Navios Maritime Holdings Inc. has released its financial results for the first quarter ended March 31, 2023. The company owns a controlling equity stake in Navios South American Logistics Inc., a major infrastructure and logistics firm in the Hidrovia region of South America. Additionally, Navios Holdings has an interest in Navios Maritime Partners L.P., a publicly listed shipping company in the United States that operates dry cargo and tanker vessels, as reported by Hellenic Shipping.
According to Angeliki Frangou, the Chairwoman and Chief Executive Officer, the company achieved positive results in the first quarter of 2023. They reported a net income of $14.5 million and an EBITDA of $40.5 million.
Frangou highlighted that Navios Holdings is primarily focused on its controlling interest in Navios South American Logistics, which operates in the Hidrovia region. With favourable global macro conditions supporting growth in the region, the company aims to maximize returns on its infrastructure assets by adapting to changing conditions and providing innovative logistics solutions to both existing and new clients.
HIGHLIGHTS
Navios Logistics
Navios Logistics reported a 9% increase in EBITDA, reaching $26.0 million in the three-month period ending March 31, 2023, compared to $23.9 million in the same period in 2022. The company witnessed a significant rise in iron ore port transhipments, reaching 828 thousand tons in the mentioned period, compared to 41 thousand tons in 2022.
Navios Logistics has secured period contracts for six dry barge convoys in iron ore transportation, lasting until December 2024. These contracts are expected to generate revenues of $27.0 million. Additionally, the fleet utilization of cabotage vessels increased by 20% to 84% in the three-month period ending March 31, 2023, compared to the same period in 2022.
Discontinued Operations
The completion of the sale of our 36-vessel dry bulk fleet (referred to as the “Transaction”) took place in September 2022. As a result, the financial outcomes of the dry-bulk vessel operations are now categorized as discontinued operations for all periods disclosed.
Non-GAAP Measures
According to the provided statement, EBITDA attributable to Navios Holdings’ common stockholders and EBITDA of Navios Logistics is non-U.S. GAAP financial measures. The statement advises against using these measures in isolation or as a substitute for results calculated in accordance with U.S. GAAP.
The exhibit titled “Disclosure of Non-GAAP Financial Measures” provides further information on Navios Holdings’ consolidated EBITDA and EBITDA of Navios Logistics (on a stand-alone basis). It also includes a reconciliation of these measures to net income/loss, which is the most comparable measure calculated under U.S. GAAP.
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Source: Hellenic Shipping
