Navios Maritime Holdings Inc.

Navios Holdings said Q2 2023 revenue was not stated on the call, but net income was $15.5 million and EBITDA was $42.3 million versus $41.6 million in Q2 2022. For the first half of 2023, EBITDA was $82.8 million versus $74.9 million in the first half of 2022, and net income was about $30 million versus $590,000. Navios Logistics reported Q2 2023 adjusted EBITDA of $32.5 million, adjusted profit of $6.1 million, and six-month revenue of $146.6 million, up 15%, with adjusted EBITDA up 6% to $59.1 million and adjusted profit up $1.7 million to $7.7 million. Balance-sheet cash was about $69 million at the Navios Holdings level after the fleet sale, including $45.9 million of cash and cash equivalents at Navios Logistics, and management said there are no significant debt maturities until 2025.

Angeliki Frangou framed the quarter around Navios Holdings’ two core assets: its stake in Navios Partners and majority ownership in Navios South American Logistics. She struck an optimistic tone on the Hidrovia region, saying global conditions support continued growth driven by raw materials for green technology, mineral commodities, and changing grain trade patterns. Her message was that the company will focus on maximizing returns from existing infrastructure through innovative logistics solutions.

George Achniotis highlighted that Q2 EBITDA of $42.3 million compared with $41.6 million a year ago, and first-half EBITDA increased to $82.8 million from $74.9 million. He also noted the balance sheet now mainly reflects Navios South American Logistics and the investment in Navios Partners, with cash up $69 million from about $79 million at year-end 2022, split between $23 million at Navios Holdings and $46 million at Navios South American Logistics. Enrique Ferrando said Navios Logistics’ Q2 adjusted EBITDA was $32.5 million, helped by a $4.2 million increase in barge EBITDA to $9.5 million, while port EBITDA fell 13% to $21.1 million and cabotage was almost stable at $1.9 million.

There was no real analyst Q&A in the transcript. Management’s main points instead came in prepared remarks: higher mineral exports from Brazil and Paraguay, strong soybean and corn crops, and shifting Argentine soybean demand are supporting barge and port activity. They also said all remaining dry barge convoys are fixed under volume contracts for the year and that 90% of available vessel days are fixed for the second half at an expected $27,143 per day per vessel.