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UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

 

 

 

 

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

 

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Dated: September 10, 2021

Commission File No. 001-33311

 

 

 

 

NAVIOS MARITIME HOLDINGS INC. 

 

 

  

Strathvale House, 90 N Church Street,

 

P.O. Box 309, Grand Cayman,

 

KY1-1104 Cayman Islands

 

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

 

Form 20-F Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1):

 

Yes No

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7):

 

Yes No

 

 

The information contained in this Report on Form 6-K (this “Report”) is incorporated by reference into the Registration Statements on Form S-8, File No. 333-147186, 333-202141 and 333-222002, and the related prospectuses.

 

Operating and Financial Review and Prospects

The following is a discussion of the financial condition and results of operations of Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) for the three and six month periods ended June 30, 2021 and 2020. Navios Holdings’ financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Holdings’ Annual Report on Form 20-F for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) and the unaudited interim condensed consolidated financial statements and the accompanying notes included elsewhere in this Report.

This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements herein other than statements of historical fact, including statements regarding business and industry prospects or future results of operations or financial position, should be considered forward-looking. These forward looking statements are based on Navios Holdings’ current expectations and observations. Factors that could cause actual results to differ materially include, but are not limited to risks relating to: expected timing, completion and effects of the Navios Partners’ Merger II (as defined herein), our ability to service and refinance our indebtedness including our 2022 Notes (as defined herein) and 2022 Senior Secured Notes (as defined herein); global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on global economic activity; demand for seaborne transportation of the products we ship; the ability and willingness of charterers to fulfill their obligations to us; prevailing charter rates; shipyards performing scrubber installations, drydocking and repairs; changing vessel crews and availability of financing; potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the COVID-19 pandemic and the ongoing efforts throughout the world to contain it; uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles; our continued ability to enter into long-term time charters; our ability to maximize the use of our vessels; expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize, Ultra Handymax and Handysize vessels in particular; the aging of our fleet and resultant increases in operations costs; the loss of any customer or charter or vessel; the financial condition of our customers; increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance, and general and administrative expenses; the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions; competitive factors in the market in which Navios Holdings operates; the value of our publicly traded subsidiaries and risks associated with operations outside the United States. Other factors that could cause our actual results to differ from our current expectations and observations include, but are not limited to, those discussed under Part I, Item 3D — Risk Factors in Navios Holdings’ Annual Report on Form 20-F for the year ended December 31, 2020. All forward-looking statements made in this Report speak only as of the date of this document. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

 

Recent Developments

2022 Senior Secured Notes

On June 29, 2021, the Company entered into the Eighth Supplemental Indenture which eliminated the Company’s obligation to make a springing maturity offer for the 11.25% Senior Notes due 2022 (the “2022 Senior Secured Notes”) following the pro rata redemption, at par, of $100.0 million in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”). On July 23, 2021, the Company completed the Redemption. The Redemption was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75.3 million from an affiliate of Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (as defined herein).

On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20.0 million of its 2022 Senior Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of September 13, 2021 (the “Second Redemption”).

After the Redemption and the Second Redemption, $185.0 million in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

 

 

  1  

 

Repayment of Grimaud Loan and dividend payment of Grimaud shares 

On June 30, 2021, the Company entered into a supplemental agreement to the Grimaud Loan (the “Supplemental Grimaud Loan Agreement”) with Grimaud Ventures S.A (“Grimaud”), whereby the Company and Grimaud agreed to amend the Grimaud Loan (as define herein). Pursuant to the amendment, the Grimaud Loan may be repaid or prepaid in full by the issuance of shares of common stock of Navios Holdings. The effectiveness of the Supplemental Grimaud Loan Agreement was subject to, and contingent upon, prepayment of the Grimaud Loan in the amount of $7.5 million in cash and the effectiveness of a registration statement registering the resale of Navios Holdings shares, among other conditions.

On July 13, 2021, the Company’s $70.0 million loan, plus accrued interest, owed to Grimaud, a wholly-owned subsidiary of Navios South American Logistics Inc. (“Navios Logistics”), was repaid by the Company in full through the issuance of 9,301,542 shares of the Company’s common stock and $7.5 million in cash plus accrued and unpaid interest.

On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. Immediately thereafter, Grimaud redeemed the equity interests held by its non-controlling shareholder in full at fair market value. Grimaud is now an indirect wholly-owned subsidiary of the Company, and its equity interests are pledged as collateral under the 2022 Senior Secured Notes).

As of September 9, 2021, Grimaud sold 6.4 million shares of common stock of Navios Holdings and generated net proceeds of $31.3 million part of which was used to fund the Second Redemption.

 

Navios Partners’ Merger II

On August 25, 2021, Navios Maritime Partners L.P. (“Navios Partners”) and its direct wholly-owned subsidiary Navios Acquisition Merger Sub. Inc. (“Merger Sub”) entered into an Agreement and Plan of Merger with Navios Maritime Acquisition Corporation (“Navios Acquisition”) (the “Navios Partners’ Merger II”). Pursuant to the Navios Partners’ Merger II, Merger Sub will be merged with and into Navios Acquisition, with Navios Acquisition being the surviving entity (the “Merger”) as a wholly-owned subsidiary of Navios Partners. Upon consummation of the Navios Partners’ Merger II, Navios Acquisition will become wholly owned by Navios Partners and each outstanding share of common stock of Navios Acquisition that is held by a holder other than Navios Partners, Navios Acquisition and their respective subsidiaries will be converted into the right to receive 0.1275 of a common unit of Navios Partners.

Pursuant to the Navios Partners’ Merger II, on August 26, 2021, Navios Acquisition called for redemption of all of its outstanding 8.125% First Priority Ship Mortgage Notes due November 15, 2021 (the “Navios Acquisition’s Ship Mortgage Notes”) and remitted to the indenture trustee the aggregate redemption price payable to the holders of the Navios Acquisition’s Ship Mortgage Notes to satisfy and discharge Navios Acquisition’s obligations under the indenture relating to the Navios Acquisition’s Ship Mortgage Notes. The redemption date for the Navios Acquisition’s Ship Mortgage Notes will be September 25, 2021.

The Navios Partners’ Merger II is expected to close in the fourth quarter of 2021 upon completion of certain customary conditions. After the completion of the Navios Partners’ Merger II, Navios Holdings expects to have a 10.3% ownership interest in Navios Partners.

 

Fleet Update

In June 2021, the Company agreed to sell to Navios Partners the Navios Azimuth, a 2011-built Capesize vessel of 179,169 dwt, the Navios Ray, a 2012-built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009-built Capesize vessel of 180,022 dwt for an aggregate sales price of $88.0 million. The sale of (i) the Navios Bonavis and the Navios Ray was completed in June 2021, and of (ii) the Navios Azimuth was completed in July 2021.

In June 2021, the Company completed the sale to Navios Partners of the Navios Koyo, a 2011-built Capesize vessel of 181,415 dwt, which was previously chartered-in. The net sale proceeds were $8.5 million.

In June 2021, the Company completed the sale of the Navios Serenity, a 2011-built Handysize vessel of 34,690 dwt, to an unrelated third party for a sale price of $10.6 million.

 

 

  2  

 

Overview

General

Navios Holdings is a global seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain. In August 2019, the Company entered into five-year service agreements with N Shipmanagement Inc., a subsidiary of N Shipmanagement Acquisition Corp. (together with its subsidiaries, “NSM” or the “Manager”) under which NSM provides technical and commercial management services. See also “Related Party Transactions”.

Navios Logistics

Navios Logistics, a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007. Navios Logistics believes it is one of the largest logistics companies in the Hidrovia region river system, the main navigable river system in the region, and in the cabotage trades along the south-eastern coast of South America. Navios Logistics serves its customers in the Hidrovia region through its three existing port storage and transfer facilities (the “Port Terminal Business”), its Grain Terminal, which supports agricultural and forest-related exports located in Uruguay, its Iron Ore Terminal, which supports mineral related exports both located in Uruguay and its Liquid Port Terminal, with tank storage for refined petroleum products in San Antonio, Paraguay. Navios Logistics complements its three port terminals with a diverse fleet of 329 barges and 30 pushboats that operate in its barge business (the “Barge Business”) and eight vessels, including six tankers, one bunker vessel and one river and estuary product tanker, which operate in its cabotage business (the “Cabotage Business”). Navios Logistics provides transportation for dry cargo (cereals, cotton pellets, soybeans, wheat, limestone (clinker), mineral iron, and rolling stones) and liquid cargo (hydrocarbons such as crude oil, gas oil, naphtha, fuel oil and vegetable oils) and liquefied cargo (liquefied petroleum gas or “LPG”). As of June 30, 2021, Navios Holdings owned 63.8% of Navios Logistics.

Affiliate Companies (Not Consolidated under Navios Holdings)

Navios Partners (NYSE: NMM) is an international owner and operator of dry cargo vessels and is engaged in the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to longer-term charters. As of June 30, 2021 and following the acquisition of Navios Maritime Containers L.P. (“Navios Containers”) by Navios Partners, referred to in Note 14 included elsewhere in this Report, Navios Holdings had a 9.7% ownership interest in Navios Partners. After the completion of the Navios Partners’ Merger II, Navios Holdings expects to have a 10.3% ownership interest in Navios Partners. Please refer to Note 14 included elsewhere in this Report. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings.

Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. As of June 30, 2021, Navios Holdings’ had a 28.0% ownership interest in Navios Acquisition.

Navios Containers was an international owner and operator of containerships. As of December 31, 2020, Navios Holdings held a 3.9% ownership in Navios Containers. As of June 30, 2021, Navios Holdings had no equity investment in Navios Containers.

Navios Europe II was engaged in the marine transportation industry through the ownership of seven dry bulk and seven containership vessels. Navios Holdings, Navios Acquisition and Navios Partners had voting interests of 50%, 50% and 0%, respectively, and 47.5%, 47.5% and 5% economic interests, respectively, in Navios Europe II. The structure was liquidated in June 2020 (see also Note 14 included elsewhere in this Report).

Fleet

The following is the current Navios Holdings’ “core fleet” employment profile (excluding Navios Logistics). The current “core fleet” consists of 38 vessels totaling 4.1 million deadweight tons and has an average age of 8.6 years. The employment profile of the fleet as of August 30, 2021, is reflected in the tables below. Navios Holdings has currently chartered-out 80.5% of available days for the remaining six months of 2021. 50.0% of these available days are chartered-out on fixed rate and 30.5% are chartered-out on index. Although the rates as presented below are based on contractual charter rates, any contract is subject to performance by the counterparties and us.

Owned Fleet. Navios Holdings owns a fleet comprised of 12 Panamax vessels (which includes five vessels under bareboat contracts), ten Capesize vessels and three Ultra Handymax vessels.

 

  3  

 

 

Vessels

  Type   Built     DWT    

Charter - out Rate(1)

    Profit Share  

Expiration Date(2)

 
Navios Ulysses   Ultra Handymax     2007       55,728           100% of average Baltic Supramax 58 10 TC Index Routes    

 

10/2021

 
Navios Celestial   Ultra Handymax     2009       58,063       9,548     No     12/2021  
Navios Vega   Ultra Handymax     2009       58,792           100% of average Baltic Supramax 58 10 TC Index Routes    

 

11/2021

 
Navios Taurus   Panamax     2005       76,596           100% of average Baltic Panamax Index 4TC Routes     09/2021  
Navios Asteriks   Panamax     2005       76,801           100% of average Baltic Panamax Index 4TC Routes     12/2021  
N Amalthia   Panamax     2006       75,318       9,625    

No

100% of average Baltic Panamax Index 4TC Routes

   

12/2021

01/2022

 
Navios Galileo   Panamax     2006       76,596       9,721    

No

100% of average Baltic Panamax Index 4TC Routes

   

12/2021

01/2022

 
N Bonanza   Panamax     2006       76,596           100% of average Baltic Panamax Index 4TC Routes     12/2021  
Rainbow N   Panamax     2011       79,642       10,688     No     09/2021  
Jupiter N   Panamax     2011       93,062       28,500     No     09/2021  
Navios Stellar   Capesize     2009       169,001           95.75% of average Baltic Capesize 5TC Index Routes     01/2022  
Navios Happiness   Capesize     2009       180,022           100.5% of average Baltic Capesize 5TC Index Routes     09/2022  
                                         

 

Vessels

  Type   Built     DWT    

Charter - out Rate(1)

    Profit Share  

Expiration Date(2)

 
Navios Phoenix   Capesize     2009       180,242      

 

    109.75% of average Baltic Capesize 5TC Index Routes 100% of average Baltic Capesize 5TC Index Routes plus $2,000/day     01/2023  
Navios Lumen   Capesize     2009       180,661       Freight Voyage     No      
Navios Antares   Capesize     2010       169,059           95.75% of average Baltic Capesize 5TC Index Routes     01/2022  
Navios Etoile   Capesize       2010       179,234           101.5% of average Baltic Capesize 5TC Index Routes     02/2022  
Navios Bonheur   Capesize       2010       179,259           100.5% of average Baltic Capesize 5TC Index Routes     12/2021  
Navios Altamira   Capesize       2011       179,165           100.25% of average Baltic Capesize 5TC Index Routes     02/2023  
Navios Canary   Capesize       2015       180,528           119% of average Baltic Capesize 5TC Index Routes     12/2022  
Navios Corali   Capesize       2015       181,249       15,461     No     10/2021  

 

 

 

  4  

 

 

Long-term Bareboat-in Fleet in Operation

 

Vessels   Type   Built     DWT    

Charter-

out

Rate (1)

   

Purchase

Option

  Index  

Expiration

Date (2)

 
Navios Herakles I   Panamax     2019       82,036           Yes   125% of average Baltic Panamax Index 4TC Routes     10/2021  
Navios Uranus   Panamax     2019       81,516       12,588     Yes   No     11/2021  
Navios Galaxy II   Panamax     2020       81,789      

11,994

    Yes  

No

125.0% of average Baltic Panamax Index 4TC Routes

   

12/2021

01/2023

 
Navios Felicity I   Panamax     2020       81,946       32,063     Yes   No     11/2021  
Navios Magellan II   Panamax     2020       82,037           Yes   124.375% of average Baltic Panamax Index 4TC Routes     01/2023  

 

Long-Term Fleet. In addition to the 25 owned vessels, Navios Holdings controls a fleet of nine Panamax, two Capesize, one Ultra Handymax, and one Handysize vessels under long-term charter-in contracts, having an average age of approximately 5.8 years. The average daily charter-in rate for the active long-term charter-in vessels for the remaining six months of 2021 is $16,441. We estimate the days of the long-term charter-in vessels for the remaining six months of 2021 are 2,282 days.

 

Long-term Charter-in Vessels

Vessels

  Type   Built     DWT    

Purchase Option(3)

   

Charter-out Rate(1)

 

 

Expiration Date(2)

 
Navios Lyra   Handysize     2012       34,718       Yes (4)      8,788       11/2021  
Navios Venus   Ultra Handymax     2015       61,339       Yes       (5)     09/2021  
Navios Marco Polo   Panamax     2011       80,647       Yes       30,875       09/2021  
Navios Amber   Panamax     2015       80,994       Yes       (6)     01/2023  
Navios Sky   Panamax     2015       82,056       Yes       (7)     05/2022  
Navios Coral   Panamax     2016       84,904       Yes       (8)     12/2021  
Navios Citrine   Panamax     2017       81,626       Yes       (9)     02/2023  
Navios Dolphin   Panamax     2017       81,630       Yes       (9)     12/2022  
Cassiopeia Ocean   Panamax     2018       82,069       No       29,806     11/2021  
Navios Gemini   Panamax     2018       81,704       No (17)     12,255       04/2022  
                                                               

 

Vessels

  Type   Built     DWT    

Purchase Option(4)

   

Charter-out Rate(1)

 

Expiration Date(2)

 
Navios Horizon I   Panamax     2019       81,692       No (10)      (8)      09/2021  
Navios Felix   Capesize     2016       181,221       Yes       Freight Voyage       10/2021  
Navios Obeliks   Capesize     2012       181,415       Yes       Freight Voyage       10/2021  
                                                           

  

(1) Daily rate net of commissions.
(2) Expected redelivery basis midpoint of full redelivery period or company’s best estimate.
(3) Generally, Navios Holdings may exercise its purchase option after three to five years of service.
(4) Navios Holdings holds the initial 50% purchase option on the vessel.
(5) 110% of average Baltic Supramax 58 10TC Index Routes.
(6) 115% of average Baltic Panamax 4TC Index Routes.
(7) 112% of average Baltic Panamax 4TC Index Routes.
(8) 120% of average Baltic Panamax 4TC Index Routes.
(9) 122% of average Baltic Panamax 4TC Index Routes.
(10) Navios Holdings has the right of first refusal and profit sharing on sale of vessel.

  5  

 

Many of Navios Holdings’ current long-term charter-in vessels are chartered from ship owners with whom Navios Holdings has long-standing relationships. Navios Holdings pays these ship owners daily rates of hire for such vessels, and then charters out these vessels to other parties, who pay Navios Holdings a daily rate of hire. Navios Holdings also enters into COAs pursuant to which Navios Holdings has agreed to carry cargoes, typically for industrial customers, who export or import dry bulk cargoes. Further, Navios Holdings enters into spot market voyage contracts, where Navios Holdings is paid a rate per ton to carry a specified cargo from point A to point B.

Navios Logistics’ Fleet

The following is the current core fleet of Navios Logistics as presented in Navios Logistics’ 6-K for the period ended June 30, 2021 filed with SEC:

 

Pushboats/ Barges/ Inland Oil
Tankers Fleet

 

Number of
Vessels

 

Capacity/BHP

 

Description

 
Pushboat Fleet 30 107,920 BHP Various Sizes and Horsepower
Dry Barges 268 474,050 DWT Dry Cargo
Tank Barges 58 178,948 m3 Liquid Cargo
LPG Barges 3 4,752 m3 LPG
Total 359    

 

 

 

Product Tanker Fleet

 

Year Built

 

DWT

 

Description

 
Estefania H 2008 12,000 Double-hulled Product Tanker
Malva H 2008 8,974 Double-hulled Product Tanker
Makenita H 2009 17,508 Double-hulled Product Tanker
Sara H 2009 9,000 Double-hulled Product Tanker
San San H 2010 16,871 Double-hulled Product Tanker
Ferni H 2010 16,871 Double-hulled Product Tanker
He Man H 2012 1,693 Double-hulled Bunker Vessel
Elena H 2018 4,999 Double-hulled Product Tanker
Total   87,916  

 

Charter Policy and Industry Outlook

Navios Holdings’ policy has been to take a portfolio approach to managing operating risks. This policy may lead Navios Holdings to time charter-out many of the vessels that it is operating (i.e., vessels owned by Navios Holdings or which Navios Holdings has taken into its fleet under charters having a duration of more than 12 months) for long-term periods at fixed or floating rates to various shipping industry counterparties considered by Navios Holdings to have appropriate credit profiles. By doing this, Navios Holdings aims to lock in, subject to credit and operating risks, favorable forward revenue and cash flows, which it believes will cushion it against unfavorable market conditions, when the Company deems necessary. In addition, Navios Holdings may trade additional vessels taken in on shorter term charters of less than 12 months duration as well as voyage charters and COAs.

Generally, these charters, when available, may have the effect of generating Time Charter Equivalent (“TCE”) that are higher than spot employment. The average daily charter-in vessel cost for the Navios Holdings long-term charter-in fleet was $15,911 per day for the three month period ended June 30, 2021. The average long-term charter-in hire rate per vessel was included in the amount of long-term hire included elsewhere in this Report and was computed by (a) multiplying (i) the daily charter-in rate for each vessel by (ii) the number of days each vessel is in operation for the year; (b) summing those individual multiplications; and (c) dividing such total by the total number of charter-in vessel days for the year. Furthermore, Navios Holdings has the ability to increase its owned fleet through purchase options exercisable in the future at favorable prices relative to the then-current market. Navios Holdings holds 10 purchase options to acquire charter- in vessels, and five purchase options to acquire vessels under bareboat contracts.

Navios Holdings believes that a decrease in global commodity demand from its current level, and the delivery of dry bulk carrier new buildings into the world fleet, could have an adverse impact on future revenue and profitability. However, Navios Holdings believes that the operating cost advantage (through the fixed cost contracts provided by NSM) of its owned vessels will continue to help mitigate the impact of any declines in freight rates. A reduced freight rate environment also has an adverse impact on the value of Navios Holdings’ owned fleet. In reaction to a decline in freight rates, available ship financing can also be negatively impacted.

Navios Logistics believes that it owns and operates the largest independent bulk transfer and storage port terminal complex in Uruguay based on throughputs, its Dry Port Terminal, and one of the largest independent storage facilities for crude and petroleum products in Paraguay based on storage capacity, its Liquid Port Terminal. Navios Logistics also believes that it is also one of the largest owners and operators of a diverse and versatile fleet of dry and wet barges, pushboats and oil tankers in the Hidrovia Region. Navios Logistics’ port, barge and cabotage operations serve the needs of a diverse range of industries, including mineral and grain commodity providers as well as users of refined petroleum products. Navios Logistics has been able to combine its ports, barges, pushboats and tankers to offer an integrated logistics solution to its customers. Navios Logistics has customers that have used or use both its dry port and dry barge services such as Vale International S.A. (“Vale”), Vetorial Mineracao S.A. (“Vetorial”), Alicorp and other customers that use its liquid port and liquid barge or cabotage services such as Vitol and Petrosur. Navios Logistics believes that the scale and breadth of its integrated service offerings, together with the strategic location and unique capabilities of its infrastructure assets position it well to capitalize on the continued growth expected in iron ore, grain and liquid trade flows within and from the Hidrovia Region. Navios Holdings believes that the continuing development of these businesses will foster throughput growth and therefore increase revenues at Navios Logistics. Should this development be delayed, grain harvests be reduced, or the market experience an overall decrease in the demand for grain or iron ore, the operations in Navios Logistics could be adversely affected.

  6  

 

Factors Affecting Navios Holdings’ Results of Operations

Navios Holdings believes the principal factors that will affect its future results of operations are the economic, regulatory, political and governmental conditions that affect the shipping industry generally and that affect conditions in countries and markets in which its vessels engage in business. In addition, our business could be materially and adversely affected by the ongoing COVID-19 pandemic. Please read “Risk Factors” included in Navios Holdings’ Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC for a discussion of certain risks inherent in its business.

Navios Holdings believes that important measures for analyzing trends in its results of operations include the following:

 

    Market Exposure: Navios Holdings manages the size and composition of its fleet by seeking a mix between chartering and owning vessels in order to adjust to anticipated changes in market rates. Navios Holdings aims to achieve an appropriate balance between owned vessels and long-term charter-in vessels and currently controls approximately 4.1 million dwt in dry bulk tonnage. Navios Holdings’ options to extend the charter duration of vessels it has under long-term time charter (durations of over 12 months) and its purchase options on chartered vessels permit Navios Holdings to adjust the cost and the fleet size to correspond to market conditions.

 

    Available days: Available days are the total number of days a vessel is controlled by a company less the aggregate number of days that the vessel is off-hire due to major repairs or repairs under guarantee, vessel upgrades, drydocking or special surveys and ballast days relating to voyages. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

 

    Operating days: Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances.

 

    Fleet utilization: Fleet utilization is the percentage of time that Navios Holdings’ vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period.

 

    TCE rates: TCE rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of contracts for the number of available days of the fleet.

 

    Equivalent vessels: Equivalent vessels are defined as the available days of the fleet divided by the number of the calendar days in the period.

Voyage and Time Charter

Revenues are driven primarily by the number and type of vessels in the fleet, the number of days during which such vessels operate and the amount of daily charter hire rates that the vessels earn under charters, which, in turn, are affected by a number of factors, including:

 

    the duration of the charters;

 

    the level of spot market rates at the time of charters;

 

    the level of period charter rates;

 

    decisions relating to vessel acquisitions and disposals;

 

    the amount of time spent positioning vessels;

 

    the amount of time that vessels spend in drydock undergoing repairs and upgrades;

 

    the age, condition and specifications of the vessels; and

 

    the aggregate level of supply and demand in the dry bulk shipping industry.

Time charters are available for varying periods, ranging from a single trip (spot charter) to a long-term period which may be many years. Under a time charter, owners assume no risk for finding business and obtaining and paying for fuel or other expenses related to the voyage, such as port entry fees. In general, a long-term time charter assures the vessel owner of a consistent stream of revenue. Operating the vessel in the spot market affords the owner greater spot market opportunity, which may result in high rates when vessels are in high demand or low rates when vessel availability exceeds demand. Vessel charter rates are affected by world economics, international events, weather conditions, labor strikes, governmental policies, supply and demand, and many other factors that might be beyond the control of management.

Consistent with industry practice, Navios Holdings uses TCE rates as a method of analyzing fluctuations between financial periods and as a method of equating revenue generated from a voyage charter to time charter revenue.

  7  

 

TCE rate also serves as an industry standard for measuring revenue and comparing results between geographical regions and among competitors.

The cost to maintain and operate a vessel increases with the age of the vessel. Older vessels are less fuel efficient, cost more to insure and require upgrades from time to time to comply with new regulations. The average age of Navios Holdings’ owned fleet is currently 8.6 years. As Navios Holdings’ fleet ages or if Navios Holdings expands its fleet by acquiring previously owned and older vessels, the cost per vessel would be expected to rise and, assuming all else, including rates, remains constant, vessel profitability would be expected to decrease.

Statement of Operations Breakdown by Segment

Navios Holdings reports financial information and evaluates its operations by charter revenues and not by vessel type, length of ship employment, customers or type of charter. Navios Holdings does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for each type of charter, management does not identify expenses, profitability or other financial information on a charter-by-charter or type of charter basis. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Company currently has two reportable segments: the Dry Bulk Vessel Operations and the Logistics Business. The Dry Bulk Vessel Operations segment consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels and freight. The Logistics Business segment consists of port terminal business, barge business and cabotage business. Navios Holdings measures segment performance based on net income attributable to Navios Holdings’ common stockholders.

For further segment information, please see Note 12 to the unaudited interim condensed consolidated financial statements included elsewhere in this Report.

Period over Period Comparisons

 

For the Three Month Period Ended June 30, 2021 Compared to the Three Month Period Ended June 30, 2020

The following table presents consolidated revenue and expense information for the three month periods ended June 30, 2021 and 2020, respectively. This information was derived from the unaudited interim condensed consolidated statement of comprehensive income/(loss) of Navios Holdings for the respective periods.

(in thousands of U.S. dollars)  

Three Month

Period Ended

June 30,

2021

(unaudited) 

 

Three Month

Period Ended

June 30

2020

(unaudited)

Revenue   $ 143,624     $ 97,127  
Time charter, voyage and logistics business expenses     (36,841)       (42,710 )
Direct vessel expenses     (29,232)       (26,007 )
General and administrative expenses     (8,544)       (8,836 )
Depreciation and amortization     (15,988)       (18,012 )
Interest expense and finance cost, net     (36,170)       (31,418 )
Impairment loss/loss on sale of vessels, net     (5,406)       (8,967 )
Gain on bond extinguishment     1,873        
Other expense, net     (1,022)       (1,593 )
Income/ (loss) before equity in net earnings of affiliate companies   $ 12,294     $ (40,416 )
Equity in net earnings of affiliate companies     12,854       9,445  
Income/ (loss) before taxes   $ 25,148     $ (30,971 )
Income tax (expense)/benefit     (603)       34  
Net income/(loss)   $ 24,545     $ (30,937 )
Less: Net loss/(income) attributable to the noncontrolling interest     391       (4,334 )
Net income/(loss) attributable to Navios Holdings common stockholders   $ 24,936     $ (35,271 )

  8  

 

Set forth below are selected historical and statistical data for the Dry Bulk Vessel Operations segment for each of the three month periods ended June 30, 2021 and 2020, respectively, that the Company believes may be useful in better understanding the Company’s financial position and results of operations.

 

   

Three Month Period Ended

June 30,

 
    2021     2020  
    (unaudited)     (unaudited)  
FLEET DATA                
Available days     3,916       4,536  
Operating days     3,907       4,507  
Fleet utilization     99.8     99.4
Equivalent vessels     43       50  
AVERAGE DAILY RESULTS                
Time Charter Equivalents   $ 21,572     $ 7,827  

 

During the three month period ended June 30, 2021, there were 620 fewer available days as compared to the same period during 2020 due to (i) a decrease in available days of owned and bareboat-in vessels by 362 days following the sale of four and five of the Company’s vessels in 2021 and 2020, respectively, partially mitigated by the acquisition of two drybulk vessels in 2020; and (ii) a decrease in charter-in vessels’ available days by 258 days due to the redelivery to owners of three charter-in vessels in 2021 and the acquisition of one charter-in vessel which was then sold to a related party.

The average TCE rate for the three month period ended June 30, 2021 was $21,572 per day, which was 175.6% or $13,745 per day higher than the rate achieved in the same period during 2020. This was primarily due to the improvement in the time charter and freight market during the three month period ended June 30, 2021.

Revenue: Revenue from Dry Bulk Vessel Operations for the three month period ended June 30, 2021 increased by $47.8 million, or 124.7%, to $86.1 million, as compared to $38.3 million for the same period during 2020. The increase in dry bulk revenue was mainly attributable to the improvement in time charter and freight market during three month period ended June 30, 2021.

Revenue from the Logistics Business was $57.6 million for the three month period ended June 30, 2021, as compared to $58.8 million for the same period in 2020. The decrease was mainly attributable to (i) a $4.4 million decrease in revenue from the cabotage business mainly due to fewer operating days; (ii) a $3.1 million decrease in sales of products due to the decrease in the Paraguayan liquid port’s volume of products sold; and (iii) a $0.3 million decrease in revenue from the port terminal business mainly due to lower volumes transshipped in the grain port terminal. The overall decrease was partially mitigated by a $6.6 million increase in revenue from the barge business mainly due to a $7.8 million increase in CoA/voyage revenues related to higher liquid cargo moved, partially mitigated by a $1.1 million decrease in time charter revenues mainly due to a decrease in time charter rates.

Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses decreased by $5.9 million, or 13.7%, to $36.8 million for the three month period ended June 30, 2021, as compared to $42.7 million for the three month period ended June 30, 2021.

The time charter and voyage expenses from Dry Bulk Vessel Operations decreased by $6.0 million, or 22.4%, to $20.9 million for the three month period ended June 30, 2021, as compared to $27.0 million for the three month period ended June 30, 2020. This decrease was mainly attributable to (i) a $5.1 million decrease in charter-in expenses due to the redelivery to owners of three charter-in vessels in 2021 and the acquisition of one charter-in vessel which was then sold to a related party; (ii) a $0.6 million decrease in port and other voyage expenses; and (iii) a $0.3 million decrease in fuel expenses.

Of the total expenses for the three month periods ended June 30, 2021 and 2020, $15.9 million and $15.8 million, respectively, related to Navios Logistics. The increase of $0.1 million in time charter, voyage and Logistics Business expenses related to Navios Logistics was mainly due to (i) a $2.8 million increase in time charter and voyage expenses of the barge business mainly due to more spot voyages performed; (ii) a $0.1 million increase in port terminal expenses; and (iii) a $0.1 million increase in the time charter and voyage expenses of the cabotage business. The overall increase was partially mitigated by (i) a $2.9 million decrease in cost of products sold mainly attributable to the decrease in the Paraguayan liquid port terminal’s volumes of products sold.

Direct Vessel Expenses: Direct vessel expenses increased by $3.2 million, or 12.4%, to $29.2 million for the three month period ended June 30, 2021, as compared to $26.0 million for the three month period ended June 30, 2020.

Direct vessel expenses from Dry Bulk Vessel Operations decreased by $1.3 million, or 9.8%, to $11.8 million for the three month period ended June 30, 2021, as compared to $13.0 million for the three month period ended June 30, 2020. This decrease was mainly attributable to a $1.7 million decrease in vessel operating expenses (management fees); partially mitigated by (i) a $0.3 million increase in drydocking and special survey amortization; and (ii) a $0.2 million increase in repair expenses.

Of the total amounts for the three month periods ended June 30, 2021 and 2020, $17.5 million and $13.0 million, respectively, were related to Navios Logistics. The increase of $4.5 million was mainly due to (i) a $3.6 million increase in direct vessel expenses of the barge business mainly attributable to the increased utilization of Navios Logistics convoys to service the demand of the COA/voyage market; and (ii) $0.9 million increase in direct vessel expenses of the cabotage business, mainly due to increased crew costs.

  9  

 

General and Administrative Expenses: General and administrative expenses of Navios Holdings are comprised of the following:

(in thousands of U.S. dollars)  

Three Month

Period Ended

June 30,

2021

(unaudited)

   

Three Month

Period Ended

June 30,

2020

(unaudited)

Dry Bulk Vessel Operations   $ 5,054     $ 5,608
Logistics Business     3,490       3,228
General and administrative expenses   $ 8,544     $ 8,836

General and administrative expenses decreased by $0.3 million to $8.5 million for the three month period ended June 30, 2021, as compared to $8.8 million for the three month period ended June 30, 2020. The decrease was mainly attributable to a $0.6 million decrease in general and administrative expenses of Dry Bulk Vessel Operations; partially mitigated by a $0.3 million increase in general and administrative expenses related to Navios Logistics. For the three month periods ended June 30, 2021 and 2020 general and administrative expenses, under the Administrative Services Agreement, amounted to $2.2 million and $2.3 million, respectively.

Depreciation and Amortization: For the three month period ended June 30, 2021, depreciation and amortization decreased by $2.0 million to $16.0 million as compared to $18.0 million for the three month period ended June 30, 2020.

Depreciation expenses related to Dry Bulk Vessel Operations decreased by $2.8 million, or 28.2%, to $7.2 million for the three month period ended June 30, 2021, as compared to $10.0 million for the three month period ended June 30, 2020. This decrease was primarily due to (i) the sale of four of the Company’s vessels for both 2021 and 2020; and (ii) the impact of impairment loss recognized in the fourth quarter of 2020 for two of the Company’s vessels; partially mitigated by the acquisition of two vessels in 2020. Amortization expenses related to dry bulk operations remained stable at $0.7 million for each of the three month periods ended June 30, 2021 and 2020.

Of the total amount of depreciation and amortization expense for each of the three month periods ended June 30, 2021 and 2020, $8.1 million and $7.3 million, respectively, related to Navios Logistics. The increase of $0.8 million in depreciation and amortization related to Navios Logistics was mainly due to (i) a $0.7 million increase in depreciation and amortization of the barge business mainly due to the delivery of each of the six liquid barges completed in the first quarter of 2021 and the three pushboats and 18 tank barges acquired in the first quarter of 2021 (the “Navios Logistics’ 2020 Fleet”); and (ii) a $0.1 million increase in depreciation and amortization of the cabotage business mainly due to increased amortization of dry dock expenses. Depreciation and amortization in the port terminal business amounted to $2.1 million for the three month period ended June 30, 2021, unchanged compared to the same period in 2020.

Interest Expense and Finance Cost, Net: Interest expense and finance cost, net increased by $4.8 million, or 15.1%, to $36.2 million for the three month period ended June 30, 2021, as compared to $31.4 million for the same period in 2020. This increase was mainly due to a $5.9 million increase in interest expense and finance cost, net of the Logistics Business, mainly due to the higher weighted average interest rate of Navios Logistics due to the issuance of the 2025 Logistics Senior Notes; partially mitigated by a $1.1 million decrease in interest expenses and finance cost, net of the Dry Bulk Vessel Operations, mainly due to repayments of credit facilities.

Impairment Loss/ Loss on Sale of Vessels, Net: During the three month period ended June 30, 2021, the Company recognized an impairment loss/loss on sale of vessels of $5.4 million relating to the sale of Navios Ray, Navios Bonavis, Navios Azimuth and Navios Koyo, which was a previously chartered-in vessel. During the three month period ended June 30, 2020, the Company recognized an impairment loss/loss on sale of vessels of $9.0 million relating to the sale of Navios Amitie and Navios Northern Star.

Gain on Bond Extinguishment: During the three month period ended June 30, 2021, the Company repurchased $14.4 million in par value of the 2022 Notes (as defined herein) for cash consideration of $12.5 million resulting in a gain on bond extinguishment of $1.9 million, net of deferred financing costs written-off. During the three month period ended June 30, 2020, no repurchase was effected.

Other Expense, Net: Other expenses, net decreased by $0.6 million, to $1.0 million net expense for the three month period ended June 30, 2021, as compared to $1.6 million for the same period in 2020. This decrease was due to a $0.8 million decrease in other expense, net of the Logistics Business; partially mitigated by a $0.2 million increase in other expense, net of the Drybulk Business.

  10  

 

The increase in other expense, net of Dry Bulk Vessel Operations was mainly due to a $0.3 million increase in taxes other than income taxes; partially mitigated by a $0.1 million increase in miscellaneous other income, net.

The decrease in other expense, net, of the Logistics Business was mainly due to (i) a $0.7 million decrease in the barge business mainly due to positive foreign exchange differences and (ii) a $0.2 million decrease in the cabotage business, mainly due to decreased taxes other than income taxes; partially mitigated by (i) a $0.1 million increase in the port terminal business.

Equity in Net Earnings of Affiliate Companies: Equity in net earnings of affiliate companies increased by $3.4 million, to $12.9 million equity in net earnings for the three month period ended June 30, 2021, as compared to $9.4 million equity in net earnings for the same period in 2020, mainly due to (i) a $10.3 million increase in equity method income from Navios Partners; (ii) a $0.1 million equity method loss from Navios Containers recorded in the three month period ended June 30, 2020; partially mitigated by a $6.9 million decrease in equity method income from Navios Acquisition.

Income Tax (Expense)/Benefit: Income tax benefit for the three month period ended June 30, 2021 decreased by $0.6 million to $0.6 million expense for the three month period ended June 30, 2021, as compared to a less than $0.1 million benefit for the same period in 2020. The total change in income tax was attributable to Navios Logistics due to a $0.9 million decrease in income tax benefit of the barge business, mainly due to the impact of local foreign exchange differences for the three month period ended June 30, 2021; partially mitigated by a $0.3 million increase in income tax benefit of the cabotage business.

Net Loss/ (Income) Attributable to the Noncontrolling Interest: Net income attributable to the noncontrolling interest decreased by $4.7 million to $0.4 million net loss for the three month period ended June 30, 2021, as compared to $4.3 million net income for the same period in 2020. This decrease was mainly due to a decrease in net income of the Logistics Business for the three month period ended June 30, 2021, as compared to the same period in 2020.

For the Six Month Period Ended June 30, 2021 Compared to the Six Month Period Ended June 30, 2020

The following table presents consolidated revenue and expense information for the six month periods ended June 30, 2021 and 2020, respectively. This information was derived from the unaudited interim condensed consolidated statement of comprehensive income/ (loss) of Navios Holdings for the respective periods.

   

Six Month

Period Ended

June 30, 2021

   

Six Month

Period Ended

June 30, 2020

 
(in thousands of U.S. dollars)   (unaudited)     (unaudited)  
Revenue   $ 260,575     $ 188,210  
Time charter, voyage and logistics business expenses     (75,168)       (89,354 )
Direct vessel expenses     (55,147)       (50,738 )
General and administrative expenses     (15,363)       (15,798 )
Depreciation and amortization     (32,254)       (36,088 )
Interest expense and finance cost, net     (72,370)       (63,061 )
Impairment loss/ loss on sale of vessels, net     (25,861)       (20,215 )
Gain on bond extinguishment     1,873       11,204  
Other expense, net     (1,246)       (3,154 )
Impairment of loan receivable from affiliate company           (6,050 )
Loss before equity in net earnings of affiliated companies   $ (14,961)     $ (85,044 )
Equity in net earnings of affiliated companies     40,594       3,308  
Income/ (loss) before taxes   $ 25,633     $ (81,736 )
Income tax benefit     226       73  
Net income/(loss)   $ 25,859     $ (81,663 )
Less: Net income attributable to the noncontrolling interest     (760)       (6,883 )
Net income/(loss) attributable to Navios Holdings common stockholders   $ 25,099     $ (88,546 )

  11  

 

Set forth below are selected historical and statistical data for the Dry Bulk Vessel Operations segment for each of the six month periods ended June 30, 2021 and 2020, respectively, that the Company believes may be useful in better understanding the Company’s financial position and results of operations.

 

   

Six Month Period Ended

June 30,

 
    2021     2020  
    (unaudited)     (unaudited)  
FLEET DATA                
Available days     8,118       9,172  
Operating days     8,088       9,104  
Fleet utilization     99.6     99.3
Equivalent vessels     45       50  
AVERAGE DAILY RESULTS                
Time Charter Equivalents   $ 17,862     $ 7,451  

During the six month period ended June 30, 2021, there were 1,054 fewer available days as compared to the same period in 2020, due to (i) a decrease in charter-in vessels’ available days by 563 days due to the redelivery to owners of two charter-in vessels in both 2021 and 2020, and the acquisition of one and two charter-in vessels in 2021 and 2020; and (ii) a decrease in available days of owned and bareboat-in vessels by 490 days following the sale of four and seven of the Company’s vessels in 2021 and 2020, respectively, partially mitigated by the delivery of seven vessels in 2020.

The average TCE rate for the six month period ended June 30, 2021 was $17,862 per day, $10,441 per day higher than the rate achieved in the same period in 2020. This was primarily due to the improvement in the time charter and freight market during the six month period ended June 30, 2021.

Revenue: Revenue from Dry Bulk Vessel operations for the six month period ended June 30, 2021 increased by $77.2 million, or 106.4%, to $149.8 million, as compared to $72.6 million for the same period in 2020. The increase in dry bulk revenue was mainly attributable to the improvement in time charter and freight market during the six month period ended June 30, 2021.

Revenue from the Logistics Business was $110.8 million for the six month period ended June 30, 2021, as compared to $115.6 million for the same period in 2020. The decrease was mainly attributable to (i) a $7.8 million decrease in sales of products due to the decrease in the Paraguayan liquid port’s volume of products sold; and (ii) a $6.4 million decrease in revenue from the cabotage business mainly due to lower time charter rates affected by market conditions and fewer operating days. The overall decrease was partially mitigated by (i) a $6.7 million increase in revenue from the barge business mainly due to a $13.8 million increase in CoA/voyage revenues related to higher CoA/voyage revenues of convoys previously under time charter contracts, partially mitigated by a $7.2 million decrease in time charter revenues mainly due to the expiration of certain legacy time charter contracts; and (ii) a $2.7 million increase in revenue from the port terminal business mainly due to higher volumes transshipped in the grain port terminal.

Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses decreased by $14.2 million, or 15.9%, to $75.2 million for the six month period ended June 30, 2021, as compared to $89.4 million for the six month period ended June 30, 2020.

The time charter and voyage expenses from Dry Bulk Vessel Operations decreased by $10.1 million, or 18.5%, to $44.7 million for the six month period ended June 30, 2021, as compared to $54.9 million for the six month period ended June 30, 2020. This decrease was mainly attributable to a decrease in charter-in and other voyage expenses by $10.1 million.

  12  

 

Of the total amounts of time charter, voyage and logistics business expenses for the six month periods ended June 30, 2021 and 2020, $30.4 million and $34.5 million, respectively, were related to Navios Logistics. The decrease in time charter, voyage and logistics business expenses was mainly due to (i) a $7.6 million decrease in cost of products sold mainly due to the decrease in the Paraguayan liquid port terminal’s volumes of products sold, partially offset by (i) a $2.6 million increase in time charter and voyage expenses of the barge business due to higher voyage expenses, mainly fuel, related to more spot voyages performed; (ii) a $0.7 million increase in the time charter and voyage expenses of the cabotage business mainly due to higher voyage expenses, mainly fuel, related to more spot voyages performed and (iii) a $0.2 million increase in time charter and voyage expenses of the port terminal business, mainly due to higher volumes transshipped in the grain port terminal.

Direct Vessel Expenses: Direct vessel expenses increased by $4.4 million, or 8.7%, to $55.1 million for the six month period ended June 30, 2021, as compared to $50.7 million for the same period in 2020.

Direct vessel expenses from Dry Bulk Vessel Operations decreased by $1.5 million, or 5.7%, to $24.1 million for the six month period ended June 30, 2021, as compared to $25.5 million for the six month period ended June 30, 2020. This decrease was mainly attributable to a $2.2 million decrease in vessel operating expenses (management fees); partially mitigated by (i) a $0.6 million increase in drydocking and special survey amortization; and (ii) a $0.1 million increase in repair expenses.

Of the total amounts of direct vessel expenses for the six month periods ended June 30, 2021 and 2020, $31.1 million and $25.2 million, respectively, were related to Navios Logistics. The increase of $5.9 million in direct vessel expenses related to Navios Logistics was mainly attributable to (i) a $5.0 million increase in the barge business mainly due to the increased utilization of Navios Logistics convoys to service the demand of the COA/voyage market and (ii) a $0.8 million increase in the cabotage business, mainly due to increased crew costs.

General and Administrative Expenses: General and administrative expenses of Navios Holdings are comprised of the following:

 

   

Six Month

Period Ended

June 30,

2021

   

Six Month

Period Ended

June 30,

2020

 
(in thousands of U.S. dollars)   (unaudited)     (unaudited)  
Dry Bulk Vessel Operations   $ 8,595     $ 9,346  
Logistics Business     6,768       6,452  
General and administrative expenses   $ 15,363     $ 15,798  

The decrease in general and administrative expenses by $0.4 million, or 2.8%, to $15.4 million for the six month period ended June 30, 2021, as compared to $15.8 million for the six month period ended June 30, 2020, was attributable to a $0.8 million decrease in general and administrative expenses from Dry Bulk Vessel Operations, partially mitigated by a $0.3 million increase in general and administrative expenses in the Logistics Business. For the six month periods ended June 30, 2021 and 2020, general and administrative expenses, under the Administrative Services Agreement, amounted $4.5 million and $4.6 million, respectively.

Depreciation and Amortization: For the six month period ended June 30, 2021, depreciation and amortization expense decreased by $3.8 million, or 10.6%, to $32.3 million, as compared to $36.1 million for the same period in 2020.

Depreciation expenses related to Dry Bulk Vessel Operations decreased by $4.8 million, or 23.9%, to $15.3 million for the six month period ended June 30, 2020, as compared to $20.1 million for the six month period ended June 30, 2020. This decrease was primarily due to (i) the sale of three and seven of the Company’s vessels in 2021 and 2020, respectively; and (ii) the impairment loss recognized in the fourth quarter of 2020 for two of the Company’s vessels; partially mitigated by the acquisition of four vessels in 2020. Amortization expenses related to Dry Bulk Operations remained stable at $1.4 million for each of the six month periods ended June 30, 2021 and 2020.

Of the total amount of depreciation and amortization expense for the six month periods ended June 30, 2021 and 2020, $15.5 million and $14.5 million, respectively, were related to Navios Logistics. The increase of $1.0 million in depreciation and amortization of the Logistics Business was mainly due to (i) a $0.8 million increase in the barge business mainly due to the delivery of each of the six liquid barges completed in the first quarter of 2021 and the Navios Logistics’ 2020 Fleet acquired in the first quarter of 2021 and (ii) a $0.2 million increase in the port terminal business mainly due to increased depreciation expense of tangible assets; partially mitigated by a $0.1 million decrease in the cabotage business mainly due to reduced amortization of dry dock expenses.

Interest Expense and Finance Cost, Net: Interest expense and finance cost, net increased by $9.3 million, or 14.8%, to $72.4 million for the six month period ended June 30, 2021, as compared to $63.1 million in the same period in 2020. This increase was mainly due to (i) a $11.0 million increase in interest expense and finance cost, net of the Logistics Business; and (ii) a $1.7 million decrease in interest expense and finance cost, net, of Dry Bulk Vessel Operations, mainly due to repayment of credit facilities.

Impairment loss/ loss on sale of vessels, net: During the six month period ended June 30, 2021, the Company recognized an impairment loss/loss on sale of vessels of $25.9 million relating to the sale of Navios Avior, Navios Centaurus, Navios Serenity, Navios Ray, Navios Bonavis, Navios Azimuth and Navios Koyo which was previously chartered-in vessel. During the six month period ended June 30, 2020, the Company recognized an impairment loss/loss on sale of vessels of $20.2 million relating to the sale of Navios Star, Navios Kypros, Navios Amitie and Navios Northern Star.

Gain on bond extinguishment: During the three month period ended June 30, 2021, the Company repurchased $14.4 million in par value of the 2022 Notes (as defined herein) for cash consideration of $12.5 million resulting in a gain on bond extinguishment of $1.9 million, net of deferred financing costs written-off. During the six month period ended June 30, 2020, the Company repurchased $20.8 million of the 2022 Notes (as defined herein) in open market transactions for cash consideration of $9.4 million resulting in a gain on bond extinguishment of $11.2 million, net of deferred fees written-off.

Other Expense, Net: Other expense, net decreased by $1.9 million, to $1.2 million net expense for the six month period ended June 30, 2021, as compared to $3.2 million net expense for the same period in 2020. This decrease was due to a $2.7 million decrease in other expense, net of the Logistics Business; partially mitigated by a $0.8 million increase in other expense, net of Dry Bulk Vessel Operations.

  13  

 

The increase in other expense, net of Dry Bulk Vessel Operations was mainly due to (i) a $0.6 million increase in miscellaneous voyage expenses; (ii) a $0.1 million increase in provision for losses on accounts receivable; and (iii) a $0.1 million increase in taxes other than income taxes.

The decrease in other expense, net of the Logistics Business was mainly due to (i) a $1.3 million decrease in the barge business mainly due to positive foreign exchange differences; (ii) a $0.9 million decrease in the port terminal business, mainly due to an insurance claim settlement and gain from foreign exchange differences and (iii) a $0.5 million decrease in the cabotage business, mainly due to decreased taxes other than income taxes.

Equity in Net Earnings of Affiliate Companies: Equity in net earnings of affiliate companies increased by $37.3 million to $40.6 million equity in net earnings for the six month period ended June 30, 2021, as compared to $3.3 million equity in net earnings of affiliate companies for the same period in 2020, mainly due to (i) a $40.7 million increase in equity method income from Navios Partners, from which the amount of $25.9 million is related to the merger with Navios Containers; (ii) $6.7 million other-than-temporary impairment (“OTTI”) loss relating to the investment in Navios Europe II recognized in the first quarter of 2020; and (iii) a $0.5 million increase in equity method income from Navios Containers. The overall increase was partially mitigated by a $10.5 million decrease in equity method income from Navios Acquisition.

Income Tax Benefit: Income tax benefit for the six month period ended June 30, 2021 increased by $0.2 million to a $0.2 million benefit for the six month period ended June 30, 2021, as compared to a $0.1 million benefit for the same period in 2020. The total change in income tax was mainly attributable to (i) a $0.1 million increase in income tax benefit of the Logistics Business; and (ii) a less than $0.1 million increase in income tax benefit of Dry Bulk Vessel Operations.

The increase of $0.1 million in income tax benefit of the Logistics Business was mainly due to (i) a $0.2 million increase in income tax benefit of the cabotage business; partially mitigated by (ii) a $0.2 million decrease in income tax benefit of the barge business, mainly due to the impact of local foreign exchange differences for the three month period ended June 30, 2021.

Net Income Attributable to the Noncontrolling Interest: Net income attributable to the noncontrolling interest decreased by $6.1 million to $0.8 million for the six month period ended June 30, 2021, as compared to $6.9 million for the same period in 2020. This decrease was mainly due to a decrease in net income of the Logistics Business for the six month period ended June 30, 2021, as compared to the same period in 2020.

Impairment of Loan Receivable from Affiliated Company: Impairment of loan receivable from Navios Europe II amounting to $6.1 million was recognized during the six month period ended June 30, 2020.

Non-Guarantor Subsidiaries

Our non-guarantor subsidiaries accounted for $110.8 million, or 42.5% and $57.6 million, or 40.1%, of our revenue for the six and three month periods ended June 30, 2021, respectively, $2.6 million net loss and $2.9 million net loss of our total net income for the six and three month periods ended June 30, 2021, respectively, $44.0 million and $21.8 million of our Adjusted EBITDA for the six and three month periods ended June 30, 2021, respectively, $1,014.4 million, or 55.5%, of our total assets and $631.3 million, or 34.4%, of our total liabilities, in each case, for the six month period ended as of June 30, 2021. Our non-guarantor subsidiaries accounted for $115.6 million, or 61.4% and $58.8 million, or 60.6%, of our revenue for the six and three month periods ended June 30, 2020, respectively, $12.1 million net income and $7.6 million net income of our total net loss for the six and three month periods ended June 30, 2020, respectively, $42.3 million and $22.6 million of our Adjusted EBITDA for the six and three month periods ended June 30, 2020, respectively, $964.0 million, or 45.6%, of our total assets and $569.7 million, or 27.9%, of our total liabilities, in each case, for the six month period ended as of June 30, 2020. Our non-guarantor subsidiaries accounted for $999.8 million, or 50.7%, of our total assets and $618.8 million, or 30.9%, of our total liabilities, in each case, as of December 31, 2020.

Liquidity and Capital Resources

Navios Holdings has historically financed its capital requirements with cash flows from operations, issuances of debt securities and borrowings under bank credit facilities. Main uses of funds have been refinancings of outstanding debt, capital expenditures for the acquisition of new vessels, new construction and upgrades at the port terminals, and expenditures incurred in connection with ensuring that the owned vessels comply with international and regulatory standards. Navios Holdings may from time to time, subject to restrictions under its debt and equity instruments, including limitations on dividends and repurchases under its preferred stock, depending upon market conditions and financing needs, use available funds to refinance or repurchase its debt in privately negotiated or open market transactions, by tender offer or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Holdings deems appropriate (which may be below par) and subject to Navios Holdings cash requirements for other purposes, compliance with the covenants under Navios Holdings’ debt agreements, and other factors management deems relevant. In addition, we regularly review options for refinancing our outstanding indebtedness and opportunities for acquisition of businesses and additional vessels, development of new facilities and infrastructure, joint ventures and other corporate transactions that may be material to us. Generally, our sources of funds may be from cash flows from operations, long-term borrowings and other debt or equity financings, proceeds from asset sales and proceeds from sale of our stake in our investments. We cannot assure you that we will be able to secure adequate financing or obtain additional funds on favorable terms, to meet our liquidity needs. In particular, Navios Holdings’ 7.375% First Priority Ship Mortgage Notes mature in January 2022 and Navios Holdings’ 11.25% Senior Secured Notes mature in August 2022. Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts, or that any such attempts will be consummated on satisfactory terms, or at all. See “Working Capital Position” and “Long-Term Debt Obligations and Credit Arrangements” for further discussion of Navios Holdings’ working capital position.

  14  

 

The following table presents cash flow information derived from the unaudited interim condensed consolidated statements of cash flows of Navios Holdings for the six month periods ended June 30, 2021 and 2020.

   

Six Month

Period Ended

June 30,

2021

   

Six Month

Period Ended

June 30,

2020

 
(in thousands of U.S. dollars)   (unaudited)     (unaudited)  
Net cash (used in)/provided by operating activities   $ (1,365 )   $ 5,530  
Net cash provided by/(used in) investing activities     91,074       (56,545
Net cash (used in)/ provided by financing activities     (127,724     27,360  
Decrease in cash and cash equivalents and restricted cash     (38,015     (23,655
Cash and cash equivalents and restricted cash, beginning of period     111,184       78,727  
Cash and cash equivalents and restricted cash, end of period   $ 73,169     $ 55,072  

 

Cash used in operating activities for the six month period ended June 30, 2021, as compared to cash provided by operating activities for the six month period ended June 30, 2020:

Net cash from operating activities decreased by $6.9 million to $1.4 million cash used in operating activities for the six month period ended June 30, 2021, as compared to $5.5 million cash provided by operating activities for the six month period ended June 30, 2020. In determining net cash (used in)/provided by operating activities, net income is adjusted for the effects of certain non-cash items as discussed below.

The aggregate adjustments to reconcile net income to net cash used in operating activities was $26.0 million gain for the six month period ended June 30, 2021, which consisted mainly of the following adjustments: (i) $32.3 million depreciation and amortization; (ii) $25.9 million impairment loss/loss on sale of vessels; (iii) $5.3 million amortization of deferred drydock expenses; (iv) $4.6 million amortization of deferred financing costs; (v) $0.3 million relating to stock-based compensation; and (vi) $0.2 million allowance for credit losses. These adjustments were partially offset by (i) a $40.5 million movement in earnings in affiliate companies, net of dividends received; (ii) a $0.2 million movement in income tax benefit; and (iii) a $1.9 million movement in gain on bond extinguishment.

The net cash outflow resulting from the change in operating assets and liabilities of $53.2 million for the six month period ended June 30, 2021 resulted from (i) $15.6 million payments for drydock and special survey costs; (ii) a $14.9 million increase in accounts receivable, net; (iii) a $11.4 million decrease in due to affiliate companies; (iv) a $9.0 million decrease in operating lease liabilities; (v) a $4.0 million decrease in accrued expenses; (vi) a $3.3 million increase in prepaid expenses and other assets; (vii) a $2.5 million increase in inventories; and (viii) a $0.2 million decrease in accrued interest payable to affiliate companies. These were partially mitigated by (i) a $4.8 million increase in accounts payable; (ii) a $2.8 million increase in deferred income; and (iii) a $0.1 million decrease in due from affiliate companies.

The aggregate adjustments to reconcile net loss to net cash provided by operating activities was $59.0 million gain for the six month period ended June 30, 2020, which consisted mainly of the following adjustments: (i) $36.1 million depreciation and amortization; (ii) $20.2 million impairment loss/loss on sale of vessels; (iii) $6.1 million of impairment loss in relation to our loan receivable from Navios Europe II; (iv) $5.0 million of amortization of deferred drydock expenses; (v) $3.7 million of amortization of deferred finance fees; (vi) $0.7 million relating to share-based compensation; and (vii) $0.6 million allowance for credit losses. These adjustments were partially offset by (i) $11.2 million gain on bond extinguishment; (iv) a $0.2 million movement in losses in affiliates, net of dividends received; and (v) a $0.1 million movement in income taxes.

The net cash inflow resulting from the change in operating assets and liabilities of $28.2 million for the six month period ended June 30, 2020 resulted from (i) a $22.9 million decrease in receivable from affiliate companies; (ii) a $19.2 million increase in payable to affiliate companies; (iii) a $8.1 million increase in accounts payable; (iv) a $5.8 million increase in accrued expenses; and (v) a $1.7 million increase in deferred income. These were partially mitigated by (i) a $14.1 million payments for drydock and special survey costs; (ii) a $5.2 million increase in prepaid expenses and other assets; (iii) a $4.6 million decrease in operating lease liabilities; (iv) a $3.9 million decrease in inventories; (v) a $1.3 million decrease in accrued interest payable to affiliate companies; (vi) a $0.3 million increase in accounts receivables; and (vii) a $0.1 million decrease in other long term liabilities.

  15  

 

Cash provided by investing activities for the six month period ended June 30, 2021 as compared to cash used in investing activities for the six month period ended June 30, 2020:

Cash provided by investing activities was $91.1 million for the six month period ended June 30, 2021 as compared to $56.5 million cash used in investing activities for the same period in 2020.

Cash provided by investing activities for the six months ended June 30, 2021 for Dry Bulk Vessel Operations was the result of (i) $137.0 million in proceeds from sale of Navios Astra, Navios Centaurus, Navios Avior, Navios Serenity, Navios Ray, Navios Bonavis, Navios Koyo which was a previously chartered-in vessel; (ii) $0.2 million in dividends received from Navios Acquisition; partially mitigated by $24.2 million in payments made by the Company for acquisition of/additions to vessels.

Cash used in investing activities for the six month period ended June 30, 2021 for the Logistics’ Business was the result of (i) $15.4 million in payments for the acquisition of Navios Logistics’ three pushboats and 18 liquid barges, (ii) $3.1 million for the construction of a crane, (iii) $2.0 million in payments for the purchase of fixed assets, (iv) $1.2 million in payments for the construction of Navios Logistics’ six new liquid barges and (v) $0.2 million in payments for the construction of Navios Logistics’ two new tanks and (vi) $0.1 million in payments for the development of Navios Logistics’ port operations in Port Murtinho region of Brazil.

Cash used in investing activities for the six months ended June 30, 2020 for Dry Bulk Vessel Operations was the result of (i) $96.5 million in payments made by the Company for acquisition of/additions to vessels; (ii) $2.1 million in payments as deposits for options to acquire vessels under bareboat contracts; (iii) $23.1 million of proceeds from sale of Navios Star, Navios Hios and Navios Kypros; (iv) $18.6 million proceeds from loan repayment from affiliate company; and (v) $2.9 million in dividends received from Navios Acquisition.

Cash used in investing activities for the six months ended June 30, 2020 for the Logistics Business was the result of (i) $1.7 million in payments for the purchase of fixed assets; (ii) $0.5 million in payments for the construction of Navios Logistics’ two new tanks in its liquid port terminal; and (iii) $0.4 million in payments for the construction of Navios Logistics’ six new liquid barges; partially mitigated by $0.1 million in collections of Navios Logistics’ note receivable.

 

Cash used in financing activities for the six month period ended June 30, 2021 as compared to cash provided by financing activities for the six month period ended June 30, 2020:

Cash used in financing activities was $127.7 million for the six month period ended June 30, 2021, as compared to $27.4 million cash provided by financing activities for the same period in 2020.

Cash used in financing activities for the six months ended June 30, 2021 for the Dry Bulk Vessel Operations was the result of (i) $104.8 million in payments made in connection with the Company’s outstanding indebtedness; and (ii) $12.5 million in payments for the repurchase of the 2022 Notes.

Cash used in financing activities for the six month period ended June 30, 2021 for the Logistics Business was the result of (i) $8.2 million in payments made in connection with Navios Logistics’ outstanding indebtedness; and (ii) $2.3 million in payments for the repayment of Navios Logistics’ Notes Payable (as defined below).

Cash provided by financing activities for the six months ended June 30, 2020 for the Dry Bulk Vessel Operations was the result of (i) $66.8 million in proceeds from Navios Holdings’ long term debt (net of deferred financing cost of $1.2 million); (ii) $31.5 million of proceeds from loan payable to affiliate companies;(iii) $31.5 million of repayments of loan payable to affiliate companies; (iv) $13.8 millionof payments made in connection with the Company’s outstanding indebtedness; and (v) $9.4 million in payments for the repurchase of the 2022 Notes.

Cash used in financing activities for the six months ended June 30, 2020 for the Logistics Business was the result of (i) $9.9 million in dividend paid to the noncontrolling shareholders; (ii) $10.0 million in payments relating to the redemption of preferred stock; (iii) $7.0 million in payments for the repurchase of senior notes; and (iv) $4.0 million proceeds from long-term loans.

  16  

 

Adjusted EBITDA: EBITDA represents net income/(loss) attributable to Navios Holdings’ common stockholders before interest and finance costs, depreciation and amortization and income taxes. Adjusted EBITDA represents EBITDA before stock based compensation. We use Adjusted EBITDA as a liquidity measure and reconcile Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. Adjusted EBITDA is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets; (ii) net (increase)/decrease in operating liabilities; (iii) net interest cost; (iv) deferred financing costs and gains/(losses) on bond and debt extinguishment, net; (v) allowance for credit losses; (vi) earnings/(losses) in affiliate companies, net of dividends received; (vii) payments for drydock, special survey costs and other capitalized items; (viii) noncontrolling interest; (ix) gain/ (loss) on sale of assets; (x) unrealized (loss)/gain on derivatives; (xi) loss on sale and reclassification to earnings of available-for-sale securities; and (xii) impairment losses. Navios Holdings believes that Adjusted EBITDA is a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Holdings’ ability to service and/or incur indebtedness, pay capital expenditures and meet working capital requirements. Navios Holdings also believes that Adjusted EBITDA is used (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Adjusted EBITDA has limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Holdings’ results as reported under U.S. GAAP. Some of these limitations are: (i) Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; (ii) Adjusted EBITDA does not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. Adjusted EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, Adjusted EBITDA should not be considered as an indicator of Navios Holdings’ performance. Furthermore, our calculation of Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.

Adjusted EBITDA Reconciliation to Cash from Operations

    Three Month Period Ended 
   

June 30,

2021

 

June 30,

2020

(in thousands of U.S. dollars)   (unaudited)    (unaudited) 
Net cash provided by operating activities   $ 26,037   $ 7,012
Net increase/ (decrease) in operating assets     11,276     (5,931)
Net increase in operating liabilities     (9,831)     (17,324)
Interest expense and finance cost, net     36,170     31,418
Deferred financing costs     (2,164)     (1,905)
Allowance for credit losses     (3)     (167)
Earnings in affiliate companies, net of dividends received     12,827     8,829
Payments for drydock and special survey costs     9,366     8,314
Net income attributable to the noncontrolling interest     391     (4,334)
Impairment loss/ loss on sale of vessels, net     (5,406)     (8,967)
Gain on bond extinguishment     1,873    
Adjusted EBITDA   $ 80,536   $ 16,945

 

    Six Month Period Ended 
   

June 30,

2021

 

June 30,

2020

(in thousands of U.S. dollars)   (unaudited)    (unaudited) 
Net cash (used in)/ provided by operating activities   $ (1,365)   $ 5,530
Net increase/ (decrease) in operating assets     20,602     (9,933)
Net decrease/ (increase) in operating liabilities     17,016     (32,392)
Interest expense and finance cost, net     72,370     63,061
Deferred financing costs     (4,611)     (3,733)
Allowance for credit losses     (249)     (575)
Earnings in affiliate companies, net of dividends received     40,504     8,680
Payments for drydock and special survey costs     15,609     14,129
Net income attributable to the noncontrolling interest     (760)     (6,883)
Impairment loss/ loss on sale of vessels, net     (25,861)     (20,215)
Gain on bond extinguishment     1,873     11,204
Impairment loss on investment in affiliate company         (6,650)
Impairment of loan receivable from affiliate company         (6,050)
Adjusted EBITDA   $ 135,128   $ 16,173

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Adjusted EBITDA for the three month period ended June 30, 2021 was $80.5 million as compared to $16.9 million for the same period of 2020. The $63.6 million increase in Adjusted EBITDA was primarily due to (i) a $46.5 million increase in revenue; (ii) a $5.9 million decrease in time charter, voyage and logistics business expenses; (iii) a $4.7 million decrease in net income attributable to the noncontrolling interest; (iv) a $3.6 million decrease in impairment losses on sale of vessels; (v) a $3.4 million increase in equity in net earnings from affiliate companies; (vi) a $1.9 million increase in gain on bond extinguishment; (vii) a $0.6 million decrease in other expense, net; and (viii) a $0.1 million decrease in general and administrative expenses (excluding stock-based compensation expenses). This overall increase of $66.6 million was partially mitigated by a $3.0 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).

Adjusted EBITDA for the six month period ended June 30, 2021 was $135.1 million as compared to $16.2 million for the same period of 2020. The $119.0 million increase in Adjusted EBITDA was primarily due to (i) a $72.4 million increase in revenue; (ii) a $37.3 million increase in equity in net earnings from affiliate companies; (iii) a $14.2 million decrease in time charter, voyage and logistics business expenses; (iv) a $6.1 million decrease in net income attributable to the noncontrolling interest; (v) a $6.1 million impairment loss of loan receivable from Navios Europe II recorded in the three month period ended June 30, 2020; (vi) a $1.9 million decrease in other expense, net; and (vii) a $0.1 million decrease in general and administrative expenses (excluding stock-based compensation expenses). This overall increase of $138.0 million was partially mitigated by (i) a $9.3 million decrease in gain on bond extinguishment; (ii) a $5.6 million increase in impairment losses on sale of vessels; and (iii) a $4.1 million increase in direct vessel expenses (excluding the amortization of deferred drydock, special survey costs and other capitalized items).

Long-Term Debt Obligations and Credit Arrangements

Secured Credit Facilities

As of June 30, 2021, the Company repaid $70.1 million of debt, being (i) the $11.1 million outstanding loan balance with Credit Agricole Corporate and Investment bank, (ii) the $11.4 million outstanding loan balance with Credit Agricole Corporate and Investment bank, (iii) the $9.9 million outstanding loan balance with Hamburg Commercial Bank AG, (iv) the $4.5 million outstanding loan balance with DVB Bank S.E., (v) the $20.2 million outstanding loan balance with Alpha Bank A.E., and (vi) the $12.9 million outstanding loan balance with Alpha Bank A.E.

As of June 30, 2021, the Company had no secured bank credit facilities following their full repayment.

2022 Senior Secured Notes

On November 21, 2017, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the “Co-Issuers”) issued $305.0 million of 11.25% Senior Notes due 2022, at a price of 97% (the “2022 Senior Secured Notes”).

The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of the Company in each of Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Partners (following the merger of Navios Containers with Navios Partners). The 2022 Senior Secured Notes are unregistered and guaranteed by all of the Company’s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics.

The subsidiary guarantees are “full and unconditional”, except that the indenture provides for an individual subsidiary’s guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Senior Secured Notes.

The Co-Issuers have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time at par.

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Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase some or all of the 2022 Senior Secured Notes at 101% of their face amount. The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.

Under the terms of the 2022 Senior Secured Notes, the Company had an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met.

On October 1, 2020, the Company entered into (1) the Sixth Supplemental Indenture to amend the terms of the indenture and related pledge agreements governing the 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes and (2) a consent agreement with the Consenting Noteholders (“Consent Agreement”) whereby the Consenting Noteholders agreed, subject to the satisfaction of certain conditions in the Consent Agreement, to provide their consents, as part of a consent solicitation to be made by the Company on or before the earlier of (i) 60 days following the consummation of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics or (ii) September 5, 2021, to the amendments contained in the form of supplemental indenture (“Form of Supermajority Supplemental Indenture”) which amendments require consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected.

The Sixth Supplemental Indenture, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default, (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes (including, absent a Default or an Event of Default, at a discount to par), (iii) eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes; and (iv) states, for the avoidance of doubt, that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement dated as of April 25, 2019 (as amended) (the “Grimaud Loan”) in lieu of the receipt of pro rata cash dividends from Navios Logistics. The Sixth Supplemental Indenture became effective upon its execution by the Company and the Trustee, but the amendments and waivers contained therein will become operative only upon the occurrence of a Qualified IPO of Navios Logistics.

The Form of Supermajority Supplemental Indenture would further amend the Indenture to permit the Company to use the net proceeds it receives from any sale of Navios Logistics equity in connection with or following a Qualified IPO of Navios Logistics to repurchase 2022 Senior Secured Notes at a discount to par in certain circumstances.

There can be no assurance that the Company will receive the additional consents necessary to cause the amendments contemplated by the Form of Supermajority Supplemental Indenture to become effective.

On November 17, 2020, the Company entered into the Seventh Supplemental Indenture to further amend the terms of the indenture governing the 2022 Senior Secured Notes, pursuant to which Wilmington Trust, National Association became the successor Trustee and successor Collateral Trustee in respect of the 2022 Senior Secured Notes.

On June 29, 2021, the Company entered into the Eighth Supplemental Indenture which eliminated the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the Redemption. On July 23, 2021, the Company completed the Redemption. The Redemption was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75.3 million from an affiliate company of NSM.

The Eighth Supplemental Indenture also, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default; (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes; and (iii) permits the lender under the $115.0 million NSM Loan (as defined herein) to take a second lien on the pledged share collateral (which pledged share collateral secures the 2022 Senior Secured Notes on a first lien basis).

On July 23, 2021, the Company completed the Redemption of an aggregate principal amount of $100.0 million of the 2022 Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date.

  19  

 

On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20.0 million of its 2022 Senior Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of September 13, 2021.

After the Redemption and the Second Redemption, $185.0 million in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

2022 Notes

On November 29, 2013, the Co-Issuers completed the sale of $650.0 million of 7.375% First Priority Ship Mortgage Notes due 2022 (the “2022 Notes”). During 2018, the Company repurchased $35.7 million in par value of the 2022 Notes for cash consideration of $28.8 million. During 2019, Navios Logistics repurchased $35.5 million in par value of the 2022 Notes in open market transactions for cash consideration of $17.6 million. During 2019, the Company repurchased $81.2 million in par value of the 2022 Notes for cash consideration of $50.7 million. During the three month period ended June 30, 2020, there were no repurchases. During the six month period ended June 30, 2020, the Company repurchased $20.8 million in par value of the 2022 Notes for cash consideration of $9.4 million resulting in a gain on bond extinguishment of $11.2 million, net of deferred financing costs written-off. During the three and six month periods ended June 30, 2021, the Company repurchased $14.4 million in par value of the 2022 Notes for cash consideration of $12.5 million resulting in a gain on bond extinguishment of $1.9 million, net of deferred financing costs written-off. In August 2021, the Company repurchased $7.0 million in par value of the 2022 Notes for cash consideration of $6.1 million resulting in a gain on bond extinguishment of $0.9 million, net of deferred financing costs written-off. After these repurchases, the remaining amount of 2022 Notes is $455.5 million.

The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights. In January 2021, Navios Asteriks and part of the cash collateral of $14,250 held in escrow accounts were released and replaced by Navios Bonheur. In April 2021, Navios Serenity and the remaining cash collateral held in escrow accounts were released and replaced by Navios Asteriks. Currently, the 2022 Notes are secured by 17 drybulk vessels. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company’s direct and indirect subsidiaries, other than Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C.

The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par.

Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 Notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.

2024 Notes

On March 21, 2019, Navios Holdings issued $4.7 million of 9.75% Senior Notes due 2024 (the “2024 Notes”) as an exchange for a total of 10,930 Series H shares which were validly tendered as of that date (Refer to Note 10 to the unaudited interim condensed consolidated financial statements included in this Report).

On April 21, 2019, Navios Holdings issued $3.9 million of the 2024 Notes as an exchange for a total of 8,841 Series G shares which were validly tendered as of that date. (Refer to Note 10 to the unaudited interim condensed consolidated financial statements included in this Report).

The 2024 Notes are Navios Holdings’ senior unsecured general obligations and rank senior in right of payment to any of Navios Holding’s existing and future debt that expressly provides that it is subordinated to the 2024 Notes, pari passu in right of payment with all of Navios Holding’s existing and future senior obligations, structurally subordinated in right of payment to the obligations of Navios Holding’s subsidiaries, and effectively subordinated in right of payment to any existing and future obligations of Navios Holdings that are secured by property or assets that do not secure the 2024 Notes, including the 2022 Senior Secured Notes and the 2022 Notes, to the extent of the value of any such property and assets securing such other obligations. The 2024 Notes are not guaranteed by any of Navios Holdings’ subsidiaries.

  20  

 

The indenture governing the 2024 Notes does not contain restrictive covenants but does include customary events of default.

Navios Holdings has the option to redeem the 2024 Notes, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued interest.

NSM Loan

On August 29, 2019, Navios Holdings entered into a secured loan agreement of $141.8 million (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“NSM Loan”). As of June 30, 2021, the total outstanding balance of this facility amounted to $57.0 million, including $0.4 million of accrued interest. Please see also Note 9 included elsewhere in this Report.

$50.0 million NSM Loan

In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$50.0 million NSM Loan”) for a loan of up to $50.0 million to be used for general corporate purposes. As of June 30, 2021, the total outstanding balance of this facility amounted to $40.0 million, including $0.3 million of accrued interest. On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan. Please see also Note 9 included elsewhere in this Report.

$115.0 million NSM Loan

In June 2021, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$115.0 million NSM Loan”) for a loan up to $115.0 million in advances (i) to refinance the $50.0 million NSM Loan, (ii) to redeem certain 2022 Senior Secured Notes and (iii) to be used for general corporate purposes. In July 2021, the amount of this facility was fully drawn. Please see also Note 9 included elsewhere in this Report.

Sale and Leaseback Agreements

In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $68.0 million in total, with unrelated third parties for two Capesize vessels (the “Sale and Leaseback Agreements”). Navios Holdings has no purchase obligation to acquire the vessels at the end of the lease term, however, it is reasonably certain that respective purchase options will be exercised and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the Sale and Leaseback Agreements as a financial liability.

The Sale and Leaseback Agreements are repayable by 144 consecutive monthly payments of approximately $0.2 million each, commencing as of January 2020 and March 2020, respectively. As of June 30, 2021, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $60.2 million in total. The agreements mature in the fourth quarter of 2031 and first quarter of 2032, respectively, with a balloon payment of $0.8 million per vessel on the last repayment date.

The Sale and Leaseback Agreements have no financial covenants.

2025 Logistics Senior Notes

On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Logistics Co-Issuers”) issued $500.0 million in aggregate principal amount of senior secured notes due 2025 (the “2025 Logistics Senior Notes), at a fixed rate of 10.75%. The net proceeds from the offering of the 2025 Logistics Senior Notes were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes, to repay all amounts outstanding under the Navios Logistics’ Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes.

On or after August 1, 2022, the Logistics Co-Issuers may redeem some or all of the 2025 Logistics Senior Notes at the redemption prices set forth in the indenture governing the 2025 Logistics Senior Notes. In addition, before August 1, 2022, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Logistics Senior Notes at a price equal to 110.750% of the principal amount of the 2025 Logistics Senior Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Logistics Senior Notes remains outstanding. Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Logistics Co-Issuers may also redeem all, but not less than all, of the 2025 Logistics Senior Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. Furthermore, upon the occurrence of certain change of control events, the Logistics Co-Issuers may be required to offer to purchase 2025 Logistics Senior Notes from holders at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any.

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The 2025 Logistics Senior Notes are senior secured obligations of the Logistics Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Navios Logistics’ direct and indirect subsidiaries, other than the Logistics Co-Issuer and Grimaud Ventures S.A. (the “Grimaud”). The 2025 Logistics Senior Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Navios Logistics’ cabotage business (the (1) Elena H, (2) Makenita H, (3) Sara H and (4) He Man H) owned by certain subsidiary guarantors (such guarantors, the “Mortgaged Vessel Guarantors”) and related assignments of earnings and insurance together with a first priority lien on the capital stock of each Mortgaged Vessel Guarantor; and (ii) an assignment by way of security of the Vale Port Contract (collectively, the “Collateral”). The 2025 Logistics Senior Notes will be effectively senior to all existing and future obligations of the subsidiary guarantors that own Collateral to the extent of the value of the Collateral but effectively junior to any existing and future secured obligations of the Logistics Co-Issuers and the subsidiary guarantors that are secured by assets other than the Collateral to the extent of the value of any assets securing such other obligations. The indenture governing the 2025 Logistics Senior Notes contains restrictive covenants that limit, among other things, the ability of the Logistics Co-Issuers and their subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliate companies, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Logistics Senior Notes also contains customary events of default.

The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2021.

As of June 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025 Logistics Senior Notes amounted to $17.7 million and $19.4 million, respectively.

Navios Logistics Other Long-term Loans and Notes Payable

In December 2020, Navios Logistics entered into a $13.5 million seller’s credit agreement for the construction of six liquid barges to be made available by way of credit in six equal tranches. Each drawdown is repayable in 20 quarterly installments starting from the delivery of each barge. The seller’s credit for the construction of the six liquid barges bears interest at a fixed rate of 8.5%. As of June 30, 2021, Navios Logistics had drawn the total available amount and the outstanding balance was $12.4 million.

In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (“the Navios Logistics’ 2020 Fleet”). The acquisition was completed on March 22, 2021, and consequently, the Company entered into a $15.0 million seller’s credit agreement for the acquisition of the Navios Logistics’ 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum and is payable in three equal annual installments of $5.0 million.

As of June 30, 2021, Navios Logistics had long-term loans and notes payable, with a total outstanding balance of $66.8 million, including the two above mentioned financings. The purpose of the facilities was to finance the construction of its dry port terminal, the acquisition of vessels, or for general corporate purposes. The facilities are mainly denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 3.15% to 3.25% per annum. The facilities are repayable in installments and have maturities ranging from August 2021 to November 2025. See also the maturity table included below. See also “Contractual Obligations”.

 

During the six month period ended June 30, 2021, the Company in relation to its secured credit facilities paid, $79.1 million related to scheduled repayment installments and $36.2 million related to the prepayment of four of Navios Holdings’ credit facilities.

The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2021 were 9.34% and 9.33%, respectively. The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2020 were 7.48% and 7.50%, respectively.

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The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of June 30, 2021, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities.

 

 Payment due by period

 

Amounts in

millions of

U.S. dollars

 
June 30, 2022   $ 616.4  
June 30, 2023     267.3  
June 30, 2024     54.1  
June 30, 2025     22.8  
June 30, 2026     506.9  
June 30, 2027 and thereafter     32.6  
Total   $ 1,500.1  

Contractual Obligations:

 

        June 30, 2021  
       

Payment due by period

(Amounts in millions of U.S. dollars)

 
    Total    

Less than

1 year

    1-3 years     3-5 years    

More than

5 years

 
Long-term Debt (1) $ 1,500.1     $ 616.4     $ 321.4     $ 529.7     $ 32.6  
Operating Lease Obligations (Time Charters) for vessels in operation (3)   265.2       76.0       105.4       47.2       36.6  
Rent Obligations (2)   1.4       0.5       0.7       0.2        
Land lease agreements (2)   25.1       0.6       1.2       1.1       22.2  
Total $ 1,791.8     $ 693.5     $ 428.7     $ 578.2     $ 91.4  

 

(1) The amount does not include interest costs for the 2022 Senior Secured Notes, the 2022 Notes, the 2024 Notes, the NSM Loan, the $50.0 million NSM Loan, the $115.0 million NSM Loan, the 2025 Logistics Senior Notes, Navios Logistics Notes Payable and the three Navios Logistics’ loans with fixed borrowing rate. The expected interest payments are: $115.0 million (less than 1 year), $123.3 million (1-3 years), $57.0 million (3-5 years) and $5.1 million (more than 5 years). Expected interest payments are based on outstanding principal amounts, currently applicable effective interest rates and margins as of June 30, 2021, timing of scheduled payments and the term of the debt obligations.
(2) Navios Logistics has several lease agreements with respect to its operating port terminals and various offices. See also Item 4.B. “Business Overview — Facilities” in our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC.
(3) Represent total amount of lease payments on an undiscounted basis.

 

Refer to “Related Party Transactions” for the Navios Partners Guarantee (as defined herein), not reflected in the table above.

Working Capital Position and bond maturities

As of June 30, 2021, Navios Holdings’ current assets totaled $206.3 million, while current liabilities excluding operating lease liabilities, current portion totaled $738.9 million, resulting in a negative working capital position of $532.6 million, primarily related to the classification as current of $83.3 million of the 2022 Senior Secured Notes, that were subsequently redeemed in July 2021, partly through the sale of the Navios Azimuth and partly through the $115.0 million NSM Loan, and $462.5 million of the 2022 Notes. As of June 30, 2021, the 2022 Notes have an outstanding amount of $462.5 million, maturing in January 2022. In August 2021, Navios Holdings repurchased $7.0 million in par value of the 2022 Notes, resulting to a remaining outstanding balance of $455.5 million.

In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes. The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $100.0 million in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”). The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75.3 million from Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (the “$115.0 million NSM Loan”), was completed on July 23, 2021. In September 2021, Navios Holdings issued a notice of redemption with respect to an aggregate principal amount of $20.0 million at par of the 2022 Senior Secured Notes with redemption date being September 13, 2021. After these redemptions, $185.0 million in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

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Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and, refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12- month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Capital Expenditures

In December 2017, Navios Holdings agreed to charter-in, under a ten-year bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March 30, 2020 Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $5.4 million representing a deposit for the option to acquire the vessel. As of June 30, 2021, the total amount of $6.7 million, including expenses and interest, is presented within the caption “Other long-term assets”.

In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August 28, 2019 Navios Holdings took delivery of the Navios Herakles I. On November 28, 2019 Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $11.1 million representing a deposit for the option to acquire these vessels. As of June 30, 2021, the total amount of $14.1 million, including expenses and interest, is presented within the caption “Other long-term assets”.

In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of 81,946 dwt. On January 17, 2020, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $5.6 million, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7.2 million, including expenses and interest, is presented within the caption “Other long-term assets”.

In October 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $5.8 million, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7.5 million, including expenses and interest, is presented within the caption “Other long-term assets”.

Navios Logistics

During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $19.5 million had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position of which capitalized interest amounted to $1.1 million. As of December 31, 2020, Navios Logistics had paid $16.7 million, for the construction of these barges, which were included within “Other long-term assets”. Capitalized interest included within “Other long-term assets” amounted to $0.6 million as of December 31, 2020.

During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal. As of June 30, 2021, a total of $1.8 million had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $1.3 million for the construction of two new tanks in its liquid port terminal.

As of June 30, 2021 and December 31, 2020, Navios Logistics had paid $0.7 million and $0.6 million, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil included under caption “Other long-term assets”.

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During the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and a total of $3.8 million was transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $0.7 million for the construction of a crane in its grain port terminal.

In the fourth quarter of 2020, Navios Logistics signed a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics 2020 Fleet”), for a purchase price of $30.0 million. The acquisition was completed on March 22, 2021. As of June 30, 2021, the total amount of $32.0 million had been transferred under the caption “Vessels, port terminals and other fixed assets, net”.

Since 2018, Navios Logistics acquired approximately 6.6 hectares of undeveloped land located in the Port Murtinho region, Brazil, and on March 24, 2021, Navios Logistics acquired 2.3 additional hectares. Navios Logistics plans to develop this land for its port operations, for a total cost of $1.6 million.

Dividend Policy

In November 2015, Navios Holdings announced that the Board of Directors decided to suspend the quarterly dividend to its common stockholders in order to conserve cash and improve its liquidity. In February 2016, in furtherance of its efforts to reduce its cash requirements, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H, until market conditions improve. The Board of Directors and Navios Holdings’ management believe such a decision is in the best long-term interests of the Company and its stakeholders. The Board of Directors will reassess the Company’s distribution policy as the environment changes. The reinstatement, declaration and payment of any further dividend remains subject to the discretion of the Board of Directors and will depend on, among other things, market conditions, Navios Holdings’ cash requirements after taking into account market opportunities, restrictions under its equity instruments, credit agreements, indentures and other debt obligations and such other factors as the Board of Directors may deem advisable.

Concentration of Credit Risk

 

Accounts receivable, net

Concentration of credit risk with respect to accounts receivables, net is limited due to Navios Holdings’ large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in Navios Holdings’ trade receivables. For the six month period ended June 30, 2021, one customer accounted for 10.8% of the Company’s revenue, who is one of the two customers who accounted for more than 10% of the Company’s revenue for the six month period ended June 30, 2020.

If one or more of our customers does not perform under one or more contracts with us and we are not able to find a replacement contract, or if a customer exercises certain rights to terminate the contract, we could suffer a loss of revenues that could materially adversely affect our business, financial condition and results of operations.

We could lose a customer or the benefits of a time charter for many different reasons, including if the customer is unable or unwilling to make charter hire or other payments to us because of a deterioration in its financial condition, disagreements with us or if the charterer exercises certain termination rights or otherwise. Our customers may terminate a charter because we fail to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, there are serious deficiencies in the vessel or prolonged periods of off-hire, or we default under the charter. The customer may terminate the charter because the vessel has been subject to seizure for more than a specified number of days. Charterers may also go bankrupt or fail to perform their obligations under the contracts, they may delay payments or suspend payments altogether, they may terminate the contracts prior to the agreed-upon expiration date or they may attempt to renegotiate the terms of the contracts.

 

Cash deposits with financial institutions

Cash deposits in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits in excess of government-provided insurance limits. Navios Holdings also reduces exposure to credit risk by dealing with a diversified group of major financial institutions.

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Effects of Inflation

Navios Holdings does not consider inflation to be a significant risk to the cost of doing business in the foreseeable future. In addition, the Company considered various factors in assessing the impact of Argentina’s highly inflationary economy on Navios Logistics, among which, the sales, the financing arrangements, the working capital, the employee salaries and taxes. The Company does not consider inflation to be a significant risk factor to the cost of doing business in the foreseeable future as the functional currency of the Company’s Argentinian subsidiary is the U.S. dollar. In addition, the day-to-day operations of the Company’s Argentinian subsidiary are dependent on the economic environment of the Company’s U.S. dollar currency. As a result, the Company concluded that the determination that the Argentine economy is highly inflationary did not have a material impact on Navios Logistics’ financial statements and as such, did not result in the remeasurement of its financial statements.

Off-Balance Sheet Arrangements

As of June 30, 2021, Navios Holdings was contingently liable for letters of guarantee and letters of credit amounting to $10 thousands issued by one bank in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash.

Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary of Navios Logistics) of all its obligations to Vitol S.A. up to $12.0 million. This guarantee expires on March 1, 2022.

On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $0.8 million and $0.5 million, respectively.

In September 2020, Navios Logistics agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount of $4.1 million, which will be collected in three equal installments of $1.4 million on June 1, 2021, 2022 and 2023.

The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts can be reasonably estimated, based upon facts known on the date the financial statements were prepared. Although the Company cannot predict with certainty the ultimate resolutions of these matters, in the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity.

Related Party Transactions

Vessel Operating Expenses (management fees): Pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), NSM provides commercial and technical management services to Navios Holdings’ vessels. The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination is received by either party. The ship management services fees provided by NSM is a daily fee of $3,700 per day per owned vessel. This rate was fixed until August 2021, increasing thereafter by 3% annually, unless otherwise agreed. As of August 31, 2021, this daily fee is at $3,811 per day per owned vessel. The fee for the ship management services provided by NSM is a daily fee of $25 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August 29, 2024. Total management fees for vessel operating expenses for the three month periods ended June 30, 2021 and 2020 amounted to $9.8 million and $11.5 million, respectively and are presented within the caption “Direct vessel expenses”. Total management fees for vessel operating expenses for the six month periods ended June 30, 2021 and 2020 amounted to $20.4 million and $22.5 million, respectively and are presented within the caption “Direct vessel expenses”.

Navios Partners Guarantee: In November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the “Navios Partners Guarantee”) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. In April 2021, the Company paid the amount of $5.0 million to Navios Partners as the final settlement of the outstanding balance of the claim.

General and administrative expenses: Pursuant to an administrative services agreement with the Manager dated August 29, 2019 (“Administrative Services Agreement”), NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August 29, 2024. Total general and administrative expenses attributable to this agreement for the three month periods ended June 30, 2021 and 2020 amounted to $2.2 million and $2.4 million, respectively, and are presented within the caption “General and administrative expenses”. Total general and administrative expenses attributable to this agreement for the six month periods ended June 30, 2021 and 2020 amounted to $4.5 million and $4.6 million, respectively, and are presented within the caption “General and administrative expenses”.

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Pursuant to an administrative services agreement with the Manager dated August 29, 2019, NSM provides administrative services to Navios Logistics. Total general and administrative fees for each of the three month periods ended June 30, 2021 and 2020 amounted to $0.3 million and are presented within the caption “General and administrative expenses”. Total general and administrative fees for each of the six month periods ended June 30, 2021 and 2020 amounted to $0.6 million and are presented within the caption “General and administrative expenses”.

Balance due to/from affiliate companies: Balance due to NSM as of June 30, 2021 amounted to $10.2 million (December 31, 2020: $22.1 million). Balance due to Navios Partners as of June 30, 2021 amounted to $0 million (December 31, 2020: $5.0 million related to the Navios Partners Guarantee). Balance due from Navios Acquisition as of June 30, 2021 amounted to $0 million (December 31, 2020: $0.2 million related to declared dividend).

As of June 30, 2021 the balance mainly consisted of management fees for vessel operating expenses, payments to NSM in accordance with the Management Agreement and other amounts in connection with dry-dock, ballast water treatment system and special survey of our vessels.

Omnibus Agreements: Navios Holdings has entered into an omnibus agreement with Navios Partners (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years.

Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition’s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for containership vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter dry bulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its dry bulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party.

Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliate companies to compete with Navios Midstream under specified circumstances.

Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have granted a right of first refusal to Navios Containers over any containership vessels to be sold or acquired in the future, subject to significant exceptions that would allow Navios Acquisition, Navios Holdings and Navios Partners or any of their controlled affiliate companies to compete with Navios Containers under specified circumstances.

Midstream General Partner Option Agreement: Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option.

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Sale of Vessels and Sale of Rights to Navios Partners: Upon the sale of vessels to Navios Partners, Navios Holdings recognized the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and deferred recognition of the gain to the extent of its own ownership interest in Navios Partners (the “deferred gain”). Subsequently, the deferred gain was amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain was accelerated in the event that (i) the vessel was subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company’s ownership interest in Navios Partners was reduced. In connection with the public offerings of common units by Navios Partners and the sale of Navios Partners general partnership interest effected on August 30, 2019, a pro rata portion of the deferred gain was released to income upon dilution of the Company’s ownership interest in Navios Partners. As of January 1, 2020, the unamortized deferred gain of $6.3 million was recorded as other adjustments within accumulated deficit.

In March 2021, Navios Holdings completed the sale to Navios Partners of the Navios Centaurus, a 2012-built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012-built Panamax vessel of 81,355 dwt, for a sale price of $39.3 million, including working capital adjustments. In June 2021, Navios Holdings completed the sale to Navios Partners of the Navios Ray, a 2012 built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009 built Capesize vessel of 180,022 dwt, for a sale price of $58.0 million and the sale of the Navios Koyo, a 2011-built Capesize vessel, previously chartered-in by Navios Holdings, for a sale price of $28.5 million. In July 2021, Navios Holdings completed the sale to Navios Partners of the Navios Azimuth, a 2011 built Capesize vessel of 179,169 dwt, for a sale price of $30.0 million.

Balance due from Navios Europe II: Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe II revolving loans of up to $43.5 million to fund the Navios Revolving Loans II. In March 2017, the availability under the Navios Revolving Loans II was increased by $14.0 million (see Note 14 included elsewhere in this Report).

On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $5.0 million. Navios Europe II owned seven containership vessels and seven drybulk vessels.

On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiration date. The transaction was completed on June 29, 2020.

As a result of this liquidation, Navios Holdings received the total outstanding balance due from Navios Europe II, representing the Navios Revolving Loans II, the Navios Term Loans II and accrued interest thereof directly owed to Navios Holdings, previously presented within the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II.

The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at 1,800 basis points per annum, on a quarterly compounding basis and were repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There were no covenant requirements or stated maturity dates.

The decline in the fair value of the investment during the first quarter of 2020 was considered as other-than-temporary and, therefore, a loss of $6.1 million was recognized and included in the accompanying interim condensed consolidated statements of comprehensive income/(loss) for the six month period ended June 30, 2020, within the caption “Impairment of loan receivable from affiliate company”. The fair value was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II.

Secured credit facility with Navios Logistics (Grimaud Loan): On April 25, 2019, Navios Holdings entered into a secured credit facility of up to $50.0 million with Navios Logistics on a secured basis to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility is secured by any 2022 Notes purchased by Navios Holdings with these funds. The secured credit facility included an arrangement fee of $0.5 million and bears a fixed interest rate of 12.75% for the first year and 14.75% for the second year. The secured credit facility includes negative covenants substantially similar to the 2022 Notes and customary events of default. On December 2, 2019, Navios Holdings and Navios Logistics agreed to increase the secured credit facility by $20.0 million. Following this amendment, as a result of the redemption of the 2022 Notes and Term Loan B Facility in July 2020 and the issuance of 2025 Notes, (a) the interest rate on the secured credit facility decreased to 10.0%, and (b) the maturity of the secured credit facility was extended to December 2024, and is repayable in four equal annual installments. Effective as of May 2021, and upon the release of certain collateral, the facility bears interest of 13.0% per annum. As of June 30, 2021, the full amount was drawn under this facility, of which $18.7 million was used to acquire the 2022 Notes from Navios Logistics and the remaining amount was used to repurchase 2022 Notes.

  28  

 

On June 24, 2020, Navios Logistics assigned its legal and beneficial right, title and interest in the credit facility to its wholly owned subsidiary Grimaud.

On June 25, 2020, Navios Holdings and Grimaud amended the Grimaud Loan to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Navios Logistics and paid Navios Logistics $2.3 million in satisfaction of the interest payable in respect of this facility.

On June 30, 2021, the Company entered into a supplemental agreement to the Grimaud Loan (the “Supplemental Grimaud Loan Agreement”) with Grimaud, whereby the Company and Grimaud agreed to amend the Grimaud Loan. Pursuant to the amendment, the Grimaud Loan may be repaid or prepaid in full by the issuance of shares of common stock of Navios Holdings. The effectiveness of the Supplemental Grimaud Loan Agreement was subject to, and contingent upon, prepayment of the Grimaud Loan in the amount of $7.5 million in cash and the effectiveness of a registration statement registering the resale of Navios Holdings shares, among other conditions.

On July 13, 2021, the Company’s $70.0 million loan, plus accrued interest, owed to Grimaud, a wholly-owned subsidiary of Navios Logistics, was repaid by the Company in full through the issuance of 9,301,542 shares of the Company’s common stock and $7.5 million in cash plus accrued and unpaid interest. Please see “Recent Developments”.

NSM Loan: On August 29, 2019, Navios Holdings entered into a secured credit facility of $141.8 million (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM. In general, the amount owed reflects the excess of (i) the liabilities of the ship management business (including liabilities for advances previously made by affiliate companies to the Company for ongoing operating costs, including technical management services, supplies, dry-docking and related expenses) other than liabilities the assumption of which forms part of the consideration for the Transaction over (ii) the short term assets of the ship management business. The credit facility is repayable over a five-year period; of the initial amount, $47.0 million was repayable in 2020 in equal quarterly installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $20.0 million of deferral may be outstanding during the first or second year and $10.0 million outstanding in the third year. The loan agreement provides for interest at 5.0% annually, and 7.0% annually for deferred principal amounts. During December 2019, Navios Holdings repaid the amount of $13.4 million under the terms of this facility. During June 2020, July 2020 and May 2021, Navios Holdings repaid the amount of $31.5 million, $18.5 million and $21.7 million, respectively, under the terms of this facility.

As of June 30, 2021, the outstanding balance was $56.7 million (December 31, 2020: $78.4 million) and the accrued interest was $0.4 million (December 31, 2020: $0.5 million). Of the outstanding amount and accrued interest, $16.5 million (December 31, 2020: $10.3 million) is included within the caption “Current portion of loans payable to affiliate companies”.

The Company’s obligations under the NSM Loan were guaranteed by 2,070,016 common units in Navios Partners, 14,940 shares of Navios Acquisition’s common stock, first priority share pledges on two companies, that have entered into sale and leaseback agreements and five companies that hold the rights to certain bareboat contracts.

$50.0 million NSM Loan: In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM for a loan of up to $50.0 million to be used for general corporate purposes. The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. The loan agreement will be repayable in up to 18 equal consecutive quarterly installments. Principal payments that fall due during the first year following the initial drawdown may be deferred, at the Company’s election, in whole or in part. The loan agreement provides for interest at a rate of 5.0% annually (and 7.0% annually for deferred principal amounts). During May 2021, Navios Holdings repaid the amount of $10.3 million, under the terms of this facility.

As of June 30, 2021, the outstanding balance was $39.7 million (December 31, 2020: $50 million) and the accrued interest was $0.3 million (December 31, 2020: $0.3 million). Of the outstanding amount and accrued interest, $11.6 million (December 31, 2020: $16.3 million) is included within the caption “Current portion of loans payable to affiliate companies”.

The Company’s obligations under the $50.0 million NSM Loan were guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners and second priority pledge in respect of 2022 Notes owned by Navios Holdings.

On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan described below.

  29  

 

$115.0 million NSM Loan: In June 2021, the Company entered into a senior secured term loan facility with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM, for a loan up to $115.0 million (i) to refinance $39.7 million being the outstanding balance under the $50.0 million NSM Loan (“Tranche A”), (ii) to redeem amount of $70.0 million of 2022 Senior Secured Notes and (iii) to be used for general corporate purposes (“Tranche B”). The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. Tranche A is repayable in 14 quarterly installments of $2.8 million and matures on November 30, 2024. Tranche B is repayable in seven quarterly installments with the first two being of an amount of $22.6 million each and the remaining of an amount of $6.0 million each and matures on February 28, 2023.

Both tranches bear interest at a rate of 10.5% per annum, payable quarterly. The Company may elect to defer one scheduled amortization payment by 90 days and interest payments, in which case the applicable interest rate will be 12.0% per annum, compounded quarterly.

The Company’s obligations under the $115.0 million NSM Loan are guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners and a second priority pledge in the Navios Logistics’ shares, 4,850,207 shares of Navios Acquisition’s common stock, 452,090 Navios Partners’ common units and second priority pledge over the collaterals securing the NSM Loan.

On July 12, 2021, the amount under this facility was fully drawn.

Navios Logistics’ Shareholders Agreement: On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers Business Inc. granting certain protections to minority shareholders in certain events.

Quantitative and Qualitative Disclosures about Market Risks

Navios Holdings is exposed to certain risks related to interest rate, foreign currency and charter rate risks.

Interest Rate Risk

Debt Instruments — On June 30, 2021 and December 31, 2020, Navios Holdings had a total of $1,500.1 million and $1,612.7 million, respectively, of long-term indebtedness. All of the Company’s debt is U.S. dollar-denominated. The 2022 Senior Secured Notes, the 2022 Notes, the 2024 Notes, the NSM Loan, the $50.0 million NSM Loan, the $115.0 million NSM Loan, the 2025 Logistics Senior Notes and three Navios Logistics’ loans bear interest at a fixed rate; the remaining balance of Navios Holdings’ debt bears interest at a floating rate.

Changes in interest rates for our floating-rate loan facilities would affect their interest rate and related interest expense. As of June 30, 2021, the outstanding amount of the Company’s floating rate loan facilities was $99.6 million. A change in the LIBOR rate of 100 basis points would change interest expense for the six months ended June 30, 2021 by $0.7 million. The interest rates on the 2022 Senior Secured Notes, the 2022 Notes, the 2024 Notes, the NSM Loan, the $50.0 million NSM Loan, the 2025 Logistics Senior Notes and three Navios Logistics’ loans are fixed and, therefore, changes in interest rates affect their fair value, which as of June 30, 2021 was $1,393.9 million, but do not affect their related interest expense.

For a detailed discussion of Navios Holdings’ debt instruments refer to the section “Long-Term Debt Obligations and Credit Arrangements” included elsewhere in this document.

Foreign Currency Risk

Foreign Currency: In general, the shipping industry is a U.S. dollar dominated industry. Revenue is set mainly in U.S. dollars, and 26.0% of Navios Holdings’ expenses are also incurred in U.S. dollars. Certain of our expenses are paid in foreign currencies and a one percent change in the exchange rates of the various currencies at June 30, 2021 would change net income by $0.4 million for the six months ended June 30, 2021.

Charter Rate Risks

See “Charter Policy and Industry Outlook” for our approach and managing charter rate risk.

  30  

 

Critical Accounting Policies

Navios Holdings’ unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires Navios Holdings to make estimates in the application of its accounting policies based on the best assumptions, judgments and opinions of management. Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and conditions. All significant accounting policies are as described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2020.

Investments in Equity Securities

Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Containers (through its acquisition by Navios Partners on March 31, 2021) and evaluated its investment in Navios Europe II for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of such companies, and (iii) the intent and ability of the Company to retain its investment in these companies for a period of time sufficient to allow for any anticipated recovery in fair value (see also Note 14 included elsewhere in this Report).

Recent Accounting Pronouncements

The Company’s recent accounting pronouncements are included in the accompanying notes to the unaudited interim condensed consolidated financial statements included elsewhere in this Report.

 

 

  31  

 

 

 

NAVIOS MARITIME HOLDINGS INC.

 

 

         

Index

  Page  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT JUNE 30, 2021 AND DECEMBER 31, 2020     F-2  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020     F-3  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020     F-4  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020     F-5  
CONDENSED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)     F-6  

 

 

 

 

 

  F- 1  

 

NAVIOS MARITIME HOLDINGS INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(Expressed in thousands of U.S. dollars — except share data)

 

    Notes    

June 30,

2021

(unaudited)

 

December 31,

2020

(unaudited)

 
ASSETS                      
Current assets                      
Cash and cash equivalents     3, 7, 12     $ 73,159   $ 94,881  
Restricted cash     3, 7, 8, 12       10     16,303  
Accounts receivable, net             69,311     54,328  
Due from affiliate companies     9           243  
Inventories             16,093     14,121  
Prepaid expenses and other current assets             17,722     14,981  
Assets held for sale     4       30,000      
Total current assets             206,295     194,857  
Vessels, port terminals and other fixed assets, net     4       995,689     1,139,539  
Investments in affiliate companies     7, 9, 14       97,351     56,988  
Other long-term assets             79,672     93,080  
Operating lease assets     15       193,967     227,962  
Intangible assets other than goodwill     5       95,783     98,563  
Goodwill     12       160,336     160,336  
Total non-current assets             1,622,798     1,776,468  
Total assets           $ 1,829,093   $ 1,971,325  
LIABILITIES AND STOCKHOLDERS’ EQUITY                      
Current liabilities                      
Accounts payable           $ 34,083   $ 29,185  
Accrued expenses and other liabilities             68,476     72,535  
Deferred income and cash received in advance             11,257     8,342  
Operating lease liabilities, current portion     15       60,283     81,415  
Due to affiliate companies     9       10,174     27,114  
Current portion of loans payable to affiliate companies     6, 7, 9       28,151     26,595  
Current portion of long-term debt, net     6, 7       42,385     48,219  
Current portion of senior and ship mortgage notes, net     6, 7       544,403     299,377  
Total current liabilities             799,212     592,782  
Senior and ship mortgage notes, net of current portion     6, 7       708,992     964,189  
Long-term debt, net of current portion     6, 7       83,662     143,417  
Loans payable to affiliate companies, net of current portion     6, 7, 9       68,860     102,632  
Other long-term liabilities and deferred income     9       623     660  
Operating lease liabilities, net of current portion     15       167,513     193,351  
Deferred tax liability             8,349     8,577  
Total non-current liabilities             1,037,999     1,412,826  
Total liabilities             1,837,211     2,005,608  
Commitments and contingencies     8            
Stockholders’ equity                      
Preferred stock — $0.0001 par value, authorized 1,000,000 shares, 23,032 issued and outstanding both as of June 30, 2021 and December 31, 2020.     10            
Common stock — $0.0001 par value, authorized 250,000,000 shares, 15,897,064 and 15,881,147 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.     10       1     1  
Additional paid-in capital             643,339     643,033  
Accumulated deficit             (759,493)     (784,592)  
Total Navios Holdings stockholders’ deficit             (116,153)     (141,558)  
Noncontrolling interest             108,035     107,275  
Total stockholders’ deficit             (8,118)     (34,283)  
Total liabilities and stockholders’ equity           $ 1,829,093   $ 1,971,325  

 

 

 

  F- 2  

NAVIOS MARITIME HOLDINGS INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

 

(Expressed in thousands of U.S. dollars — except share and per share data)

 

 

    Notes    

Three Month

Period Ended

June 30, 2021

   

Three Month

Period Ended

June 30, 2020

 

Six Month

Period Ended

June 30, 2021

 

Six Month

Period Ended

June 30, 2020

          (unaudited)     (unaudited)   (unaudited)   (unaudited)
Revenue     12     $ 143,624     $ 97,127   $ 260,575   $ 188,210
Time charter, voyage and logistics business expenses     9       (36,841)       (42,710)     (75,168)     (89,354)
Direct vessel expenses     9       (29,232)       (26,007)     (55,147)     (50,738)
General and administrative expenses     9       (8,544)       (8,836)     (15,363)     (15,798)
Depreciation and amortization     4, 5, 12       (15,988)       (18,012)     (32,254)     (36,088)
Interest expense and finance cost, net     12       (36,170)       (31,418)     (72,370)     (63,061)
Impairment loss/ loss on sale of vessels, net     4       (5,406)       (8,967)     (25,861)     (20,215)
Gain on bond extinguishment     6       1,873           1,873     11,204
Other expense, net     11, 14       (1,022)       (1,593)     (1,246)     (3,154)
Impairment of loan receivable from affiliate company                           (6,050)
Income/ (loss) before equity in net earnings of affiliate companies             12,294       (40,416)     (14,961)     (85,044)
Equity in net earnings of affiliate companies     9, 12, 14       12,854       9,445     40,594     3,308
Income/ (loss) before taxes           $ 25,148     $ (30,971)   $ 25,633   $ (81,736)
Income tax (expense)/ benefit             (603)       34     226     73
Net income/ (loss)           $ 24,545     $ (30,937)   $ 25,859   $ (81,663)
Less: Net loss/ (income) attributable to the noncontrolling interest             391       (4,334)     (760)     (6,883)
Net income/ (loss) attributable to Navios Holdings common stockholders           $ 24,936     $ (35,271)   $ 25,099   $ (88,546)
Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted     13     $ 23,652     $ (36,555)   $ 22,538   $ (90,958)
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders           $ 1.80     $ (2.83)   $ 1.72   $ (7.06)
Weighted average number of shares, basic     13       13,127,208       12,901,880     13,120,335     12,882,235
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders           $ 1.75     $ (2.83)   $ 1.67   $ (7.06)
Weighted average number of shares, diluted     13       13,511,627       12,901,880     13,508,382     12,882,235

 

 

 

  F- 3  

NAVIOS MARITIME HOLDINGS INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Expressed in thousands of U.S. dollars)

  Notes    

Six Month

Period Ended

June 30, 2021

   

Six Month

Period Ended

June 30, 2020

        (unaudited)     (unaudited)
OPERATING ACTIVITIES:                    
Net income/(loss)         $ 25,859     $ (81,663)
Adjustments to reconcile net income/(loss) to net cash (used in)/ provided by operating activities:                    
Non-cash adjustments           26,003       58,997
(Increase)/decrease in operating assets           (20,602)       9,933
(Decrease)/increase in operating liabilities           (17,016)       32,392
Payments for drydock and special survey costs           (15,609)       (14,129)
Net cash (used in)/ provided by operating activities           (1,365)       5,530
INVESTING ACTIVITIES:                    
Acquisition of/additions to vessels   4       (24,152)       (96,573)
Deposits for vessels, port terminals and other fixed assets acquisitions   4       (19,304)       (1,250)
Deposits for option to acquire vessels   8             (2,099)
Loans from affiliate companies                 18,629
Proceeds from lease receivable                 79
Proceeds from sale of assets           137,016       23,078
Purchase of property, equipment and other fixed assets   4       (2,729)       (1,328)
Dividends received from affiliate companies   14       243       2,919
Net cash provided by/(used in) investing activities           91,074       (56,545)
FINANCING ACTIVITIES:                    
Repayment of long-term debt and payment of principal   6       (115,270)       (20,111)
Repurchase of senior notes   6       (12,454)       (9,443)
Repayment of loan payable to affiliate companies                 (31,500)
Proceeds from loan payable to affiliate companies                 31,500
Proceeds from long-term loans, net of deferred financing costs   6             66,862
Dividends paid to noncontrolling shareholders                 (9,948)
Net cash (used in)/provided by financing activities           (127,724)       27,360
Decrease in cash and cash equivalents and restricted cash           (38,015)       (23,655)
Cash and cash equivalents and restricted cash, beginning of period           111,184       78,727
Cash and cash equivalents and restricted cash, end of period   3     $ 73,169     $ 55,072
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                    
Cash paid for interest, net of capitalized interest         $ 72,105     $ 62,040
Cash paid for income taxes         $ 260     $ 186
Non-cash investing and financing activities                    
Sale of vessels   4     $ 5,766     $
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the construction of six liquid barges    6     $ 2,246     $
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the acquisition of Navios Logistics’ 2020 Fleet    6     $ 15,000     $
Transfers from deposits for vessels, port terminals and other fixed assets   4     $ 57,107     $
Deposits for vessels, port terminals and other fixed assets   4     $ (356     $ -
Acquisition of/additions to vessels   4     $ -     $ (986)

 

 

  F- 4  

NAVIOS MARITIME HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Expressed in thousands of U.S. dollars — except share data)

 

 

  Number
of
Preferred
Shares
      Preferred
Stock
    Number
of
Common
Shares
    Common
Stock
    Additional
Paid-in
Capital
     Accumulated
Deficit
    Total
Navios
Holdings’
Stockholders’
Deficit
    Noncontrolling
Interest
    Total
Deficit
Balance December 31, 2020   23,032     $         15,881,147     $ 1     $ 643,033     $ (784,592)   $ (141,558)   $ 107,275     $ (34,283)
Net income   —                  —                           163       163       1,151       1,314
Cancellation of shares   —                  (27)                                                      
Stock-based compensation expenses (Note 10)   —                  16,000                155                155                155
Balance March 31, 2021 (unaudited)   23,032     $          15,897,120     $ 1     $ 643,188     $ (784,429 )   $ (141,240 )   $ 108,426     $ (32,814)
Net income/(loss)   —                  —                           24,936       24,936       (391)       24,545
Cancellation of shares   —                  (56)                                                      
Stock-based compensation expenses (Note 10)   —                  —                  151                151                151
Balance June 30, 2021 (unaudited)   23,032     $          15,897,064     $ 1     $ 643,339     $ (759,493 )   $ (116,153 )   $ 108,035     $ (8,118)
                                                                           

  

 

 

  Number
of
Preferred
Shares
    Preferred
Stock
    Number
of
Common
Shares
    Common
Stock
    Additional
Paid-in
Capital
   
Accumulated
Deficit
      Total
Navios
Holdings’
Stockholders’
(Deficit)/Equity
      Noncontrolling
Interest
      Total
Equity
Balance December 31, 2019   23,242     $          13,360,356     $ 1     $ 641,765     $ (597,916 )   $ 43,850     $ 115,175     $ 159,025
Net (loss)/income   —                  —                           (53,275 )     (53,275 )     2,549       (50,726)
Conversion of convertible preferred stock to common stock (Note 10)   (210)     —         22,712       —         —         —         —         —         —  
Stock-based compensation expenses (Note 10)   —                  84,336                333                333                333
Other adjustments in Retained Earnings   —                  —                           6,285       6,285                6,285
Dividends paid to Noncontrolling Shareholders   —                  —                                             (9,948 )     (9,948)
Balance March 31, 2020 (unaudited)   23,032     $          13,467,404     $ 1     $ 642,098     $ (644,906 )   $ (2,807 )   $ 107,776     $ 104,969
Net (loss)/income   —                  —                           (35,271)       (35,271 )     4,334       (30,937)
Cancellation of shares   —                  (1,230 )                                                    
Stock-based compensation expenses (Note 10)   —                  —                  321                321                321
Balance June 30, 2020 (unaudited)   23,032     $          13,466,174     $ 1     $ 642,419     $ (680,177 )   $ (37,757 )   $ 112,110     $ 74,353
                                                                     

 

 

 

 

  F- 5  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 

NOTE 1: DESCRIPTION OF BUSINESS

Description of Business 

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM) is a global seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain.

Navios Logistics

Navios South American Logistics Inc. (“Navios Logistics”), a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007. Navios Logistics believes it is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia river system, the main navigable river system in the region, and on cabotage trades along the south-eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of June 30, 2021, Navios Holdings owned 63.8% of Navios Logistics’ stock.

Navios Partners

Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM) is an international owner and operator of dry cargo vessels and is engaged in the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to longer-term charters.

As of June 30, 2021 and following the acquisition of Navios Maritime Containers L.P. (“Navios Containers”) by Navios Partners, referred to in Note 14, Navios Holdings had a 9.7% ownership interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings.

On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Maritime Acquisition Corporation (“Navios Acquisition”). Please refer to Note 14.

Navios Containers

Navios Containers is an international owner and operator of containerships. As of December 31, 2020, Navios Holdings held a 3.9% ownership in Navios Containers. As of June 30, 2021, Navios Holdings had no equity investment in Navios Containers.

Navios Acquisition

Navios Acquisition (NYSE: NNA), is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

As of June 30, 2021, Navios Holdings had a 28.0% ownership interest in Navios Acquisition.

Navios Europe II

On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II) Inc. (“Navios Europe II”) and had economic interests of 47.5%, 47.5% and 5.0%, respectively and voting interests of 50%, 50% and 0%, respectively. Navios Europe II was engaged in the marine transportation industry through the ownership of seven dry bulk and seven containership vessels. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. The structure was liquidated in June 2020 (Refer to Note 9).

  F- 6  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a) Basis of presentation:

The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). 

 

 

Going concern

 

The interim condensed consolidated financial statements have been prepared on a going concern basis.

As of June 30, 2021, Navios Holdings’ current assets totaled $206,295, while current liabilities excluding operating lease liabilities, current portion totaled $738,929, resulting in a negative working capital position of $532,634, primarily related to the classification as current of $83,259 of the 11.25% Senior Secured Notes (the “2022 Senior Secured Notes”) that were subsequently redeemed in July 2021, partly through the sale of the Navios Azimuth for $30,000 and partly through the $115.0 million NSM Loan (as defined herein) and $462,466 of the 7.375% First Priority Ship Mortgage Notes (the “2022 Notes”). As of June 30, 2021, the 2022 Notes have an outstanding amount of $462,466, maturing in January 2022. In August 2021, Navios Holdings repurchased $7,000 in par value of the 2022 Notes, resulting to a remaining outstanding balance of $455,466.

In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes. The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $100,000 in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”). The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75,264 from Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (the “$115.0 million NSM Loan”), was completed on July 23, 2021. In September 2021, Navios Holdings issued a notice of redemption with respect to an aggregate principal amount of $20,000 at par of the 2022 Senior Secured Notes with redemption date being September 13, 2021. After these redemptions, $185,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12- month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

(b) Principles of consolidation:

The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.

 

  F- 7  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the interim condensed consolidated financial statements are 100% owned, except for Navios Logistics, which is 63.8% owned by Navios Holdings.

Investments in Affiliate Companies: Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate company equals or exceeds its interest in the affiliate company, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company.

Affiliate companies included in the financial statements accounted for under the equity method: In the interim condensed consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2021 was 9.7%); Navios Acquisition and its subsidiaries (ownership interest as of June 30, 2021 was 28.0%); (iii) Navios Containers and its subsidiaries (ownership interest through Navios Partners’ Merger, as defined herein, in March 2021 was 3.9%); and (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%).

 

(c) Revenue Recognition:

 

 

Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.

Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.

Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts.

Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.

  F- 8  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract.

Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel or barge at the charterer’s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.

For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material.

Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.

Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks.

Expenses related to our revenue-generating contracts are recognized as incurred.

The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020:

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2021
  Logistics Business for the
Three Month Period Ended
June 30, 2021
  Total for the Three Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 2,803   $ 21,897   $ 24,700
Time chartering revenue   $ 83,064   $ 11,106   $ 94,170
Port terminal revenue   $ —     $ 21,342   $ 21,342
Storage fees (dry port) revenue   $ —     $ 16   $ 16
Dockage revenue   $ —     $ 1,282   $ 1,282
Sale of products revenue   $ —     $ 315   $ 315
Liquid port terminal revenue   $ —     $ 1,216   $ 1,216
Other   $ 186   $ 397   $ 583
Total   $ 86,053   $ 57,571   $ 143,624

 

  F- 9  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2020
  Logistics Business for the
Three Month Period Ended
June 30, 2020
  Total for the Three Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 14,496   $ 17,289
Time chartering revenue   $ 35,680   $ 16,286   $ 51,966
Port terminal revenue   $ —     $ 21,636   $ 21,636
Storage fees (dry port) revenue   $ —     $ 19   $ 19
Dockage revenue   $ —     $ 1,476   $ 1,476
Sale of products revenue   $ —     $ 3,409   $ 3,409
Liquid port terminal revenue   $ —     $ 1,271   $ 1,271
Other   $ (171)   $ 232   $ 61
Total   $ 38,302   $ 58,825   $ 97,127

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2021
  Logistics Business for the
Six Month Period Ended
June 30, 2021
  Total for the Six Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 8,016   $ 39,482   $ 47,498
Time chartering revenue   $ 141,317   $ 21,973   $ 163,290
Port terminal revenue   $ —     $ 40,925   $ 40,925
Storage fees (dry port) revenue   $ —     $ 124   $ 124
Dockage revenue   $ —     $ 1,880   $ 1,880
Sale of products revenue   $ —     $ 3,495   $ 3,495
Liquid port terminal revenue   $ —     $ 2,448   $ 2,448
Other   $ 448   $ 467   $ 915
Total   $ 149,781   $ 110,794   $ 260,575

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2020
  Logistics Business
for the
Six Month Period Ended
June 30, 2020
  Total for the Six Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 25,946   $ 28,739
Time chartering revenue   $ 69,705   $ 35,312   $ 105,017
Port terminal revenue   $ —     $ 35,828   $ 35,828
Storage fees (dry port) revenue   $ —     $ 2,842   $ 2,842
Dockage revenue   $ —     $ 1,909   $ 1,909
Sale of products revenue   $ —     $ 11,257   $ 11,257
Liquid port terminal revenue   $ —     $ 2,267   $ 2,267
Other   $ 64   $ 287   $ 351
Total   $ 72,562   $ 115,648   $ 188,210

 

 

Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned.

These amounts are recognized as revenue over the voyage or charter period.

 (d) Recent Accounting Pronouncements:

 

Adoption of new accounting pronouncements:

In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.

  F- 10  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.

 

NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Cash and Cash Equivalents and Restricted Cash 

Cash and cash equivalents and restricted cash consisted of the following:

 

   

June 30,

2021

     

December 31,

2020

 
Cash on hand and at banks $ 73,115     $ 94,787  
Short-term deposits and highly liquid funds   44       94  
Restricted cash   10       16,303  
Cash and cash equivalents and restricted cash $ 73,169     $ 111,184  

Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months and are included in the consolidated balance sheets within the caption “Cash and cash equivalents”.

Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions.

 

 

NOTE 4: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET

 

Vessels, Port Terminals and Other Fixed Assets, Net 

Vessels, Port Terminals and Other Fixed Assets, net

  Cost    

Accumulated

Depreciation

   

Net Book

Value

 
Balance December 31, 2020   $ 1,600,313     $ (460,774   $ 1,139,539  
Additions     6,881       (29,474     (22,593
Impairment losses     (89,888     68,258       (21,630
Vessel disposals     (142,782           (142,782
Transfers from oil storage plant and port facilities for liquid cargoes     5,645             5,645  
Vessel acquisition     16,049             16,049  
Transfers from deposits for vessels, port terminal and other fixed assets, net     51,461             51,461  
Transfers to assets held for sale     (30,000 )           (30,000 )
Balance June 30, 2021   $ 1,417,679     $ (421,990   $ 995,689  

Deposits for Vessels and Port Terminals Acquisitions

During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $19,501 had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position of which capitalized interest amounted to $1,062. As of December 31, 2020, Navios Logistics had paid $16,696, for the construction of these barges, which were included within “Other long-term assets”. Capitalized interest included within “Other long-term assets” amounted to $611 as of December 31, 2020.

During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal. As of June 30, 2021, a total of $1,843 had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $1,285 for the construction of two new tanks in its liquid port terminal.

  F- 11  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 As of June 30, 2021 and December 31, 2020, Navios Logistics had paid $685 and $631, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil.

During the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and a total of $3,803 was transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $723 for the construction of a crane in its grain port terminal.

Impairment Loss/ Loss on Sale of Vessels, Net

In June 2021, the Company agreed to sell to Navios Partners the Navios Azimuth, a 2011 built Capesize vessel of 179,169 dwt. As of June 30, 2021, the Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $9,104 (including $ 1,950 remaining carrying balance of dry dock and special survey costs), which is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”. On the re-measurement date, the fair value of the vessel was determined to $30,000 based on the concluded sale price. The sale of the Navios Azimuth was completed in July 2021.

In June 2021, the Company completed the sale to Navios Partners of the Navios Ray, a 2012 built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009 built Capesize vessel of 180,022 dwt, for a sale price of $58,000. The loss due to sale amounted to $8,753 (including $1,775 remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.

In June 2021, the Company completed the sale to Navios Partners of the Navios Koyo,of a 2011-built Capesize vessel, which was previously chartered-in by Navios Holdings, for a sale price of $28,500. The net sale proceeds were $8,500 and the gain due to sale amounted to $12,451 and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”. (Refer to Note 15)

In June 2021, the Company completed the sale to an unrelated third party of the Navios Serenity, a 2011 built Handysize vessel of 34,690 dwt, for a net sale price of $10,388. The loss due to sale amounted to $6,957 (including $11 remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.

In March 2021, the Company completed the sale to Navios Partners of the Navios Centaurus, a 2012 built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012 built Panamax vessel of 81,355 dwt, for a sale price of $39,250, including working capital adjustments. The loss due to sale amounted to $13,498 (including $495 remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.

In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a net sale price of approximately $6,644.

Vessel Acquisitions of Navios Logistics

In the fourth quarter of 2020, Navios Logistics signed a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics 2020 Fleet”), for a purchase price of $30,000. The acquisition was completed on March 22, 2021. As of June 30, 2021, the total amount of $31,960 had been transferred under the caption “Vessels, port terminals and other fixed assets, net”.

Since 2018, Navios Logistics acquired approximately 6.6 hectares of undeveloped land located in the Port Murtinho region, Brazil, and on March 24, 2021, Navios Logistics acquired 2.3 additional hectares. Navios Logistics plans to develop this land for its port operations, for a total cost of $1,580.

In February 2017, two self-propelled barges of Navios Logistics’ fleet, Formosa and San Lorenzo, were sold for a total amount of $1,109, to be paid in cash. The sale price will be received in installments in the form of lease payments through 2023. The barges may be transferred at the lessee’s option at no cost at the end of the lease period.

NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL

 

Intangible Assets Other Than Goodwill  

Intangible assets    

June 30,

2021

 

 

December 31,

2020

Acquisition cost   $ 178,642   $ 178,642
Accumulated amortization     (82,859)     (80,079)
Total Intangible assets net book value   $ 95,783   $ 98,563

 

Amortization expense for both three month periods ended June 30, 2021 and 2020 amounted to $1,394 and for the six month periods ended June 30, 2021 and 2020 amounted to $2,780 and $2,787, respectively.

  F- 12  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 The remaining aggregate amortization of acquired intangibles as of June 30, 2021 will be as follows:

 

Period

       
Year One   $ 5,581  
Year Two     5,581  
Year Three     5,588  
Year Four     5,581  
Year Five     5,581  
Thereafter     67,871  
Total   $ 95,783  

 

NOTE 6: BORROWINGS

Borrowings 

Borrowings, as of June 30, 2021 and December 31, 2020, consisted of the following:

 

Facility

 

June 30,

2021

   

December 31,

2020

 
Secured credit facilities   $     $ 70,074  
2022 Senior Secured Notes     305,000       305,000  
2022 Notes     462,466       476,822  
2024 Notes     8,626       8,626  
NSM Loan (incl. accrued interest $358 and $526, respectively)     57,026       78,901  
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)     39,986       50,326  
Sale and Leaseback Agreements     60,165       62,934  
2025 Logistics Senior Notes     500,000       500,000  
Navios Logistics other long-term loans and notes payable     66,797       60,035  
Total borrowings     1,500,066       1,612,718  
Less: current portion, net     (614,939     (374,191
Less: deferred finance costs, net     (23,613     (28,289
Total long-term borrowings   $ 861,514     $ 1,210,238  

Secured Credit Facilities

As of June 30, 2021, the Company repaid $70,074 of debt, being (i) the $11,100 outstanding loan balance with Credit Agricole Corporate and Investment bank, (ii) the $11,400 outstanding loan balance with Credit Agricole Corporate and Investment bank, (iii) the $9,945 outstanding loan balance with Hamburg Commercial Bank AG, (iv) the $4,504 outstanding loan balance with DVB Bank S.E., (v) the $20,200 outstanding loan balance with Alpha Bank A.E., and (vi) the $12,925 outstanding loan balance with Alpha Bank A.E.

As of June 30, 2021, the Company had no secured bank credit facilities following their full repayment.

2022 Senior Secured Notes

On November 21, 2017, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the “Co-Issuers”) issued $305,000 of 11.25% Senior Notes due 2022, at a price of 97%.

The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of the Company in each of Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Partners (following the merger of Navios Containers with Navios Partners). The 2022 Senior Secured Notes are unregistered and guaranteed by all of the Company’s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics.

The subsidiary guarantees are “full and unconditional”, except that the indenture provides for an individual subsidiary’s guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Senior Secured Notes.

  F- 13  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 The Co-Issuers have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time at par.

Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase some or all of the 2022 Senior Secured Notes at 101% of their face amount. The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.

Under the terms of the 2022 Senior Secured Notes, the Company had an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met.

On October 1, 2020, the Company entered into (1) the Sixth Supplemental Indenture to amend the terms of the indenture and related pledge agreements governing the 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes and (2) a consent agreement with the Consenting Noteholders (“Consent Agreement”) whereby the Consenting Noteholders agreed, subject to the satisfaction of certain conditions in the Consent Agreement, to provide their consents, as part of a consent solicitation to be made by the Company on or before the earlier of (i) 60 days following the consummation of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics or (ii) September 5, 2021, to the amendments contained in the form of supplemental indenture (“Form of Supermajority Supplemental Indenture”) which amendments require consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected.

The Sixth Supplemental Indenture, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default, (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes (including, absent a Default or an Event of Default, at a discount to par), (iii) eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes; and (iv) states, for the avoidance of doubt, that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement dated as of April 25, 2019 (as amended) (the “Grimaud Loan”) in lieu of the receipt of pro rata cash dividends from Navios Logistics. The Sixth Supplemental Indenture became effective upon its execution by the Company and the Trustee, but the amendments and waivers contained therein will become operative only upon the occurrence of a Qualified IPO of Navios Logistics.

The Form of Supermajority Supplemental Indenture would further amend the Indenture to permit the Company to use the net proceeds it receives from any sale of Navios Logistics equity in connection with or following a Qualified IPO of Navios Logistics to repurchase 2022 Senior Secured Notes at a discount to par in certain circumstances.

There can be no assurance that the Company will receive the additional consents necessary to cause the amendments contemplated by the Form of Supermajority Supplemental Indenture to become effective.

On November 17, 2020, the Company entered into the Seventh Supplemental Indenture to further amend the terms of the indenture governing the 2022 Senior Secured Notes, pursuant to which Wilmington Trust, National Association became the successor Trustee and successor Collateral Trustee in respect of the 2022 Senior Secured Notes.

On June 29, 2021, the Company entered into the Eighth Supplemental Indenture which eliminated the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the Redemption. On July 23, 2021, the Company completed the Redemption. The Redemption was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75,264 from an affiliate company of NSM.

The Eighth Supplemental Indenture also, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default; (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes; and (iii) permits the lender under the $115.0 million NSM Loan (as defined herein) to take a second lien on the pledged share collateral (which pledged share collateral secures the 2022 Senior Secured Notes on a first lien basis).

On July 23, 2021, the Company completed the Redemption of an aggregate principal amount of $100,000 of the 2022 Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date.

  F- 14  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20,000 of its 2022 Senior Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of September 13, 2021 (the “Second Redemption”).

After the Redemption and the Second Redemption, $185,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

2022 Notes

On November 29, 2013, the Co-Issuers completed the sale of $650,000 of 7.375% First Priority Ship Mortgage Notes due 2022. During 2018, the Company repurchased $35,661 in par value of the 2022 Notes for cash consideration of $28,796. During 2019, Navios Logistics repurchased $35,500 in par value of the 2022 Notes in open market transactions for cash consideration of $17,642. During 2019, the Company repurchased $81,235 in par value of the 2022 Notes for cash consideration of $50,683. During the three month period ended June 30, 2020, there were no repurchases. During the six month period ended June 30, 2020, the Company repurchased $20,782 in par value of the 2022 Notes for cash consideration of $9,443 resulting in a gain on bond extinguishment of $11,204, net of deferred financing costs written-off. During the three and six month periods ended June 30, 2021, the Company repurchased $14,356 in par value of the 2022 Notes for cash consideration of $12,454 resulting in a gain on bond extinguishment of $1,873, net of deferred financing costs written-off. In August 2021, the Company repurchased $7,000 in par value of the 2022 Notes for cash consideration of $6,134 resulting in a gain on bond extinguishment of $855, net of deferred financing costs written-off. After these repurchases, the remaining amount of 2022 Notes is $455,466.

The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights. In January 2021, Navios Asteriks and part of the cash collateral of $14,250 held in escrow accounts were released and replaced by Navios Bonheur. In April 2021, Navios Serenity and the remaining cash collateral held in escrow accounts were released and replaced by Navios Asteriks. Currently, the 2022 Notes are secured by 17 drybulk vessels. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company’s direct and indirect subsidiaries, other than Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C.

The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par.

Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 Notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.

2024 Notes

On March 21, 2019, Navios Holdings issued $4,747 of 9.75% Senior Notes due 2024 (the “2024 Notes”) as an exchange for a total of 10,930 Series H shares which were validly tendered as of that date (Refer to Note 10).

On April 21, 2019, Navios Holdings issued $3,879 of the 2024 Notes as an exchange for a total of 8,841 Series G shares which were validly tendered as of that date. (Refer to Note 10).

The 2024 Notes are Navios Holdings’ senior unsecured general obligations and rank senior in right of payment to any of Navios Holding’s existing and future debt that expressly provides that it is subordinated to the 2024 Notes, pari passu in right of payment with all of Navios Holding’s existing and future senior obligations, structurally subordinated in right of payment to the obligations of Navios Holding’s subsidiaries, and effectively subordinated in right of payment to any existing and future obligations of Navios Holdings that are secured by property or assets that do not secure the 2024 Notes, including the 2022 Senior Secured Notes and the 2022 Notes, to the extent of the value of any such property and assets securing such other obligations. The 2024 Notes are not guaranteed by any of Navios Holdings’ subsidiaries.

  F- 15  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 The indenture governing the 2024 Notes does not contain restrictive covenants but does include customary events of default.

Navios Holdings has the option to redeem the 2024 Notes, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued interest.

NSM Loan

On August 29, 2019, Navios Holdings entered into a secured loan agreement of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“NSM Loan”). As of June 30, 2021, the total outstanding balance of this facility amounted to $57,026, including $358 of accrued interest. Please see also Note 9.

$50.0 million NSM Loan

In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$50.0 million NSM Loan”) for a loan of up to $50,000 to be used for general corporate purposes. As of June 30, 2021, the total outstanding balance of this facility amounted to $39,986, including $250 of accrued interest. On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan. Please see also Note 9.

$115.0 million NSM Loan

In June 2021, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$115.0 million NSM Loan”) for a loan up to $115,000 in advances (i) to refinance the $50.0 million NSM Loan, (ii) to redeem certain 2022 Senior Secured Notes and (iii) to be used for general corporate purposes. In July 2021, the amount of this facility was fully drawn. Please see also Note 9.

Sale and Leaseback Agreements

In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $68,000 in total, with unrelated third parties for two Capesize vessels (the “Sale and Leaseback Agreements”). Navios Holdings has no purchase obligation to acquire the vessels at the end of the lease term, however, it is reasonably certain that respective purchase options will be exercised and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the Sale and Leaseback Agreements as a financial liability.

The Sale and Leaseback Agreements are repayable by 144 consecutive monthly payments of approximately $224 and $238 each, commencing as of January 2020 and March 2020, respectively. As of June 30, 2021, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $60,165 in total. The agreements mature in the fourth quarter of 2031 and first quarter of 2032, respectively, with a balloon payment of $750 per vessel on the last repayment date.

The Sale and Leaseback Agreements have no financial covenants.

2025 Logistics Senior Notes

On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Logistics Co-Issuers”) issued $500,000 in aggregate principal amount of senior secured notes due 2025 (the “2025 Logistics Senior Notes), at a fixed rate of 10.75%. The net proceeds from the offering of the 2025 Logistics Senior Notes were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes to repay all amounts outstanding under the Navios Logistics’ Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes.

On or after August 1, 2022, the Logistics Co-Issuers may redeem some or all of the 2025 Logistics Senior Notes at the redemption prices set forth in the indenture governing the 2025 Logistics Senior Notes. In addition, before August 1, 2022, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Logistics Senior Notes at a price equal to 110.750% of the principal amount of the 2025 Logistics Senior Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Logistics Senior Notes remains outstanding. Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Logistics Co-Issuers may also redeem all, but not less than all, of the 2025 Logistics Senior Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. Furthermore, upon the occurrence of certain change of control events, the Logistics Co-Issuers may be required to offer to purchase 2025 Logistics Senior Notes from holders at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any.

  F- 16  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

The 2025 Logistics Senior Notes are senior secured obligations of the Logistics Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Navios Logistics’ direct and indirect subsidiaries, other than the Logistics Co-Issuer and Grimaud Ventures S.A (the “Grimaud”). The 2025 Logistics Senior Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Navios Logistics’ cabotage business (the (1) Elena H, (2) Makenita H, (3) Sara H and (4) He Man H) owned by certain subsidiary guarantors (such guarantors, the “Mortgaged Vessel Guarantors”) and related assignments of earnings and insurance together with a first priority lien on the capital stock of each Mortgaged Vessel Guarantor; and (ii) an assignment by way of security of the Vale Port Contract (collectively, the “Collateral”). The 2025 Logistics Senior Notes will be effectively senior to all existing and future obligations of the subsidiary guarantors that own Collateral to the extent of the value of the Collateral but effectively junior to any existing and future secured obligations of the Logistics Co-Issuers and the subsidiary guarantors that are secured by assets other than the Collateral to the extent of the value of any assets securing such other obligations. The indenture governing the 2025 Logistics Senior Notes contains restrictive covenants that limit, among other things, the ability of the Logistics Co-Issuers and their subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliate companies, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Logistics Senior Notes also contains customary events of default.

The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2021.

As of June 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025 Logistics Senior Notes amounted to $17,724 and $19,414, respectively.

Navios Logistics Other Long-term Loans and Notes Payable

In December 2020, Navios Logistics entered into a $13,475 seller’s credit agreement for the construction of six liquid barges to be made available by way of credit in six equal tranches. Each drawdown is repayable in 20 quarterly installments starting from the delivery of each barge. The seller’s credit for the construction of the six liquid barges bears interest at a fixed rate of 8.5%. As of June 30, 2021, Navios Logistics had drawn the total available amount and the outstanding balance was $12,368.

In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics’ 2020 Fleet”). The acquisition was completed on March 22, 2021, and consequently, the Company entered into a $15,000 seller’s credit agreement for the acquisition of the Navios Logistics’ 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum and is payable in three equal annual installments of $5,000.

As of June 30, 2021, Navios Logistics had long-term loans and notes payable, with a total outstanding balance of $66,797, including the two above mentioned financings. The purpose of the facilities was to finance the construction of its dry port terminal, the acquisition of vessels, or for general corporate purposes. The facilities are mainly denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 3.15% to 3.25% per annum. The facilities are repayable in installments and have maturities ranging from August 2021 to November 2025. See also the maturity table included below.

 

During the six month period ended June 30, 2021, the Company in relation to its secured credit facilities paid, $79,071 related to scheduled repayment installments and $36,199 related to the prepayment of four of Navios Holdings’ credit facilities.

The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2021 were 9.34% and 9.33%, respectively. The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2020 were 7.48% and 7.50%, respectively.

The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of June 30, 2021, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities.

 

Payment due by period      
June 30, 2022 $ 616,440  
June 30, 2023   267,331  
June 30, 2024   54,079  
June 30, 2025   22,868  
June 30, 2026   506,892  
June 30, 2027 and thereafter   32,456  
Total $ 1,500,066  

 

  F- 17  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 

NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value of Financial Instruments 

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits and money market funds approximate their fair value because of the short maturity of these investments.

Restricted cash: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments.

Borrowings: The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate its fair value, excluding the effect of any deferred financing costs. The 2022 Notes, the 2025 Logistics Senior Notes, the 2022 Senior Secured Notes and three Navios Logistics’ loans are fixed rate borrowings and their fair value was determined based on quoted market prices.

Loans payable to affiliate companies: The carrying amount of the fixed rate loan approximates its fair value.

Investments in available-for-sale securities: The carrying amount of the investments in available-for-sale securities reported in the consolidated balance sheets represents unrealized gains and losses on these securities, which are reflected in the interim condensed consolidated statements of comprehensive income/(loss).

The estimated fair values of the Company’s financial instruments are as follows:

 

    June 30, 2021   December 31, 2020  
    Book Value   Fair Value   Book Value   Fair Value  
Cash and cash equivalents   $ 73,159   $ 73,159   $ 94,881   $ 94,881  
Restricted cash   $ 10   $ 10   $ 16,303   $ 16,303  
Investments in available-for-sale-securities   $ 364   $ 364   $ 222   $ 222  
Senior and ship mortgage notes, net   $ (1,253,395) $ (1,269,481)   $ (1,263,566)   $ (1,054,616)  
Long-term debt, including current portion   $ (126,047)   $ (126,962)   $ (191,636)   $ (193,043)  
Loans payable to affiliate companies, including current portion   $ (96,404)   $ (96,404)   $ (129,227)   $ (129,227)  

 

The following table sets forth our assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

    Fair Value Measurements as of June 30, 2021  
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

 
Investments in available-for-sale-securities   $ 364     $ 364     $     $  
Total   $ 364     $ 364     $     $  

    Fair Value Measurements as of December 31, 2020  
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

 
Investments in available-for-sale-securities   $ 222     $ 222     $     $  
Total   $ 222     $ 222     $     $  

 

 

As of June 30, 2021, the Company’s assets measured at fair value on a non-recurring basis were:

    Fair Value Measurements as of June 30, 2021    
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

   
Assets held for sale   $ 30,000     $ 30,000     $ —       $ —      
Total   $ 30,000     $ 30,000     $ —       $ —      

  F- 18  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $9,104. The fair value of Navios Azimuth is measured at $30,000, as at June 30, 2021.As of December 31, 2020, the Company’s assets measured at fair value on a non-recurring basis were:

 

    Fair Value Measurements as of December 31, 2020    
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

   
Vessels, port terminals and other fixed assets, net   $ 38,054     $ 6,644     $ 31,410     $ —      
Operating lease assets   $ 10,018     $     $ 10,018     $ —      
Total   $ 48,072     $ 6,644     $ 41,428     $ —      

 

The Company recorded an impairment loss of $59,108 during the year ended December 31, 2020 for three of its vessels, the fair value of which is measured at $38,054, as at December 31, 2020.

The Company recorded an impairment loss of $1,361 during the year ended December 31, 2020 for two of its charter-in vessels, the fair value of which is measured at $10,018, as at December 31, 2020.

Fair Value Measurements

The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:

Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III: Inputs that are unobservable.

 

    Fair Value Measurements at June 30, 2021  
    Total     (Level I)     (Level II)     (Level III)  
Cash and cash equivalents   $ 73,159     $ 73,159     $     $  
Restricted cash   $ 10     $ 10     $     $  
Investments in available-for-sale-securities   $ 364     $ 364     $     $  
Senior and ship mortgage notes   $ (1,269,481)     $ (1,260,855)     $ (8,626)     $  
Long-term debt, including current portion(1)   $ (126,962)     $     $ (126,962)     $  
Loans payable to affiliate companies, including current portion(2)   $ (96,404)   $     $ (96,404)     $  
                                   

 

    Fair Value Measurements at December 31, 2020  
    Total     (Level I)     (Level II)     (Level III)  
Cash and cash equivalents   $ 94,881     $ 94,881     $     $ —    
Restricted cash   $ 16,303     $ 16,303     $     $ —    
Investments in available-for-sale-securities   $ 222     $ 222     $     $ —    
Senior and ship mortgage notes   $ (1,054,616)     $ (1,045,990)     $ (8,626)     $ —    
Long-term debt, including current portion(1)   $ (193,043)     $     $ (193,043)   $ —    
Loans payable to affiliate companies, including current portion(2)   $ (129,227)   $     $       (129,227)     $ —    
                                   

 

(1) The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness.
(2) The fair value of the Company’s loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness.

 

  F- 19  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

NOTE 8: COMMITMENTS AND CONTINGENCIES

Commitments and Contingencies 

As of June 30, 2021, the Company was contingently liable for letters of guarantee and letters of credit amounting to $10 (December 31, 2020: $10) issued by one bank in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash.

In December 2017, Navios Holdings agreed to charter-in, under a ten-year bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March 30, 2020, Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel. As of June 30, 2021, the total amount of $6,704, including expenses and interest, is presented within the caption “Other long-term assets”.

In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August 28, 2019 Navios Holdings took delivery of the Navios Herakles I. On November 28, 2019 Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels. As of June 30, 2021, the total amount of $14,070, including expenses and interest, is presented within the caption “Other long-term assets”.

In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of 81,946 dwt. On January 17, 2020, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $5,590, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7,193, including expenses and interest, is presented within the caption “Other long-term assets”.

In October 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $5,820, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7,506, including expenses and interest, is presented within the caption “Other long-term assets”.

Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2022.

On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively.

In September 2020, Navios Logistics agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount of $4,140, which is collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023.

The Company is involved in a number of legal proceedings and has various unresolved claims pending arising in the ordinary course of business. Based on currently available information and the opinion of legal counsel, management believes that the final outcome will not have a significant effect on the Company’s operating results or financial position and that no additional provisions over and above provisions already reflected in the interim condensed consolidated financial statements are required.

NOTE 9: TRANSACTIONS WITH RELATED PARTIES

 

Transactions with Related Parties 

Vessel Operating Expenses (management fees): Pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), N Shipmanagement Acquisition Corp. and related entities (“NSM” or the “Manager”) provides commercial and technical management services to Navios Holdings’ vessels. The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination is received by either party. The ship management services fees provided by NSM is a daily fee of $3.7 per day per owned vessel. This rate was fixed until August 2021, increasing thereafter by 3% annually, unless otherwise agreed. As of August 31, 2021, this daily fee is at $3.8 per day per owned vessel. The fee for the ship management services provided by NSM is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August 29, 2024. Total management fees for vessel operating expenses for the three month periods ended June 30, 2021 and 2020 amounted to $9,794 and $11,537, respectively and are presented within the caption “Direct vessel expenses”. Total management fees for vessel operating expenses for the six month periods ended June 30, 2021 and 2020 amounted to $20,365 and $22,525, respectively and are presented within the caption “Direct vessel expenses”.

Navios Partners Guarantee: In November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the “Navios Partners Guarantee”) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. In April 2021, the Company paid the amount of $5,000 to Navios Partners as the final settlement of the outstanding balance of the claim.

  F- 20  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

General and administrative expenses: Pursuant to an administrative services agreement with the Manager dated August 29, 2019 (“Administrative Services Agreement”), NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August 29, 2024. Total general and administrative expenses attributable to this agreement for the three month periods ended June 30, 2021 and 2020 amounted to $2,168 and $2,377, respectively, and are presented within the caption “General and administrative expenses”. Total general and administrative expenses attributable to this agreement for the six month periods ended June 30, 2021 and 2020 amounted to $4,508 and $4,639, respectively, and are presented within the caption “General and administrative expenses”.

Pursuant to an administrative services agreement with the Manager dated August 29, 2019, NSM provides administrative services to Navios Logistics. Total general and administrative fees for each of the three month periods ended June 30, 2021 and 2020 amounted to $286 and are presented within the caption “General and administrative expenses”. Total general and administrative fees for each of the six month periods ended June 30, 2021 and 2020 amounted to $572 and are presented within the caption “General and administrative expenses”.

Balance due to/from affiliate companies: Balance due to NSM as of June 30, 2021 amounted to $10,174 (December 31, 2020: $22,114). Balance due to Navios Partners as of June 30, 2021 amounted to $0 (December 31, 2020: $5,000 related to the Navios Partners Guarantee). Balance due from Navios Acquisition as of June 30, 2021 amounted to $0 (December 31, 2020: $243 related to declared dividend).

As of June 30, 2021 the balance mainly consisted of management fees for vessel operating expenses, payments to NSM in accordance with the Management Agreement and other amounts in connection with dry-dock, ballast water treatment system and special survey of our vessels.

Omnibus Agreements: Navios Holdings has entered into an omnibus agreement with Navios Partners (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years.

Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition’s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for containership vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter dry bulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its dry bulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party.

Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliate companies to compete with Navios Midstream under specified circumstances.

Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have granted a right of first refusal to Navios Containers over any containership vessels to be sold or acquired in the future, subject to significant exceptions that would allow Navios Acquisition, Navios Holdings and Navios Partners or any of their controlled affiliate companies to compete with Navios Containers under specified circumstances.

Midstream General Partner Option Agreement: Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option.

  F- 21  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

Sale of Vessels and Sale of Rights to Navios Partners: Upon the sale of vessels to Navios Partners, Navios Holdings recognized the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and deferred recognition of the gain to the extent of its own ownership interest in Navios Partners (the “deferred gain”). Subsequently, the deferred gain was amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain was accelerated in the event that (i) the vessel was subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company’s ownership interest in Navios Partners was reduced. In connection with the public offerings of common units by Navios Partners and the sale of Navios Partners general partnership interest effected on August 30, 2019, a pro rata portion of the deferred gain was released to income upon dilution of the Company’s ownership interest in Navios Partners. As of January 1, 2020, the unamortized deferred gain of $6,285 was recorded as other adjustments within accumulated deficit.

In March 2021, Navios Holdings completed the sale to Navios Partners of the Navios Centaurus, a 2012-built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012-built Panamax vessel of 81,355 dwt, for a sale price of $39,250, including working capital adjustments. In June 2021, Navios Holdings completed the sale to Navios Partners of the Navios Ray, a 2012 built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009 built Capesize vessel of 180,022 dwt, for a sale price of $58,000 and the sale of the Navios Koyo, a 2011-built Capesize vessel, previously chartered-in by Navios Holdings, for a sale price of $28,500. In July 2021, Navios Holdings completed the sale to Navios Partners of the Navios Azimuth, a 2011 built Capesize vessel of 179,169 dwt, for a sale price of $30,000.

Balance due from Navios Europe II: Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe II revolving loans of up to $43,500 to fund the Navios Revolving Loans II. In March 2017, the availability under the Navios Revolving Loans II was increased by $14,000 (see Note 14).

On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $5,000. Navios Europe II owned seven containership vessels and seven drybulk vessels.

On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiration date. The transaction was completed on June 29, 2020.

As a result of this liquidation, Navios Holdings received the total outstanding balance due from Navios Europe II, representing the Navios Revolving Loans II, the Navios Term Loans II and accrued interest thereof directly owed to Navios Holdings, previously presented within the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II.

The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at 1,800 basis points per annum, on a quarterly compounding basis and were repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There were no covenant requirements or stated maturity dates.

The decline in the fair value of the investment during the first quarter of 2020 was considered as other-than-temporary and, therefore, a loss of $6,050 was recognized and included in the accompanying interim condensed consolidated statements of comprehensive income/(loss) for the six month period ended June 30, 2020, within the caption “Impairment of loan receivable from affiliate company”. The fair value was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II.

Secured credit facility with Navios Logistics (Grimaud Loan): On April 25, 2019, Navios Holdings entered into a secured credit facility of up to $50,000 with Navios Logistics on a secured basis to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility is secured by any 2022 Notes purchased by Navios Holdings with these funds. The secured credit facility included an arrangement fee of $500 and bears a fixed interest rate of 12.75% for the first year and 14.75% for the second year. The secured credit facility includes negative covenants substantially similar to the 2022 Notes and customary events of default. On December 2, 2019, Navios Holdings and Navios Logistics agreed to increase the secured credit facility by $20,000. Following this amendment, as a result of the redemption of the 2022 Notes and Term Loan B Facility in July 2020 and the issuance of 2025 Notes, (a) the interest rate on the secured credit facility decreased to 10.0%, and (b) the maturity of the secured credit facility was extended to December 2024, and is repayable in four equal annual installments. Effective as of May 2021, and upon the release of certain collateral, the facility bears interest of 13.0% per annum. As of June 30, 2021, the full amount was drawn under this facility, of which $18,726 was used to acquire the 2022 Notes from Navios Logistics and the remaining amount was used to repurchase 2022 Notes.

On June 24, 2020, Navios Logistics assigned its legal and beneficial right, title and interest in the credit facility to its wholly owned subsidiary Grimaud.

On June 25, 2020, Navios Holdings and Grimaud amended the Grimaud Loan to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Navios Logistics and paid Navios Logistics $2,308 in satisfaction of the interest payable in respect of this facility.

On June 30, 2021, the Company entered into a supplemental agreement to the Grimaud Loan (the “Supplemental Grimaud Loan Agreement”) with Grimaud, whereby the Company and Grimaud agreed to amend the Grimaud Loan. Pursuant to the amendment, the Grimaud Loan may be repaid or prepaid in full by the issuance of shares of common stock of Navios Holdings. The effectiveness of the Supplemental Grimaud Loan Agreement was subject to, and contingent upon, prepayment of the Grimaud Loan in the amount of $7,500 in cash and the effectiveness of a registration statement registering the resale of Navios Holdings shares, among other conditions.

On July 13, 2021, the Company’s $70,000 loan, plus accrued interest, owed to Grimaud, a wholly-owned subsidiary of Navios Logistics, was repaid by the Company in full through the issuance of 9,301,542 shares of the Company’s common stock and $7,500 in cash plus accrued and unpaid interest. Please see also Note 10.

  F- 22  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

NSM Loan: On August 29, 2019, Navios Holdings entered into a secured credit facility of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM. In general, the amount owed reflects the excess of (i) the liabilities of the ship management business (including liabilities for advances previously made by affiliate companies to the Company for ongoing operating costs, including technical management services, supplies, dry-docking and related expenses) other than liabilities the assumption of which forms part of the consideration for the Transaction over (ii) the short term assets of the ship management business. The credit facility is repayable over a five-year period; of the initial amount, $47,000 was repayable in 2020 in equal quarterly installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. The loan agreement provides for interest at 5.0% annually, and 7.0% annually for deferred principal amounts. During December 2019, Navios Holdings repaid the amount of $13,420 under the terms of this facility. During June 2020, July 2020 and May 2021, Navios Holdings repaid the amount of $31,500, $18,500, and $21,706, respectively, under the terms of this facility.

As of June 30, 2021, the outstanding balance was $56,668 (December 31, 2020: $78,375) and the accrued interest was $358 (December 31, 2020: $526). Of the outstanding amount and accrued interest, $16,548 (December 31, 2020: $10,328) is included within the caption “Current portion of loans payable to affiliate companies”.

The Company’s obligations under the NSM Loan were guaranteed by 2,070,016 common units in Navios Partners, 14,940 shares of Navios Acquisition’s common stock, first priority share pledges on two companies, that have entered into sale and leaseback agreements and five companies that hold the rights to certain bareboat contracts.

$50.0 million NSM Loan: In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM for a loan of up to $50,000 to be used for general corporate purposes. The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. The loan agreement will be repayable in up to 18 equal consecutive quarterly installments. Principal payments that fall due during the first year following the initial drawdown may be deferred, at the Company’s election, in whole or in part. The loan agreement provides for interest at a rate of 5.0% annually (and 7.0% annually for deferred principal amounts). During May 2021, Navios Holdings repaid the amount of $10,265, under the terms of this facility.

As of June 30, 2021, the outstanding balance was $39,736 (December 31, 2020: $50,000) and the accrued interest was $250 (December 31, 2020: $326). Of the outstanding amount and accrued interest, $11,603 (December 31, 2020: $16,266) is included within the caption “Current portion of loans payable to affiliate companies”.

The Company’s obligations under the $50.0 million NSM Loan were guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners and second priority pledge in respect of 2022 Notes owned by Navios Holdings.

On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan described below.

$115.0 million NSM Loan: In June 2021, the Company entered into a senior secured term loan facility with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM, for a loan up to $115,000 (i) to refinance $39,736 being the outstanding balance under the $50.0 million NSM Loan (“Tranche A”), (ii) to redeem amount of $70,000 of 2022 Senior Secured Notes and (iii) to be used for general corporate purposes (“Tranche B”). The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. Tranche A is repayable in 14 quarterly installments of $2,838 and matures on November 30, 2024. Tranche B is repayable in seven quarterly installments with the first two being of an amount of $22,632 each and the remaining of an amount of $6,000 each and matures on February 28, 2023.

Both tranches bear interest at a rate of 10.5% per annum, payable quarterly. The Company may elect to defer one scheduled amortization payment by 90 days and interest payments, in which case the applicable interest rate will be 12.0% per annum, compounded quarterly.

The Company’s obligations under the $115.0 million NSM Loan are guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners and a second priority pledge in the Navios Logistics’ shares, 4,850,207 shares of Navios Acquisition’s common stock, 452,090 Navios Partners’ common units and second priority share pledge over the collaterals securing the NSM Loan.

On July 12, 2021, the amount under this facility was fully drawn.

Navios Logistics’ Shareholders Agreement: On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers Business Inc. granting certain protections to minority shareholders in certain events.

  F- 23  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 

NOTE 10: PREFERRED AND COMMON STOCK

Preferred and Common Stock 

Vested, Surrendered and Forfeited

During the three and six month periods ended June 30, 2021, 56 and 83 restricted shares of common stock were forfeited, and 0 and 37,879 restricted stock units issued to the Company’s officers and directors vested, respectively.

During the three and six month periods ended June 30, 2020, 1,230 restricted shares of common stock were forfeited and 84,336 restricted stock units issued to the Company’s employees vested, respectively.

Conversion of Preferred Stock

During the year ended December 31, 2020, 210 shares of convertible preferred stock were converted into 22,712 shares of common stock including 1,712 shares of common stock being unpaid dividend. Following the conversion of 210 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $171. The cancelled undeclared dividend was converted to 1,712 shares of common stock with a fair value of $6 at the date of issuance (See also Note 13). During the three and six month periods ended June 30, 2021, there were no conversions of preferred stock.

 

Issuance of Cumulative Perpetual Preferred Stock

The Company’s 2,000,000 American Depositary Shares, Series G and the 4,800,000 American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G and Series H, with a liquidation preference of $2,500 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference, which increased by 0.25% as of July 15, 2017 for each of Series G and Series H. The Company has accounted for these shares as equity.

In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of June 30, 2021 were $27,783 (net of cancelled dividends).

Series G and Series H American Depositary Shares Exchange Offer

On December 21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 2024 Notes for approximately 66 2/3% of each of the outstanding Series G American Depositary Shares and Series H American Depositary Shares.

As of March 21, 2019, a total of 10,930 Series H were validly tendered representing a net aggregate nominal value of approximately $26,297. Navios Holdings paid $997 for tender offer expenses, approximately $4,188 as cash consideration and a total of approximately $4,747 in aggregate principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $16,365 was recorded in accumulated deficit. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series H of $7,678.

As of April 18, 2019, a total of 8,841 Series G were validly tendered representing a net aggregate nominal value of approximately $21,271. Navios Holdings paid $620 for tender offer expenses, approximately $4,423 cash consideration and issued a total of approximately $3,879 principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $12,568 was recorded in accumulated deficit. Following the completion of the offer, the company cancelled the undeclared preferred dividend of series G of $6,798.

Issuances to Officers and Directors

On December 21, 2020, pursuant to the stock plan approved by the Board of the Directors, 16,000 shares of common stock were granted to Navios Holdings officers and directors and issued on January 19, 2021.

 

Navios Holdings had outstanding as of June 30, 2021 and December 31, 2020, 15,897,064 shares and 15,881,147 shares, respectively, from which 2,414,263 shares are held by Navios Corporation and are considered as treasury shares. Preferred stock was 23,032 (5,350 Series G and 17,682 Series H) as of both June 30, 2021 and December 31, 2020.

Dividends from Navios Logistics

On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. Immediately thereafter, Grimaud redeemed the equity interests held by its non-controlling shareholder in full at fair market value. Grimaud is now an indirect wholly-owned subsidiary of the Company, and its equity interests are pledged as collateral under the 2022 Senior Secured Notes (as defined below).

As of September 9, 2021, Grimaud sold 6,434,000 shares of common stock of Navios Holdings and generated net proceeds of $31,270, part of which was used to fund the Second Redemption.

On July 10, 2020 Navios Logistics declared and paid a $6,381 dividend in cash or in Navios Holdings shares of common stock, from which Navios Holdings received 2,414,263 shares and the amount of $2,308 was paid to Navios Logistics’ noncontrolling shareholders.

On February 21, 2020, Navios Logistics’ board of directors declared and paid a $27,500 dividend, out of which the amount of $17,552 was paid to Navios Holdings and the amount of $9,948 to Navios Logistics’ noncontrolling shareholders.

  F- 24  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

 

NOTE 11: OTHER INCOME, NET

Other Income, Net 

During the three month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $1,218 and $590, respectively, and were included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Other expense, net”.

During the six month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $2,222 and $2,021, respectively, and were included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Other expense, net”.

NOTE 12: SEGMENT INFORMATION

Segment Information 

The Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of port terminal business, barge business and cabotage business.

The Company measures segment performance based on net income/(loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:

 

 

   

Dry Bulk Vessel

Operations

for the

Three Month

Period Ended

June 30,

2021

   

Logistics Business

for the

Three Month

Period Ended

June 30,

2021

   

Total

for the

Three Month

Period Ended

June 30,

2021

 
Revenue   $ 86,053     $ 57,571     $ 143,624  
Interest expense and finance cost, net     (21,011)       (15,159)       (36,170)  
Depreciation and amortization     (7,917)       (8,071)       (15,988)  
Equity in net earnings of affiliate companies     12,854                12,854  
Net income/ (loss) attributable to Navios Holdings common stockholders     27,795       (2,859)       24,936  
Total assets     1,156,441       672,652       1,829,093  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (22,758)       (3,646)       (26,404)  
Investment in affiliate companies     97,351                97,351  
Cash and cash equivalents     25,689       47,470       73,159  
Restricted cash     10                10  
Long-term debt, net (including current and noncurrent portion)   $ 927,399     $ 549,054     $ 1,476,453  

 

 

   

Dry Bulk Vessel

Operations

for the

Three Month

Period Ended

June 30,

2020

   

Logistics Business

for the

Three Month

Period Ended

June 30,

2020

   

Total

for the

Three Month

Period Ended

June 30,

2020

 
Revenue   $ 38,302     $ 58,825     $ 97,127  
Interest expense and finance cost, net     (22,159)       (9,259)       (31,418)  
Depreciation and amortization     (10,745)       (7,267)       (18,012)  
Equity in net earnings of affiliate companies     9,445                9,445  
Net (loss)/ income attributable to Navios Holdings common stockholders     (42,918)       7,647       (35,271)  
Total assets     1,500,046       615,878       2,115,924  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (98,672)       (2,578)       (101,250)  
Investment in affiliate companies     63,498                63,498  
Cash and cash equivalents     20,525       33,489       54,014  
Restricted cash     1,058                1,058  
Long-term debt, net (including current and noncurrent portion)   $ 1,082,032     $ 509,749     $ 1,591,781  

 

  F- 25  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

   

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2021

   

Logistics Business

for the

Six Month

Period Ended

June 30,

2021

   

Total

for the

Six Month

Period Ended

June 30,

2021

 
Revenue   $ 149,781     $ 110,794     $ 260,575  
Interest expense and finance cost, net     (42,855)       (29,515)       (72,370)  
Depreciation and amortization     (16,714)       (15,540)       (32,254)  
Equity in net earnings of affiliate companies     40,594                40,594  
Net income/ (loss) attributable to Navios Holdings common stockholders     27,694       (2,595)       25,099  
Total assets     1,156,441       672,652       1,829,093  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (24,152)       (22,033)       (46,185)  
Investment in affiliate companies     97,351                97,351  
Cash and cash equivalents     25,689       47,470       73,159  
Restricted cash     10                10  
Long-term debt, net (including current and noncurrent portion)   $ 927,399     $ 549,054     $ 1,476,453  

 

   

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2020

   

Logistics Business

for the

Six Month

Period Ended

June 30,

2020

   

Total

for the

Six Month

Period Ended

June 30,

2020

 
Revenue   $ 72,562     $ 115,648     $ 188,210  
Interest expense and finance cost, net     (44,529)       (18,532)       (63,061)  
Depreciation and amortization     (21,543)       (14,545)       (36,088)  
Equity in net earnings of affiliate companies     3,308                3,308  
Net (loss)/ income attributable to Navios Holdings common stockholders     (100,690)       12,144       (88,546)  
Total assets     1,500,046       615,878       2,115,924  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (98,672)       (2,578)       (101,250)  
Investment in affiliate companies     63,498                63,498  
Cash and cash equivalents     20,525       33,489       54,014  
Restricted cash     1,058                1,058  
Long-term debt, net (including current and noncurrent portion)   $ 1,082,032     $ 509,749     $ 1,591,781  

NOTE 13: EARNINGS/(LOSS) PER COMMON SHARE

Earnings/ (Loss) Per Common Share 

Earnings/(Loss) per share is calculated by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net income/(loss) attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net income/(loss) attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled.

For the three month period ended June 30, 2021, 384,419 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

 

For the three month period ended June 30, 2020, 566,525 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

For the six month period ended June 30, 2021, 388,027 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

  F- 26  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

For the six month period ended June 30, 2020, 583,126 potential common shares and 3,115 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

 

 

                         
   

Three Month

Period Ended

June 30, 2021

   

Three Month

Period Ended

June 30, 2020

   

Six Month

Period Ended

June 30, 2021

   

Six Month

Period Ended

June 30, 2020

 
Numerator:                                
Net income/ (loss) attributable to Navios Holdings common stockholders   $ 24,936     $ (35,271)     $ 25,099     $ (88,546)  
Less:                                
Declared and undeclared dividend on preferred stock and on unvested restricted shares     (1,284)       (1,284)       (2,561)       (2,578)  
Plus:                                
Gain from eliminated dividends (preferred stock) due to conversion                                166  
Income/ (loss) available to Navios Holdings common stockholders, basic and diluted   $ 23,652     $ (36,555)     $ 22,538     $ (90,958)  
Denominator:                                
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares     13,127,208       12,901,880       13,120,335       12,882,235  
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders   $ 1.80     $ (2.83)     $ 1.72     $ (7.06)  
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares     13,511,627       12,901,880       13,508,382       12,882,235  
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders   $ 1.75     $ (2.83)     $ 1.67       (7.06)  

 

NOTE 14: INVESTMENTS IN AFFILIATE COMPANIES AND AVAILABLE-FOR-SALE SECURITIES

Investments in Affiliate Companies and Available-For-Sale Securities

 

Navios Partners

On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest. In August 2019, Navios Holdings sold the general partnership interests in Navios Partners (except for the incentive distribution rights) to NSM.

As of June 30, 2021 and December 31, 2020 Navios Partners has issued 6,638,503 and 357,508 units, respectively, through its Continuous Offering Programs entered into from time to time. Pursuant to the issuance of common units, Navios Partners issued 135,482 and 7,298 general partnership units to its general partner as of June 30, 2021 and December 31, 2020, respectively, in order to maintain its 2.0% general partnership interest.

  F- 27  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

As of June 30, 2021 and following the Navios Partners’ Merger (as defined herein), total units of 1,263,276 held in Navios Containers converted to 492,678 units of Navios Partners. Accordingly, Navios Holdings holds a total of 2,562,893 common units representing a 9.7% interest in Navios Partners, and the investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C.

 

As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company’s underlying equity in net assets of Navios Partners was $39,587 and $77,904, respectively.

As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Partners was $80,632 and $39,133, respectively.

Total equity method income/(loss) of $9,125 and $(1,227) were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively, and total equity method income/(loss) of $38,322 and $(2,354) were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.

Dividends received during each of the three month periods ended June 30, 2021 and 2020 were $128 and $621, respectively, and for each of the six month periods ended June 30, 2021 and 2020, were $232 and $1,242, respectively.

As of June 30, 2021, the market value of the investment in Navios Partners was $75,759. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.

Navios Partners’ Merger II:

On August 25, 2021, Navios Partners and its direct wholly-owned subsidiary Navios Acquisition Merger Sub. Inc. (“Merger Sub”) entered into an Agreement and Plan of Merger with Navios Acquisition (the “Navios Partners’ Merger II”). Pursuant to the Navios Partners’ Merger II, Merger Sub will be merged with and into Navios Acquisition, with Navios Acquisition being the surviving entity (the “Merger”) as a wholly-owned subsidiary of Navios Partners. Upon consummation of the Navios Partners’ Merger II, Navios Acquisition will become wholly owned by Navios Partners and each outstanding share of common stock of Navios Acquisition that is held by a holder other than Navios Partners, Navios Acquisition and their respective subsidiaries will be converted into the right to receive 0.1275 of a common unit of Navios Partners.

Pursuant to the Navios Partners’ Merger II, on August 26, 2021, Navios Acquisition called for redemption of all of its outstanding 8.125% first Priority Ship Mortgage Notes due November 15, 2021 (the “Navios Acquisition’s Ship Mortgage Notes”) and remitted to the indenture trustee the aggregate redemption price payable to the holders of the Navios Acquisition’s Ship Mortgage Notes to satisfy and discharge Navios Acquisition’s obligations under the indenture relating to the Navios Acquisition’s Ship Mortgage Notes. The redemption date for the Navios Acquisition’s Ship Mortgage Notes will be September 25, 2021.

The Navios Partners’ Merger II is expected to close in the fourth quarter of 2021 upon completion of certain customary conditions. After the completion of the Navios Partners’ Merger II, Navios Holdings expects to have a 10.3% ownership interest in Navios Partners.

Navios Acquisition

As of June 30, 2021 and December 31, 2020, Navios Acquisition has issued 1,776,016 and 753,251 shares of common stock, respectively, through its Continuous Offering Program entered into from time to time.

As of June 30, 2021, Navios Holdings had a 28.0% ownership interest in Navios Acquisition.

As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company’s underlying equity in net assets of Navios Acquisition was $75,408 and $68,793, respectively and is amortized through “Equity in net earnings of affiliate companies” over the remaining life of Navios Acquisition tangible and intangible assets. As a result of the OTTI loss recorded as at December 31, 2020, the Company had recomputed this difference.

As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Acquisition was $16,719 and $15,033, respectively.

Total equity method income of $3,739 and $10,650, were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively.

Total equity method income of $1,686 and $12,207, were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.

Dividends received for each of the three month periods ended June 30, 2021 and 2020 were $0 and $1,460, respectively, and for each of the six month periods ended June 30, 2021 and 2020 were $243 and $2,919, respectively.

As of June 30, 2021, the market value of the investment in Navios Acquisition was $16,590. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.

  F- 28  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

Navios Europe II

On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II. From June 8, 2015 through December 31, 2015, Navios Europe II acquired 14 vessels for aggregate consideration consisting of: (i) cash (which was funded with the proceeds of a senior loan facility (the “Senior Loans II”) and loans aggregating to $14,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe II) (collectively, the “Navios Term Loans II”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan II”). In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners had agreed to make available to Navios Europe II revolving loans up to $43,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017, the amount of the Navios Revolving Loans II increased by $14,000. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. The structure was liquidated in June 2020.

On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation.

Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II was a VIE and that it had not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II.

Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method.

The initial amount provided for in Navios Europe II of $6,650, at the inception included the Company’s share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe II, which amounted to $9,419. This difference had been amortized through “Equity in net earnings of affiliate companies” over the remaining life of Navios Europe II.

As of March 31, 2020, the Company considered the decline in fair value of its investment in Navios Europe II as OTTI and therefore recognized a loss of $6,650 in the accompanying consolidated statement of comprehensive income/(loss).

No income was recognized within the caption “Equity in net earnings of affiliate companies” for each of the three month periods ended June 30, 2021 and 2020.

Navios Containers

Following the sale of Navios Containers general partnership interest effected on August 30, 2019, Navios Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers was accounted for under the equity method, through Navios Partners’ Merger (as defined herein) on March 31, 2021.

As of December 31, 2020, the carrying amount of the investment in Navios Containers was $2,812.

As of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers.

Total equity method loss of $0 and $77, were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively.

Total equity method income of $596 and $105, were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.

Merger Agreement Navios Partners: On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the “Navios Partners’ Merger”). Under the terms of the Navios Partners’ Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of 8,133,452 newly issued common units of Navios Partners in exchange for the publicly held common units of Navios Containers at an exchange ratio of 0.39 units of Navios Partners for each Navios Containers common unit. The Navios Partners’ Merger was completed on March 31, 2021 and Navios Holdings had 12.6% ownership interest in Navios Partners at that date. As of the close of the market on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ.

Following the results of the significance tests performed by the Company, it was concluded that two affiliate companies met the significance threshold requiring summarized financial information of all affiliate companies being presented.

  F- 29  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

Summarized financial information of the affiliate companies is presented below:

                 
Income Statement  

Navios

Partners

    Three Month June 30, 2021 Three Month June 30, 2020
Revenue   $ 152,009     $ 46,549  
Time charter and voyage expenses   $ (5,869)     $ (1,940)  
Direct vessel expenses   $ (3,989)     $ (2,385)  
Vessel operating expenses   $ (41,771)     $ (21,930)  
Net income/ (loss)   $ 99,913     $ (14,641)  

 

                 
Income Statement  

Navios

Partners

    Six Month June 30, 2021 Six Month June 30, 2020
Revenue   $ 217,072     $ 93,039  
Time charter and voyage expenses   $ (8,364)     $ (5,038)  
Direct vessel expenses   $ (7,143)     $ (4,934)  
Vessel operating expenses   $ (64,733)     $ (44,135)  
Net income/ (loss)   $ 236,592     $ (25,365)  

 

Available-for-sale securities (“AFS Securities”)

During the year ended December 31, 2017, the Company received shares of Pan Ocean Co. Ltd (“STX”) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company’s vessels. The shares were recorded at fair value upon their issuance and subsequent changes in market value are recognized within consolidated statement of comprehensive income/(loss).

The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities.

As of June 30, 2021 and December 31, 2020, the carrying amount of AFS Securities related to STX was $364 and $222, respectively and was recorded within the caption “Other long-term assets” in the interim condensed consolidated balance sheet.

For the three month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $101 and $5, respectively. For the six month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $142 and $36, respectively.

 

NOTE 15: LEASES

Leases 

Time charter out contracts

The Company’s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice.

Time charter-in and bareboat-in contracts

As of June 30, 2021, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from less than 0.1 years to 9.0 years. Certain operating leases have optional periods. Based on management estimates and market conditions, the lease term of these leases is being assessed at each balance sheet date. The Company will continue to recognize the lease payments for all operating leases as charter hire expense on the interim condensed consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term.

Land lease agreements

As of June 30, 2021, Navios Logistics had land lease agreements whose remaining lease terms range from 44.7 years to 45.1 years.

Office lease agreements

As of June 30, 2021, Navios Logistics had office lease agreements whose remaining lease terms ranged from less than 0.1 years to 5.4 years.

  F- 30  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

The tables below present the components of the Company’s lease expense for the three and six month periods ended June 30, 2021 and 2020:

 

 

 

 

Drybulk Vessel

Operations

Three Month

Period Ended

June 30, 2021

     

Logistics Business

Three Month

Period Ended

June 30, 2021

      Total
Lease expense for charter-in contracts $ 19,252     $ 1,630     $ 20,882
Lease expense for land lease agreements   —          142       142
Lease expense for office lease agreements    —          91       91
Total $ 19,252     $ 1,863     $ 21,115

 

 

 

Drybulk Vessel

Operations

Three Month

Period Ended

June 30, 2020

   

 

Logistics Business

Three Month

Period Ended

June 30, 2020

      Total
Lease expense for charter-in contracts $ 24,155     $ 1,170     $ 25,325
Lease expense for land lease agreements   —          143       143
Lease expense for office lease agreements    —          144       144
Total $ 24,155     $ 1,457     $ 25,612

 

 

 

Drybulk Vessel

Operations

Six Month

Period Ended

June 30, 2021

   

 

Logistics Business

Six Month

Period Ended

June 30, 2021

      Total
Lease expense for charter-in contracts $ 39,850     $ 3,168     $ 43,018
Lease expense for land lease agreements   —          282       282
Lease expense for office lease agreements    —          157       157
Total $ 39,850     $ 3,607     $ 43,457

 

 

 

Drybulk Vessel

Operations

Six Month

Period Ended

June 30, 2020

   

 

Logistics Business

Six Month

Period Ended

June 30, 2020

      Total
Lease expense for charter-in contracts $ 49,771     $ 2,988     $ 52,759
Lease expense for land lease agreements   —          282       282
Lease expense for office lease agreements    —          303       303
Total $ 49,771     $ 3,573     $ 53,344

Lease expenses for charter-in contracts are included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Time charter, voyage and logistics business expenses”. Lease expenses for land lease agreements and office lease agreements are included in the interim condensed consolidated statement of comprehensive income/(loss) within the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively.

In 2020, Navios Holdings took delivery of the Navios Felicity I, the Navios Galaxy II and the Navios Magellan II under bareboat charters.

The Company entered into new lease liabilities amounting to $43,516 during the six month period ended June 30, 2020. The Company did not enter into new lease liabilities during the six month period ended June 30, 2021.

During the three and six month periods ended June 30, 2021, the Company acquired a previously charter-in vessel, for which the Company wrote-off an amount of $3,953 through the accompanying interim condensed consolidated statement of comprehensive income/(loss) and was recognized within the caption “Impairment loss/ loss on sale of vessels, net”.

  F- 31  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts and office lease agreements as of June 30, 2021:

 

 

 

 

Charter-in

vessels in

operation

    Land leases     Office space
June 30, 2022 $ 75,986   $  556   $ 538
June 30, 2023   58,885      556     419
June 30, 2024   46,554      556     336
June 30, 2025   28,277      556     60
June 30, 2026   18,960      556     60
June 30, 2027 and thereafter   36,569      22,167     23
Total $ 265,231   $  24,947   $ 1,436
Operating lease liabilities, including current portion $ 218,574   $ 7,976   $ 1,246
Discount based on incremental borrowing rate $ 46,657   $ 16,971   $ 190

 

As of June 30, 2021, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 4.9 years, 3.1 years and 44.8 years, respectively.

NOTE 16: SUBSEQUENT EVENTS

Subsequent Events 

 

1. On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20,000 of its 2022 Senior Secured Notes. Please see also Note 6.
2. On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition. Please see also Note 14.
3. In July 2021, the Company completed the sale of the Navios Azimuth to Navios Partners. Please see also Note 4.
4. In July 2021, the Company completed the redemption of an aggregate principal of $100,000 of the 2022 Senior Secured Notes through the sale of the Navios Azimuth and the borrowing of $75,264 from an affiliate company of NSM. Please see also Notes 6 and 9.

 

 

 

 

.

 

 

  F- 32  

NAVIOS MARITIME HOLDINGS INC.

 

UNAUDITED CONDENSED NOTES TO THE

 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(Expressed in thousands of U.S. dollars — except share data)

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

NAVIOS MARITIME HOLDINGS INC.

 

By: /s/ Angeliki Frangou

 

Angeliki Frangou

 

Chief Executive Officer

 

Date: September 10, 2021

 

 

 

 

 

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Notes [Member] Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] Statement of Financial Position [Abstract] ASSETS Current assets Cash and cash equivalents Restricted cash Accounts receivable, net Due from affiliate companies Inventories Prepaid expenses and other current assets Assets held for sale Total current assets Vessels, port terminals and other fixed assets, net Investments in affiliate companies Other long-term assets Operating lease assets Intangible assets other than goodwill Goodwill Total non-current assets Total assets LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable Accrued expenses and other liabilities Deferred income and cash received in advance Operating lease liabilities, current portion Due to affiliate companies Current portion of loans payable to affiliate companies Current portion of long-term debt, net Current portion of senior and ship mortgage notes, net Total current liabilities Senior and ship mortgage notes, net of current portion Long-term debt, net of current portion Loans payable to affiliate companies, net of current portion Other long-term liabilities and deferred income Operating lease liabilities, net of current portion Deferred tax liability Total non-current liabilities Total liabilities Commitments and contingencies Stockholders’ equity Preferred stock — $0.0001 par value, authorized 1,000,000 shares, 23,032 issued and outstanding both as of June 30, 2021 and December 31, 2020. Common stock — $0.0001 par value, authorized 250,000,000 shares, 15,897,064 and 15,881,147 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. 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loss/ (income) attributable to the noncontrolling interest Net income/ (loss) attributable to Navios Holdings common stockholders Declared and undeclared dividend on preferred stock and on unvested restricted shares Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders Weighted average number of shares, basic Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders Weighted average number of shares, diluted Statement of Cash Flows [Abstract] OPERATING ACTIVITIES: Net income/(loss) Adjustments to reconcile net income/(loss) to net cash (used in)/ provided by operating activities: Non-cash adjustments (Increase)/decrease in operating assets (Decrease)/increase in operating liabilities Payments for drydock and special survey costs Net cash (used in)/ provided by operating activities INVESTING ACTIVITIES: Acquisition of/additions to vessels Deposits for vessels, port terminals and other fixed assets acquisitions Deposits for option to acquire vessels Loans from affiliate companies Proceeds from lease receivable Proceeds from sale of assets Purchase of property, equipment and other fixed assets Dividends received from affiliate companies Net cash provided by/(used in) investing activities FINANCING ACTIVITIES: Repayment of long-term debt and payment of principal Repurchase of senior notes Repayment of loan payable to affiliate companies Proceeds from loan payable to affiliate companies Proceeds from long-term loans, net of deferred financing costs Dividends paid to noncontrolling shareholders Net cash (used in)/provided by financing activities Decrease in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash, beginning of period Cash and cash equivalents and restricted cash, end of period SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid for interest, net of capitalized interest Cash paid for income taxes Non-cash investing and financing activities Sale of vessels Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the construction of six liquid barges Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the acquisition of Navios Logistics’ 2020 Fleet Transfers from deposits for vessels, port terminals and other fixed assets Deposits for vessels, port terminals and other fixed assets Acquisition of/additions to vessels Statement [Table] Statement [Line Items] Beginning balance, value Beginning balance Net (loss)/income Cancellation of shares Cancellation of shares, shares Stock-based compensation expenses (Note 10) Other adjustments in Retained Earnings Dividends paid to Noncontrolling Shareholders Beginning balance Ending balance, value Ending balance Profit Loss Excluding New Accounting Policy Adjustment Conversion of Stock, Shares Converted Beginning balance Accounting Policies [Abstract] Description of Business Summary of Significant Accounting Policies Cash and Cash Equivalents [Abstract] Cash and Cash Equivalents and Restricted Cash Property, Plant and Equipment [Abstract] Vessels, Port Terminals and Other Fixed Assets, Net Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Other Than Goodwill Debt Disclosure [Abstract] Borrowings Fair Value Of Financial Instruments Fair Value of Financial Instruments Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Related Party Transactions [Abstract] Transactions with related parties Equity [Abstract] Preferred and Common Stock Other Income and Expenses [Abstract] Other Income, Net Segment Reporting [Abstract] Segment Information Earnings Per Share [Abstract] Earnings/ (Loss) Per Common Share Investments in and Advances to Affiliates [Abstract] Investments in Affiliate Companies and Available-For-Sale Securities Leases Leases Subsequent Events [Abstract] Subsequent Events (a) Basis of presentation: (b) Principles of consolidation: (c) Revenue Recognition: (d) Recent Accounting Pronouncements: Summary of Significant Accounting Policies - Revenue per category Cash and cash equivalents Vessels, Port Terminals and Other Fixed Assets, net Intangible Assets, Other Than Goodwill Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization Borrowings - Loan’s outstanding amounts Borrowings - Principal payments Fair Value of Financial Instruments - Fair Value Fair Value of Financial Instruments - Fair value measurements on a recurring basis Fair Value of Financial Instruments - Fair value on a non-recurring basis Fair Value of Financial Instruments - Fair value measurements Segment Information - Summarized financial information Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies Leases - Lease expense Leases - Total amount of lease payments on an undiscounted basis Entity Incorporation, Date of Incorporation Ownership percentage of Navios Holdings Percentage of ownership Voting interests Repayments of Debt Revenues Schedule of Long-term Debt Instruments [Table] Assets, Current Liabilities Current Excluding Operating Lease Liability Working capital deficit Long-term Debt, Current Maturities Debt Instrument, Interest Rate, Stated Percentage Long-term Debt, Gross Extinguishment of Debt, Amount Debt Instrument, Repurchased Face Amount Proceeds from Lines of Credit Notes Payable Ownership percentage of Navios Holdings Cash on hand and at banks Short-term deposits and highly liquid funds Cash and cash equivalents and restricted cash Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Balance Balance Balance Additions Additions Additions Impairment losses Impairment losses Vessel disposals Transfers from oil storage plant and port facilities for liquid cargoes Vessel acquisition Transfers from deposits for vessels, port terminal and other fixed assets, net Transfers to assets held for sale Balance Balance Balance Interest Costs Capitalized Payments for Construction in Process Year Built Vessel Type Vessel Capacity Impairment loss Impairment loss Property, Plant, and Equipment, Fair Value Disclosure Vessel sale price Impairment loss and gain/(loss) on sale of vessels Proceeds from Sale of Property, Plant, and Equipment Gain (Loss) on Sale of Assets and Asset Impairment Charges Capitalized Cost Impairment Loss Contractual Obligation Area of Land Development costs Acquisition cost Accumulated amortization Total Intangible assets net book value Year One Year Two Year Three Year Four Year Five Thereafter Total Amortization expense Line of Credit Facility [Table] Line of Credit Facility [Line Items] Long-term Line of Credit Senior Notes Total borrowings Sale Leaseback Transaction, Amount Due under Financing Arrangement Notes and Loans Payable Less: current portion, net Less: deferred finance costs, net Total long-term borrowings June 30, 2022 June 30, 2023 June 30, 2024 June 30, 2025 June 30, 2026 June 30, 2027 and thereafter Total Debt Instrument [Line Items] Issuance date/Date of agreement Face amount at issuance date Debt instrument, issuance price percentage Redemption price percentage Debt Instrument, Covenant Description Percentage of principal amount redeemed Fixed interest rate Debt Instrument, Repurchase Amount Gain (Loss) on Extinguishment of Debt Gain (Loss) on Repurchase of Debt Instrument Amount outstanding Debt Instrument, Collateral Escrow deposit released Long-term Debt, Maturities, Repayment Terms Treasury Stock, Shares, Acquired Accrued Interest Line of Credit Facility, Maximum Borrowing Capacity Finance Lease, Liability Number of repayment installments Frequency of payments Periodic payment Maturity date Balloon payment Deferred Finance Costs Seller's credit agreement Number of repayment installments Frequency of payments 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increase in management fees Termination date of the administrative services agreement Management Fee Expense Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid Administrative services agreement term in years General and Administrative Expense Due to Affiliate, Current Due from Affiliate, Current Business Acquisition, Equity Interest Issued or Issuable, Description Unamortized deferred gain for vessels and rights sold Disposal Group, Including Discontinued Operation, Consideration Revolving loan facility maximum borrowing capacity Line of Credit Facility, Increase (Decrease), Net Preferred Distribution Percentage Equity Method Investment, Other than Temporary Impairment Line of Credit Facility, Initiation Date Line Credit Facility Arrangement Fees Line of Credit Facility, Interest Rate During Period Line of Credit Facility, Interest Rate at Period End Conversion of unpaid dividend of preferred stock to common stock Repayments of Related Party Debt Stock Issued During Period, Shares, Treasury Stock Reissued Debt Instrument, Issuance Date Debt Instrument, Face Amount Long-term Debt, Term Current portion of long-term debt Repayment frequency Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate Interest rate for deferred principal amounts Debt instrument, carrying amount before accrued interest Debt Instrument, Increase, Accrued Interest Notes Payable, Related Parties, Current Limited Partners' Capital Account, Units Outstanding Common Stock, Shares, Outstanding Line of Credit Facility, Frequency of Payments Line of Credit Facility, Periodic Payment Debt Instrument, Maturity Date Debt instrument, maximum deferred discount amortization period Accumulated Other Comprehensive Income (Loss) [Table] Forfeited shares of common stock Vested units Conversion of Stock, Shares Converted Conversion of Stock, Shares Issued Dividend cancelled Share Price Number of shares Preferred Stock, Liquidation Preference Per Share Preferred Stock, Redemption Price Per Share Dividend rate of preferred stock Percentage of the increase of the preferred dividend rate Undeclared Preferred Dividends Number of shares issued for the exchange offer Shares tendered, nominal value Tender offer expenses Payments for repurchase of preferred stock 2024 Notes issues Gain/ (Loss) from stock redemption recognized in Retained Earnings Stock-based compensation expenses, shares granted Preferred Stock, Shares Outstanding Proceeds from Sale of Available-for-sale Securities, Equity Payments of Dividends Common Stock Dividends, Shares Payments of Ordinary Dividends, Noncontrolling Interest Other (expense)/income - taxes other than income taxes Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Net income/ (loss) attributable to Navios Holdings common stockholders Total assets Capital expenditures Investment in affiliate companies Long-term debt, net (including current and noncurrent portion) Numerator: Less: Plus: Gain from eliminated dividends (preferred stock) due to conversion Denominator: Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Shares with anti-dilutive effect, not included in calculation of earnings per share Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Line Items] Time charter and voyage expenses Direct vessel expenses Vessel operating expenses Net income/ (loss) Schedule of Investments [Table] Schedule of Investments [Line Items] General partner interest of Navios Holdings Partners' Capital Account, Units, Sale of Units Number of units converted Number of units held Difference between carrying amount of investment and underlying equity in net assets of equity method investee Equity in net earnings of affiliated companies Dividends received Market value of investment Shares conversion rate Stock Issued During Period, Shares, New Issues Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions Loans and Leases Receivable, Related Parties Revolving Credit Facility Maximum Borrowing Capacity Unrealized Gain (Loss) on Investments Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued Investment in available-for-sale-securities Available-for-sale Equity Securities, Gross Unrealized Gain Lease expense June 30, 2022 June 30, 2023 June 30, 2024 June 30, 2025 June 30, 2026 June 30, 2027 and thereafter Total Operating lease liabilities, including current portion Discount based on incremental borrowing rate SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] Lessee, Operating Lease, Remaining Lease Term Operating Lease, Liability Asset Impairment Charges Operating Lease, Weighted Average Remaining Lease Term Schedule of Short-term Debt [Table] Schedule of Capitalization, Long-term Debt [Line Items] Amount of claims payable extinguished due to early cancellation of contract. The entire disclosure for the accounts receivable, net of allowances. Audit fees and related services Accrued loan interest. Accrued vessel running expenses. Accrued vessel voyage and operating expenses. Amount of decrease in accumulated depreciation, depletion and amortization as a result of impairment of property, plant and equipment. Amount of decrease in accumulated depreciation, depletion and amortization as a result of sale or disposal of entity subsidiary. Weighted average amortization period of finite- lived intangible assets acquired either individually or as part of a group of assets. The costs incurred during the period to purchase property, plant and equipment. The costs may include transportation and other acquisition costs. The aggregate amount of acquisition costs and aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. The increase/decrease during the reported period due to acquisition of investment in affiliate companies and acquisition of General Partner Units. The amount of expense recognized in the current period that reflects the allocation of the cost of second hand tangible assets over the assets' useful lives. Includes production and non-production related depreciation. The amount of expense recognized in the current period that reflects the allocation of the cost of added tangible assets over the assets' useful lives. Total expenditures for additions to long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets that increase the value of asset. Amount of decrease (increase) in additional paid in capital (APIC) due to the redemption of redeemable preferred stock. Amount of increase in additional paid in capital (APIC) resulting from a reverse stock split in which per-share par value or stated value is not changed proportionately. Amount of decrease in common stock resulting from a reverse stock split in which per-share par value or stated value is not changed proportionately. The period of the administrative services agreement term. Amount of revenue from providing administrative services, including, but not limited to, accounting, tax, legal, regulatory filing, and share registration activities of managed funds and investment accounts of independent third parties and related and affiliated entities. This concept represents the concentration percentage in relation to an amount. Amount of loan that has been drawn down. Description of the amount received for each tranche under the credit facility. Amount of credit secured from a third party in a transaction. Borrowings from a loan facility used to finance buyout transaction of vessel. The amount of credit given by the seller. Annual rate of increase of management fees. The rate of annual increase in management fees, based on the management agreement. Area of land held. Disclosure of accounting policy for assets held for sale. The fair value disclosure of the equity securities categorized neither as held-to-maturity nor trading which are intended be sold more than one year from the balance sheet date or operating cycle, if longer. Number of shares recognized as AFS that were sold during the period. Total consideration for number of shares recognized as AFS that were sold during the period. Percentage of effective tax expense (benefit) as a percentage over gross revenues. Amount of long-term debt (including current portion), assumed at the acquisition date. Amount of long term receivables from affiliate companies, expected to be realized or consumed after one year or the normal operating cycle, if longer, acquired at the acquisition date. This element represents the fair value of the acquiree at the acquisition date, including noncontrolling interest. Amount of impairment loss on capitalized special survey and dry dock costs. The expiration date of the capital lease agreement. The fair value disclosure of the capital leaase obligations. The cash consideration associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Amount of the cumulative effect of the change in accounting principle or new accounting pronouncement on assets in the statement of financial position as of the beginning of the earliest period presented. Amount of the cumulative effect of the change in accounting principle or new accounting pronouncement on current portion of long term debt in the statement of financial position as of the beginning of the earliest period presented. Amount of the cumulative effect of the change in accounting principle or new accounting pronouncement on long term debt in the statement of financial position as of the beginning of the earliest period presented. Amount of the cumulative effect of the change in accounting principle or new accounting pronouncement on current portion of long term debt in the statement of financial position as of the beginning of the earliest period presented. Amount of the cumulative effect of the change in accounting principle or new accounting pronouncement on long term debt in the statement of financial position as of the beginning of the earliest period presented. Date the charter hire agreement was made. The amount charged as daily charter hire. Date the charter-in agreement was agreed. The carrying amount of the equity component of notes receivable. Represents the purchase by a subsidiary of an additional equity interest during the period, thereby effecting a change in total (consolidated) equity attributable to the parent. The percentage of construction financed over the total cost. Amount of acquisition of Containership vessels used in the normal conduct of business and not intended for resale. The amount of expense recognized in the current period that reflects the allocation of the cost of Containership vessels over the vessels' useful lives. Includes production and non-production related depreciation. Amount of cash contributed from noncontrolling interests in an investment. Number of convertible preferred stock that was converted to other securities. Disclosure of accounting policy for convertible preferred stock transactions. The price of conversion of convertible preferred stock into common stock. Threshold number of specified trading days where common stock price must exceed threshold stock value to trigger conversion feature. Percentage of current corporate income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. The aggregate cost of goods produced and sold and services rendered during the reporting period, specific for time charter, voyage and port terminal expenses. The element refers to the date of delivery of vessels, bareboats and other significant assets. The element refers to the expected date of delivery of vessels, bareboats and other significant assets. This element represents the debt amortization percentage. Percentage price of original principal amount of debt at which debt was issued. Percentage price of original principal amount of debt at which the holders of the Notes have the right to require issuer to repurchase some or all of the Notes. Number of repayment installments of debt instrument. Percentage of principal amount of debt outstanding after redemption. The price at which the debt instrument was issued, after application of the premium. The amount recognized by the parent in Balance Sheet and is related with the general partner's ownership interest in an affiliate company. The amount recognized by the parent in Balance Sheet and is related with lease liabilities. The amount recognized by the parent in Balance Sheet and is related with net liabilities. The amount recognized by the parent in Balance Sheet and is related with other assets. Decrease in capital lease obligation due to restructuring. Decrease in the present value of lessee's discounted obligation for lease payments from operating lease, classified as current. The deferred payment for the acquisition of intangible assets. The date of the vessel delivery to the Company. Total number of depositary shares. Face amount per share of depositary shares equivalent to the redemption price per share. Disclosure of accounting policy of recognition of deposits for vessel acquisition. Amount of deposits related to property acquisition in noncash investing or financing transactions. Disclosure of accounting policy of recognition of deposits for vessels, port terminals and other fixed assets acquisition. The amount of expence charged against the net book value of assets in the current period. Disclosure of the disposed asset, the gain (loss) realized at the time of disposition of the asset. Accumulated amount of amortization of assets, lacking physical substance with a finite life, attributable to disposal group held for sale or disposed of. Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business, attributable to disposal group held for sale or disposed of. Amount of accumulated depreciation, depletion and amortization of divested long-lived, physical assets used in the normal conduct of business to produce goods and services. Dividends cancelled following the of an exchange offer. Disclosure of accounting policy for dividends Amount of undeclared and cancelled preferred stock dividends. The percentage of earnings allocable based on earnings for payment of dividends. The fair value disclosure of the amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership, due within 1 year (or 1 business cycle). The fair value of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership, due after 1 year (or 1 business cycle). Reflects the fair value of the amount of payables due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. The fair value of receivables owed to an entity that is affiliated with the reporting entity by means of direct or indirect ownership, which are usually due after one year (or one business cycle, if longer). The term of the agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Percentage of effective tax expense (benefit) as a percentage over gross value of corporate assets. Tabular disclosure of the entity's vessel owning subsidiaries. State or Country Name where an entity is incorporated. The amount of cash and cash equivalents, including restricted cash, reported by an equity method investment of the entity. The amount of financial liabilities, reported by an equity method investment of the entity. The amount of long- term debt, net of deferred finance costs and discount, reported by an equity method investment of the entity. The amount of net income (loss), before non-cash change in fair value of loan, reported by an equity method investment of the entity. Unamortized difference between amount at which an investment accounted for under the equity method of accounting is carried (reported) on the balance sheet and amount of underlying equity in net assets the reporting Entity has in the investee. Refers to the estimated maximum potential loss. Fair value of assets and liabilities measured on recurring basis. Amount of dividends expected to be paid to holders of the underlying shares or contracted instruments over the term of the instruments life. Fair value portion as of the balance sheet date of present value of lessee's discounted obligation for lease payments from finance lease. Date the finance lease liability terminates, in CCYY-MM-DD format. Number of repayment installments of the sale and leaseback transaction. Amount of payment greater than the preceding installment payments to be paid at final maturity date of finance lease liability. Amount of costs that was written off or transferred to cost of vessel. Amount after amortization of assets, including financial assets and goodwill, lacking physical substance with a finite life. Fixed dry docking expenses. Gains or losses due to the exchange of foreign currency. Tabular disclosure for the future minimum revenues of vessels relating to charter-out agreements before reduction for the commissions, expected to be recognized on non-cancellable time charters. The amount of gain/ (loss) from the cancellation of the undeclared preferred dividends. The gain/ (loss) arising from the write off of an intangible asset. The amount recognized in a business combination representing the gain on obtaining control. Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity and relates to the accelerated amortization of unamortized deferred finance costs. Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity and relates to the cash payments for transaction fees and expenses. Fees received for general and administrative services. The number of general partner units offered in a placement. The increase/ decrease during the reporting period in long term receivables (due within one year or one operating cycle) to be collected from an entity that is controlling, under the control of, or within the same control group as the reporting entity by means of direct or indirect ownership. The increase (decrease) during the reporting period in interest payable, which represents the amount owed to affiliate parties for interest earned on loans or credit extended to the reporting entity. The increase (decrease) during the reporting period in interest expense payable, which represents the amount that affiliate parties earned as interest on loans or credit extended to the reporting entity. The percentage of increase (decrease) over the percentage rate used to calculate dividend payments on preferred stock. Disclosure of accounting policy for insurance claims. Interest and debt related expenses associated with nonoperating financing activities of the entity including interest income on nonoperating securities. Tabular disclosure of interest and debt related expenses associated with nonoperating financing activities of the entity. Number of shares acquired through private placement. The increase/decrease during the reported period in investment in affiliate companies. Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. The period of the lease term. Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer, excluding operating lease liabilities. Amount of the arrangement fees associated with the credit facility. Number of repayment installments of a credit facility agreement. Number of repayment installments of a credit facility agreement. Audit fees and related services Reflects the fair value of unpaid loan amounts due from related parties at the balance sheet date. The fair value of the loans payable to bank. Amount of long-term debt, before unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans, commercial paper and the current portion of debt issuance costs. Excludes capital lease obligations. Fiscal year that the original amount of principal payment was deferred to. Amount of long term debt payable maturing in the next fiscal year, agreed to be deferred. The interest rate applicable to the portion of the deferred principal amounts of long-term borrowings. The fair value of receivables due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership, due after 1 year (or 1 business cycle). The period of the management agreement. The annual fees according to contract terms. The amount received as daily management fee. Maximum dividend percentage based on the net proceeds received or contributed to the company in or from any public offering. Amount of contribution imposed on the total amount of imported foreign exchange. The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest and the preferred stock dividends of subsisidiary and the preferred stock dividends attributable to the noncontrolling interest. Net income or loss for the period in instances when basic and diluted earnings are the same amount and reported as a single line item on the face of the financial statements. Total debt to total assets ratio, is a leverage ratio that defines the amount of debt relative to assets, expressed as a percentage. Non cash amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. The fair value for notes payable (written promise to pay), payable to related parties, which are due after one year (or one business cycle). Date the novation agreement was made whereby the rights to the time charter contracts were transferred to the reporting entity. The number of the cancellated tranches. Number of loan tranches. Number of repayment installments of an agreement. The number of vessels financed by the debt instrument. The number of vessels partially financed by the debt instrument. The number of vessels acquired by the company. Number of vessels under construction. Amount of amortization income for leases with a finite life acquired as part of a property, plant or equipment acquisition at below market lease rate expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Amount of amortization income for leases with a finite life acquired as part of a property, plant or equipment acquisition at below market lease rate expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Amount of amortization income for leases with a finite life acquired as part of a property, plant or equipment acquisition at below market lease rate expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Amount of amortization income for leases with a finite life acquired as part of a property, plant or equipment acquisition at below market lease rate expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Amount of amortization income for leases with a finite life acquired as part of a property, plant or equipment acquisition at below market lease rate expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Amount of amortization income for leases with a finite life acquired as part of a property, plant or equipment acquisition at below market lease rate expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Amount after amortization of leases acquired as part of a property, plant or equipment acquisition at below market lease rate with a finite life. This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition after amortization, additions and write-offs. Refers to the option of acquisition interests in a third party, expressed in percentage. Description of income tax liabilities calculation. Tabular disclosure of the cost and accumulated depreciation transactions for other fixed assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Aggregate carrying amount, as of the balance sheet date, of noncurrent assets and other deferred costs not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). The minimum owner percentage of the oustanding share capital that triggers an event of default under a credit facility. Amount of cash paid upon the signing of the contract. Cash outflow in the form of capital distributions and dividends to noncontrolling shareholders. Percentage of an acquisition purchase price financed by a third party. An interest rate which is used for the calculation of a make whole price. Percentage of outstanding common units holders&#8217; vote required to remove the general partner. Preferred stock held which was converted. Percentage of partners' capital distributed to members or limited partners of the limited liability company (LLC) or limited partnership (LP). Refers to the period of review of drydocking and special survey costs in order to amortized or deferred. Tabular disclosure of the cost and accumulated depreciation transactions for port terminals that are used in the normal conduct of business to produce goods and services and not intended for resale. The distribution percentage defined in the loan agreement. The redemption (or callable) amount of redeemable preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer. Percentage price of preferred shares outstanding at which they will be repurchased by the Company. The value of preferred stock net of fees. Amount of consideration paid in advance for working capital purposes that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets ,including inventories, that are expected to be realized or consumed within one year or the normal operating cycle, if longer. This element represents the cash inflow during the period, net of transaction costs, from the sale of a component of the entity. Dividends received on equity during the current period from an entity that is affiliated with the entity. The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer, net of finance costs. The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest and excluding the cumulative effect adjustment due to the adoption of a new accounting standard. The arrangements made for the sharing of profits. Refers to the percentage of sharing agreement between two related parties. Amount of acquisition of long-lived, second hand physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. The amount of expense charged against the net book value of second hand assets in the current period. Reduction in long-lived, physical assets used in the normal conduct of business and not intended for resale due to the divestiture a consolidated subsidiary. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Amount of increase (decrease) of physical assets used in the normal conduct of business. Examples include oil storage plant and port facilities for liquid cargoes. The amount of depreciation written of within the year. The gross amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Dividends paid to preferred stock holders that is redeemable solely at the option of the issuer (amount add back). Costs relating to the voyages performed by the vessels and may include port expenses, canal dues, war risk insurances, fuel costs and other expenses, net of gains or losses from the sale of bunkers to charterers. Date of maturity or expiration of arrangements with a related party (for example, but not limited to, leasing and debt arrangements between related parties). The remaining non controlling interest percentage acquired. The cash outflow during the period from the repayment of aggregate short-term and long-term debt, excluding maturities of the next fiscal year and thereafter. The cash outflow during the period from the repayment of aggregate short-term and long-term debt of baloon payments maturing in the fourth and fifth fiscal year following the latest fiscal year. The cash outflow during the period from the repayment of aggregate short-term and long-term debt, maturing in the next fiscal year following the latest fiscal year. The fair value of cash and cash equivalent items which are restricted as to withdrawal or usage. Costs relating to the voyages performed by the vessels and may include port expenses, canal dues, war risk insurances, fuel costs and other expenses, net of gains or losses from the sale of bunkers to charterers. Amount of adjustment to noncapital lease obligation. Revaluation of vessels due to restructuring of capital lease obligation. Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process, net of expenses. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Maximum borrowings from a revolving loan facility used to finance working capital requirements. Description of the frequency of periodic payments. Net amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments. Details relating to the sale of American Depositary Shares. Tabular disclosure of a material business divestiture completed during the period, including derecognized assets and liabilities. The scrap value of a vessel per light weight ton. The percentage of the purchase price that is secured by long term debt. The fair value of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders. The total fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). The total fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). The total fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units, as of the balance sheet date. The aggregate fair value of the shares forfeited or expired during the period. Amount of accumulated difference between fair value of underlying shares on dates of granted and exercise price on options exercised into shares. As of the balance sheet date, the number of shares forfeited or expired under the option plan. The aggregate value of shares that were exchanged in a tender offer. The aggregate nominal value of shares that were exchanged in a tender offer. It refers to the accounting period of reporting Statement of Operations (current year). It refers to the accounting period of reporting Statement of Operations (prior year). It refers to the accounting period of reporting Statement of Operations (two years prior to current year). The number of shares exchanged for the acquisition of another. Number of shares of stock issued during the period pursuant to adjustments in additional paid in capital (APIC) associated with issuing stock. Number of shares (or other type of equity) granted during the period. The ownership percentage in a subsidiary. Tabular disclosure of summarized financial information of the balance of affiliate companies. Tabular disclosure of summarized financial information of the income statement of affiliate companies. Tabular disclosure of the cost and accumulated depreciation transactions for tanker vessels, barges and push boats that are used in the normal conduct of business to produce goods and services and not intended for resale. Tabular disclosure of the cost and accumulated depreciation transactions for tanker vessels that are used in the normal conduct of business to produce goods and services and not intended for resale. Costs incurred in connection with the tender offer. Aggregate amount of amortization expense expected to be recognized, excluding financial assets and goodwill, lacking physical substance with a finite life. Amount of cash from financing activities transferred between subsidiary companies in a group. Amount of increase (decrease) of physical assets used in the normal conduct of business. Examples include deposits for vessels, port terminals and other fixed assets. Value of transfers to other long term assets in noncash investing or financing activities. Disclosure of accounting policy for treasury stock transactions. Refers to the portion of favorable lease term that is unamortized. Undeclared preferred dividends net of cancelled dividends, following the completion of the offer to exchange cash and/or newly issued shares of common stock for any and all outstanding of its Series G and Series H. The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of forward freight agreements held at each balance sheet date, that was included in earnings for the period. Utilization rate of fleet based on the fleet's historical performance. The value to loan ratio, is a lending risk assessment ratio that is calculated as the amount of the appraised value of the assets to the loan amount, expressed as a percentage. The vessel's size in DWT. The vessels' capacity in twenty-foot equivalent unit (TEU). Amount of divestiture of vessels used in the normal conduct of business and not intended for resale. Tabular disclosure of the cost and accumulated depreciation transactions for vessels, port terminals, tanker vessels, barges, push boats and other fixed assets that are used in the normal conduct of business to produce goods and services and not intended for resale. The cost of vessels upon obtaining control that are used in the normal conduct of business and not intended for resale. The amount of expense recognized in the current period that reflects the allocation of the cost of vessels upon obtaining control, over the vessels' useful lives. Includes production and non-production related depreciation. The type of vessel. The year that the vessel was built. Costs relating to the voyages performed by the vessels and may include port expenses, canal dues, war risk insurances, fuel costs and other expenses, net of gains or losses from the sale of bunkers to charterers. The weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All sources of capital, including common stock, preferred stock, bonds, and any other long-term debt, are included in a WACC calculation. Change in working capital of entity in noncash items. Working capital balance as of the balance sheet date. The date the vessel was built. Working capital deficit as of the balance sheet date. The amount charged as daily management fee. Maximum amortization period for discount on the liability which may be deferred once during the amortization period of the debt instrument, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. The rate for conversion of common units in a business combination transaction The number of new shares issued in the conversion of stock in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to the parent. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Value of assets transferred to the entity's property, plant and equipment in noncash transactions. Amount, before capitalized accrued interest, unamortized (discount) premium and debt issuance costs of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Amount of seller’s credit agreement. The release of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. 2022 Notes [Member] [Default Label] Navios Partners [Member] [Default Label] 2022 Senior Secured Notes [Member] [Default Label] $115.0 million NSM Loan [Member] [Default Label] Assets, Noncurrent Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Time charter, voyage and logistics business expenses Direct Operating Costs Depreciation, Depletion and Amortization, Nonproduction Interest Expense Other Expenses Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit) Net Income (Loss) Attributable to Noncontrolling Interest Preferred Stock Dividends, Income Statement Impact Net Income (Loss) Available to Common Stockholders, Diluted Increase (Decrease) in Other Operating Assets Increase (Decrease) in Deferred Charges Net Cash Provided by (Used in) Operating Activities Payments for Capital Improvements Repayments of Advances for Construction Increase (Decrease) in Deposits Outstanding Payments to Acquire Other Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Long-term Lines of Credit Repayments of Senior Debt Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Escrow Deposit Disbursements Related to Property Acquisition Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) Shares, Issued Dividends Conversion of Stock, Shares Issued Lessor, Operating Leases [Text Block] Schedule of Cash and Cash Equivalents [Table Text Block] Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Depreciation Depreciation On Net Book Value Tangible Asset Impairment Charges Accumulated Depreciation DepletionAnd Amortization Impairment Loss Of Property Plant And Equipment Property, Plant and Equipment, Disposals Capitalized Cost Impairment Loss Finite-Lived Intangible Assets, Accumulated Amortization Intangible Assets, Net (Excluding Goodwill) Debt Issuance Costs, Noncurrent, Net Line Of Credit Facility Number Of Repayment Installment Loans Payable to Bank Due to Affiliate, Noncurrent Assets Held-for-sale, Long Lived, Fair Value Disclosure Assets, Fair Value Disclosure Other Assets, Fair Value Disclosure Dividend cancelled Additions To Noncurrent Assets 1 Cost of Revenue Operating Costs and Expenses Professional and Contract Services Expense Lessee, Operating Lease, Liability, Payments, Due Next 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MARITIME HOLDINGS INC. 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(“Navios Holdings” or the “Company”) (NYSE: NM) is a global seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.2pt"><i>Navios Logistics</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios South American Logistics Inc. (“Navios Logistics”), a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on <span id="xdx_901_edei--EntityIncorporationDateOfIncorporation_dd_c20210101__20210630__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsSubsidiaryMember_zmaxSv7fBiWg">December 17, 2007</span>. Navios Logistics believes it is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia river system, the main navigable river system in the region, and on cabotage trades along the south-eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of June 30, 2021, Navios Holdings owned <span id="xdx_907_eus-gaap--SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_dp_uPure_c20210101__20210630__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsSubsidiaryMember_zrDXCqROuRPc" title="Ownership percentage of Navios Holdings">63.8</span>% of Navios Logistics’ stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.2pt"><i>Navios Partners</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM) is an international owner and operator of dry cargo vessels and is engaged in the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to longer-term charters.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and following the acquisition of Navios Maritime Containers L.P. (“Navios Containers”) by Navios Partners, referred to in Note 14, Navios Holdings had a <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zTofNmWpV8I8">9.7</span>% ownership interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Maritime Acquisition Corporation (“Navios Acquisition”). Please refer to Note 14.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.2pt"><i>Navios Containers</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Containers is an international owner and operator of containerships. As of December 31, 2020, Navios Holdings held a <span id="xdx_901_eus-gaap--SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_dp_uPure_c20200101__20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_zDlRbAZ97qp9" title="Ownership percentage of Navios Holdings">3.9</span>% ownership in Navios Containers. As of June 30, 2021, Navios Holdings had <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dpo_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_zNiK7l3qszU1">no</span> equity investment in Navios Containers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.2pt"><i>Navios Acquisition</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Acquisition (NYSE: NNA), is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, Navios Holdings had a <span id="xdx_90C_eus-gaap--SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_dp_uPure_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zv0WYUFzxKii">28.0</span>% ownership interest in Navios Acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.2pt"><i>Navios Europe II</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II) Inc. (“Navios Europe II”) and had economic interests of <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember__srt--ConsolidatedEntitiesAxis__custom--NaviosHoldingsMember_zedMAkqLV3b" title="Percentage of ownership">47.5</span>%, <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember__srt--ConsolidatedEntitiesAxis__custom--NaviosAcquisitionMember_zmnb41WrHwhl">47.5</span>% and <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember__srt--ConsolidatedEntitiesAxis__custom--NaviosPartnersMember_zA96luRp0pib">5.0</span>%, respectively and voting interests of <span id="xdx_908_eus-gaap--VariableInterestEntityOwnershipPercentage_dp_uPure_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember__srt--ConsolidatedEntitiesAxis__custom--NaviosHoldingsMember_zarUcJxu1nd1" title="Voting interests">50</span>%, <span id="xdx_908_eus-gaap--VariableInterestEntityOwnershipPercentage_dp_uPure_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember__srt--ConsolidatedEntitiesAxis__custom--NaviosAcquisitionMember_zeWQCEA3xril">50</span>% and <span id="xdx_902_eus-gaap--VariableInterestEntityOwnershipPercentage_dp_uPure_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember__srt--ConsolidatedEntitiesAxis__custom--NaviosPartnersMember_zm8cbu2WTRk2">0</span>%, respectively. Navios Europe II was engaged in the marine transportation industry through the ownership of seven dry bulk and seven containership vessels. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $<span id="xdx_909_eus-gaap--RepaymentsOfDebt_pn3n3_c20200101__20200421__us-gaap--LongtermDebtTypeAxis__custom--JuniorLoanIIMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_z0CjY97MZTig">5,000</span>. The structure was liquidated in June 2020 (Refer to Note 9).</p> 2007-12-17 0.638 0.097 0.039 0 0.280 0.475 0.475 0.050 0.50 0.50 0 5000000 <p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zJ2BvwPsJEc6" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b><span id="xdx_820_zemidX3bPJc7" style="display: none">Summary of Significant Accounting Policies</span> </b></p> <p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zh0X0CAsEtwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.2pt"><span style="font-family: Times New Roman, Times, Serif; font-style: italic; font-weight: bold"><span><span id="xdx_86F_zYOxw4YCC4J4">(a) Basis of presentation:</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 20pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"/> <p style="font: 10pt/3.8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/6.2pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.2pt"><b><i>Going concern</i></b></p> <p style="font: 10pt/5.85pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0 22.2pt">The interim condensed consolidated financial statements have been prepared on a going concern basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 8pt 0 22.2pt">As of June 30, 2021, Navios Holdings’ current assets totaled $<span id="xdx_904_eus-gaap--AssetsCurrent_iI_pn3n3_c20210630_zjfDmyyzTvg2">206,295</span>, while current liabilities excluding operating lease liabilities, current portion totaled $<span id="xdx_908_ecustom--LiabilitiesCurrentExcludingOperatingLeaseLiability_iI_pn3n3_c20210630_zes1r3tCUhm8">738,929</span>, resulting in a negative working capital position of $<span id="xdx_908_ecustom--WorkingCapitalDeficit_iI_pn3n3_c20210630_zs6IVG0fJval">532,634</span>, primarily related to the classification as current of $<span id="xdx_90D_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zcWShkhWOI38">83,259 </span>of the <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zNlwvukyhjZ6">11.25</span>% Senior Secured Notes (the “2022 Senior Secured Notes”) that were subsequently redeemed in July 2021, partly through the sale of the Navios Azimuth for $30,000 and partly through the $115.0 million NSM Loan (as defined herein) and $<span id="xdx_902_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zOoDOgolA3Og">462,466 </span>of the <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zfkxHEjtmLwi">7.375</span>% First Priority Ship Mortgage Notes (the “2022 Notes”). As of June 30, 2021, the 2022 Notes have an outstanding amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_z1hSJmQCO0Zk">462,466</span>, maturing in January 2022. In August 2021, Navios Holdings repurchased $<span id="xdx_900_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20210101__20210831__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEVafVb3PoT6">7,000</span> in par value of the 2022 Notes, resulting to a remaining outstanding balance of $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210831__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zYIKw0sbDXwd">455,466</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 8pt 0 22.2pt"><span style="background-color: white">In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes</span>. <span style="background-color: white">The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $<span id="xdx_907_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210723__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zIZJtF500m2e">100,000</span> in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”)</span>. <span style="background-color: white">The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $<span id="xdx_909_eus-gaap--ProceedsFromLinesOfCredit_pn3n3_c20210101__20210723__us-gaap--LongtermDebtTypeAxis__custom--NaviosShipmanagementHoldingsCorporationMember_zpTZtpY1Fnz3">75,264</span> from Navios Shipmanagement Holdings Corporation,</span> a wholly owned subsidiary of NSM <span style="background-color: white">(the “$115.0 million NSM Loan”), was completed o</span>n July 23, 2021. In September 2021, Navios Holdings issued a notice of redemption with respect to an aggregate principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210903__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zF3zJMbq4Pl8">20,000</span> at par of the 2022 Senior Secured Notes with redemption date being September 13, 2021. After these redemptions, $<span id="xdx_902_eus-gaap--NotesPayable_iI_pn3n3_c20210903__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zRHCQzgc60Lh">185,000</span> in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt 22.2pt">Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12- month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.</p> <p id="xdx_84D_eus-gaap--ConsolidationPolicyTextBlock_zar2QkJwBKve" style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_86F_zbKnkWzV9c7e"><span id="xdx_86C_zqaG1QjMR4P">(b) Principles of consolidation:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt 22.2pt; text-indent: 0pt">The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 0 22.2pt"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><b><i>Subsidiaries: </i></b>Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the interim condensed consolidated financial statements are 100% owned, except for Navios Logistics, which is <span id="xdx_903_eus-gaap--SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_dp_uPure_c20210101__20210630__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsSubsidiaryMember_zFlF4pc9EAHd" title="Ownership percentage of Navios Holdings">63.8</span>% owned by Navios Holdings.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><b><i>Investments in Affiliate Companies: </i></b>Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate company equals or exceeds its interest in the affiliate company, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 22.1pt"><b>Affiliate companies included in the financial statements accounted for under the equity method: </b>In the interim condensed consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2021 was <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartners2Member_zpeEMfHtIwbk" title="Ownership percentage of Navios Holdings">9.7</span>%); Navios Acquisition and its subsidiaries (ownership interest as of June 30, 2021 was <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zxqXIcbSho4h">28.0</span>%); (iii) Navios Containers and its subsidiaries (ownership interest through Navios Partners’ Merger, as defined herein, in March 2021 was <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_z6VM76RbTb8e">3.9</span>%); and (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zemR2BUlaKt6">47.5</span>%).</p> <p style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> </p> <p id="xdx_843_eus-gaap--RevenueRecognitionPolicyTextBlock_zvlZAio2Z7al" style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_86F_zWast4xTDtYi">(c) Revenue Recognition:</span> </p> <p style="font: 10pt/4.75pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/5.85pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel or barge at the charterer’s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Expenses related to our revenue-generating contracts are recognized as incurred.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020:</p> <p id="xdx_898_eus-gaap--DisaggregationOfRevenueTableTextBlock_zjdzGY53nQ0d" style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_8BE_ztrBb9TRFJc8" style="display: none">Summary of Significant Accounting Policies - Revenue per category</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Three Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Three Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Three Month Period Ended<br/> June 30, 2021</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zqfAWiK8Qp7e" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,803</span></td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zJtB8hgE9Ql5" style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,897</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_ziim3hzdX89c" style="border-top: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,700</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zLZANInGGzP1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">83,064</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zsmThdgVt9ub" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,106</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zYRvbuy0ej1b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">94,170</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zWHpBrbSn3Sh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,342</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zOX3rO425BV7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,342</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zfASbp99aTu1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zm5GHxCZfT3g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zR1GDFKz4DT3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,282</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_z3x29pamnKyl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,282</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zW571zI7O765" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">315</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zuaHNj3v0vye" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">315</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z1cbTQdZwT42" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zrrzVBwldMc1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zrDphuhjphn3" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">186 </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zOUsX2THIEek" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">397</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zbiQEVz62oPg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">583</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zYZOQb0LdyOk" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>86,053</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zDjm2zyVrHJ1" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>57,571</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630_zWiC1FJnC15g" style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>143,624</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Three Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Three Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Three Month Period Ended<br/> June 30, 2020</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zfKOoOyJNvDi" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,793</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z84lPHmruk6c" style="border-top: Black 1pt solid; white-space: nowrap; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">14,496</span></td> <td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zrRU6GbCOk3i" style="border-top: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">17,289</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zGs63Djkih4b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,680</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zv6cfruMFf0h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16,286</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zP8KQoBN3Rr7" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">51,966</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_z6HGxsCexJUa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,636</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zwilmPIyScag" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,636</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_z2mpjS0E7aP2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">19</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zE6Gqh8RLO4b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">19</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zABUrU9TDhCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,476</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zb8u7z1wntHg" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,476</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zZyOeT4GicUl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,409</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_z4CzxIx3Du9f" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,409</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z0BuUrSaBMn4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,271</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zupkUTNjYcll" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,271</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zD0TLnZt2Rp3" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(171)</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zsn3PNWu23o9" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">232</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zrz7phUOPML5" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">61</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zWOicMhnldKe" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>38,302</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_z0DhHc24SIY2" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>58,825</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20200401__20200630_zucHS1enO6xc" style="border-bottom: Black 1.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>97,127</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Six Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Six Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Six Month Period Ended<br/> June 30, 2021</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z6kjLDvsdI8k" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">8,016</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zEGA8qzhkieh" style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">39,482</span></td> <td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zeGfcUCiov5b" style="border-top: Black 1pt solid; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">47,498</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zgErU8MVHE43" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">141,317</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zeboqC0iKQue" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,973</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zKqvkVUxwIWj" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">163,290</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zcv7ZcCCAIPa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40,925</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_znioB68E8vEk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40,925</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zxET9XKfejsk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">124</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zxDkdbELmmbf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">124</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zbBVpJWwhi0a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,880</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zcjYDIpaxA06" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,880</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zN6hiRZoj7f3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,495</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_z7ZZapma7fM" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,495</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z2Va2C9XCWW6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,448</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z6elhIeTP3y" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,448</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zSET2wUkft2i" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">448</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zYqrJNySMJJ" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">467</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_z95mnLAVrm3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">915</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zzIgW8RXZjzb" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>149,781</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zRpahvoRGwAl" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>110,794</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210101__20210630_zeElb4TQ1Bb" style="border-bottom: Black 1.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>260,575</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Six Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business<br/> for the<br/> Six Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Six Month Period Ended<br/> June 30, 2020</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z9R9Go4xg2Uf" style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,793</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_ztuEkeaZ3cW5" style="border-top: Black 1pt solid; white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">25,946</span></td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zvJZQrT889g8" style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">28,739</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_z1kd3L1IMxyg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">69,705</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zBD6qSEY3rDf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,312</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zI5rz7Zdq081" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">105,017</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zj7IdaGCIqD3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,828</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zJomUXnRCrSf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,828</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zvReJfWxzZGk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,842</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zs2RVj8xzJda" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,842</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zMKR6rHGQXQ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,909</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zMnG5f7OF8oh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,909</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zbablEqmtjG2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,257</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zLdfQL6hxs91" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,257</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z2YfBLH2VY29" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,267</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zl5st4rMMyf4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,267</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zq0sldbC4Tai" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">64</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zYk0IErtKqc2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">287</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zhFT3FCaX8Yf" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">351</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_z8KKzei0owO4" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>72,562</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zq3DqJAQmHrk" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>115,648</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630_zvhtSMPbcyn9" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>188,210</b></span></td></tr> </table> <p id="xdx_8AB_zIIkvykG4OLi" style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><b>Deferred Income and Cash Received In Advance: </b>Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">These amounts are recognized as revenue over the voyage or charter period.</p> <p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z2gsNAK2HZG2" style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> <span id="xdx_86D_zjGaJ0aH4QGl">(d) Recent Accounting Pronouncements:</span></p> <p style="font: 10pt/5.85pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Adoption of new accounting pronouncements:</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.</p> <p id="xdx_850_zwjhDkH5Xxr3" style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> </p> <p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zh0X0CAsEtwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.2pt"><span style="font-family: Times New Roman, Times, Serif; font-style: italic; font-weight: bold"><span><span id="xdx_86F_zYOxw4YCC4J4">(a) Basis of presentation:</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 20pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"/> <p style="font: 10pt/3.8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/6.2pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.2pt"><b><i>Going concern</i></b></p> <p style="font: 10pt/5.85pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0 22.2pt">The interim condensed consolidated financial statements have been prepared on a going concern basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 8pt 0 22.2pt">As of June 30, 2021, Navios Holdings’ current assets totaled $<span id="xdx_904_eus-gaap--AssetsCurrent_iI_pn3n3_c20210630_zjfDmyyzTvg2">206,295</span>, while current liabilities excluding operating lease liabilities, current portion totaled $<span id="xdx_908_ecustom--LiabilitiesCurrentExcludingOperatingLeaseLiability_iI_pn3n3_c20210630_zes1r3tCUhm8">738,929</span>, resulting in a negative working capital position of $<span id="xdx_908_ecustom--WorkingCapitalDeficit_iI_pn3n3_c20210630_zs6IVG0fJval">532,634</span>, primarily related to the classification as current of $<span id="xdx_90D_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zcWShkhWOI38">83,259 </span>of the <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zNlwvukyhjZ6">11.25</span>% Senior Secured Notes (the “2022 Senior Secured Notes”) that were subsequently redeemed in July 2021, partly through the sale of the Navios Azimuth for $30,000 and partly through the $115.0 million NSM Loan (as defined herein) and $<span id="xdx_902_eus-gaap--LongTermDebtCurrent_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zOoDOgolA3Og">462,466 </span>of the <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zfkxHEjtmLwi">7.375</span>% First Priority Ship Mortgage Notes (the “2022 Notes”). As of June 30, 2021, the 2022 Notes have an outstanding amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_z1hSJmQCO0Zk">462,466</span>, maturing in January 2022. In August 2021, Navios Holdings repurchased $<span id="xdx_900_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20210101__20210831__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zEVafVb3PoT6">7,000</span> in par value of the 2022 Notes, resulting to a remaining outstanding balance of $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210831__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zYIKw0sbDXwd">455,466</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 8pt 0 22.2pt"><span style="background-color: white">In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes</span>. <span style="background-color: white">The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $<span id="xdx_907_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210723__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zIZJtF500m2e">100,000</span> in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”)</span>. <span style="background-color: white">The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $<span id="xdx_909_eus-gaap--ProceedsFromLinesOfCredit_pn3n3_c20210101__20210723__us-gaap--LongtermDebtTypeAxis__custom--NaviosShipmanagementHoldingsCorporationMember_zpTZtpY1Fnz3">75,264</span> from Navios Shipmanagement Holdings Corporation,</span> a wholly owned subsidiary of NSM <span style="background-color: white">(the “$115.0 million NSM Loan”), was completed o</span>n July 23, 2021. In September 2021, Navios Holdings issued a notice of redemption with respect to an aggregate principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210903__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zF3zJMbq4Pl8">20,000</span> at par of the 2022 Senior Secured Notes with redemption date being September 13, 2021. After these redemptions, $<span id="xdx_902_eus-gaap--NotesPayable_iI_pn3n3_c20210903__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecured2022NotesMember_zRHCQzgc60Lh">185,000</span> in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt 22.2pt">Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12- month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.</p> 206295000 738929000 532634000 83259000 0.1125 462466000 0.07375 462466000 7000000 455466000 100000000 75264000 20000000 185000000 <p id="xdx_84D_eus-gaap--ConsolidationPolicyTextBlock_zar2QkJwBKve" style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_86F_zbKnkWzV9c7e"><span id="xdx_86C_zqaG1QjMR4P">(b) Principles of consolidation:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt 22.2pt; text-indent: 0pt">The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 0 22.2pt"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><b><i>Subsidiaries: </i></b>Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the interim condensed consolidated financial statements are 100% owned, except for Navios Logistics, which is <span id="xdx_903_eus-gaap--SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_dp_uPure_c20210101__20210630__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsSubsidiaryMember_zFlF4pc9EAHd" title="Ownership percentage of Navios Holdings">63.8</span>% owned by Navios Holdings.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><b><i>Investments in Affiliate Companies: </i></b>Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate company equals or exceeds its interest in the affiliate company, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 22.1pt"><b>Affiliate companies included in the financial statements accounted for under the equity method: </b>In the interim condensed consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2021 was <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartners2Member_zpeEMfHtIwbk" title="Ownership percentage of Navios Holdings">9.7</span>%); Navios Acquisition and its subsidiaries (ownership interest as of June 30, 2021 was <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zxqXIcbSho4h">28.0</span>%); (iii) Navios Containers and its subsidiaries (ownership interest through Navios Partners’ Merger, as defined herein, in March 2021 was <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_z6VM76RbTb8e">3.9</span>%); and (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zemR2BUlaKt6">47.5</span>%).</p> <p style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> </p> 0.638 0.097 0.280 0.039 0.475 <p id="xdx_843_eus-gaap--RevenueRecognitionPolicyTextBlock_zvlZAio2Z7al" style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_86F_zWast4xTDtYi">(c) Revenue Recognition:</span> </p> <p style="font: 10pt/4.75pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/5.85pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel or barge at the charterer’s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Expenses related to our revenue-generating contracts are recognized as incurred.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020:</p> <p id="xdx_898_eus-gaap--DisaggregationOfRevenueTableTextBlock_zjdzGY53nQ0d" style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_8BE_ztrBb9TRFJc8" style="display: none">Summary of Significant Accounting Policies - Revenue per category</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Three Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Three Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Three Month Period Ended<br/> June 30, 2021</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zqfAWiK8Qp7e" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,803</span></td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zJtB8hgE9Ql5" style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,897</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_ziim3hzdX89c" style="border-top: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,700</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zLZANInGGzP1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">83,064</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zsmThdgVt9ub" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,106</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zYRvbuy0ej1b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">94,170</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zWHpBrbSn3Sh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,342</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zOX3rO425BV7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,342</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zfASbp99aTu1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zm5GHxCZfT3g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zR1GDFKz4DT3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,282</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_z3x29pamnKyl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,282</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zW571zI7O765" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">315</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zuaHNj3v0vye" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">315</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z1cbTQdZwT42" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zrrzVBwldMc1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zrDphuhjphn3" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">186 </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zOUsX2THIEek" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">397</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zbiQEVz62oPg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">583</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zYZOQb0LdyOk" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>86,053</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zDjm2zyVrHJ1" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>57,571</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630_zWiC1FJnC15g" style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>143,624</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Three Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Three Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Three Month Period Ended<br/> June 30, 2020</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zfKOoOyJNvDi" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,793</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z84lPHmruk6c" style="border-top: Black 1pt solid; white-space: nowrap; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">14,496</span></td> <td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zrRU6GbCOk3i" style="border-top: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">17,289</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zGs63Djkih4b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,680</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zv6cfruMFf0h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16,286</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zP8KQoBN3Rr7" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">51,966</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_z6HGxsCexJUa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,636</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zwilmPIyScag" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,636</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_z2mpjS0E7aP2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">19</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zE6Gqh8RLO4b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">19</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zABUrU9TDhCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,476</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zb8u7z1wntHg" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,476</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zZyOeT4GicUl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,409</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_z4CzxIx3Du9f" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,409</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z0BuUrSaBMn4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,271</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zupkUTNjYcll" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,271</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zD0TLnZt2Rp3" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(171)</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zsn3PNWu23o9" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">232</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zrz7phUOPML5" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">61</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zWOicMhnldKe" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>38,302</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_z0DhHc24SIY2" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>58,825</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20200401__20200630_zucHS1enO6xc" style="border-bottom: Black 1.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>97,127</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Six Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Six Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Six Month Period Ended<br/> June 30, 2021</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z6kjLDvsdI8k" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">8,016</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zEGA8qzhkieh" style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">39,482</span></td> <td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zeGfcUCiov5b" style="border-top: Black 1pt solid; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">47,498</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zgErU8MVHE43" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">141,317</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zeboqC0iKQue" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,973</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zKqvkVUxwIWj" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">163,290</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zcv7ZcCCAIPa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40,925</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_znioB68E8vEk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40,925</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zxET9XKfejsk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">124</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zxDkdbELmmbf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">124</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zbBVpJWwhi0a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,880</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zcjYDIpaxA06" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,880</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zN6hiRZoj7f3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,495</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_z7ZZapma7fM" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,495</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z2Va2C9XCWW6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,448</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z6elhIeTP3y" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,448</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zSET2wUkft2i" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">448</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zYqrJNySMJJ" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">467</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_z95mnLAVrm3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">915</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zzIgW8RXZjzb" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>149,781</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zRpahvoRGwAl" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>110,794</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210101__20210630_zeElb4TQ1Bb" style="border-bottom: Black 1.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>260,575</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Six Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business<br/> for the<br/> Six Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Six Month Period Ended<br/> June 30, 2020</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z9R9Go4xg2Uf" style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,793</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_ztuEkeaZ3cW5" style="border-top: Black 1pt solid; white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">25,946</span></td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zvJZQrT889g8" style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">28,739</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_z1kd3L1IMxyg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">69,705</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zBD6qSEY3rDf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,312</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zI5rz7Zdq081" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">105,017</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zj7IdaGCIqD3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,828</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zJomUXnRCrSf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,828</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zvReJfWxzZGk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,842</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zs2RVj8xzJda" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,842</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zMKR6rHGQXQ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,909</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zMnG5f7OF8oh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,909</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zbablEqmtjG2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,257</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zLdfQL6hxs91" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,257</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z2YfBLH2VY29" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,267</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zl5st4rMMyf4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,267</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zq0sldbC4Tai" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">64</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zYk0IErtKqc2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">287</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zhFT3FCaX8Yf" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">351</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_z8KKzei0owO4" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>72,562</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zq3DqJAQmHrk" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>115,648</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630_zvhtSMPbcyn9" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>188,210</b></span></td></tr> </table> <p id="xdx_8AB_zIIkvykG4OLi" style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><b>Deferred Income and Cash Received In Advance: </b>Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">These amounts are recognized as revenue over the voyage or charter period.</p> <p id="xdx_898_eus-gaap--DisaggregationOfRevenueTableTextBlock_zjdzGY53nQ0d" style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"><span id="xdx_8BE_ztrBb9TRFJc8" style="display: none">Summary of Significant Accounting Policies - Revenue per category</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Three Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Three Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Three Month Period Ended<br/> June 30, 2021</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zqfAWiK8Qp7e" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,803</span></td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zJtB8hgE9Ql5" style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,897</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_ziim3hzdX89c" style="border-top: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,700</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zLZANInGGzP1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">83,064</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zsmThdgVt9ub" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,106</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zYRvbuy0ej1b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">94,170</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zWHpBrbSn3Sh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,342</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zOX3rO425BV7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,342</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zfASbp99aTu1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zm5GHxCZfT3g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zR1GDFKz4DT3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,282</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_z3x29pamnKyl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,282</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zW571zI7O765" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">315</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zuaHNj3v0vye" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">315</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z1cbTQdZwT42" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zrrzVBwldMc1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zrDphuhjphn3" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">186 </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zOUsX2THIEek" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">397</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zbiQEVz62oPg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">583</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zYZOQb0LdyOk" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>86,053</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zDjm2zyVrHJ1" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>57,571</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210401__20210630_zWiC1FJnC15g" style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>143,624</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"/> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Three Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Three Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Three Month Period Ended<br/> June 30, 2020</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zfKOoOyJNvDi" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,793</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z84lPHmruk6c" style="border-top: Black 1pt solid; white-space: nowrap; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">14,496</span></td> <td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zrRU6GbCOk3i" style="border-top: Black 1pt solid; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">17,289</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zGs63Djkih4b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,680</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zv6cfruMFf0h" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">16,286</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zP8KQoBN3Rr7" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">51,966</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_z6HGxsCexJUa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,636</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zwilmPIyScag" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,636</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_z2mpjS0E7aP2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">19</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zE6Gqh8RLO4b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">19</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zABUrU9TDhCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,476</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zb8u7z1wntHg" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,476</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zZyOeT4GicUl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,409</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_z4CzxIx3Du9f" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,409</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z0BuUrSaBMn4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,271</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zupkUTNjYcll" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,271</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zD0TLnZt2Rp3" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(171)</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zsn3PNWu23o9" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">232</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zrz7phUOPML5" style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">61</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zWOicMhnldKe" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>38,302</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_z0DhHc24SIY2" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>58,825</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20200401__20200630_zucHS1enO6xc" style="border-bottom: Black 1.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>97,127</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Six Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business for the<br/> Six Month Period Ended<br/> June 30, 2021</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Six Month Period Ended<br/> June 30, 2021</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z6kjLDvsdI8k" style="border-top: Black 1pt solid; white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">8,016</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zEGA8qzhkieh" style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">39,482</span></td> <td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zeGfcUCiov5b" style="border-top: Black 1pt solid; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">47,498</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zgErU8MVHE43" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">141,317</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zeboqC0iKQue" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">21,973</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zKqvkVUxwIWj" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">163,290</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zcv7ZcCCAIPa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40,925</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_znioB68E8vEk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40,925</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zxET9XKfejsk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">124</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zxDkdbELmmbf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">124</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zbBVpJWwhi0a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,880</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zcjYDIpaxA06" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,880</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zN6hiRZoj7f3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,495</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_z7ZZapma7fM" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,495</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z2Va2C9XCWW6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,448</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z6elhIeTP3y" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,448</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zSET2wUkft2i" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">448</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zYqrJNySMJJ" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">467</span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_z95mnLAVrm3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">915</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_zzIgW8RXZjzb" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>149,781</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zRpahvoRGwAl" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>110,794</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--Revenues_pn3n3_c20210101__20210630_zeElb4TQ1Bb" style="border-bottom: Black 1.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>260,575</b></span></td></tr> </table> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Dry Bulk Vessel Operations<br/> for the<br/> Six Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Logistics Business<br/> for the<br/> Six Month Period Ended<br/> June 30, 2020</b></span></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total for the Six Month Period Ended<br/> June 30, 2020</b></span></td></tr> <tr style="background-color: #CDEEFF"> <td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">COA/Voyage revenue</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_z9R9Go4xg2Uf" style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,793</span></td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_ztuEkeaZ3cW5" style="border-top: Black 1pt solid; white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">25,946</span></td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--VoyageContractsMember_zvJZQrT889g8" style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">28,739</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Time chartering revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_z1kd3L1IMxyg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">69,705</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zBD6qSEY3rDf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,312</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--TimeAndBareboatCharteringMember_zI5rz7Zdq081" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">105,017</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zj7IdaGCIqD3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,828</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--PortTerminalRevenueMember_zJomUXnRCrSf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">35,828</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Storage fees (dry port) revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zvReJfWxzZGk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,842</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--StorageFeesMember_zs2RVj8xzJda" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,842</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Dockage revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zMKR6rHGQXQ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,909</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DockageRevenueMember_zMnG5f7OF8oh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,909</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Sale of products revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zbablEqmtjG2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,257</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SaleOfProductsMember_zLdfQL6hxs91" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,257</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Liquid port terminal revenue</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_986_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_z2YfBLH2VY29" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,267</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LiquidPortTerminalRevenueMember_zl5st4rMMyf4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,267</span></td></tr> <tr> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zq0sldbC4Tai" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">64</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zYk0IErtKqc2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">287</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">$</span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zhFT3FCaX8Yf" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">351</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_987_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsMember_z8KKzei0owO4" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>72,562</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--Revenues_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticsBusinessMember_zq3DqJAQmHrk" style="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>115,648</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--Revenues_pn3n3_c20200101__20200630_zvhtSMPbcyn9" style="border-bottom: Black 1.5pt double; white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>188,210</b></span></td></tr> </table> 2803000 21897000 24700000 83064000 11106000 94170000 21342000 21342000 16000 16000 1282000 1282000 315000 315000 1216000 1216000 186000 397000 583000 86053000 57571000 143624000 2793000 14496000 17289000 35680000 16286000 51966000 21636000 21636000 19000 19000 1476000 1476000 3409000 3409000 1271000 1271000 -171000 232000 61000 38302000 58825000 97127000 8016000 39482000 47498000 141317000 21973000 163290000 40925000 40925000 124000 124000 1880000 1880000 3495000 3495000 2448000 2448000 448000 467000 915000 149781000 110794000 260575000 2793000 25946000 28739000 69705000 35312000 105017000 35828000 35828000 2842000 2842000 1909000 1909000 11257000 11257000 2267000 2267000 64000 287000 351000 72562000 115648000 188210000 <p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z2gsNAK2HZG2" style="font: italic bold 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> <span id="xdx_86D_zjGaJ0aH4QGl">(d) Recent Accounting Pronouncements:</span></p> <p style="font: 10pt/5.85pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">Adoption of new accounting pronouncements:</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt">In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.</p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0 0 12pt 22.2pt"> In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.</p> <p id="xdx_804_eus-gaap--CashAndCashEquivalentsDisclosureTextBlock_zwQOEFQRVbj8" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_823_zTpVimp1V1mi">Cash and Cash Equivalents and Restricted Cash</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Cash and cash equivalents and restricted cash consisted of the following:</p> <p id="xdx_894_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zfaPZJM93rU4" style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8B0_zCkxPCrfAM13" style="display: none">Cash and cash equivalents</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49C_20210630_zRNpqa17Xpqi" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49F_20201231_zJlD7QSGBwjf" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--Cash_iI_pn3n3_maCCERCzi0Y_zyGzfbGMw8E8" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash on hand and at banks</span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">73,115</span></td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">94,787</span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_40F_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzi0Y_zXvRDeCf4tKg" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Short-term deposits and highly liquid funds</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">44</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">94</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzi0Y_zfvGnSGTHAW6" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">10</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">16,303</span></td> <td> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzi0Y_zqHuENLtfjI3" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Cash and cash equivalents and restricted cash</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>73,169</b></span></td> <td> </td> <td> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>111,184</b></span></td> <td> </td></tr> </table> <p id="xdx_8A1_zP1SJBdH1Gd3" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months and are included in the consolidated balance sheets within the caption “Cash and cash equivalents”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions.</p> <p style="font: 10pt/4.9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/6.95pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_894_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zfaPZJM93rU4" style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8B0_zCkxPCrfAM13" style="display: none">Cash and cash equivalents</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49C_20210630_zRNpqa17Xpqi" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49F_20201231_zJlD7QSGBwjf" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--Cash_iI_pn3n3_maCCERCzi0Y_zyGzfbGMw8E8" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash on hand and at banks</span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">73,115</span></td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">94,787</span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_40F_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzi0Y_zXvRDeCf4tKg" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Short-term deposits and highly liquid funds</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">44</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">94</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzi0Y_zfvGnSGTHAW6" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">10</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">16,303</span></td> <td> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzi0Y_zqHuENLtfjI3" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Cash and cash equivalents and restricted cash</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>73,169</b></span></td> <td> </td> <td> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>111,184</b></span></td> <td> </td></tr> </table> 73115000 94787000 44000 94000 10000 16303000 73169000 111184000 <p id="xdx_809_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z2vEMu0SlgBg" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 4: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET</b></p> <p id="xdx_89F_eus-gaap--PropertyPlantAndEquipmentTextBlock_z8etnzpNI5Y6" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b><span id="xdx_8B3_zcj9cYqy8dEb" style="display: none">Vessels, Port Terminals and Other Fixed Assets, net</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_821_zqh8hYyXeI1j">Vessels, Port Terminals and Other Fixed Assets, Net</span> </b></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> <p style="border-bottom: Black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Vessels, Port Terminals and Other Fixed Assets, net</b></p></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Cost</b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Accumulated</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Depreciation</b></p></td> <td style="border-bottom: Black 1pt solid"> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Net Book</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td> <td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%"><span style="font-size: 10pt"><b>Balance December 31, 2020</b></span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 2%"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iS_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zKjjkVMc12nd" style="width: 9%; text-align: right" title="Balance"><span style="font-size: 10pt"><b>1,600,313</b></span></td> <td style="width: 1%"> </td> <td style="width: 2%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNS_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zQQFe4GROQxc" style="width: 10%; text-align: right" title="Balance"><span style="font-size: 10pt"><b>(460,774</b></span></td> <td style="width: 1%"><span style="font-size: 10pt"><b>) </b></span></td> <td style="width: 2%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentNet_iS_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zGsWBlzh2Cf6" style="width: 9%; text-align: right" title="Balance"><span style="font-size: 10pt"><b>1,139,539</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Additions</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentAdditions_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zsppliPZq977" style="text-align: right" title="Additions"><span style="font-size: 10pt">6,881</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98E_eus-gaap--Depreciation_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_z1Ae46G2goKk" style="text-align: right" title="Additions"><span style="font-size: 10pt">(29,474</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_984_ecustom--DepreciationOnNetBookValue_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zzInsIPJWLw3" style="text-align: right" title="Additions"><span style="font-size: 10pt">(22,593</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Impairment losses</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98E_eus-gaap--TangibleAssetImpairmentCharges_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zMns6pWKidF4" style="text-align: right" title="Impairment losses"><span style="font-size: 10pt">(89,888</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_988_ecustom--AccumulatedDepreciationDepletionAndAmortizationImpairmentLossOfPropertyPlantAndEquipment_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zn6kpIxMZ4A4" style="text-align: right" title="Impairment losses"><span style="font-size: 10pt">68,258</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98E_eus-gaap--TangibleAssetImpairmentCharges_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zbkDXoSeMCxl" style="text-align: right" title="Impairment losses"><span style="font-size: 10pt">(21,630</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Vessel disposals</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentDisposals_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zKNvezg20Zqj" style="text-align: right" title="Vessel disposals"><span style="font-size: 10pt">(142,782</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">—</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentDisposals_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zJRVliOOSKm3" style="text-align: right" title="Vessel disposals"><span style="font-size: 10pt">(142,782</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Transfers from oil storage plant and port facilities for liquid cargoes</span></td> <td> </td> <td> </td> <td id="xdx_98B_ecustom--PropertyPlantAndEquipmentTransfersForLiquidCargoes_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_z9MxGTTnjAM3" style="text-align: right" title="Transfers from oil storage plant and port facilities for liquid cargoes"><span style="font-size: 10pt">5,645</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--PropertyPlantAndEquipmentTransfersForLiquidCargoes_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zAaruuyRocph" style="text-align: right"><span style="font-size: 10pt">5,645</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Vessel acquisition</span></td> <td> </td> <td> </td> <td id="xdx_98B_ecustom--PropertyPlantAndEquipmentAcquisition_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zMrSkReinwaf" style="text-align: right" title="Vessel acquisition"><span style="font-size: 10pt">16,049</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98B_ecustom--PropertyPlantAndEquipmentAcquisition_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zpFbHr1l4Rrc" style="text-align: right" title="Vessel acquisition"><span style="font-size: 10pt">16,049</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Transfers from deposits for vessels, port terminal and other fixed assets, net</span></td> <td> </td> <td> </td> <td id="xdx_984_ecustom--TransfersFromDepositsForPropertyPlantEquipment_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zdETFHd0VbC" style="text-align: right" title="Transfers from deposits for vessels, port terminal and other fixed assets, net"><span style="font-size: 10pt">51,461</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--TransfersFromDepositsForPropertyPlantEquipment_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zzkPAklU3dOg" style="text-align: right"><span style="font-size: 10pt">51,461</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Transfers to assets held for sale</span></td> <td> </td> <td> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_z4ioJ6OupQzh" style="text-align: right" title="Transfers to assets held for sale"><span style="font-size: 10pt">(30,000</span></td> <td><span style="font-size: 10pt">)</span></td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zOEiULbKL3a9" style="text-align: right"><span style="font-size: 10pt">(30,000</span></td> <td><span style="font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt"><b>Balance June 30, 2021</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iE_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zgjjS9QmksX4" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Balance"><span style="font-size: 10pt"><b>1,417,679</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNE_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zJQXW4NCmUm3" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Balance"><span style="font-size: 10pt"><b>(421,990</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>) </b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_iE_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zC9hpT7Sn7H" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Balance"><span style="font-size: 10pt"><b>995,689</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td></tr> </table> <p id="xdx_8A9_zvgf33Qu7JCi" style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>Deposits for Vessels and Port Terminals Acquisitions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $<span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zNL5pB0pzR23" title="Vessels, port terminals and other fixed assets, net">19,501</span> had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position of which capitalized interest amounted to $<span id="xdx_900_eus-gaap--InterestCostsCapitalized_pn3n3_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_z0yiPIA6DiU3">1,062</span>. As of December 31, 2020, Navios Logistics had paid $<span id="xdx_902_eus-gaap--PaymentsForConstructionInProcess_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember__srt--StatementScenarioAxis__custom--OtherLongTermAssetsMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zzuOwyvX6s1i">16,696</span>, for the construction of these barges, which were included within “Other long-term assets”. Capitalized interest included within “Other long-term assets” amounted to $<span id="xdx_906_eus-gaap--InterestCostsCapitalized_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember__srt--StatementScenarioAxis__custom--OtherLongTermAssetsMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zYvsWH41EvB8">611</span> as of December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal. As of June 30, 2021, a total of $<span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TwoNewTanksInLiquidPortTerminalMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zqsq5z6sXNw3">1,843</span> had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $<span id="xdx_904_eus-gaap--PaymentsForConstructionInProcess_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TwoNewTanksInLiquidPortTerminalMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zERbGbC38Zvd">1,285</span> for the construction of two new tanks in its liquid port terminal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> As of June 30, 2021 and December 31, 2020, Navios Logistics had paid $<span id="xdx_908_eus-gaap--InterestCostsCapitalized_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandPortMurtinhoMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zkQW3Rmqm1c8">685 </span>and $<span id="xdx_902_eus-gaap--InterestCostsCapitalized_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandPortMurtinhoMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zP7ANC2Dkdz1">631</span>, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and a total of $<span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CraneInGrainPortTerminalMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zWZoXEYDVsmi">3,803</span> was transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $<span id="xdx_90C_eus-gaap--PaymentsForConstructionInProcess_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CraneInGrainPortTerminalMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_z8MEKjJyKIxa">723</span> for the construction of a crane in its grain port terminal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>Impairment Loss/ Loss on Sale of Vessels, Net</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In June 2021, the Company agreed to sell to Navios Partners the Navios Azimuth, a <span id="xdx_90E_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zxu9ma0pfY69">2011</span> built <span id="xdx_905_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zt5bMxK3Q0B6">Capesize</span> vessel of <span id="xdx_90F_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zFwR4wQWmhz1">179,169</span> dwt. As of June 30, 2021, the Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $<span id="xdx_901_eus-gaap--AssetImpairmentCharges_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zsBPkQkQ6ds8" title="Impairment loss">9,104</span> (including $ <span id="xdx_903_ecustom--CapitalizedCostImpairmentLoss_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zMSs1ypQiN25" title="Impairment loss">1,950</span> remaining carrying balance of dry dock and special survey costs), which is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”. On the re-measurement date, the fair value of the vessel was determined to $<span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zDHPsVSXZb6g">30,000</span> based on the concluded sale price. The sale of the Navios Azimuth was completed in July 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In June 2021, the Company completed the sale to Navios Partners of the Navios Ray, a <span id="xdx_90D_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayMember_z0SGwALVnEI2">2012</span> built <span id="xdx_900_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayMember_zE5M0CyYRjRe">Capesize</span> vessel of <span id="xdx_900_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayMember_z8zKMj20FLil">179,515</span> dwt, and the Navios Bonavis, a <span id="xdx_90F_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosBonavisMember_zas9xqhwPgr3">2009</span> built <span id="xdx_90A_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosBonavisMember_ztJ0YN4EQYyi">Capesize</span> vessel of <span id="xdx_902_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosBonavisMember_zD1plku0ogag">180,022</span> dwt, for a sale price of $<span id="xdx_904_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayAndNaviosBonavisMember_zheHBmhaiOke" title="Vessel sale price">58,000</span>. The loss due to sale amounted to $<span id="xdx_906_eus-gaap--GainLossOnSalesOfAssetsAndAssetImpairmentCharges_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayAndNaviosBonavisMember_zKf4qrxIVSM8" title="Impairment loss and gain/(loss) on sale of vessels">8,753</span> (including $<span id="xdx_904_ecustom--CapitalizedCostImpairmentLoss_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayAndNaviosBonavisMember_zk9IfX0Ekjl8" title="Impairment loss">1,775</span> remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In June 2021, the Company completed the sale to Navios Partners of the Navios Koyo,of a <span id="xdx_90B_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zQyVxmOmvtIb">2011</span>-built <span id="xdx_909_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zJWp9T85b002">Capesize</span> vessel, which was previously chartered-in by Navios Holdings, for a sale price of $<span id="xdx_90B_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zl7y9NeE0T4c">28,500</span>. The net sale proceeds were $<span id="xdx_904_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zXrq341fezjk">8,500</span> and the gain due to sale amounted to $<span id="xdx_909_eus-gaap--GainLossOnSalesOfAssetsAndAssetImpairmentCharges_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zF6uEnWr8b6b">12,451</span> and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”. (Refer to Note 15)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In June 2021, the Company completed the sale to an unrelated third party of the Navios Serenity, a <span id="xdx_90C_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosSerenityMember_zrFJD9sFiAV9">2011</span> built <span id="xdx_909_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosSerenityMember_z7OVR4qCKoR8">Handysize</span> vessel of <span id="xdx_907_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosSerenityMember_z9Haqy769M6b">34,690</span> dwt, for a net sale price of $<span id="xdx_900_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosSerenityMember_z8ifVJ2d20B9">10,388</span>. The loss due to sale amounted to $<span id="xdx_908_eus-gaap--GainLossOnSalesOfAssetsAndAssetImpairmentCharges_iN_pn3n3_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosSerenityMember_zetX8Q8jlwni">6,957</span> (including $<span id="xdx_907_ecustom--CapitalizedCostImpairmentLoss_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosSerenityMember_zCIk3Q0JQvS6">11</span> remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In March 2021, the Company completed the sale to Navios Partners of the Navios Centaurus, a <span id="xdx_90C_ecustom--YearBuilt_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusMember_zTJeJD3xtDka">2012</span> built <span id="xdx_909_ecustom--VesselType_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusMember_zruBxuNpvzrl">Panamax</span> vessel of <span id="xdx_90B_ecustom--VesselCapacity_uPure_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusMember_zfzVirn3o0Kk">81,472</span> dwt, and the Navios Avior, a <span id="xdx_904_ecustom--YearBuilt_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAviorMember_zvkg7phwfl2b">2012</span> built <span id="xdx_909_ecustom--VesselType_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAviorMember_zY8OKSD9J1dc">Panamax</span> vessel of <span id="xdx_902_ecustom--VesselCapacity_uPure_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAviorMember_zJWgKhr6ly9a">81,355</span> dwt, for a sale price of $<span id="xdx_90C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusAndNaviosAviorMember_zjAB8474cyP2">39,250</span>, including working capital adjustments. The loss due to sale amounted to $<span id="xdx_900_eus-gaap--GainLossOnSalesOfAssetsAndAssetImpairmentCharges_iN_pn3n3_di_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusAndNaviosAviorMember_zehVzquphboh">13,498</span> (including $<span id="xdx_906_ecustom--CapitalizedCostImpairmentLoss_pn3n3_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusAndNaviosAviorMember_z3RmuOFL6DS6">495</span> remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a <span id="xdx_906_ecustom--YearBuilt_c20210101__20210228__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAstraMember_zGBHPafU1ucf">2006</span>-built <span id="xdx_901_ecustom--VesselType_c20210101__20210228__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAstraMember_zhnrQ355w47j">Ultra Handymax</span> vessel of <span id="xdx_903_ecustom--VesselCapacity_uPure_c20210101__20210228__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAstraMember_ze0nXapDVpi4">53,468</span> dwt, for a net sale price of approximately $<span id="xdx_90A_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210228__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAstraMember_zWN3nb9MLTCa">6,644</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>Vessel Acquisitions of Navios Logistics</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In the fourth quarter of 2020, Navios Logistics signed a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics 2020 Fleet”), for a purchase price of $<span id="xdx_90C_eus-gaap--ContractualObligation_iI_pn3n3_c20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_ztJa9vpYN516">30,000</span>. The acquisition was completed on March 22, 2021. As of June 30, 2021, the total amount of $<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zpPwqdAOtTH8">31,960</span> had been transferred under the caption “Vessels, port terminals and other fixed assets, net”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Since 2018, Navios Logistics acquired approximately <span id="xdx_904_ecustom--AreaOfLand1_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandPortMurtinhoMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zjoeNTiLbqX6">6.6 hectares</span> of undeveloped land located in the Port Murtinho region, Brazil, and on March 24, 2021, Navios Logistics acquired <span id="xdx_901_ecustom--AreaOfLand1_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandPortMurtinhoMember__srt--StatementScenarioAxis__custom--AdditionalAcquisitionMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_ztafSbVx2zii">2.3 additional hectares</span>. Navios Logistics plans to develop this land for its port operations, for a total cost of $<span id="xdx_90E_eus-gaap--CostsIncurredDevelopmentCosts_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LandPortMurtinhoMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zw5UK8Bg7Xt5" title="Development costs">1,580</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In February 2017, two self-propelled barges of Navios Logistics’ fleet, Formosa and San Lorenzo, were sold for a total amount of $<span id="xdx_90F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20170228__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FormosaAndSanLorenzoMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zqCi5CiJFemi" title="Vessel sale price">1,109</span>, to be paid in cash. The sale price will be received in installments in the form of lease payments through 2023. The barges may be transferred at the lessee’s option at no cost at the end of the lease period.</p> <p id="xdx_89F_eus-gaap--PropertyPlantAndEquipmentTextBlock_z8etnzpNI5Y6" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b><span id="xdx_8B3_zcj9cYqy8dEb" style="display: none">Vessels, Port Terminals and Other Fixed Assets, net</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_821_zqh8hYyXeI1j">Vessels, Port Terminals and Other Fixed Assets, Net</span> </b></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> <p style="border-bottom: Black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Vessels, Port Terminals and Other Fixed Assets, net</b></p></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Cost</b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Accumulated</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Depreciation</b></p></td> <td style="border-bottom: Black 1pt solid"> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Net Book</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td> <td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%"><span style="font-size: 10pt"><b>Balance December 31, 2020</b></span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 2%"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iS_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zKjjkVMc12nd" style="width: 9%; text-align: right" title="Balance"><span style="font-size: 10pt"><b>1,600,313</b></span></td> <td style="width: 1%"> </td> <td style="width: 2%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNS_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zQQFe4GROQxc" style="width: 10%; text-align: right" title="Balance"><span style="font-size: 10pt"><b>(460,774</b></span></td> <td style="width: 1%"><span style="font-size: 10pt"><b>) </b></span></td> <td style="width: 2%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentNet_iS_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zGsWBlzh2Cf6" style="width: 9%; text-align: right" title="Balance"><span style="font-size: 10pt"><b>1,139,539</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Additions</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentAdditions_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zsppliPZq977" style="text-align: right" title="Additions"><span style="font-size: 10pt">6,881</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98E_eus-gaap--Depreciation_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_z1Ae46G2goKk" style="text-align: right" title="Additions"><span style="font-size: 10pt">(29,474</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_984_ecustom--DepreciationOnNetBookValue_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zzInsIPJWLw3" style="text-align: right" title="Additions"><span style="font-size: 10pt">(22,593</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Impairment losses</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98E_eus-gaap--TangibleAssetImpairmentCharges_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zMns6pWKidF4" style="text-align: right" title="Impairment losses"><span style="font-size: 10pt">(89,888</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_988_ecustom--AccumulatedDepreciationDepletionAndAmortizationImpairmentLossOfPropertyPlantAndEquipment_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zn6kpIxMZ4A4" style="text-align: right" title="Impairment losses"><span style="font-size: 10pt">68,258</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98E_eus-gaap--TangibleAssetImpairmentCharges_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zbkDXoSeMCxl" style="text-align: right" title="Impairment losses"><span style="font-size: 10pt">(21,630</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Vessel disposals</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentDisposals_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zKNvezg20Zqj" style="text-align: right" title="Vessel disposals"><span style="font-size: 10pt">(142,782</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">—</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentDisposals_iN_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zJRVliOOSKm3" style="text-align: right" title="Vessel disposals"><span style="font-size: 10pt">(142,782</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Transfers from oil storage plant and port facilities for liquid cargoes</span></td> <td> </td> <td> </td> <td id="xdx_98B_ecustom--PropertyPlantAndEquipmentTransfersForLiquidCargoes_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_z9MxGTTnjAM3" style="text-align: right" title="Transfers from oil storage plant and port facilities for liquid cargoes"><span style="font-size: 10pt">5,645</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--PropertyPlantAndEquipmentTransfersForLiquidCargoes_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zAaruuyRocph" style="text-align: right"><span style="font-size: 10pt">5,645</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Vessel acquisition</span></td> <td> </td> <td> </td> <td id="xdx_98B_ecustom--PropertyPlantAndEquipmentAcquisition_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zMrSkReinwaf" style="text-align: right" title="Vessel acquisition"><span style="font-size: 10pt">16,049</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98B_ecustom--PropertyPlantAndEquipmentAcquisition_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zpFbHr1l4Rrc" style="text-align: right" title="Vessel acquisition"><span style="font-size: 10pt">16,049</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Transfers from deposits for vessels, port terminal and other fixed assets, net</span></td> <td> </td> <td> </td> <td id="xdx_984_ecustom--TransfersFromDepositsForPropertyPlantEquipment_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zdETFHd0VbC" style="text-align: right" title="Transfers from deposits for vessels, port terminal and other fixed assets, net"><span style="font-size: 10pt">51,461</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--TransfersFromDepositsForPropertyPlantEquipment_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zzkPAklU3dOg" style="text-align: right"><span style="font-size: 10pt">51,461</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Transfers to assets held for sale</span></td> <td> </td> <td> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_z4ioJ6OupQzh" style="text-align: right" title="Transfers to assets held for sale"><span style="font-size: 10pt">(30,000</span></td> <td><span style="font-size: 10pt">)</span></td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zOEiULbKL3a9" style="text-align: right"><span style="font-size: 10pt">(30,000</span></td> <td><span style="font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt"><b>Balance June 30, 2021</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iE_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CostMember_zgjjS9QmksX4" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Balance"><span style="font-size: 10pt"><b>1,417,679</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNE_di_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zJQXW4NCmUm3" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Balance"><span style="font-size: 10pt"><b>(421,990</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>) </b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_iE_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zC9hpT7Sn7H" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Balance"><span style="font-size: 10pt"><b>995,689</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td></tr> </table> 1600313000 460774000 1139539000 6881000 29474000 22593000 89888000 -68258000 21630000 142782000 142782000 5645000 5645000 16049000 16049000 51461000 51461000 -30000000 -30000000 1417679000 421990000 995689000 19501000 1062000 16696000 611000 1843000 1285000 685000 631000 3803000 723000 2011 Capesize 179,169 9104000 1950000 30000000 2012 Capesize 179,515 2009 Capesize 180,022 58000000 8753000 1775000 2011 Capesize 28500000 8500000 12451000 2011 Handysize 34,690 10388000 -6957000 11000 2012 Panamax 81,472 2012 Panamax 81,355 39250000 -13498000 495000 2006 Ultra Handymax 53,468 6644000 30000000 31960000 6.6 hectares 2.3 additional hectares 1580000 1109000 <p id="xdx_803_eus-gaap--IntangibleAssetsDisclosureTextBlock_zTG2MLFIHErb" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL</b></p> <p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_za5yUeaauIN4" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b><span id="xdx_8BD_zPedmIG30Kij" style="display: none">Intangible Assets, Other Than Goodwill</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><span id="xdx_82E_zpNTGtYrtZ2c"><b>Intangible Assets Other Than Goodwill</b></span><b> </b> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 8pt"><b><span style="text-decoration: underline">Intangible assets</span></b></span></td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49E_20210630_z0KU9nmvEHL3" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td id="xdx_49D_20201231_zuBnsCjkthNb" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> </tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maIANEGzX5x_zpKe1zwZJVq5" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><span style="font-size: 10pt">Acquisition cost </span></td> <td style="width: 4%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">178,642</span></td> <td style="width: 4%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">178,642</span></td> </tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msIANEGzX5x_zVcMV6pWGsxe" style="vertical-align: bottom"> <td><span style="font-size: 10pt">Accumulated amortization </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">(82,859)</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">(80,079)</span></td> </tr> <tr id="xdx_402_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_mtIANEGzX5x_zdhu6EUKVPeh" style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt"><b>Total Intangible assets net book value</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>95,783</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>98,563</b></span></td> </tr> </table> <p id="xdx_8A4_z1wza4r4tdf8" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Amortization expense for both three month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_904_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210401__20210630_z7oyRnQ5krO6" title="Amortization expense"><span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20200401__20200630_zcgu8rCBrN96" title="Amortization expense">1,394</span></span> and for the six month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_90A_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210101__20210630_zHblgDctH0V">2,780</span> and $<span id="xdx_90C_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20200101__20200630_zx56F7SISHTa">2,787</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> The remaining aggregate amortization of acquired intangibles as of June 30, 2021 will be as follows:</p> <p id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z1OBNUjmgB79" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> <span id="xdx_8BF_zNXIECrEtUvl" style="display: none">Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> <p style="border-bottom: Black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Period</b></p></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td id="xdx_491_20210630_zxxwCTSfPk3e"> </td> <td> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths_iI_maFLIANzp2s_z5CbO9npnSt1" style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 81%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year One</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="width: 13%; text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo_iI_maFLIANzp2s_zWUfzx3cRSr4"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Two</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree_iI_maFLIANzp2s_zUcAe5dEiWRd" style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Three</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,588</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour_iI_maFLIANzp2s_z75yZAe2IrR1"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Four</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive_iI_maFLIANzp2s_zyoQnGcYcOE5" style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Five</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive_iI_maFLIANzp2s_z7sLWBInguy"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Thereafter</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt">67,871</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzp2s_zKWPIArzmFtk" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>95,783</b></span></td> <td style="vertical-align: bottom"> </td></tr> </table> <p id="xdx_8A9_z7W0CKjNHgF8" style="font: 10pt/12.2pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_za5yUeaauIN4" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b><span id="xdx_8BD_zPedmIG30Kij" style="display: none">Intangible Assets, Other Than Goodwill</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><span id="xdx_82E_zpNTGtYrtZ2c"><b>Intangible Assets Other Than Goodwill</b></span><b> </b> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 8pt"><b><span style="text-decoration: underline">Intangible assets</span></b></span></td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49E_20210630_z0KU9nmvEHL3" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td id="xdx_49D_20201231_zuBnsCjkthNb" style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> </tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_maIANEGzX5x_zpKe1zwZJVq5" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><span style="font-size: 10pt">Acquisition cost </span></td> <td style="width: 4%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">178,642</span></td> <td style="width: 4%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 10%; text-align: right"><span style="font-size: 10pt">178,642</span></td> </tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_msIANEGzX5x_zVcMV6pWGsxe" style="vertical-align: bottom"> <td><span style="font-size: 10pt">Accumulated amortization </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">(82,859)</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">(80,079)</span></td> </tr> <tr id="xdx_402_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_mtIANEGzX5x_zdhu6EUKVPeh" style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt"><b>Total Intangible assets net book value</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>95,783</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>98,563</b></span></td> </tr> </table> 178642000 178642000 82859000 80079000 95783000 98563000 1394000 1394000 2780000 2787000 <p id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z1OBNUjmgB79" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> <span id="xdx_8BF_zNXIECrEtUvl" style="display: none">Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> <p style="border-bottom: Black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Period</b></p></td> <td><span style="font-size: 8pt"> </span></td> <td> </td> <td id="xdx_491_20210630_zxxwCTSfPk3e"> </td> <td> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths_iI_maFLIANzp2s_z5CbO9npnSt1" style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 81%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year One</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="width: 13%; text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo_iI_maFLIANzp2s_zWUfzx3cRSr4"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Two</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree_iI_maFLIANzp2s_zUcAe5dEiWRd" style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Three</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,588</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour_iI_maFLIANzp2s_z75yZAe2IrR1"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Four</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive_iI_maFLIANzp2s_zyoQnGcYcOE5" style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Year Five</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="text-align: right"><span style="font-size: 10pt">5,581</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive_iI_maFLIANzp2s_z7sLWBInguy"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Thereafter</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt">67,871</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzp2s_zKWPIArzmFtk" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>95,783</b></span></td> <td style="vertical-align: bottom"> </td></tr> </table> 5581000 5581000 5588000 5581000 5581000 67871000 95783000 <p id="xdx_807_eus-gaap--DebtDisclosureTextBlock_zu3b84JGRDSd" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 6: BORROWINGS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_821_zAPNfq3E0Mhb">Borrowings</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 23.1pt">Borrowings, as of June 30, 2021 and December 31, 2020, consisted of the following:</p> <p id="xdx_894_eus-gaap--ScheduleOfDebtTableTextBlock_zhhaaYjWLSug" style="font: 8pt Times New Roman, Times, Serif; margin: 0"> <span id="xdx_8B7_zuG7l8o2vuk2" style="display: none">Borrowings - Loan’s outstanding amounts</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> <p style="border-bottom: Black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><i>Facility</i></p></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Secured credit facilities</span></td> <td style="width: 3%"><span style="font-size: 10pt"> </span></td> <td style="width: 4%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--LineOfCredit_iI_d0_c20210630__us-gaap--LineOfCreditFacilityAxis__custom--SecuredcreditfacilitiesMember_zZZvNPREEcCl" style="width: 10%; padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="width: 1%"> </td> <td style="width: 3%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--LineOfCredit_iI_c20201231__us-gaap--LineOfCreditFacilityAxis__custom--SecuredcreditfacilitiesMember_zhfeSa3PsT86" style="width: 12%; text-align: right"><span style="font-size: 10pt">70,074</span></td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2022 Senior Secured Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_985_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_z2tiRV226ue6" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">305,000</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_980_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_zhLETtlYaCzh" style="text-align: right"><span style="font-size: 10pt">305,000</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2022 Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_983_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zCSRewiECyH9" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">462,466</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_989_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zbIMdYZQgiT4" style="text-align: right"><span style="font-size: 10pt">476,822</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2024 Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98F_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesIMember_zGPQJTIGQO52" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">8,626</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_984_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesIMember_zYNJNdodqQGe" style="text-align: right"><span style="font-size: 10pt">8,626 </span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">NSM Loan (incl. accrued interest $358 and $526, respectively)</span></td> <td> </td> <td> </td> <td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zDkAva7nx29d" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">57,026</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_z5a5c0mQ6Pbl" style="text-align: right"><span style="font-size: 10pt">78,901</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)</span></td> <td> </td> <td> </td> <td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zyazyvBVfX8e" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">39,986</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zkg83q5k1uEf" style="text-align: right"><span style="font-size: 10pt">50,326</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Sale and Leaseback Agreements</span></td> <td> </td> <td> </td> <td id="xdx_981_eus-gaap--SaleLeasebackTransactionAmountDueUnderFinancingArrangement_iI_c20210630__us-gaap--SaleLeasebackTransactionDescriptionAxis__custom--SaleAndLeasebackAgreementsMember_zFT0DvnbedZj" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">60,165</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_986_eus-gaap--SaleLeasebackTransactionAmountDueUnderFinancingArrangement_iI_c20201231__us-gaap--SaleLeasebackTransactionDescriptionAxis__custom--SaleAndLeasebackAgreementsMember_zpierLxMti6e" style="text-align: right"><span style="font-size: 10pt">62,934</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2025 Logistics Senior Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_986_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_zqO33qLddxkl" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">500,000</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_983_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_z8Fo1zRJZi8f" style="text-align: right"><span style="font-size: 10pt">500,000</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Navios Logistics other long-term loans and notes payable</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98A_eus-gaap--NotesAndLoansPayable_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NaviosLogisticsOtherLongTermLoansAndNotesPayableMember_zIXww97XrRoj" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">66,797</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_987_eus-gaap--NotesAndLoansPayable_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NaviosLogisticsOtherLongTermLoansAndNotesPayableMember_z91nFsQUc4K" style="text-align: right"><span style="font-size: 10pt">60,035</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total borrowings</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210630_zYr2Eb4JmsJl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.75pt; text-align: right" title="Total borrowings"><span style="font-size: 10pt"><b>1,500,066</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid"> </td> <td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20201231_zhxU1T25dJd4" style="border-top: Black 1pt solid; text-align: right" title="Total borrowings"><span style="font-size: 10pt"><b>1,612,718</b></span></td> <td style="border-top: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Less: current portion, net</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98F_eus-gaap--LongTermDebtCurrent_iNI_di_c20210630_z0uQmwInNFzg" style="padding-right: 0.75pt; text-align: right" title="Less: current portion, net"><span style="font-size: 10pt">(614,939</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid"> </td> <td id="xdx_98B_eus-gaap--LongTermDebtCurrent_iNI_di_c20201231_zoJtVvDddjxb" style="border-top: Black 1pt solid; text-align: right" title="Less: current portion, net"><span style="font-size: 10pt">(374,191</span></td> <td style="border-top: Black 1pt solid"><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Less: deferred finance costs, net</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98D_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_di_c20210630_z54c0E5gCcX" style="padding-right: 0.75pt; text-align: right" title="Less: deferred finance costs, net"><span style="font-size: 10pt">(23,613</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_981_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_di_c20201231_zmi6QVkGtv9l" style="text-align: right" title="Less: deferred finance costs, net"><span style="font-size: 10pt">(28,289</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total long-term borrowings</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98A_eus-gaap--LongTermDebtNoncurrent_iI_c20210630_z824HXqnPxHb" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 0.75pt; text-align: right" title="Total long-term borrowings"><span style="font-size: 10pt"><b>861,514</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_c20201231_zlGT6vbERb5k" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Total long-term borrowings"><span style="font-size: 10pt"><b>1,210,238</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td></tr> </table> <p id="xdx_8A6_zBcF48huoQf3" style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>Secured Credit Facilities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the Company repaid $<span id="xdx_909_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--SecuredcreditfacilitiesMember_zCX2q9gf8OPi">70,074</span> of debt, being (i) the $<span id="xdx_908_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--CreditAgricoleCorporateAndInvestmentBankLoan1Member_zZQqKs4akn9j">11,100</span> outstanding loan balance with Credit Agricole Corporate and Investment bank, (ii) the $<span id="xdx_90A_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--CreditAgricoleCorporateAndInvestmentBankLoan2Member_zlnRj0Y20Ahi">11,400</span> outstanding loan balance with Credit Agricole Corporate and Investment bank, (iii) the $<span id="xdx_905_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--HamburgCommercialBankAGMember_zdUY2I6wgww1">9,945</span> outstanding loan balance with Hamburg Commercial Bank AG, (iv) the $<span id="xdx_908_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--DVBBankSEMember_zFwHYl65eUt1">4,504</span> outstanding loan balance with DVB Bank S.E., (v) the $<span id="xdx_90E_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--AlphaBankAELoan1Member_zjP806ti8Wzl">20,200</span> outstanding loan balance with Alpha Bank A.E., and (vi) the $<span id="xdx_90B_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--AlphaBankAELoan2Member_zjkrEo3GTT8h">12,925</span> outstanding loan balance with Alpha Bank A.E.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the Company had no secured bank credit facilities following their full repayment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>2022 Senior Secured Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On <span id="xdx_90B_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_zGyXabwbTi21" title="Issuance date/Date of agreement">November 21, 2017</span>, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the “Co-Issuers”) issued $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_zNx2M4G20pYc" title="Face amount at issuance date">305,000</span> of 11.25% Senior Notes due 2022, at a price of <span id="xdx_90D_ecustom--DebtInstrumentIssuancePricePercentage_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_zxzmsoIajaMk" title="Debt instrument, issuance price percentage">97</span>%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of the Company in each of Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Partners (following the merger of Navios Containers with Navios Partners). The 2022 Senior Secured Notes are unregistered and guaranteed by all of the Company’s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The subsidiary guarantees are “full and unconditional”, except that the indenture provides for an individual subsidiary’s guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Senior Secured Notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> The Co-Issuers have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time at par.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase some or all of the 2022 Senior Secured Notes at <span id="xdx_904_eus-gaap--DebtInstrumentRedemptionPricePercentage_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember__srt--StatementScenarioAxis__custom--UponOccurenceOfCertainChangeOfControlEventsMember_zh9oxMj4PjA" title="Redemption price percentage">101</span>% of their face amount. <span id="xdx_900_eus-gaap--DebtInstrumentCovenantDescription_c20210101__20210630__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_zZmaS296y4De">The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Under the terms of the 2022 Senior Secured Notes, the Company had an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On October 1, 2020, the Company entered into (1) the Sixth Supplemental Indenture to amend the terms of the indenture and related pledge agreements governing the 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes and (2) a consent agreement with the Consenting Noteholders (“Consent Agreement”) whereby the Consenting Noteholders agreed, subject to the satisfaction of certain conditions in the Consent Agreement, to provide their consents, as part of a consent solicitation to be made by the Company on or before the earlier of (i) 60 days following the consummation of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics or (ii) September 5, 2021, to the amendments contained in the form of supplemental indenture (“Form of Supermajority Supplemental Indenture”) which amendments require consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Sixth Supplemental Indenture, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default, (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes (including, absent a Default or an Event of Default, at a discount to par), (iii) eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes; and (iv) states, for the avoidance of doubt, that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement dated as of April 25, 2019 (as amended) (the “Grimaud Loan”) in lieu of the receipt of pro rata cash dividends from Navios Logistics. The Sixth Supplemental Indenture became effective upon its execution by the Company and the Trustee, but the amendments and waivers contained therein will become operative only upon the occurrence of a Qualified IPO of Navios Logistics.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Form of Supermajority Supplemental Indenture would further amend the Indenture to permit the Company to use the net proceeds it receives from any sale of Navios Logistics equity in connection with or following a Qualified IPO of Navios Logistics to repurchase 2022 Senior Secured Notes at a discount to par in certain circumstances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">There can be no assurance that the Company will receive the additional consents necessary to cause the amendments contemplated by the Form of Supermajority Supplemental Indenture to become effective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On November 17, 2020, the Company entered into the Seventh Supplemental Indenture to further amend the terms of the indenture governing the 2022 Senior Secured Notes, pursuant to which Wilmington Trust, National Association became the successor Trustee and successor Collateral Trustee in respect of the 2022 Senior Secured Notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On June 29, 2021, the Company entered into the Eighth Supplemental Indenture which eliminated the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the Redemption. On July 23, 2021, the Company completed the Redemption. The Redemption was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $<span id="xdx_902_eus-gaap--ProceedsFromLinesOfCredit_pn3n3_c20210101__20210723__us-gaap--LongtermDebtTypeAxis__custom--NaviosShipmanagementHoldingsCorporationMember_zseBqIx08Q19">75,264</span> from an affiliate company of NSM.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Eighth Supplemental Indenture also, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default; (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes; and (iii) permits the lender under the $115.0 million NSM Loan (as defined herein) to take a second lien on the pledged share collateral (which pledged share collateral secures the 2022 Senior Secured Notes on a first lien basis).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt; background-color: white">On July 23, 2021, the Company completed the Redemption of an aggregate principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210723__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_znTtKwkH7dQh">100,000 </span>of the 2022 Secured Notes at a redemption price equal to <span id="xdx_908_eus-gaap--DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed_dp_uPure_c20210101__20210723__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_zLeLQwUITyG7">100</span>.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt; background-color: white"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt; background-color: white"> On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210903__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_z6BGG0L9u5w8">20,000 </span>of its 2022 Senior Secured Notes at a redemption price equal to <span id="xdx_901_eus-gaap--DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed_dp_uPure_c20210101__20210903__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_zWIcsfJTDyK9">100</span>.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of September 13, 2021 (the “Second Redemption”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt; background-color: white">After the Redemption and the Second Redemption, $<span id="xdx_905_eus-gaap--NotesPayable_iI_pn3n3_c20210903__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_zeYlLDEtBFVh">185,000</span> in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><i>2022 Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On <span id="xdx_905_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zOPeeiLOsqs7">November 29, 2013</span>, the Co-Issuers completed the sale of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zYOLrquec38d">650,000 </span>of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zmGJq3uLa8v4">7.375</span>% First Priority Ship Mortgage Notes due 2022. During 2018, the Company repurchased $<span id="xdx_901_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20181231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_ze8j2oCQirJ4">35,661 </span>in par value of the 2022 Notes for cash consideration of $<span id="xdx_902_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20181231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_z0n9P17OPFUg">28,796</span>. During 2019, Navios Logistics repurchased $<span id="xdx_902_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20181231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zzBlPX17HeCi">35,500 </span>in par value of the 2022 Notes in open market transactions for cash consideration of $<span id="xdx_900_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20181231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zlsTv8EBrVXc">17,642</span>. During 2019, the Company repurchased $<span id="xdx_900_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20191231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zVM3wK6rlUEc">81,235 </span>in par value of the 2022 Notes for cash consideration of $<span id="xdx_90C_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20191231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zEXuKkcH92uk">50,683</span>. During the three month period ended June 30, 2020, there were no repurchases. During the six month period ended June 30, 2020, the Company repurchased $<span id="xdx_906_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zzMFyddIgdyc">20,782 </span>in par value of the 2022 Notes for cash consideration of $<span id="xdx_901_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_z9i8nd2Q9k8i">9,443 </span>resulting in a gain on bond extinguishment of $<span id="xdx_909_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20200101__20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zBOs9HIJNc11">11,204</span>, net of deferred financing costs written-off. During the three and six month periods ended June 30, 2021, the Company repurchased $<span id="xdx_90B_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zlHBP0Cf502d">14,356 </span>in par value of the 2022 Notes for cash consideration of $<span id="xdx_908_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zbXhCw5wCcGl">12,454 </span>resulting in a gain on bond extinguishment of $<span id="xdx_900_eus-gaap--GainLossOnRepurchaseOfDebtInstrument_pn3n3_c20210401__20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zctEcB7SMosk">1,873</span>, net of deferred financing costs written-off. In August 2021, the Company repurchased $<span id="xdx_902_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210831__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zBnjoU3vKNZb">7,000 </span>in par value of the 2022 Notes for cash consideration of $<span id="xdx_909_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20210831__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zQenJDNsotd4">6,134 </span>resulting in a gain on bond extinguishment of $<span id="xdx_90C_eus-gaap--GainLossOnRepurchaseOfDebtInstrument_pn3n3_c20210101__20210831__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zpUBWAb3dIV1">855</span>, net of deferred financing costs written-off. After these repurchases, the remaining amount of 2022 Notes is $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210831__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2022Member_zohnoylblBpj">455,466</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on <span id="xdx_902_eus-gaap--DebtInstrumentCollateral_c20130101__20131129__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zpG4JPgMo68j">23 dry bulk vessels</span> owned by certain subsidiary guarantors and certain other associated property and contract rights. In January 2021, Navios Asteriks and part of the cash collateral of $<span id="xdx_902_ecustom--EscrowDepositReleased_iI_pn3n3_c20210131__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zM8nSwwS43bb">14,250 </span>held in escrow accounts were released and replaced by Navios Bonheur. In April 2021, Navios Serenity and the remaining cash collateral held in escrow accounts were released and replaced by Navios Asteriks. Currently, the 2022 Notes are secured by <span id="xdx_90E_eus-gaap--DebtInstrumentCollateral_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_ziJ1O2BSiul3">17 drybulk vessels</span>. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company’s direct and indirect subsidiaries, other than Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_90B_eus-gaap--LongTermDebtMaturitiesRepaymentTerms_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__dei--LegalEntityAxis__custom--NaviosHoldingsBorrowingsMember_zwoElReUgjai">The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 Notes at <span id="xdx_904_eus-gaap--DebtInstrumentRedemptionPricePercentage_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__srt--StatementScenarioAxis__custom--UponOccurenceOfCertainChangeOfControlEventsMember_zBbrFeaJvLAa">101</span>% of their face amount. <span id="xdx_907_eus-gaap--DebtInstrumentCovenantDescription_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember__dei--LegalEntityAxis__custom--NaviosHoldingsBorrowingsMember_zSybz1tTfcff">The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>2024 Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On <span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zmh5gxdMMKzh">March 21, 2019</span>, Navios Holdings issued $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_z9KiaxJWABYj">4,747</span> of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zXv9RbN0eWE9">9.75</span>% Senior Notes due 2024 (the “2024 Notes”) as an exchange for a total of <span id="xdx_905_eus-gaap--TreasuryStockSharesAcquired_pip0_uShares_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zBRyn18VUSyd">10,930</span> Series H shares which were validly tendered as of that date (Refer to Note 10).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On <span id="xdx_904_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_z0NarLACEgk3">April 21, 2019</span>, Navios Holdings issued $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zOvzx20broSj">3,879</span> of the 2024 Notes as an exchange for a total of <span id="xdx_905_eus-gaap--TreasuryStockSharesAcquired_pip0_uShares_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_z5VM63ClHpsa">8,841</span> Series G shares which were validly tendered as of that date. (Refer to Note 10).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The 2024 Notes are Navios Holdings’ senior unsecured general obligations and rank senior in right of payment to any of Navios Holding’s existing and future debt that expressly provides that it is subordinated to the 2024 Notes, pari passu in right of payment with all of Navios Holding’s existing and future senior obligations, structurally subordinated in right of payment to the obligations of Navios Holding’s subsidiaries, and effectively subordinated in right of payment to any existing and future obligations of Navios Holdings that are secured by property or assets that do not secure the 2024 Notes, including the 2022 Senior Secured Notes and the 2022 Notes, to the extent of the value of any such property and assets securing such other obligations. The 2024 Notes are not guaranteed by any of Navios Holdings’ subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> The indenture governing the 2024 Notes does not contain restrictive covenants but does include customary events of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings has the option to redeem the 2024 Notes, in whole or in part, at any time, at a redemption price equal to <span id="xdx_903_eus-gaap--DebtInstrumentRedemptionPricePercentage_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member_zgutqVh8GLDd">100</span>% of the principal amount of the 2024 Notes to be redeemed, plus accrued interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>NSM Loan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On <span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_z49Z8LNGcSq2">August 29, 2019</span>, Navios Holdings entered into a secured loan agreement of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zCsQ1LfshTr6">141,795</span> (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“NSM Loan”). As of June 30, 2021, the total outstanding balance of this facility amounted to $<span id="xdx_905_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_ztDbZMfmKERa" title="Amount outstanding">57,026</span>, including $<span id="xdx_900_ecustom--AccruedInterest_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zSMJ1q7EW5u3">358</span> of accrued interest. Please see also Note 9.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>$50.0 million NSM Loan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$50.0 million NSM Loan”) for a loan of up to $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zhXUZa3FgdS5">50,000</span> to be used for general corporate purposes. As of June 30, 2021, the total outstanding balance of this facility amounted to $<span id="xdx_901_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zOahrZnOMSef">39,986</span>, including $<span id="xdx_904_ecustom--AccruedInterest_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zx2lWdKSG3eg">250</span> of accrued interest. On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan. Please see also Note 9. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>$115.0 million NSM Loan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In June 2021, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$115.0 million NSM Loan”) for a loan up to $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member_z15MTpaI32dh">115,000</span> in advances (i) to refinance the $50.0 million NSM Loan, (ii) to redeem certain 2022 Senior Secured Notes and (iii) to be used for general corporate purposes. In July 2021, the amount of this facility was fully drawn. Please see also Note 9.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>Sale and Leaseback Agreements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $<span id="xdx_90D_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TwoCapesizeVesselsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember_zX3tDBI4Ls16">68,000</span> in total, with unrelated third parties for two Capesize vessels (the “Sale and Leaseback Agreements”). Navios Holdings has no purchase obligation to acquire the vessels at the end of the lease term, however, it is reasonably certain that respective purchase options will be exercised and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the Sale and Leaseback Agreements as a financial liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Sale and Leaseback Agreements are repayable by <span id="xdx_900_ecustom--NumberOfRepaymentInstallment_uPure_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember_zZzS4z05Q9r9" title="Number of repayment installments">144</span> consecutive <span id="xdx_90A_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember_zXVKc399Y7Hf" title="Frequency of payments">monthly</span> payments of approximately $<span id="xdx_904_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapesizeVesselAMember_zS0FAyUK6lNc" title="Periodic payment">224</span> and $<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapesizeVesselBMember_z9fido9PTbAk">238</span> each, commencing as of January 2020 and March 2020, respectively. As of June 30, 2021, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $<span id="xdx_904_eus-gaap--SaleLeasebackTransactionAmountDueUnderFinancingArrangement_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember_z4AMd92SNbGh">60,165</span> in total. The agreements mature in the <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDateDescription_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapesizeVesselAMember_z8yBLV3Swme9">fourth quarter of 2031</span> and <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapesizeVesselBMember_zGLKcxkMiFL1" title="Maturity date">first quarter of 2032</span>, respectively, with a balloon payment of $<span id="xdx_906_ecustom--FinanceLeaseLiabilityPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapesizeVesselAMember_zyhlXZgWetW5"><span id="xdx_906_ecustom--FinanceLeaseLiabilityPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaleAndLeasebackAgreementsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapesizeVesselBMember_zjV7E8w1Kby6" title="Balloon payment">750</span></span> per vessel on the last repayment date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Sale and Leaseback Agreements have no financial covenants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>2025 Logistics Senior Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On <span id="xdx_903_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_zIL9WVeVdbP7">July 8, 2020</span>, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Logistics Co-Issuers”) issued $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_zcNfx1KwshLe">500,000</span> in aggregate principal amount of senior secured notes due 2025 (the “2025 Logistics Senior Notes), at a fixed rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_zypcrYRaPEUh">10.75</span>%. The net proceeds from the offering of the 2025 Logistics Senior Notes were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes to repay all amounts outstanding under the Navios Logistics’ Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On or after August 1, 2022, the Logistics Co-Issuers may redeem some or all of the 2025 Logistics Senior Notes at the redemption prices set forth in the indenture governing the 2025 Logistics Senior Notes. In addition, before August 1, 2022, the Logistics Co-Issuers may redeem up to <span id="xdx_904_eus-gaap--DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member__dei--LegalEntityAxis__custom--NaviosLogistics1Member__srt--StatementScenarioAxis__custom--PriorToAugust12022Member_z3tKPlqFyUI5" title="Percentage of principal amount redeemed">35</span>% of the aggregate principal amount of the 2025 Logistics Senior Notes at a price equal to <span id="xdx_90A_eus-gaap--DebtInstrumentRedemptionPricePercentage_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member__dei--LegalEntityAxis__custom--NaviosLogistics1Member__srt--StatementScenarioAxis__custom--PriorToAugust12022Member_z3vUOSvckFD8">110.750</span>% of the principal amount of the 2025 Logistics Senior Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Logistics Senior Notes remains outstanding. Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Logistics Co-Issuers may also redeem all, but not less than all, of the 2025 Logistics Senior Notes at a price equal to <span id="xdx_90C_eus-gaap--DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed_dp_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member__dei--LegalEntityAxis__custom--NaviosLogistics1Member__srt--StatementScenarioAxis__custom--UponOccurenceOfCertainChangeOfControlEventsMember_zruPfYhUuCq5">100</span>% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. Furthermore, upon the occurrence of certain change of control events, the Logistics Co-Issuers may be required to offer to purchase 2025 Logistics Senior Notes from holders at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The 2025 Logistics Senior Notes are senior secured obligations of the Logistics Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Navios Logistics’ direct and indirect subsidiaries, other than the Logistics Co-Issuer and Grimaud Ventures S.A (the “Grimaud”). The 2025 Logistics Senior Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Navios Logistics’ cabotage business (the (1) Elena H, (2) Makenita H, (3) Sara H and (4) He Man H) owned by certain subsidiary guarantors (such guarantors, the “Mortgaged Vessel Guarantors”) and related assignments of earnings and insurance together with a first priority lien on the capital stock of each Mortgaged Vessel Guarantor; and (ii) an assignment by way of security of the Vale Port Contract (collectively, the “Collateral”). The 2025 Logistics Senior Notes will be effectively senior to all existing and future obligations of the subsidiary guarantors that own Collateral to the extent of the value of the Collateral but effectively junior to any existing and future secured obligations of the Logistics Co-Issuers and the subsidiary guarantors that are secured by assets other than the Collateral to the extent of the value of any assets securing such other obligations. The indenture governing the 2025 Logistics Senior Notes contains restrictive covenants that limit, among other things, the ability of the Logistics Co-Issuers and their subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliate companies, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Logistics Senior Notes also contains customary events of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025 Logistics Senior Notes amounted to $<span id="xdx_908_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_z1XQyVR86h2k" title="Deferred Finance Costs">17,724</span> and $<span id="xdx_909_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_c20201231__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_zLQHKPOerPZf">19,414</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 19.8pt 0 0"><i>Navios Logistics Other Long-term Loans and Notes Payable</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In December 2020, Navios Logistics entered into a $<span id="xdx_90A_ecustom--SellersCreditAgreement_iI_pn3n3_c20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember_zzVoFjtdCww7"><span id="xdx_90B_eus-gaap--ProceedsFromLinesOfCredit_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember_zcWcMPkxnHsl">13,475</span></span> seller’s credit agreement for the construction of six liquid barges to be made available by way of credit in six equal tranches. Each drawdown is repayable in <span id="xdx_907_ecustom--LineOfCreditFacilityNumberOfRepaymentInstallment_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember_z2RQazLGdFAa">20</span> <span id="xdx_900_eus-gaap--LineOfCreditFacilityFrequencyOfPayments_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember_z4xn4SH7noi1">quarterly</span> installments starting from the delivery of each barge. The seller’s credit for the construction of the six liquid barges bears interest at a fixed rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember_zTz474OQ2LV9" title="Fixed interest rate">8.5</span>%. As of June 30, 2021, Navios Logistics had drawn the total available amount and the outstanding balance was $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--SixLiquidBargesMember_zmQlwt5etCij">12,368</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics’ 2020 Fleet”). The acquisition was completed on March 22, 2021, and consequently, the Company entered into a $<span id="xdx_902_ecustom--SellersCreditAgreement_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember_zgK0300TURak">15,000</span> seller’s credit agreement for the acquisition of the Navios Logistics’ 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember_zXKrZiRXNzYf">5.0</span>% per annum and is payable in <span id="xdx_90B_ecustom--LineOfCreditFacilityNumberOfRepaymentInstallment_dc_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember_ztfbuuXt6cu6" title="Number of repayment installments">three</span> equal <span id="xdx_907_eus-gaap--LineOfCreditFacilityFrequencyOfPayments_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember_zMBwVeoZ1v7l" title="Frequency of payments">annual</span> installments of $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosLogistics2020FleetMember_ziYz68ZP9DJg" title="Periodic payment">5,000</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, Navios Logistics had long-term loans and notes payable, with a total outstanding balance of $<span id="xdx_904_eus-gaap--NotesAndLoansPayable_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NaviosLogisticsOtherLongTermLoansAndNotesPayableMember_zqhvtV4n2ZH1">66,797</span>, including the two above mentioned financings. The purpose of the facilities was to finance the construction of its dry port terminal, the acquisition of vessels, or for general corporate purposes. The facilities are mainly denominated in U.S. dollars and bear interest based on <span id="xdx_903_eus-gaap--DebtInstrumentDescriptionOfVariableRateBasis_c20210101__20210630_zQbYuCq589rl">LIBOR plus spread</span> ranging from <span id="xdx_906_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_dp_uPure_c20210101__20210630__srt--RangeAxis__srt--MinimumMember_zrmy6LV4tiG2">3.15</span>% to <span id="xdx_902_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_dp_uPure_c20210101__20210630__srt--RangeAxis__srt--MaximumMember_z26M7gO74Cy1">3.25</span>% per annum. The facilities are repayable in installments and have maturities ranging from <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDateDescription_c20210101__20210630__srt--RangeAxis__srt--MinimumMember_zwrlAbgEEAA6">August 2021</span> to <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDateDescription_c20210101__20210630__srt--RangeAxis__srt--MaximumMember_z3l1tcazsRk6">November 2025</span>. See also the maturity table included below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt; background-color: white">During the six month period ended June 30, 2021, the Company in relation to its secured credit facilities paid, $<span id="xdx_90F_eus-gaap--RepaymentsOfSecuredDebt_pn3n3_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__us-gaap--SecuredDebtMember_zxiVM0jYL8xb">79,071</span> related to scheduled repayment installments and $<span id="xdx_906_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--LineOfCreditFacilityAxis__custom--FourNaviosHoldingsCreditFacilitiesMember_zvzYuBfC9Pt">36,199</span> related to the prepayment of four of Navios Holdings’ credit facilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2021 were <span id="xdx_906_eus-gaap--DebtWeightedAverageInterestRate_iI_dp_uPure_c20210630__srt--StatementScenarioAxis__custom--ThreeMonthPeriodEndedMember_z2xf6LgzZvpi">9.34</span>% and <span id="xdx_908_eus-gaap--DebtWeightedAverageInterestRate_iI_dp_uPure_c20210630__srt--StatementScenarioAxis__custom--SixMonthPeriodEndedMember_zr9je9hLn6Ni">9.33</span>%, respectively. The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2020 were <span id="xdx_90D_eus-gaap--DebtWeightedAverageInterestRate_iI_dp_uPure_c20200630__srt--StatementScenarioAxis__custom--ThreeMonthPeriodEndedMember_zqfyYb7tnUgd">7.48</span>% and <span id="xdx_907_eus-gaap--DebtWeightedAverageInterestRate_iI_dp_uPure_c20200630__srt--StatementScenarioAxis__custom--SixMonthPeriodEndedMember_zYVBeCF3aan5">7.50</span>%, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt; text-indent: 17.3pt">The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of June 30, 2021, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities.</p> <p id="xdx_898_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zeNqkdX5WKI9" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt; text-indent: 17.3pt"> <span id="xdx_8BD_zIYnGeNRpM1k" style="display: none">Borrowings - Principal payments</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 8pt"><b><span style="text-decoration: underline">Payment due by period</span></b></span></td> <td> </td> <td id="xdx_499_20210630_zgHj8dlMdRW2"> </td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths_iI_maLTDz87F_z2sNanMgIg5j" style="vertical-align: bottom"> <td style="width: 87%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2022</span></td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 11%; text-align: right"><span style="font-size: 10pt">616,440</span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_40A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo_iI_maLTDz87F_zVQrKYPsmrfd" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2023</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">267,331</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree_iI_maLTDz87F_zIHxXjZwqu9h" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2024</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">54,079</span></td> <td> </td></tr> <tr id="xdx_404_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour_iI_maLTDz87F_zhqe4OXoRAo7" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2025</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">22,868</span></td> <td> </td></tr> <tr id="xdx_404_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive_iI_maLTDz87F_zvbnxTTzimm8" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2026</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">506,892</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive_iI_maLTDz87F_zOqFdLjZS4wl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2027 and thereafter</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">32,456</span></td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebt_iTI_mtLTDz87F_z2iHbZxuNME4" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,500,066</b></span></td> <td> </td></tr> </table> <p id="xdx_8AE_zzQA24eHauof" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"> </p> <p id="xdx_894_eus-gaap--ScheduleOfDebtTableTextBlock_zhhaaYjWLSug" style="font: 8pt Times New Roman, Times, Serif; margin: 0"> <span id="xdx_8B7_zuG7l8o2vuk2" style="display: none">Borrowings - Loan’s outstanding amounts</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> <p style="border-bottom: Black 0.75pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0"><i>Facility</i></p></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Secured credit facilities</span></td> <td style="width: 3%"><span style="font-size: 10pt"> </span></td> <td style="width: 4%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--LineOfCredit_iI_d0_c20210630__us-gaap--LineOfCreditFacilityAxis__custom--SecuredcreditfacilitiesMember_zZZvNPREEcCl" style="width: 10%; padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="width: 1%"> </td> <td style="width: 3%"><span style="font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--LineOfCredit_iI_c20201231__us-gaap--LineOfCreditFacilityAxis__custom--SecuredcreditfacilitiesMember_zhfeSa3PsT86" style="width: 12%; text-align: right"><span style="font-size: 10pt">70,074</span></td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2022 Senior Secured Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_985_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_z2tiRV226ue6" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">305,000</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_980_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--SeniorSecuredNotesMember_zhLETtlYaCzh" style="text-align: right"><span style="font-size: 10pt">305,000</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2022 Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_983_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zCSRewiECyH9" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">462,466</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_989_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zbIMdYZQgiT4" style="text-align: right"><span style="font-size: 10pt">476,822</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2024 Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98F_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesIMember_zGPQJTIGQO52" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">8,626</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_984_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesIMember_zYNJNdodqQGe" style="text-align: right"><span style="font-size: 10pt">8,626 </span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">NSM Loan (incl. accrued interest $358 and $526, respectively)</span></td> <td> </td> <td> </td> <td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zDkAva7nx29d" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">57,026</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_z5a5c0mQ6Pbl" style="text-align: right"><span style="font-size: 10pt">78,901</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)</span></td> <td> </td> <td> </td> <td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zyazyvBVfX8e" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">39,986</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zkg83q5k1uEf" style="text-align: right"><span style="font-size: 10pt">50,326</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Sale and Leaseback Agreements</span></td> <td> </td> <td> </td> <td id="xdx_981_eus-gaap--SaleLeasebackTransactionAmountDueUnderFinancingArrangement_iI_c20210630__us-gaap--SaleLeasebackTransactionDescriptionAxis__custom--SaleAndLeasebackAgreementsMember_zFT0DvnbedZj" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">60,165</span></td> <td> </td> <td> </td> <td> </td> <td id="xdx_986_eus-gaap--SaleLeasebackTransactionAmountDueUnderFinancingArrangement_iI_c20201231__us-gaap--SaleLeasebackTransactionDescriptionAxis__custom--SaleAndLeasebackAgreementsMember_zpierLxMti6e" style="text-align: right"><span style="font-size: 10pt">62,934</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">2025 Logistics Senior Notes</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_986_eus-gaap--SeniorNotes_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_zqO33qLddxkl" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">500,000</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_983_eus-gaap--SeniorNotes_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2025Member_z8Fo1zRJZi8f" style="text-align: right"><span style="font-size: 10pt">500,000</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Navios Logistics other long-term loans and notes payable</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98A_eus-gaap--NotesAndLoansPayable_iI_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NaviosLogisticsOtherLongTermLoansAndNotesPayableMember_zIXww97XrRoj" style="padding-right: 0.75pt; text-align: right"><span style="font-size: 10pt">66,797</span></td> <td> </td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_987_eus-gaap--NotesAndLoansPayable_iI_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NaviosLogisticsOtherLongTermLoansAndNotesPayableMember_z91nFsQUc4K" style="text-align: right"><span style="font-size: 10pt">60,035</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total borrowings</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210630_zYr2Eb4JmsJl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.75pt; text-align: right" title="Total borrowings"><span style="font-size: 10pt"><b>1,500,066</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid"> </td> <td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20201231_zhxU1T25dJd4" style="border-top: Black 1pt solid; text-align: right" title="Total borrowings"><span style="font-size: 10pt"><b>1,612,718</b></span></td> <td style="border-top: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Less: current portion, net</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98F_eus-gaap--LongTermDebtCurrent_iNI_di_c20210630_z0uQmwInNFzg" style="padding-right: 0.75pt; text-align: right" title="Less: current portion, net"><span style="font-size: 10pt">(614,939</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid"> </td> <td id="xdx_98B_eus-gaap--LongTermDebtCurrent_iNI_di_c20201231_zoJtVvDddjxb" style="border-top: Black 1pt solid; text-align: right" title="Less: current portion, net"><span style="font-size: 10pt">(374,191</span></td> <td style="border-top: Black 1pt solid"><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Less: deferred finance costs, net</span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_98D_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_di_c20210630_z54c0E5gCcX" style="padding-right: 0.75pt; text-align: right" title="Less: deferred finance costs, net"><span style="font-size: 10pt">(23,613</span></td> <td><span style="font-size: 10pt">) </span></td> <td><span style="font-size: 10pt"> </span></td> <td> </td> <td id="xdx_981_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_di_c20201231_zmi6QVkGtv9l" style="text-align: right" title="Less: deferred finance costs, net"><span style="font-size: 10pt">(28,289</span></td> <td><span style="font-size: 10pt">) </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCE9FF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total long-term borrowings</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98A_eus-gaap--LongTermDebtNoncurrent_iI_c20210630_z824HXqnPxHb" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 0.75pt; text-align: right" title="Total long-term borrowings"><span style="font-size: 10pt"><b>861,514</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td> <td><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_c20201231_zlGT6vbERb5k" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right" title="Total long-term borrowings"><span style="font-size: 10pt"><b>1,210,238</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"> </td></tr> </table> 0 70074000 305000000 305000000 462466000 476822000 8626000 8626000 57026000 78901000 39986000 50326000 60165000 62934000 500000000 500000000 66797000 60035000 1500066000 1612718000 614939000 374191000 23613000 28289000 861514000 1210238000 70074000 11100000 11400000 9945000 4504000 20200000 12925000 2017-11-21 305000000 0.97 1.01 The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021. 75264000 100000000 1 20000000 1 185000000 2013-11-29 650000000 0.07375 35661000 28796000 35500000 17642000 81235000 50683000 20782000 9443000 11204000 14356000 12454000 1873000 7000000 6134000 855000 455466000 23 dry bulk vessels 14250000 17 drybulk vessels The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par. 1.01 The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021. 2019-03-21 4747000 0.0975 10930 2019-04-21 3879000 8841 1 2019-08-29 141795000 57026000 358000 50000000 39986000 250000 115000000 68000000 144 monthly 224000 238000 60165000 fourth quarter of 2031 first quarter of 2032 750000 750000 2020-07-08 500000000 0.1075 0.35 1.10750 1 17724000 19414000 13475000 13475000 20 quarterly 0.085 12368000 15000000 0.050 3 annual 5000000 66797000 LIBOR plus spread 0.0315 0.0325 August 2021 November 2025 79071000 36199000 0.0934 0.0933 0.0748 0.0750 <p id="xdx_898_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zeNqkdX5WKI9" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt; text-indent: 17.3pt"> <span id="xdx_8BD_zIYnGeNRpM1k" style="display: none">Borrowings - Principal payments</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 8pt"><b><span style="text-decoration: underline">Payment due by period</span></b></span></td> <td> </td> <td id="xdx_499_20210630_zgHj8dlMdRW2"> </td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths_iI_maLTDz87F_z2sNanMgIg5j" style="vertical-align: bottom"> <td style="width: 87%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2022</span></td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 11%; text-align: right"><span style="font-size: 10pt">616,440</span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_40A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo_iI_maLTDz87F_zVQrKYPsmrfd" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2023</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">267,331</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree_iI_maLTDz87F_zIHxXjZwqu9h" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2024</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">54,079</span></td> <td> </td></tr> <tr id="xdx_404_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour_iI_maLTDz87F_zhqe4OXoRAo7" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2025</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">22,868</span></td> <td> </td></tr> <tr id="xdx_404_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive_iI_maLTDz87F_zvbnxTTzimm8" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2026</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">506,892</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive_iI_maLTDz87F_zOqFdLjZS4wl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2027 and thereafter</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">32,456</span></td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--LongTermDebt_iTI_mtLTDz87F_z2iHbZxuNME4" style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,500,066</b></span></td> <td> </td></tr> </table> 616440000 267331000 54079000 22868000 506892000 32456000 1500066000 <p id="xdx_807_eus-gaap--DerivativesAndFairValueTextBlock_zJ0RL8x530Ce" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_823_zRsj49jBu2Xk">Fair Value of Financial Instruments</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b><i>Cash and cash equivalents: </i></b>The carrying amounts reported in the consolidated balance sheets for interest bearing deposits and money market funds approximate their fair value because of the short maturity of these investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b><i>Restricted cash: </i></b>The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b><i>Borrowings: </i></b>The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate its fair value, excluding the effect of any deferred financing costs. The 2022 Notes, the 2025 Logistics Senior Notes, the 2022 Senior Secured Notes and three Navios Logistics’ loans are fixed rate borrowings and their fair value was determined based on quoted market prices.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b><i>Loans payable to affiliate companies: </i></b>The carrying amount of the fixed rate loan approximates its fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b><i>Investments in available-for-sale securities: </i></b>The carrying amount of the investments in available-for-sale securities reported in the consolidated balance sheets represents unrealized gains and losses on these securities, which are reflected in the interim condensed consolidated statements of comprehensive income/(loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The estimated fair values of the Company’s financial instruments are as follows:</p> <p id="xdx_894_eus-gaap--FairValueByBalanceSheetGroupingTextBlock_z2AUDAAGs1oh" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">  <span id="xdx_8BD_zhnbZjSVd5Ve" style="display: none">Fair Value of Financial Instruments - Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>June 30, 2021</b></span></td> <td> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>December 31, 2020</b></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Book Value</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Book Value</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value</b></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 47%; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20210630_zOVptZYuC476" title="Cash and cash equivalents - Book Value">73,159</span></span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_zs0iRKxmJy33" title="Cash and cash equivalents - Fair Value">73,159</span></span></td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 4%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 8%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20201231_zwdYOLOEAv51">94,881</span></span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_z6N5H9okWbel">94,881</span></span></td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--RestrictedCashAndCashEquivalents_iI_pn3n3_c20210630_zv6cTcDvhNCe" title="Restricted cash - Book Value">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_z65mANqB3BC8" title="Restricted cash - Fair Value">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--RestrictedCashAndCashEquivalents_iI_pn3n3_c20201231_zlwM5XKNcj9c">16,303</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_z6bE8jTmBkCi">16,303</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--AvailableForSaleSecuritiesEquitySecuritiesNoncurrent_iI_pn3n3_c20210630_z4RcbzL42Uag" title="Investments in available-for-sale-securities - Book Value">364</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630_zg6PFz3ISRh9" title="Investments in available-for-sale-securities - Fair Value">364</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--AvailableForSaleSecuritiesEquitySecuritiesNoncurrent_iI_pn3n3_c20201231_zkJRlJmN8gc6">222</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231_zeH62dzqZNP2">222</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Senior and ship mortgage notes, net</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="text-align: right; vertical-align: bottom"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--SeniorNotes_iNI_pn3n3_di_c20210630_zQMdL9M6KMzi" title="Senior and ship mortgage notes, net - Book Value">(1,253,395)</span></span></td> <td style="vertical-align: bottom"/> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630_zWyaQVJbPgw2" title="Senior and ship mortgage notes, net - Fair Value">(1,269,481)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--SeniorNotes_iNI_pn3n3_di_c20201231_zYp9MhmcGWEb">(1,263,566)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_908_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231_z5BcQwOo6rI7">(1,054,616)</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, including current portion</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--LoansPayableToBank_iNI_pn3n3_di_c20210630_zrQjP1uaTKf7" title="Long-term debt, including current portion - Book Value">(126,047)</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20210630_zG36GaDj4SLk" title="Long-term debt, including current portion - Fair Value">(126,962)</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--LoansPayableToBank_iNI_pn3n3_di_c20201231_zBacCwf5yxej">(191,636)</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20201231_zMGNuercPzql">(193,043)</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Loans payable to affiliate companies, including current portion</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--DueToAffiliateNoncurrent_iNI_pn3n3_di_c20210630_zggxxhIfn65b" title="Loans payable to affiliate companies, including current portion - Book Value">(96,404)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20210630_zJ3YJAI6SXZc" title="Loans payable to affiliate companies, including current portion - Fair Value">(96,404)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--DueToAffiliateNoncurrent_iNI_pn3n3_di_c20201231_zDSyFBCFhstb">(129,227)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20201231_zyxycBQZX9X2">(129,227)</span></span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p id="xdx_8A7_zeZE9JC05Bdb" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The following table sets forth our assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.</p> <p id="xdx_899_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ziEITukasgs9" style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 5.4pt"> <span id="xdx_8B4_zKV6X9VxdVD4" style="display: none">Fair Value of Financial Instruments - Fair value measurements on a recurring basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of June 30, 2021</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 8.8pt; text-indent: -8.8pt; width: 33%"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzuelrSMa6T9" style="border-top: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Investments in available-for-sale securities"><span style="font-size: 10pt">364</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z3fksVVV5M3e" style="border-top: Black 1pt solid; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">364</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zXlvkUvCrNX2" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Investments in available-for-sale securities"><span style="font-size: 10pt"><b>364</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98F_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z7Fu0tVIAnjf" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>364</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 13.2pt 0 0; text-indent: 23.1pt"/> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of December 31, 2020</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zT11H6qMc9E6" style="border-top: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Investments in available-for-sale-securities"><span style="font-size: 10pt">222</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6tyeU0jKWT7" style="border-top: Black 1pt solid; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">222</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z6mWFTKcJzrb" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total"><span style="font-size: 10pt"><b>222</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zUBq1viln3g2" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>222</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 13.2pt 0 0; text-indent: 23.1pt"> </p> <p style="font: 10pt/10.75pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_8AA_zlSj0Qo9yEg5" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt; text-indent: 17.3pt">As of June 30, 2021, the Company’s assets measured at fair value on a non-recurring basis were:</p> <p id="xdx_896_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_ztBH9zFIQkBd" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt; text-indent: 17.3pt"><span id="xdx_8BD_zeA37SkJcmdi" style="display: none">Fair Value of Financial Instruments - Fair value on a non-recurring basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="14" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of June 30, 2021</b></span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 42%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Assets held for sale</span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--AssetsHeldForSaleLongLivedFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_z2RFgLnwZeAd" style="vertical-align: bottom; width: 6%; text-align: right" title="Assets held for sale"><span style="font-size: 10pt">30,000</span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 4%"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--AssetsHeldForSaleLongLivedFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zR0PuTuh7rV1" style="vertical-align: bottom; width: 8%; text-align: right"><span style="font-size: 10pt">30,000</span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 8%; padding-right: -0.75pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 5%; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: top; width: 2%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98B_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zTSpRxVoayU1" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right" title="Assets held for sale"><span style="font-size: 10pt"><b>30,000</b></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztl7h2H3k2ce" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><b>30,000</b></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: top; background-color: #CCEEFF; text-align: right"> </td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $<span id="xdx_902_eus-gaap--AssetImpairmentCharges_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_z6mdBu9G2DM8" title="Impairment loss">9,104</span>. The fair value of Navios Azimuth is measured at $<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zUWMDRtq2rRc">30,000</span>, as at June 30, 2021.As of December 31, 2020, the Company’s assets measured at fair value on a non-recurring basis were:</p> <p style="font: 10pt/10.75pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="14" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of December 31, 2020</b></span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 44%; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Vessels, port terminals and other fixed assets, net</span></td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zzEemfMdACCf" style="vertical-align: bottom; width: 5%; background-color: #CCEEFF; text-align: right" title="Vessels, port terminals and other fixed assets, net"><span style="font-size: 10pt">38,054</span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 4%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zzOZfpiDbB6a" style="vertical-align: bottom; width: 8%; background-color: #CCEEFF; text-align: right" title="Vessels, port terminals and other fixed assets, net"><span style="font-size: 10pt">6,644</span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 4%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zRCzsmE8f98l" style="vertical-align: bottom; width: 8%; background-color: #CCEEFF; padding-right: -0.75pt; text-align: right"><span style="font-size: 10pt">31,410</span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 5%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: top; width: 2%; background-color: #CCEEFF; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Operating lease assets</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zskcE7eDuiDd" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right" title="Operating lease assets"><span style="font-size: 10pt">10,018</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_d0_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zx6P18xFx3R5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right" title="Operating lease assets"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_d0_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zSTcXvEhpvD2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">10,018</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"> </td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zQ3fCLxdNXw8" style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right" title="Total"><span style="font-size: 10pt"><b>48,072</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zbiWlfiOY0h4" style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right" title="Total"><span style="font-size: 10pt"><b>6,644</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zh08WiVDIf71" style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right" title="Total"><span style="font-size: 10pt"><b>41,428</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: top; text-align: right"> </td> <td> </td></tr> </table> <p id="xdx_8A9_zfokOZBqtyD6" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company recorded an impairment loss of $<span id="xdx_907_eus-gaap--AssetImpairmentCharges_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ThreeVesselsMember_zWqbyZaLUWX4">59,108</span> during the year ended December 31, 2020 for three of its vessels, the fair value of which is measured at $<span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ThreeVesselsMember_zAOtgTExsEF8">38,054</span>, as at December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company recorded an impairment loss of $<span id="xdx_906_eus-gaap--AssetImpairmentCharges_pn3n3_c20200101__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TwoCharteredInVesselsMember_zVDNOJzzCPId">1,361</span> during the year ended December 31, 2020 for two of its charter-in vessels, the fair value of which is measured at $<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TwoCharteredInVesselsMember_zVZeBKLiaOl8" title="Fair value of assets">10,018</span>, as at December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>Fair Value Measurements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Level III: Inputs that are unobservable.</p> <p id="xdx_89A_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zaV63EY7vVp9" style="font: 10pt/12.3pt Times New Roman, Times, Serif; margin: 0"> <span id="xdx_8BD_zZ5DhlcGuHU4" style="display: none">Fair Value of Financial Instruments - Fair value measurements</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements at June 30, 2021</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level I)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level II)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level III)</b></span></td> <td colspan="2"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_zzbgb9zG9Oqc" title="Cash and cash equivalents">73,159</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zVqvGYD6NiK3">73,159</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_zoQfOgfDqzt8" title="Restricted cash">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z0XKVaAZbCK8">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630_zph7UJ9AqfHc" title="Investments in available-for-sale-securities">364</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zpIOIyKBXxh6">364</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Senior and ship mortgage notes</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630_z33G0D5uQRr8" title="Senior and ship mortgage notes">(1,269,481)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zI3b3ZKV8fRg">(1,260,855)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zMfUukj4Uakl">(8,626)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, including current portion</span><span style="font-size: 9pt"><sup>(1)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20210630_zqWbgAChoQK8" title="Long-term debt, including current portion(1)">(126,962)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zsmyIiWQLmEk">(126,962)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Loans payable to affiliate companies, including current portion</span><span style="font-size: 9pt"><sup>(2)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20210630_ziCc2vxXbvg5" title="Loans payable to affiliate companies, including current portion(2)">(96,404)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"/></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zmb7FZ7N7ED3">(96,404)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="width: 44%"> </td> <td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 3%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td></tr> </table> <p style="font: 10pt/12.3pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements at December 31, 2020</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level I)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level II)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level III)</b></span></td> <td colspan="2"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_zIEiccXsvl7l">94,881</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zI7a0HrnQath">94,881</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_zaL6VHTU0zP2">16,303</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ziR1BikGcySj">16,303</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231_zFgWb4SD4XQ7">222</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zZPB5oCpd0r4">222</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Senior and ship mortgage notes</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231_zehgT1ONPnNk">(1,054,616)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_za7wsT1tBFfg">(1,045,990)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzdgAB7ZI6fa">(8,626)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, including current portion</span><span style="font-size: 9pt"><sup>(1)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20201231_zWOwsG7imC94">(193,043)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: middle; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zrrc9X8jC1hh">(193,043)</span></span></td> <td style="vertical-align: bottom"/> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Loans payable to affiliate companies, including current portion</span><span style="font-size: 9pt"><sup>(2)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20201231_zDJaIc175p84">(129,227)</span></span></td> <td style="vertical-align: bottom"/> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">      <span id="xdx_907_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zYY2odmuRAC4">(129,227)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="width: 47%"> </td> <td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 3%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td></tr> </table> <p style="font: 10pt/6.65pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"/> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 4%"><span style="font-size: 10pt">(1)</span></td> <td style="width: 96%"><span style="font-size: 10pt">The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt">(2)</span></td> <td><span style="font-size: 10pt">The fair value of the Company’s loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness.</span></td></tr> </table> <p id="xdx_8A2_zEOMUqAH89n6" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"/> <p id="xdx_894_eus-gaap--FairValueByBalanceSheetGroupingTextBlock_z2AUDAAGs1oh" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">  <span id="xdx_8BD_zhnbZjSVd5Ve" style="display: none">Fair Value of Financial Instruments - Fair Value</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>June 30, 2021</b></span></td> <td> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>December 31, 2020</b></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Book Value</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Book Value</b></span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value</b></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 47%; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20210630_zOVptZYuC476" title="Cash and cash equivalents - Book Value">73,159</span></span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_zs0iRKxmJy33" title="Cash and cash equivalents - Fair Value">73,159</span></span></td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 4%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 8%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20201231_zwdYOLOEAv51">94,881</span></span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 9%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_z6N5H9okWbel">94,881</span></span></td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--RestrictedCashAndCashEquivalents_iI_pn3n3_c20210630_zv6cTcDvhNCe" title="Restricted cash - Book Value">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_z65mANqB3BC8" title="Restricted cash - Fair Value">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--RestrictedCashAndCashEquivalents_iI_pn3n3_c20201231_zlwM5XKNcj9c">16,303</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_z6bE8jTmBkCi">16,303</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--AvailableForSaleSecuritiesEquitySecuritiesNoncurrent_iI_pn3n3_c20210630_z4RcbzL42Uag" title="Investments in available-for-sale-securities - Book Value">364</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630_zg6PFz3ISRh9" title="Investments in available-for-sale-securities - Fair Value">364</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--AvailableForSaleSecuritiesEquitySecuritiesNoncurrent_iI_pn3n3_c20201231_zkJRlJmN8gc6">222</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231_zeH62dzqZNP2">222</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Senior and ship mortgage notes, net</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="text-align: right; vertical-align: bottom"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--SeniorNotes_iNI_pn3n3_di_c20210630_zQMdL9M6KMzi" title="Senior and ship mortgage notes, net - Book Value">(1,253,395)</span></span></td> <td style="vertical-align: bottom"/> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630_zWyaQVJbPgw2" title="Senior and ship mortgage notes, net - Fair Value">(1,269,481)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--SeniorNotes_iNI_pn3n3_di_c20201231_zYp9MhmcGWEb">(1,263,566)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_908_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231_z5BcQwOo6rI7">(1,054,616)</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, including current portion</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--LoansPayableToBank_iNI_pn3n3_di_c20210630_zrQjP1uaTKf7" title="Long-term debt, including current portion - Book Value">(126,047)</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_900_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20210630_zG36GaDj4SLk" title="Long-term debt, including current portion - Fair Value">(126,962)</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--LoansPayableToBank_iNI_pn3n3_di_c20201231_zBacCwf5yxej">(191,636)</span></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20201231_zMGNuercPzql">(193,043)</span></span></td> <td> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Loans payable to affiliate companies, including current portion</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--DueToAffiliateNoncurrent_iNI_pn3n3_di_c20210630_zggxxhIfn65b" title="Loans payable to affiliate companies, including current portion - Book Value">(96,404)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20210630_zJ3YJAI6SXZc" title="Loans payable to affiliate companies, including current portion - Fair Value">(96,404)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--DueToAffiliateNoncurrent_iNI_pn3n3_di_c20201231_zDSyFBCFhstb">(129,227)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20201231_zyxycBQZX9X2">(129,227)</span></span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> 73159000 73159000 94881000 94881000 10000 10000 16303000 16303000 364000 364000 222000 222000 1253395000 -1269481000 1263566000 -1054616000 126047000 -126962000 191636000 -193043000 96404000 -96404000 129227000 -129227000 <p id="xdx_899_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ziEITukasgs9" style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 5.4pt"> <span id="xdx_8B4_zKV6X9VxdVD4" style="display: none">Fair Value of Financial Instruments - Fair value measurements on a recurring basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of June 30, 2021</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 8.8pt; text-indent: -8.8pt; width: 33%"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzuelrSMa6T9" style="border-top: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Investments in available-for-sale securities"><span style="font-size: 10pt">364</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z3fksVVV5M3e" style="border-top: Black 1pt solid; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">364</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zXlvkUvCrNX2" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Investments in available-for-sale securities"><span style="font-size: 10pt"><b>364</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98F_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z7Fu0tVIAnjf" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>364</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 13.2pt 0 0; text-indent: 23.1pt"/> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of December 31, 2020</b></span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zT11H6qMc9E6" style="border-top: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Investments in available-for-sale-securities"><span style="font-size: 10pt">222</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6tyeU0jKWT7" style="border-top: Black 1pt solid; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">222</span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 5%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">— </span></td> <td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z6mWFTKcJzrb" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total"><span style="font-size: 10pt"><b>222</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_ecustom--FairValueAssetsLiabilitiesMeasuredOnRecurringBasis_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zUBq1viln3g2" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>222</b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"> </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>— </b></span></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 13.2pt 0 0; text-indent: 23.1pt"> </p> <p style="font: 10pt/10.75pt Times New Roman, Times, Serif; margin: 0"> </p> 364000 364000 364000 364000 222000 222000 222000 222000 <p id="xdx_896_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_ztBH9zFIQkBd" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 12pt; text-indent: 17.3pt"><span id="xdx_8BD_zeA37SkJcmdi" style="display: none">Fair Value of Financial Instruments - Fair value on a non-recurring basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="14" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of June 30, 2021</b></span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 42%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Assets held for sale</span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--AssetsHeldForSaleLongLivedFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_z2RFgLnwZeAd" style="vertical-align: bottom; width: 6%; text-align: right" title="Assets held for sale"><span style="font-size: 10pt">30,000</span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 4%"><span style="font-size: 10pt">$</span></td> <td id="xdx_989_eus-gaap--AssetsHeldForSaleLongLivedFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zR0PuTuh7rV1" style="vertical-align: bottom; width: 8%; text-align: right"><span style="font-size: 10pt">30,000</span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 4%"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 8%; padding-right: -0.75pt; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 5%; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: top; width: 2%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98B_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zTSpRxVoayU1" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right" title="Assets held for sale"><span style="font-size: 10pt"><b>30,000</b></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztl7h2H3k2ce" style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt"><b>30,000</b></span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: top; background-color: #CCEEFF; text-align: right"> </td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $<span id="xdx_902_eus-gaap--AssetImpairmentCharges_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_z6mdBu9G2DM8" title="Impairment loss">9,104</span>. The fair value of Navios Azimuth is measured at $<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zUWMDRtq2rRc">30,000</span>, as at June 30, 2021.As of December 31, 2020, the Company’s assets measured at fair value on a non-recurring basis were:</p> <p style="font: 10pt/10.75pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="14" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements as of December 31, 2020</b></span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Quoted Prices in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Active Markets for</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Identical Assets</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level I)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant Other</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Observable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level II)</b></p></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Significant</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unobservable</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Inputs</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Level III)</b></p></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom; width: 44%; background-color: #CCEEFF; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Vessels, port terminals and other fixed assets, net</span></td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zzEemfMdACCf" style="vertical-align: bottom; width: 5%; background-color: #CCEEFF; text-align: right" title="Vessels, port terminals and other fixed assets, net"><span style="font-size: 10pt">38,054</span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 4%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zzOZfpiDbB6a" style="vertical-align: bottom; width: 8%; background-color: #CCEEFF; text-align: right" title="Vessels, port terminals and other fixed assets, net"><span style="font-size: 10pt">6,644</span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 4%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zRCzsmE8f98l" style="vertical-align: bottom; width: 8%; background-color: #CCEEFF; padding-right: -0.75pt; text-align: right"><span style="font-size: 10pt">31,410</span></td> <td style="vertical-align: bottom; width: 2%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; width: 3%; background-color: #CCEEFF"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; width: 5%; background-color: #CCEEFF; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: top; width: 2%; background-color: #CCEEFF; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Operating lease assets</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zskcE7eDuiDd" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right" title="Operating lease assets"><span style="font-size: 10pt">10,018</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_d0_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zx6P18xFx3R5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right" title="Operating lease assets"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_d0_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zSTcXvEhpvD2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">10,018</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"> </td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember_zQ3fCLxdNXw8" style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right" title="Total"><span style="font-size: 10pt"><b>48,072</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zbiWlfiOY0h4" style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right" title="Total"><span style="font-size: 10pt"><b>6,644</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zh08WiVDIf71" style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right" title="Total"><span style="font-size: 10pt"><b>41,428</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: top; text-align: right"> </td> <td> </td></tr> </table> 30000000 30000000 30000000 30000000 9104000 30000000 38054000 6644000 31410000 10018000 0 10018000 48072000 6644000 41428000 59108000 38054000 1361000 10018000 <p id="xdx_89A_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zaV63EY7vVp9" style="font: 10pt/12.3pt Times New Roman, Times, Serif; margin: 0"> <span id="xdx_8BD_zZ5DhlcGuHU4" style="display: none">Fair Value of Financial Instruments - Fair value measurements</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements at June 30, 2021</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level I)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level II)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level III)</b></span></td> <td colspan="2"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_zzbgb9zG9Oqc" title="Cash and cash equivalents">73,159</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zVqvGYD6NiK3">73,159</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630_zoQfOgfDqzt8" title="Restricted cash">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z0XKVaAZbCK8">10</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630_zph7UJ9AqfHc" title="Investments in available-for-sale-securities">364</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zpIOIyKBXxh6">364</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Senior and ship mortgage notes</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630_z33G0D5uQRr8" title="Senior and ship mortgage notes">(1,269,481)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zI3b3ZKV8fRg">(1,260,855)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zMfUukj4Uakl">(8,626)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, including current portion</span><span style="font-size: 9pt"><sup>(1)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20210630_zqWbgAChoQK8" title="Long-term debt, including current portion(1)">(126,962)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zsmyIiWQLmEk">(126,962)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Loans payable to affiliate companies, including current portion</span><span style="font-size: 9pt"><sup>(2)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20210630_ziCc2vxXbvg5" title="Loans payable to affiliate companies, including current portion(2)">(96,404)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"/></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zmb7FZ7N7ED3">(96,404)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="width: 44%"> </td> <td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 3%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td></tr> </table> <p style="font: 10pt/12.3pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Fair Value Measurements at December 31, 2020</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level I)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level II)</b></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"><b>(Level III)</b></span></td> <td colspan="2"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_zIEiccXsvl7l">94,881</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zI7a0HrnQath">94,881</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231_zaL6VHTU0zP2">16,303</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_ecustom--RestrictedCashCashEquivalentsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ziR1BikGcySj">16,303</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investments in available-for-sale-securities</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231_zFgWb4SD4XQ7">222</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--AvailableForSaleSecuritiesEquitySecuritiesNoncurrentFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zZPB5oCpd0r4">222</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Senior and ship mortgage notes</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231_zehgT1ONPnNk">(1,054,616)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_za7wsT1tBFfg">(1,045,990)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_ecustom--SeniorLongTermNotesFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzdgAB7ZI6fa">(8,626)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, including current portion</span><span style="font-size: 9pt"><sup>(1)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20201231_zWOwsG7imC94">(193,043)</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: middle; text-align: right"><span style="font-size: 10pt"><span id="xdx_906_ecustom--LoansPayableToBankFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zrrc9X8jC1hh">(193,043)</span></span></td> <td style="vertical-align: bottom"/> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Loans payable to affiliate companies, including current portion</span><span style="font-size: 9pt"><sup>(2)</sup></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20201231_zDJaIc175p84">(129,227)</span></span></td> <td style="vertical-align: bottom"/> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">      <span id="xdx_907_ecustom--LongTermPayableToAffiliateCompaniesFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zYY2odmuRAC4">(129,227)</span></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">—  </span></td> <td colspan="2" style="vertical-align: bottom"> </td></tr> <tr> <td style="width: 47%"> </td> <td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 3%"> </td> <td style="width: 7%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td></tr> </table> <p style="font: 10pt/6.65pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"/> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 4%"><span style="font-size: 10pt">(1)</span></td> <td style="width: 96%"><span style="font-size: 10pt">The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt">(2)</span></td> <td><span style="font-size: 10pt">The fair value of the Company’s loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness.</span></td></tr> </table> 73159000 73159000 10000 10000 364000 364000 -1269481000 -1260855000 -8626000 -126962000 -126962000 -96404000 -96404000 94881000 94881000 16303000 16303000 222000 222000 -1054616000 -1045990000 -8626000 -193043000 -193043000 -129227000 -129227000 <p id="xdx_807_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zq4xO9rQMmyd" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 8: COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_82E_zEOy9dsdu6mb">Commitments and Contingencies</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the Company was contingently liable for letters of guarantee and letters of credit amounting to $<span id="xdx_908_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn3n3_c20210630_zc6zPra59nEc" title="Letters of guarantee and letters of credit">10</span> (December 31, 2020: $<span id="xdx_90F_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn3n3_c20201231_zojn5Dvaj1Wl">10</span>) issued by one bank in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In December 2017, <span id="xdx_903_ecustom--CharterInAgreementDateOfAgreement_dd_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosGalaxyIIMember_zYwWCU4sbIi8" style="display: none" title="Date of charter-in agreement">December 31, 2017</span> Navios Holdings agreed to charter-in, under a ten-year <span id="xdx_907_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dt_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosGalaxyIIMember_zLI3vZIMyjg3" style="display: none"> 10 years</span>bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of <span id="xdx_902_ecustom--VesselCapacity_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosGalaxyIIMember_zsOImRmNckw3" title="Vessel capacity in DWT">81,789</span> dwt. On <span id="xdx_90D_ecustom--DateDelivery_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosGalaxyIIMember_z9W2U1wrieBi">March 30, 2020</span>, Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $<span id="xdx_909_eus-gaap--ContractualObligation_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosGalaxyIIMember_zw8But2Ni5n5">5,410</span> representing a deposit for the option to acquire the vessel. As of June 30, 2021, the total amount of $<span id="xdx_900_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosGalaxyIIMember_z2151NOHMGl2" title="Other long-term assets">6,704</span>, including expenses and interest, is presented within the caption “Other long-term assets”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In January 2018, <span id="xdx_903_ecustom--CharterInAgreementDateOfAgreement_dd_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosHeraklesIAndNaviosUranusMember_ztlb0kZ8kVQ9" style="display: none">January 31, 2018</span> Navios Holdings agreed to charter-in, under two ten-year <span id="xdx_90B_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dt_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosHeraklesIMember_zt6LQw5z2xja"><span id="xdx_907_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dt_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosUranusMember_zhjSjVPIk9Jl" style="display: none">10 years</span></span>bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of <span id="xdx_908_ecustom--VesselCapacity_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosHeraklesIMember_zq2tAyxAb4Xf">82,036</span> dwt and <span id="xdx_904_ecustom--VesselCapacity_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosUranusMember_z8MG0F5cLT9l">81,516</span> dwt, respectively. On <span id="xdx_906_ecustom--DateDelivery_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosHeraklesIMember_zjIG4ThbKjs6">August 28, 2019</span> Navios Holdings took delivery of the Navios Herakles I. On <span id="xdx_90E_ecustom--DateDelivery_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosUranusMember_z2sXPlOrQXf1">November 28, 2019</span> Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $<span id="xdx_904_eus-gaap--ContractualObligation_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosHeraklesIAndNaviosUranusMember_zW5udb4fDZe8">11,140</span>, representing a deposit for the option to acquire these vessels. As of June 30, 2021, the total amount of $<span id="xdx_90F_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosHeraklesIAndNaviosUranusMember_zKm3vrcanfug">14,070</span>, including expenses and interest, is presented within the caption “Other long-term assets”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In April 2018, <span id="xdx_90D_ecustom--CharterInAgreementDateOfAgreement_dd_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosFelicityIMember_z9aGnfDAhOx8" style="display: none">April 30, 2018</span> Navios Holdings agreed to charter-in, under one ten-year <span id="xdx_90B_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dt_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosFelicityIMember_zLeBhcH4vWV7" style="display: none">10 years</span>bareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of <span id="xdx_907_ecustom--VesselCapacity_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosFelicityIMember_zU0f6Bp8Zkc4">81,946</span> dwt. On <span id="xdx_90D_ecustom--DateDelivery_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosFelicityIMember_z6YqsBXlBTah">January 17, 2020</span>, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $<span id="xdx_906_eus-gaap--ContractualObligation_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosFelicityIMember_zvsC6ZIDz4w">5,590</span>, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $<span id="xdx_903_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosFelicityIMember_zwbeNjBg7QS6">7,193</span>, including expenses and interest, is presented within the caption “Other long-term assets”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In October 2018, <span id="xdx_90F_ecustom--CharterInAgreementDateOfAgreement_dd_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosMagellanIIMember_zEC5phhdqgZg" style="display: none">October 30, 2018</span> Navios Holdings agreed to charter-in, under one ten-year <span id="xdx_90D_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dt_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosMagellanIIMember_zRk9zpLCGJx1" style="display: none">10 years</span>bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of <span id="xdx_906_ecustom--VesselCapacity_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosMagellanIIMember_ziab229NLJF5">82,037</span> dwt. On <span id="xdx_908_ecustom--DateDelivery_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosMagellanIIMember_zcspudfx2xQf">May 15, 2020</span>, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $<span id="xdx_908_eus-gaap--ContractualObligation_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosMagellanIIMember_zQ0wpxqtdtb7">5,820</span>, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $<span id="xdx_903_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosMagellanIIMember_zMIdpf5mTdJf">7,506</span>, including expenses and interest, is presented within the caption “Other long-term assets”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $<span id="xdx_905_eus-gaap--GuaranteeObligationsMaximumExposure_iI_pn3n3_c20210630__dei--LegalEntityAxis__custom--NaviosLogisticsMember__us-gaap--RelatedPartyTransactionAxis__custom--VitolSAMember_zYIMlgsu1X7j" title="Guarantee and indemnity letter">12,000</span>. This guarantee expires on March 1, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_901_eus-gaap--GuaranteeObligationsTerm_c20210101__20210630__us-gaap--RelatedPartyTransactionAxis__custom--EdolmixSAAndEnergiasRenovablesDelSurSAMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zu74t1Riyloe">On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $<span id="xdx_904_eus-gaap--GuaranteeObligationsMaximumExposure_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionAxis__custom--EdolmixSAMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zMoTAeHei6qi">847</span> and $<span id="xdx_906_eus-gaap--GuaranteeObligationsMaximumExposure_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionAxis__custom--EnergiasRenovablesDelSurSAMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_ziIMgUWGdGw5">519</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In September 2020, Navios Logistics agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount of $<span id="xdx_901_eus-gaap--ContractualObligation_iI_pn3n3_c20200930__dei--LegalEntityAxis__custom--NaviosLogisticsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--StorageAndTransshipmentContractMember_zDKCE60bKq0h">4,140</span>, which is collected in <span id="xdx_909_ecustom--NumberOfRepaymentInstallment_dc_uPure_c20210101__20210630__dei--LegalEntityAxis__custom--NaviosLogisticsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--StorageAndTransshipmentContractMember_zArVZ13k1mz5">three</span> equal installments of $<span id="xdx_901_eus-gaap--ContractualObligationDueInNextTwelveMonths_iI_pn3n3_c20210630__dei--LegalEntityAxis__custom--NaviosLogisticsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--StorageAndTransshipmentContractMember_zAF3WSsFNy6b"><span id="xdx_90D_eus-gaap--ContractualObligationDueInSecondYear_iI_pn3n3_c20210630__dei--LegalEntityAxis__custom--NaviosLogisticsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--StorageAndTransshipmentContractMember_z0yWAeeE3kO"><span id="xdx_90A_eus-gaap--ContractualObligationDueInThirdYear_iI_pn3n3_c20210630__dei--LegalEntityAxis__custom--NaviosLogisticsMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--StorageAndTransshipmentContractMember_zPqrfjEqKER3">1,380</span></span></span> on June 1, 2021, 2022 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company is involved in a number of legal proceedings and has various unresolved claims pending arising in the ordinary course of business. Based on currently available information and the opinion of legal counsel, management believes that the final outcome will not have a significant effect on the Company’s operating results or financial position and that no additional provisions over and above provisions already reflected in the interim condensed consolidated financial statements are required.</p> 10000 10000 2017-12-31 P10Y 81,789 March 30, 2020 5410000 6704000 2018-01-31 P10Y P10Y 82,036 81,516 August 28, 2019 November 28, 2019 11140000 14070000 2018-04-30 P10Y 81,946 January 17, 2020 5590000 7193000 2018-10-30 P10Y 82,037 May 15, 2020 5820000 7506000 12000000 On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively. 847000 519000 4140000 3 1380000 1380000 1380000 <p id="xdx_801_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zk0bI1w34DCc" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 9: TRANSACTIONS WITH RELATED PARTIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b><span id="xdx_82A_zybVBz9BCHpg" style="display: none">Transactions with related parties</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span>Transactions with Related Parties</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Vessel Operating Expenses (management fees): </b>Pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), N Shipmanagement Acquisition Corp. and related entities (“NSM” or the “Manager”) provides commercial and technical management services to Navios Holdings’ vessels. The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination is received by either party. The ship management services fees provided by NSM is a daily fee of $<span id="xdx_90E_ecustom--ManagementFeeDailyRateExpense_pin3_c20210101__20210630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OwnedVesselsMember_zVUA9CZrXVg5">3.7</span> per day per owned vessel. This rate was fixed until August 2021, increasing thereafter by <span id="xdx_902_ecustom--AnnualIncreaseInManagementFeePercent_iI_pin3_dp_uPure_c20210630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OwnedVesselsMember_zOFuOqtnrnA8" title="Rate of annual increase in management fees">3</span>% annually, unless otherwise agreed. As of August 31, 2021, this daily fee is at $<span id="xdx_90A_ecustom--ManagementFeeDailyRateExpense_pin3_c20210101__20210831__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OwnedVesselsMember_zvcK5NtNzb8i">3.8</span> per day per owned vessel. The fee for the ship management services provided by NSM is a daily fee of $<span id="xdx_90B_ecustom--ManagementFeeDailyRateExpense_pin3_c20210101__20210630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zVjFNsFZEYc2" title="Daily management fee">0.03</span> per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before <span id="xdx_902_ecustom--RelatedPartyTerminationTransactionDate_c20210101__20210630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_zMCmInBexiQ3" title="Termination date of the administrative services agreement">August 29, 2024</span>. Total management fees for vessel operating expenses for the three month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_900_eus-gaap--ManagementFeeExpense_pn3n3_c20210401__20210630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_zKEB5HyaPwr7">9,794</span> and $<span id="xdx_908_eus-gaap--ManagementFeeExpense_pn3n3_c20200401__20200630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_zv6DmI1vGY18">11,537</span>, respectively and are presented within the caption “Direct vessel expenses”. Total management fees for vessel operating expenses for the six month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_909_eus-gaap--ManagementFeeExpense_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_zVRdWj3cM7u6">20,365</span> and $<span id="xdx_90B_eus-gaap--ManagementFeeExpense_pn3n3_c20200101__20200630__us-gaap--RelatedPartyTransactionAxis__custom--ManagementAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_zVZXYRRWI5pj">22,525</span>, respectively and are presented within the caption “Direct vessel expenses”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Navios Partners Guarantee: </b>In November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the “Navios Partners Guarantee”) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. In April 2021, the Company paid the amount of $<span id="xdx_902_eus-gaap--PaymentsForLossesAndLossAdjustmentExpense_pn3n3_c20210101__20210430__us-gaap--RelatedPartyTransactionAxis__custom--NaviosPartnersMember__srt--StatementScenarioAxis__custom--GuaranteeClaimMember_z2f5OM4ApzDh">5,000</span> to Navios Partners as the final settlement of the outstanding balance of the claim.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>General and administrative expenses: </b>Pursuant to an administrative services agreement with the Manager dated August 29, 2019 (“Administrative Services Agreement”), NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of <span id="xdx_905_ecustom--AdministrativeServicesAgreementTermInYears_dt_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember_zRjIEntkpjA" title="Administrative services agreement term in years">five years</span> with an automatic extension for a period of <span id="xdx_906_ecustom--AdministrativeServicesAgreementTermInYears_dt_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember__srt--StatementScenarioAxis__custom--AutomaticExtensionMember_z5ChBeym6kR9">five years</span> thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before <span id="xdx_904_ecustom--RelatedPartyTerminationTransactionDate_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember_z13b2mvdQ13b">August 29, 2024</span>. Total general and administrative expenses attributable to this agreement for the three month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_90F_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20210401__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember_zOgKHDU4fyX4">2,168</span> and $<span id="xdx_909_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20200401__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember_zBvIa776X7Ek">2,377</span>, respectively, and are presented within the caption “General and administrative expenses”. Total general and administrative expenses attributable to this agreement for the six month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_909_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember_zsccHvNKCBh1">4,508</span> and $<span id="xdx_901_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20200101__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember_zTgAomfwDPi3">4,639</span>, respectively, and are presented within the caption “General and administrative expenses”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Pursuant to an administrative services agreement with the Manager dated August 29, 2019, NSM provides administrative services to Navios Logistics. Total general and administrative fees for each of the three month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_90F_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20210401__20210630__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zDrUwT4TGAYi"><span id="xdx_904_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20200401__20200630__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zPanVyv5oZFa">286</span></span> and are presented within the caption “General and administrative expenses”. Total general and administrative fees for each of the six month periods ended June 30, 2021 and 2020 amounted to $<span id="xdx_907_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zbRJeZHRp5Ub"><span id="xdx_90B_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20200101__20200630__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeServicesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zol78CiDFcH1">572</span></span> and are presented within the caption “General and administrative expenses”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Balance due to/from affiliate companies: </b>Balance due to NSM as of June 30, 2021 amounted to $<span id="xdx_905_eus-gaap--DueToAffiliateCurrent_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_znSUHSrSTm6d">10,174</span> (December 31, 2020: $<span id="xdx_900_eus-gaap--DueToAffiliateCurrent_iI_pn3n3_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NSMMember_zC7mKXUNDV3d">22,114</span>). Balance due to Navios Partners as of June 30, 2021 amounted to $<span id="xdx_90B_eus-gaap--DueToAffiliateCurrent_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosPartners2Member_zUhTVEIHyt2d">0</span> (December 31, 2020: $<span id="xdx_907_eus-gaap--DueToAffiliateCurrent_iI_pn3n3_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosPartners2Member_zhEWqgaEB7Ud">5,000</span> related to the Navios Partners Guarantee). Balance due from Navios Acquisition as of June 30, 2021 amounted to $<span id="xdx_90A_eus-gaap--DueFromAffiliateCurrent_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosAcquisitionMember_zaAg78Y42Oa3">0</span> (December 31, 2020: $<span id="xdx_906_eus-gaap--DueFromAffiliateCurrent_iI_pn3n3_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosAcquisitionMember_zuPB4A3S5Jv1">243</span> related to declared dividend).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 the balance mainly consisted of management fees for vessel operating expenses, payments to NSM in accordance with the Management Agreement and other amounts in connection with dry-dock, ballast water treatment system and special survey of our vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Omnibus Agreements: </b>Navios Holdings has entered into an omnibus agreement with Navios Partners (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition’s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for containership vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter dry bulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its dry bulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliate companies to compete with Navios Midstream under specified circumstances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have granted a right of first refusal to Navios Containers over any containership vessels to be sold or acquired in the future, subject to significant exceptions that would allow Navios Acquisition, Navios Holdings and Navios Partners or any of their controlled affiliate companies to compete with Navios Containers under specified circumstances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Midstream General Partner Option Agreement: </b><span id="xdx_90A_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableDescription_c20210101__20210630__us-gaap--BusinessAcquisitionAxis__custom--NaviosMidstreamPartnersMember_z56a9eUQKti2">Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Sale of Vessels and Sale of Rights to Navios Partners: </b>Upon the sale of vessels to Navios Partners, Navios Holdings recognized the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and deferred recognition of the gain to the extent of its own ownership interest in Navios Partners (the “deferred gain”). Subsequently, the deferred gain was amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain was accelerated in the event that (i) the vessel was subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company’s ownership interest in Navios Partners was reduced. In connection with the public offerings of common units by Navios Partners and the sale of Navios Partners general partnership interest effected on August 30, 2019, a pro rata portion of the deferred gain was released to income upon dilution of the Company’s ownership interest in Navios Partners. As of January 1, 2020, the unamortized deferred gain of $<span id="xdx_90D_eus-gaap--DeferredGainOnSaleOfProperty_iI_pn3n3_c20200101__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosPartners2Member_za72TpeKbn27" title="Unamortized deferred gain for vessels and rights sold">6,285</span> was recorded as other adjustments within accumulated deficit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span style="background-color: white">In March 2021, Navios Holdings completed the sale to Navios Partners of the Navios Centaurus, a <span id="xdx_908_ecustom--YearBuilt_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusMember_zjYLoHH5EAa1">2012</span>-built <span id="xdx_903_ecustom--VesselType_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusMember_zF3bc7QevLU6">Panamax</span> vessel of <span id="xdx_90F_ecustom--VesselCapacity_uPure_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusMember_zP8VOLEaiWpi">81,472</span> dwt, and the Navios Avior, a <span id="xdx_908_ecustom--YearBuilt_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAviorMember_z497XtXFUjWj">2012</span>-built <span id="xdx_906_ecustom--VesselType_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAviorMember_z6EN9qnebY19">Panamax</span> vessel of <span id="xdx_900_ecustom--VesselCapacity_uPure_c20210101__20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAviorMember_zkkc3YbUs9Th">81,355</span> dwt, for a sale price of $<span id="xdx_90A_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosCentaurusAndNaviosAviorMember_zvUNWXDrne3l">39,250</span>, including working capital adjustments. In June 2021, Navios Holdings completed the sale to Navios Partners of </span>the Navios Ray, a <span id="xdx_905_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayMember_zpaKnUmsV2C9">2012</span> built <span id="xdx_90A_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayMember_zNTX5xzNKvx8">Capesize</span> vessel of <span id="xdx_904_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayMember_zwQ2oYWzRBzb">179,515</span> dwt, and the Navios Bonavis, a <span id="xdx_90D_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosBonavisMember_zrFgIqwWy9ua">2009</span> built <span id="xdx_90A_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosBonavisMember_zTEbJeGYWJgj">Capesize</span> vessel of <span id="xdx_903_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosBonavisMember_zHEj7WGgAQDe">180,022</span> dwt, for a sale price of $<span id="xdx_908_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosRayAndNaviosBonavisMember_zKa0JhfFg7Ha">58,000</span> and the sale of the Navios Koyo, a <span id="xdx_90D_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zpNufdRV1LBh">2011</span>-built <span id="xdx_907_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zFOWsnjZu5wj">Capesize</span> vessel, previously chartered-in by Navios Holdings, for a sale price of $<span id="xdx_900_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosKoyoMember_zGmLH6EBVimj">28,500</span>. In July 2021, Navios Holdings completed the sale to Navios Partners of the Navios Azimuth, a <span id="xdx_90B_ecustom--YearBuilt_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zXEFkVQAMq4l">2011</span> built <span id="xdx_901_ecustom--VesselType_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zHamtO2XWhGj">Capesize</span> vessel of <span id="xdx_908_ecustom--VesselCapacity_uPure_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zOzug5FcCYN2">179,169</span> dwt, for a sale price of $<span id="xdx_90F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NaviosAzimuthMember_zcHEQeKaYJfb">30,000</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Balance due from Navios Europe II: </b>Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe II revolving loans of up to $<span id="xdx_902_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20161231__us-gaap--CreditFacilityAxis__custom--NaviosRevolvingLoans2Member__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zeDxK0MN0Qz2" title="Revolving loan facility maximum borrowing capacity">43,500</span> to fund the Navios Revolving Loans II. In March 2017, the availability under the Navios Revolving Loans II was increased by $<span id="xdx_902_eus-gaap--LineOfCreditFacilityIncreaseDecreaseForPeriodNet_pn3n3_c20170101__20170331__us-gaap--CreditFacilityAxis__custom--NaviosRevolvingLoans2Member__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_z4oaraPHrIBa">14,000</span> (see Note 14).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $<span id="xdx_90E_eus-gaap--RepaymentsOfDebt_pn3n3_c20200101__20200421__us-gaap--LongtermDebtTypeAxis__custom--JuniorLoanIIMember_zynaInQ3L06a">5,000</span>. Navios Europe II owned seven containership vessels and seven drybulk vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiration date. The transaction was completed on June 29, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As a result of this liquidation, Navios Holdings received the total outstanding balance due from Navios Europe II, representing the Navios Revolving Loans II, the Navios Term Loans II and accrued interest thereof directly owed to Navios Holdings, previously presented within the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at <span id="xdx_900_ecustom--PreferredDistributionPercentage_dp_uPure_c20210101__20210630__us-gaap--CreditFacilityAxis__custom--NaviosRevolvingLoans2Member__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zWtEEfm0pIC4" title="Preferred Distribution Percentage">1,800</span> basis points per annum, on a quarterly compounding basis and were repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There were no covenant requirements or stated maturity dates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The decline in the fair value of the investment during the first quarter of 2020 was considered as other-than-temporary and, therefore, a loss of $<span id="xdx_906_eus-gaap--EquityMethodInvestmentOtherThanTemporaryImpairment_pn3n3_c20200101__20200630_zxQ7hImt21X7">6,050</span> was recognized and included in the accompanying interim condensed consolidated statements of comprehensive income/(loss) for the six month period ended June 30, 2020, within the caption “Impairment of loan receivable from affiliate company”. The fair value was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Secured credit facility with Navios Logistics (Grimaud Loan): </b>On <span id="xdx_90E_eus-gaap--LineOfCreditFacilityInitiationDate1_dd_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember_zgEHtU1n6GTc">April 25, 2019</span>, Navios Holdings entered into a secured credit facility of up to $<span id="xdx_902_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember_za96nqmxmb0a">50,000 </span>with Navios Logistics on a secured basis to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility is secured by any 2022 Notes purchased by Navios Holdings with these funds. The secured credit facility included an arrangement fee of $<span id="xdx_903_ecustom--LineCreditFacilityArrangementFees_pn3n3_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember_zvUvCjRDUOrk">500 </span>and bears a fixed interest rate of <span id="xdx_90C_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_dp_uPure_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember__srt--StatementScenarioAxis__custom--FirstYearMember_zvpA5lD47eQg">12.75</span>% for the first year and <span id="xdx_908_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_dp_uPure_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember__srt--StatementScenarioAxis__custom--SecondYearMember_zg79OciEgMD9">14.75</span>% for the second year. The secured credit facility includes negative covenants substantially similar to the 2022 Notes and customary events of default. On December 2, 2019, Navios Holdings and Navios Logistics agreed to increase the secured credit facility by $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityIncreaseDecreaseForPeriodNet_pn3n3_c20190101__20191231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember_zgIZwz4pG8K1">20,000</span>. Following this amendment, as a result of the redemption of the 2022 Notes and Term Loan B Facility in July 2020 and the issuance of 2025 Notes, (a) the interest rate on the secured credit facility decreased to <span id="xdx_90F_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_dp_uPure_c20191231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember__srt--StatementScenarioAxis__custom--AmendmentMember_zHYpWRDOhu71">10.0</span>%, and (b) the maturity of the secured credit facility was extended to December 2024, and is repayable in four equal annual installments. Effective as of May 2021, and upon the release of certain collateral, the facility bears interest of <span id="xdx_904_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_dp_uPure_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember__srt--StatementScenarioAxis__custom--AmendmentMember_z62n3WOFOpl2">13.0</span>% per annum. As of June 30, 2021, the full amount was drawn under this facility, of which $<span id="xdx_908_eus-gaap--DebtInstrumentRepurchaseAmount_iI_pn3n3_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember__us-gaap--LongtermDebtTypeAxis__custom--ShipMortgageSeniorNotesMember_zg91O220jYo1">18,726</span> was used to acquire the 2022 Notes from Navios Logistics and the remaining amount was used to repurchase 2022 Notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On June 24, 2020, Navios Logistics assigned its legal and beneficial right, title and interest in the credit facility to its wholly owned subsidiary Grimaud.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On June 25, 2020, Navios Holdings and Grimaud amended the Grimaud Loan to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_uShares_c20200101__20200710__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember_zjHcEKDSwDG2" title="Conversion of unpaid dividend of preferred stock to common stock">2,414,263</span> shares of common stock to Navios Logistics and paid Navios Logistics $<span id="xdx_905_eus-gaap--RepaymentsOfRelatedPartyDebt_pn3n3_c20200101__20200710__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NaviosLogisticsMember_zVR36p9f3V9j">2,308</span> in satisfaction of the interest payable in respect of this facility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span style="background-color: white">On June 30, 2021, the Company entered into a supplemental agreement to the Grimaud Loan (the “Supplemental Grimaud Loan Agreement”) with Grimaud, whereby the Company and Grimaud agreed to amend the Grimaud Loan. Pursuant to the amendment, the Grimaud Loan may be repaid or prepaid in full by the issuance of shares of common stock of Navios Holding</span>s. The effectiveness of the Supplemental Grimaud Loan Agreement was subject to, and contingent upon, prepayment of the Grimaud Loan in the amount of $<span id="xdx_90A_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--CreditFacilityAxis__custom--GrimaudLoanMember_zfOMsLrW0s7b">7,500 </span>in cash and the effectiveness of a registration statement registering the resale of Navios Holdings shares, among other conditions. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span style="background-color: white">On July 13, 2021</span>, the Company’s $70,000 loan, plus accrued interest, owed to Grimaud, a wholly-owned subsidiary of Navios Logistics, was repaid by the Company in full through the issuance of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesTreasuryStockReissued_pip0_uShares_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SupplementalGrimaudLoanAgreementMember_zg7uJLQxAb37">9,301,542 </span>shares of the Company’s common stock and $<span id="xdx_90F_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210630__us-gaap--CreditFacilityAxis__custom--GrimaudLoanMember_zCf0FnGe1oD3">7,500 </span>in cash plus accrued and unpaid interest<span style="background-color: white">. </span>Please see also Note 10.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>NSM Loan: </b>On <span id="xdx_903_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__us-gaap--CreditFacilityAxis__custom--SecuredCreditFacilityMember_zcS3y69B4vWk">August 29, 2019</span>, Navios Holdings entered into a secured credit facility of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_z7JcLkdHSTki">141,795</span> (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM. In general, the amount owed reflects the excess of (i) the liabilities of the ship management business (including liabilities for advances previously made by affiliate companies to the Company for ongoing operating costs, including technical management services, supplies, dry-docking and related expenses) other than liabilities the assumption of which forms part of the consideration for the Transaction over (ii) the short term assets of the ship management business. The credit facility is repayable over a five-year <span id="xdx_903_eus-gaap--LongTermDebtTerm_iI_dt_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__us-gaap--CreditFacilityAxis__custom--SecuredCreditFacilityMember_z4juXA7OykLc" style="display: none">five years</span>period; of the initial amount, $<span id="xdx_907_eus-gaap--LongTermDebtCurrent_iI_pn3n3_dd_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zifYE4fWqEbc" title="Current portion of long-term debt">47,000</span> was repayable in 2020 in equal <span id="xdx_90A_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zLUIN4mN17n" title="Repayment frequency">quarterly</span> installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $<span id="xdx_90C_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__srt--StatementScenarioAxis__custom--FirstOrSecondYearMember__us-gaap--LoanRestructuringModificationAxis__us-gaap--PaymentDeferralMember_zii4iKOfcckh">20,000</span> of deferral may be outstanding during the first or second year and $<span id="xdx_903_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__srt--StatementScenarioAxis__custom--ThirdYearMember__us-gaap--LoanRestructuringModificationAxis__us-gaap--PaymentDeferralMember_zEqdEouR47Kj">10,000</span> outstanding in the third year. The loan agreement provides for interest at <span id="xdx_909_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zHzW7xyImrIk">5.0</span>% annually, and <span id="xdx_90E_ecustom--LongTermDebtPercentageForDeferredPrincipal_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_znVU5Q8xeuJl" title="Interest rate for deferred principal amounts">7.0</span>% annually for deferred principal amounts. During December 2019, Navios Holdings repaid the amount of $<span id="xdx_90F_eus-gaap--RepaymentsOfRelatedPartyDebt_pn3n3_dd_c20190101__20191231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_z0WaTEggWDki">13,420</span> under the terms of this facility. During June 2020, July 2020 and May 2021, Navios Holdings repaid the amount of $<span id="xdx_906_eus-gaap--RepaymentsOfRelatedPartyDebt_pn3n3_dd_c20200101__20200630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zL1op7vy3IVb">31,500</span>, $<span id="xdx_905_eus-gaap--RepaymentsOfRelatedPartyDebt_pn3n3_dd_c20200701__20200731__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zSUyntY9NxGd">18,500</span>, and $<span id="xdx_90B_eus-gaap--RepaymentsOfRelatedPartyDebt_pn3n3_dd_c20210101__20210531__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_ziWoZcRxZiMk">21,706</span>, respectively, under the terms of this facility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the outstanding balance was $<span id="xdx_904_ecustom--DebtInstrumentCarryingAmountBeforeAccruedInterest_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zjZbMeqmfjG7">56,668 </span>(December 31, 2020: $<span id="xdx_901_ecustom--DebtInstrumentCarryingAmountBeforeAccruedInterest_iI_pn3n3_dd_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zoYOy2xQAdQ6">78,375</span>) and the accrued interest was $<span id="xdx_90F_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn3n3_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zAhGoGKwgNH5">358 </span>(December 31, 2020: $<span id="xdx_903_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn3n3_dd_c20200101__20201231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zrYAw5V5yk39">526</span>). Of the outstanding amount and accrued interest, $<span id="xdx_90E_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zi9UJ5R1kFw6">16,548 </span>(December 31, 2020: $<span id="xdx_90C_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pn3n3_dd_c20201231__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember_zlQo9QLQbJNe">10,328</span>) is included within the caption “Current portion of loans payable to affiliate companies”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company’s obligations under the NSM Loan were guaranteed by <span id="xdx_909_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pip0_uShares_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__dei--LegalEntityAxis__custom--NaviosPartnersMember__srt--StatementScenarioAxis__custom--FirstMortgageIMember_z6eyyrEJrln2">2,070,016</span> common units in Navios Partners, <span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__dei--LegalEntityAxis__custom--NaviosAcquisitionMember__srt--StatementScenarioAxis__custom--FirstMortgageIMember_z3SifAsv4kRa">14,940</span> shares of Navios Acquisition’s common stock, first priority share pledges on two companies, that have entered into sale and leaseback agreements and five companies that hold the rights to certain bareboat contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>$50.0 million NSM Loan: </b>In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM for a loan of up to $<span id="xdx_900_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zrEDSL5M28dj">50,000</span> to be used for general corporate purposes. The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. The loan agreement will be repayable in up to <span id="xdx_904_ecustom--LineOfCreditFacilityNumberOfRepaymentInstallment_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zTUYSLEGnvY7">18</span> equal consecutive <span id="xdx_908_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zg2IRQm4YiPe">quarterly</span> installments. Principal payments that fall due during the first year following the initial drawdown may be deferred, at the Company’s election, in whole or in part. The loan agreement provides for interest at a rate of <span id="xdx_90A_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zM8w2WT57qtf">5.0</span>% annually (and <span id="xdx_902_ecustom--LongTermDebtPercentageForDeferredPrincipal_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_z3uR8uNkwJa3" title="Interest rate for deferred principal amounts">7.0</span>% annually for deferred principal amounts). During May 2021, Navios Holdings repaid the amount of $<span id="xdx_901_eus-gaap--RepaymentsOfDebt_pn3n3_dd_c20210101__20210531__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_z6UzrMpgsoU">10,265</span>, under the terms of this facility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the outstanding balance was $<span id="xdx_90D_ecustom--DebtInstrumentCarryingAmountBeforeAccruedInterest_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zNre6HKxH9x1">39,736</span> (December 31, 2020: $<span id="xdx_901_ecustom--DebtInstrumentCarryingAmountBeforeAccruedInterest_iI_pn3n3_c20201231__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zS3BwdosikW">50,000</span>) and the accrued interest was $<span id="xdx_904_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn3n3_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_z0zG6vcaYLkk">250</span> (December 31, 2020: $<span id="xdx_909_eus-gaap--DebtInstrumentIncreaseAccruedInterest_pn3n3_dd_c20200101__20201231__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_z29AvbFsrGic">326</span>). Of the outstanding amount and accrued interest, $<span id="xdx_901_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pn3n3_dd_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_z426i8dRzjm2">11,603</span> (December 31, 2020: $<span id="xdx_906_eus-gaap--NotesPayableRelatedPartiesClassifiedCurrent_iI_pn3n3_dd_c20201231__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember_zUVs9wLUhMsj">16,266</span>) is included within the caption “Current portion of loans payable to affiliate companies”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company’s obligations under the $50.0 million NSM Loan were guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and <span id="xdx_90F_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pip0_uShares_c20210630__us-gaap--LongtermDebtTypeAxis__custom--FiftymillionNSMLoanMember__srt--StatementScenarioAxis__custom--FirstMortgageIMember__us-gaap--RelatedPartyTransactionAxis__custom--NaviosPartnersMember_znfGPunC4Esk">40,587 </span>common units in Navios Partners and second priority pledge in respect of 2022 Notes owned by Navios Holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>$115.0 million NSM Loan: </b>In June 2021, the Company entered into a senior secured term loan facility with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM, for a loan up to $<span id="xdx_901_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member_zW9RQADjE5Nh">115,000</span> (i) to refinance $<span id="xdx_900_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20210630__srt--StatementScenarioAxis__custom--TrancheAMember__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member_zIrkHK1KnY9j">39,736</span> being the outstanding balance under the $50.0 million NSM Loan (“Tranche A”), (ii) to redeem amount of $<span id="xdx_907_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210630__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member_zuyyjLMnR6k1">70,000</span> of 2022 Senior Secured Notes and (iii) to be used for general corporate purposes (“Tranche B”). The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. Tranche A is repayable in <span id="xdx_906_ecustom--LineOfCreditFacilityNumberOfRepaymentInstallment_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheAMember_zLR7zWDDEUad" title="Number of repayment installments">14</span> <span id="xdx_90B_eus-gaap--LineOfCreditFacilityFrequencyOfPayments_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheAMember_z3nbRhNdnp2d">quarterly</span> installments of $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheAMember_zuj1aqdu5Gxb">2,838</span> and matures on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheAMember_zOt8CPsypt1g">November 30, 2024</span>. Tranche B is repayable in <span id="xdx_90A_ecustom--LineOfCreditFacilityNumberOfRepaymentInstallment_dc_uPure_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheBMember_zYPFYvxlE3wf">seven</span> <span id="xdx_900_eus-gaap--LineOfCreditFacilityFrequencyOfPayments_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheBMember_zBRmQzjdtOwb">quarterly</span> installments with the first two being of an amount of $<span id="xdx_903_eus-gaap--LineOfCreditFacilityPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__srt--StatementScenarioAxis__custom--FirstTwoInstallmentsMember__us-gaap--CreditFacilityAxis__custom--TrancheBMember_zuUnhwauPudh">22,632</span> each and the remaining of an amount of $<span id="xdx_903_eus-gaap--LineOfCreditFacilityPeriodicPayment_pn3n3_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__srt--StatementScenarioAxis__custom--RemainingInstallmentsMember__us-gaap--CreditFacilityAxis__custom--TrancheBMember_zlMnKF4j03wc">6,000</span> each and matures on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20210101__20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__us-gaap--CreditFacilityAxis__custom--TrancheBMember_zMUFpeumg8B6">February 28, 2023</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Both tranches bear interest at a rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__us-gaap--CreditFacilityAxis__custom--TrancheAMember_zCD5EUVXWTx"><span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoanMember__us-gaap--CreditFacilityAxis__custom--TrancheBMember_zAAzOJjxsoBl">10.5</span></span>% per annum, payable quarterly. The Company may elect to defer one scheduled amortization payment by <span id="xdx_90F_ecustom--DebtInstrumentMaximumDeferredDiscountAmortizationPeriod_dtD_c20210101__20210630__srt--StatementScenarioAxis__custom--PaymentDeferralIMember_z4qSXd6SbNp2">90</span> days and interest payments, in which case the applicable interest rate will be <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210630__srt--StatementScenarioAxis__custom--PaymentDeferralIMember_z1Fmkp0weufe">12.0</span>% per annum, compounded quarterly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company’s obligations under the $115.0 million NSM Loan are guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and <span id="xdx_90B_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pip0_uShares_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__srt--StatementScenarioAxis__custom--FirstMortgageIMember__us-gaap--RelatedPartyTransactionAxis__custom--NaviosPartnersMember_zwmAISjHHao1">40,587</span> common units in Navios Partners and a second priority pledge in the Navios Logistics’ shares, <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__srt--StatementScenarioAxis__custom--SecondMortgageIMember__us-gaap--RelatedPartyTransactionAxis__custom--NaviosAcquisitionMember_z7oKtdeNLhCj">4,850,207</span> shares of Navios Acquisition’s common stock, <span id="xdx_90F_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pip0_uShares_c20210630__us-gaap--LongtermDebtTypeAxis__custom--NSMLoan115Member__srt--StatementScenarioAxis__custom--SecondMortgageIMember__us-gaap--RelatedPartyTransactionAxis__custom--NaviosPartnersMember_zhcdYMPj1GOc">452,090</span> Navios Partners’ common units and second priority share pledge over the collaterals securing the NSM Loan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On July 12, 2021, the amount under this facility was fully drawn.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Navios Logistics’ Shareholders Agreement: </b>On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers Business Inc. granting certain protections to minority shareholders in certain events.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> 3700 30 3800 30.00 August 29, 2024 9794000 11537000 20365000 22525000 5000000 P5Y P5Y August 29, 2024 2168000 2377000 4508000 4639000 286000 286000 572000 572000 10174000 22114000 0 5000000 0 243000 Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option. 6285000 2012 Panamax 81,472 2012 Panamax 81,355 39250000 2012 Capesize 179,515 2009 Capesize 180,022 58000000 2011 Capesize 28500000 2011 Capesize 179,169 30000000 43500000 14000000 5000000 18 6050000 2019-04-25 50000000 500000 0.1275 0.1475 20000000 0.100 0.130 18726000 2414263 2308000 7500000 9301542 7500000 2019-08-29 141795000 P5Y 47000000 quarterly 20000000 10000000 0.050 0.070 13420000 31500000 18500000 21706000 56668000 78375000 358000 526000 16548000 10328000 2070016 14940 50000000 18 quarterly 0.050 0.070 10265000 39736000 50000000 250000 326000 11603000 16266000 40587 115000000 39736000 70000000 14 quarterly 2838000 2024-11-30 7 quarterly 22632000 6000000 2023-02-28 0.105 0.105 P90D 0.120 40587 4850207 452090 <p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zW7GR6SjmMTh" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 10: PREFERRED AND COMMON STOCK</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_827_ziOa2nn6aGyc">Preferred and Common Stock</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Vested, Surrendered and Forfeited</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the three and six month periods ended June 30, 2021, <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pip0_uShares_c20210401__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zDMJbdYxh27e" title="Forfeited shares of common stock">56</span> and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pip0_uShares_c20210101__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z5ZrOjkl25hj">83</span> restricted shares of common stock were forfeited, and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pip0_uShares_c20210401__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zAecbTxHLFEg">0</span> and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pip0_uShares_c20210101__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZ7dym2Kgk5c" title="Vested units">37,879</span> restricted stock units issued to the Company’s officers and directors vested, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the three and six month periods ended June 30, 2020, <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pip0_uShares_c20200401__20200630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zoxVBLLh3HAk"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pip0_uShares_c20200101__20200630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zlSz2vEnB9E3">1,230</span></span> restricted shares of common stock were forfeited and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pip0_uShares_c20200401__20200630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zEPEAcvnfY2l"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pip0_uShares_c20200101__20200630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zpaofrMPdwW6">84,336</span></span> restricted stock units issued to the Company’s employees vested, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Conversion of Preferred Stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the year ended December 31, 2020, <span id="xdx_90B_eus-gaap--ConversionOfStockSharesConverted1_iN_pip0_di_uShares_c20200101__20200331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zzIag9vUYmde">210</span> <span style="display: none"/>shares of convertible preferred stock were converted into <span id="xdx_906_eus-gaap--ConversionOfStockSharesIssued1_pip0_uShares_c20200101__20200331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhO0AnYkevkg">22,712</span> shares of common stock including <span id="xdx_902_eus-gaap--ConversionOfStockSharesIssued1_pip0_uShares_c20200101__20200331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--StatementScenarioAxis__custom--DividendsUndeclaredMember_zxS93kR3p7E3">1,712</span> shares of common stock being unpaid dividend. Following the conversion of 210 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $<span id="xdx_901_ecustom--DividendsCancelled_iN_pn3n3_di_c20210101__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zo65hZropCuj" title="Dividend cancelled">171</span>. The cancelled undeclared dividend was converted to <span id="xdx_907_eus-gaap--ConversionOfStockSharesIssued1_pip0_uShares_c20200101__20200331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--StatementScenarioAxis__custom--DividendsUndeclaredMember_zF919avpCZL2">1,712</span> shares of common stock with a fair value of $<span id="xdx_909_eus-gaap--SharePrice_iI_uUSDPShares_c20210331__us-gaap--DividendsAxis__custom--DividendUndeclaredMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z8M3q1JaEhnk">6</span> at the date of issuance (See also Note 13). During the three and six month periods ended June 30, 2021, there were no conversions of preferred stock.</p> <p style="font: 10pt/13.25pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Issuance of Cumulative Perpetual Preferred Stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company’s <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pip0_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zb6xLv7MT45j" title="Number of shares">2,000,000</span> American Depositary Shares, Series G and the <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pip0_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zk66iecPZoWe">4,800,000</span> American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G and Series H, with a liquidation preference of $<span id="xdx_901_eus-gaap--PreferredStockLiquidationPreference_iI_uUSDPShares_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zMNR5rzTThQ3"><span id="xdx_90A_eus-gaap--PreferredStockLiquidationPreference_iI_uUSDPShares_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zR3MHMBZRc61">2,500</span></span> per share ($<span id="xdx_909_eus-gaap--PreferredStockRedemptionPricePerShare_iI_uUSDPShares_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_z4b3iK8q33Q8"><span id="xdx_907_eus-gaap--PreferredStockRedemptionPricePerShare_iI_uUSDPShares_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zIsxGXS77tnb">25.00</span></span> per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of <span id="xdx_903_eus-gaap--PreferredStockDividendRatePercentage_dp_uPure_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zd5uRSMfhtkd">8.75</span>% per annum and on the Series H at a rate of <span id="xdx_90A_eus-gaap--PreferredStockDividendRatePercentage_dp_uPure_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_z0qSPDPktoc8" title="Dividend rate of preferred stock">8.625</span>% per annum of the stated liquidation preference, which increased by <span id="xdx_901_ecustom--IncreaseDecreasePercentageOfPreferredStockDividendRate_dp_uPure_c20170101__20170715__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--SeriesGAndSeriesHMember_zjwJqgqqHHOe" title="Percentage of the increase of the preferred dividend rate">0.25</span>% as of July 15, 2017 for each of Series G and Series H. The Company has accounted for these shares as equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of June 30, 2021 were $<span id="xdx_90C_ecustom--UndeclaredPreferredDividends_pn3n3_c20210101__20210630__us-gaap--DividendsAxis__custom--DividendUndeclaredMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zgSabHRKf7Qk">27,783</span> (net of cancelled dividends).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Series G and Series H American Depositary Shares Exchange Offer</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On December 21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 2024 Notes for approximately 66 2/3% of each of the outstanding Series G American Depositary Shares and Series H American Depositary Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of March 21, 2019, a total of <span id="xdx_90D_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pip0_uShares_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zrFhiK5FtNxd" title="Number of shares issued for the exchange offer">10,930</span> Series H were validly tendered representing a net aggregate nominal value of approximately $<span id="xdx_90F_eus-gaap--TreasuryStockValueAcquiredParValueMethod_pn3n3_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zHXv0MGtkbX" title="Shares tendered, nominal value">26,297</span>. Navios Holdings paid $<span id="xdx_90E_ecustom--TenderOfferCosts_pn3n3_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zkqEbjhzkY7a" title="Tender offer expenses">997</span> for tender offer expenses, approximately $<span id="xdx_90A_eus-gaap--PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_pn3n3_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zmDSpaSZfTL8" title="Payments for repurchase of preferred stock">4,188</span> as cash consideration and a total of approximately $<span id="xdx_909_eus-gaap--NotesIssued1_pn3n3_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zKOtBrUkeQx5" title="2024 Notes issues">4,747</span> in aggregate principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $<span id="xdx_90F_eus-gaap--PreferredStockRedemptionDiscount_pn3n3_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_z4TebYZzJi98" title="Gain/ (Loss) from stock redemption recognized in Retained Earnings">16,365</span> was recorded in accumulated deficit. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series H of $<span id="xdx_901_ecustom--DividendsCancelled_iN_pn3n3_di_c20190101__20190321__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zw7JSleCRz4b" title="Dividend cancelled">7,678</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of April 18, 2019, a total of <span id="xdx_90A_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_pip0_uShares_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zrhalb0cZoD4">8,841</span> Series G were validly tendered representing a net aggregate nominal value of approximately $<span id="xdx_90D_eus-gaap--TreasuryStockValueAcquiredParValueMethod_pn3n3_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zTsIK3CZ8vEk">21,271</span>. Navios Holdings paid $<span id="xdx_907_ecustom--TenderOfferCosts_pn3n3_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zdjVJUKC3LM">620</span> for tender offer expenses, approximately $<span id="xdx_904_eus-gaap--PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_pn3n3_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_z6RjRGrlW8t9" title="Payments for repurchase of preferred stock">4,423</span> cash consideration and issued a total of approximately $<span id="xdx_902_eus-gaap--NotesIssued1_pn3n3_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zJs3TtTe2uw6">3,879</span> principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $<span id="xdx_903_eus-gaap--PreferredStockRedemptionDiscount_pn3n3_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_z8FiqWHhFmfa">12,568</span> was recorded in accumulated deficit. Following the completion of the offer, the company cancelled the undeclared preferred dividend of series G of $<span id="xdx_90A_ecustom--DividendsCancelled_iN_pn3n3_di_c20190101__20190418__us-gaap--LongtermDebtTypeAxis__custom--SeniorNotes2024Member__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zGX2oHbhpjlb" title="Dividend cancelled">6,798</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Issuances to Officers and Directors</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On December 21, 2020, pursuant to the stock plan approved by the Board of the Directors, <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pip0_uShares_c20200101__20201221__srt--StatementScenarioAxis__custom--StockPlanApprovedByBODMember_zcSSMsB5ZGcl" title="Stock-based compensation expenses, shares granted">16,000 shares of </span> common stock were granted to Navios Holdings officers and directors and issued on January 19, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings had outstanding as of June 30, 2021 and December 31, 2020, <span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20210630_z9K7FtSeRIK3">15,897,064</span> shares and <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20201231_z9hkqk8zWdE">15,881,147</span> shares, respectively, from which <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20201231__srt--ConsolidatedEntitiesAxis__custom--NaviosCorporationMember_zg3c7KQjQ9t2"><span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_pip0_uShares_c20210630__srt--ConsolidatedEntitiesAxis__custom--NaviosCorporationMember_zNPylNsHIZ3i">2,414,263</span></span> shares are held by Navios Corporation and are considered as treasury shares. Preferred stock was <span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pip0_uShares_c20210630_zMHZrZDNVeQa"><span id="xdx_90A_eus-gaap--PreferredStockSharesOutstanding_iI_pip0_uShares_c20210630_zwB7QrG8Gms5">23,032</span></span> (<span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pip0_uShares_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zbTxOPVCiJej"><span id="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_pip0_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zSFvJLVAocFi">5,350</span></span> Series G and <span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_pip0_uShares_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zMZvBm92HVx1"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pip0_uShares_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zI6baLrs5xK3">17,682</span></span> Series H) as of both June 30, 2021 and December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Dividends from Navios Logistics</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. Immediately thereafter, Grimaud redeemed the equity interests held by its non-controlling shareholder in full at fair market value. Grimaud is now an indirect wholly-owned subsidiary of the Company, and its equity interests are pledged as collateral under the 2022 Senior Secured Notes (as defined below).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of September 9, 2021, Grimaud sold <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pip0_c20210101__20210909__us-gaap--RelatedPartyTransactionAxis__custom--GrimaudMember_zC2aTLCbLiT4">6,434,000 </span>shares of common stock of Navios Holdings and generated net proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromSaleOfAvailableForSaleSecuritiesEquity_pn3n3_c20210101__20210909__us-gaap--RelatedPartyTransactionAxis__custom--GrimaudMember_zdssZfWOQJhf">31,270</span>, part of <span style="background-color: white">which was used to fund the Second Redemption</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On July 10, 2020 Navios Logistics declared and paid a $<span id="xdx_904_eus-gaap--PaymentsOfDividends_pn3n3_c20200701__20200710__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsMember_z7OJq8PUOg2d">6,381 </span>dividend in cash or in Navios Holdings shares of common stock, from which Navios Holdings received <span id="xdx_900_eus-gaap--CommonStockDividendsShares_pip0_uShares_c20200701__20200710__us-gaap--RelatedPartyTransactionAxis__custom--NaviosHoldingsMember__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsMember_z7D2r1c8CYig">2,414,263 </span>shares and the amount of $<span id="xdx_900_eus-gaap--PaymentsOfDividendsMinorityInterest_pn3n3_c20200701__20200710__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsMember_zwQJkX5FLgT3">2,308 </span>was paid to Navios Logistics’ noncontrolling shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">On February 21, 2020, Navios Logistics’ board of directors declared and paid a $<span id="xdx_90A_eus-gaap--PaymentsOfDividends_pn3n3_c20200101__20200221__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsMember_z6ZxB8omd2Qk">27,500</span> dividend, out of which the amount of $<span id="xdx_902_eus-gaap--PaymentsOfDividends_pn3n3_c20200101__20200221__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsMember__us-gaap--RelatedPartyTransactionAxis__custom--NaviosHoldingsMember_z1FuQ97Mqx9f">17,552</span> was paid to Navios Holdings and the amount of $<span id="xdx_901_eus-gaap--PaymentsOfDividendsMinorityInterest_pn3n3_c20200101__20200221__srt--ConsolidatedEntitiesAxis__custom--NaviosLogisticsMember_zYf6kU8HCax1">9,948</span> to Navios Logistics’ noncontrolling shareholders.</p> 56 83 0 37879 1230 1230 84336 84336 -210 22712 1712 -171000 1712 6 2000000 4800000 2500 2500 25.00 25.00 0.0875 0.08625 0.0025 27783000 10930 26297000 997000 4188000 4747000 16365000 -7678000 8841 21271000 620000 4423000 3879000 12568000 -6798000 16000 15897064 15881147 2414263 2414263 23032 23032 5350 5350 17682 17682 6434000 31270000 6381000 2414263 2308000 27500000 17552000 9948000 <p id="xdx_809_eus-gaap--OtherIncomeAndOtherExpenseDisclosureTextBlock_zdH3O2Qc1JQ" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 11: OTHER INCOME, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_82F_z4podKgB2cbe">Other Income, Net</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the three month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $<span id="xdx_90E_eus-gaap--TaxesExcludingIncomeAndExciseTaxes_pn3n3_c20210401__20210630__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherExpenseMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zLGELz5Qjbva" title="Other (expense)/income - taxes other than income taxes">1,218</span> and $<span id="xdx_90A_eus-gaap--TaxesExcludingIncomeAndExciseTaxes_pn3n3_c20200401__20200630__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherExpenseMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_z3Mgh1AS4hPc">590</span>, respectively, and were included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Other expense, net”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the six month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $<span id="xdx_905_eus-gaap--TaxesExcludingIncomeAndExciseTaxes_pn3n3_c20210101__20210630__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherExpenseMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zUAMOr7vAT98">2,222</span> and $<span id="xdx_909_eus-gaap--TaxesExcludingIncomeAndExciseTaxes_pn3n3_c20200101__20200630__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherExpenseMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_z4AgyV9tW9z6">2,021</span>, respectively, and were included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Other expense, net”.</p> 1218000 590000 2222000 2021000 <p id="xdx_809_eus-gaap--SegmentReportingDisclosureTextBlock_zkVhvx62agPg" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 12: SEGMENT INFORMATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_824_zHF352pjA4R8">Segment Information</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of port terminal business, barge business and cabotage business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company measures segment performance based on net income/(loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:</p> <p id="xdx_891_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_ztFXbZ4EAP8e" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_8BE_zhRjLv5Mh1Ea" style="display: none">Segment Information - Summarized financial information</span> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zQUsqhAaxtY4" style="width: 10%; text-align: right"><span style="font-size: 10pt">86,053</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zPGD0PQaeKbe" style="width: 11%; text-align: right"><span style="font-size: 10pt">57,571</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zlvNsJEjUhh4" style="width: 8%; text-align: right"><span style="font-size: 10pt">143,624</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--InterestExpense_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zRkSnHoiEdm3" style="text-align: right" title="Interest expense and finance cost, net"><span style="font-size: 10pt">(21,011)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--InterestExpense_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zrgV15qmoPI9" style="text-align: right"><span style="font-size: 10pt">(15,159)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InterestExpense_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zEyAUI1QbDxj" style="text-align: right"><span style="font-size: 10pt">(36,170)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--DepreciationAndAmortization_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zpOOIct4agC1" style="text-align: right" title="Depreciation and amortization"><span style="font-size: 10pt">(7,917)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--DepreciationAndAmortization_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFb2R6rbDKG" style="text-align: right"><span style="font-size: 10pt">(8,071)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--DepreciationAndAmortization_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zsFTRJhciUre" style="text-align: right"><span style="font-size: 10pt">(15,988)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zpAR6mo29L9f" style="text-align: right" title="Equity in net earnings of affiliate companies"><span style="font-size: 10pt">12,854</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zjfEsc2h2Gcf" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zO0pbfa3D5De" style="text-align: right"><span style="font-size: 10pt">12,854</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net income/ (loss) attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--NetIncomeLoss_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zNA5GVOBmvgj" style="text-align: right" title="Net income/ (loss) attributable to Navios Holdings common stockholders"><span style="font-size: 10pt">27,795</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--NetIncomeLoss_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zP6Ukd9enR0g" style="text-align: right"><span style="font-size: 10pt">(2,859)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--NetIncomeLoss_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zeyjdvHmrBH2" style="text-align: right"><span style="font-size: 10pt">24,936</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zB3ejl2a0Iil" style="text-align: right"><span style="font-size: 10pt">1,156,441</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z8qvrwDGH3Ij" style="text-align: right"><span style="font-size: 10pt">672,652</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zz1YfFf3uWSe" style="text-align: right"><span style="font-size: 10pt">1,829,093</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z9yLzS2fpM83" style="text-align: right"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zlT5WBuk9fEk" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zWmzZCIwHIEh" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zQ6QlgMC4RC4" style="text-align: right" title="Capital expenditures"><span style="font-size: 10pt">(22,758)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecustom--AdditionsToNoncurrentAssets1_iNP3us-gaap--Goodwill_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zzOf2FuASDsb" style="text-align: right"><span style="font-size: 10pt">(3,646)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zZliCeIM3xqg" style="text-align: right"><span style="font-size: 10pt">(26,404)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zeIrtYzjCZxl" style="text-align: right"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFxffzyByqQ3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zuBRwLEcizo4" style="text-align: right"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zWjSjREDrqRj" style="text-align: right"><span style="font-size: 10pt">25,689</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zULvEuVhRvPh" style="text-align: right"><span style="font-size: 10pt">47,470</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zRR5TxGTVYs4" style="text-align: right"><span style="font-size: 10pt">73,159</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zfmq6rH5r9G9" style="text-align: right"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z4PWv4vrnPf4" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zZl9W7Uav4jj" style="text-align: right"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zblOU6FssQo1" style="text-align: right"><span style="font-size: 10pt">927,399</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zoaGUoH44eGb" style="text-align: right"><span style="font-size: 10pt">549,054</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zEsP2GklRkW6" style="text-align: right"><span style="font-size: 10pt">1,476,453</span></td> <td style="vertical-align: top"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zorAg1TDgCil" style="width: 10%; text-align: right" title="Revenue"><span style="font-size: 10pt">38,302</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFGyZGNgyXc1" style="width: 11%; text-align: right"><span style="font-size: 10pt">58,825</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zmc8heKl8z6b" style="width: 8%; text-align: right"><span style="font-size: 10pt">97,127</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--InterestExpense_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z1JHG2q83RM6" style="text-align: right"><span style="font-size: 10pt">(22,159)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--InterestExpense_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z761sMl57eve" style="text-align: right"><span style="font-size: 10pt">(9,259)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--InterestExpense_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zdpb0Ii5KUrd" style="text-align: right"><span style="font-size: 10pt">(31,418)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--DepreciationAndAmortization_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zXsUH4vcZSs7" style="text-align: right"><span style="font-size: 10pt">(10,745)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--DepreciationAndAmortization_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zRlhCswnO1rh" style="text-align: right"><span style="font-size: 10pt">(7,267)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--DepreciationAndAmortization_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zyc4vcsXKrOe" style="text-align: right"><span style="font-size: 10pt">(18,012)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zI6uMWW6Qpj3" style="text-align: right"><span style="font-size: 10pt">9,445</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zh7pmCkGuU3l" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zwt348EAsVqk" style="text-align: right"><span style="font-size: 10pt">9,445</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net (loss)/ income attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--NetIncomeLoss_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zP1UgC8d4Zke" style="text-align: right"><span style="font-size: 10pt">(42,918)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--NetIncomeLoss_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFajRCTGeDBh" style="text-align: right"><span style="font-size: 10pt">7,647</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z5Mh5ei1JEre" style="text-align: right"><span style="font-size: 10pt">(35,271)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zELF5CU9yfv2" style="text-align: right"><span style="font-size: 10pt">1,500,046</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zgouQYAEdqN6" style="text-align: right"><span style="font-size: 10pt">615,878</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zoxtpXCRYOb2" style="text-align: right"><span style="font-size: 10pt">2,115,924</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zZZv1kj9Hkxa" style="text-align: right"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zqx6TkFQA9f1" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z5EgYKM0BdGh" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z5OqhF3i6YFg" style="text-align: right"><span style="font-size: 10pt">(98,672)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zHGkZRdPUMdc" style="text-align: right"><span style="font-size: 10pt">(2,578)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z1I4ZCxgalva" style="text-align: right"><span style="font-size: 10pt">(101,250)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zfqGUaM39wtf" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zmKjxJRUU1X8" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zUscDeTGHBvc" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zzgpYkwv9ra1" style="text-align: right"><span style="font-size: 10pt">20,525</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zHqRzvAlBnh" style="text-align: right"><span style="font-size: 10pt">33,489</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zVUnP7Y7H1Sf" style="text-align: right"><span style="font-size: 10pt">54,014</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zTEl9RPB1cwc" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zR2MNTzNadW3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zzk5g68TWY21" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zwBA7iZASjS" style="text-align: right"><span style="font-size: 10pt">1,082,032</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zYINTx11xBI9" style="text-align: right"><span style="font-size: 10pt">509,749</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zdJ3iQHdwlvc" style="text-align: right"><span style="font-size: 10pt">1,591,781</span></td> <td style="vertical-align: top"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0"/> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z6e1KUGw00Rh" style="width: 10%; text-align: right"><span style="font-size: 10pt">149,781</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zcjgPQd3jhM3" style="width: 11%; text-align: right"><span style="font-size: 10pt">110,794</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zeoSz0ZNtV8k" style="width: 8%; text-align: right"><span style="font-size: 10pt">260,575</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--InterestExpense_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zw3YluiBGZ6g" style="text-align: right"><span style="font-size: 10pt">(42,855)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--InterestExpense_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z1OsyLVCMIC7" style="text-align: right"><span style="font-size: 10pt">(29,515)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--InterestExpense_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zu8oVhhffQ53" style="text-align: right"><span style="font-size: 10pt">(72,370)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--DepreciationAndAmortization_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zZkAcVLRZ193" style="text-align: right"><span style="font-size: 10pt">(16,714)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--DepreciationAndAmortization_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zfJCVCW2CkMl" style="text-align: right"><span style="font-size: 10pt">(15,540)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--DepreciationAndAmortization_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zJ9eKOgeozU4" style="text-align: right"><span style="font-size: 10pt">(32,254)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zh5KWJWH0LIa" style="text-align: right"><span style="font-size: 10pt">40,594</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zCnSfdAdwfEc" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zYkyulNN0Wr1" style="text-align: right"><span style="font-size: 10pt">40,594</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net income/ (loss) attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--NetIncomeLoss_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z6YMAV9JrPO2" style="text-align: right"><span style="font-size: 10pt">27,694</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--NetIncomeLoss_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zB47CLivtg6b" style="text-align: right"><span style="font-size: 10pt">(2,595)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zPha9Zu6h0G1" style="text-align: right"><span style="font-size: 10pt">25,099 </span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zlI6MpeGZgug" style="text-align: right" title="Total assets"><span style="font-size: 10pt">1,156,441</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zpWOSHP605b2" style="text-align: right"><span style="font-size: 10pt">672,652</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zjCP4joIxAD3" style="text-align: right"><span style="font-size: 10pt">1,829,093</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zuuOvcXQKzs3" style="text-align: right" title="Goodwill"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zikHuPxPIX72" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zjMC6xrcCvJe" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zeZ7rzGxMVFj" style="text-align: right"><span style="font-size: 10pt">(24,152)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zcqBMY3Kw2Bh" style="text-align: right"><span style="font-size: 10pt">(22,033)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_za2tGRuomtK4" style="text-align: right"><span style="font-size: 10pt">(46,185)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zF0JUEIExuF4" style="text-align: right" title="Investment in affiliate companies"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z7o1WbmZEOBh" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zokieeA4bH35" style="text-align: right"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zez4xmEu7CKa" style="text-align: right" title="Cash and cash equivalents"><span style="font-size: 10pt">25,689</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zByZLL6MUZ5e" style="text-align: right"><span style="font-size: 10pt">47,470</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zTs10u1IMKVd" style="text-align: right"><span style="font-size: 10pt">73,159</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zuGwgY5TLpf" style="text-align: right" title="Restricted cash"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zWt9b803ewv3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zfB4c299YmZ8" style="text-align: right"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zQGhywdNUcQ" style="text-align: right" title="Long-term debt, net (including current and noncurrent portion)"><span style="font-size: 10pt">927,399</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zYx0IHV6SBee" style="text-align: right"><span style="font-size: 10pt">549,054</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zcaRuCpYyNqc" style="text-align: right"><span style="font-size: 10pt">1,476,453</span></td> <td style="vertical-align: top"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_ziUJCtOFXmxh" style="width: 10%; text-align: right"><span style="font-size: 10pt">72,562</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zzj6oaN5zZL5" style="width: 11%; text-align: right"><span style="font-size: 10pt">115,648</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zIuxR8fHdRLe" style="width: 8%; text-align: right"><span style="font-size: 10pt">188,210</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--InterestExpense_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zFjMFhD2zjbi" style="text-align: right"><span style="font-size: 10pt">(44,529)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--InterestExpense_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zglq2jwOTcl7" style="text-align: right"><span style="font-size: 10pt">(18,532)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--InterestExpense_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zYBCuJoSPdKg" style="text-align: right"><span style="font-size: 10pt">(63,061)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--DepreciationAndAmortization_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zqxBBVq38UFe" style="text-align: right"><span style="font-size: 10pt">(21,543)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--DepreciationAndAmortization_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zcFOk77P5cvd" style="text-align: right"><span style="font-size: 10pt">(14,545)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--DepreciationAndAmortization_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_ztZ1km2wSUr3" style="text-align: right"><span style="font-size: 10pt">(36,088)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zz8tGArCloJf" style="text-align: right"><span style="font-size: 10pt">3,308</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zQV4Nprdl8q1" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z3Lo2k70sz5c" style="text-align: right"><span style="font-size: 10pt">3,308</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net (loss)/ income attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--NetIncomeLoss_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zsE6RrkEszva" style="text-align: right"><span style="font-size: 10pt">(100,690)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z8lUwvWsO711" style="text-align: right"><span style="font-size: 10pt">12,144</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zDITKBK5VCz" style="text-align: right"><span style="font-size: 10pt">(88,546)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zoE5XYhtKlsb" style="text-align: right"><span style="font-size: 10pt">1,500,046</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z7midpFtIGg1" style="text-align: right"><span style="font-size: 10pt">615,878</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zB9JkZlHkuR7" style="text-align: right"><span style="font-size: 10pt">2,115,924</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zgYorBgGllS2" style="text-align: right"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zWkRDctKruKk" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zWgQWR6zJ8P5" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zP7g49RDg9Yb" style="text-align: right"><span style="font-size: 10pt">(98,672)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z22jI3n5N5uh" style="text-align: right"><span style="font-size: 10pt">(2,578)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zp4a8eI0C44k" style="text-align: right"><span style="font-size: 10pt">(101,250)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zp3ylmWEsU78" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zv2RvSfaFnx3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zfdy8XjaF9H1" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zoof6ARxn2Vl" style="text-align: right"><span style="font-size: 10pt">20,525</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zJopHFR5lbZ" style="text-align: right"><span style="font-size: 10pt">33,489</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zaDcLWaUL1Xh" style="text-align: right"><span style="font-size: 10pt">54,014</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z5FJiotr6NP9" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zeH3U7H1KLWg" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zI2eKZNt18rk" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z0MLhR4MdFue" style="text-align: right"><span style="font-size: 10pt">1,082,032</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zdVbU066GdA5" style="text-align: right"><span style="font-size: 10pt">509,749</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zPZ2qaNfgH4d" style="text-align: right"><span style="font-size: 10pt">1,591,781</span></td> <td style="vertical-align: top"> </td></tr> </table> <p id="xdx_8A1_zdYKWtiQ9WVj" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"/> <p id="xdx_891_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_ztFXbZ4EAP8e" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_8BE_zhRjLv5Mh1Ea" style="display: none">Segment Information - Summarized financial information</span> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--Revenues_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zQUsqhAaxtY4" style="width: 10%; text-align: right"><span style="font-size: 10pt">86,053</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--Revenues_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zPGD0PQaeKbe" style="width: 11%; text-align: right"><span style="font-size: 10pt">57,571</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--Revenues_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zlvNsJEjUhh4" style="width: 8%; text-align: right"><span style="font-size: 10pt">143,624</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--InterestExpense_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zRkSnHoiEdm3" style="text-align: right" title="Interest expense and finance cost, net"><span style="font-size: 10pt">(21,011)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--InterestExpense_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zrgV15qmoPI9" style="text-align: right"><span style="font-size: 10pt">(15,159)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InterestExpense_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zEyAUI1QbDxj" style="text-align: right"><span style="font-size: 10pt">(36,170)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--DepreciationAndAmortization_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zpOOIct4agC1" style="text-align: right" title="Depreciation and amortization"><span style="font-size: 10pt">(7,917)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--DepreciationAndAmortization_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFb2R6rbDKG" style="text-align: right"><span style="font-size: 10pt">(8,071)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--DepreciationAndAmortization_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zsFTRJhciUre" style="text-align: right"><span style="font-size: 10pt">(15,988)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zpAR6mo29L9f" style="text-align: right" title="Equity in net earnings of affiliate companies"><span style="font-size: 10pt">12,854</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zjfEsc2h2Gcf" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zO0pbfa3D5De" style="text-align: right"><span style="font-size: 10pt">12,854</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net income/ (loss) attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--NetIncomeLoss_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zNA5GVOBmvgj" style="text-align: right" title="Net income/ (loss) attributable to Navios Holdings common stockholders"><span style="font-size: 10pt">27,795</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--NetIncomeLoss_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zP6Ukd9enR0g" style="text-align: right"><span style="font-size: 10pt">(2,859)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--NetIncomeLoss_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zeyjdvHmrBH2" style="text-align: right"><span style="font-size: 10pt">24,936</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zB3ejl2a0Iil" style="text-align: right"><span style="font-size: 10pt">1,156,441</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z8qvrwDGH3Ij" style="text-align: right"><span style="font-size: 10pt">672,652</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zz1YfFf3uWSe" style="text-align: right"><span style="font-size: 10pt">1,829,093</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z9yLzS2fpM83" style="text-align: right"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zlT5WBuk9fEk" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zWmzZCIwHIEh" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zQ6QlgMC4RC4" style="text-align: right" title="Capital expenditures"><span style="font-size: 10pt">(22,758)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecustom--AdditionsToNoncurrentAssets1_iNP3us-gaap--Goodwill_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zzOf2FuASDsb" style="text-align: right"><span style="font-size: 10pt">(3,646)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zZliCeIM3xqg" style="text-align: right"><span style="font-size: 10pt">(26,404)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zeIrtYzjCZxl" style="text-align: right"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFxffzyByqQ3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zuBRwLEcizo4" style="text-align: right"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zWjSjREDrqRj" style="text-align: right"><span style="font-size: 10pt">25,689</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zULvEuVhRvPh" style="text-align: right"><span style="font-size: 10pt">47,470</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zRR5TxGTVYs4" style="text-align: right"><span style="font-size: 10pt">73,159</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zfmq6rH5r9G9" style="text-align: right"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z4PWv4vrnPf4" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zZl9W7Uav4jj" style="text-align: right"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zblOU6FssQo1" style="text-align: right"><span style="font-size: 10pt">927,399</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zoaGUoH44eGb" style="text-align: right"><span style="font-size: 10pt">549,054</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zEsP2GklRkW6" style="text-align: right"><span style="font-size: 10pt">1,476,453</span></td> <td style="vertical-align: top"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zorAg1TDgCil" style="width: 10%; text-align: right" title="Revenue"><span style="font-size: 10pt">38,302</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--Revenues_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFGyZGNgyXc1" style="width: 11%; text-align: right"><span style="font-size: 10pt">58,825</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98F_eus-gaap--Revenues_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zmc8heKl8z6b" style="width: 8%; text-align: right"><span style="font-size: 10pt">97,127</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--InterestExpense_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z1JHG2q83RM6" style="text-align: right"><span style="font-size: 10pt">(22,159)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--InterestExpense_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z761sMl57eve" style="text-align: right"><span style="font-size: 10pt">(9,259)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--InterestExpense_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zdpb0Ii5KUrd" style="text-align: right"><span style="font-size: 10pt">(31,418)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--DepreciationAndAmortization_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zXsUH4vcZSs7" style="text-align: right"><span style="font-size: 10pt">(10,745)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--DepreciationAndAmortization_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zRlhCswnO1rh" style="text-align: right"><span style="font-size: 10pt">(7,267)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--DepreciationAndAmortization_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zyc4vcsXKrOe" style="text-align: right"><span style="font-size: 10pt">(18,012)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zI6uMWW6Qpj3" style="text-align: right"><span style="font-size: 10pt">9,445</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zh7pmCkGuU3l" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zwt348EAsVqk" style="text-align: right"><span style="font-size: 10pt">9,445</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net (loss)/ income attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--NetIncomeLoss_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zP1UgC8d4Zke" style="text-align: right"><span style="font-size: 10pt">(42,918)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--NetIncomeLoss_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zFajRCTGeDBh" style="text-align: right"><span style="font-size: 10pt">7,647</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z5Mh5ei1JEre" style="text-align: right"><span style="font-size: 10pt">(35,271)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zELF5CU9yfv2" style="text-align: right"><span style="font-size: 10pt">1,500,046</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zgouQYAEdqN6" style="text-align: right"><span style="font-size: 10pt">615,878</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zoxtpXCRYOb2" style="text-align: right"><span style="font-size: 10pt">2,115,924</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zZZv1kj9Hkxa" style="text-align: right"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zqx6TkFQA9f1" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z5EgYKM0BdGh" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z5OqhF3i6YFg" style="text-align: right"><span style="font-size: 10pt">(98,672)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zHGkZRdPUMdc" style="text-align: right"><span style="font-size: 10pt">(2,578)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200401__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z1I4ZCxgalva" style="text-align: right"><span style="font-size: 10pt">(101,250)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zfqGUaM39wtf" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zmKjxJRUU1X8" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zUscDeTGHBvc" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zzgpYkwv9ra1" style="text-align: right"><span style="font-size: 10pt">20,525</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zHqRzvAlBnh" style="text-align: right"><span style="font-size: 10pt">33,489</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zVUnP7Y7H1Sf" style="text-align: right"><span style="font-size: 10pt">54,014</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zTEl9RPB1cwc" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zR2MNTzNadW3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zzk5g68TWY21" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zwBA7iZASjS" style="text-align: right"><span style="font-size: 10pt">1,082,032</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zYINTx11xBI9" style="text-align: right"><span style="font-size: 10pt">509,749</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zdJ3iQHdwlvc" style="text-align: right"><span style="font-size: 10pt">1,591,781</span></td> <td style="vertical-align: top"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0"/> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2021</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z6e1KUGw00Rh" style="width: 10%; text-align: right"><span style="font-size: 10pt">149,781</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zcjgPQd3jhM3" style="width: 11%; text-align: right"><span style="font-size: 10pt">110,794</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zeoSz0ZNtV8k" style="width: 8%; text-align: right"><span style="font-size: 10pt">260,575</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--InterestExpense_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zw3YluiBGZ6g" style="text-align: right"><span style="font-size: 10pt">(42,855)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--InterestExpense_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z1OsyLVCMIC7" style="text-align: right"><span style="font-size: 10pt">(29,515)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--InterestExpense_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zu8oVhhffQ53" style="text-align: right"><span style="font-size: 10pt">(72,370)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--DepreciationAndAmortization_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zZkAcVLRZ193" style="text-align: right"><span style="font-size: 10pt">(16,714)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--DepreciationAndAmortization_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zfJCVCW2CkMl" style="text-align: right"><span style="font-size: 10pt">(15,540)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--DepreciationAndAmortization_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zJ9eKOgeozU4" style="text-align: right"><span style="font-size: 10pt">(32,254)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zh5KWJWH0LIa" style="text-align: right"><span style="font-size: 10pt">40,594</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zCnSfdAdwfEc" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--IncomeLossFromEquityMethodInvestments_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zYkyulNN0Wr1" style="text-align: right"><span style="font-size: 10pt">40,594</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net income/ (loss) attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--NetIncomeLoss_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z6YMAV9JrPO2" style="text-align: right"><span style="font-size: 10pt">27,694</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--NetIncomeLoss_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zB47CLivtg6b" style="text-align: right"><span style="font-size: 10pt">(2,595)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zPha9Zu6h0G1" style="text-align: right"><span style="font-size: 10pt">25,099 </span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zlI6MpeGZgug" style="text-align: right" title="Total assets"><span style="font-size: 10pt">1,156,441</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zpWOSHP605b2" style="text-align: right"><span style="font-size: 10pt">672,652</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--Assets_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zjCP4joIxAD3" style="text-align: right"><span style="font-size: 10pt">1,829,093</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zuuOvcXQKzs3" style="text-align: right" title="Goodwill"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zikHuPxPIX72" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zjMC6xrcCvJe" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zeZ7rzGxMVFj" style="text-align: right"><span style="font-size: 10pt">(24,152)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zcqBMY3Kw2Bh" style="text-align: right"><span style="font-size: 10pt">(22,033)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_988_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_za2tGRuomtK4" style="text-align: right"><span style="font-size: 10pt">(46,185)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zF0JUEIExuF4" style="text-align: right" title="Investment in affiliate companies"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z7o1WbmZEOBh" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zokieeA4bH35" style="text-align: right"><span style="font-size: 10pt">97,351</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zez4xmEu7CKa" style="text-align: right" title="Cash and cash equivalents"><span style="font-size: 10pt">25,689</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zByZLL6MUZ5e" style="text-align: right"><span style="font-size: 10pt">47,470</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zTs10u1IMKVd" style="text-align: right"><span style="font-size: 10pt">73,159</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zuGwgY5TLpf" style="text-align: right" title="Restricted cash"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zWt9b803ewv3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zfB4c299YmZ8" style="text-align: right"><span style="font-size: 10pt">10</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zQGhywdNUcQ" style="text-align: right" title="Long-term debt, net (including current and noncurrent portion)"><span style="font-size: 10pt">927,399</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98C_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zYx0IHV6SBee" style="text-align: right"><span style="font-size: 10pt">549,054</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20210630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zcaRuCpYyNqc" style="text-align: right"><span style="font-size: 10pt">1,476,453</span></td> <td style="vertical-align: top"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Dry Bulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for the</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 62%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Revenue</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--Revenues_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_ziUJCtOFXmxh" style="width: 10%; text-align: right"><span style="font-size: 10pt">72,562</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_987_eus-gaap--Revenues_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zzj6oaN5zZL5" style="width: 11%; text-align: right"><span style="font-size: 10pt">115,648</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--Revenues_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zIuxR8fHdRLe" style="width: 8%; text-align: right"><span style="font-size: 10pt">188,210</span></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Interest expense and finance cost, net</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--InterestExpense_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zFjMFhD2zjbi" style="text-align: right"><span style="font-size: 10pt">(44,529)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--InterestExpense_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zglq2jwOTcl7" style="text-align: right"><span style="font-size: 10pt">(18,532)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_984_eus-gaap--InterestExpense_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zYBCuJoSPdKg" style="text-align: right"><span style="font-size: 10pt">(63,061)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Depreciation and amortization</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--DepreciationAndAmortization_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zqxBBVq38UFe" style="text-align: right"><span style="font-size: 10pt">(21,543)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--DepreciationAndAmortization_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zcFOk77P5cvd" style="text-align: right"><span style="font-size: 10pt">(14,545)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--DepreciationAndAmortization_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_ztZ1km2wSUr3" style="text-align: right"><span style="font-size: 10pt">(36,088)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Equity in net earnings of affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zz8tGArCloJf" style="text-align: right"><span style="font-size: 10pt">3,308</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--IncomeLossFromEquityMethodInvestments_d0_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zQV4Nprdl8q1" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--IncomeLossFromEquityMethodInvestments_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_z3Lo2k70sz5c" style="text-align: right"><span style="font-size: 10pt">3,308</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net (loss)/ income attributable to Navios Holdings common stockholders</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--NetIncomeLoss_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zsE6RrkEszva" style="text-align: right"><span style="font-size: 10pt">(100,690)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z8lUwvWsO711" style="text-align: right"><span style="font-size: 10pt">12,144</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--NetIncomeLoss_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zDITKBK5VCz" style="text-align: right"><span style="font-size: 10pt">(88,546)</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Total assets</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zoE5XYhtKlsb" style="text-align: right"><span style="font-size: 10pt">1,500,046</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z7midpFtIGg1" style="text-align: right"><span style="font-size: 10pt">615,878</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--Assets_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zB9JkZlHkuR7" style="text-align: right"><span style="font-size: 10pt">2,115,924</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Goodwill</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zgYorBgGllS2" style="text-align: right"><span style="font-size: 10pt">56,240</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zWkRDctKruKk" style="text-align: right"><span style="font-size: 10pt">104,096</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_985_eus-gaap--Goodwill_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zWgQWR6zJ8P5" style="text-align: right"><span style="font-size: 10pt">160,336</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Capital expenditures</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zP7g49RDg9Yb" style="text-align: right"><span style="font-size: 10pt">(98,672)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98D_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_z22jI3n5N5uh" style="text-align: right"><span style="font-size: 10pt">(2,578)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_ecustom--AdditionsToNoncurrentAssets1_iN_di_c20200101__20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zp4a8eI0C44k" style="text-align: right"><span style="font-size: 10pt">(101,250)</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Investment in affiliate companies</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zp3ylmWEsU78" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zv2RvSfaFnx3" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zfdy8XjaF9H1" style="text-align: right"><span style="font-size: 10pt">63,498</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Cash and cash equivalents</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_zoof6ARxn2Vl" style="text-align: right"><span style="font-size: 10pt">20,525</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zJopHFR5lbZ" style="text-align: right"><span style="font-size: 10pt">33,489</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zaDcLWaUL1Xh" style="text-align: right"><span style="font-size: 10pt">54,014</span></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Restricted cash</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_980_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z5FJiotr6NP9" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_d0_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zeH3U7H1KLWg" style="text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"> </td> <td id="xdx_989_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zI2eKZNt18rk" style="text-align: right"><span style="font-size: 10pt">1,058</span></td> <td style="vertical-align: top"> </td></tr> <tr> <td style="vertical-align: bottom; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Long-term debt, net (including current and noncurrent portion)</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--DrybulkVesselOperationsMember_z0MLhR4MdFue" style="text-align: right"><span style="font-size: 10pt">1,082,032</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--LogisticsBusinessMember_zdVbU066GdA5" style="text-align: right"><span style="font-size: 10pt">509,749</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">$</span></td> <td id="xdx_98B_eus-gaap--LongTermDebt_iI_c20200630__us-gaap--StatementBusinessSegmentsAxis__custom--SegmentContinuingAndDiscontinuedOperationsMember_zPZ2qaNfgH4d" style="text-align: right"><span style="font-size: 10pt">1,591,781</span></td> <td style="vertical-align: top"> </td></tr> </table> 86053000 57571000 143624000 21011000 15159000 36170000 7917000 8071000 15988000 12854000 0 12854000 27795000 -2859000 24936000 1156441000 672652000 1829093000 56240000 104096000 160336000 22758000 3646000 26404000 97351000 0 97351000 25689000 47470000 73159000 10000 0 10000 927399000 549054000 1476453000 38302000 58825000 97127000 22159000 9259000 31418000 10745000 7267000 18012000 9445000 0 9445000 -42918000 7647000 -35271000 1500046000 615878000 2115924000 56240000 104096000 160336000 98672000 2578000 101250000 63498000 0 63498000 20525000 33489000 54014000 1058000 0 1058000 1082032000 509749000 1591781000 149781000 110794000 260575000 42855000 29515000 72370000 16714000 15540000 32254000 40594000 0 40594000 27694000 -2595000 25099000 1156441000 672652000 1829093000 56240000 104096000 160336000 24152000 22033000 46185000 97351000 0 97351000 25689000 47470000 73159000 10000 0 10000 927399000 549054000 1476453000 72562000 115648000 188210000 44529000 18532000 63061000 21543000 14545000 36088000 3308000 0 3308000 -100690000 12144000 -88546000 1500046000 615878000 2115924000 56240000 104096000 160336000 98672000 2578000 101250000 63498000 0 63498000 20525000 33489000 54014000 1058000 0 1058000 1082032000 509749000 1591781000 <p id="xdx_80B_eus-gaap--EarningsPerShareTextBlock_zWBNUuBJclOf" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 13: EARNINGS/(LOSS) PER COMMON SHARE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_82D_zFLh4yXAnZlf">Earnings/ (Loss) Per Common Share</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Earnings/(Loss) per share is calculated by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net income/(loss) attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net income/(loss) attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">For the three month period ended June 30, 2021, <span id="xdx_900_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_za6snkRPOjlh" title="Shares with anti-dilutive effect, not included in calculation of earnings per share">384,419</span> potential common shares and <span id="xdx_901_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20210401__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zkjYqdFsGNb6">0</span> potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.</p> <p style="font: 10pt/9.2pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">For the three month period ended June 30, 2020, <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20200401__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPUTcjw9ikqk">566,525</span> potential common shares and <span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20200401__20200630__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zXZp8VHmf2Ah">0</span> potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">For the six month period ended June 30, 2021, <span id="xdx_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zYgJxt5cLiLj">388,027</span> potential common shares and <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zmZyXNqzXd0l">0</span> potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">For the six month period ended June 30, 2020, <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20200101__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0lQNRoqYyca">583,126</span> potential common shares and <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_uShares_c20200101__20200630__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zF1W4YoErRhl">3,115</span> potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.</p> <p style="font: 10pt/9.5pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zPWZGq7apVCi" style="font: 10pt/9.5pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/9.5pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8B3_zmMU4MOfyb2a" style="display: none">Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td> </td> <td> </td> <td colspan="2" id="xdx_49A_20210401__20210630_zJN1BnWvhGPb" style="border-bottom: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="2" id="xdx_499_20200401__20200630_z5s6tM3ku5u3" style="border-bottom: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="2" id="xdx_499_20210101__20210630_ztl7WXs7fNYc" style="border-bottom: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="2" id="xdx_49F_20200101__20200630_zMp7BnpAfZba" style="border-bottom: black 1pt solid"> </td> <td> </td></tr> <tr> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareReconciliationAbstract_iB_zLm2M3Fo6uWg" style="background-color: #CCEEFF"> <td style="width: 33%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Numerator:</b></span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 1%"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_i01_pn3n3_zPi4B3Txq3W2"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net income/ (loss) attributable to Navios Holdings common stockholders</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">24,936 </span></td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(35,271)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">25,099 </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(88,546)</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eus-gaap--EarningsPerShareBasicAndDilutedAbstract_iB_zVlDFR9ks35j" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Less:</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_zBVMTmFa7f85"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Declared and undeclared dividend on preferred stock and on unvested restricted shares</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(1,284)</span></td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(1,284)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2,561)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2,578)</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasicOtherDisclosuresAbstract_iB_zfiuvDAV9VS7" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Plus:</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_409_ecustom--GainLossFromPreferredDividendsCancellation_d0_ztCH2kpDo9Tl"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Gain from eliminated dividends (preferred stock) due to conversion</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">166</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01T_pn3n3_zo6ZCXCn0eXh" style="background-color: #CDEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Income/ (loss) available to Navios Holdings common stockholders, basic and diluted</span></td> <td> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">23,652 </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(36,555)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">22,538 </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(90,958)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td></tr> <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_i01B_zdVbgfwiLM2h"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Denominator:</b></span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_400_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pip0_zK28juCusfDk" style="background-color: #CDEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares</span></td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,127,208</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,901,880</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,120,335</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,882,235</span></td> <td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_i01_pip0_uUSDPShares_z3MZ3Jxf7Su5"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders</span></td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.80 </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2.83)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.72 </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(7.06)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td></tr> <tr id="xdx_405_ecustom--WeightedAverageNumberOfSharesOutstandingDiluted_i01_pip0_zxeQCZwsLCmb" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares</span></td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,511,627</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,901,880</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,508,382</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,882,235</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareDiluted_i01_pip0_uUSDPShares_z30tDpWKi17c"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders</span></td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.75</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2.83)</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.67</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(7.06)</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td></tr> </table> <p id="xdx_8AC_zp1ePUfCNUVh" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b> </b></p> 384419 0 566525 0 388027 0 583126 3115 <p id="xdx_890_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zPWZGq7apVCi" style="font: 10pt/9.5pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/9.5pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8B3_zmMU4MOfyb2a" style="display: none">Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td> </td> <td> </td> <td colspan="2" id="xdx_49A_20210401__20210630_zJN1BnWvhGPb" style="border-bottom: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="2" id="xdx_499_20200401__20200630_z5s6tM3ku5u3" style="border-bottom: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="2" id="xdx_499_20210101__20210630_ztl7WXs7fNYc" style="border-bottom: black 1pt solid"> </td> <td> </td> <td> </td> <td colspan="2" id="xdx_49F_20200101__20200630_zMp7BnpAfZba" style="border-bottom: black 1pt solid"> </td> <td> </td></tr> <tr> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareReconciliationAbstract_iB_zLm2M3Fo6uWg" style="background-color: #CCEEFF"> <td style="width: 33%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Numerator:</b></span></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 1%"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_i01_pn3n3_zPi4B3Txq3W2"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Net income/ (loss) attributable to Navios Holdings common stockholders</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">24,936 </span></td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(35,271)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">25,099 </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(88,546)</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eus-gaap--EarningsPerShareBasicAndDilutedAbstract_iB_zVlDFR9ks35j" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Less:</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_zBVMTmFa7f85"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Declared and undeclared dividend on preferred stock and on unvested restricted shares</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(1,284)</span></td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(1,284)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2,561)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2,578)</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareBasicOtherDisclosuresAbstract_iB_zfiuvDAV9VS7" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Plus:</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_409_ecustom--GainLossFromPreferredDividendsCancellation_d0_ztCH2kpDo9Tl"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Gain from eliminated dividends (preferred stock) due to conversion</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—  </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">166</span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_i01T_pn3n3_zo6ZCXCn0eXh" style="background-color: #CDEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Income/ (loss) available to Navios Holdings common stockholders, basic and diluted</span></td> <td> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">23,652 </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(36,555)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">22,538 </span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(90,958)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom"> </td></tr> <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_i01B_zdVbgfwiLM2h"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Denominator:</b></span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_400_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pip0_zK28juCusfDk" style="background-color: #CDEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares</span></td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,127,208</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,901,880</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,120,335</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,882,235</span></td> <td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_i01_pip0_uUSDPShares_z3MZ3Jxf7Su5"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders</span></td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.80 </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2.83)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.72 </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(7.06)</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td></tr> <tr id="xdx_405_ecustom--WeightedAverageNumberOfSharesOutstandingDiluted_i01_pip0_zxeQCZwsLCmb" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares</span></td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,511,627</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,901,880</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13,508,382</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12,882,235</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareDiluted_i01_pip0_uUSDPShares_z30tDpWKi17c"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders</span></td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.75</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(2.83)</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.67</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">(7.06)</span></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom"> </td></tr> </table> 24936000 -35271000 25099000 -88546000 1284000 1284000 2561000 2578000 0 0 0 166000 23652000 -36555000 22538000 -90958000 13127208 12901880 13120335 12882235 1.80 -2.83 1.72 -7.06 13511627 12901880 13508382 12882235 1.75 -2.83 1.67 -7.06 <p id="xdx_809_eus-gaap--InvestmentsInAndAdvancesToAffiliatesTextBlock_zhY46DAbQlse" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 14: INVESTMENTS IN AFFILIATE COMPANIES AND AVAILABLE-FOR-SALE SECURITIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b> <span id="xdx_825_zSHhmocJvzha">Investments in Affiliate Companies and Available-For-Sale Securities</span></b></p> <p style="font: 10pt/14.55pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt/14.55pt Times New Roman, Times, Serif; margin: 0"><b>Navios Partners</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a <span id="xdx_904_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_dp_uPure_c20210101__20210630__srt--OwnershipAxis__custom--NaviosHoldingsMember__dei--LegalEntityAxis__custom--NaviosPartnersMember_zwxV4r6yezL5" title="General partner interest of Navios Holdings">2.0</span>% general partner interest. In August 2019, Navios Holdings sold the general partnership interests in Navios Partners (except for the incentive distribution rights) to NSM.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020 Navios Partners has issued <span id="xdx_905_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_pip0_uShares_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ContinuousOfferingProgramSalesAgreementMember__srt--OwnershipAxis__custom--NaviosPartnersMember_zcwsyg6zrL6a">6,638,503</span> and <span id="xdx_90B_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_pip0_uShares_c20200101__20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ContinuousOfferingProgramSalesAgreementMember__srt--OwnershipAxis__custom--NaviosPartnersMember_zkbso2PV52Sb">357,508</span> units, respectively, through its Continuous Offering Programs entered into from time to time. Pursuant to the issuance of common units, Navios Partners issued <span id="xdx_904_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_pip0_uShares_c20210101__20210630__srt--OwnershipAxis__custom--NaviosPartnersMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ContinuousOfferingProgramSalesAgreementMember__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--GeneralPartnerMember_zb0OH4qUvxqj">135,482</span> and <span id="xdx_901_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_pip0_uShares_c20200101__20201231__srt--OwnershipAxis__custom--NaviosPartnersMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ContinuousOfferingProgramSalesAgreementMember__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--GeneralPartnerMember_z9yxhCyOxgbc">7,298</span> general partnership units to its general partner as of June 30, 2021 and December 31, 2020, respectively, in order to maintain its 2.0% general partnership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and following the Navios Partners’ Merger (as defined herein), total units of <span id="xdx_90C_eus-gaap--PartnersCapitalAccountUnitsConverted_pip0_uShares_c20210101__20210630__srt--OwnershipAxis__custom--NaviosPartnersMember__us-gaap--RelatedPartyTransactionAxis__custom--MergerAgreementWithNaviosPartnersMember_zJypvmXwrtY5" title="Number of units converted">1,263,276</span> held in Navios Containers converted to <span id="xdx_90B_eus-gaap--PartnersCapitalAccountUnits_iI_pip0_uShares_c20210630__srt--OwnershipAxis__custom--NaviosPartnersMember__us-gaap--RelatedPartyTransactionAxis__custom--MergerAgreementWithNaviosPartnersMember_zg3xQBTGLSm5" title="Number of units held">492,678</span> units of Navios Partners. Accordingly, Navios Holdings holds a total of <span id="xdx_903_eus-gaap--PartnersCapitalAccountUnits_iI_pip0_uShares_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_ztbaUhOqiPFg">2,562,893</span> common units representing a <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_z53a0h3D2OI5" title="Ownership percentage of Navios Holdings">9.7</span>% interest in Navios Partners, and the investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C.</p> <p style="font: 10pt/7.45pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company’s underlying equity in net assets of Navios Partners was $<span id="xdx_90E_eus-gaap--EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zfsBavcG58C4" title="Difference between carrying amount of investment and underlying equity in net assets of equity method investee">39,587</span> and $<span id="xdx_90A_eus-gaap--EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_iI_pn3n3_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zjUi4hlTPJAk">77,904</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Partners was $<span id="xdx_90A_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zcmCzaiXpSdi">80,632</span> and $<span id="xdx_90D_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zcjOpTo7pYci">39,133</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Total equity method income/(loss) of $<span id="xdx_901_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20210401__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zXOmSgpxPHNg">9,125</span> and $<span id="xdx_908_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20200401__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zOeMyfV4b6ag">(1,227)</span> were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively, and total equity method income/(loss) of $<span id="xdx_907_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_z4aqzq2XHOjf">38,322</span> and $<span id="xdx_903_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20200101__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zfi24rhFaNqb">(2,354)</span> were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span style="font-size: 10pt">Dividends received during each of the three month periods ended June 30, 2021 and 2020 were $<span id="xdx_908_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20210401__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zIpctO9gEZXe" title="Dividends received">128</span> and $<span id="xdx_907_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20200401__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zgF25K3jBCgc">621</span>, respectively,</span> a<span style="font-size: 10pt">nd for each of the six month periods ended June 30, 2021 and 2020, were $<span id="xdx_904_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zgDSsmOkXgej">232</span> and $<span id="xdx_908_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20200101__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zekvfvX23QGi">1,242</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the market value of the investment in Navios Partners was $<span id="xdx_904_eus-gaap--EquityMethodInvestmentQuotedMarketValue_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zvqXkg1ZsFx2" title="Market value of the investment">75,759</span>. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0 -20pt; text-indent: 17.3pt"><b>Navios Partners’ Merger II</b>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On August 25, 2021, Navios Partners and its direct wholly-owned subsidiary Navios Acquisition Merger Sub. Inc. (“Merger Sub”) entered into an Agreement and Plan of Merger with Navios Acquisition (the “Navios Partners’ Merger II”). Pursuant to the Navios Partners’ Merger II, Merger Sub will be merged with and into Navios Acquisition, with Navios Acquisition being the surviving entity (the “Merger”) as a wholly-owned subsidiary of Navios Partners. Upon consummation of the Navios Partners’ Merger II, Navios Acquisition will become wholly owned by Navios Partners and each outstanding share of common stock of Navios Acquisition that is held by a holder other than Navios Partners, Navios Acquisition and their respective subsidiaries will be converted into the right to receive <span id="xdx_90F_ecustom--SharesConversionRate_uPure_c20210101__20210825__us-gaap--RelatedPartyTransactionAxis__custom--MergerAgreementWithNaviosPartnersIIMember_zpvBDuyzAAA1">0.1275</span> of a common unit of Navios Partners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Pursuant to the Navios Partners’ Merger II, on August 26, 2021, Navios Acquisition called for redemption of all of its outstanding 8.125% first Priority Ship Mortgage Notes due November 15, 2021 (the “Navios Acquisition’s Ship Mortgage Notes”) and remitted to the indenture trustee the aggregate redemption price payable to the holders of the Navios Acquisition’s Ship Mortgage Notes to satisfy and discharge Navios Acquisition’s obligations under the indenture relating to the Navios Acquisition’s Ship Mortgage Notes. The redemption date for the Navios Acquisition’s Ship Mortgage Notes will be September 25, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Navios Partners’ Merger II is expected to close in the fourth quarter of 2021 upon completion of certain customary conditions. After the completion of the Navios Partners’ Merger II, Navios Holdings expects to have a <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--MergerAgreementWithNaviosPartnersIIMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zhfIaKvndDn3">10.3</span>% ownership interest in Navios Partners.</p> <p style="font: 10pt/14.55pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>Navios Acquisition</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, Navios Acquisition has issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_uShares_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember__us-gaap--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgramMember_zX5oYfFWMaZc">1,776,016</span> and <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_uShares_c20200101__20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember__us-gaap--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgramMember_zJ9BEu4ezjn2">753,251</span> shares of common stock, respectively, through its Continuous Offering Program entered into from time to time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, Navios Holdings had a <span id="xdx_90B_eus-gaap--SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_dp_uPure_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zeMgaAos3dcf">28.0</span>% ownership interest in Navios Acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company’s underlying equity in net assets of Navios Acquisition was $<span id="xdx_907_eus-gaap--EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zVokoXJEji2g">75,408</span> and $<span id="xdx_906_eus-gaap--EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_iI_pn3n3_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_z8dCEhwOR1E6">68,793</span>, respectively and is amortized through “Equity in net earnings of affiliate companies” over the remaining life of Navios Acquisition tangible and intangible assets. As a result of the OTTI loss recorded as at December 31, 2020, the Company had recomputed this difference.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Acquisition was $<span id="xdx_905_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zhbKIz3mC6el" title="Investments in affiliate companies">16,719</span> and $<span id="xdx_90E_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_c20201231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zJ7Ek8yO8c8b">15,033</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Total equity method income of $<span id="xdx_907_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20210401__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zWeP5tPGWc91">3,739</span> and $<span id="xdx_90D_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20200401__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_z7jrHP0AaKHg">10,650</span>, were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Total equity method income of $<span id="xdx_906_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zKZ4EjhZSura">1,686</span> and $<span id="xdx_90C_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20200101__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zUF4YJVudlrb">12,207</span>, were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Dividends received for each of the three month periods ended June 30, 2021 and 2020 were $<span id="xdx_90D_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20210401__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zNIL7MIXpSmk">0</span> and $<span id="xdx_90F_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20200401__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zvxdnJOsxwCj">1,460</span>, respectively, and for each of the six month periods ended June 30, 2021 and 2020 were $<span id="xdx_90D_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zk9c527eAbMa">243</span> and $<span id="xdx_90D_eus-gaap--ProceedsFromDividendsReceived_pn3n3_c20200101__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zckp2SSsEmEd">2,919</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the market value of the investment in Navios Acquisition was $<span id="xdx_90B_eus-gaap--EquityMethodInvestmentQuotedMarketValue_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosAcquisitionMember_zDzoMbNSkAGc">16,590</span>. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt/14.55pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>Navios Europe II</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II. From June 8, 2015 through December 31, 2015, Navios Europe II acquired 14 vessels for aggregate consideration consisting of: (i) cash (which was funded with the proceeds of a senior loan facility (the “Senior Loans II”) and loans aggregating to $<span id="xdx_904_eus-gaap--LoansAndLeasesReceivableRelatedParties_iI_pn3n3_c20150218__us-gaap--CreditFacilityAxis__custom--NaviosRevolvingLoans2Member__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_ztLR4jeszFbi">14,000</span> from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe II) (collectively, the “Navios Term Loans II”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan II”). In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners had agreed to make available to Navios Europe II revolving loans up to $<span id="xdx_900_ecustom--RevolvingCreditFacilityMaximumBorrowingCapacity_pn3n3_c20150101__20150218__us-gaap--CreditFacilityAxis__custom--NaviosRevolvingLoans2Member__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zoX5nOrJsBy8">43,500</span> to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017, the amount of the Navios Revolving Loans II increased by $<span id="xdx_90B_eus-gaap--LineOfCreditFacilityIncreaseDecreaseForPeriodNet_pn3n3_c20170101__20170331__us-gaap--CreditFacilityAxis__custom--NaviosRevolvingLoans2Member__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zrAKQvTGzoJ1">14,000</span>. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $<span id="xdx_90E_eus-gaap--RepaymentsOfDebt_pn3n3_c20200101__20200421__us-gaap--LongtermDebtTypeAxis__custom--JuniorLoanIIMember_zA0BowOzW5E8">5,000</span>. The structure was liquidated in June 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II was a VIE and that it had not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The initial amount provided for in Navios Europe II of $<span id="xdx_905_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_do_c20150218__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zhHiYEe7CkDg">6,650</span>, at the inception included the Company’s share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe II, which amounted to $<span id="xdx_908_eus-gaap--EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity_iI_pn3n3_do_c20150218__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zDsxiym8aX83">9,419</span>. This difference had been amortized through “Equity in net earnings of affiliate companies” over the remaining life of Navios Europe II.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of March 31, 2020, the Company considered the decline in fair value of its investment in Navios Europe II as OTTI and therefore recognized a loss of $<span id="xdx_90D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_do_c20200101__20200331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zbbO6om0uHKj">6,650</span> in the accompanying consolidated statement of comprehensive income/(loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_90D_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_do_c20200401__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_zHmnusV9Z66"><span id="xdx_905_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_do_c20210401__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosEuropeIIMember_ztKFo9Cziud9">No</span></span> income was recognized within the caption “Equity in net earnings of affiliate companies” for each of the three month periods ended June 30, 2021 and 2020.</p> <p style="font: 10pt/14.55pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>Navios Containers</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Following the sale of Navios Containers general partnership interest effected on August 30, 2019, Navios Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers was accounted for under the equity method, through Navios Partners’ Merger (as defined herein) on March 31, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of December 31, 2020, the carrying amount of the investment in Navios Containers was $<span id="xdx_900_eus-gaap--EquityMethodInvestmentQuotedMarketValue_iI_pn3n3_c20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_z1jraLzl3yXj" title="Market value of investment">2,812</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Total equity method loss of $<span id="xdx_90F_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20210401__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_zqIMPscsiS8e">0</span> and $<span id="xdx_90E_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20200401__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_zqQeZ2FklYo4">77</span>, were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Total equity method income of $<span id="xdx_906_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20210101__20210630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_znZ3NjcbASOk" title="Equity in net earnings of affiliated companies">596</span> and $<span id="xdx_900_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_c20200101__20200630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosContainersMember_zgAzKzd0m7sh">105</span>, were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><b>Merger Agreement Navios Partners: </b>On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the “Navios Partners’ Merger”). Under the terms of the Navios Partners’ Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of <span id="xdx_900_eus-gaap--NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_pip0_uShares_c20210101__20210331__srt--OwnershipAxis__custom--NaviosPartnersMember__us-gaap--RelatedPartyTransactionAxis__custom--MergerAgreementWithNaviosPartnersMember_zLzstIHtCO42">8,133,452</span> newly issued common units of Navios Partners in exchange for the publicly held common units of Navios Containers at an exchange ratio of <span id="xdx_900_ecustom--SharesConversionRate_uPure_c20210101__20210331__srt--OwnershipAxis__custom--NaviosPartnersMember__us-gaap--RelatedPartyTransactionAxis__custom--MergerAgreementWithNaviosPartnersMember_zH1spxhEmkJi">0.39</span> units of Navios Partners for each Navios Containers common unit. The Navios Partners’ Merger was completed on March 31, 2021 and Navios Holdings had <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20210104__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NaviosPartnersMember_zmWKCzi1yExd">12.6</span>% ownership interest in Navios Partners at that date. As of the close of the market on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Following the results of the significance tests performed by the Company, it was concluded that two affiliate companies met the significance threshold requiring summarized financial information of all affiliate companies being presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Summarized financial information of the affiliate companies is presented below:</p> <p id="xdx_899_ecustom--SummaryFinancialInformationIncomeStatementAffiliatedCompaniesTableTextBlock_zJu63yAbj6Fh" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_8B0_zPbVjazaWoZj" style="display: none">Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span style="background-color: yellow"/></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_496_20210401__20210630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_zwbGWdcsRFG4" style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_499_20200401__20200630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_z1CcvjTkxRD" style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><span style="font-size: 9pt"><b>Income Statement</b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="8" style="border-bottom: Black 1pt solid"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Navios</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Partners</b></p></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="4" style="text-align: center"><span style="font-size: 9pt"><b>Three Month June 30, 2021</b></span></td> <td colspan="4" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Three</b></span><b> <span style="font-size: 9pt">Month June 30, 2020</span></b></td> </tr> <tr id="xdx_40D_eus-gaap--Revenues_zu06HDBag3Nd"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Revenue</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">152,009</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">46,549</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_409_eus-gaap--CostOfRevenue_iN_di_zy9jWvHSURnc"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Time charter and voyage expenses</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(5,869)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(1,940)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_40B_eus-gaap--OperatingCostsAndExpenses_iN_di_zl08qDmquu9a"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Direct vessel expenses</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(3,989)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(2,385)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_400_eus-gaap--ProfessionalAndContractServicesExpense_iN_di_z3fbnVFddQki"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Vessel operating expenses </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(41,771)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(21,930)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_409_eus-gaap--ProfitLoss_zFNR7O237lHe"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Net income/ (loss)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">99,913</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(14,641)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20210101__20210630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_zit4VOhnpLdc" style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_49E_20200101__20200630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_zNuCqvB47Gqi" style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><span style="font-size: 9pt"><b>Income Statement</b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="8" style="border-bottom: Black 1pt solid"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Navios</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Partners</b></p></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="4" style="text-align: center"><span style="font-size: 9pt"><b>Six Month June 30, 2021</b></span></td> <td colspan="4" style="text-align: center"><span style="font-size: 9pt"><b>Six Month June 30, 2020</b></span></td> </tr> <tr id="xdx_40D_eus-gaap--Revenues_zOEFOvYrabYl"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Revenue</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">217,072</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">93,039</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_409_eus-gaap--CostOfRevenue_iN_di_zWxZXxY1qfg"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Time charter and voyage expenses</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(8,364)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(5,038)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_40B_eus-gaap--OperatingCostsAndExpenses_iN_di_zIEPS9O46fe2"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Direct vessel expenses</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(7,143)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(4,934)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_400_eus-gaap--ProfessionalAndContractServicesExpense_iN_di_zxfr0UG2vk0a"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Vessel operating expenses </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(64,733)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(44,135)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_409_eus-gaap--ProfitLoss_ziaBHgTfFti8"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Net income/ (loss)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">236,592</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(25,365)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> </table> <p id="xdx_8A8_ztOVdUcoFtb5" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>Available-for-sale securities (“AFS Securities”)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the year ended December 31, 2017, the Company received shares of Pan Ocean Co. Ltd (“STX”) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company’s vessels. The shares were recorded at fair value upon their issuance and subsequent changes in market value are recognized within consolidated statement of comprehensive income/(loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021 and December 31, 2020, the carrying amount of AFS Securities related to STX was $<span id="xdx_90A_eus-gaap--AvailableForSaleSecuritiesEquitySecuritiesNoncurrent_iI_pn3n3_c20210630_zZMVVpcoyic" title="Investment in available-for-sale-securities">364</span> and $<span id="xdx_903_eus-gaap--AvailableForSaleSecuritiesEquitySecuritiesNoncurrent_iI_pn3n3_c20201231_zvC74qckCKzh">222</span>, respectively and was recorded within the caption “Other long-term assets” in the interim condensed consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">For the three month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $<span id="xdx_90C_eus-gaap--AvailableForSaleEquitySecuritiesGrossUnrealizedGain_pn3n3_c20210401__20210630_z5wtg3ZLqcF8">101</span> and $<span id="xdx_907_eus-gaap--AvailableForSaleEquitySecuritiesGrossUnrealizedGain_pn3n3_c20200401__20200630_zVZ0Giv66rc1">5</span>, respectively. For the six month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $<span id="xdx_90E_eus-gaap--AvailableForSaleEquitySecuritiesGrossUnrealizedGain_pn3n3_c20210101__20210630_zfC0hQo7gKWb">142 </span>and $<span id="xdx_902_eus-gaap--AvailableForSaleEquitySecuritiesGrossUnrealizedGain_pn3n3_c20200101__20200630_zjGvgALr6sVe">36</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> 0.020 6638503 357508 135482 7298 1263276 492678 2562893 0.097 39587000 77904000 80632000 39133000 9125000 -1227000 38322000 -2354000 128000 621000 232000 1242000 75759000 0.1275 0.103 1776016 753251 0.280 75408000 68793000 16719000 15033000 3739000 10650000 1686000 12207000 0 1460000 243000 2919000 16590000 14000000 43500000 14000000 5000000 6650000 9419000 6650000 0 0 2812000 0 77000 596000 105000 8133452 0.39 0.126 <p id="xdx_899_ecustom--SummaryFinancialInformationIncomeStatementAffiliatedCompaniesTableTextBlock_zJu63yAbj6Fh" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_8B0_zPbVjazaWoZj" style="display: none">Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span style="background-color: yellow"/></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_496_20210401__20210630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_zwbGWdcsRFG4" style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_499_20200401__20200630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_z1CcvjTkxRD" style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><span style="font-size: 9pt"><b>Income Statement</b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="8" style="border-bottom: Black 1pt solid"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Navios</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Partners</b></p></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="4" style="text-align: center"><span style="font-size: 9pt"><b>Three Month June 30, 2021</b></span></td> <td colspan="4" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Three</b></span><b> <span style="font-size: 9pt">Month June 30, 2020</span></b></td> </tr> <tr id="xdx_40D_eus-gaap--Revenues_zu06HDBag3Nd"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Revenue</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">152,009</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">46,549</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_409_eus-gaap--CostOfRevenue_iN_di_zy9jWvHSURnc"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Time charter and voyage expenses</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(5,869)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(1,940)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_40B_eus-gaap--OperatingCostsAndExpenses_iN_di_zl08qDmquu9a"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Direct vessel expenses</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(3,989)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(2,385)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_400_eus-gaap--ProfessionalAndContractServicesExpense_iN_di_z3fbnVFddQki"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Vessel operating expenses </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(41,771)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(21,930)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_409_eus-gaap--ProfitLoss_zFNR7O237lHe"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Net income/ (loss)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">99,913</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(14,641)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20210101__20210630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_zit4VOhnpLdc" style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_49E_20200101__20200630__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--NaviosPartnersMember_zNuCqvB47Gqi" style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><span style="font-size: 9pt"><b>Income Statement</b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="8" style="border-bottom: Black 1pt solid"> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Navios</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Partners</b></p></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="4" style="text-align: center"><span style="font-size: 9pt"><b>Six Month June 30, 2021</b></span></td> <td colspan="4" style="text-align: center"><span style="font-size: 9pt"><b>Six Month June 30, 2020</b></span></td> </tr> <tr id="xdx_40D_eus-gaap--Revenues_zOEFOvYrabYl"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Revenue</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">217,072</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">93,039</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_409_eus-gaap--CostOfRevenue_iN_di_zWxZXxY1qfg"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Time charter and voyage expenses</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(8,364)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(5,038)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_40B_eus-gaap--OperatingCostsAndExpenses_iN_di_zIEPS9O46fe2"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Direct vessel expenses</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(7,143)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(4,934)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> <tr id="xdx_400_eus-gaap--ProfessionalAndContractServicesExpense_iN_di_zxfr0UG2vk0a"> <td style="vertical-align: bottom; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Vessel operating expenses </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(64,733)</span></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 9pt">(44,135)</span></td> <td style="vertical-align: bottom"> </td> </tr> <tr id="xdx_409_eus-gaap--ProfitLoss_ziaBHgTfFti8"> <td style="vertical-align: bottom; background-color: #CCEEFF; padding-left: 7.7pt; text-indent: -6.6pt"><span style="font-size: 9pt">Net income/ (loss)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">236,592</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td colspan="2" style="vertical-align: bottom; background-color: #CCEEFF"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF"><span style="font-size: 9pt">$</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><span style="font-size: 9pt">(25,365)</span></td> <td style="vertical-align: bottom; background-color: #CCEEFF"> </td> </tr> </table> 152009000 46549000 5869000 1940000 3989000 2385000 41771000 21930000 99913000 -14641000 217072000 93039000 8364000 5038000 7143000 4934000 64733000 44135000 236592000 -25365000 364000 222000 101000 5000 142000 36000 <p id="xdx_809_eus-gaap--OperatingLeasesOfLessorDisclosureTextBlock_z70cFNib0Kbg" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 15: LEASES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_822_zuH5tI2u1SSd">Leases</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Time charter out contracts</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company’s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Time charter-in and bareboat-in contracts</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from less than <span id="xdx_909_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__srt--RangeAxis__srt--MinimumMember_z97Ya8W8NApc">0.1</span> years to <span id="xdx_909_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__srt--RangeAxis__srt--MaximumMember_zvAGJVKSh9N7">9.0</span> years. Certain operating leases have optional periods. Based on management estimates and market conditions, the lease term of these leases is being assessed at each balance sheet date. The Company will continue to recognize the lease payments for all operating leases as charter hire expense on the interim condensed consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Land lease agreements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, Navios Logistics had land lease agreements whose remaining lease terms range from <span id="xdx_905_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__srt--RangeAxis__srt--MinimumMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zDAPzbb57Gu2">44.7</span> years to <span id="xdx_90A_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__srt--RangeAxis__srt--MaximumMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zBsCYTVRuMN7">45.1</span> years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Office lease agreements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, Navios Logistics had office lease agreements whose remaining lease terms ranged from less than <span id="xdx_908_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__srt--RangeAxis__srt--MinimumMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zVfug4xwxUF7">0.1</span> years to <span id="xdx_905_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_uPure_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__srt--RangeAxis__srt--MaximumMember__dei--LegalEntityAxis__custom--NaviosLogisticsMember_zrpJgCyBhaV9">5.4</span> years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The tables below present the components of the Company’s lease expense for the three and six month periods ended June 30, 2021 and 2020:</p> <p id="xdx_897_eus-gaap--LeaseCostTableTextBlock_z8Tx63AExpzk" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_8B5_zmHIptga90ui" style="display: none">Leases - Lease expense</span></p> <p style="font: 10pt/12.15pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b/></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zOS0YfIaR4q5" style="vertical-align: bottom; width: 10%; text-align: right" title="Lease expense"><span style="font-size: 10pt">19,252</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zkemIuDxq8E6" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">1,630</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zoqepYayOye5" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">20,882</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zHjSEYpU5wr2" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">142</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zDFzUymPjFEl" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">142</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zYDShJbbxaH" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">91</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zgTKqv3t0Pd1" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">91</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zwwU5db6hXB5" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>19,252</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_986_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zBmmIN4R3sz" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,863</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630_zmGwPMizudg8" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>21,115</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zBzL4s57oGWf" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">24,155</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zy6oitXinOB4" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">1,170</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zptatk8AFABe" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">25,325</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zCRUQUYqILfe" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">143</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zsNWAkl5T9rd" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">143</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zSOjeMhlLIOe" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">144</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zPMdcFw1MwOj" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">144</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zUqqWBw90Aa2" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>24,155</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_z2RPJJqtlcS1" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,457</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630_zMdQoCaC3FWi" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>25,612</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zu31iknXL6Ml" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">39,850</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zkt4RUEyZwSf" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">3,168</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_z4Ku5EfTkdD4" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">43,018</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_z1O9NGlXlCp" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zD2dkInXJgcg" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zERhZiEO4OV7" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">157</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zXwcwvXP6P2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">157</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_985_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zdaYmvD2aVgi" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>39,850</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zWPTsZpoVGQd" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>3,607</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630_zAEvcHe0pGm6" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>43,457</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zyjTxOvaD0O4" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">49,771</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_z4TlvAIqFenb" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">2,988</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zV6kUje7qqki" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">52,759</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zeyJOfiA6h6f" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zTriwJkyCJfh" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_ztG3JPTaHjnj" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">303</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zXtankEZPYw5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">303</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zYHwJKJM79ig" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>49,771</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_985_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zvNrk4fd4Zf6" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>3,573</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630_zQPc7QagEsSc" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>53,344</b></span></td></tr> </table> <p id="xdx_8A1_zFZG2BtvDuQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">Lease expenses for charter-in contracts are included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Time charter, voyage and logistics business expenses”. Lease expenses for land lease agreements and office lease agreements are included in the interim condensed consolidated statement of comprehensive income/(loss) within the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">In 2020, Navios Holdings took delivery of the Navios Felicity I, the Navios Galaxy II and the Navios Magellan II under bareboat charters.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The Company entered into new lease liabilities amounting to $<span id="xdx_905_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20200630_z4EhcVw7biWf">43,516</span> during the six month period ended June 30, 2020. The Company did not enter into new lease liabilities during the six month period ended June 30, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">During the three and six month periods ended June 30, 2021, the Company acquired a previously charter-in vessel, for which the Company wrote-off an amount of $<span id="xdx_904_eus-gaap--AssetImpairmentCharges_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OnePreviouslyCharteredInVesselMember_zt4fJmvAOp56">3,953</span> through the accompanying interim condensed consolidated statement of comprehensive income/(loss) and was recognized within the caption “Impairment loss/ loss on sale of vessels, net”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts and office lease agreements as of June 30, 2021:</p> <p id="xdx_89D_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z22Is3ZMhaui" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt/8.8pt Times New Roman, Times, Serif; margin: 0"> <span id="xdx_8BA_zsDmwhOcyeT" style="display: none">Leases - Total amount of lease payments on an undiscounted basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td id="xdx_49A_20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zbKT7JYxj4wi" style="border-bottom: black 1pt solid; vertical-align: bottom"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Charter-in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>vessels in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>operation</b></p></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td id="xdx_494_20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zNk5TQek1J3i" style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 8pt"><b>Land leases</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td id="xdx_490_20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zVgJ4LnHwQ73" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Office space</b></span></td> </tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_maLOLLPzgQg_ziB9bFWUOuq8" style="background-color: #CCEEFF"> <td style="width: 64%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2022</span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 6%; text-align: right"><span style="font-size: 10pt">75,986</span></td> <td style="width: 3%"> </td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="width: 3%"><span style="font-size: 10pt"> </span></td> <td style="width: 4%"><span style="font-size: 10pt">$</span></td> <td style="width: 5%; text-align: right"><span style="font-size: 10pt">538 </span></td> </tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo_iI_maLOLLPzgQg_zhlJgBXXeFaj"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2023</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">58,885</span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">419</span></td> </tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree_iI_maLOLLPzgQg_zclO6504RWpl" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2024</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">46,554 </span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">336</span></td> </tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour_iI_maLOLLPzgQg_zM0HsCdLmXR1"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2025</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">28,277</span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">60</span></td> </tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive_iI_maLOLLPzgQg_zIsBORoyWRql" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2026</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">18,960</span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">60</span></td> </tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive_iI_maLOLLPzgQg_z8dszReC09lf"> <td><span style="font-size: 10pt">June 30, 2027 and thereafter</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt">36,569</span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"> 22,167 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt">23</span></td> </tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzgQg_zjFM1OOedJhd" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1pt solid"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>265,231 </b></span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <span style="font-size: 10pt"><b>24,947</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1pt solid"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>1,436</b></span></td> </tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iI_zraTTxjoWLga"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Operating lease liabilities, including current portion</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>218,574</b></span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>7,976</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,246</b></span></td> </tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_zQ2qiKJVvnY6" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Discount based on incremental borrowing rate</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>46,657</b></span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>16,971</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>190</b></span></td> </tr> </table> <p id="xdx_8A3_zSOSqFLHu4bi" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt">As of June 30, 2021, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are <span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zKDixfnzzSK4">4.9</span> years, <span id="xdx_903_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zyaLAIoiK7r2">3.1</span> years and <span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zxdizoSdJPIc">44.8</span> years, respectively.</p> P0Y1M6D P9Y P44Y8M12D P45Y1M6D P0Y1M6D P5Y4M24D <p id="xdx_897_eus-gaap--LeaseCostTableTextBlock_z8Tx63AExpzk" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"><span id="xdx_8B5_zmHIptga90ui" style="display: none">Leases - Lease expense</span></p> <p style="font: 10pt/12.15pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b/></p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98D_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zOS0YfIaR4q5" style="vertical-align: bottom; width: 10%; text-align: right" title="Lease expense"><span style="font-size: 10pt">19,252</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zkemIuDxq8E6" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">1,630</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zoqepYayOye5" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">20,882</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zHjSEYpU5wr2" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">142</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zDFzUymPjFEl" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">142</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zYDShJbbxaH" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">91</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zgTKqv3t0Pd1" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">91</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zwwU5db6hXB5" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>19,252</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_986_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zBmmIN4R3sz" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,863</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210401__20210630_zmGwPMizudg8" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>21,115</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zBzL4s57oGWf" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">24,155</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_981_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zy6oitXinOB4" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">1,170</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zptatk8AFABe" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">25,325</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zCRUQUYqILfe" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">143</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98F_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zsNWAkl5T9rd" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">143</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98B_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zSOjeMhlLIOe" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">144</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_988_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zPMdcFw1MwOj" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">144</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zUqqWBw90Aa2" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>24,155</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_z2RPJJqtlcS1" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,457</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20200401__20200630_zMdQoCaC3FWi" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>25,612</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2021</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_985_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zu31iknXL6Ml" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">39,850</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zkt4RUEyZwSf" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">3,168</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_z4Ku5EfTkdD4" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">43,018</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_z1O9NGlXlCp" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zD2dkInXJgcg" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zERhZiEO4OV7" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">157</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zXwcwvXP6P2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">157</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_985_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zdaYmvD2aVgi" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>39,850</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_98C_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zWPTsZpoVGQd" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>3,607</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_988_eus-gaap--OperatingLeaseExpense_pn3n3_c20210101__20210630_zAEvcHe0pGm6" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>43,457</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Drybulk Vessel</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operations</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td style="border-bottom: black 1pt solid"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Logistics Business</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Month</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Period Ended</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2020</b></p></td> <td> </td> <td><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>Total</b></span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 56%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for charter-in contracts</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zyjTxOvaD0O4" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">49,771</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_984_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_z4TlvAIqFenb" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">2,988</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 3%"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-size: 10pt">$</span></td> <td id="xdx_983_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zV6kUje7qqki" style="vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt">52,759</span></td></tr> <tr> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for land lease agreements</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">—   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98A_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zeyJOfiA6h6f" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td id="xdx_98E_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zTriwJkyCJfh" style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">282</span></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">Lease expense for office lease agreements</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt"> —   </span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_987_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_ztG3JPTaHjnj" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">303</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td id="xdx_98D_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zXtankEZPYw5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">303</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_980_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--DrybulkVesselOperationsIMember_zYHwJKJM79ig" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>49,771</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_985_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630__us-gaap--MajorPropertyClassAxis__custom--LogisticBusinessMember_zvNrk4fd4Zf6" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>3,573</b></span></td> <td> </td> <td><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td id="xdx_982_eus-gaap--OperatingLeaseExpense_pn3n3_c20200101__20200630_zQPc7QagEsSc" style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>53,344</b></span></td></tr> </table> 19252000 1630000 20882000 142000 142000 91000 91000 19252000 1863000 21115000 24155000 1170000 25325000 143000 143000 144000 144000 24155000 1457000 25612000 39850000 3168000 43018000 282000 282000 157000 157000 39850000 3607000 43457000 49771000 2988000 52759000 282000 282000 303000 303000 49771000 3573000 53344000 43516000 3953000 <p id="xdx_89D_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z22Is3ZMhaui" style="font: 10pt Times New Roman, Times, Serif; margin: 6.6pt 0 0; text-indent: 17.3pt"> </p> <p style="font: 10pt/8.8pt Times New Roman, Times, Serif; margin: 0"> <span id="xdx_8BA_zsDmwhOcyeT" style="display: none">Leases - Total amount of lease payments on an undiscounted basis</span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p></td> <td id="xdx_49A_20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CharteredInVesselsMember_zbKT7JYxj4wi" style="border-bottom: black 1pt solid; vertical-align: bottom"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Charter-in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>vessels in</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>operation</b></p></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td id="xdx_494_20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zNk5TQek1J3i" style="border-bottom: Black 1pt solid; vertical-align: bottom"><span style="font-size: 8pt"><b>Land leases</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td id="xdx_490_20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zVgJ4LnHwQ73" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 8pt"><b>Office space</b></span></td> </tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_maLOLLPzgQg_ziB9bFWUOuq8" style="background-color: #CCEEFF"> <td style="width: 64%; padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2022</span></td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 6%; text-align: right"><span style="font-size: 10pt">75,986</span></td> <td style="width: 3%"> </td> <td style="width: 3%"><span style="font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="width: 3%"><span style="font-size: 10pt"> </span></td> <td style="width: 4%"><span style="font-size: 10pt">$</span></td> <td style="width: 5%; text-align: right"><span style="font-size: 10pt">538 </span></td> </tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo_iI_maLOLLPzgQg_zhlJgBXXeFaj"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2023</span></td> <td> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">58,885</span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">419</span></td> </tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree_iI_maLOLLPzgQg_zclO6504RWpl" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2024</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">46,554 </span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">336</span></td> </tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour_iI_maLOLLPzgQg_zM0HsCdLmXR1"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2025</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">28,277</span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">60</span></td> </tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive_iI_maLOLLPzgQg_zIsBORoyWRql" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt">June 30, 2026</span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">18,960</span></td> <td style="vertical-align: top"> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"> 556 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">60</span></td> </tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive_iI_maLOLLPzgQg_z8dszReC09lf"> <td><span style="font-size: 10pt">June 30, 2027 and thereafter</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt">36,569</span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"> 22,167 </span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt">23</span></td> </tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzgQg_zjFM1OOedJhd" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Total</b></span></td> <td style="border-bottom: Black 1pt solid"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>265,231 </b></span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1pt solid; text-align: right"> <span style="font-size: 10pt"><b>24,947</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1pt solid"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>1,436</b></span></td> </tr> <tr id="xdx_407_eus-gaap--OperatingLeaseLiability_iI_zraTTxjoWLga"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Operating lease liabilities, including current portion</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>218,574</b></span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>7,976</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>1,246</b></span></td> </tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_zQ2qiKJVvnY6" style="background-color: #CCEEFF"> <td style="padding-left: 8.8pt; text-indent: -8.8pt"><span style="font-size: 10pt"><b>Discount based on incremental borrowing rate</b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>46,657</b></span></td> <td style="vertical-align: top"> </td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>16,971</b></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt double"><span style="font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 1.5pt double; text-align: right"><span style="font-size: 10pt"><b>190</b></span></td> </tr> </table> 75986000 556000 538000 58885000 556000 419000 46554000 556000 336000 28277000 556000 60000 18960000 556000 60000 36569000 22167000 23000 265231000 24947000 1436000 218574000 7976000 1246000 46657000 16971000 190000 P4Y10M24D P3Y1M6D P44Y9M18D <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zpIhjf1Dr0bg" style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; text-align: justify"><b>NOTE 16: SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 18pt 0 12pt 4.5pt; display: none; text-align: justify"><b><span id="xdx_824_zXmVgh8AVY5f">Subsequent Events</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b/></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 22.5pt"/> <td style="width: 18pt"><span style="font-size: 10pt">1.</span></td> <td><span style="font-size: 10pt">On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210903__us-gaap--DebtInstrumentAxis__custom--SeniorSecured2022NotesMember_zLY4oWu1Cq9c">20,000</span> of its 2022 Senior Secured Notes. Please see also Note 6.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 22.5pt"/> <td style="width: 18pt"><span style="font-size: 10pt">2.</span></td> <td><span style="font-size: 10pt">On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition. Please see also Note 14.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 22.5pt"/> <td style="width: 18pt">3.</td> <td><span style="font-size: 10pt">In July 2021, the Company completed the sale of the Navios Azimuth to Navios Partners. Please see also Note 4.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 22.5pt"/> <td style="width: 18pt">4.</td> <td><span style="font-size: 10pt">In July 2021, the Company completed the redemption of an aggregate principal of $<span id="xdx_900_eus-gaap--DebtInstrumentRepurchasedFaceAmount_iI_pn3n3_c20210723__us-gaap--DebtInstrumentAxis__custom--SecuredNotesTwoThousandTwentyTwoMember_zTRfmyC1t2ba">100,000</span> of the 2022 Senior Secured Notes through the sale of the Navios Azimuth and the borrowing of $<span id="xdx_902_eus-gaap--ProceedsFromLinesOfCredit_pn3n3_c20210101__20210723__us-gaap--LongtermDebtTypeAxis__custom--NaviosShipmanagementHoldingsCorporationMember_zoBr8Nnf9aTi">75,264</span> from an affiliate company of NSM. Please see also Notes 6 and 9.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> 20000000 100000000 75264000 XML 8 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover
6 Months Ended
Jun. 30, 2021
Cover [Abstract]  
Document Type 6-K
Amendment Flag false
Document Period End Date Jun. 30, 2021
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2021
Current Fiscal Year End Date --12-31
Entity Registrant Name NAVIOS MARITIME HOLDINGS INC.
Entity Central Index Key 0001333172
Entity Address, Address Line One Strathvale House, 90 N Church Street
Entity Address, City or Town Grand Cayman
Entity Address, Country KY
Entity Address, Postal Zip Code KY1-1104
XML 9 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 73,159 $ 94,881
Restricted cash 10 16,303
Accounts receivable, net 69,311 54,328
Due from affiliate companies 0 243
Inventories 16,093 14,121
Prepaid expenses and other current assets 17,722 14,981
Assets held for sale 30,000 0
Total current assets 206,295 194,857
Vessels, port terminals and other fixed assets, net 995,689 1,139,539
Investments in affiliate companies 97,351 56,988
Other long-term assets 79,672 93,080
Operating lease assets 193,967 227,962
Intangible assets other than goodwill 95,783 98,563
Goodwill 160,336 160,336
Total non-current assets 1,622,798 1,776,468
Total assets 1,829,093 1,971,325
Current liabilities    
Accounts payable 34,083 29,185
Accrued expenses and other liabilities 68,476 72,535
Deferred income and cash received in advance 11,257 8,342
Operating lease liabilities, current portion 60,283 81,415
Due to affiliate companies 10,174 27,114
Current portion of loans payable to affiliate companies 28,151 26,595
Current portion of long-term debt, net 42,385 48,219
Current portion of senior and ship mortgage notes, net 544,403 299,377
Total current liabilities 799,212 592,782
Senior and ship mortgage notes, net of current portion 708,992 964,189
Long-term debt, net of current portion 83,662 143,417
Loans payable to affiliate companies, net of current portion 68,860 102,632
Other long-term liabilities and deferred income 623 660
Operating lease liabilities, net of current portion 167,513 193,351
Deferred tax liability 8,349 8,577
Total non-current liabilities 1,037,999 1,412,826
Total liabilities 1,837,211 2,005,608
Commitments and contingencies 0 0
Stockholders’ equity    
Preferred stock — $0.0001 par value, authorized 1,000,000 shares, 23,032 issued and outstanding both as of June 30, 2021 and December 31, 2020. 0 0
Common stock — $0.0001 par value, authorized 250,000,000 shares, 15,897,064 and 15,881,147 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. 1 1
Additional paid-in capital 643,339 643,033
Accumulated deficit (759,493) (784,592)
Total Navios Holdings stockholders’ deficit (116,153) (141,558)
Noncontrolling interest 108,035 107,275
Total stockholders’ deficit (8,118) (34,283)
Total liabilities and stockholders’ equity $ 1,829,093 $ 1,971,325
XML 10 R3.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Preferred stock - par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares outstanding 23,032 23,032
Preferred stock, shares issued 23,032 23,032
Common stock - par value $ 0.0001 $ 0.0001
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 15,897,064 15,881,147
Common stock, shares outstanding 15,897,064 15,881,147
XML 11 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenue $ 143,624 $ 97,127 $ 260,575 $ 188,210
Time charter, voyage and logistics business expenses (36,841) (42,710) (75,168) (89,354)
Direct vessel expenses (29,232) (26,007) (55,147) (50,738)
General and administrative expenses (8,544) (8,836) (15,363) (15,798)
Depreciation and amortization (15,988) (18,012) (32,254) (36,088)
Interest expense and finance cost, net (36,170) (31,418) (72,370) (63,061)
Impairment loss/ loss on sale of vessels, net (5,406) (8,967) (25,861) (20,215)
Gain on bond extinguishment 1,873 0 1,873 11,204
Other expense, net (1,022) (1,593) (1,246) (3,154)
Impairment of loan receivable from affiliate company 0 0 0 (6,050)
Income/ (loss) before equity in net earnings of affiliate companies 12,294 (40,416) (14,961) (85,044)
Equity in net earnings of affiliate companies 12,854 9,445 40,594 3,308
Income/ (loss) before taxes 25,148 (30,971) 25,633 (81,736)
Income tax (expense)/ benefit (603) 34 226 73
Net income/ (loss) 24,545 (30,937) 25,859 (81,663)
Less: Net loss/ (income) attributable to the noncontrolling interest 391 (4,334) (760) (6,883)
Net income/ (loss) attributable to Navios Holdings common stockholders 24,936 (35,271) 25,099 (88,546)
Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,284) (2,561) (2,578)
Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted $ 23,652 $ (36,555) $ 22,538 $ (90,958)
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.80 $ (2.83) $ 1.72 $ (7.06)
Weighted average number of shares, basic 13,127,208 12,901,880 13,120,335 12,882,235
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.75 $ (2.83) $ 1.67 $ (7.06)
Weighted average number of shares, diluted 13,511,627 12,901,880 13,508,382 12,882,235
XML 12 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net income/(loss) $ 25,859 $ (81,663)
Adjustments to reconcile net income/(loss) to net cash (used in)/ provided by operating activities:    
Non-cash adjustments 26,003 58,997
(Increase)/decrease in operating assets (20,602) 9,933
(Decrease)/increase in operating liabilities (17,016) 32,392
Payments for drydock and special survey costs (15,609) (14,129)
Net cash (used in)/ provided by operating activities (1,365) 5,530
INVESTING ACTIVITIES:    
Acquisition of/additions to vessels (24,152) (96,573)
Deposits for vessels, port terminals and other fixed assets acquisitions (19,304) (1,250)
Deposits for option to acquire vessels 0 (2,099)
Loans from affiliate companies 0 18,629
Proceeds from lease receivable 0 79
Proceeds from sale of assets 137,016 23,078
Purchase of property, equipment and other fixed assets (2,729) (1,328)
Dividends received from affiliate companies 243 2,919
Net cash provided by/(used in) investing activities 91,074 (56,545)
FINANCING ACTIVITIES:    
Repayment of long-term debt and payment of principal (115,270) (20,111)
Repurchase of senior notes (12,454) (9,443)
Repayment of loan payable to affiliate companies 0 (31,500)
Proceeds from loan payable to affiliate companies 0 31,500
Proceeds from long-term loans, net of deferred financing costs 0 66,862
Dividends paid to noncontrolling shareholders 0 (9,948)
Net cash (used in)/provided by financing activities (127,724) 27,360
Decrease in cash and cash equivalents and restricted cash (38,015) (23,655)
Cash and cash equivalents and restricted cash, beginning of period 111,184 78,727
Cash and cash equivalents and restricted cash, end of period 73,169 55,072
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 72,105 62,040
Cash paid for income taxes 260 186
Non-cash investing and financing activities    
Sale of vessels 5,766 0
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the construction of six liquid barges 2,246 0
Proceeds from the Navios Logistics’ Seller’s Credit Agreement for the acquisition of Navios Logistics’ 2020 Fleet 15,000
Transfers from deposits for vessels, port terminals and other fixed assets 57,107 0
Deposits for vessels, port terminals and other fixed assets (356) 0
Acquisition of/additions to vessels $ 0 $ (986)
XML 13 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total Navios Holdings' Stockholders' (Deficit)/ Equity [Member]
Noncontrolling Interest [Member]
Total
Beginning balance, value at Dec. 31, 2019 $ 0 $ 1 $ 641,765 $ (597,916) $ 43,850 $ 115,175 $ 159,025
Beginning balance at Dec. 31, 2019 23,242 13,360,356          
Net (loss)/income $ 0 $ 0 0 (53,275) (53,275) 2,549 (50,726)
Stock-based compensation expenses (Note 10) 0 0 333 0 333 0 333
Other adjustments in Retained Earnings 6,285 6,285 6,285
Dividends paid to Noncontrolling Shareholders 0 $ 0 0 0 0 (9,948) (9,948)
Beginning balance   84,336          
Ending balance, value at Mar. 31, 2020 $ 0 $ 1 642,098 (644,906) (2,807) 107,776 104,969
Ending balance at Mar. 31, 2020 23,032 13,467,404          
Conversion of Stock, Shares Converted (210)            
Beginning balance   22,712          
Beginning balance, value at Dec. 31, 2019 $ 0 $ 1 641,765 (597,916) 43,850 115,175 159,025
Beginning balance at Dec. 31, 2019 23,242 13,360,356          
Net (loss)/income             (81,663)
Ending balance, value at Jun. 30, 2020 $ 0 $ 1 642,419 (680,177) (37,757) 112,110 74,353
Ending balance at Jun. 30, 2020 23,032 13,466,174          
Beginning balance, value at Mar. 31, 2020 $ 0 $ 1 642,098 (644,906) (2,807) 107,776 104,969
Beginning balance at Mar. 31, 2020 23,032 13,467,404          
Net (loss)/income $ 0 $ 0 0 (35,271) (35,271) 4,334 (30,937)
Cancellation of shares 0 $ 0 0 0 0 0 0
Cancellation of shares, shares   (1,230)          
Stock-based compensation expenses (Note 10) 0 $ 0 321 0 321 0 321
Ending balance, value at Jun. 30, 2020 $ 0 $ 1 642,419 (680,177) (37,757) 112,110 74,353
Ending balance at Jun. 30, 2020 23,032 13,466,174          
Beginning balance, value at Dec. 31, 2020 $ 0 $ 1 643,033 (784,592) (141,558) 107,275 (34,283)
Beginning balance at Dec. 31, 2020 23,032 15,881,147          
Net (loss)/income $ 0 $ 0 0 163 163 1,151 1,314
Cancellation of shares 0 $ 0 0 0 0 0 0
Cancellation of shares, shares   (27)          
Stock-based compensation expenses (Note 10) 0 $ 0 155 0 155 0 155
Beginning balance   16,000          
Ending balance, value at Mar. 31, 2021 $ 0 $ 1 643,188 (784,429) (141,240) 108,426 (32,814)
Ending balance at Mar. 31, 2021 23,032 15,897,120          
Beginning balance, value at Dec. 31, 2020 $ 0 $ 1 643,033 (784,592) (141,558) 107,275 (34,283)
Beginning balance at Dec. 31, 2020 23,032 15,881,147          
Net (loss)/income             25,859
Ending balance, value at Jun. 30, 2021 $ 0 $ 1 643,339 (759,493) (116,153) 108,035 (8,118)
Ending balance at Jun. 30, 2021 23,032 15,897,064          
Beginning balance, value at Mar. 31, 2021 $ 0 $ 1 643,188 (784,429) (141,240) 108,426 (32,814)
Beginning balance at Mar. 31, 2021 23,032 15,897,120          
Net (loss)/income $ 0 $ 0 0 24,936 24,936 (391) 24,545
Cancellation of shares 0 $ 0 0 0 0 0 0
Cancellation of shares, shares   (56)          
Stock-based compensation expenses (Note 10) 0 $ 0 151 0 151 0 151
Ending balance, value at Jun. 30, 2021 $ 0 $ 1 $ 643,339 $ (759,493) $ (116,153) $ 108,035 $ (8,118)
Ending balance at Jun. 30, 2021 23,032 15,897,064          
XML 14 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Description of Business
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Description of Business

NOTE 1: DESCRIPTION OF BUSINESS

Description of Business 

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) (NYSE: NM) is a global seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain.

Navios Logistics

Navios South American Logistics Inc. (“Navios Logistics”), a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007. Navios Logistics believes it is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia river system, the main navigable river system in the region, and on cabotage trades along the south-eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of June 30, 2021, Navios Holdings owned 63.8% of Navios Logistics’ stock.

Navios Partners

Navios Maritime Partners L.P. (“Navios Partners”) (NYSE: NMM) is an international owner and operator of dry cargo vessels and is engaged in the seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containers, chartering its vessels under medium to longer-term charters.

As of June 30, 2021 and following the acquisition of Navios Maritime Containers L.P. (“Navios Containers”) by Navios Partners, referred to in Note 14, Navios Holdings had a 9.7% ownership interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings.

On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Maritime Acquisition Corporation (“Navios Acquisition”). Please refer to Note 14.

Navios Containers

Navios Containers is an international owner and operator of containerships. As of December 31, 2020, Navios Holdings held a 3.9% ownership in Navios Containers. As of June 30, 2021, Navios Holdings had no equity investment in Navios Containers.

Navios Acquisition

Navios Acquisition (NYSE: NNA), is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

As of June 30, 2021, Navios Holdings had a 28.0% ownership interest in Navios Acquisition.

Navios Europe II

On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II) Inc. (“Navios Europe II”) and had economic interests of 47.5%, 47.5% and 5.0%, respectively and voting interests of 50%, 50% and 0%, respectively. Navios Europe II was engaged in the marine transportation industry through the ownership of seven dry bulk and seven containership vessels. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. The structure was liquidated in June 2020 (Refer to Note 9).

XML 15 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a) Basis of presentation:

The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). 

 

 

Going concern

 

The interim condensed consolidated financial statements have been prepared on a going concern basis.

As of June 30, 2021, Navios Holdings’ current assets totaled $206,295, while current liabilities excluding operating lease liabilities, current portion totaled $738,929, resulting in a negative working capital position of $532,634, primarily related to the classification as current of $83,259 of the 11.25% Senior Secured Notes (the “2022 Senior Secured Notes”) that were subsequently redeemed in July 2021, partly through the sale of the Navios Azimuth for $30,000 and partly through the $115.0 million NSM Loan (as defined herein) and $462,466 of the 7.375% First Priority Ship Mortgage Notes (the “2022 Notes”). As of June 30, 2021, the 2022 Notes have an outstanding amount of $462,466, maturing in January 2022. In August 2021, Navios Holdings repurchased $7,000 in par value of the 2022 Notes, resulting to a remaining outstanding balance of $455,466.

In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes. The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $100,000 in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”). The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75,264 from Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (the “$115.0 million NSM Loan”), was completed on July 23, 2021. In September 2021, Navios Holdings issued a notice of redemption with respect to an aggregate principal amount of $20,000 at par of the 2022 Senior Secured Notes with redemption date being September 13, 2021. After these redemptions, $185,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12- month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

(b) Principles of consolidation:

The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.

 

Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the interim condensed consolidated financial statements are 100% owned, except for Navios Logistics, which is 63.8% owned by Navios Holdings.

Investments in Affiliate Companies: Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate company equals or exceeds its interest in the affiliate company, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company.

Affiliate companies included in the financial statements accounted for under the equity method: In the interim condensed consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2021 was 9.7%); Navios Acquisition and its subsidiaries (ownership interest as of June 30, 2021 was 28.0%); (iii) Navios Containers and its subsidiaries (ownership interest through Navios Partners’ Merger, as defined herein, in March 2021 was 3.9%); and (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%).

 

(c) Revenue Recognition:

 

 

Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.

Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.

Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts.

Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.

 The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract.

Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel or barge at the charterer’s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.

For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material.

Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.

Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks.

Expenses related to our revenue-generating contracts are recognized as incurred.

The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020:

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2021
  Logistics Business for the
Three Month Period Ended
June 30, 2021
  Total for the Three Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 2,803   $ 21,897   $ 24,700
Time chartering revenue   $ 83,064   $ 11,106   $ 94,170
Port terminal revenue   $ —     $ 21,342   $ 21,342
Storage fees (dry port) revenue   $ —     $ 16   $ 16
Dockage revenue   $ —     $ 1,282   $ 1,282
Sale of products revenue   $ —     $ 315   $ 315
Liquid port terminal revenue   $ —     $ 1,216   $ 1,216
Other   $ 186   $ 397   $ 583
Total   $ 86,053   $ 57,571   $ 143,624

 

 

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2020
  Logistics Business for the
Three Month Period Ended
June 30, 2020
  Total for the Three Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 14,496   $ 17,289
Time chartering revenue   $ 35,680   $ 16,286   $ 51,966
Port terminal revenue   $ —     $ 21,636   $ 21,636
Storage fees (dry port) revenue   $ —     $ 19   $ 19
Dockage revenue   $ —     $ 1,476   $ 1,476
Sale of products revenue   $ —     $ 3,409   $ 3,409
Liquid port terminal revenue   $ —     $ 1,271   $ 1,271
Other   $ (171)   $ 232   $ 61
Total   $ 38,302   $ 58,825   $ 97,127

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2021
  Logistics Business for the
Six Month Period Ended
June 30, 2021
  Total for the Six Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 8,016   $ 39,482   $ 47,498
Time chartering revenue   $ 141,317   $ 21,973   $ 163,290
Port terminal revenue   $ —     $ 40,925   $ 40,925
Storage fees (dry port) revenue   $ —     $ 124   $ 124
Dockage revenue   $ —     $ 1,880   $ 1,880
Sale of products revenue   $ —     $ 3,495   $ 3,495
Liquid port terminal revenue   $ —     $ 2,448   $ 2,448
Other   $ 448   $ 467   $ 915
Total   $ 149,781   $ 110,794   $ 260,575

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2020
  Logistics Business
for the
Six Month Period Ended
June 30, 2020
  Total for the Six Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 25,946   $ 28,739
Time chartering revenue   $ 69,705   $ 35,312   $ 105,017
Port terminal revenue   $ —     $ 35,828   $ 35,828
Storage fees (dry port) revenue   $ —     $ 2,842   $ 2,842
Dockage revenue   $ —     $ 1,909   $ 1,909
Sale of products revenue   $ —     $ 11,257   $ 11,257
Liquid port terminal revenue   $ —     $ 2,267   $ 2,267
Other   $ 64   $ 287   $ 351
Total   $ 72,562   $ 115,648   $ 188,210

 

 

Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned.

These amounts are recognized as revenue over the voyage or charter period.

 (d) Recent Accounting Pronouncements:

 

Adoption of new accounting pronouncements:

In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.

 In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.

 

XML 16 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Cash and Cash Equivalents and Restricted Cash
6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents and Restricted Cash

NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Cash and Cash Equivalents and Restricted Cash 

Cash and cash equivalents and restricted cash consisted of the following:

 

   

June 30,

2021

     

December 31,

2020

 
Cash on hand and at banks $ 73,115     $ 94,787  
Short-term deposits and highly liquid funds   44       94  
Restricted cash   10       16,303  
Cash and cash equivalents and restricted cash $ 73,169     $ 111,184  

Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months and are included in the consolidated balance sheets within the caption “Cash and cash equivalents”.

Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions.

 

 

XML 17 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Vessels, Port Terminals and Other Fixed Assets, Net
6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Vessels, Port Terminals and Other Fixed Assets, Net

NOTE 4: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET

 

Vessels, Port Terminals and Other Fixed Assets, Net 

Vessels, Port Terminals and Other Fixed Assets, net

  Cost    

Accumulated

Depreciation

   

Net Book

Value

 
Balance December 31, 2020   $ 1,600,313     $ (460,774   $ 1,139,539  
Additions     6,881       (29,474     (22,593
Impairment losses     (89,888     68,258       (21,630
Vessel disposals     (142,782           (142,782
Transfers from oil storage plant and port facilities for liquid cargoes     5,645             5,645  
Vessel acquisition     16,049             16,049  
Transfers from deposits for vessels, port terminal and other fixed assets, net     51,461             51,461  
Transfers to assets held for sale     (30,000 )           (30,000 )
Balance June 30, 2021   $ 1,417,679     $ (421,990   $ 995,689  

Deposits for Vessels and Port Terminals Acquisitions

During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $19,501 had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position of which capitalized interest amounted to $1,062. As of December 31, 2020, Navios Logistics had paid $16,696, for the construction of these barges, which were included within “Other long-term assets”. Capitalized interest included within “Other long-term assets” amounted to $611 as of December 31, 2020.

During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal. As of June 30, 2021, a total of $1,843 had been transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $1,285 for the construction of two new tanks in its liquid port terminal.

 As of June 30, 2021 and December 31, 2020, Navios Logistics had paid $685 and $631, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil.

During the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and a total of $3,803 was transferred to “Vessels, port terminals and other fixed assets, net” in the interim condensed consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $723 for the construction of a crane in its grain port terminal.

Impairment Loss/ Loss on Sale of Vessels, Net

In June 2021, the Company agreed to sell to Navios Partners the Navios Azimuth, a 2011 built Capesize vessel of 179,169 dwt. As of June 30, 2021, the Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $9,104 (including $ 1,950 remaining carrying balance of dry dock and special survey costs), which is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”. On the re-measurement date, the fair value of the vessel was determined to $30,000 based on the concluded sale price. The sale of the Navios Azimuth was completed in July 2021.

In June 2021, the Company completed the sale to Navios Partners of the Navios Ray, a 2012 built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009 built Capesize vessel of 180,022 dwt, for a sale price of $58,000. The loss due to sale amounted to $8,753 (including $1,775 remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.

In June 2021, the Company completed the sale to Navios Partners of the Navios Koyo,of a 2011-built Capesize vessel, which was previously chartered-in by Navios Holdings, for a sale price of $28,500. The net sale proceeds were $8,500 and the gain due to sale amounted to $12,451 and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”. (Refer to Note 15)

In June 2021, the Company completed the sale to an unrelated third party of the Navios Serenity, a 2011 built Handysize vessel of 34,690 dwt, for a net sale price of $10,388. The loss due to sale amounted to $6,957 (including $11 remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.

In March 2021, the Company completed the sale to Navios Partners of the Navios Centaurus, a 2012 built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012 built Panamax vessel of 81,355 dwt, for a sale price of $39,250, including working capital adjustments. The loss due to sale amounted to $13,498 (including $495 remaining carrying balance of dry dock and special survey costs) and is included in the interim condensed consolidated statements of comprehensive income/(loss) within the caption “Impairment loss/ loss on sale of vessels, net”.

In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a net sale price of approximately $6,644.

Vessel Acquisitions of Navios Logistics

In the fourth quarter of 2020, Navios Logistics signed a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics 2020 Fleet”), for a purchase price of $30,000. The acquisition was completed on March 22, 2021. As of June 30, 2021, the total amount of $31,960 had been transferred under the caption “Vessels, port terminals and other fixed assets, net”.

Since 2018, Navios Logistics acquired approximately 6.6 hectares of undeveloped land located in the Port Murtinho region, Brazil, and on March 24, 2021, Navios Logistics acquired 2.3 additional hectares. Navios Logistics plans to develop this land for its port operations, for a total cost of $1,580.

In February 2017, two self-propelled barges of Navios Logistics’ fleet, Formosa and San Lorenzo, were sold for a total amount of $1,109, to be paid in cash. The sale price will be received in installments in the form of lease payments through 2023. The barges may be transferred at the lessee’s option at no cost at the end of the lease period.

XML 18 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Intangible Assets Other Than Goodwill
6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Other Than Goodwill

NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL

 

Intangible Assets Other Than Goodwill  

Intangible assets    

June 30,

2021

 

 

December 31,

2020

Acquisition cost   $ 178,642   $ 178,642
Accumulated amortization     (82,859)     (80,079)
Total Intangible assets net book value   $ 95,783   $ 98,563

 

Amortization expense for both three month periods ended June 30, 2021 and 2020 amounted to $1,394 and for the six month periods ended June 30, 2021 and 2020 amounted to $2,780 and $2,787, respectively.

 The remaining aggregate amortization of acquired intangibles as of June 30, 2021 will be as follows:

 

Period

       
Year One   $ 5,581  
Year Two     5,581  
Year Three     5,588  
Year Four     5,581  
Year Five     5,581  
Thereafter     67,871  
Total   $ 95,783  

 

XML 19 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Borrowings

NOTE 6: BORROWINGS

Borrowings 

Borrowings, as of June 30, 2021 and December 31, 2020, consisted of the following:

 

Facility

 

June 30,

2021

   

December 31,

2020

 
Secured credit facilities   $     $ 70,074  
2022 Senior Secured Notes     305,000       305,000  
2022 Notes     462,466       476,822  
2024 Notes     8,626       8,626  
NSM Loan (incl. accrued interest $358 and $526, respectively)     57,026       78,901  
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)     39,986       50,326  
Sale and Leaseback Agreements     60,165       62,934  
2025 Logistics Senior Notes     500,000       500,000  
Navios Logistics other long-term loans and notes payable     66,797       60,035  
Total borrowings     1,500,066       1,612,718  
Less: current portion, net     (614,939     (374,191
Less: deferred finance costs, net     (23,613     (28,289
Total long-term borrowings   $ 861,514     $ 1,210,238  

Secured Credit Facilities

As of June 30, 2021, the Company repaid $70,074 of debt, being (i) the $11,100 outstanding loan balance with Credit Agricole Corporate and Investment bank, (ii) the $11,400 outstanding loan balance with Credit Agricole Corporate and Investment bank, (iii) the $9,945 outstanding loan balance with Hamburg Commercial Bank AG, (iv) the $4,504 outstanding loan balance with DVB Bank S.E., (v) the $20,200 outstanding loan balance with Alpha Bank A.E., and (vi) the $12,925 outstanding loan balance with Alpha Bank A.E.

As of June 30, 2021, the Company had no secured bank credit facilities following their full repayment.

2022 Senior Secured Notes

On November 21, 2017, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the “Co-Issuers”) issued $305,000 of 11.25% Senior Notes due 2022, at a price of 97%.

The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of the Company in each of Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Partners (following the merger of Navios Containers with Navios Partners). The 2022 Senior Secured Notes are unregistered and guaranteed by all of the Company’s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics.

The subsidiary guarantees are “full and unconditional”, except that the indenture provides for an individual subsidiary’s guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Senior Secured Notes.

 The Co-Issuers have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time at par.

Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase some or all of the 2022 Senior Secured Notes at 101% of their face amount. The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.

Under the terms of the 2022 Senior Secured Notes, the Company had an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 2022 Notes are met.

On October 1, 2020, the Company entered into (1) the Sixth Supplemental Indenture to amend the terms of the indenture and related pledge agreements governing the 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes and (2) a consent agreement with the Consenting Noteholders (“Consent Agreement”) whereby the Consenting Noteholders agreed, subject to the satisfaction of certain conditions in the Consent Agreement, to provide their consents, as part of a consent solicitation to be made by the Company on or before the earlier of (i) 60 days following the consummation of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics or (ii) September 5, 2021, to the amendments contained in the form of supplemental indenture (“Form of Supermajority Supplemental Indenture”) which amendments require consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected.

The Sixth Supplemental Indenture, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default, (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes (including, absent a Default or an Event of Default, at a discount to par), (iii) eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes; and (iv) states, for the avoidance of doubt, that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement dated as of April 25, 2019 (as amended) (the “Grimaud Loan”) in lieu of the receipt of pro rata cash dividends from Navios Logistics. The Sixth Supplemental Indenture became effective upon its execution by the Company and the Trustee, but the amendments and waivers contained therein will become operative only upon the occurrence of a Qualified IPO of Navios Logistics.

The Form of Supermajority Supplemental Indenture would further amend the Indenture to permit the Company to use the net proceeds it receives from any sale of Navios Logistics equity in connection with or following a Qualified IPO of Navios Logistics to repurchase 2022 Senior Secured Notes at a discount to par in certain circumstances.

There can be no assurance that the Company will receive the additional consents necessary to cause the amendments contemplated by the Form of Supermajority Supplemental Indenture to become effective.

On November 17, 2020, the Company entered into the Seventh Supplemental Indenture to further amend the terms of the indenture governing the 2022 Senior Secured Notes, pursuant to which Wilmington Trust, National Association became the successor Trustee and successor Collateral Trustee in respect of the 2022 Senior Secured Notes.

On June 29, 2021, the Company entered into the Eighth Supplemental Indenture which eliminated the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the Redemption. On July 23, 2021, the Company completed the Redemption. The Redemption was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75,264 from an affiliate company of NSM.

The Eighth Supplemental Indenture also, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default; (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes; and (iii) permits the lender under the $115.0 million NSM Loan (as defined herein) to take a second lien on the pledged share collateral (which pledged share collateral secures the 2022 Senior Secured Notes on a first lien basis).

On July 23, 2021, the Company completed the Redemption of an aggregate principal amount of $100,000 of the 2022 Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date.

 On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20,000 of its 2022 Senior Secured Notes at a redemption price equal to 100.00% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date of September 13, 2021 (the “Second Redemption”).

After the Redemption and the Second Redemption, $185,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

2022 Notes

On November 29, 2013, the Co-Issuers completed the sale of $650,000 of 7.375% First Priority Ship Mortgage Notes due 2022. During 2018, the Company repurchased $35,661 in par value of the 2022 Notes for cash consideration of $28,796. During 2019, Navios Logistics repurchased $35,500 in par value of the 2022 Notes in open market transactions for cash consideration of $17,642. During 2019, the Company repurchased $81,235 in par value of the 2022 Notes for cash consideration of $50,683. During the three month period ended June 30, 2020, there were no repurchases. During the six month period ended June 30, 2020, the Company repurchased $20,782 in par value of the 2022 Notes for cash consideration of $9,443 resulting in a gain on bond extinguishment of $11,204, net of deferred financing costs written-off. During the three and six month periods ended June 30, 2021, the Company repurchased $14,356 in par value of the 2022 Notes for cash consideration of $12,454 resulting in a gain on bond extinguishment of $1,873, net of deferred financing costs written-off. In August 2021, the Company repurchased $7,000 in par value of the 2022 Notes for cash consideration of $6,134 resulting in a gain on bond extinguishment of $855, net of deferred financing costs written-off. After these repurchases, the remaining amount of 2022 Notes is $455,466.

The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights. In January 2021, Navios Asteriks and part of the cash collateral of $14,250 held in escrow accounts were released and replaced by Navios Bonheur. In April 2021, Navios Serenity and the remaining cash collateral held in escrow accounts were released and replaced by Navios Asteriks. Currently, the 2022 Notes are secured by 17 drybulk vessels. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company’s direct and indirect subsidiaries, other than Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C.

The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par.

Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 Notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.

2024 Notes

On March 21, 2019, Navios Holdings issued $4,747 of 9.75% Senior Notes due 2024 (the “2024 Notes”) as an exchange for a total of 10,930 Series H shares which were validly tendered as of that date (Refer to Note 10).

On April 21, 2019, Navios Holdings issued $3,879 of the 2024 Notes as an exchange for a total of 8,841 Series G shares which were validly tendered as of that date. (Refer to Note 10).

The 2024 Notes are Navios Holdings’ senior unsecured general obligations and rank senior in right of payment to any of Navios Holding’s existing and future debt that expressly provides that it is subordinated to the 2024 Notes, pari passu in right of payment with all of Navios Holding’s existing and future senior obligations, structurally subordinated in right of payment to the obligations of Navios Holding’s subsidiaries, and effectively subordinated in right of payment to any existing and future obligations of Navios Holdings that are secured by property or assets that do not secure the 2024 Notes, including the 2022 Senior Secured Notes and the 2022 Notes, to the extent of the value of any such property and assets securing such other obligations. The 2024 Notes are not guaranteed by any of Navios Holdings’ subsidiaries.

 The indenture governing the 2024 Notes does not contain restrictive covenants but does include customary events of default.

Navios Holdings has the option to redeem the 2024 Notes, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued interest.

NSM Loan

On August 29, 2019, Navios Holdings entered into a secured loan agreement of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“NSM Loan”). As of June 30, 2021, the total outstanding balance of this facility amounted to $57,026, including $358 of accrued interest. Please see also Note 9.

$50.0 million NSM Loan

In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$50.0 million NSM Loan”) for a loan of up to $50,000 to be used for general corporate purposes. As of June 30, 2021, the total outstanding balance of this facility amounted to $39,986, including $250 of accrued interest. On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan. Please see also Note 9.

$115.0 million NSM Loan

In June 2021, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (“$115.0 million NSM Loan”) for a loan up to $115,000 in advances (i) to refinance the $50.0 million NSM Loan, (ii) to redeem certain 2022 Senior Secured Notes and (iii) to be used for general corporate purposes. In July 2021, the amount of this facility was fully drawn. Please see also Note 9.

Sale and Leaseback Agreements

In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $68,000 in total, with unrelated third parties for two Capesize vessels (the “Sale and Leaseback Agreements”). Navios Holdings has no purchase obligation to acquire the vessels at the end of the lease term, however, it is reasonably certain that respective purchase options will be exercised and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the Sale and Leaseback Agreements as a financial liability.

The Sale and Leaseback Agreements are repayable by 144 consecutive monthly payments of approximately $224 and $238 each, commencing as of January 2020 and March 2020, respectively. As of June 30, 2021, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $60,165 in total. The agreements mature in the fourth quarter of 2031 and first quarter of 2032, respectively, with a balloon payment of $750 per vessel on the last repayment date.

The Sale and Leaseback Agreements have no financial covenants.

2025 Logistics Senior Notes

On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Logistics Co-Issuers”) issued $500,000 in aggregate principal amount of senior secured notes due 2025 (the “2025 Logistics Senior Notes), at a fixed rate of 10.75%. The net proceeds from the offering of the 2025 Logistics Senior Notes were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes to repay all amounts outstanding under the Navios Logistics’ Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes.

On or after August 1, 2022, the Logistics Co-Issuers may redeem some or all of the 2025 Logistics Senior Notes at the redemption prices set forth in the indenture governing the 2025 Logistics Senior Notes. In addition, before August 1, 2022, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Logistics Senior Notes at a price equal to 110.750% of the principal amount of the 2025 Logistics Senior Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Logistics Senior Notes remains outstanding. Prior to August 1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Logistics Co-Issuers may also redeem all, but not less than all, of the 2025 Logistics Senior Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. Furthermore, upon the occurrence of certain change of control events, the Logistics Co-Issuers may be required to offer to purchase 2025 Logistics Senior Notes from holders at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any.

The 2025 Logistics Senior Notes are senior secured obligations of the Logistics Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Navios Logistics’ direct and indirect subsidiaries, other than the Logistics Co-Issuer and Grimaud Ventures S.A (the “Grimaud”). The 2025 Logistics Senior Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Navios Logistics’ cabotage business (the (1) Elena H, (2) Makenita H, (3) Sara H and (4) He Man H) owned by certain subsidiary guarantors (such guarantors, the “Mortgaged Vessel Guarantors”) and related assignments of earnings and insurance together with a first priority lien on the capital stock of each Mortgaged Vessel Guarantor; and (ii) an assignment by way of security of the Vale Port Contract (collectively, the “Collateral”). The 2025 Logistics Senior Notes will be effectively senior to all existing and future obligations of the subsidiary guarantors that own Collateral to the extent of the value of the Collateral but effectively junior to any existing and future secured obligations of the Logistics Co-Issuers and the subsidiary guarantors that are secured by assets other than the Collateral to the extent of the value of any assets securing such other obligations. The indenture governing the 2025 Logistics Senior Notes contains restrictive covenants that limit, among other things, the ability of the Logistics Co-Issuers and their subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliate companies, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Logistics Senior Notes also contains customary events of default.

The Logistics Co-Issuers were in compliance with the covenants as of June 30, 2021.

As of June 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025 Logistics Senior Notes amounted to $17,724 and $19,414, respectively.

Navios Logistics Other Long-term Loans and Notes Payable

In December 2020, Navios Logistics entered into a $13,475 seller’s credit agreement for the construction of six liquid barges to be made available by way of credit in six equal tranches. Each drawdown is repayable in 20 quarterly installments starting from the delivery of each barge. The seller’s credit for the construction of the six liquid barges bears interest at a fixed rate of 8.5%. As of June 30, 2021, Navios Logistics had drawn the total available amount and the outstanding balance was $12,368.

In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “Navios Logistics’ 2020 Fleet”). The acquisition was completed on March 22, 2021, and consequently, the Company entered into a $15,000 seller’s credit agreement for the acquisition of the Navios Logistics’ 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum and is payable in three equal annual installments of $5,000.

As of June 30, 2021, Navios Logistics had long-term loans and notes payable, with a total outstanding balance of $66,797, including the two above mentioned financings. The purpose of the facilities was to finance the construction of its dry port terminal, the acquisition of vessels, or for general corporate purposes. The facilities are mainly denominated in U.S. dollars and bear interest based on LIBOR plus spread ranging from 3.15% to 3.25% per annum. The facilities are repayable in installments and have maturities ranging from August 2021 to November 2025. See also the maturity table included below.

 

During the six month period ended June 30, 2021, the Company in relation to its secured credit facilities paid, $79,071 related to scheduled repayment installments and $36,199 related to the prepayment of four of Navios Holdings’ credit facilities.

The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2021 were 9.34% and 9.33%, respectively. The annualized weighted average interest rates of the Company’s total borrowings for the three and six month periods ended June 30, 2020 were 7.48% and 7.50%, respectively.

The maturity table below reflects the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of June 30, 2021, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities.

 

Payment due by period      
June 30, 2022 $ 616,440  
June 30, 2023   267,331  
June 30, 2024   54,079  
June 30, 2025   22,868  
June 30, 2026   506,892  
June 30, 2027 and thereafter   32,456  
Total $ 1,500,066  

 

 

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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2021
Fair Value Of Financial Instruments  
Fair Value of Financial Instruments

NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value of Financial Instruments 

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits and money market funds approximate their fair value because of the short maturity of these investments.

Restricted cash: The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments.

Borrowings: The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate its fair value, excluding the effect of any deferred financing costs. The 2022 Notes, the 2025 Logistics Senior Notes, the 2022 Senior Secured Notes and three Navios Logistics’ loans are fixed rate borrowings and their fair value was determined based on quoted market prices.

Loans payable to affiliate companies: The carrying amount of the fixed rate loan approximates its fair value.

Investments in available-for-sale securities: The carrying amount of the investments in available-for-sale securities reported in the consolidated balance sheets represents unrealized gains and losses on these securities, which are reflected in the interim condensed consolidated statements of comprehensive income/(loss).

The estimated fair values of the Company’s financial instruments are as follows:

 

    June 30, 2021   December 31, 2020  
    Book Value   Fair Value   Book Value   Fair Value  
Cash and cash equivalents   $ 73,159   $ 73,159   $ 94,881   $ 94,881  
Restricted cash   $ 10   $ 10   $ 16,303   $ 16,303  
Investments in available-for-sale-securities   $ 364   $ 364   $ 222   $ 222  
Senior and ship mortgage notes, net   $ (1,253,395) $ (1,269,481)   $ (1,263,566)   $ (1,054,616)  
Long-term debt, including current portion   $ (126,047)   $ (126,962)   $ (191,636)   $ (193,043)  
Loans payable to affiliate companies, including current portion   $ (96,404)   $ (96,404)   $ (129,227)   $ (129,227)  

 

The following table sets forth our assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

    Fair Value Measurements as of June 30, 2021  
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

 
Investments in available-for-sale-securities   $ 364     $ 364     $     $  
Total   $ 364     $ 364     $     $  

    Fair Value Measurements as of December 31, 2020  
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

 
Investments in available-for-sale-securities   $ 222     $ 222     $     $  
Total   $ 222     $ 222     $     $  

 

 

As of June 30, 2021, the Company’s assets measured at fair value on a non-recurring basis were:

    Fair Value Measurements as of June 30, 2021    
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

   
Assets held for sale   $ 30,000     $ 30,000     $ —       $ —      
Total   $ 30,000     $ 30,000     $ —       $ —      

Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $9,104. The fair value of Navios Azimuth is measured at $30,000, as at June 30, 2021.As of December 31, 2020, the Company’s assets measured at fair value on a non-recurring basis were:

 

    Fair Value Measurements as of December 31, 2020    
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

   
Vessels, port terminals and other fixed assets, net   $ 38,054     $ 6,644     $ 31,410     $ —      
Operating lease assets   $ 10,018     $     $ 10,018     $ —      
Total   $ 48,072     $ 6,644     $ 41,428     $ —      

 

The Company recorded an impairment loss of $59,108 during the year ended December 31, 2020 for three of its vessels, the fair value of which is measured at $38,054, as at December 31, 2020.

The Company recorded an impairment loss of $1,361 during the year ended December 31, 2020 for two of its charter-in vessels, the fair value of which is measured at $10,018, as at December 31, 2020.

Fair Value Measurements

The estimated fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:

Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level II: Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III: Inputs that are unobservable.

 

    Fair Value Measurements at June 30, 2021  
    Total     (Level I)     (Level II)     (Level III)  
Cash and cash equivalents   $ 73,159     $ 73,159     $     $  
Restricted cash   $ 10     $ 10     $     $  
Investments in available-for-sale-securities   $ 364     $ 364     $     $  
Senior and ship mortgage notes   $ (1,269,481)     $ (1,260,855)     $ (8,626)     $  
Long-term debt, including current portion(1)   $ (126,962)     $     $ (126,962)     $  
Loans payable to affiliate companies, including current portion(2)   $ (96,404)   $     $ (96,404)     $  
                                   

 

    Fair Value Measurements at December 31, 2020  
    Total     (Level I)     (Level II)     (Level III)  
Cash and cash equivalents   $ 94,881     $ 94,881     $     $ —    
Restricted cash   $ 16,303     $ 16,303     $     $ —    
Investments in available-for-sale-securities   $ 222     $ 222     $     $ —    
Senior and ship mortgage notes   $ (1,054,616)     $ (1,045,990)     $ (8,626)     $ —    
Long-term debt, including current portion(1)   $ (193,043)     $     $ (193,043)   $ —    
Loans payable to affiliate companies, including current portion(2)   $ (129,227)   $     $       (129,227)     $ —    
                                   

 

(1) The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness.
(2) The fair value of the Company’s loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness.

 

XML 21 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 8: COMMITMENTS AND CONTINGENCIES

Commitments and Contingencies 

As of June 30, 2021, the Company was contingently liable for letters of guarantee and letters of credit amounting to $10 (December 31, 2020: $10) issued by one bank in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash.

In December 2017, Navios Holdings agreed to charter-in, under a ten-year bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March 30, 2020, Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel. As of June 30, 2021, the total amount of $6,704, including expenses and interest, is presented within the caption “Other long-term assets”.

In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August 28, 2019 Navios Holdings took delivery of the Navios Herakles I. On November 28, 2019 Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels. As of June 30, 2021, the total amount of $14,070, including expenses and interest, is presented within the caption “Other long-term assets”.

In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of 81,946 dwt. On January 17, 2020, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $5,590, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7,193, including expenses and interest, is presented within the caption “Other long-term assets”.

In October 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $5,820, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7,506, including expenses and interest, is presented within the caption “Other long-term assets”.

Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2022.

On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively.

In September 2020, Navios Logistics agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount of $4,140, which is collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023.

The Company is involved in a number of legal proceedings and has various unresolved claims pending arising in the ordinary course of business. Based on currently available information and the opinion of legal counsel, management believes that the final outcome will not have a significant effect on the Company’s operating results or financial position and that no additional provisions over and above provisions already reflected in the interim condensed consolidated financial statements are required.

XML 22 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Transactions with related parties
6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Transactions with related parties

NOTE 9: TRANSACTIONS WITH RELATED PARTIES

 

Transactions with Related Parties 

Vessel Operating Expenses (management fees): Pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), N Shipmanagement Acquisition Corp. and related entities (“NSM” or the “Manager”) provides commercial and technical management services to Navios Holdings’ vessels. The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination is received by either party. The ship management services fees provided by NSM is a daily fee of $3.7 per day per owned vessel. This rate was fixed until August 2021, increasing thereafter by 3% annually, unless otherwise agreed. As of August 31, 2021, this daily fee is at $3.8 per day per owned vessel. The fee for the ship management services provided by NSM is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August 29, 2024. Total management fees for vessel operating expenses for the three month periods ended June 30, 2021 and 2020 amounted to $9,794 and $11,537, respectively and are presented within the caption “Direct vessel expenses”. Total management fees for vessel operating expenses for the six month periods ended June 30, 2021 and 2020 amounted to $20,365 and $22,525, respectively and are presented within the caption “Direct vessel expenses”.

Navios Partners Guarantee: In November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the “Navios Partners Guarantee”) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. In April 2021, the Company paid the amount of $5,000 to Navios Partners as the final settlement of the outstanding balance of the claim.

General and administrative expenses: Pursuant to an administrative services agreement with the Manager dated August 29, 2019 (“Administrative Services Agreement”), NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August 29, 2024. Total general and administrative expenses attributable to this agreement for the three month periods ended June 30, 2021 and 2020 amounted to $2,168 and $2,377, respectively, and are presented within the caption “General and administrative expenses”. Total general and administrative expenses attributable to this agreement for the six month periods ended June 30, 2021 and 2020 amounted to $4,508 and $4,639, respectively, and are presented within the caption “General and administrative expenses”.

Pursuant to an administrative services agreement with the Manager dated August 29, 2019, NSM provides administrative services to Navios Logistics. Total general and administrative fees for each of the three month periods ended June 30, 2021 and 2020 amounted to $286 and are presented within the caption “General and administrative expenses”. Total general and administrative fees for each of the six month periods ended June 30, 2021 and 2020 amounted to $572 and are presented within the caption “General and administrative expenses”.

Balance due to/from affiliate companies: Balance due to NSM as of June 30, 2021 amounted to $10,174 (December 31, 2020: $22,114). Balance due to Navios Partners as of June 30, 2021 amounted to $0 (December 31, 2020: $5,000 related to the Navios Partners Guarantee). Balance due from Navios Acquisition as of June 30, 2021 amounted to $0 (December 31, 2020: $243 related to declared dividend).

As of June 30, 2021 the balance mainly consisted of management fees for vessel operating expenses, payments to NSM in accordance with the Management Agreement and other amounts in connection with dry-dock, ballast water treatment system and special survey of our vessels.

Omnibus Agreements: Navios Holdings has entered into an omnibus agreement with Navios Partners (the “Partners Omnibus Agreement”) in connection with the closing of Navios Partners’ IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years.

Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the “Acquisition Omnibus Agreement”) in connection with the closing of Navios Acquisition’s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for containership vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter dry bulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its dry bulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party.

Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliate companies to compete with Navios Midstream under specified circumstances.

Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have granted a right of first refusal to Navios Containers over any containership vessels to be sold or acquired in the future, subject to significant exceptions that would allow Navios Acquisition, Navios Holdings and Navios Partners or any of their controlled affiliate companies to compete with Navios Containers under specified circumstances.

Midstream General Partner Option Agreement: Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option.

Sale of Vessels and Sale of Rights to Navios Partners: Upon the sale of vessels to Navios Partners, Navios Holdings recognized the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and deferred recognition of the gain to the extent of its own ownership interest in Navios Partners (the “deferred gain”). Subsequently, the deferred gain was amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain was accelerated in the event that (i) the vessel was subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company’s ownership interest in Navios Partners was reduced. In connection with the public offerings of common units by Navios Partners and the sale of Navios Partners general partnership interest effected on August 30, 2019, a pro rata portion of the deferred gain was released to income upon dilution of the Company’s ownership interest in Navios Partners. As of January 1, 2020, the unamortized deferred gain of $6,285 was recorded as other adjustments within accumulated deficit.

In March 2021, Navios Holdings completed the sale to Navios Partners of the Navios Centaurus, a 2012-built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012-built Panamax vessel of 81,355 dwt, for a sale price of $39,250, including working capital adjustments. In June 2021, Navios Holdings completed the sale to Navios Partners of the Navios Ray, a 2012 built Capesize vessel of 179,515 dwt, and the Navios Bonavis, a 2009 built Capesize vessel of 180,022 dwt, for a sale price of $58,000 and the sale of the Navios Koyo, a 2011-built Capesize vessel, previously chartered-in by Navios Holdings, for a sale price of $28,500. In July 2021, Navios Holdings completed the sale to Navios Partners of the Navios Azimuth, a 2011 built Capesize vessel of 179,169 dwt, for a sale price of $30,000.

Balance due from Navios Europe II: Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe II revolving loans of up to $43,500 to fund the Navios Revolving Loans II. In March 2017, the availability under the Navios Revolving Loans II was increased by $14,000 (see Note 14).

On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $5,000. Navios Europe II owned seven containership vessels and seven drybulk vessels.

On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiration date. The transaction was completed on June 29, 2020.

As a result of this liquidation, Navios Holdings received the total outstanding balance due from Navios Europe II, representing the Navios Revolving Loans II, the Navios Term Loans II and accrued interest thereof directly owed to Navios Holdings, previously presented within the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II.

The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at 1,800 basis points per annum, on a quarterly compounding basis and were repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There were no covenant requirements or stated maturity dates.

The decline in the fair value of the investment during the first quarter of 2020 was considered as other-than-temporary and, therefore, a loss of $6,050 was recognized and included in the accompanying interim condensed consolidated statements of comprehensive income/(loss) for the six month period ended June 30, 2020, within the caption “Impairment of loan receivable from affiliate company”. The fair value was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II.

Secured credit facility with Navios Logistics (Grimaud Loan): On April 25, 2019, Navios Holdings entered into a secured credit facility of up to $50,000 with Navios Logistics on a secured basis to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility is secured by any 2022 Notes purchased by Navios Holdings with these funds. The secured credit facility included an arrangement fee of $500 and bears a fixed interest rate of 12.75% for the first year and 14.75% for the second year. The secured credit facility includes negative covenants substantially similar to the 2022 Notes and customary events of default. On December 2, 2019, Navios Holdings and Navios Logistics agreed to increase the secured credit facility by $20,000. Following this amendment, as a result of the redemption of the 2022 Notes and Term Loan B Facility in July 2020 and the issuance of 2025 Notes, (a) the interest rate on the secured credit facility decreased to 10.0%, and (b) the maturity of the secured credit facility was extended to December 2024, and is repayable in four equal annual installments. Effective as of May 2021, and upon the release of certain collateral, the facility bears interest of 13.0% per annum. As of June 30, 2021, the full amount was drawn under this facility, of which $18,726 was used to acquire the 2022 Notes from Navios Logistics and the remaining amount was used to repurchase 2022 Notes.

On June 24, 2020, Navios Logistics assigned its legal and beneficial right, title and interest in the credit facility to its wholly owned subsidiary Grimaud.

On June 25, 2020, Navios Holdings and Grimaud amended the Grimaud Loan to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Navios Logistics and paid Navios Logistics $2,308 in satisfaction of the interest payable in respect of this facility.

On June 30, 2021, the Company entered into a supplemental agreement to the Grimaud Loan (the “Supplemental Grimaud Loan Agreement”) with Grimaud, whereby the Company and Grimaud agreed to amend the Grimaud Loan. Pursuant to the amendment, the Grimaud Loan may be repaid or prepaid in full by the issuance of shares of common stock of Navios Holdings. The effectiveness of the Supplemental Grimaud Loan Agreement was subject to, and contingent upon, prepayment of the Grimaud Loan in the amount of $7,500 in cash and the effectiveness of a registration statement registering the resale of Navios Holdings shares, among other conditions.

On July 13, 2021, the Company’s $70,000 loan, plus accrued interest, owed to Grimaud, a wholly-owned subsidiary of Navios Logistics, was repaid by the Company in full through the issuance of 9,301,542 shares of the Company’s common stock and $7,500 in cash plus accrued and unpaid interest. Please see also Note 10.

NSM Loan: On August 29, 2019, Navios Holdings entered into a secured credit facility of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM. In general, the amount owed reflects the excess of (i) the liabilities of the ship management business (including liabilities for advances previously made by affiliate companies to the Company for ongoing operating costs, including technical management services, supplies, dry-docking and related expenses) other than liabilities the assumption of which forms part of the consideration for the Transaction over (ii) the short term assets of the ship management business. The credit facility is repayable over a five-year period; of the initial amount, $47,000 was repayable in 2020 in equal quarterly installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. The loan agreement provides for interest at 5.0% annually, and 7.0% annually for deferred principal amounts. During December 2019, Navios Holdings repaid the amount of $13,420 under the terms of this facility. During June 2020, July 2020 and May 2021, Navios Holdings repaid the amount of $31,500, $18,500, and $21,706, respectively, under the terms of this facility.

As of June 30, 2021, the outstanding balance was $56,668 (December 31, 2020: $78,375) and the accrued interest was $358 (December 31, 2020: $526). Of the outstanding amount and accrued interest, $16,548 (December 31, 2020: $10,328) is included within the caption “Current portion of loans payable to affiliate companies”.

The Company’s obligations under the NSM Loan were guaranteed by 2,070,016 common units in Navios Partners, 14,940 shares of Navios Acquisition’s common stock, first priority share pledges on two companies, that have entered into sale and leaseback agreements and five companies that hold the rights to certain bareboat contracts.

$50.0 million NSM Loan: In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM for a loan of up to $50,000 to be used for general corporate purposes. The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. The loan agreement will be repayable in up to 18 equal consecutive quarterly installments. Principal payments that fall due during the first year following the initial drawdown may be deferred, at the Company’s election, in whole or in part. The loan agreement provides for interest at a rate of 5.0% annually (and 7.0% annually for deferred principal amounts). During May 2021, Navios Holdings repaid the amount of $10,265, under the terms of this facility.

As of June 30, 2021, the outstanding balance was $39,736 (December 31, 2020: $50,000) and the accrued interest was $250 (December 31, 2020: $326). Of the outstanding amount and accrued interest, $11,603 (December 31, 2020: $16,266) is included within the caption “Current portion of loans payable to affiliate companies”.

The Company’s obligations under the $50.0 million NSM Loan were guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners and second priority pledge in respect of 2022 Notes owned by Navios Holdings.

On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan described below.

$115.0 million NSM Loan: In June 2021, the Company entered into a senior secured term loan facility with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM, for a loan up to $115,000 (i) to refinance $39,736 being the outstanding balance under the $50.0 million NSM Loan (“Tranche A”), (ii) to redeem amount of $70,000 of 2022 Senior Secured Notes and (iii) to be used for general corporate purposes (“Tranche B”). The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. Tranche A is repayable in 14 quarterly installments of $2,838 and matures on November 30, 2024. Tranche B is repayable in seven quarterly installments with the first two being of an amount of $22,632 each and the remaining of an amount of $6,000 each and matures on February 28, 2023.

Both tranches bear interest at a rate of 10.5% per annum, payable quarterly. The Company may elect to defer one scheduled amortization payment by 90 days and interest payments, in which case the applicable interest rate will be 12.0% per annum, compounded quarterly.

The Company’s obligations under the $115.0 million NSM Loan are guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 40,587 common units in Navios Partners and a second priority pledge in the Navios Logistics’ shares, 4,850,207 shares of Navios Acquisition’s common stock, 452,090 Navios Partners’ common units and second priority share pledge over the collaterals securing the NSM Loan.

On July 12, 2021, the amount under this facility was fully drawn.

Navios Logistics’ Shareholders Agreement: On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers Business Inc. granting certain protections to minority shareholders in certain events.

 

XML 23 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Preferred and Common Stock
6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Preferred and Common Stock

NOTE 10: PREFERRED AND COMMON STOCK

Preferred and Common Stock 

Vested, Surrendered and Forfeited

During the three and six month periods ended June 30, 2021, 56 and 83 restricted shares of common stock were forfeited, and 0 and 37,879 restricted stock units issued to the Company’s officers and directors vested, respectively.

During the three and six month periods ended June 30, 2020, 1,230 restricted shares of common stock were forfeited and 84,336 restricted stock units issued to the Company’s employees vested, respectively.

Conversion of Preferred Stock

During the year ended December 31, 2020, 210 shares of convertible preferred stock were converted into 22,712 shares of common stock including 1,712 shares of common stock being unpaid dividend. Following the conversion of 210 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $171. The cancelled undeclared dividend was converted to 1,712 shares of common stock with a fair value of $6 at the date of issuance (See also Note 13). During the three and six month periods ended June 30, 2021, there were no conversions of preferred stock.

 

Issuance of Cumulative Perpetual Preferred Stock

The Company’s 2,000,000 American Depositary Shares, Series G and the 4,800,000 American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G and Series H, with a liquidation preference of $2,500 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference, which increased by 0.25% as of July 15, 2017 for each of Series G and Series H. The Company has accounted for these shares as equity.

In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of June 30, 2021 were $27,783 (net of cancelled dividends).

Series G and Series H American Depositary Shares Exchange Offer

On December 21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 2024 Notes for approximately 66 2/3% of each of the outstanding Series G American Depositary Shares and Series H American Depositary Shares.

As of March 21, 2019, a total of 10,930 Series H were validly tendered representing a net aggregate nominal value of approximately $26,297. Navios Holdings paid $997 for tender offer expenses, approximately $4,188 as cash consideration and a total of approximately $4,747 in aggregate principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $16,365 was recorded in accumulated deficit. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series H of $7,678.

As of April 18, 2019, a total of 8,841 Series G were validly tendered representing a net aggregate nominal value of approximately $21,271. Navios Holdings paid $620 for tender offer expenses, approximately $4,423 cash consideration and issued a total of approximately $3,879 principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $12,568 was recorded in accumulated deficit. Following the completion of the offer, the company cancelled the undeclared preferred dividend of series G of $6,798.

Issuances to Officers and Directors

On December 21, 2020, pursuant to the stock plan approved by the Board of the Directors, 16,000 shares of common stock were granted to Navios Holdings officers and directors and issued on January 19, 2021.

 

Navios Holdings had outstanding as of June 30, 2021 and December 31, 2020, 15,897,064 shares and 15,881,147 shares, respectively, from which 2,414,263 shares are held by Navios Corporation and are considered as treasury shares. Preferred stock was 23,032 (5,350 Series G and 17,682 Series H) as of both June 30, 2021 and December 31, 2020.

Dividends from Navios Logistics

On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. Immediately thereafter, Grimaud redeemed the equity interests held by its non-controlling shareholder in full at fair market value. Grimaud is now an indirect wholly-owned subsidiary of the Company, and its equity interests are pledged as collateral under the 2022 Senior Secured Notes (as defined below).

As of September 9, 2021, Grimaud sold 6,434,000 shares of common stock of Navios Holdings and generated net proceeds of $31,270, part of which was used to fund the Second Redemption.

On July 10, 2020 Navios Logistics declared and paid a $6,381 dividend in cash or in Navios Holdings shares of common stock, from which Navios Holdings received 2,414,263 shares and the amount of $2,308 was paid to Navios Logistics’ noncontrolling shareholders.

On February 21, 2020, Navios Logistics’ board of directors declared and paid a $27,500 dividend, out of which the amount of $17,552 was paid to Navios Holdings and the amount of $9,948 to Navios Logistics’ noncontrolling shareholders.

XML 24 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Other Income, Net
6 Months Ended
Jun. 30, 2021
Other Income and Expenses [Abstract]  
Other Income, Net

NOTE 11: OTHER INCOME, NET

Other Income, Net 

During the three month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $1,218 and $590, respectively, and were included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Other expense, net”.

During the six month periods ended June 30, 2021 and 2020, taxes other-than income taxes of Navios Logistics amounted to $2,222 and $2,021, respectively, and were included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Other expense, net”.

XML 25 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information

NOTE 12: SEGMENT INFORMATION

Segment Information 

The Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of port terminal business, barge business and cabotage business.

The Company measures segment performance based on net income/(loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:

 

 

   

Dry Bulk Vessel

Operations

for the

Three Month

Period Ended

June 30,

2021

   

Logistics Business

for the

Three Month

Period Ended

June 30,

2021

   

Total

for the

Three Month

Period Ended

June 30,

2021

 
Revenue   $ 86,053     $ 57,571     $ 143,624  
Interest expense and finance cost, net     (21,011)       (15,159)       (36,170)  
Depreciation and amortization     (7,917)       (8,071)       (15,988)  
Equity in net earnings of affiliate companies     12,854       —         12,854  
Net income/ (loss) attributable to Navios Holdings common stockholders     27,795       (2,859)       24,936  
Total assets     1,156,441       672,652       1,829,093  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (22,758)       (3,646)       (26,404)  
Investment in affiliate companies     97,351       —         97,351  
Cash and cash equivalents     25,689       47,470       73,159  
Restricted cash     10       —         10  
Long-term debt, net (including current and noncurrent portion)   $ 927,399     $ 549,054     $ 1,476,453  

 

 

   

Dry Bulk Vessel

Operations

for the

Three Month

Period Ended

June 30,

2020

   

Logistics Business

for the

Three Month

Period Ended

June 30,

2020

   

Total

for the

Three Month

Period Ended

June 30,

2020

 
Revenue   $ 38,302     $ 58,825     $ 97,127  
Interest expense and finance cost, net     (22,159)       (9,259)       (31,418)  
Depreciation and amortization     (10,745)       (7,267)       (18,012)  
Equity in net earnings of affiliate companies     9,445       —         9,445  
Net (loss)/ income attributable to Navios Holdings common stockholders     (42,918)       7,647       (35,271)  
Total assets     1,500,046       615,878       2,115,924  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (98,672)       (2,578)       (101,250)  
Investment in affiliate companies     63,498       —         63,498  
Cash and cash equivalents     20,525       33,489       54,014  
Restricted cash     1,058       —         1,058  
Long-term debt, net (including current and noncurrent portion)   $ 1,082,032     $ 509,749     $ 1,591,781  

 

   

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2021

   

Logistics Business

for the

Six Month

Period Ended

June 30,

2021

   

Total

for the

Six Month

Period Ended

June 30,

2021

 
Revenue   $ 149,781     $ 110,794     $ 260,575  
Interest expense and finance cost, net     (42,855)       (29,515)       (72,370)  
Depreciation and amortization     (16,714)       (15,540)       (32,254)  
Equity in net earnings of affiliate companies     40,594       —         40,594  
Net income/ (loss) attributable to Navios Holdings common stockholders     27,694       (2,595)       25,099  
Total assets     1,156,441       672,652       1,829,093  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (24,152)       (22,033)       (46,185)  
Investment in affiliate companies     97,351       —         97,351  
Cash and cash equivalents     25,689       47,470       73,159  
Restricted cash     10       —         10  
Long-term debt, net (including current and noncurrent portion)   $ 927,399     $ 549,054     $ 1,476,453  

 

   

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2020

   

Logistics Business

for the

Six Month

Period Ended

June 30,

2020

   

Total

for the

Six Month

Period Ended

June 30,

2020

 
Revenue   $ 72,562     $ 115,648     $ 188,210  
Interest expense and finance cost, net     (44,529)       (18,532)       (63,061)  
Depreciation and amortization     (21,543)       (14,545)       (36,088)  
Equity in net earnings of affiliate companies     3,308       —         3,308  
Net (loss)/ income attributable to Navios Holdings common stockholders     (100,690)       12,144       (88,546)  
Total assets     1,500,046       615,878       2,115,924  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (98,672)       (2,578)       (101,250)  
Investment in affiliate companies     63,498       —         63,498  
Cash and cash equivalents     20,525       33,489       54,014  
Restricted cash     1,058       —         1,058  
Long-term debt, net (including current and noncurrent portion)   $ 1,082,032     $ 509,749     $ 1,591,781  

XML 26 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Earnings/ (Loss) Per Common Share
6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings/ (Loss) Per Common Share

NOTE 13: EARNINGS/(LOSS) PER COMMON SHARE

Earnings/ (Loss) Per Common Share 

Earnings/(Loss) per share is calculated by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net income/(loss) attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net income/(loss) attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled.

For the three month period ended June 30, 2021, 384,419 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

 

For the three month period ended June 30, 2020, 566,525 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

For the six month period ended June 30, 2021, 388,027 potential common shares and 0 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

For the six month period ended June 30, 2020, 583,126 potential common shares and 3,115 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share.

 

 

                         
   

Three Month

Period Ended

June 30, 2021

   

Three Month

Period Ended

June 30, 2020

   

Six Month

Period Ended

June 30, 2021

   

Six Month

Period Ended

June 30, 2020

 
Numerator:                                
Net income/ (loss) attributable to Navios Holdings common stockholders   $ 24,936     $ (35,271)     $ 25,099     $ (88,546)  
Less:                                
Declared and undeclared dividend on preferred stock and on unvested restricted shares     (1,284)       (1,284)       (2,561)       (2,578)  
Plus:                                
Gain from eliminated dividends (preferred stock) due to conversion     —         —         —         166  
Income/ (loss) available to Navios Holdings common stockholders, basic and diluted   $ 23,652     $ (36,555)     $ 22,538     $ (90,958)  
Denominator:                                
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares     13,127,208       12,901,880       13,120,335       12,882,235  
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders   $ 1.80     $ (2.83)     $ 1.72     $ (7.06)  
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares     13,511,627       12,901,880       13,508,382       12,882,235  
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders   $ 1.75     $ (2.83)     $ 1.67       (7.06)  

 

XML 27 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Investments in Affiliate Companies and Available-For-Sale Securities
6 Months Ended
Jun. 30, 2021
Investments in and Advances to Affiliates [Abstract]  
Investments in Affiliate Companies and Available-For-Sale Securities

NOTE 14: INVESTMENTS IN AFFILIATE COMPANIES AND AVAILABLE-FOR-SALE SECURITIES

Investments in Affiliate Companies and Available-For-Sale Securities

 

Navios Partners

On August 7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the “General Partner”), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios Partners and received a 2.0% general partner interest. In August 2019, Navios Holdings sold the general partnership interests in Navios Partners (except for the incentive distribution rights) to NSM.

As of June 30, 2021 and December 31, 2020 Navios Partners has issued 6,638,503 and 357,508 units, respectively, through its Continuous Offering Programs entered into from time to time. Pursuant to the issuance of common units, Navios Partners issued 135,482 and 7,298 general partnership units to its general partner as of June 30, 2021 and December 31, 2020, respectively, in order to maintain its 2.0% general partnership interest.

As of June 30, 2021 and following the Navios Partners’ Merger (as defined herein), total units of 1,263,276 held in Navios Containers converted to 492,678 units of Navios Partners. Accordingly, Navios Holdings holds a total of 2,562,893 common units representing a 9.7% interest in Navios Partners, and the investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C.

 

As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company’s underlying equity in net assets of Navios Partners was $39,587 and $77,904, respectively.

As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Partners was $80,632 and $39,133, respectively.

Total equity method income/(loss) of $9,125 and $(1,227) were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively, and total equity method income/(loss) of $38,322 and $(2,354) were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.

Dividends received during each of the three month periods ended June 30, 2021 and 2020 were $128 and $621, respectively, and for each of the six month periods ended June 30, 2021 and 2020, were $232 and $1,242, respectively.

As of June 30, 2021, the market value of the investment in Navios Partners was $75,759. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.

Navios Partners’ Merger II:

On August 25, 2021, Navios Partners and its direct wholly-owned subsidiary Navios Acquisition Merger Sub. Inc. (“Merger Sub”) entered into an Agreement and Plan of Merger with Navios Acquisition (the “Navios Partners’ Merger II”). Pursuant to the Navios Partners’ Merger II, Merger Sub will be merged with and into Navios Acquisition, with Navios Acquisition being the surviving entity (the “Merger”) as a wholly-owned subsidiary of Navios Partners. Upon consummation of the Navios Partners’ Merger II, Navios Acquisition will become wholly owned by Navios Partners and each outstanding share of common stock of Navios Acquisition that is held by a holder other than Navios Partners, Navios Acquisition and their respective subsidiaries will be converted into the right to receive 0.1275 of a common unit of Navios Partners.

Pursuant to the Navios Partners’ Merger II, on August 26, 2021, Navios Acquisition called for redemption of all of its outstanding 8.125% first Priority Ship Mortgage Notes due November 15, 2021 (the “Navios Acquisition’s Ship Mortgage Notes”) and remitted to the indenture trustee the aggregate redemption price payable to the holders of the Navios Acquisition’s Ship Mortgage Notes to satisfy and discharge Navios Acquisition’s obligations under the indenture relating to the Navios Acquisition’s Ship Mortgage Notes. The redemption date for the Navios Acquisition’s Ship Mortgage Notes will be September 25, 2021.

The Navios Partners’ Merger II is expected to close in the fourth quarter of 2021 upon completion of certain customary conditions. After the completion of the Navios Partners’ Merger II, Navios Holdings expects to have a 10.3% ownership interest in Navios Partners.

Navios Acquisition

As of June 30, 2021 and December 31, 2020, Navios Acquisition has issued 1,776,016 and 753,251 shares of common stock, respectively, through its Continuous Offering Program entered into from time to time.

As of June 30, 2021, Navios Holdings had a 28.0% ownership interest in Navios Acquisition.

As of June 30, 2021 and December 31, 2020, the unamortized difference between the carrying amount of the investment in Navios Acquisition and the amount of the Company’s underlying equity in net assets of Navios Acquisition was $75,408 and $68,793, respectively and is amortized through “Equity in net earnings of affiliate companies” over the remaining life of Navios Acquisition tangible and intangible assets. As a result of the OTTI loss recorded as at December 31, 2020, the Company had recomputed this difference.

As of June 30, 2021 and December 31, 2020, the carrying amount of the investment in Navios Acquisition was $16,719 and $15,033, respectively.

Total equity method income of $3,739 and $10,650, were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively.

Total equity method income of $1,686 and $12,207, were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.

Dividends received for each of the three month periods ended June 30, 2021 and 2020 were $0 and $1,460, respectively, and for each of the six month periods ended June 30, 2021 and 2020 were $243 and $2,919, respectively.

As of June 30, 2021, the market value of the investment in Navios Acquisition was $16,590. Based on Company’s evaluation of the duration and magnitude of the fair value decline, Navios Partners’ financial condition and near-term prospects, and the Company’s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.

Navios Europe II

On February 18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II. From June 8, 2015 through December 31, 2015, Navios Europe II acquired 14 vessels for aggregate consideration consisting of: (i) cash (which was funded with the proceeds of a senior loan facility (the “Senior Loans II”) and loans aggregating to $14,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe II) (collectively, the “Navios Term Loans II”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan II”). In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners had agreed to make available to Navios Europe II revolving loans up to $43,500 to fund working capital requirements (collectively, the “Navios Revolving Loans II”). In March 2017, the amount of the Navios Revolving Loans II increased by $14,000. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. The structure was liquidated in June 2020.

On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses, amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation.

Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and concluded that Navios Europe II was a VIE and that it had not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II.

Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method.

The initial amount provided for in Navios Europe II of $6,650, at the inception included the Company’s share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe II, which amounted to $9,419. This difference had been amortized through “Equity in net earnings of affiliate companies” over the remaining life of Navios Europe II.

As of March 31, 2020, the Company considered the decline in fair value of its investment in Navios Europe II as OTTI and therefore recognized a loss of $6,650 in the accompanying consolidated statement of comprehensive income/(loss).

No income was recognized within the caption “Equity in net earnings of affiliate companies” for each of the three month periods ended June 30, 2021 and 2020.

Navios Containers

Following the sale of Navios Containers general partnership interest effected on August 30, 2019, Navios Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers was accounted for under the equity method, through Navios Partners’ Merger (as defined herein) on March 31, 2021.

As of December 31, 2020, the carrying amount of the investment in Navios Containers was $2,812.

As of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers.

Total equity method loss of $0 and $77, were recognized within the caption “Equity in net earnings of affiliate companies” for the three month periods ended June 30, 2021 and 2020, respectively.

Total equity method income of $596 and $105, were recognized within the caption “Equity in net earnings of affiliate companies” for the six month periods ended June 30, 2021 and 2020, respectively.

Merger Agreement Navios Partners: On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the “Navios Partners’ Merger”). Under the terms of the Navios Partners’ Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of 8,133,452 newly issued common units of Navios Partners in exchange for the publicly held common units of Navios Containers at an exchange ratio of 0.39 units of Navios Partners for each Navios Containers common unit. The Navios Partners’ Merger was completed on March 31, 2021 and Navios Holdings had 12.6% ownership interest in Navios Partners at that date. As of the close of the market on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ.

Following the results of the significance tests performed by the Company, it was concluded that two affiliate companies met the significance threshold requiring summarized financial information of all affiliate companies being presented.

Summarized financial information of the affiliate companies is presented below:

                 
Income Statement  

Navios

Partners

    Three Month June 30, 2021 Three Month June 30, 2020
Revenue   $ 152,009     $ 46,549  
Time charter and voyage expenses   $ (5,869)     $ (1,940)  
Direct vessel expenses   $ (3,989)     $ (2,385)  
Vessel operating expenses   $ (41,771)     $ (21,930)  
Net income/ (loss)   $ 99,913     $ (14,641)  

 

                 
Income Statement  

Navios

Partners

    Six Month June 30, 2021 Six Month June 30, 2020
Revenue   $ 217,072     $ 93,039  
Time charter and voyage expenses   $ (8,364)     $ (5,038)  
Direct vessel expenses   $ (7,143)     $ (4,934)  
Vessel operating expenses   $ (64,733)     $ (44,135)  
Net income/ (loss)   $ 236,592     $ (25,365)  

 

Available-for-sale securities (“AFS Securities”)

During the year ended December 31, 2017, the Company received shares of Pan Ocean Co. Ltd (“STX”) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company’s vessels. The shares were recorded at fair value upon their issuance and subsequent changes in market value are recognized within consolidated statement of comprehensive income/(loss).

The shares received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities.

As of June 30, 2021 and December 31, 2020, the carrying amount of AFS Securities related to STX was $364 and $222, respectively and was recorded within the caption “Other long-term assets” in the interim condensed consolidated balance sheet.

For the three month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $101 and $5, respectively. For the six month periods ended June 30, 2021 and 2020, the unrealized holding earnings related to these AFS Securities included within the caption “Other expense, net” were $142 and $36, respectively.

 

XML 28 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
6 Months Ended
Jun. 30, 2021
Leases  
Leases

NOTE 15: LEASES

Leases 

Time charter out contracts

The Company’s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice.

Time charter-in and bareboat-in contracts

As of June 30, 2021, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from less than 0.1 years to 9.0 years. Certain operating leases have optional periods. Based on management estimates and market conditions, the lease term of these leases is being assessed at each balance sheet date. The Company will continue to recognize the lease payments for all operating leases as charter hire expense on the interim condensed consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term.

Land lease agreements

As of June 30, 2021, Navios Logistics had land lease agreements whose remaining lease terms range from 44.7 years to 45.1 years.

Office lease agreements

As of June 30, 2021, Navios Logistics had office lease agreements whose remaining lease terms ranged from less than 0.1 years to 5.4 years.

The tables below present the components of the Company’s lease expense for the three and six month periods ended June 30, 2021 and 2020:

 

 

 

 

Drybulk Vessel

Operations

Three Month

Period Ended

June 30, 2021

     

Logistics Business

Three Month

Period Ended

June 30, 2021

      Total
Lease expense for charter-in contracts $ 19,252     $ 1,630     $ 20,882
Lease expense for land lease agreements   —          142       142
Lease expense for office lease agreements    —          91       91
Total $ 19,252     $ 1,863     $ 21,115

 

 

 

Drybulk Vessel

Operations

Three Month

Period Ended

June 30, 2020

   

 

Logistics Business

Three Month

Period Ended

June 30, 2020

      Total
Lease expense for charter-in contracts $ 24,155     $ 1,170     $ 25,325
Lease expense for land lease agreements   —          143       143
Lease expense for office lease agreements    —          144       144
Total $ 24,155     $ 1,457     $ 25,612

 

 

 

Drybulk Vessel

Operations

Six Month

Period Ended

June 30, 2021

   

 

Logistics Business

Six Month

Period Ended

June 30, 2021

      Total
Lease expense for charter-in contracts $ 39,850     $ 3,168     $ 43,018
Lease expense for land lease agreements   —          282       282
Lease expense for office lease agreements    —          157       157
Total $ 39,850     $ 3,607     $ 43,457

 

 

 

Drybulk Vessel

Operations

Six Month

Period Ended

June 30, 2020

   

 

Logistics Business

Six Month

Period Ended

June 30, 2020

      Total
Lease expense for charter-in contracts $ 49,771     $ 2,988     $ 52,759
Lease expense for land lease agreements   —          282       282
Lease expense for office lease agreements    —          303       303
Total $ 49,771     $ 3,573     $ 53,344

Lease expenses for charter-in contracts are included in the interim condensed consolidated statement of comprehensive income/(loss) within the caption “Time charter, voyage and logistics business expenses”. Lease expenses for land lease agreements and office lease agreements are included in the interim condensed consolidated statement of comprehensive income/(loss) within the captions “Time charter, voyage and logistics business expenses” and “General and administrative expenses”, respectively.

In 2020, Navios Holdings took delivery of the Navios Felicity I, the Navios Galaxy II and the Navios Magellan II under bareboat charters.

The Company entered into new lease liabilities amounting to $43,516 during the six month period ended June 30, 2020. The Company did not enter into new lease liabilities during the six month period ended June 30, 2021.

During the three and six month periods ended June 30, 2021, the Company acquired a previously charter-in vessel, for which the Company wrote-off an amount of $3,953 through the accompanying interim condensed consolidated statement of comprehensive income/(loss) and was recognized within the caption “Impairment loss/ loss on sale of vessels, net”.

The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts and office lease agreements as of June 30, 2021:

 

 

 

 

Charter-in

vessels in

operation

    Land leases     Office space
June 30, 2022 $ 75,986   $  556   $ 538
June 30, 2023   58,885      556     419
June 30, 2024   46,554      556     336
June 30, 2025   28,277      556     60
June 30, 2026   18,960      556     60
June 30, 2027 and thereafter   36,569      22,167     23
Total $ 265,231   $  24,947   $ 1,436
Operating lease liabilities, including current portion $ 218,574   $ 7,976   $ 1,246
Discount based on incremental borrowing rate $ 46,657   $ 16,971   $ 190

 

As of June 30, 2021, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 4.9 years, 3.1 years and 44.8 years, respectively.

XML 29 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

NOTE 16: SUBSEQUENT EVENTS

Subsequent Events 

 

1. On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20,000 of its 2022 Senior Secured Notes. Please see also Note 6.
2. On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition. Please see also Note 14.
3. In July 2021, the Company completed the sale of the Navios Azimuth to Navios Partners. Please see also Note 4.
4. In July 2021, the Company completed the redemption of an aggregate principal of $100,000 of the 2022 Senior Secured Notes through the sale of the Navios Azimuth and the borrowing of $75,264 from an affiliate company of NSM. Please see also Notes 6 and 9.

 

 

 

XML 30 R23.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
(a) Basis of presentation:

(a) Basis of presentation:

The accompanying interim condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments for a fair statement of Navios Holdings’ consolidated balance sheets, statements of comprehensive income/(loss), statements of cash flows and statements of changes in equity for the periods presented. The results of operations for the interim periods are not necessarily indicative of results for the full year. The footnotes are condensed as permitted by the requirements for interim financial statements and accordingly, do not include information and disclosures required under United States generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. All such adjustments are deemed to be of a normal recurring nature. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in Navios Holdings’ Annual Report for the year ended December 31, 2020 filed on Form 20-F with the Securities and Exchange Commission (“SEC”). 

 

 

Going concern

 

The interim condensed consolidated financial statements have been prepared on a going concern basis.

As of June 30, 2021, Navios Holdings’ current assets totaled $206,295, while current liabilities excluding operating lease liabilities, current portion totaled $738,929, resulting in a negative working capital position of $532,634, primarily related to the classification as current of $83,259 of the 11.25% Senior Secured Notes (the “2022 Senior Secured Notes”) that were subsequently redeemed in July 2021, partly through the sale of the Navios Azimuth for $30,000 and partly through the $115.0 million NSM Loan (as defined herein) and $462,466 of the 7.375% First Priority Ship Mortgage Notes (the “2022 Notes”). As of June 30, 2021, the 2022 Notes have an outstanding amount of $462,466, maturing in January 2022. In August 2021, Navios Holdings repurchased $7,000 in par value of the 2022 Notes, resulting to a remaining outstanding balance of $455,466.

In June 2021, Navios Holdings entered into a supplemental indenture (the “Eighth Supplemental Indenture”) to amend the terms of the indenture governing its 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the “Consenting Noteholders”) of the 2022 Senior Secured Notes. The Eighth Supplemental Indenture eliminates the Company’s obligation to make a springing maturity offer for the 2022 Senior Secured Notes following the pro rata redemption, at par, of $100,000 in aggregate principal amount of the 2022 Senior Secured Notes (the “Redemption”). The Redemption, which was funded through (i) the sale of a vessel pledged as collateral in respect of the 2022 Senior Secured Notes and (ii) the borrowing of $75,264 from Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM (the “$115.0 million NSM Loan”), was completed on July 23, 2021. In September 2021, Navios Holdings issued a notice of redemption with respect to an aggregate principal amount of $20,000 at par of the 2022 Senior Secured Notes with redemption date being September 13, 2021. After these redemptions, $185,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding which mature in August 2022.

Although Navios Holdings is currently attempting to address the upcoming maturities of the 2022 Notes and the 2022 Senior Secured Notes and create additional liquidity to fund working capital requirements through the sale of assets and refinancing plans, there can be no assurance Navios Holdings will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to the Company, or at all. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for the 12- month period from the date of issuance of these consolidated financial statements. In the meantime, Navios Holdings’ internal forecasts and projections indicate that Navios Holdings will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturity payments) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

(b) Principles of consolidation:

(b) Principles of consolidation:

The accompanying interim condensed consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and its majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.

 

Subsidiaries: Subsidiaries are those entities in which the Company has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the interim condensed consolidated financial statements are 100% owned, except for Navios Logistics, which is 63.8% owned by Navios Holdings.

Investments in Affiliate Companies: Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company’s share of losses in an affiliate company equals or exceeds its interest in the affiliate company, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company.

Affiliate companies included in the financial statements accounted for under the equity method: In the interim condensed consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i) Navios Partners and its subsidiaries (ownership interest as of June 30, 2021 was 9.7%); Navios Acquisition and its subsidiaries (ownership interest as of June 30, 2021 was 28.0%); (iii) Navios Containers and its subsidiaries (ownership interest through Navios Partners’ Merger, as defined herein, in March 2021 was 3.9%); and (iv) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%).

 

(c) Revenue Recognition:

(c) Revenue Recognition:

 

 

Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo.

Revenues are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue.

Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence upon the barge’s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts.

Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.

 The Company recognizes revenue ratably from the vessel’s/barge’s arrival at the loading port, as applicable under the contract, to when the charterer’s cargo is discharged as well as defer costs that meet the definition of “costs to fulfill a contract” and relate directly to the contract.

Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is determined. A time charter involves placing a vessel or barge at the charterer’s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel.

For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material.

Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel.

Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port operations. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks.

Expenses related to our revenue-generating contracts are recognized as incurred.

The following tables reflect the revenue earned per category for the three and six month periods ended June 30, 2021 and 2020:

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2021
  Logistics Business for the
Three Month Period Ended
June 30, 2021
  Total for the Three Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 2,803   $ 21,897   $ 24,700
Time chartering revenue   $ 83,064   $ 11,106   $ 94,170
Port terminal revenue   $ —     $ 21,342   $ 21,342
Storage fees (dry port) revenue   $ —     $ 16   $ 16
Dockage revenue   $ —     $ 1,282   $ 1,282
Sale of products revenue   $ —     $ 315   $ 315
Liquid port terminal revenue   $ —     $ 1,216   $ 1,216
Other   $ 186   $ 397   $ 583
Total   $ 86,053   $ 57,571   $ 143,624

 

 

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2020
  Logistics Business for the
Three Month Period Ended
June 30, 2020
  Total for the Three Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 14,496   $ 17,289
Time chartering revenue   $ 35,680   $ 16,286   $ 51,966
Port terminal revenue   $ —     $ 21,636   $ 21,636
Storage fees (dry port) revenue   $ —     $ 19   $ 19
Dockage revenue   $ —     $ 1,476   $ 1,476
Sale of products revenue   $ —     $ 3,409   $ 3,409
Liquid port terminal revenue   $ —     $ 1,271   $ 1,271
Other   $ (171)   $ 232   $ 61
Total   $ 38,302   $ 58,825   $ 97,127

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2021
  Logistics Business for the
Six Month Period Ended
June 30, 2021
  Total for the Six Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 8,016   $ 39,482   $ 47,498
Time chartering revenue   $ 141,317   $ 21,973   $ 163,290
Port terminal revenue   $ —     $ 40,925   $ 40,925
Storage fees (dry port) revenue   $ —     $ 124   $ 124
Dockage revenue   $ —     $ 1,880   $ 1,880
Sale of products revenue   $ —     $ 3,495   $ 3,495
Liquid port terminal revenue   $ —     $ 2,448   $ 2,448
Other   $ 448   $ 467   $ 915
Total   $ 149,781   $ 110,794   $ 260,575

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2020
  Logistics Business
for the
Six Month Period Ended
June 30, 2020
  Total for the Six Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 25,946   $ 28,739
Time chartering revenue   $ 69,705   $ 35,312   $ 105,017
Port terminal revenue   $ —     $ 35,828   $ 35,828
Storage fees (dry port) revenue   $ —     $ 2,842   $ 2,842
Dockage revenue   $ —     $ 1,909   $ 1,909
Sale of products revenue   $ —     $ 11,257   $ 11,257
Liquid port terminal revenue   $ —     $ 2,267   $ 2,267
Other   $ 64   $ 287   $ 351
Total   $ 72,562   $ 115,648   $ 188,210

 

 

Deferred Income and Cash Received In Advance: Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned.

These amounts are recognized as revenue over the voyage or charter period.

(d) Recent Accounting Pronouncements:

 (d) Recent Accounting Pronouncements:

 

Adoption of new accounting pronouncements:

In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which modifies ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.

 In August 2018, FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s interim condensed consolidated financial statements.

XML 31 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies - Revenue per category

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2021
  Logistics Business for the
Three Month Period Ended
June 30, 2021
  Total for the Three Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 2,803   $ 21,897   $ 24,700
Time chartering revenue   $ 83,064   $ 11,106   $ 94,170
Port terminal revenue   $ —     $ 21,342   $ 21,342
Storage fees (dry port) revenue   $ —     $ 16   $ 16
Dockage revenue   $ —     $ 1,282   $ 1,282
Sale of products revenue   $ —     $ 315   $ 315
Liquid port terminal revenue   $ —     $ 1,216   $ 1,216
Other   $ 186   $ 397   $ 583
Total   $ 86,053   $ 57,571   $ 143,624

 

 

 

    Dry Bulk Vessel Operations
for the
Three Month Period Ended
June 30, 2020
  Logistics Business for the
Three Month Period Ended
June 30, 2020
  Total for the Three Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 14,496   $ 17,289
Time chartering revenue   $ 35,680   $ 16,286   $ 51,966
Port terminal revenue   $ —     $ 21,636   $ 21,636
Storage fees (dry port) revenue   $ —     $ 19   $ 19
Dockage revenue   $ —     $ 1,476   $ 1,476
Sale of products revenue   $ —     $ 3,409   $ 3,409
Liquid port terminal revenue   $ —     $ 1,271   $ 1,271
Other   $ (171)   $ 232   $ 61
Total   $ 38,302   $ 58,825   $ 97,127

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2021
  Logistics Business for the
Six Month Period Ended
June 30, 2021
  Total for the Six Month Period Ended
June 30, 2021
COA/Voyage revenue   $ 8,016   $ 39,482   $ 47,498
Time chartering revenue   $ 141,317   $ 21,973   $ 163,290
Port terminal revenue   $ —     $ 40,925   $ 40,925
Storage fees (dry port) revenue   $ —     $ 124   $ 124
Dockage revenue   $ —     $ 1,880   $ 1,880
Sale of products revenue   $ —     $ 3,495   $ 3,495
Liquid port terminal revenue   $ —     $ 2,448   $ 2,448
Other   $ 448   $ 467   $ 915
Total   $ 149,781   $ 110,794   $ 260,575

 

    Dry Bulk Vessel Operations
for the
Six Month Period Ended
June 30, 2020
  Logistics Business
for the
Six Month Period Ended
June 30, 2020
  Total for the Six Month Period Ended
June 30, 2020
COA/Voyage revenue   $ 2,793   $ 25,946   $ 28,739
Time chartering revenue   $ 69,705   $ 35,312   $ 105,017
Port terminal revenue   $ —     $ 35,828   $ 35,828
Storage fees (dry port) revenue   $ —     $ 2,842   $ 2,842
Dockage revenue   $ —     $ 1,909   $ 1,909
Sale of products revenue   $ —     $ 11,257   $ 11,257
Liquid port terminal revenue   $ —     $ 2,267   $ 2,267
Other   $ 64   $ 287   $ 351
Total   $ 72,562   $ 115,648   $ 188,210
XML 32 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Cash and Cash Equivalents and Restricted Cash (Tables)
6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]  
Cash and cash equivalents

 

   

June 30,

2021

     

December 31,

2020

 
Cash on hand and at banks $ 73,115     $ 94,787  
Short-term deposits and highly liquid funds   44       94  
Restricted cash   10       16,303  
Cash and cash equivalents and restricted cash $ 73,169     $ 111,184  
XML 33 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Vessels, Port Terminals and Other Fixed Assets, Net (Tables)
6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Vessels, Port Terminals and Other Fixed Assets, net

 

Vessels, Port Terminals and Other Fixed Assets, Net 

Vessels, Port Terminals and Other Fixed Assets, net

  Cost    

Accumulated

Depreciation

   

Net Book

Value

 
Balance December 31, 2020   $ 1,600,313     $ (460,774   $ 1,139,539  
Additions     6,881       (29,474     (22,593
Impairment losses     (89,888     68,258       (21,630
Vessel disposals     (142,782           (142,782
Transfers from oil storage plant and port facilities for liquid cargoes     5,645             5,645  
Vessel acquisition     16,049             16,049  
Transfers from deposits for vessels, port terminal and other fixed assets, net     51,461             51,461  
Transfers to assets held for sale     (30,000 )           (30,000 )
Balance June 30, 2021   $ 1,417,679     $ (421,990   $ 995,689  
XML 34 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Intangible Assets Other Than Goodwill (Tables)
6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Other Than Goodwill

 

Intangible Assets Other Than Goodwill  

Intangible assets    

June 30,

2021

 

 

December 31,

2020

Acquisition cost   $ 178,642   $ 178,642
Accumulated amortization     (82,859)     (80,079)
Total Intangible assets net book value   $ 95,783   $ 98,563
Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization

 

Period

       
Year One   $ 5,581  
Year Two     5,581  
Year Three     5,588  
Year Four     5,581  
Year Five     5,581  
Thereafter     67,871  
Total   $ 95,783  
XML 35 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings (Tables)
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Borrowings - Loan’s outstanding amounts

 

Facility

 

June 30,

2021

   

December 31,

2020

 
Secured credit facilities   $     $ 70,074  
2022 Senior Secured Notes     305,000       305,000  
2022 Notes     462,466       476,822  
2024 Notes     8,626       8,626  
NSM Loan (incl. accrued interest $358 and $526, respectively)     57,026       78,901  
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)     39,986       50,326  
Sale and Leaseback Agreements     60,165       62,934  
2025 Logistics Senior Notes     500,000       500,000  
Navios Logistics other long-term loans and notes payable     66,797       60,035  
Total borrowings     1,500,066       1,612,718  
Less: current portion, net     (614,939     (374,191
Less: deferred finance costs, net     (23,613     (28,289
Total long-term borrowings   $ 861,514     $ 1,210,238  
Borrowings - Principal payments

 

Payment due by period      
June 30, 2022 $ 616,440  
June 30, 2023   267,331  
June 30, 2024   54,079  
June 30, 2025   22,868  
June 30, 2026   506,892  
June 30, 2027 and thereafter   32,456  
Total $ 1,500,066  
XML 36 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value Of Financial Instruments  
Fair Value of Financial Instruments - Fair Value

 

    June 30, 2021   December 31, 2020  
    Book Value   Fair Value   Book Value   Fair Value  
Cash and cash equivalents   $ 73,159   $ 73,159   $ 94,881   $ 94,881  
Restricted cash   $ 10   $ 10   $ 16,303   $ 16,303  
Investments in available-for-sale-securities   $ 364   $ 364   $ 222   $ 222  
Senior and ship mortgage notes, net   $ (1,253,395) $ (1,269,481)   $ (1,263,566)   $ (1,054,616)  
Long-term debt, including current portion   $ (126,047)   $ (126,962)   $ (191,636)   $ (193,043)  
Loans payable to affiliate companies, including current portion   $ (96,404)   $ (96,404)   $ (129,227)   $ (129,227)  

 

Fair Value of Financial Instruments - Fair value measurements on a recurring basis

 

    Fair Value Measurements as of June 30, 2021  
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

 
Investments in available-for-sale-securities   $ 364     $ 364     $     $  
Total   $ 364     $ 364     $     $  

    Fair Value Measurements as of December 31, 2020  
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

 
Investments in available-for-sale-securities   $ 222     $ 222     $     $  
Total   $ 222     $ 222     $     $  

 

 

Fair Value of Financial Instruments - Fair value on a non-recurring basis

    Fair Value Measurements as of June 30, 2021    
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

   
Assets held for sale   $ 30,000     $ 30,000     $ —       $ —      
Total   $ 30,000     $ 30,000     $ —       $ —      

Navios Azimuth met the criteria to be accounted for as assets held for sale and has been re-measured to its fair value less cost to sell leading to an impairment loss of $9,104. The fair value of Navios Azimuth is measured at $30,000, as at June 30, 2021.As of December 31, 2020, the Company’s assets measured at fair value on a non-recurring basis were:

 

    Fair Value Measurements as of December 31, 2020    
    Total    

Quoted Prices in

Active Markets for

Identical Assets

(Level I)

   

Significant Other

Observable

Inputs

(Level II)

   

Significant

Unobservable

Inputs

(Level III)

   
Vessels, port terminals and other fixed assets, net   $ 38,054     $ 6,644     $ 31,410     $ —      
Operating lease assets   $ 10,018     $     $ 10,018     $ —      
Total   $ 48,072     $ 6,644     $ 41,428     $ —      
Fair Value of Financial Instruments - Fair value measurements

 

    Fair Value Measurements at June 30, 2021  
    Total     (Level I)     (Level II)     (Level III)  
Cash and cash equivalents   $ 73,159     $ 73,159     $     $  
Restricted cash   $ 10     $ 10     $     $  
Investments in available-for-sale-securities   $ 364     $ 364     $     $  
Senior and ship mortgage notes   $ (1,269,481)     $ (1,260,855)     $ (8,626)     $  
Long-term debt, including current portion(1)   $ (126,962)     $     $ (126,962)     $  
Loans payable to affiliate companies, including current portion(2)   $ (96,404)   $     $ (96,404)     $  
                                   

 

    Fair Value Measurements at December 31, 2020  
    Total     (Level I)     (Level II)     (Level III)  
Cash and cash equivalents   $ 94,881     $ 94,881     $     $ —    
Restricted cash   $ 16,303     $ 16,303     $     $ —    
Investments in available-for-sale-securities   $ 222     $ 222     $     $ —    
Senior and ship mortgage notes   $ (1,054,616)     $ (1,045,990)     $ (8,626)     $ —    
Long-term debt, including current portion(1)   $ (193,043)     $     $ (193,043)   $ —    
Loans payable to affiliate companies, including current portion(2)   $ (129,227)   $     $       (129,227)     $ —    
                                   

 

(1) The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness.
(2) The fair value of the Company’s loans payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness.

XML 37 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information (Tables)
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information - Summarized financial information

 

 

   

Dry Bulk Vessel

Operations

for the

Three Month

Period Ended

June 30,

2021

   

Logistics Business

for the

Three Month

Period Ended

June 30,

2021

   

Total

for the

Three Month

Period Ended

June 30,

2021

 
Revenue   $ 86,053     $ 57,571     $ 143,624  
Interest expense and finance cost, net     (21,011)       (15,159)       (36,170)  
Depreciation and amortization     (7,917)       (8,071)       (15,988)  
Equity in net earnings of affiliate companies     12,854       —         12,854  
Net income/ (loss) attributable to Navios Holdings common stockholders     27,795       (2,859)       24,936  
Total assets     1,156,441       672,652       1,829,093  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (22,758)       (3,646)       (26,404)  
Investment in affiliate companies     97,351       —         97,351  
Cash and cash equivalents     25,689       47,470       73,159  
Restricted cash     10       —         10  
Long-term debt, net (including current and noncurrent portion)   $ 927,399     $ 549,054     $ 1,476,453  

 

 

   

Dry Bulk Vessel

Operations

for the

Three Month

Period Ended

June 30,

2020

   

Logistics Business

for the

Three Month

Period Ended

June 30,

2020

   

Total

for the

Three Month

Period Ended

June 30,

2020

 
Revenue   $ 38,302     $ 58,825     $ 97,127  
Interest expense and finance cost, net     (22,159)       (9,259)       (31,418)  
Depreciation and amortization     (10,745)       (7,267)       (18,012)  
Equity in net earnings of affiliate companies     9,445       —         9,445  
Net (loss)/ income attributable to Navios Holdings common stockholders     (42,918)       7,647       (35,271)  
Total assets     1,500,046       615,878       2,115,924  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (98,672)       (2,578)       (101,250)  
Investment in affiliate companies     63,498       —         63,498  
Cash and cash equivalents     20,525       33,489       54,014  
Restricted cash     1,058       —         1,058  
Long-term debt, net (including current and noncurrent portion)   $ 1,082,032     $ 509,749     $ 1,591,781  

 

   

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2021

   

Logistics Business

for the

Six Month

Period Ended

June 30,

2021

   

Total

for the

Six Month

Period Ended

June 30,

2021

 
Revenue   $ 149,781     $ 110,794     $ 260,575  
Interest expense and finance cost, net     (42,855)       (29,515)       (72,370)  
Depreciation and amortization     (16,714)       (15,540)       (32,254)  
Equity in net earnings of affiliate companies     40,594       —         40,594  
Net income/ (loss) attributable to Navios Holdings common stockholders     27,694       (2,595)       25,099  
Total assets     1,156,441       672,652       1,829,093  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (24,152)       (22,033)       (46,185)  
Investment in affiliate companies     97,351       —         97,351  
Cash and cash equivalents     25,689       47,470       73,159  
Restricted cash     10       —         10  
Long-term debt, net (including current and noncurrent portion)   $ 927,399     $ 549,054     $ 1,476,453  

 

   

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2020

   

Logistics Business

for the

Six Month

Period Ended

June 30,

2020

   

Total

for the

Six Month

Period Ended

June 30,

2020

 
Revenue   $ 72,562     $ 115,648     $ 188,210  
Interest expense and finance cost, net     (44,529)       (18,532)       (63,061)  
Depreciation and amortization     (21,543)       (14,545)       (36,088)  
Equity in net earnings of affiliate companies     3,308       —         3,308  
Net (loss)/ income attributable to Navios Holdings common stockholders     (100,690)       12,144       (88,546)  
Total assets     1,500,046       615,878       2,115,924  
Goodwill     56,240       104,096       160,336  
Capital expenditures     (98,672)       (2,578)       (101,250)  
Investment in affiliate companies     63,498       —         63,498  
Cash and cash equivalents     20,525       33,489       54,014  
Restricted cash     1,058       —         1,058  
Long-term debt, net (including current and noncurrent portion)   $ 1,082,032     $ 509,749     $ 1,591,781  
XML 38 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Earnings/ (Loss) Per Common Share (Tables)
6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted

 

                         
   

Three Month

Period Ended

June 30, 2021

   

Three Month

Period Ended

June 30, 2020

   

Six Month

Period Ended

June 30, 2021

   

Six Month

Period Ended

June 30, 2020

 
Numerator:                                
Net income/ (loss) attributable to Navios Holdings common stockholders   $ 24,936     $ (35,271)     $ 25,099     $ (88,546)  
Less:                                
Declared and undeclared dividend on preferred stock and on unvested restricted shares     (1,284)       (1,284)       (2,561)       (2,578)  
Plus:                                
Gain from eliminated dividends (preferred stock) due to conversion     —         —         —         166  
Income/ (loss) available to Navios Holdings common stockholders, basic and diluted   $ 23,652     $ (36,555)     $ 22,538     $ (90,958)  
Denominator:                                
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares     13,127,208       12,901,880       13,120,335       12,882,235  
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders   $ 1.80     $ (2.83)     $ 1.72     $ (7.06)  
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares     13,511,627       12,901,880       13,508,382       12,882,235  
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders   $ 1.75     $ (2.83)     $ 1.67       (7.06)  
XML 39 R32.htm IDEA: XBRL DOCUMENT v3.21.2
Investments in Affiliate Companies and Available-For-Sale Securities (Tables)
6 Months Ended
Jun. 30, 2021
Investments in and Advances to Affiliates [Abstract]  
Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies

                 
Income Statement  

Navios

Partners

    Three Month June 30, 2021 Three Month June 30, 2020
Revenue   $ 152,009     $ 46,549  
Time charter and voyage expenses   $ (5,869)     $ (1,940)  
Direct vessel expenses   $ (3,989)     $ (2,385)  
Vessel operating expenses   $ (41,771)     $ (21,930)  
Net income/ (loss)   $ 99,913     $ (14,641)  

 

                 
Income Statement  

Navios

Partners

    Six Month June 30, 2021 Six Month June 30, 2020
Revenue   $ 217,072     $ 93,039  
Time charter and voyage expenses   $ (8,364)     $ (5,038)  
Direct vessel expenses   $ (7,143)     $ (4,934)  
Vessel operating expenses   $ (64,733)     $ (44,135)  
Net income/ (loss)   $ 236,592     $ (25,365)  
XML 40 R33.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Tables)
6 Months Ended
Jun. 30, 2021
Leases  
Leases - Lease expense

 

 

 

 

Drybulk Vessel

Operations

Three Month

Period Ended

June 30, 2021

     

Logistics Business

Three Month

Period Ended

June 30, 2021

      Total
Lease expense for charter-in contracts $ 19,252     $ 1,630     $ 20,882
Lease expense for land lease agreements   —          142       142
Lease expense for office lease agreements    —          91       91
Total $ 19,252     $ 1,863     $ 21,115

 

 

 

Drybulk Vessel

Operations

Three Month

Period Ended

June 30, 2020

   

 

Logistics Business

Three Month

Period Ended

June 30, 2020

      Total
Lease expense for charter-in contracts $ 24,155     $ 1,170     $ 25,325
Lease expense for land lease agreements   —          143       143
Lease expense for office lease agreements    —          144       144
Total $ 24,155     $ 1,457     $ 25,612

 

 

 

Drybulk Vessel

Operations

Six Month

Period Ended

June 30, 2021

   

 

Logistics Business

Six Month

Period Ended

June 30, 2021

      Total
Lease expense for charter-in contracts $ 39,850     $ 3,168     $ 43,018
Lease expense for land lease agreements   —          282       282
Lease expense for office lease agreements    —          157       157
Total $ 39,850     $ 3,607     $ 43,457

 

 

 

Drybulk Vessel

Operations

Six Month

Period Ended

June 30, 2020

   

 

Logistics Business

Six Month

Period Ended

June 30, 2020

      Total
Lease expense for charter-in contracts $ 49,771     $ 2,988     $ 52,759
Lease expense for land lease agreements   —          282       282
Lease expense for office lease agreements    —          303       303
Total $ 49,771     $ 3,573     $ 53,344
Leases - Total amount of lease payments on an undiscounted basis

 

 

 

 

Charter-in

vessels in

operation

    Land leases     Office space
June 30, 2022 $ 75,986   $  556   $ 538
June 30, 2023   58,885      556     419
June 30, 2024   46,554      556     336
June 30, 2025   28,277      556     60
June 30, 2026   18,960      556     60
June 30, 2027 and thereafter   36,569      22,167     23
Total $ 265,231   $  24,947   $ 1,436
Operating lease liabilities, including current portion $ 218,574   $ 7,976   $ 1,246
Discount based on incremental borrowing rate $ 46,657   $ 16,971   $ 190
XML 41 R34.htm IDEA: XBRL DOCUMENT v3.21.2
Description of Business (Details Narrative) - USD ($)
$ in Thousands
4 Months Ended 6 Months Ended 12 Months Ended
Apr. 21, 2020
Jun. 30, 2021
Dec. 31, 2020
Mar. 31, 2021
Jan. 04, 2021
Jun. 30, 2020
Junior Loan II [Member]            
Repayments of Debt $ 5,000          
Navios Partners [Member]            
Percentage of ownership   9.70%     12.60%  
Navios Containers [Member]            
Ownership percentage of Navios Holdings     3.90%      
Percentage of ownership   0.00%   3.90%    
Navios Acquisition [Member]            
Ownership percentage of Navios Holdings   28.00%        
Percentage of ownership   28.00%        
Navios Europe II [Member]            
Percentage of ownership           47.50%
Navios Europe II [Member] | Junior Loan II [Member]            
Repayments of Debt $ 5,000          
Navios Logistics Subsidiary [Member]            
Entity Incorporation, Date of Incorporation   Dec. 17, 2007        
Ownership percentage of Navios Holdings   63.80%        
Navios Holdings [Member] | Navios Europe II [Member]            
Percentage of ownership   47.50%        
Voting interests   50.00%        
Navios Acquisition [Member] | Navios Europe II [Member]            
Percentage of ownership   47.50%        
Voting interests   50.00%        
Navios Partners [Member] | Navios Europe II [Member]            
Percentage of ownership   5.00%        
Voting interests   0.00%        
XML 42 R35.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies - Revenue per category (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues $ 143,624 $ 97,127 $ 260,575 $ 188,210
COA/Voyage revenue [Member]        
Revenues 24,700 17,289 47,498 28,739
Time chartering revenue [Member]        
Revenues 94,170 51,966 163,290 105,017
Port Terminal Revenue [Member]        
Revenues 21,342 21,636 40,925 35,828
Storage fees (dry port) revenue [Member]        
Revenues 16 19 124 2,842
Dockage revenue [Member]        
Revenues 1,282 1,476 1,880 1,909
Sale of products revenue [Member]        
Revenues 315 3,409 3,495 11,257
Liquid port terminal revenue [Member]        
Revenues 1,216 1,271 2,448 2,267
Other [Member]        
Revenues 583 61 915 351
Dry Bulk Vessel Operations [Member]        
Revenues 86,053 38,302 149,781 72,562
Dry Bulk Vessel Operations [Member] | COA/Voyage revenue [Member]        
Revenues 2,803 2,793 8,016 2,793
Dry Bulk Vessel Operations [Member] | Time chartering revenue [Member]        
Revenues 83,064 35,680 141,317 69,705
Dry Bulk Vessel Operations [Member] | Other [Member]        
Revenues 186 (171) 448 64
Logistics Business [Member]        
Revenues 57,571 58,825 110,794 115,648
Logistics Business [Member] | COA/Voyage revenue [Member]        
Revenues 21,897 14,496 39,482 25,946
Logistics Business [Member] | Time chartering revenue [Member]        
Revenues 11,106 16,286 21,973 35,312
Logistics Business [Member] | Port Terminal Revenue [Member]        
Revenues 21,342 21,636 40,925 35,828
Logistics Business [Member] | Storage fees (dry port) revenue [Member]        
Revenues 16 19 124 2,842
Logistics Business [Member] | Dockage revenue [Member]        
Revenues 1,282 1,476 1,880 1,909
Logistics Business [Member] | Sale of products revenue [Member]        
Revenues 315 3,409 3,495 11,257
Logistics Business [Member] | Liquid port terminal revenue [Member]        
Revenues 1,216 1,271 2,448 2,267
Logistics Business [Member] | Other [Member]        
Revenues $ 397 $ 232 $ 467 $ 287
XML 43 R36.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended 7 Months Ended 8 Months Ended 12 Months Ended
Jun. 30, 2021
Jul. 23, 2021
Aug. 31, 2021
Dec. 31, 2020
Sep. 03, 2021
Mar. 31, 2021
Jun. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Assets, Current $ 206,295     $ 194,857          
Liabilities Current Excluding Operating Lease Liability 738,929                
Working capital deficit 532,634                
Long-term Debt, Current Maturities 614,939     374,191          
Long-term Debt, Gross $ 1,500,066     $ 1,612,718          
Navios Partners [Member]                  
Ownership percentage of Navios Holdings 9.70%                
Navios Acquisition [Member]                  
Ownership percentage of Navios Holdings 28.00%                
Ownership percentage of Navios Holdings 28.00%                
Navios Containers [Member]                  
Ownership percentage of Navios Holdings       3.90%          
Ownership percentage of Navios Holdings 0.00%         3.90%      
Navios Europe II [Member]                  
Ownership percentage of Navios Holdings             47.50%    
Navios Logistics Subsidiary [Member]                  
Ownership percentage of Navios Holdings 63.80%                
2022 Senior Secured Notes [Member]                  
Long-term Debt, Current Maturities $ 83,259                
Debt Instrument, Interest Rate, Stated Percentage 11.25%                
Debt Instrument, Repurchased Face Amount   $ 100,000     $ 20,000        
Notes Payable         $ 185,000        
2022 Notes [Member]                  
Long-term Debt, Current Maturities $ 462,466                
Debt Instrument, Interest Rate, Stated Percentage 7.375%                
Long-term Debt, Gross $ 462,466   $ 455,466            
2022 Notes [Member]                  
Debt Instrument, Interest Rate, Stated Percentage 7.375%                
Debt Instrument, Repurchased Face Amount $ 14,356   7,000 $ 20,782       $ 81,235 $ 35,661
2022 Notes [Member] | Subsequent Event [Member]                  
Extinguishment of Debt, Amount     $ 7,000            
$115.0 million NSM Loan [Member]                  
Proceeds from Lines of Credit   $ 75,264              
XML 44 R37.htm IDEA: XBRL DOCUMENT v3.21.2
Cash and cash equivalents (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]        
Cash on hand and at banks $ 73,115 $ 94,787    
Short-term deposits and highly liquid funds 44 94    
Restricted cash 10 16,303    
Cash and cash equivalents and restricted cash $ 73,169 $ 111,184 $ 55,072 $ 78,727
XML 45 R38.htm IDEA: XBRL DOCUMENT v3.21.2
Vessels, Port Terminals and Other Fixed Assets, net (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2021
USD ($)
Property, Plant and Equipment [Line Items]  
Balance $ 1,139,539
Balance 995,689
Cost [Member]  
Property, Plant and Equipment [Line Items]  
Balance 1,600,313
Additions 6,881
Impairment losses (89,888)
Vessel disposals (142,782)
Transfers from oil storage plant and port facilities for liquid cargoes 5,645
Vessel acquisition 16,049
Transfers from deposits for vessels, port terminal and other fixed assets, net 51,461
Transfers to assets held for sale (30,000)
Balance 1,417,679
Accumulated Depreciation [Member]  
Property, Plant and Equipment [Line Items]  
Balance (460,774)
Additions (29,474)
Impairment losses 68,258
Balance (421,990)
Net Book Value [Member]  
Property, Plant and Equipment [Line Items]  
Balance 1,139,539
Additions (22,593)
Impairment losses (21,630)
Vessel disposals (142,782)
Transfers from oil storage plant and port facilities for liquid cargoes 5,645
Vessel acquisition 16,049
Transfers from deposits for vessels, port terminal and other fixed assets, net 51,461
Transfers to assets held for sale (30,000)
Balance $ 995,689
XML 46 R39.htm IDEA: XBRL DOCUMENT v3.21.2
Vessels, Port Terminals and Other Fixed Assets, Net (Details Narrative) - USD ($)
$ in Thousands
2 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 28, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Feb. 28, 2017
Property, Plant and Equipment [Line Items]                
Vessels, port terminals and other fixed assets, net   $ 995,689     $ 995,689   $ 1,139,539  
Impairment loss and gain/(loss) on sale of vessels   (5,406)   $ (8,967) (25,861) $ (20,215)    
Proceeds from Sale of Property, Plant, and Equipment         137,016 23,078    
Gain (Loss) on Sale of Assets and Asset Impairment Charges   5,406   $ 8,967 25,861 $ 20,215    
Six Liquid Barges [Member] | Navios Logistics [Member]                
Property, Plant and Equipment [Line Items]                
Vessels, port terminals and other fixed assets, net     $ 19,501          
Interest Costs Capitalized     $ 1,062          
Six Liquid Barges [Member] | Navios Logistics [Member] | Other Long Term Assets [Member]                
Property, Plant and Equipment [Line Items]                
Interest Costs Capitalized             611  
Payments for Construction in Process             16,696  
Two New Tanks In Liquid Port Terminal [Member] | Navios Logistics [Member]                
Property, Plant and Equipment [Line Items]                
Vessels, port terminals and other fixed assets, net   1,843     1,843      
Payments for Construction in Process             1,285  
Land Port Murtinho [Member] | Navios Logistics [Member]                
Property, Plant and Equipment [Line Items]                
Interest Costs Capitalized         $ 685   631  
Area of Land         6.6 hectares      
Development costs         $ 1,580      
Land Port Murtinho [Member] | Navios Logistics [Member] | Additional Acquisition [Member]                
Property, Plant and Equipment [Line Items]                
Area of Land         2.3 additional hectares      
Crane In Grain Port Terminal [Member] | Navios Logistics [Member]                
Property, Plant and Equipment [Line Items]                
Vessels, port terminals and other fixed assets, net   3,803     $ 3,803      
Payments for Construction in Process             723  
Navios Azimuth [Member]                
Property, Plant and Equipment [Line Items]                
Year Built         2011      
Vessel Type         Capesize      
Vessel Capacity         179,169      
Impairment loss         $ 9,104      
Impairment loss         1,950      
Property, Plant, and Equipment, Fair Value Disclosure   30,000     30,000      
Vessel sale price   30,000     30,000      
Capitalized Cost Impairment Loss         $ (1,950)      
Navios Ray [Member]                
Property, Plant and Equipment [Line Items]                
Year Built         2012      
Vessel Type         Capesize      
Vessel Capacity         179,515      
Navios Bonavis [Member]                
Property, Plant and Equipment [Line Items]                
Year Built         2009      
Vessel Type         Capesize      
Vessel Capacity         180,022      
Navios Ray And Navios Bonavis [Member]                
Property, Plant and Equipment [Line Items]                
Impairment loss         $ 1,775      
Vessel sale price   58,000     58,000      
Impairment loss and gain/(loss) on sale of vessels         8,753      
Gain (Loss) on Sale of Assets and Asset Impairment Charges         (8,753)      
Capitalized Cost Impairment Loss         $ (1,775)      
Navios Koyo [Member]                
Property, Plant and Equipment [Line Items]                
Year Built         2011      
Vessel Type         Capesize      
Vessel sale price   28,500     $ 28,500      
Impairment loss and gain/(loss) on sale of vessels         12,451      
Proceeds from Sale of Property, Plant, and Equipment         8,500      
Gain (Loss) on Sale of Assets and Asset Impairment Charges         $ (12,451)      
Navios Serenity [Member]                
Property, Plant and Equipment [Line Items]                
Year Built         2011      
Vessel Type         Handysize      
Vessel Capacity         34,690      
Impairment loss         $ 11      
Vessel sale price   10,388     10,388      
Impairment loss and gain/(loss) on sale of vessels         (6,957)      
Gain (Loss) on Sale of Assets and Asset Impairment Charges         6,957      
Capitalized Cost Impairment Loss         (11)      
Navios Centaurus [Member]                
Property, Plant and Equipment [Line Items]                
Year Built     2012          
Vessel Type     Panamax          
Vessel Capacity     81,472          
Navios Avior [Member]                
Property, Plant and Equipment [Line Items]                
Year Built     2012          
Vessel Type     Panamax          
Vessel Capacity     81,355          
Navios Centaurus and Navios Avior [Member]                
Property, Plant and Equipment [Line Items]                
Impairment loss     $ 495          
Vessel sale price     39,250          
Impairment loss and gain/(loss) on sale of vessels     (13,498)          
Gain (Loss) on Sale of Assets and Asset Impairment Charges     13,498          
Capitalized Cost Impairment Loss     $ (495)          
Navios Astra [Member]                
Property, Plant and Equipment [Line Items]                
Year Built 2006              
Vessel Type Ultra Handymax              
Vessel Capacity 53,468              
Vessel sale price $ 6,644              
Navios Logistics 2020 Fleet [Member] | Navios Logistics [Member]                
Property, Plant and Equipment [Line Items]                
Vessels, port terminals and other fixed assets, net   $ 31,960     $ 31,960      
Contractual Obligation             $ 30,000  
Formosa And San Lorenzo [Member] | Navios Logistics [Member]                
Property, Plant and Equipment [Line Items]                
Vessel sale price               $ 1,109
XML 47 R40.htm IDEA: XBRL DOCUMENT v3.21.2
Intangible Assets, Other Than Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Acquisition cost $ 178,642 $ 178,642
Accumulated amortization (82,859) (80,079)
Total Intangible assets net book value $ 95,783 $ 98,563
XML 48 R41.htm IDEA: XBRL DOCUMENT v3.21.2
Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Year One $ 5,581  
Year Two 5,581  
Year Three 5,588  
Year Four 5,581  
Year Five 5,581  
Thereafter 67,871  
Total $ 95,783 $ 98,563
XML 49 R42.htm IDEA: XBRL DOCUMENT v3.21.2
Intangible Assets Other Than Goodwill (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 1,394 $ 1,394 $ 2,780 $ 2,787
XML 50 R43.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings - Loan’s outstanding amounts (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Line of Credit Facility [Line Items]    
Senior Notes $ 1,253,395 $ 1,263,566
Total borrowings 1,500,066 1,612,718
Less: current portion, net (614,939) (374,191)
Less: deferred finance costs, net (23,613) (28,289)
Total long-term borrowings 861,514 1,210,238
Sale And Leaseback Agreements [Member]    
Line of Credit Facility [Line Items]    
Sale Leaseback Transaction, Amount Due under Financing Arrangement 60,165 62,934
2022 Senior Secured Notes [Member]    
Line of Credit Facility [Line Items]    
Senior Notes 305,000 305,000
2022 Notes [Member]    
Line of Credit Facility [Line Items]    
Senior Notes 462,466 476,822
2024 Notes [Member]    
Line of Credit Facility [Line Items]    
Senior Notes 8,626 8,626
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]    
Line of Credit Facility [Line Items]    
Total borrowings 57,026 78,901
Less: current portion, net   (47,000)
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]    
Line of Credit Facility [Line Items]    
Total borrowings 39,986 50,326
2025 Logistics Senior Notes [Member]    
Line of Credit Facility [Line Items]    
Senior Notes 500,000 500,000
Navios Logistics other long-term loans and notes payable [Member]    
Line of Credit Facility [Line Items]    
Notes and Loans Payable 66,797 60,035
Secured credit facilities [Member]    
Line of Credit Facility [Line Items]    
Long-term Line of Credit $ 0 $ 70,074
XML 51 R44.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings - Principal payments (Details)
$ in Thousands
Jun. 30, 2021
USD ($)
Debt Disclosure [Abstract]  
June 30, 2022 $ 616,440
June 30, 2023 267,331
June 30, 2024 54,079
June 30, 2025 22,868
June 30, 2026 506,892
June 30, 2027 and thereafter 32,456
Total $ 1,500,066
XML 52 R45.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 5 Months Ended 6 Months Ended 7 Months Ended 8 Months Ended 11 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
May 31, 2021
Jun. 30, 2021
Jun. 30, 2020
Jul. 23, 2021
Sep. 03, 2021
Aug. 31, 2021
Nov. 29, 2013
Dec. 31, 2020
Mar. 31, 2021
Jan. 31, 2021
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]                            
Gain (Loss) on Extinguishment of Debt $ 1,873 $ 0   $ 1,873 $ 11,204                  
Amount outstanding 1,500,066     $ 1,500,066           $ 1,612,718        
Debt Instrument, Description of Variable Rate Basis       LIBOR plus spread                    
Minimum [Member]                            
Debt Instrument [Line Items]                            
Maturity date       August 2021                    
Debt Instrument, Basis Spread on Variable Rate       3.15%                    
Maximum [Member]                            
Debt Instrument [Line Items]                            
Maturity date       November 2025                    
Debt Instrument, Basis Spread on Variable Rate       3.25%                    
Sale And Leaseback Agreements [Member]                            
Debt Instrument [Line Items]                            
Number of repayment installments       144                    
Frequency of payments       monthly                    
Sale Leaseback Transaction, Amount Due under Financing Arrangement 60,165     $ 60,165                    
A and B Capesize Vessels | Sale And Leaseback Agreements [Member]                            
Debt Instrument [Line Items]                            
Finance Lease, Liability                     $ 68,000      
Capesize Vessel A | Sale And Leaseback Agreements [Member]                            
Debt Instrument [Line Items]                            
Periodic payment       $ 224                    
Maturity date       fourth quarter of 2031                    
Balloon payment 750     $ 750                    
Capesize Vessel B | Sale And Leaseback Agreements [Member]                            
Debt Instrument [Line Items]                            
Periodic payment       $ 238                    
Maturity date       first quarter of 2032                    
Balloon payment $ 750     $ 750                    
Six Liquid Barges [Member]                            
Debt Instrument [Line Items]                            
Proceeds from Lines of Credit       $ 13,475                    
Fixed interest rate 8.50%     8.50%                    
Amount outstanding $ 12,368     $ 12,368                    
Seller's credit agreement                   13,475        
Number of repayment installments       20                    
Frequency of payments       quarterly                    
Navios Logistics 2020 Fleet [Member]                            
Debt Instrument [Line Items]                            
Fixed interest rate 5.00%     5.00%                    
Seller's credit agreement $ 15,000     $ 15,000                    
Number of repayment installments       3                    
Frequency of payments       annual                    
Periodic payment       $ 5,000                    
2022 Senior Secured Notes [Member]                            
Debt Instrument [Line Items]                            
Debt Instrument, Covenant Description       The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.                    
Debt Instrument, Repurchased Face Amount           $ 100,000 $ 20,000              
Percentage of principal amount redeemed           100.00% 100.00%              
Notes Payable             $ 185,000              
Three Month Period Ended [Member]                            
Debt Instrument [Line Items]                            
Debt, Weighted Average Interest Rate 9.34% 7.48%   9.34% 7.48%                  
Six Month Period Ended [Member]                            
Debt Instrument [Line Items]                            
Debt, Weighted Average Interest Rate 9.33% 7.50%   9.33% 7.50%                  
2022 Senior Secured Notes [Member]                            
Debt Instrument [Line Items]                            
Issuance date/Date of agreement       Nov. 21, 2017                    
Face amount at issuance date $ 305,000     $ 305,000                    
Debt instrument, issuance price percentage       97.00%                    
2022 Senior Secured Notes [Member] | Upon Occurence Of Certain Change Of Control Events [Member]                            
Debt Instrument [Line Items]                            
Redemption price percentage       101.00%                    
$115.0 million NSM Loan [Member]                            
Debt Instrument [Line Items]                            
Proceeds from Lines of Credit           $ 75,264                
2022 Notes [Member]                            
Debt Instrument [Line Items]                            
Issuance date/Date of agreement       Nov. 29, 2013                    
Face amount at issuance date 650,000     $ 650,000                    
Debt Instrument, Repurchased Face Amount $ 14,356     $ 14,356       $ 7,000   20,782     $ 81,235 $ 35,661
Fixed interest rate 7.375%     7.375%                    
Debt Instrument, Repurchase Amount $ 12,454     $ 12,454       6,134   9,443     $ 50,683 28,796
Gain (Loss) on Extinguishment of Debt                   11,204        
Gain (Loss) on Repurchase of Debt Instrument $ 1,873             855            
Debt Instrument, Collateral       17 drybulk vessels         23 dry bulk vessels          
Escrow deposit released                       $ 14,250    
2022 Notes [Member] | Navios Logistics [Member]                            
Debt Instrument [Line Items]                            
Debt Instrument, Repurchased Face Amount                           35,500
Debt Instrument, Repurchase Amount                           $ 17,642
2022 Notes [Member] | Navios Holdings Borrowings [Member]                            
Debt Instrument [Line Items]                            
Debt Instrument, Covenant Description       The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.                    
Long-term Debt, Maturities, Repayment Terms       The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par.                    
2022 Notes [Member] | Upon Occurence Of Certain Change Of Control Events [Member]                            
Debt Instrument [Line Items]                            
Redemption price percentage       101.00%                    
2022 Notes [Member]                            
Debt Instrument [Line Items]                            
Fixed interest rate 7.375%     7.375%                    
Amount outstanding $ 462,466     $ 462,466       $ 455,466            
Senior Notes 2024 [Member]                            
Debt Instrument [Line Items]                            
Redemption price percentage       100.00%                    
Senior Notes 2024 [Member] | Series H Preferred Stock [Member]                            
Debt Instrument [Line Items]                            
Issuance date/Date of agreement       Mar. 21, 2019                    
Face amount at issuance date $ 4,747     $ 4,747                    
Fixed interest rate 9.75%     9.75%                    
Treasury Stock, Shares, Acquired       10,930                    
Senior Notes 2024 [Member] | Series G Preferred Stock [Member]                            
Debt Instrument [Line Items]                            
Issuance date/Date of agreement       Apr. 21, 2019                    
Face amount at issuance date $ 3,879     $ 3,879                    
Treasury Stock, Shares, Acquired       8,841                    
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                            
Debt Instrument [Line Items]                            
Issuance date/Date of agreement       Aug. 29, 2019                    
Face amount at issuance date 141,795     $ 141,795                    
Amount outstanding 57,026     57,026           78,901        
Accrued Interest 358     $ 358                    
Frequency of payments       quarterly                    
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt     $ 10,265                      
Amount outstanding 39,986     $ 39,986           50,326        
Accrued Interest 250     250                    
Line of Credit Facility, Maximum Borrowing Capacity 50,000     $ 50,000                    
Frequency of payments       quarterly                    
Number of repayment installments       18                    
$115.0 million NSM Loan [Member]                            
Debt Instrument [Line Items]                            
Line of Credit Facility, Maximum Borrowing Capacity 115,000     $ 115,000                    
$115.0 million NSM Loan [Member] | 2022 Senior Secured Notes [Member]                            
Debt Instrument [Line Items]                            
Debt Instrument, Repurchased Face Amount 70,000     $ 70,000                    
2025 Logistics Senior Notes [Member]                            
Debt Instrument [Line Items]                            
Issuance date/Date of agreement       Jul. 08, 2020                    
Face amount at issuance date $ 500,000     $ 500,000                    
Fixed interest rate 10.75%     10.75%                    
Deferred Finance Costs $ 17,724     $ 17,724           19,414        
2025 Logistics Senior Notes [Member] | Upon Occurence Of Certain Change Of Control Events [Member] | Navios Logistics 1 [Member]                            
Debt Instrument [Line Items]                            
Percentage of principal amount redeemed       100.00%                    
2025 Logistics Senior Notes [Member] | Prior to August 1, 2022 [Member] | Navios Logistics 1 [Member]                            
Debt Instrument [Line Items]                            
Redemption price percentage       110.75%                    
Percentage of principal amount redeemed       35.00%                    
Navios Logistics other long-term loans and notes payable [Member]                            
Debt Instrument [Line Items]                            
Notes and Loans Payable $ 66,797     $ 66,797           $ 60,035        
Secured Debt [Member]                            
Debt Instrument [Line Items]                            
Repayments of Secured Debt       79,071                    
Secured credit facilities [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       70,074                    
Credit Agricole Corporate And Investment Bank Loan 1 [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       11,100                    
Credit Agricole Corporate And Investment Bank Loan 2 [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       11,400                    
Hamburg Commercial Bank AG [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       9,945                    
DVB Bank S.E. [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       4,504                    
Alpha Bank A.E Loan 1 [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       20,200                    
Alpha Bank A.E Loan 2 [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       12,925                    
Four Navios Holdings Credit Facilities [Member]                            
Debt Instrument [Line Items]                            
Repayments of Debt       $ 36,199                    
XML 53 R46.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value of Financial Instruments - Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Fair Value Of Financial Instruments    
Cash and cash equivalents - Book Value $ 73,159 $ 94,881
Cash and cash equivalents - Fair Value 73,159 94,881
Restricted cash - Book Value 10 16,303
Restricted cash - Fair Value 10 16,303
Investments in available-for-sale-securities - Book Value 364 222
Investments in available-for-sale-securities - Fair Value 364 222
Senior and ship mortgage notes, net - Book Value (1,253,395) (1,263,566)
Senior and ship mortgage notes, net - Fair Value (1,269,481) (1,054,616)
Long-term debt, including current portion - Book Value (126,047) (191,636)
Long-term debt, including current portion - Fair Value (126,962) (193,043)
Loans payable to affiliate companies, including current portion - Book Value (96,404) (129,227)
Loans payable to affiliate companies, including current portion - Fair Value $ (96,404) $ (129,227)
XML 54 R47.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value of Financial Instruments - Fair value measurements on a recurring basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Investments in available-for-sale-securities $ 364 $ 222
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Investments in available-for-sale-securities 364 222
Fair Value, Recurring [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Investments in available-for-sale-securities 364 222
Total 364 222
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Investments in available-for-sale-securities 364 222
Total $ 364 $ 222
XML 55 R48.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value of Financial Instruments - Fair value on a non-recurring basis (Details) - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Assets held for sale $ 30,000  
Total 30,000 $ 48,072
Vessels, port terminals and other fixed assets, net   38,054
Operating lease assets   10,018
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Assets held for sale 30,000  
Total $ 30,000 6,644
Vessels, port terminals and other fixed assets, net   6,644
Operating lease assets   0
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total   41,428
Vessels, port terminals and other fixed assets, net   31,410
Operating lease assets   $ 10,018
XML 56 R49.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value of Financial Instruments - Fair value measurements (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents $ 73,159 $ 94,881
Restricted cash 10 16,303
Investments in available-for-sale-securities 364 222
Senior and ship mortgage notes (1,269,481) (1,054,616)
Long-term debt, including current portion(1) (126,962) (193,043)
Loans payable to affiliate companies, including current portion(2) (96,404) (129,227)
Fair Value, Inputs, Level 1 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents 73,159 94,881
Restricted cash 10 16,303
Investments in available-for-sale-securities 364 222
Senior and ship mortgage notes (1,260,855) (1,045,990)
Fair Value, Inputs, Level 2 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Senior and ship mortgage notes (8,626) (8,626)
Long-term debt, including current portion(1) (126,962) (193,043)
Loans payable to affiliate companies, including current portion(2) $ (96,404) $ (129,227)
XML 57 R50.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value of Financial Instruments (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Navios Azimuth [Member]    
Impairment loss $ 9,104  
Fair value of assets $ 30,000  
Three Vessels [Member]    
Impairment loss   $ 59,108
Fair value of assets   38,054
Two Chartered In Vessels [Member]    
Impairment loss   1,361
Fair value of assets   $ 10,018
XML 58 R51.htm IDEA: XBRL DOCUMENT v3.21.2
Commitments and Contingencies (Details Narrative)
$ in Thousands
6 Months Ended
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Lessor, Lease, Description [Line Items]      
Letters of guarantee and letters of credit $ 10 $ 10  
Other long-term assets 79,672 $ 93,080  
Navios Logistics [Member] | Vitol SA [Member]      
Lessor, Lease, Description [Line Items]      
Guarantee and indemnity letter $ 12,000    
Navios Logistics [Member] | Edolmix S.A. and Energias Renovables del Sur S.A.[Member]      
Lessor, Lease, Description [Line Items]      
Guarantor Obligations, Term On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively.    
Navios Logistics [Member] | Edolmix SA [Member]      
Lessor, Lease, Description [Line Items]      
Guarantee and indemnity letter $ 847    
Navios Logistics [Member] | Energias Renovables Del Sur SA [Member]      
Lessor, Lease, Description [Line Items]      
Guarantee and indemnity letter $ 519    
Navios Galaxy II [Member]      
Lessor, Lease, Description [Line Items]      
Date of charter-in agreement Dec. 31, 2017    
Lessee, Operating Lease, Term of Contract 10 years    
Vessel capacity in DWT 81,789    
Date Of Delivery March 30, 2020    
Contractual Obligation $ 5,410    
Other long-term assets $ 6,704    
Navios Herakles I And Navios Uranus [Member]      
Lessor, Lease, Description [Line Items]      
Date of charter-in agreement Jan. 31, 2018    
Contractual Obligation $ 11,140    
Other long-term assets $ 14,070    
Navios Herakles I [Member]      
Lessor, Lease, Description [Line Items]      
Lessee, Operating Lease, Term of Contract 10 years    
Vessel capacity in DWT 82,036    
Date Of Delivery August 28, 2019    
Navios Uranus [Member]      
Lessor, Lease, Description [Line Items]      
Lessee, Operating Lease, Term of Contract 10 years    
Vessel capacity in DWT 81,516    
Date Of Delivery November 28, 2019    
Navios Felicity I [Member]      
Lessor, Lease, Description [Line Items]      
Date of charter-in agreement Apr. 30, 2018    
Lessee, Operating Lease, Term of Contract 10 years    
Vessel capacity in DWT 81,946    
Date Of Delivery January 17, 2020    
Contractual Obligation $ 5,590    
Other long-term assets $ 7,193    
Navios Magellan II [Member]      
Lessor, Lease, Description [Line Items]      
Date of charter-in agreement Oct. 30, 2018    
Lessee, Operating Lease, Term of Contract 10 years    
Vessel capacity in DWT 82,037    
Date Of Delivery May 15, 2020    
Contractual Obligation $ 5,820    
Other long-term assets $ 7,506    
Storage And Transshipment Contract [Member] | Navios Logistics [Member]      
Lessor, Lease, Description [Line Items]      
Contractual Obligation     $ 4,140
Number of repayment installments 3    
Contractual Obligation, to be Paid, Year One $ 1,380    
Contractual Obligation, to be Paid, Year Two 1,380    
Contractual Obligation, to be Paid, Year Three $ 1,380    
XML 59 R52.htm IDEA: XBRL DOCUMENT v3.21.2
Transactions with related parties (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended 8 Months Ended 12 Months Ended
Jul. 31, 2020
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2017
Apr. 30, 2021
Apr. 21, 2020
May 31, 2021
Jun. 30, 2021
Jul. 10, 2020
Jun. 30, 2020
Aug. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Jan. 01, 2020
Dec. 31, 2018
Dec. 31, 2016
Related Party Transaction [Line Items]                                  
General and Administrative Expense   $ 8,544,000   $ 8,836,000         $ 15,363,000   $ 15,798,000            
Due to Affiliate, Current   10,174,000             10,174,000       $ 27,114,000        
Due from Affiliate, Current   0             0       243,000        
Equity Method Investment, Other than Temporary Impairment   (0)   (0)         (0)   6,050,000            
Repayments of Related Party Debt                 (0)   31,500,000            
Current portion of long-term debt   614,939,000             614,939,000       374,191,000        
Long-term Debt, Gross   1,500,066,000             1,500,066,000       1,612,718,000        
Notes Payable, Related Parties, Current   $ 28,151,000             $ 28,151,000       $ 26,595,000        
Common Stock, Shares, Outstanding   15,897,064             15,897,064       15,881,147        
Junior Loan II [Member]                                  
Related Party Transaction [Line Items]                                  
Repayments of Debt             $ 5,000,000                    
2022 Notes [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Repurchase Amount   $ 12,454,000             $ 12,454,000     $ 6,134,000 $ 9,443,000 $ 50,683,000   $ 28,796,000  
Debt Instrument, Issuance Date                 Nov. 29, 2013                
Debt Instrument, Face Amount   650,000,000             $ 650,000,000                
Debt Instrument, Repurchased Face Amount   $ 14,356,000             $ 14,356,000     7,000,000 20,782,000 81,235,000   35,661,000  
Debt Instrument, Interest Rate, Stated Percentage   7.375%             7.375%                
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Repayments of Related Party Debt $ 18,500,000             $ 21,706,000     31,500,000     13,420,000      
Debt Instrument, Issuance Date                 Aug. 29, 2019                
Debt Instrument, Face Amount   $ 141,795,000             $ 141,795,000                
Current portion of long-term debt                         47,000,000        
Repayment frequency                 quarterly                
Long-term Debt, Gross   $ 57,026,000             $ 57,026,000       78,901,000        
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate   5.00%             5.00%                
Interest rate for deferred principal amounts   7.00%             7.00%                
Debt instrument, carrying amount before accrued interest   $ 56,668,000             $ 56,668,000       78,375,000        
Debt Instrument, Increase, Accrued Interest                 358,000       526,000        
Notes Payable, Related Parties, Current   16,548,000             16,548,000       10,328,000        
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Revolving loan facility maximum borrowing capacity   50,000,000             $ 50,000,000                
Repayments of Debt               $ 10,265,000                  
Repayment frequency                 quarterly                
Long-term Debt, Gross   $ 39,986,000             $ 39,986,000       50,326,000        
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate   5.00%             5.00%                
Interest rate for deferred principal amounts   7.00%             7.00%                
Debt instrument, carrying amount before accrued interest   $ 39,736,000             $ 39,736,000       50,000,000        
Debt Instrument, Increase, Accrued Interest                 250,000       326,000        
Notes Payable, Related Parties, Current   11,603,000             $ 11,603,000       16,266,000        
Number of repayment installments                 18                
$115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Revolving loan facility maximum borrowing capacity   $ 115,000,000             $ 115,000,000                
Navios Europe II [Member] | Junior Loan II [Member]                                  
Related Party Transaction [Line Items]                                  
Repayments of Debt             $ 5,000,000                    
Navios Revolving Loans 2 [Member] | Navios Europe II [Member]                                  
Related Party Transaction [Line Items]                                  
Revolving loan facility maximum borrowing capacity                                 $ 43,500,000
Line of Credit Facility, Increase (Decrease), Net         $ 14,000,000                        
Preferred Distribution Percentage                 1800.00%                
Grimaud Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Repayments of Debt                 $ 7,500,000                
Secured Credit Facility [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Issuance Date                 Aug. 29, 2019                
Long-term Debt, Term   5 years             5 years                
Tranche A [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Interest Rate, Stated Percentage   10.50%             10.50%                
Tranche A [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Number of repayment installments                 14                
Line of Credit Facility, Frequency of Payments                 quarterly                
Line of Credit Facility, Periodic Payment                 $ 2,838,000                
Debt Instrument, Maturity Date                 Nov. 30, 2024                
Tranche B [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Interest Rate, Stated Percentage   10.50%             10.50%                
Tranche B [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Number of repayment installments                 7                
Line of Credit Facility, Frequency of Payments                 quarterly                
Debt Instrument, Maturity Date                 Feb. 28, 2023                
Navios Midstream Partners [Member]                                  
Related Party Transaction [Line Items]                                  
Business Acquisition, Equity Interest Issued or Issuable, Description                 Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option.                
Navios Logistics [Member] | 2022 Notes [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Repurchase Amount                               17,642,000  
Debt Instrument, Repurchased Face Amount                               $ 35,500,000  
First Or Second Year [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | Payment Deferral [Member]                                  
Related Party Transaction [Line Items]                                  
Long-term Debt, Gross   $ 20,000,000             $ 20,000,000                
Third Year [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] | Payment Deferral [Member]                                  
Related Party Transaction [Line Items]                                  
Long-term Debt, Gross   $ 10,000,000             $ 10,000,000                
First Mortgage [Member] | Navios Partners [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Limited Partners' Capital Account, Units Outstanding   2,070,016             2,070,016                
First Mortgage [Member] | Navios Acquisition [Member] | NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Common Stock, Shares, Outstanding   14,940             14,940                
Tranche A [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Long-term Debt, Gross   $ 39,736,000             $ 39,736,000                
First Two Installments [Member] | Tranche B [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Line of Credit Facility, Periodic Payment                 22,632,000                
Remaining Installments [Member] | Tranche B [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Line of Credit Facility, Periodic Payment                 $ 6,000,000                
Payment Deferral I [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Interest Rate, Stated Percentage   12.00%             12.00%                
Debt instrument, maximum deferred discount amortization period                 90 days                
Navios Centaurus [Member]                                  
Related Party Transaction [Line Items]                                  
Year Built     2012                            
Vessel Type     Panamax                            
Vessel Capacity     81,472                            
Navios Avior [Member]                                  
Related Party Transaction [Line Items]                                  
Year Built     2012                            
Vessel Type     Panamax                            
Vessel Capacity     81,355                            
Navios Centaurus and Navios Avior [Member]                                  
Related Party Transaction [Line Items]                                  
Disposal Group, Including Discontinued Operation, Consideration     $ 39,250,000                            
Navios Ray [Member]                                  
Related Party Transaction [Line Items]                                  
Year Built                 2012                
Vessel Type                 Capesize                
Vessel Capacity                 179,515                
Navios Bonavis [Member]                                  
Related Party Transaction [Line Items]                                  
Year Built                 2009                
Vessel Type                 Capesize                
Vessel Capacity                 180,022                
Navios Ray And Navios Bonavis [Member]                                  
Related Party Transaction [Line Items]                                  
Disposal Group, Including Discontinued Operation, Consideration   $ 58,000,000             $ 58,000,000                
Navios Koyo [Member]                                  
Related Party Transaction [Line Items]                                  
Year Built                 2011                
Vessel Type                 Capesize                
Disposal Group, Including Discontinued Operation, Consideration   28,500,000             $ 28,500,000                
Navios Azimuth [Member]                                  
Related Party Transaction [Line Items]                                  
Year Built                 2011                
Vessel Type                 Capesize                
Vessel Capacity                 179,169                
Disposal Group, Including Discontinued Operation, Consideration   30,000,000             $ 30,000,000                
NSM [Member]                                  
Related Party Transaction [Line Items]                                  
Due to Affiliate, Current   10,174,000             10,174,000       22,114,000        
Navios Partners [Member]                                  
Related Party Transaction [Line Items]                                  
Due to Affiliate, Current   0             0       5,000,000        
Unamortized deferred gain for vessels and rights sold                             $ 6,285,000    
Navios Acquisition [Member]                                  
Related Party Transaction [Line Items]                                  
Due from Affiliate, Current   0             0       $ 243,000        
Navios Logistics [Member]                                  
Related Party Transaction [Line Items]                                  
Revolving loan facility maximum borrowing capacity   50,000,000             $ 50,000,000                
Line of Credit Facility, Increase (Decrease), Net                           $ 20,000,000      
Line of Credit Facility, Initiation Date                 Apr. 25, 2019                
Line Credit Facility Arrangement Fees                 $ 500,000                
Conversion of unpaid dividend of preferred stock to common stock                   2,414,263              
Repayments of Related Party Debt                   $ 2,308,000              
Navios Logistics [Member] | 2022 Notes [Member]                                  
Related Party Transaction [Line Items]                                  
Debt Instrument, Repurchase Amount   $ 18,726,000             $ 18,726,000                
Navios Logistics [Member] | First Year [Member]                                  
Related Party Transaction [Line Items]                                  
Line of Credit Facility, Interest Rate During Period                 12.75%                
Navios Logistics [Member] | Second Year [Member]                                  
Related Party Transaction [Line Items]                                  
Line of Credit Facility, Interest Rate During Period                 14.75%                
Navios Logistics [Member] | Amendment [Member]                                  
Related Party Transaction [Line Items]                                  
Line of Credit Facility, Interest Rate at Period End   13.00%             13.00%         10.00%      
Supplemental Grimaud Loan Agreement [Member]                                  
Related Party Transaction [Line Items]                                  
Stock Issued During Period, Shares, Treasury Stock Reissued                 9,301,542                
Management Agreement [Member] | NSM [Member]                                  
Related Party Transaction [Line Items]                                  
Termination date of the administrative services agreement                 August 29, 2024                
Management Fee Expense   $ 9,794,000   11,537,000         $ 20,365,000   22,525,000            
Management Agreement [Member] | NSM [Member] | Owned Vessels [Member]                                  
Related Party Transaction [Line Items]                                  
Daily management fee                 $ 3,700     $ 3,800          
Rate of annual increase in management fees   3000.00%             3000.00%                
Management Agreement [Member] | NSM [Member] | Chartered In Vessels [Member]                                  
Related Party Transaction [Line Items]                                  
Daily management fee                 $ 30.00                
Navios Partners [Member] | Guarantee Claim [Member]                                  
Related Party Transaction [Line Items]                                  
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid           $ 5,000,000                      
Navios Partners [Member] | First Mortgage [Member] | $50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]                                  
Related Party Transaction [Line Items]                                  
Limited Partners' Capital Account, Units Outstanding   40,587             40,587                
Navios Partners [Member] | First Mortgage [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Limited Partners' Capital Account, Units Outstanding   40,587             40,587                
Navios Partners [Member] | Second Mortgage [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Limited Partners' Capital Account, Units Outstanding   452,090             452,090                
Administrative Services Agreement [Member] | NSM [Member]                                  
Related Party Transaction [Line Items]                                  
Termination date of the administrative services agreement                 August 29, 2024                
Administrative services agreement term in years                 5 years                
General and Administrative Expense   $ 2,168,000   2,377,000         $ 4,508,000   4,639,000            
Administrative Services Agreement [Member] | NSM [Member] | Navios Logistics [Member]                                  
Related Party Transaction [Line Items]                                  
General and Administrative Expense   $ 286,000   $ 286,000         $ 572,000   $ 572,000            
Administrative Services Agreement [Member] | NSM [Member] | Automatic Extension [Member]                                  
Related Party Transaction [Line Items]                                  
Administrative services agreement term in years                 5 years                
Navios Acquisition [Member] | Second Mortgage [Member] | $115.0 million NSM Loan [Member]                                  
Related Party Transaction [Line Items]                                  
Common Stock, Shares, Outstanding   4,850,207             4,850,207                
XML 60 R53.htm IDEA: XBRL DOCUMENT v3.21.2
Preferred and Common Stock (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
2 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended 8 Months Ended 12 Months Ended
Jul. 10, 2020
Feb. 21, 2020
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Mar. 21, 2019
Apr. 18, 2019
Jun. 30, 2021
Jun. 30, 2020
Jul. 15, 2017
Sep. 09, 2021
Dec. 21, 2020
Dec. 31, 2020
Common Stock, Shares, Outstanding     15,897,064           15,897,064         15,881,147
Preferred Stock, Shares Outstanding     23,032           23,032         23,032
Payments of Ordinary Dividends, Noncontrolling Interest                 $ (0) $ 9,948        
Grimaud [Member]                            
Number of shares                       6,434,000    
Proceeds from Sale of Available-for-sale Securities, Equity                       $ 31,270    
Navios Corporation [Member]                            
Common Stock, Shares, Outstanding     2,414,263           2,414,263         2,414,263
Navios Logistics [Member]                            
Payments of Dividends $ 6,381 $ 27,500                        
Payments of Ordinary Dividends, Noncontrolling Interest $ 2,308 9,948                        
Navios Logistics [Member] | Navios Holdings [Member]                            
Payments of Dividends   $ 17,552                        
Common Stock Dividends, Shares 2,414,263                          
Series G And Series H [Member]                            
Percentage of the increase of the preferred dividend rate                     0.25%      
Series G Preferred Stock [Member]                            
Number of shares                 2,000,000          
Preferred Stock, Liquidation Preference Per Share     $ 2,500           $ 2,500          
Preferred Stock, Redemption Price Per Share     $ 25.00           $ 25.00          
Dividend rate of preferred stock                 8.75%          
Preferred Stock, Shares Outstanding     5,350           5,350         5,350
Series G Preferred Stock [Member] | Senior Notes 2024 [Member]                            
Dividend cancelled               $ 6,798            
Number of shares issued for the exchange offer               8,841            
Shares tendered, nominal value               $ 21,271            
Tender offer expenses               620            
Payments for repurchase of preferred stock               4,423            
2024 Notes issues               3,879            
Gain/ (Loss) from stock redemption recognized in Retained Earnings               $ 12,568            
Series H Preferred Stock [Member]                            
Number of shares                 4,800,000          
Preferred Stock, Liquidation Preference Per Share     $ 2,500           $ 2,500          
Preferred Stock, Redemption Price Per Share     $ 25.00           $ 25.00          
Dividend rate of preferred stock                 8.625%          
Preferred Stock, Shares Outstanding     17,682           17,682         17,682
Series H Preferred Stock [Member] | Senior Notes 2024 [Member]                            
Dividend cancelled             $ 7,678              
Number of shares issued for the exchange offer             10,930              
Shares tendered, nominal value             $ 26,297              
Tender offer expenses             997              
Payments for repurchase of preferred stock             4,188              
2024 Notes issues             4,747              
Gain/ (Loss) from stock redemption recognized in Retained Earnings             $ 16,365              
Stock plan approved by Board of Directors [Member]                            
Stock-based compensation expenses, shares granted                         16,000  
Preferred Stock [Member]                            
Conversion of Stock, Shares Converted           210                
Dividend cancelled       $ 171                    
Preferred Stock [Member] | Dividend Undeclared [Member]                            
Undeclared Preferred Dividends                 $ 27,783          
Common Stock [Member]                            
Conversion of Stock, Shares Issued           (22,712)                
Common Stock [Member] | Dividend Undeclared [Member]                            
Share Price       $ 6                    
Common Stock [Member] | Dividends Undeclared [Member]                            
Conversion of Stock, Shares Issued           (1,712)                
Restricted Stock [Member]                            
Forfeited shares of common stock     56   1,230       83 1,230        
Vested units     0   84,336       37,879 84,336        
XML 61 R54.htm IDEA: XBRL DOCUMENT v3.21.2
Other Income, Net (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Other Expense [Member] | Navios Logistics [Member]        
Other (expense)/income - taxes other than income taxes $ 1,218 $ 590 $ 2,222 $ 2,021
XML 62 R55.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information - Summarized financial information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Segment Reporting Information [Line Items]          
Revenue $ 143,624 $ 97,127 $ 260,575 $ 188,210  
Interest expense and finance cost, net (36,170) (31,418) (72,370) (63,061)  
Depreciation and amortization (15,988) (18,012) (32,254) (36,088)  
Equity in net earnings of affiliate companies 12,854 9,445 40,594 3,308  
Net income/ (loss) attributable to Navios Holdings common stockholders 24,936 (35,271) 25,099 (88,546)  
Total assets 1,829,093   1,829,093   $ 1,971,325
Goodwill 160,336   160,336   160,336
Investment in affiliate companies 97,351   97,351   56,988
Cash and cash equivalents 73,159   73,159   94,881
Restricted cash 10   10   $ 16,303
Long-term debt, net (including current and noncurrent portion) 1,500,066   1,500,066    
Dry Bulk Vessel Operations [Member]          
Segment Reporting Information [Line Items]          
Revenue 86,053 38,302 149,781 72,562  
Interest expense and finance cost, net (21,011) (22,159) (42,855) (44,529)  
Depreciation and amortization (7,917) (10,745) (16,714) (21,543)  
Equity in net earnings of affiliate companies 12,854 9,445 40,594 3,308  
Net income/ (loss) attributable to Navios Holdings common stockholders 27,795 (42,918) 27,694 (100,690)  
Total assets 1,156,441 1,500,046 1,156,441 1,500,046  
Goodwill 56,240 56,240 56,240 56,240  
Capital expenditures (22,758) (98,672) (24,152) (98,672)  
Investment in affiliate companies 97,351 63,498 97,351 63,498  
Cash and cash equivalents 25,689 20,525 25,689 20,525  
Restricted cash 10 1,058 10 1,058  
Long-term debt, net (including current and noncurrent portion) 927,399 1,082,032 927,399 1,082,032  
Logistics Business [Member]          
Segment Reporting Information [Line Items]          
Revenue 57,571 58,825 110,794 115,648  
Interest expense and finance cost, net (15,159) (9,259) (29,515) (18,532)  
Depreciation and amortization (8,071) (7,267) (15,540) (14,545)  
Equity in net earnings of affiliate companies 0 0 0 0  
Net income/ (loss) attributable to Navios Holdings common stockholders (2,859) 7,647 (2,595) 12,144  
Total assets 672,652 615,878 672,652 615,878  
Goodwill 104,096 104,096 104,096 104,096  
Capital expenditures (3,646) (2,578) (22,033) (2,578)  
Investment in affiliate companies 0 0 0 0  
Cash and cash equivalents 47,470 33,489 47,470 33,489  
Restricted cash 0 0 0 0  
Long-term debt, net (including current and noncurrent portion) 549,054 509,749 549,054 509,749  
Total [Member]          
Segment Reporting Information [Line Items]          
Revenue 143,624 97,127 260,575 188,210  
Interest expense and finance cost, net (36,170) (31,418) (72,370) (63,061)  
Depreciation and amortization (15,988) (18,012) (32,254) (36,088)  
Equity in net earnings of affiliate companies 12,854 9,445 40,594 3,308  
Net income/ (loss) attributable to Navios Holdings common stockholders 24,936 (35,271) 25,099 (88,546)  
Total assets 1,829,093 2,115,924 1,829,093 2,115,924  
Goodwill 160,336 160,336 160,336 160,336  
Capital expenditures (26,404) (101,250) (46,185) (101,250)  
Investment in affiliate companies 97,351 63,498 97,351 63,498  
Cash and cash equivalents 73,159 54,014 73,159 54,014  
Restricted cash 10 1,058 10 1,058  
Long-term debt, net (including current and noncurrent portion) $ 1,476,453 $ 1,591,781 $ 1,476,453 $ 1,591,781  
XML 63 R56.htm IDEA: XBRL DOCUMENT v3.21.2
Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Numerator:        
Net income/ (loss) attributable to Navios Holdings common stockholders $ 24,936 $ (35,271) $ 25,099 $ (88,546)
Less:        
Declared and undeclared dividend on preferred stock and on unvested restricted shares (1,284) (1,284) (2,561) (2,578)
Plus:        
Gain from eliminated dividends (preferred stock) due to conversion 0 0 0 166
Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted $ 23,652 $ (36,555) $ 22,538 $ (90,958)
Denominator:        
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares 13,127,208 12,901,880 13,120,335 12,882,235
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.80 $ (2.83) $ 1.72 $ (7.06)
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares 13,511,627 12,901,880 13,508,382 12,882,235
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders $ 1.75 $ (2.83) $ 1.67 $ (7.06)
XML 64 R57.htm IDEA: XBRL DOCUMENT v3.21.2
Earnings/ (Loss) Per Common Share (Details Narrative) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Convertible Preferred Stock [Member]        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Shares with anti-dilutive effect, not included in calculation of earnings per share 0 0 0 3,115
Common Stock [Member]        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Shares with anti-dilutive effect, not included in calculation of earnings per share 384,419 566,525 388,027 583,126
XML 65 R58.htm IDEA: XBRL DOCUMENT v3.21.2
Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]            
Revenue $ 143,624   $ 97,127   $ 260,575 $ 188,210
Net income/ (loss) 24,545 $ 1,314 (30,937) $ (50,726) 25,859 (81,663)
Navios Partners [Member]            
Schedule of Equity Method Investments [Line Items]            
Revenue 152,009   46,549   217,072 93,039
Time charter and voyage expenses (5,869)   (1,940)   (8,364) (5,038)
Direct vessel expenses (3,989)   (2,385)   (7,143) (4,934)
Vessel operating expenses (41,771)   (21,930)   (64,733) (44,135)
Net income/ (loss) $ 99,913   $ (14,641)   $ 236,592 $ (25,365)
XML 66 R59.htm IDEA: XBRL DOCUMENT v3.21.2
Investments in Affiliate Companies and Available-For-Sale Securities (Details Narrative)
$ in Thousands
2 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended 8 Months Ended 12 Months Ended
Feb. 18, 2015
USD ($)
Jun. 30, 2021
USD ($)
shares
Mar. 31, 2021
shares
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Mar. 31, 2017
USD ($)
Apr. 21, 2020
USD ($)
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
Aug. 25, 2021
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2021
Jan. 04, 2021
Schedule of Investments [Line Items]                          
Investments in affiliate companies   $ 97,351           $ 97,351     $ 56,988    
Equity in net earnings of affiliated companies   12,854   $ 9,445       40,594 $ 3,308        
Investment in available-for-sale-securities   364           364     222    
Available-for-sale Equity Securities, Gross Unrealized Gain   $ 101   5       $ 142 36        
Junior Loan II [Member]                          
Schedule of Investments [Line Items]                          
Repayments of Debt             $ 5,000            
Navios Partners [Member]                          
Schedule of Investments [Line Items]                          
Number of units held | shares   2,562,893           2,562,893          
Ownership percentage of Navios Holdings   9.70%           9.70%         12.60%
Difference between carrying amount of investment and underlying equity in net assets of equity method investee   $ 39,587           $ 39,587     77,904    
Investments in affiliate companies   80,632           80,632     39,133    
Equity in net earnings of affiliated companies   9,125   (1,227)       38,322 (2,354)        
Dividends received   128   621       232 1,242        
Market value of investment   $ 75,759           $ 75,759          
Navios Acquisition [Member]                          
Schedule of Investments [Line Items]                          
Ownership percentage of Navios Holdings   28.00%           28.00%          
Difference between carrying amount of investment and underlying equity in net assets of equity method investee   $ 75,408           $ 75,408     68,793    
Investments in affiliate companies   16,719           16,719     $ 15,033    
Equity in net earnings of affiliated companies   3,739   10,650       1,686 12,207        
Dividends received   0   $ 1,460       243 $ 2,919        
Market value of investment   16,590           $ 16,590          
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions               28.00%          
Navios Acquisition [Member] | Share Repurchase Program [Member]                          
Schedule of Investments [Line Items]                          
Stock Issued During Period, Shares, New Issues | shares               1,776,016     753,251    
Navios Europe II [Member]                          
Schedule of Investments [Line Items]                          
Ownership percentage of Navios Holdings       47.50%         47.50%        
Difference between carrying amount of investment and underlying equity in net assets of equity method investee $ 9,419                        
Investments in affiliate companies 6,650                        
Equity in net earnings of affiliated companies   $ 0   $ 0                  
Unrealized Gain (Loss) on Investments         $ 6,650                
Navios Europe II [Member] | Junior Loan II [Member]                          
Schedule of Investments [Line Items]                          
Repayments of Debt             $ 5,000            
Navios Europe II [Member] | Navios Revolving Loans 2 [Member]                          
Schedule of Investments [Line Items]                          
Loans and Leases Receivable, Related Parties 14,000                        
Revolving Credit Facility Maximum Borrowing Capacity $ 43,500                        
Line of Credit Facility, Increase (Decrease), Net           $ 14,000              
Navios Containers [Member]                          
Schedule of Investments [Line Items]                          
Ownership percentage of Navios Holdings   0.00% 3.90%         0.00%          
Equity in net earnings of affiliated companies   $ 0   $ 77       $ 596 $ 105        
Market value of investment   $ 2,812           $ 2,812          
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions                     3.90%    
Merger Agreement with Navios Partners II [Member]                          
Schedule of Investments [Line Items]                          
Shares conversion rate                   0.1275      
Merger Agreement with Navios Partners II [Member] | Navios Partners [Member]                          
Schedule of Investments [Line Items]                          
Ownership percentage of Navios Holdings                       10.30%  
Navios Holdings [Member] | Navios Partners [Member]                          
Schedule of Investments [Line Items]                          
General partner interest of Navios Holdings               2.00%          
Navios Partners [Member] | Merger Agreement With Navios Partners [Member]                          
Schedule of Investments [Line Items]                          
Number of units converted | shares               1,263,276          
Number of units held | shares   492,678           492,678          
Shares conversion rate     0.39                    
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | shares     8,133,452                    
Navios Partners [Member] | Continuous Offering Program Sales Agreement [Member] | General Partner [Member]                          
Schedule of Investments [Line Items]                          
Partners' Capital Account, Units, Sale of Units | shares               135,482     7,298    
Navios Partners [Member] | Common Stock [Member] | Continuous Offering Program Sales Agreement [Member]                          
Schedule of Investments [Line Items]                          
Partners' Capital Account, Units, Sale of Units | shares               6,638,503     357,508    
XML 67 R60.htm IDEA: XBRL DOCUMENT v3.21.2
Leases - Lease expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Lessor, Lease, Description [Line Items]        
Lease expense $ 21,115 $ 25,612 $ 43,457 $ 53,344
Drybulk Vessel Operations [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 19,252 24,155 39,850 49,771
Logistic Business [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 1,863 1,457 3,607 3,573
Chartered In Vessels [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 20,882 25,325 43,018 52,759
Chartered In Vessels [Member] | Drybulk Vessel Operations [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 19,252 24,155 39,850 49,771
Chartered In Vessels [Member] | Logistic Business [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 1,630 1,170 3,168 2,988
Land [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 142 143 282 282
Land [Member] | Logistic Business [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 142 143 282 282
Building [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense 91 144 157 303
Building [Member] | Logistic Business [Member]        
Lessor, Lease, Description [Line Items]        
Lease expense $ 91 $ 144 $ 157 $ 303
XML 68 R61.htm IDEA: XBRL DOCUMENT v3.21.2
Leases - Total amount of lease payments on an undiscounted basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Lessor, Lease, Description [Line Items]    
Operating lease liabilities, including current portion   $ 43,516
Chartered In Vessels [Member]    
Lessor, Lease, Description [Line Items]    
June 30, 2022 $ 75,986  
June 30, 2023 58,885  
June 30, 2024 46,554  
June 30, 2025 28,277  
June 30, 2026 18,960  
June 30, 2027 and thereafter 36,569  
Total 265,231  
Operating lease liabilities, including current portion 218,574  
Discount based on incremental borrowing rate 46,657  
Land [Member]    
Lessor, Lease, Description [Line Items]    
June 30, 2022 556  
June 30, 2023 556  
June 30, 2024 556  
June 30, 2025 556  
June 30, 2026 556  
June 30, 2027 and thereafter 22,167  
Total 24,947  
Operating lease liabilities, including current portion 7,976  
Discount based on incremental borrowing rate 16,971  
Building [Member]    
Lessor, Lease, Description [Line Items]    
June 30, 2022 538  
June 30, 2023 419  
June 30, 2024 336  
June 30, 2025 60  
June 30, 2026 60  
June 30, 2027 and thereafter 23  
Total 1,436  
Operating lease liabilities, including current portion 1,246  
Discount based on incremental borrowing rate $ 190  
XML 69 R62.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Operating Lease, Liability   $ 43,516
Chartered In Vessels [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Operating Lease, Liability $ 218,574  
Operating Lease, Weighted Average Remaining Lease Term 4 years 10 months 24 days  
Chartered In Vessels [Member] | Minimum [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Lessee, Operating Lease, Remaining Lease Term 1 month 6 days  
Chartered In Vessels [Member] | Maximum [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Lessee, Operating Lease, Remaining Lease Term 9 years  
Land [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Operating Lease, Liability $ 7,976  
Operating Lease, Weighted Average Remaining Lease Term 3 years 1 month 6 days  
Land [Member] | Minimum [Member] | Navios Logistics [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Lessee, Operating Lease, Remaining Lease Term 44 years 8 months 12 days  
Land [Member] | Maximum [Member] | Navios Logistics [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Lessee, Operating Lease, Remaining Lease Term 45 years 1 month 6 days  
Building [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Operating Lease, Liability $ 1,246  
Operating Lease, Weighted Average Remaining Lease Term 44 years 9 months 18 days  
Building [Member] | Minimum [Member] | Navios Logistics [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Lessee, Operating Lease, Remaining Lease Term 1 month 6 days  
Building [Member] | Maximum [Member] | Navios Logistics [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Lessee, Operating Lease, Remaining Lease Term 5 years 4 months 24 days  
One Previously Chartered In Vessel [Member]    
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]    
Asset Impairment Charges $ 3,953  
XML 70 R63.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events (Details Narrative) - USD ($)
$ in Thousands
7 Months Ended
Jul. 23, 2021
Sep. 03, 2021
$115.0 million NSM Loan [Member]    
Schedule of Capitalization, Long-term Debt [Line Items]    
Proceeds from Lines of Credit $ 75,264  
2022 Senior Secured Notes [Member]    
Schedule of Capitalization, Long-term Debt [Line Items]    
Debt Instrument, Repurchased Face Amount 100,000 $ 20,000
2022 Secured Notes [Member]    
Schedule of Capitalization, Long-term Debt [Line Items]    
Debt Instrument, Repurchased Face Amount $ 100,000  
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