PIRAEUS, Greece, Nov. 17 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") , a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2008.
"We believe that Navios' flexible business model and conservative strategy will benefit us during this difficult period in the drybulk market," stated Angeliki Frangou Chairman and CEO of Navios Holdings. "Consistent with past practices, we entered into long-term charters-out and, as a result, our core fleet is 82% covered for 2009 and 59% covered for 2010. We have also taken steps to preserve capital by cancelling 12 unfixed vessels."
Ms. Frangou continued, "We are paying dividends for the third quarter of $0.09 per share. We remain committed to returning capital to shareholders while allowing for future growth. We have increased the share repurchase program by $25.0 million and intend to maintain a quarterly dividend of $0.06 per share, commencing with the fourth quarter of 2008.
Q3 2008 HIGHLIGHTS - RECENT DEVELOPMENTS Cancellation of Three Unfixed Capesize Newbuildings:
In November 2008, Navios Holdings cancelled three Capesize vessels scheduled for delivery to Navios Holdings' owned fleet in Q4 2009 and Q1 2010. These vessels had not been chartered-out, and the cancellation will result in capital expenditure savings of $265.0 million. Installments already paid to the shipyard were applied towards future payments on three other Capesize vessels under construction with the same shipyard in South Korea. The cancellation fee was $1.5 million in total.
In October 2008, Navios Holdings cancelled six Kamsarmax vessels scheduled for delivery in 2010 and 2011 to Navios Holdings' long-term charter-in fleet. In November 2008, Navios Holdings also cancelled three Handysize vessels scheduled for delivery to Navios Holdings' long-term charter-in fleet in 2010 and 2011. These vessels had not been chartered out, and the cancellation will result in annual savings of $61.0 million. All cancellations were at no cost.
Financing:
In November 2008, Navios Holdings entered into a new revolving credit facility of up to $90.0 million. The facility can be used for general corporate purposes. As of November 17, 2008, no amount had been drawn under this facility.
Dividend Policy:
On November 14, 2008, the Board of Directors declared a quarterly cash dividend with respect to the third quarter of 2008 of $0.09 per share of common stock. This dividend is payable on January 6, 2009, to stockholders of record as of December 22, 2008.
The Board revised our dividend policy for the fourth quarter of 2008 and subsequent periods to $0.06 per share ($0.24 per share annually). Our board of directors may amend our dividend policy from time to time in light of our capital needs, among other factors. The amount of dividends we can pay is also limited by our credit agreements.
Share Repurchase Program:
In October 2008 Navios Holdings completed a $50.0 million share repurchase program of Navios Holdings' common stock, as approved by the Board of Directors on February 14, 2008. A total of 6,959,290 shares were repurchased under this program.
In November 2008, the Board of Directors approved a share repurchase program authorizing the purchase of up to $25.0 million of Navios Holdings' common stock pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in Navios Holdings' discretion and without notice.
Warrant Exercises:
During the nine months ended September 30, 2008, Navios Holdings issued 1,349,868 shares of common stock following the exercise of warrants. The exercise of these warrants generated $6.7 million of cash proceeds. As of September 30, 2008, Navios Holdings had 102,989,458 shares of common stock outstanding and 6,452,837 warrants remaining outstanding. As of November 17, 2008, Navios Holdings had 100,816,958 shares of common stock outstanding and 6,451,337 warrants remaining outstanding. The warrants expire in accordance with their terms on December 9, 2008.
Sale of Navios Aurora I:
On July 1, 2008, Navios Holdings sold the Navios Aurora I, a 75,397 dwt Panamax vessel built in 2005, to Navios Maritime Partners L.P. ("Navios Partners") for approximately $80.0 million, consisting of $35.0 million cash and 3,131,415 common units. The number of the common units issued was calculated using the $14.3705 volume weighted average trading price for the 10 business days immediately before the closing date. Following the sale of Navios Aurora I, Navios Holdings owns a 51.6% equity interest in Navios Partners which includes 2% general partner interest.
Acquisition of Vessels:
In October 2008, Navios Holdings took delivery of Navios Ulysses, a 2007 built, 55,728 dwt Ultra Handymax vessel built in Japan. The total acquisition price of the vessel amounted to $79.6 million. The vessel commenced a five-year time charter at a net daily rate of $31,281.
Update on Navios Maritime Acquisition Corporation:
The initial public offering of Navios Maritime Acquisition Corporation closed on July 1, 2008. The offering raised gross proceeds of $253.0 million. The units, common stock and warrants trade on the NYSE under the symbols NNA.U, NNA, and NNA WS, respectively. Navios Holdings has a 19% ownership position in Navios Maritime Acquisition Corporation. In addition, Navios Holdings has purchased 7.6 million warrants for $1 per warrant.
Update on Navios South American Logistics:
Navios South American Logistics Inc. ("Navios Logistics") completed its acquisition program of six push boats, 108 dry barges and three self-propelled barges anticipated to be fully operational sometime during the fourth quarter of 2008. Navios Logistics also took delivery of Estefania H on July 25, 2008, a 12,000 dwt product tanker, built in 2008 which was employed as of August 2, 2008 in the Argentinean cabotage business.
Navios Logistics began construction of a new silo at its port facility in Uruguay. The silo is expected to be fully operational by April 2009 in time for the new crop season and will add an additional 80,000 metric tons of storage capacity. The project is fully funded by Navios Logistics' internally generated cash.
Financial Highlights
Throughout this press release, "Adjusted EBITDA" for the three and nine months ended September 30, 2008 and 2007 is defined as EBITDA, excluding unrealized losses from marked-to-market valuations of sponsor warrants acquired as part of the initial public offering of Navios Maritime Acquisition Corporation.
-- Revenues increased by 74% to $371.3 million in the third quarter of 2008 from $212.9 million in the same period in 2007 -- Adjusted EBITDA increased by 1% to $58.6 million in the third quarter of 2008 from $57.9 million for the same period in 2007 -- Adjusted EBITDA increased by 6% to $142.7 million in the nine months ended September 30, 2008 from $135.1 million for the same period in 2007 -- Net debt to book capitalization was 40.0% at September 30, 2008 compared with 7.4% at December 31, 2007 -- Stockholders' Equity increased by 7.4% to $825.8 million at September 30, 2008 compared with $769.2 million at December 31, 2007
For the following results and the selected financial data presented herein, Navios Holdings has compiled consolidated statement of income for the three and nine month periods ended September 30, 2008 and 2007. The quarterly and nine month period 2008 and 2007 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-US GAAP financial measure and should not be used in isolation or substitution for Navios Holdings' results.
Third Quarter 2008 Results (in thousands of US Dollars): Three Months ended Three Months ended September 30, September 30, 2008 2007 Revenue $371,285 $212,887 EBITDA $56,955 $57,909 Adjusted EBITDA (*) $58,555 $57,909 Net income $30,676 $36,520 EPS $0.29 $0.36 (*) Adjusted EBITDA for the three months ended September 30, 2008 excludes $1.6 million relating to the accounting treatment of unrealized losses on sponsor warrants acquired as part of the initial public offering of Navios Maritime Acquisition Corporation
Revenue from vessel operations for the three months ended September 30, 2008 was $337.7 million as compared to $210.1 million for the same period during 2007. The increase in revenue is mainly attributable to the increase in Time Charter Equivalent ("TCE") per day and the increase in the available days of the fleet in 2008 as compared to 2007. The achieved TCE rate per day, excluding FFAs, increased 59.9% from $31,122 per day in the third quarter of 2007 to $49,769 per day in the same period of 2008. The available days for the fleet increased by 15.9% to 6,036 in the third quarter of 2008 from 5,207 days in the same period of 2007.
Revenue from the logistics business was approximately $33.6 million for the three months ended September 30, 2008 as compared to $2.8 million during the same period of 2007. This is due to the acquisition of Horamar Group in January 2008.
EBITDA for the third quarter of 2008 and 2007 was $57.0 million and $57.9 million, respectively. Adjusted EBITDA for the third quarter of 2008 and 2007 was $58.6 million and $57.9 million, respectively. Adjusted EBITDA reflects EBITDA adjusted for the effect of the unrealized losses on warrants acquired as part of the initial public offering of Navios Acquisition. The increase in Adjusted EBITDA of $0.7 million was primarily due to an increase in revenue by $158.4 million from $212.9 million in the third quarter of 2007 to $371.3 million for the same period in 2008, a decrease in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) by $0.6 million from $6.7 million in the third quarter of 2007 to $6.1 million for the same period in 2008, an increase in equity in net earnings from affiliated companies by $3.6 million and an increase in gain on sale of assets by $24.9 million, due to the sale of vessel Navios Aurora I to Navios Partners. This overall favorable variance of $187.5 million was mitigated mainly by a decrease in gain of FFA trading by $5.0 million from $10.2 million for the third quarter of 2007 to $5.2 million for the same period in 2008, an increase in time charter, voyage and logistic business expenses by $174.8 million from $154.2 million in the third quarter of 2007 to $329.0 million for the same period in 2008, an increase in general and administrative expenses by $4.5 million from $5.0 million in the second quarter of 2007 to $9.5 million for the same period in 2008 (excluding the $0.7 million share-based compensation for the second quarter of 2008), a decrease of $0.7 million relating to interest income from finance leases, an increase in minority interest of $0.9 million and an increase in net other expenses (excluding unrealized losses on warrants) of $0.9 million.
Net income for the third quarter ended September 30, 2008 was $30.7 million as compared to $36.5 million for the comparable period in 2007. The decrease of Net income by $5.8 million was mainly affected by a $6.0 million increase in depreciation and amortization expense mainly due to the purchase price allocation from the acquisition of Horamar, a $1.1 million decrease in interest income, a $0.1 million increase in amortization of drydock and special survey, the unrealized losses on warrants of $1.6 million and a $0.7 million increase in share-based compensation expense. This was mitigated by a $0.7 million increase in Adjusted EBITDA, the $1.1 million decrease in interest expense and the $1.9 million decrease in income taxes.
Nine months ended September 30, 2008 Results (in thousands of US Dollars): Nine Months ended Nine Months ended September 30, September 30, 2008 2007 Revenue $1,063,994 $449,890 EBITDA $141,128 $135,122 Adjusted EBITDA (*) $142,728 $135,122 Net income $124,089 $74,485 Adjusted Net income (**) $66,841 $74,485 EPS $1.18 $0.79 Adjusted EPS (**) $0.63 $0.79 (*) Adjusted EBITDA for the three months ended September 30, 2008 excludes $1.6 million relating to the accounting treatment of unrealized losses on sponsor warrants acquired as part of the initial public offering of Navios Maritime Acquisition Corporation (**) Adjusted Net income and Adjusted EPS for the nine months ended September 30, 2008 do not include effect of a $57.2 million write-off of deferred Belgian taxes.
Revenue from vessel operations for the nine months ended September 30, 2008 was $983.4 million as compared to $442.2 million for the same period during 2007. The increase in revenue is mainly attributable to the increase in TCE per day and the increase in the available days of the fleet in 2008 as compared to 2007. The achieved TCE rate per day, excluding FFAs, increased 87.0% from $25,561 per day in the first nine months of 2007 to $47,798 per day in the same period of 2008. The available days for the fleet increased by 37.4% to 18,040 days in the first nine months of 2008 from 13,125 days in the same period of 2007.
Revenue from the logistics business was approximately $80.5 million in the first nine months of 2008 as compared to $7.7 million during the same period of 2007. This is due to the acquisition of Horamar group in January 2008.
EBITDA for the first nine months of 2008 and 2007 was $141.1 million and $135.1 million, respectively. Adjusted EBITDA for the first nine months of 2008 and 2007 was $142.7 million and $135.1 million, respectively. Adjusted EBITDA reflects EBITDA adjusted for the effect of the unrealized losses on warrants acquired as part of the initial public offering of Navios Acquisition. The increase in Adjusted EBITDA of $7.6 million was primarily due to an increase in revenue by $614.1 million from $449.9 million in nine months ended September 30, 2007 to $1,064 million for the same period in 2008, a decrease in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) by $2.1 million from $19.8 million in the first nine months of 2007 to $17.7 million for the same period in 2008, an increase in equity in net earnings from affiliated companies by $10.8 million, a gain of $27.7 million from the sale of assets in the first nine months of 2008. This overall favorable variance of $654.7 million was mitigated mainly by the decrease in gain of FFA trading by $3.8 million from $20.3 million for the first nine months of 2007 to $16.5 million for the same period in 2008, the increase in time charter, voyage and logistic business expenses by $625.1 million from $304.6 million in the first nine months of 2007 to $929.7 million for the same period in 2008, an increase in general and administrative expenses by $12.6 million from $14.1 million in the first nine months of 2007 to $26.7 million for the same period in 2008 (excluding the $2.2 million share-based compensation for the first nine months of 2008), an increase in minority interest by $2.7 million and a decrease of $2.9 million in net other expenses (including interest income from finance leases and excluding unrealized losses on warrants).
Net income for the first nine months of 2008 was $124.1 million as compared to $74.5 million for the comparable period in 2007. Net income for the first nine months of 2008 includes a $57.3 million write-off of deferred Belgian taxes. Adjusting for this item, net income for the first nine months of 2008 would have been $66.8 million. The decrease of Adjusted Net income by $7.7 million was mainly affected by a $19.8 million increase in depreciation and amortization expense mainly due to the purchase price allocation from the acquisition of Horamar, a $0.1 million increase in amortization of deferred drydock and special survey, the unrealized losses on warrants of $1.6 million and a $2.2 million increase in share-based compensation expense. This was mitigated by a $7.6 million increase in Adjusted EBITDA, the increase in interest income by $1.4 million, the $2.7 million decrease in interest expense and the $4.3 million decrease in income taxes.
Time Charter Coverage:
Navios Holdings has extended its long-term fleet employment by entering into agreements to charter out vessels for periods ranging from one to ten years. As a result, as of November 17, 2008, Navios Holdings has currently contracted 100.0%, 81.8% and 59.3% of its available days on a charter-out basis for 2008, 2009 and 2010, respectively, equivalent to $220.0 million, $232.7 million and $260.8 million in revenue, respectively. The average contractual daily charter-out rate for the core fleet is $24,744, $28,515 and $35,917 for 2008, 2009 and 2010, respectively. The average daily charter-in rate for the active long term charter-in vessels for 2008 is $9,727.
The above figures do not include vessels servicing the COA business. Purchase Options:
Navios Holdings has options to acquire four of the 17 chartered-in vessels currently in operation within the next two years (two Ultra-Handymaxes, one Panamax and one Capesize) and eight of the 11 long-term chartered-in vessels on order (on two of the 12 purchase options Navios Holdings holds a 50% initial purchase option).
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Holdings and its fleet performance for the three and nine month periods ended September 30, 2008 and 2007.
Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2008 2007 2008 2007 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Available Days (1) 6,036 5,207 18,040 13,125 Operating Days (2) 6,032 5,199 18,014 13,115 Fleet Utilization (3) 99.9% 99.8% 99.9% 99.9% Time Charter Equivalent including FFAs (4) $50,658 $33,090 $48,724 $27,108 Time Charter Equivalent excluding FFAs (4) $49,769 $31,122 $47,798 $25,561 (1) Available days for fleet are total calendar days the vessels were in Navios Holdings' possession for the relevant period after subtracting off-hire days associated with major repairs, drydocks or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues. (2) Operating days is the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. (3) Fleet utilization is the percentage of time that Navios Holdings' vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels. (4) Time Charter Equivalent, or TCE, are defined as voyage and time charter revenues plus gains or losses on FFAs less voyage expenses during a relevant period divided by the number of available days during the period. Fleet Profile:
Navios Holdings controls a fleet of 53 vessels totaling 5.1 million dwt, of which 25 are owned and 28 are chartered-in under long term charters. The company currently operates 34 vessels totaling 2.6 million dwt and has 19 newbuildings to be delivered. These vessels are expected to be delivered at various dates through 2013. The average age of the operating fleet is 4.6 years.
Exhibit 2 displays the "Core Fleet" profile of Navios Holdings. Conference Call:
As already announced, tomorrow, Tuesday, November 18, 2008 at 8:30 am EST, Navios Holdings' members of senior management will host a conference call to provide highlights and commentary on the third quarter and first nine months of 2008.
A supplemental slide presentation will be available on the Navios Holdings website at http://www.navios.com/ under the "Investors" section at 7:45 am EST on the day of the call. The conference call details are as follows:
Call Date/Time: Tuesday, November 18, 2008; 8:30 am EST
Call Title: Navios Maritime Holdings Inc. Q3 2008 Financial Results Conference Call
US Dial In: +1.800.860.2442 International Dial In: +1.412.858.4600
The conference call replay will be available shortly after the live call and remain available for one business week at the following numbers:
US Replay Dial In: +1.877.344.7529 International Replay Dial In: +1.412.317.0088 Replay Passcode: 425010#
This call will be simultaneously Webcast at the following Web address: http://services.choruscall.com/links/navios081118.html . The Webcast will be archived and available at this same Web address for one month following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement.
For more information about Navios Holdings please visit our website: http://www.navios.com/.
About Navios South American Logistics, Inc.
Navios Logistics was formed in 2007 through the acquisition of control of the Horamar Group, established in 1975. Navios Logistics specializes in transporting and storing liquid and dry bulk cargoes in the Hidrovia region connecting Argentina, Bolivia, Brazil, Paraguay and Uruguay. Navios Logistics currently controls a fleet of 240 barges and vessels. It also owns and operates an upriver oil storage and transfer facility in Paraguay and the largest bulk transfer and storage port terminal in Uruguay.
Forward Looking Statements -- Safe Harbor
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contacts:
Public & Investor Relations
Navios Maritime Holdings Inc.
Investor Relations
+1.212.279.8820
EBITDA: EBITDA represents net income before interest, taxes, depreciation and amortization. Navios Holdings uses EBITDA because Navios Holdings believes that EBITDA is a basis upon which liquidity can be assessed and because Navios Holdings believes that EBITDA presents useful information to investors regarding Navios Holdings' ability to service and/or incur indebtedness. Navios Holdings also uses EBITDA (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; and (iii) to evaluate and price potential acquisition candidates.
EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of Navios Holdings' results as reported under US GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs, and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios Holdings' performance.
EBITDA Reconciliation to Cash from Operations Three Months Ended September 30, September 30, (in thousands of US Dollars) 2008 2007 Net cash provided by operating activities $(81,571) $92,818 Net increase in operating assets (30,357) 40,022 Net increase in operating liabilities 138,305 (92,234) Net interest cost 11,626 10,141 Deferred finance charges (560) (464) Unrealized gain (loss) on FFA derivatives, warrants and interest rate swaps (5,963) 6,602 Provision for losses on accounts receivable (118) Earnings in affiliates and joint ventures, net of dividends received 819 302 Payments for drydock and special survey 767 722 Minority interest (933) - Gain on sale of assets/partial sale of subsidiary 24,940 - EBITDA $56,955 $57,909 Nine Months Ended September 30, September 30, (in thousands of US Dollars) 2008 2007 Net cash provided by operating activities $(18,023) $173,010 Net increase (decrease) in operating assets (67,516) 99,659 Net (increase) decrease in operating liabilities 174,973 (182,014) Net interest cost 30,425 33,052 Deferred finance charges (1,485) (1,395) Provision for losses on accounts receivable (118) 550 Unrealized gain (loss) on FFA derivatives, warrants and interest rate swaps (9,130) 9,295 Earnings in affiliates and joint ventures, net of dividends received 3,983 840 Payments for drydock and special survey 3,055 2,125 Minority interest (2,724) - Gain on sale of assets/partial sale of subsidiary 27,688 - EBITDA $141,128 $135,122 EXHIBIT 2 CORE FLEET Owned Vessels Charter- Year Deadweight out Expiration Vessel Name(1) Vessel Type Built (in metric tons) Rate(2) Date(3) Navios Ionian Ultra 2000 52,068 22,219 03/18/2009 Handymax Navios Apollon Ultra 2000 52,073 23,700 11/08/2012 Handymax Navios Horizon Ultra 2001 50,346 36,100 08/24/2011 Handymax Navios Herakles Ultra 2001 52,061 26,600 05/12/2009 Handymax Navios Achilles Ultra 2001 52,063 21,138 02/22/2009 Handymax 38,009 03/07/2012 Navios Meridian Ultra 2002 50,316 23,700 10/08/2012 Handymax Navios Mercator Ultra 2002 53,553 19,950 02/11/2009 Handymax 31,350 02/12/2014 Navios Arc Ultra 2003 53,514 27,693 05/25/2009 Handymax Navios Hios Ultra 2003 55,180 24,035 11/30/2008 Handymax 9,500 04/30/2009 Navios Kypros Ultra 2003 55,222 34,024 02/14/2011 Handymax Navios Magellan Panamax 2000 74,333 21,850 02/06/2010 Navios Star Panamax 2002 76,662 21,375 01/21/2010 Navios Hyperion Panamax 2004 75,707 26,268 04/10/2009 37,050 05/11/2014 Navios Orbiter Panamax 2004 76,602 24,700 04/08/2009 37,147 05/09/2014 Navios Ultra 2007 55,728 31,281 10/10/2013 Ulysses(4) Handymax Navios Aurora Panamax 2005 75,397 - - I(5) Navios Asteriks Panamax 2005 76,801 - - Vanessa Product 2002 19,078 - - Handysize Owned Vessels to be delivered Vessel Name Vessel Type Delivery Deadweight Charter-out Expiration Date (in metric Rate(2) Date(3) tons) Navios Vega Ultra 03/2009 58,500 - - Handymax Navios Pollux Capesize 06/2009 181,000 42,250 06/2019 Navios Lumen Capesize 09/2009 181,000 44,850 09/2016 Navios TBN Capesize 10/2009 172,000 41,325 10/2019 Navios Happiness(6) Capesize 10/2009 180,000 55,100 09/2014 Navios TBN* Capesize 11/2009 180,000 45,500 12/2014 Navios TBN Capesize 12/2009 172,000 39,900 12/2019 Navios TBN Capesize 11/2009 172,000 57,000 11/2014 *allocated to a long term COA contract Long-Term Chartered-in Fleet in Operation Vessel Name Vessel Year Deadweight Purchase Charter-out Expiration Type Built (in metric Option (7) Rate(2) Date(3) tons) Navios Vector(8) Ultra 2002 50,296 No 9,500 10/16/2008 Handymax 9,738 10/17/2009 Navios Astra Ultra 2006 53,468 Yes 34,200 08/11/2009 Handymax Navios Primavera Ultra 2007 53,464 Yes 20,046 05/09/2010 Handymax Navios Cielo Panamax 2003 75,834 No 25,175 12/14/2008 14,773 06/12/2010 Navios Orion Panamax 2005 76,602 No 27,312 03/31/2009 49,400 12/15/2012 Navios Titan Panamax 2005 82,936 No 27,100 12/09/2010 Navios Sagittarius Panamax 2006 75,756 Yes 25,413 01/31/2009 26,125 02/01/2019 Navios Altair Panamax 2006 83,001 No 22,715 09/20/2009 Navios Esperanza Panamax 2007 75,200 No 37,056 08/09/2009 Torm Antwerp Panamax 2008 75,250 No - - Belisland Panamax 2003 76,602 No - - Golden Heiwa Panamax 2007 76,662 No - - SA Fortius Capesize 2001 171,595 No - - C. Utopia Capesize 2007 174,000 No - - Beaufiks Capesize 2004 180,181 Yes - - Rubena N Capesize 2006 203,233 No - - Navios Armonia Ultra 2008 55,100 No 23,700 06/07/2013 Handymax Long-Term Chartered-in Fleet to be Delivered Delivery Deadweight Purchase Vessel Name Vessel Type Date (in metric tons) Option Phoenix Grace Capesize 01/2009 170,500 No Phoenix Beauty Capesize 11/2009 170,500 No Navios TBN Handysize 03/2010 35,000 Yes(9) Kleimar TBN Capesize 04/2010 176,800 No Navios TBN Handysize 08/2010 35,000 Yes(9) Navios TBN Panamax 09/2011 80,000 Yes Navios TBN Capesize 09/2011 180,200 Yes Navios TBN Ultra Handymax 03/2012 61,000 Yes Kleimar TBN Capesize 07/2012 180,000 Yes Navios TBN Kamsarmax 01/2013 82,100 Yes Navios TBN Ultra Handymax 07/2013 61,000 Yes (1) Capesize vessel Obeliks was sold for approximately $35.1 million in Q2 2008. (2) Daily Charter-out rate net of commissions. (3) Expected Redelivery basis midpoint of full redelivery period. (4) The vessel was delivered on October 10, 2008. (5) On July 1, 2008, the vessel was sold to Navios Partners for $79.9 million. (6) Navios Partners has the option to acquire this vessel for $135.0 million. (7) Generally, Navios Holdings may exercise its purchase option after three to five years of service. (8) Charterer has right to extend period at similar day rate. (9) The initial 50% purchase option on each vessel is held by Navios Holdings.
