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Reading: Navios Maritime Holdings Inc. Reported 2022 Net Income of $87.3 Million
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OOLP Maritime World News > Shipping news > Navios Maritime Holdings Inc. Reported 2022 Net Income of $87.3 Million
Shipping news

Navios Maritime Holdings Inc. Reported 2022 Net Income of $87.3 Million

Last updated: 2023/03/16 at 10:45 AM
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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.”

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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.
Source: Navios Maritime Holdings Inc.



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