshipments for 2022 increased by 123% to 1.5 million tons, compared to the year ended December 31, 2021. In addition, grain port terminal volumes increased by 38% mainly due to increased Uruguayan exports and top-off volumes, compared to the year ended December 31, 2021. In the barge business, liquid cargo transported increased by 23% and dry cargo transported decreased by 29% on an annual basis. Utilization rate in cabotage vessels increased by 28% to 81% in the year ended December 31, 2022, as compared to the previous year.

Completion of Tender Offer for the Company’s Series G and H ADSs

On October 21, 2022 a total of 20,185 Series G American Depositary Shares (“Series G ADSs”) were validly tendered for a total of $0.3 million in cash consideration and a total of 584,158 Series H American Depositary Shares (“Series Η ADSs”) were validly tendered for a total of $8.9 million in cash consideration. Following the tender offer, Navios Holdings has 514,720 outstanding Series G ADSs and 1,183,944 outstanding Series H ADSs, which represent 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock and 1/100th of a Share of 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock, respectively.

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.

Related Posts

Video

Finance & Economy
Shipping News
Ports

Eva Birgitte Bisgaard steps down as chief commercial officer at Maersk Tankers

Eva Birgitte Bisgaard is stepping down from her role as chief commercial officer at Maersk Tankers. Christian M. Ingerslev, chief executive officer of Maersk Tankers,...

Frontline’s Fredriksen appointed to Euronav supervisory board

Belgium’s Euronav said its shareholders had overwhelmingly voted to elect John Fredriksen of peer Frontline, a major investor that pulled out of a merger...

UBS Likely to Shrink Credit Suisse’s $10 Billion Shipping Portfolio – Report

UBS Group AG will likely shrink Credit Suisse Group’s $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday,...

Braemar: Record revenue & profitability

Braemar Plc., a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, announced an update on trading...

Oldendorff Carriers announces change of leadership

Effective today, the board of OLDENDORFF CARRIERS has appointed Patrick Hutchins as the new President and CEO of the company. Patrick succeeds Peter Twiss, who...

Global Goods Trade Softening from 2022’s Record Level

International commerce soared to a record of $32 trillion in 2022, but goods trade...

New Hybrid Ferry ‘P&O Pioneer’ Docks At DP World Limassol For Bunkering

P&O Ferries’ newly commissioned Fusion Class vessel ‘P&O Pioneer’ has docked at DP World...

Baltic index gains as capesize rates rebound

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Minerva puts cost of fuel theft as high as $5.2 bil/year

The bunkering industry is losing as much $5.2 billion of fuel annually to quantity...

Baltic index logs worst day in five weeks on tepid demand for larger vessels

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Drewry: Port Throughput Index Down 4.5% Year-on-Year

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of...

Port of Los Angeles moves 487,846 container units in February

The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record. “February declines were...

Piraeus Port Authority: Strong growth in 2022

PPA S.A. announced Full Year 2022 financial results, marking a consecutive year of growth with a turnover of €194.6 million compared to €154.2 million...

WLP welcomes 14 strategic Vietnamese partners to its growing network of international traders

World Logistics Passport (WLP), a Dubai-led global initiative designed to smooth the flow of world trade, has welcomed 14 Vietnamese partners to its global...

Port of Hedland February Iron Ore Exports 2% Down

Pilbara Ports Authority has delivered a total monthly throughput of 54.8 million tonnes (Mt) for February 2023. This throughput was a five per cent increase...