Navios Maritime Holdings Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2013

Navios Maritime Holdings Inc. Reports Financial Results for the Second Quarter 
and Six Months Ended June 30, 2013 
MONACO -- (Marketwired) -- 08/22/13 --  Navios Maritime Holdings Inc.
(NYSE: NM) 


 
--  $125.6 million of Revenue and $38.8 million of EBITDA for Q2 2013
    
    
--  Declared quarterly dividend of $0.06 per share for Q2 2013
    
    
--  $277.1 million of cash as of Q2 2013
    
    
--  Fleet coverage of 84.6% for 2013; 21.5% for 2014
    
    
--  Low cash flow breakeven of $5,365 per open day for 2013
    
    
--  Strategy of fixing vessels for period charters above cash flow
    breakeven with market exposure
    
    
    --  Recent charters provide base rate and profit sharing or index plus
        premium
        
        
    --  Latest capesize fixture for $18,000 to $19,400 gross per day for
        95 days
        
        
    --  11% of fleet and 33% of charters fixed since June have market
        exposure mechanism
        
        
--  Navios Logistics continued growth
    
    
    --  $17.6 million of EBITDA for Q2 2013
        
        
    --  $4.4 million of Net Income for Q2 2013
        
        
    --  Acquired three convoys for approximately $49 million to support
        iron ore transportation
        
        
--  Formed Navios Europe Inc. and arranged technical and commercial
    management for five of the ten vessels pursuant to a letter of intent
    with HSH Nordbank AG

  
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE: NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the second
quarter and six months ended June 30, 2013. 
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Holdings stated, "We had a solid quarter and reported $38.8 million
of EBITDA. We are maintaining our operating discipline, with moderate
leverage of 44.1% and cash of about $277.1 million. As we focus on
execution, we continue to return capital to our shareholders through
dividend payments and declared a $0.06 dividend for Q2 2013 to record
holders on September 18, 2013, representing a yield of almost 4%."  
Angeliki Frangou continued, "Navios Holdings' adaptable chartering
strategy has been formed in context of its conservative business
philosophy. While we are subject to the volatility of the industry,
we dampen the impact by maintaining low-operating cost and a
chartering policy appropriate for the times. At the peak of the
market, we entered into long-term fixed rate charters with high
quality counter parties. More recently, we have been negotiating
period charters that provide a floor above our cash flow breakeven
and a mechanism for market exposure so that we can enjoy the upside
from a rapidly improving market." 
HIGHLIGHTS -- RECENT DEVELOPMENTS 
Navios Holdings 
Chartering Update 
Navios Holdings has recently fixed vessels for period charters
maximizing profitability in a rising rate environment: 
-- Base rate and profit sharing: 


 
--  Ultra-Handymax: 100% over base rate of $8,000, basis the average of
    six Baltic Supramax time charter routes, for a period of MIN 11/MAX 16
    months. Current earnings rate $9,514 per day;
    
    
--  Ultra-Handymax: 70%/30% profit share over base rate of $8,000 basis
    BSI +8%, for a period MIN 12/MAX 24 months (vessel not redelivered);
    
    
--  Ultra-Handymax: 100% over base rate of $8,500, basis the average of
    six Baltic Supramax time charter routes, for a period of MIN 22 /MAX
    27 months. Current earnings rate $9,537 per day;
    
    
--  Ultra-Handymax: 100% over base rate of $8,000, basis the average of
    six Baltic Supramax time charter routes, for a period of MIN 20 /MAX
    25 months (vessel not redelivered).

  
-- Index plus premium: 


 
--  Panamax: Charterers pay the weighted average of the Panamax Index
    routes + 10% for a period of MIN 7 months / MAX until May 5, 2014.
    Current earnings rate $9,610 per day;
    
    
--  Panamax: Charterers pay the weighted average of the Panamax Index
    routes +17% for a period of MIN 12 / MAX 15 months (vessel not
    redelivered).

  
-- Capesize: $18,000 to $19,400 gross per day for 95 days.
 --
Capesize: $16,000 net per day for 45 days Pac round trip. 
Time Charter Coverage  
As of August 19, 2013, Navios Holdings has chartered-out 84.6% and
21.5% of available days for 2013 and 2014, respectively, equivalent
to $149.4 million and $61.6 million in revenue, respectively. The
average daily charter-out rate for the core fleet is $11,488 and
$15,968 for 2013 and 2014, respectively. The average daily charter-in
rate for the active long-term charter-in vessels for 2013 is $13,357. 
The above figures do not include the fleet of Navios South American
Logistics Inc. ("Navios Logistics") and vessels servicing Contracts
of Affreightment. 
Acquisition of Four Panamax Vessels 
On July 9, 2013, Navios Holdings agreed to acquire one 2006-built
Panamax vessel and three 2005-built Panamax vessels for an aggregate
purchase price of $66.0 million to be financed with debt and cash on
hand. During July 2013, the Company paid a 10% deposit of $6.6
million. The four vessels are expected to be delivered during the
third quarter of 2013. 
Navios Asia LLC ("Navios Asia") 
In May 2013, Navios Holdings formed Navios Asia in partnership with a
significant ship owner and operator based in Japan (the "Asian
Partner"). Navios Holdings will own 51% and the Asian Partner will
own 49%. Navios Asia has agreed to acquire five Panamax and one
Kamsarmax vessel for $114.0 million. 
Navios Asia expects to take delivery of two of the vessels during the
third quarter of 2013. The acquisition of the vessels is expected to
be partially financed with bank debt consistent with our existing
credit facilities. 
Formation of Navios Europe Inc. ("Navios Europe") 
On August 20, 2013, Navios Holdings, Navios Maritime Acquisition
Corporation ("Navios Acquisition") and Navios Maritime Partners L.P.
("Navios Partners"), announced the formation of Navios Europe
pursuant to a letter of intent signed with HSH Nordbank AG ("HSH").
Navios Europe, which will initially acquire five product tankers and
five container vessels from debtors of HSH, is owned 47.5% by Navios
Holdings, 47.5% by Navios Acquisition and 5% by Navios Partners.
Navios Europe is expected to take ownership of all 10 vessels by
November 1, 2013. The transaction is subject to a number of
conditions, and no assurance can be provided that the transaction
will be concluded as contemplated, if at all. 
In August 2013, Navios Europe arranged technical and commercial
management for five out of the ten vessels. To date, the following
vessels were delivered: 
(1) The Esperanza N, a 2,007 TEU Sub-Panamax Container built in 2008;
and  
(2) The Harmony N, a 2,824 TEU Sub-Panamax Container built in 2006.  
Three tanker vessels are also expected to be delivered through
September 2013. 
Dividend Policy  
On August 19, 2013, the Board of Directors declared a quarterly cash
dividend for the second quarter of 2013 of $0.06 per share of common
stock. The dividend is payable on September 26, 2013 to stockholders
of record as of September 18, 2013. The declaration and payment of
any further dividend remain subject to the discretion of the Board
and will depend on, among other things, Navios Holdings' cash
requirements after taking into account market opportunities,
restrictions under its credit agreements and other debt obligations
and such other factors as the Board may deem advisable. 
Navios Logistics  
On June 26, 2013, Navios Logistics entered into an agreement for the
acquisition of three pushboats for a total consideration of $20.3
million. These pushboats are expected to be delivered in the fourth
quarter of 2013. 
On August 5, 2013, Navios Logistics entered into an agreement for the
construction of 36 dry barges for a total consideration of $19.1
million, which are expected to be delivered in the first quarter of
2014. This contract also includes an option exercisable by Navios
Logistics for the construction of an additional 36 barges under the
same terms and conditions. 
Navios Partners 
On August 13, 2013, Navios Holdings received $7.3 million from Navios
Partners representing the cash dividend for the second quarter of
2013. 
Navios Acquisition 
On July 3, 2013, Navios Holdings received $3.0 million from Navios
Acquisition representing the cash dividend for the first quarter of
2013. 
Fleet Profile  
Navios Holdings controls a fleet of 60 vessels totaling 5.8 million
dwt, of which 40 are owned and 20 are chartered-in under long-term
charters (collectively, the "Core Fleet"). Navios Holdings currently
operates 47 vessels (16 Capesize, 11 Panamax, 18 Ultra-Handymax and
two Handysize) totaling 4.8 million dwt. The current average age of
the operating fleet is 6.4 years. Additionally, Navios Holdings has
(i) three newbuilding charter-in vessels expected to be delivered at
various dates through April 2016; (ii) four owned vessels expected to
be delivered in the third quarter of 2013; and (iii) the Navios Asia
fleet expected to be delivered in the third and fourth quarter of
2013.  
Exhibit II provides certain details of the "Core Fleet" of Navios
Holdings. It does not include the fleet of Navios Logistics. 
Financial Highlights 
As of June 30, 2013 


 
--  Net Debt to Total Capitalization of 44.1%.
--  Cash $277.1 million.

  
Second Quarter 2013 and 2012 Results (in thousands of U.S. dollars,
except per share data and unless otherwise stated): 
The second quarter 2013 and 2012 information presented below was
derived from the unaudited condensed consolidated financial
statements for the respective periods. EBITDA, Adjusted EBITDA,
Adjusted Net (Loss)/Income and Adjusted Basic (Losses)/Earnings Per
Share are non-U.S. GAAP financial measures and should not be used in
isolation or as substitution for Navios Holdings' results. 
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial
Measures," for a discussion of EBITDA and Adjusted EBITDA of Navios
Holdings, on a consolidated basis, and Navios Logistics, and a
reconciliation of such measure to the most comparable measure under
U.S. GAAP. 


 
                                              Three Month      Three Month  
                                                 Period           Period    
                                                 Ended            Ended     
                                                June 30,         June 30,   
                                                  2013             2012     
                                            ---------------  ---------------
                                              (unaudited)      (unaudited)  
Revenue                                     $       125,572  $       172,079
EBITDA                                      $        38,800  $        61,086
Adjusted EBITDA (*)                         $        38,800  $        60,763
Net (Loss)/Income                           $       (15,881) $         5,285
Adjusted Net (Loss)/Income (*)              $       (15,881) $         4,962
Basic (Losses)/Earnings Per Share           $         (0.16) $          0.05
Adjusted Basic (Losses)/Earnings Per                                        
 Share(*)                                   $         (0.16) $          0.04

 
(*) Each of Adjusted EBITDA, Adjusted Net Income and Adjusted Basic
Earnings Per Share for the three months ended June 30, 2012 excludes
a $0.3 million gain on the sale of the Navios Buena Ventura to Navios
Partners.    
Revenue from drybulk vessel operations for the three months ended
June 30, 2013 was $62.1 million as compared to $98.8 million for the
same period during 2012. The decrease in drybulk revenue was mainly
attributable to (i) a decrease in the time charter equivalent rate
("TCE") per day by 46.5% to $10,600 per day in the second quarter of
2013 following the receipt in advance of $175.4 million due to
restructuring of credit default insurance, as compared to $19,821 per
day in the same period of 2012; (ii) a decrease in available days for
owned vessels by 0.4% to 2,730 days in the second quarter of 2013
from 2,742 days in the same period of 2012 following the sale of the
Navios Buena Ventura in June 2012; and (iii) a decrease in the
long-term charter-in fleet available days by 58 days. This decrease
was partially offset by an increase in available days for short-term
charter-in fleet by 277 days. 
Revenue from the logistics business was $63.5 million for the three
months ended June 30, 2013 as compared to $73.3 million for the same
period of 2012. This decrease was mainly attributable to a decrease
in the Paraguayan liquid port's volume of products sold. 
EBITDA of Navios Holdings for the three months ended June 30, 2013
decreased by $22.3 million to $38.8 million as compared to $61.1
million for the same period of 2012. EBITDA of Navios Holdings for
the three month period ended June 30, 2012 has been affected by the
item mentioned in the footnote to the table above. Adjusted EBITDA of
Navios Holdings for the three months ended June 30, 2013 decreased by
$22.0 million to $38.8 million as compared to $60.8 million for the
same period of 2012. The $22.0 million decrease in Adjusted EBITDA
was primarily due to: (i) a $46.5 million decrease in revenue; (ii) a
$3.9 million decrease in equity in net earnings from affiliated
companies; and (iii) a $0.8 million increase in net income
attributable to the noncontrolling interest. The overall variance of
$51.2 million was mitigated by: (i) a decrease in general and
administrative expenses of $2.1 million (excluding share-based
compensation expenses); (ii) a $7.6 million decrease in time charter,
voyage and logistics business expenses; (iii) a $6.9 million decrease
in direct vessel expenses (excluding the amortization of deferred
drydock and special survey costs); and (iv) a $12.6 million decrease
in other expense, net. 
EBITDA of Navios Logistics was $17.6 million for the three month
period ended June 30, 2013 as compared to $15.4 million for the same
period in 2012. 
Net loss of Navios Holdings for the three months ended June 30, 2013
was $15.9 million as compared to $5.3 million of income for the same
period of 2012. Net income of Navios Holdings for the three month
period ended June 30, 2012 has been affected by the item mentioned in
the footnote to the table above. Adjusted Net Loss of Navios Holdings
for the three month period ended June 30, 2013 was $15.9 million as
compared to $5.0 million of income for the same period of 2012. The
decrease of Adjusted Net (Loss)/Income by $20.9 million was mainly
due to: (i) a decrease in Adjusted EBITDA of $22.0 million; (ii) an
increase in interest income/(expense) and finance cost, net of $2.0
million; and (iii) an increase of $0.3 million in amortization for
deferred drydock and special survey costs. The decrease was partially
offset by: (i) a decrease in depreciation and amortization of $1.6
million; (ii) an increase in income tax benefit of $1.3 million; and
(iii) a decrease of $0.5 million in share-based compensation expense. 
First Half of 2013 and 2012 Results (in thousands of U.S. dollars,
except per share data and unless otherwise stated): 
The information for the six month period ended June 30, 2013 and 2012
presented below was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA, Adjusted
EBITDA, Adjusted Net (Loss)/Income and Adjusted Basic
(Losses)/Earnings Per Share are non-U.S. GAAP financial measures, and
should not be used in isolation or as substitution for Navios
Holdings' results. 
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial
Measures," for a discussion of EBITDA and Adjusted EBITDA of Navios
Holdings, on a consolidated basis, and Navios Logistics, and a
reconciliation of such measures to the most comparable measures under
U.S. GAAP. 


 
                                               Six Month        Six Month   
                                                 Period           Period    
                                                 Ended            Ended     
                                                June 30,         June 30,   
                                                  2013             2012     
                                            ---------------  ---------------
                                              (unaudited)      (unaudited)  
Revenue                                     $       259,409  $       324,093
EBITDA                                      $        77,274  $       123,659
Adjusted EBITDA (*)                         $        77,274  $       123,336
Net (Loss)/Income                           $       (26,036) $        14,744
Adjusted Net (Loss)/Income (*)              $       (26,036) $        14,421
Basic (Losses)/Earnings Per Share           $         (0.26) $          0.14
Adjusted Basic (Losses)/Earnings Per Share                                  
 (*)                                        $         (0.26) $          0.13

 
(*) Each of Adjusted EBITDA, Adjusted Net Income and Adjusted Basic
Earnings Per Share for the six months ended June 30, 2012 excludes a
$0.3 million gain on the sale of the Navios Buena Ventura to Navios
Partners.  
Revenue from drybulk vessel operations for the six months ended June
30, 2013 was $122.7 million as compared to $200.7 million for the
same period during 2012. The decrease in drybulk revenue was mainly
attributable to (i) a decrease in the TCE per day by 45.7% to $11,211
per day in first half of 2013 following the receipt in advance of
$175.4 million due to restructuring of credit default insurance, as
compared to $20,645 per day in the same period of 2012; and (ii) a
decrease in long-term charter-in fleet available days by 91 days.
This decrease was partially offset by (i) an increase in available
days for owned vessels by 2.7% to 5,407 days in the first half of
2013 from 5,266 days in the same period of 2012; and (ii) an increase
in the short-term charter-in fleet available days by 379 days.  
Revenue from the logistics business was $136.7 million for the six
months ended June 30, 2013 as compared to $123.4 million for the same
period of 2012. This increase was mainly attributable to an increase
in (i) the Paraguayan liquid port's volume of products sold; (ii)
rates in the dry port terminal; (iii) the cabotage fleet's
utilization; and (iv) the revenue from liquid cargo transportation
due to higher rates.  
EBITDA of Navios Holdings for the six months ended June 30, 2013
decreased by $46.4 million to $77.3 million as compared to $123.7
million for the same period of 2012. EBITDA of Navios Holdings for
the six month period ended June 30, 2012 has been affected by the
item mentioned in the footnote to the table above. Adjusted EBITDA of
Navios Holdings for the six months ended June 30, 2013 decreased by
$46.0 million to $77.3 million as compared to $123.3 million for the
same period of 2012. The $46.0 million decrease in Adjusted EBITDA
was primarily due to: (i) a $64.7 million decrease in revenue; (ii) a
$0.7 million increase in time charter, voyage and logistics business
expenses; and (iii) a $3.8 million increase in net income
attributable to the noncontrolling interest. The overall variance of
$69.2 million was mitigated by: (i) a decrease in general and
administrative expenses of $5.1 million (excluding share-based
compensation expenses); (ii) a $5.5 million decrease in direct vessel
expenses (excluding the amortization of deferred drydock and special
survey costs); (iii) an $11.0 million decrease in other expense, net;
and (iv) a $1.6 million increase in equity in net earnings from
affiliated companies.  
EBITDA of Navios Logistics was $31.7 million for the six month period
ended June 30, 2013 as compared to $24.1 million for the same period
in 2012.  
Net loss of Navios Holdings for the six months ended June 30, 2013
was $26.0 million as compared to $14.7 million of income for the same
period of 2012. Net income of Navios Holdings for the six month
periods ended June 30, 2012 has been affected by the item mentioned
in the footnote to the table above. Adjusted Net Loss of Navios
Holdings for the six month period ended June 30, 2013 was $26.0
million as compared to $14.4 million of income for the same period of
2012. The decrease of Adjusted Net (Loss)/Income by $40.4 million was
mainly due to: (i) a decrease in Adjusted EBITDA of $46.0 million;
(ii) an increase in interest income/(expense) and finance cost, net
of $2.2 million; and (iii) an increase of $0.6 million in
amortization for deferred drydock and special survey costs. The
decrease was partially offset by: (i) a decrease in depreciation and
amortization of $3.2 million; (ii) an increase in income tax benefit
of $4.2 million; and (iii) a decrease of $1.0 million in share-based
compensation expense.  
Fleet Summary Data:  
The following table reflects certain key indicators indicative of the
performance of the Navios Holdings' drybulk operations (excluding the
Navios Logistics fleet) and its fleet performance for the three and
six month periods ended June 30, 2013 and 2012. 


 
                  Three Month    Three Month     Six Month      Six Month   
                  Period Ended   Period Ended   Period Ended   Period Ended 
                    June 30,       June 30,       June 30,       June 30,   
                      2013           2012           2013           2012     
                 -------------  -------------  -------------  ------------- 
                  (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)  
Available Days                                                              
 (1)                     4,586          4,379          8,916          8,487 
Operating Days                                                              
 (2)                     4,449          4,340          8,669          8,402 
Fleet Utilization                                                           
 (3)                      97.0%          99.1%          97.2%          99.0%
Equivalent                                                                  
 Vessels (4)                50             48             49             47 
TCE (5)          $      10,600  $      19,821  $      11,211  $      20,645 

 
(1)  Available days for the fleet are total calendar days the vessels
were in Navios Holdings' possession for the relevant period after
subtracting off-hire days associated with major repairs, drydocking
or special surveys. The shipping industry uses available days to
measure the number of days in a relevant period during which vessels
should be capable of generating revenues. 
(2) Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate number
of days in a relevant period during which vessels actually generate
revenues. 
(3) Fleet utilization is the percentage of time that Navios Holdings'
vessels were available for 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. The shipping industry
uses fleet utilization to measure a company's efficiency in finding
suitable employment for its vessels. 
(4) Equivalent Vessels is defined as the total available days during
a relevant period divided by the number of days of this period. 
(5) TCE is defined as voyage and time charter revenues less voyage
expenses during a relevant period divided by the number of available
days during the period 
Conference Call: 
As previously announced, Navios Holdings will host a conference call
today, August 22, 2013, at 8:30 am ET, at which time members of
senior management will provide highlights and commentary on the
financial results of the Company for the second quarter and six
months ended June 30, 2013. 
A supplemental slide presentation will be available on the Navios
Holdings website at www.navios.com under the "Investors" section by
8:00 am ET on the day of the call. 
Conference Call details:
 Call Date/Time: Thursday, August 22, 2013,
at 8:30 am ET
 Call Title: Navios Holdings Inc. Q2 2013 Financial
Results Conference Call  
US Dial In: +1.877.480.3873 
 International Dial In: +1.404.665.9927 
Conference ID: 1848 0882 
The conference call replay will be available shortly after the live
call and remain available for one week at the following numbers: 
US Replay Dial In: +1.800.585.8367 
 International Replay Dial In:
+1.404.537.3406 
 Conference ID: 1848 0882 
This call will be simultaneously Webcast. The Webcast will be
available on the Navios Holdings website, www.navios.com, under the
"Investors" section. The Webcast will be archived and available at
the same Web address for two weeks following the call. 
About Navios Maritime Holdings Inc. 
Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically
integrated seaborne shipping and logistics company focused on the
transport and transshipment of drybulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com. 
About Navios South American Logistics Inc.  
Navios South American Logistics Inc. is one of the largest logistics
companies in the Hidrovia region of South America, focusing on the
Hidrovia region river system, the main navigable river system in the
region, and on cabotage trades along the eastern coast of South
America. Navios Logistics serves the storage and marine
transportation needs of its petroleum, agricultural and mining
customers through its port terminals, river barge and coastal
cabotage operations. For more information about Navios Logistics
please visit its website: www.navioslogistics.com. 
About Navios Maritime Partners L.P.  
Navios Partners (NYSE: NMM) is a publicly traded master limited
partnership which owns and operates dry cargo vessels. For more
information, please visit its website: www.navios-mlp.com. 
About Navios Maritime Acquisition Corporation  
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. For more information about
Navios Acquisition, please visit its website:
www.navios-acquisition.com. 
Forward Looking Statements - Safe Harbor  
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and Navios Holdings' growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes," "estimates,"
and variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include comments
regarding expected revenues and time charters. Although Navios
Holdings believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are beyond
the control of Navios Holdings. Actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include,
but are not limited to changes in the demand for drybulk vessels;
competitive factors in the market in which Navios Holdings operates;
risks associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with the
Securities and Exchange Commission. Navios Holdings expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Holdings' expectations with
respect thereto or any change in events, conditions or circumstances
on which any statement is based. 


 
                                                                            
                                                                  EXHIBIT I 
                                                                            
                       NAVIOS MARITIME HOLDINGS INC.                        
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME                 
 (Expressed in thousands of U.S. dollars - except share and per share data) 
                                                                            
                      Three Month   Three Month    Six Month     Six Month  
                     Period Ended  Period Ended  Period Ended  Period Ended 
                       June 30,      June 30,      June 30,      June 30,   
                         2013          2012          2013          2012     
                     ------------  ------------  ------------  ------------ 
                      (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenue              $    125,572  $    172,079  $    259,409  $    324,093 
Time charter, voyage                                                        
 and logistics                                                              
 business expenses        (65,632)      (73,215)     (135,640)     (134,932)
Direct vessel                                                               
 expenses                 (26,444)      (33,042)      (54,139)      (59,050)
General and                                                                 
 administrative                                                             
 expenses                  (9,873)      (12,473)      (18,835)      (25,026)
Depreciation and                                                            
 amortization             (24,233)      (25,872)      (48,556)      (51,706)
Interest                                                                    
 income/(expense)                                                           
 and finance cost,                                                          
 net                      (27,372)      (25,306)      (52,730)      (50,546)
Loss on derivatives           (87)          (76)         (260)         (202)
Gain on sale of                                                             
 assets                        18           323            18           323 
Other                                                                       
 income/(expense),                                                          
 net                        9,865        (2,854)        6,734        (4,221)
                     ------------  ------------  ------------  ------------ 
Loss before equity                                                          
 in net earnings of                                                         
 affiliated                                                                 
 companies                (18,186)         (436)      (43,999)       (1,267)
Equity in net                                                               
 earnings of                                                                
 affiliated                                                                 
 companies                  4,127         8,058        18,250        16,633 
                     ------------  ------------  ------------  ------------ 
(Loss)/income before                                                        
 taxes               $    (14,059) $      7,622  $    (25,749) $     15,366 
Income tax                                                                  
 (expense)/benefit           (128)       (1,449)        3,572          (595)
                     ------------  ------------  ------------  ------------ 
Net (loss)/income         (14,187)        6,173       (22,177)       14,771 
Less: Net income                                                            
 attributable to the                                                        
 noncontrolling                                                             
 interest                  (1,694)         (888)       (3,859)          (27)
                     ------------  ------------  ------------  ------------ 
Net (loss)/income                                                           
 attributable to                                                            
 Navios Holdings                                                            
 common stockholders $    (15,881) $      5,285  $    (26,036) $     14,744 
                     ============  ============  ============  ============ 
(Loss)/Income                                                               
 attributable to                                                            
 Navios Holdings                                                            
 common                                                                     
 stockholders, basic $    (16,304) $      4,862  $    (26,877) $     13,894 
                     ============  ============  ============  ============ 
(Loss)/Income                                                               
 attributable to                                                            
 Navios Holdings                                                            
 common                                                                     
 stockholders,                                                              
 diluted             $    (16,304) $      5,285  $    (26,877) $     14,744 
                     ============  ============  ============  ============ 
Basic                                                                       
 (loss)/earnings per                                                        
 share attributable                                                         
 to Navios Holdings                                                         
 common stockholders $      (0.16) $       0.05  $      (0.26) $       0.14 
                     ============  ============  ============  ============ 
Weighted average                                                            
 number of shares,                                                          
 basic                101,783,378   101,205,545   101,771,451   101,198,855 
                     ============  ============  ============  ============ 
Diluted                                                                     
 (loss)/earnings per                                                        
 share attributable                                                         
 to Navios Holdings                                                         
 common stockholders $      (0.16) $       0.05  $      (0.26) $       0.13 
                     ============  ============  ============  ============ 
Weighted average                                                            
 number of shares,                                                          
 diluted              101,783,378   110,993,160   101,771,451   111,014,906 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                                                                            
                       NAVIOS MARITIME HOLDINGS INC.                        
                            Other Financial Data                            
                                                                            
                                                   June 30,    December 31, 
                                                      2013          2012    
                                                  (unaudited)   (unaudited) 
                                                 ------------  ------------ 
ASSETS                                                                      
                                                                            
Cash and cash equivalents                        $    271,097  $    257,868 
Restricted cash                                         6,011        24,704 
Other current assets                                  191,813       187,995 
Vessels, port terminal and other fixed assets,                              
 net                                                1,721,979     1,746,493 
Other noncurrent assets                               421,020       355,008 
Goodwill and other intangibles                        361,771       369,394 
                                                 ------------  ------------ 
Total assets                                     $  2,973,691  $  2,941,462 
                                                 ============  ============ 
                                                                            
                                                                            
LIABILITIES AND EQUITY                                                      
                                                                            
Current liabilities, including current portion                              
 of long-term debt                                    181,294       189,376 
Senior and ship mortgage notes, net of discount                             
 and including premium                              1,127,714     1,034,141 
Long-term debt, net of current portion                276,759       290,976 
Other noncurrent liabilities                           99,419       103,930 
Total stockholders' equity                          1,288,505     1,323,039 
                                                 ------------  ------------ 
Total liabilities and stockholders' equity       $  2,973,691  $  2,941,462 
                                                 ============  ============ 
                                                                            
                                                                            
                                                                            
                                                   Six Month     Six Month  
                                                 Period Ended  Period Ended 
                                                   June 30,      June 30,   
                                                     2013          2012     
                                                 ------------  ------------ 
                                                  (unaudited)   (unaudited) 
Net cash provided by operating activities        $     41,351  $     37,643 
Net cash (used in)/provided by investing                                    
 activities                                           (90,261)       14,230 
Net cash provided by/(used in) financing                                    
 activities                                            62,139       (53,874)

 
Disclosure of Non-GAAP Financial Measures  
EBITDA represents net income plus interest and finance costs plus
depreciation and amortization and income taxes, if any, unless
otherwise stated. Adjusted EBITDA represents EBITDA excluding items
as described under "Financial Highlights." EBITDA and Adjusted EBITDA
are "non-GAAP financial measures" and should not be considered a
substitute for net income, cash flow from operating activities and
other operations or cash flow statement data prepared in accordance
with generally accepted accounting principles in the United States or
as a measure of profitability or liquidity.  
EBITDA is presented to provide additional information with respect to
the ability of Navios Holdings to satisfy its respective obligations
including debt service, capital expenditures and working capital
requirements. While EBITDA is frequently used as a measure of
operating results and the ability to meet debt service requirements,
the definition of EBITDA used here may not be comparable to that used
by other companies due to differences in methods of calculation.  
Navios Logistics EBITDA is used to measure company's operating
performance. 
The following tables provide a reconciliation of EBITDA and Adjusted
EBITDA of Navios Holdings and Navios Logistics, which in the case of
Navios Holdings is on a consolidated basis: 


 
                                                                            
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from   
 Operations                                                                 
                                                                            
                                                   June 30,      June 30,   
Three Months Ended                                   2013          2012     
                                                 ------------  ------------ 
(in thousands of U.S. dollars)                    (unaudited)   (unaudited) 
                                                                            
  Net cash provided by operating activities      $     24,650  $      7,842 
  Net (decrease)/increase in operating assets         (28,735)       23,526 
  Net decrease in operating liabilities                20,110         9,061 
  Net interest cost                                    27,372        25,306 
  Deferred finance charges                             (1,234)       (1,500)
  Provision for losses on accounts receivable             272          (224)
  Unrealized loss on FFA derivatives                       88          (135)
  Equity in affiliates, net of dividends                                    
   received                                            (7,585)       (4,661)
  Payments for drydock and special survey               5,538         2,436 
  Noncontrolling interest                              (1,694)         (888)
  Gain on sale of assets                                   18           323 
                                                 ------------  ------------ 
  EBITDA                                         $     38,800  $     61,086 
  Gain on sale of assets                                   --          (323)
                                                 ------------  ------------ 
  Adjusted EBITDA                                $     38,800  $     60,763 
                                                 ============  ============ 
                                                                            
                                                                            
Navios Logistics EBITDA Reconciliation to Net Income                        
                                                                            
                                                   June 30,      June 30,   
Three Months Ended                                   2013          2012     
                                                 ------------  ------------ 
(in thousands of U.S. dollars)                    (unaudited)   (unaudited) 
                                                                            
  Net income attributable to Navios Logistics                               
   shareholders                                  $      4,423  $      2,397 
  Depreciation and amortization                         5,779         6,118 
  Amortization of deferred drydock and special                              
   survey costs                                           667           351 
  Interest income/(expense) and finance cost,                               
   net                                                  6,657         5,130 
  Income taxes                                             57         1,377 
                                                 ------------  ------------ 
  EBITDA                                         $     17,583  $     15,373 
                                                 ============  ============ 
                                                                            
                                                                            
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from   
Operations                                                                  
                                                                            
                                                   June 30,      June 30,   
Six Months Ended                                     2013          2012     
                                                 ------------  ------------ 
(in thousands of U.S. dollars)                    (unaudited)   (unaudited) 
                                                                            
  Net cash provided by operating activities      $     41,351  $     37,643 
  Net (decrease)/increase in operating assets         (22,083)       52,750 
  Net decrease/(increase) in operating                                      
   liabilities                                          9,578       (13,886)
  Net interest cost                                    52,730        50,546 
  Deferred finance charges                             (2,932)       (2,832)
  Provision for losses on accounts receivable             (45)         (310)
  Unrealized loss on FFA derivatives                      (69)         (252)
  Equity in affiliates, net of dividends                                    
   received                                            (5,684)       (6,905)
  Payments for drydock and special survey               8,269         6,609 
  Noncontrolling interest                              (3,859)          (27)
  Gain on sale of assets                                   18           323 
                                                 ------------  ------------ 
  EBITDA                                         $     77,274  $    123,659 
  Gain on sale of assets                                   --          (323)
                                                 ------------  ------------ 
  Adjusted EBITDA                                $     77,274  $    123,336 
                                                 ============  ============ 
                                                                            
                                                                            
Navios Logistics EBITDA Reconciliation to Net Income                        
                                                                            
                                                   June 30,      June 30,   
Six Months Ended                                     2013          2012     
                                                 ------------  ------------ 
(in thousands of U.S. dollars)                    (unaudited)   (unaudited) 
                                                                            
  Net income attributable to Navios Logistics                               
   shareholders                                  $     10,357  $          8 
  Depreciation and amortization                        11,872        12,921 
  Amortization of deferred drydock and special                              
   survey costs                                         1,151           655 
  Interest income/(expense) and finance cost,                               
   net                                                 12,038        10,053 
  Income taxes                                         (3,713)          454 
                                                 ------------  ------------ 
  EBITDA                                         $     31,705  $     24,091 
                                                 ============  ============ 
                                                                            
                                                                            
                                                                            
                                                                  EXHIBIT II
                                                                            
Owned Vessels                                                               
                                                                            
                                                             Deadweight     
Vessel Name               Vessel Type      Year Built     (in metric tons)  
--------------------- ------------------- ------------ ---------------------
Navios Serenity            Handysize          2011             34,690       
Navios Ionian            Ultra Handymax       2000             52,067       
Navios Vector            Ultra Handymax       2002             50,296       
Navios Horizon           Ultra Handymax       2001             50,346       
Navios Herakles          Ultra Handymax       2001             52,061       
Navios Achilles          Ultra Handymax       2001             52,063       
Navios Meridian          Ultra Handymax       2002             50,316       
Navios Mercator          Ultra Handymax       2002             53,553       
Navios Arc               Ultra Handymax       2003             53,514       
Navios Hios              Ultra Handymax       2003             55,180       
Navios Kypros            Ultra Handymax       2003             55,222       
Navios Ulysses           Ultra Handymax       2007             55,728       
Navios Vega              Ultra Handymax       2009             58,792       
Navios Celestial         Ultra Handymax       2009             58,063       
Navios Astra             Ultra Handymax       2006             53,468       
Navios Magellan             Panamax           2000             74,333       
Navios Star                 Panamax           2002             76,662       
Navios Asteriks             Panamax           2005             76,801       
Navios Centaurus            Panamax           2012             81,472       
Navios Avior                Panamax           2012             81,355       
Navios Bonavis              Capesize          2009            180,022       
Navios Happiness            Capesize          2009            180,022       
Navios Lumen                Capesize          2009            180,661       
Navios Stellar              Capesize          2009            169,001       
Navios Phoenix              Capesize          2009            180,242       
Navios Antares              Capesize          2010            169,059       
Navios Etoile               Capesize          2010            179,234       
Navios Bonheur              Capesize          2010            179,259       
Navios Altamira             Capesize          2011            179,165       
Navios Azimuth              Capesize          2011            179,169       
                                                                            
                                                                            
                                                                            
Long term Chartered-in Fleet in Operation                                   
                                                                            
                                         Year     Deadweight       Purchase 
Vessel Name               Vessel Type    Built  (in metric tons)  Option(1) 
---------------------- ---------------- ------ ----------------- -----------
Navios Lyra                Handysize     2012        34,718        Yes (2)  
Navios Apollon          Ultra Handymax   2000        52,073           No    
Navios Primavera        Ultra Handymax   2007        53,464          Yes    
Navios Armonia          Ultra Handymax   2008        55,100           No    
Navios Oriana           Ultra Handymax   2012        61,442          Yes    
Navios Libra II             Panamax      1995        70,136           No    
Navios Altair               Panamax      2006        83,001           No    
Navios Esperanza            Panamax      2007        75,356           No    
Navios Marco Polo           Panamax      2011        80,647          Yes    
Navios Southern Star        Panamax      2013        82,224          Yes    
Golden Heiwa                Panamax      2007        76,662           No    
Beaufiks                   Capesize      2004       180,310          Yes    
Rubena N                   Capesize      2006       203,233           No    
SC Lotta                   Capesize      2009       169,056           No    
King Ore                   Capesize      2010       176,800           No    
Navios Koyo                Capesize      2011       181,415          Yes    
Navios Obeliks             Capesize      2012       181,415          Yes    
                                                                            
                                                                            
                                                                            
Navios Asia Fleet to be Delivered (3)       
                                            
        Vessels         Vessel Type   Built 
---------------------- ------------- -------
Navios TBN                Panamax      2007 
Navios TBN                Panamax      2007 
Navios TBN                Panamax      2007 
Navios TBN                Panamax      2007 
Navios TBN                Panamax      2006 
Navios TBN                Panamax      2006 
Total DWT of 464,173                        
                                            
                                            
Owned Fleet to be Delivered                 
                                            
        Vessels         Vessel Type   Built 
---------------------- ------------- -------
Navios Galileo            Panamax      2006 
Navios Northern Star      Panamax      2005 
Navios Amitie             Panamax      2005 
Navios Taurus             Panamax      2005 
Total DWT of 303,982                        
                                            
                                            
                                            
Long-term Chartered-in Fleet to be Delivered                                
                                                                            
                                   Delivery   Purchase       Deadweight     
     Vessels        Vessel Type      Date      Option     (in metric tons)  
---------------- ---------------- ---------- ---------- --------------------
Navios Mercury    Ultra Handymax    09/2013      Yes           61,000       
Navios Venus      Ultra Handymax    02/2015      Yes           61,000       
Navios Felix         Capesize       04/2016      Yes           180,000      
                                                                            
(1) Generally, Navios Holdings may exercise its purchase option after three 
    to five years of service.                                               
(2) Navios Holdings holds the initial 50% purchase option on the vessel.    
(3) 51% ownership of Navios Holdings.                                       

  
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com