Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Navios South American Logistics Inc. |
Entity Central IndexKey | 0001506042 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | No |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock Shares Outstanding | 20,000 |
Entity Address Country | MH |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 45,605 | $ 76,472 |
Accounts receivable, net | 30,077 | 28,225 |
Due from affiliate companies | 4,043 | 150 |
Note receivable, current portion | 96 | 174 |
Prepaid expenses and other current assets | 5,518 | 17,512 |
Inventories | 6,829 | 4,575 |
Total current assets | 92,168 | 127,108 |
Deposits for vessels, port terminals and other fixed assets | 4,504 | 0 |
Vessels, port terminals and other fixed assets, net | 535,166 | 559,587 |
Intangible assets other than goodwill, net | 54,511 | 57,284 |
Goodwill | 104,096 | 104,096 |
Deferred drydock and special survey costs, net | 11,129 | 11,156 |
Operating lease asset | 8,852 | 0 |
Intercompany receivable loan from parent (related party), net | 68,966 | 0 |
Note receivable, net of current portion | 375 | 428 |
Other long-term assets | 10,391 | 3,644 |
Total noncurrent assets | 797,990 | 736,195 |
Total assets | 890,158 | 863,303 |
Current liabilities | ||
Accounts payable | 13,743 | 17,086 |
Accrued expenses | 20,365 | 16,982 |
Deferred income | 5,015 | 4,763 |
Operating lease liabilities, current portion | 467 | 0 |
Notes payable—current portion | 4,841 | 4,781 |
Current portion of long-term debt | 7,374 | 9,797 |
Total current liabilities | 51,805 | 53,409 |
Senior notes, net | 371,677 | 370,424 |
Notes payable, net of current portion | 17,628 | 22,094 |
Long-term debt, net of current portion | 113,409 | 123,090 |
Income tax payable | 109 | 205 |
Operating lease liabilities, net of current portion | 8,397 | 0 |
Deferred tax liability | 8,133 | 7,177 |
Other long-term liabilities | 724 | 767 |
Total noncurrent liabilities | 520,077 | 523,757 |
Total liabilities | 571,882 | 577,166 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock—$1.00 par value: 50,000,000 authorized shares; 20,000 shares issued and outstanding in 2019 and 2018 | 20 | 20 |
Additional paid-in capital | 233,441 | 233,441 |
Retained earnings | 84,815 | 52,676 |
Total stockholders’ equity | 318,276 | 286,137 |
Total liabilities and stockholders’ equity | $ 890,158 | $ 863,303 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Common Stock Par value | $ 1 | $ 1 |
Common Stock Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock Shares Issued | 20,000 | 20,000 |
Common Stock Shares Outstanding | 20,000 | 20,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Time charter, voyage and port terminal revenues | $ 218,887 | $ 175,126 | $ 180,044 |
Sales of products | 9,384 | 32,508 | 32,572 |
Time charter, voyage and port terminal expenses | (43,090) | (31,949) | (33,617) |
Direct vessel expenses | (48,725) | (48,962) | (62,554) |
Cost of products sold | (9,077) | (31,289) | (30,717) |
Depreciation of vessels, port terminals and other fixed assets | (26,662) | (26,583) | (23,322) |
Amortization of intangible assets | (2,773) | (2,724) | (3,543) |
Amortization of deferred drydock and special survey costs | (5,166) | (7,204) | (7,928) |
General and administrative expenses | (17,393) | (15,064) | (16,665) |
Provision for losses on accounts receivable | (341) | (75) | (569) |
Taxes other than income taxes | (7,745) | (7,056) | (9,018) |
Interest expense and finance cost | (40,531) | (39,669) | (28,347) |
Interest income | 4,579 | 517 | 238 |
Gain on sale of assets | 0 | 28 | 1,064 |
Foreign exchange differences, net | (1,596) | (1,355) | (726) |
Other income, net | 3,621 | 9,237 | 2,725 |
Income/(Loss) before income taxes | 33,372 | 5,486 | (363) |
Income tax (expense)/benefit | (1,233) | 1,376 | 3,468 |
Net income | $ 32,139 | $ 6,862 | $ 3,105 |
Earnings per share, basic and diluted | $ 1.61 | $ 0.34 | $ 0.16 |
Weighted average number of shares, basic and diluted | 20,000 | 20,000 | 20,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Net income | $ 32,139 | $ 6,862 | $ 3,105 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of vessels, port terminals and other fixed assets | 26,662 | 26,583 | 23,322 |
Amortization of deferred drydock and special survey costs | 5,166 | 7,204 | 7,928 |
Income tax expense/(benefit) | 1,233 | (1,376) | (3,468) |
Amortization of deferred financing costs | 2,552 | 2,362 | 1,275 |
Amortization of intangible assets | 2,773 | 2,724 | 3,543 |
Accretion of Notes payable-receivable / unwinding of discount | (122) | (12) | (25) |
Gain on sale of assets | 0 | (28) | (1,064) |
Amortization of operating lease asset | 412 | 0 | 0 |
Deferred interest income amortization | (171) | 0 | 0 |
Mark-to-market debt security investment | (908) | 0 | 0 |
Gain on debt security investment disposal | (176) | 0 | 0 |
Provision for losses on accounts receivable | 341 | 75 | 569 |
(Increase)/decrease in accounts receivable | (2,193) | (2,574) | 6,684 |
Decrease/(increase) in prepaid expenses and other current assets | 13,193 | (11,329) | 3,609 |
(Increase)/decrease in inventories | (2,254) | 3,682 | (442) |
(Increase)/decrease in other long term assets | (6,747) | (2,875) | 1,166 |
Payments for drydock and special survey costs | (5,139) | (1,948) | (3,687) |
Income tax payable (decrease)/increase | (96) | (261) | 30 |
Decrease in operating lease liability | (400) | 0 | 0 |
Decrease in accounts payable | (3,343) | (5,590) | (9,164) |
(Decrease)/increase in due to/ due from affiliate companies, net | (3,893) | (415) | 211 |
Increase/(decrease) in accrued expenses | 3,106 | (581) | 2,156 |
Increase/(decrease) in deferred income | 252 | (977) | 1,223 |
Decrease in other long term liabilities | (43) | (368) | 0 |
Net cash provided by operating activities | 62,344 | 21,158 | 36,971 |
INVESTING ACTIVITIES: | |||
Acquisition of vessels, port terminals and other fixed assets, | (3,439) | (7,307) | (9,932) |
Deposits for vessels, port terminals and other fixed assets | (4,504) | (12,572) | (36,589) |
Loan to parent Company, net of deferred interest income (related party) | (68,795) | 0 | 0 |
Investments in debt securities (related party) | (17,642) | 0 | 0 |
Disposal of debt securities (related party) | 18,726 | 0 | 0 |
Proceeds from Notes Receivable | 150 | 233 | 200 |
Net cash used in investing activities | (75,504) | (19,646) | (46,321) |
FINANCING ACTIVITIES: | |||
Proceeds from Term Loan B Facility, net of deferred finance costs and discount | 0 | 0 | 95,487 |
Proceeds from Notes Payable | 0 | 0 | 709 |
Proceeds from long term debt, net of deferred finance costs | 0 | 6,919 | 13,893 |
Repayment of long-term debt and payment of principal | (13,403) | (7,607) | (2,519) |
Repayment of Notes Payable | (4,304) | (4,240) | (4,040) |
Payments of obligations under capital leases | 0 | 0 | (12,374) |
Dividends paid | 0 | 0 | (70,000) |
Net cash (used in)/provided by financing activities | (17,707) | (4,928) | 21,156 |
Net (decrease)/increase in cash and cash equivalents | (30,867) | (3,416) | 11,806 |
Cash and cash equivalents and restricted cash, beginning of year | 76,472 | 79,888 | 68,082 |
Cash and cash equivalents and restricted cash, end of year | 45,605 | 76,472 | 79,888 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of capitalized interest | 38,009 | 36,999 | 25,863 |
Non-cash investing and financing activities: | |||
Revaluation of vessels due to termination/restructuring of capital lease obligation | 0 | 0 | 5,243 |
Transfers from deposits for vessels, port terminals and other fixed assets | 0 | 49,421 | 137,357 |
Acquisition of vessels port terminals and other fixed assets, net | 0 | (512) | (843) |
Deposits for vessels, port terminals and other fixed assets | 0 | 0 | (726) |
Transfers to other long term-assets | $ 0 | $ (26) | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Total Navios Logistics' Stockholders' Equity |
Balance, value at Dec. 31, 2016 | $ 346,170 | $ 20 | $ 303,441 | $ 42,709 | $ 346,170 |
Balance, units at Dec. 31, 2016 | 20,000 | ||||
Net income | 3,105 | 3,105 | 3,105 | ||
Dividends | (70,000) | (70,000) | (70,000) | ||
Balance, value at Dec. 31, 2017 | 279,275 | $ 20 | 233,441 | 45,814 | 279,275 |
Balance, units at Dec. 31, 2017 | 20,000 | ||||
Net income | 6,862 | 6,862 | 6,862 | ||
Balance, value at Dec. 31, 2018 | 286,137 | $ 20 | 233,441 | 52,676 | 286,137 |
Balance, units at Dec. 31, 2018 | 20,000 | ||||
Net income | 32,139 | 32,139 | 32,139 | ||
Balance, value at Dec. 31, 2019 | $ 318,276 | $ 20 | $ 233,441 | $ 84,815 | $ 318,276 |
Balance, units at Dec. 31, 2019 | 20,000 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
DESCRIPTION OF BUSINESS[Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1: DESCRIPTION OF BUSINESS Navios South American Logistics Inc. (“Navios Logistics” or 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 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 December 31, 2019, Navios Maritime Holdings Inc. (“Navios Holdings”) owned 63.8% of Navios Logistics’ stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Basis of Presentation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Navios Logistics and its subsidiaries, both majority and wholly-owned. All significant intercompany balances and transactions between these entities have been eliminated in the consolidated statements. The Company also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. The primary beneficiary of a variable interest entity (“VIE”) is the variable interest holder (e.g., a contractual counterparty or capital provider) deemed to have the controlling financial interest in the VIE and therefore must consolidate it. The primary beneficiary is not necessarily the party with the majority or even any of the voting interests in an entity. Rather, the primary beneficiary is the reporting entity that has both of the following characteristics: a) the power to direct the activities that most significantly impact the VIE’s economic performance; and b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. A VIE is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Based on internal forecasts and projections, management believes that the company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. Subsidiaries Included in the Consolidation: 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. Company Name Country of Incorporation Nature Percentage of Ownership Statement of income 2019 2018 2017 Corporacion Navios S.A. Uruguay Port-Facility Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Energias Renovables del Sur S.A. Uruguay Land Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Nauticler S.A. Uruguay Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Compania Naviera Horamar S.A. Argentina Vessel-Operating Management Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Compania de Transporte Fluvial International S.A. Uruguay Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Ponte Rio S.A. Uruguay Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Tankers Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Navigation Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Shipping Ltd. Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS South Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Petrovia Internacional S.A. Uruguay Land-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Mercopar S.A. Paraguay Operating/Barge-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Petrolera San Antonio S.A. Paraguay Port Facility-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Stability Oceanways S.A. Panama Barge and Pushboat-Owning Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Hidronave South American Logistics S.A. Brazil Pushboat-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Horamar do Brasil Navegação Ltda Brazil Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Navarra Shipping Corporation Marshall Is. Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Pelayo Shipping Corporation Marshall Is. Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Navios Logistics Finance (US) Inc. Delaware Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Varena Maritime Services S.A. Panama Barge and Pushboat-Owning Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Honey Bunkering S.A. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Naviera Alto Parana S.A. Paraguay Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Edolmix S.A. Uruguay Port-Terminal Rights Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Cartisur S.A. Uruguay Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 NP Trading S.A. British Virgin Islands Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Ruswe International S.A. Uruguay Barge-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Delta Naval Trade S.A. Panama Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Terra Norte Group S.A. Paraguay Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Corporacion Navios Granos S.A. (1) Uruguay Port-Facility Owning Company 100% 1/1-12/31 11/30-12/31 — Docas Fluvial do Porto Murtinho S.A. (1) Brazil Land Owning Company 95% 1/1-12/31 11/12-12/31 — Siriande S.A. (2) Uruguay Non-Operating Company 100% 9/16-12/31 — — (1) These companies were acquired during the year ended December 31, 2018. (2) This company was acquired during the year ended December 31, 2019. (c) Use of Estimates: The preparation of consolidated financial statements in conformity with the accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets to support impairment tests, impairment test for goodwill, provisions necessary for losses on accounts receivable and demurrages, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. (d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held with banks, and other short-term liquid investments with original maturities of three months or less. (e) Restricted Cash: The Company historically presented changes in restricted cash and cash equivalents depending on the nature of the cash flow within the consolidated statement of cash flows. During the first quarter of 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that restricted cash and cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The Company applied this guidance retrospectively to all prior periods presented in the Company’s financial statements. Restricted cash balance was zero for all periods presented. (f) Accounts Receivable, Net: The amount shown as accounts receivable, net, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. (g) Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on the accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are expected to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. Claims receivable mainly represent claims against ports’ and vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. (h) Inventories: Inventories, which primarily consist of petroleum products and other inventories such as lubricants and stock provisions on board of the owned vessels and pushboats at period end, are valued at the lower of cost or market as determined on the first-in, first-out basis. (i) Barges, Pushboats and Other Vessels: Barges, pushboats and other vessels acquired as part of a business combination are recorded at fair value on the date of acquisition and if acquired as an asset acquisition are recorded at cost (including transaction costs). All other barges, pushboats and other vessels acquired are stated at cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the assets. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of the sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. We also capitalize interest on long-term construction projects. Expenditures for routine maintenance and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the useful life of the assets, after considering the estimated residual value. Management estimates the useful life of the Company’s vessels to be between 15 and 45 years from the asset’s original construction or acquisition. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. (j) Port Terminals and Other Fixed Assets, net: Port terminals and other fixed assets acquired as part of a business combination are recorded at fair value on the date of acquisition. All other port terminals and other fixed assets are stated at cost and are depreciated utilizing the straight-line method at rates equivalent to their average estimated economic useful lives. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. Useful lives of the assets are: Dry port terminal 5 to 49 years Oil storage, plant and port facilities for liquid cargoes 5 to 20 years Other fixed assets 5 to 10 years (k) Deposits for Vessels, Port terminals and Other Fixed Assets: Deposits for vessels, port terminals and other fixed assets represent amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the condition necessary (including possible relocation) for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2019, 2018 and 2017 amounted to nil, $971 and $4,764, respectively. (l) Impairment of Long-Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Logistics are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with accounting for long-lived assets, management determines projected undiscounted cash flows for each asset group and compares it to its carrying amount. In the event that projected undiscounted cash flows for an asset group is less than its carrying amount, then management reviews fair values and compares them to the asset’s carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset’s carrying amount to its fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows. For all the periods presented, the management of Navios Logistics after considering various indicators, including but not limited to its long-lived assets’ contracted revenues and cash flows over their remaining useful life and the economic outlook, concluded that no impairment analysis should be performed on the long-lived assets. Although management believes the underlying indicators supporting this conclusion are reasonable, if charter rate trends and the length of the current market downturn occur, management may be required to perform impairment analysis that could expose Navios Logistics to material charges in the future. No impairment loss was recognized for any of the periods presented. (m) Deferred Drydock and Special Survey Costs: The Company’s vessels, pushboats and barges are subject to regularly scheduled drydocking and special surveys that are carried out every five years for oceangoing vessels and up to every six to eight years for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained under certain conditions. The costs of drydocking and special survey are deferred and amortized over the above mentioned periods or to the next drydocking or special survey date if such has been determined. Unamortized drydocking or special survey costs of vessels, pushboats and barges sold are charged against income in the year the vessel, pushboat or barge is sold. Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, spare parts, paints, lubricants and fuel, labour and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2019, 2018 and 2017, the amortization expense was $5,166, $7,204 and $7,928, respectively and the payments for drydocking and special survey were $5,139, $1,948 and $3,687, respectively. Accumulated amortization as of December 31, 2019 and 2018 amounted to $46,462 and $41,296, respectively. (n) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization expense for each of the years ended December 31, 2019, 2018 and 2017 was $2,552, $2,362 and $1,275, respectively. (o) Goodwill and Other Intangibles: (i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually. The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on discounted cash flow analysis. The Company believes that the discounted cash flow analysis is the best indicator of fair value for its individual reporting units. If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step to determine the implied fair value of the reporting unit’s goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, using judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions, port terminal and direct vessel expenses growth assumptions. The future cash flows from operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of each segment, including utilization rates and actual storage capacity. A weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data regarding risk free rates, risk premiums and systematic risk and on the Company’s cost of equity and debt and its capital structure. No impairment loss was recognized for any of the periods presented. (ii) Intangibles Other Than Goodwill: Navios Logistics’ intangible assets consist of customer relationships, trade name (was fully amortized as of December 31, 2019) and port terminal operating rights. Intangible assets resulting from acquisitions accounted for using the purchase method of accounting and are recorded at fair value as estimated based on market information, the “relief from royalty” method or discounted cash flows. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm’s length transaction in order to use that trade name. Other intangibles that are being amortized, such as the port terminal operating rights and customer relationships, would be considered impaired if their fair market value could not be recovered from the future undiscounted cash flows associated with the asset. The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires us to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of our vessels and our weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on our financial position and results of operations. No impairment loss was recognized for any of the periods presented. Amortizable intangible assets are amortized under the straight-line method according to the following weighted average amortization periods: Intangible Assets/Liabilities Years Trade name 10 Port terminal operating rights 47 Customer relationships 20 (p) Foreign Currency Translation: The Company’s and its subsidiaries’ functional currency and reporting currency is the U.S. dollar. Therefore, the financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact part of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reals and Paraguayan guaranies. However, all of the subsidiaries’ primary cash flows are U.S. dollar-denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the consolidated statement of operations. The foreign currency exchange losses recognized in the consolidated statements of income for each of the years ended December 31, 2019, 2018 and 2017 were $1,596, $1,355 and $726, respectively. (q) Provisions for Contingencies Losses: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, provides for a contingent loss in the financial statements if the contingency loss is probable at the date of the financial statements and the amount of the loss can be reasonably estimated. If the Company has determined that the reasonable estimate of the probable loss is a range and there is no best estimate within the range, the Company accrues the lower amount of the range. For probable losses accrued any reasonably possible loss in excess of amounts accrued are disclosed. See Note 15, “Commitments and Contingencies” for further discussion. (r) Segment Reporting: Operating segments, as defined, are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company has three reportable segments: Port Terminal Business, Cabotage Business and Barge Business. See Note 22 for details. (s) Revenue and Expense Recognition: On January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers (ASC 606). The guidance provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. 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. The Company’s contract revenues from time chartering are governed by ASC 842 “Leases”. Upon adoption of ASC 606, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from previous practice. The Company recognizes lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. As a result of the adoption of these standards, there was no effect on the Company’s opening retained earnings, consolidated balance sheets and consolidated statements of income. Revenue is recorded when (i) services are rendered, (ii) the Company has signed a charter agreement or other evidence of an arrangement, (iii) the price is fixed or determinable and (iv) collection is reasonably assured. The Company generates revenue from contracts of affreightment/voyage contracts, time charters, bareboat charters, demurrages and contracts covering dry or liquid port terminal operations. Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges is 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. Since the adoption of Account Standard Codification (“ASC”) 606, “Revenue from Contracts with Customers”, 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. The adoption of this standard had no material effect on the Company’s opening retained earnings, consolidated balance sheets and consolidated statements of income. 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. Revenues from dry port terminals 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 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 the 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 load the trucks. Revenues from sales of products are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations are recognized ratably over the storage period and ends when the product is loaded onto the trucks. Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 COA/Voyage revenues $49,488 $35,623 $42,455 Time chartering revenues 76,680 72,689 84,063 Dry port terminal revenues 80,180 58,552 43,984 Storage fees (dry port) revenues 3,452 882 1,974 Dockage revenues 4,310 3,136 4,497 Sale of products revenues 9,384 32,508 32,572 Liquid port terminal revenues 4,032 3,739 2,841 Other dry port terminal revenue 745 505 2 30 Total $228,271 $207,634 $212, 616 Time Charter, Voyage and Port Terminal Expenses: Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Direct Vessel Expenses: Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, victualing costs, dockage expenses, insurance, stores and lubricants and miscellaneous expe |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3: CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: December 31, 2019 December 31, 2018 Cash on hand and at banks $45,405 $73,972 Short-term deposits 200 2,500 Total cash and cash equivalents $45,605 $76,472 Short-term deposits are comprised of deposits with banks with original maturities of less than 90 days. 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 Logistics does maintain cash deposits and equivalents in excess of government-provided insurance limits. Navios Logistics also seeks to reduce its exposure to credit risk by dealing with a diversified group of major financial institutions. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS RECEIVABLE, NET [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 4: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, 2019 December 31, 2018 Accounts receivable $32,566 $31,081 Less: Provision for losses on accounts receivables (2,489) (2,856) Accounts receivable, net $30,077 $28,225 Changes to the provision for accounts receivables are summarized as follows: Provision for Losses on Accounts Receivables Balance at Beginning of Year Charges to Expenses Amount Utilized Balance at End of Year Year ended December 31, 2017 $(2,212) $(569) $— $(2,781) Year ended December 31, 2018 $(2,781) $(75) $— $(2,856) Year ended December 31, 2019 $(2,856) $(341) $708 $(2,489) See Note 2(t) for a discussion of credit risk. For the year ended December 31, 2019, one customer accounted for 36.2% of the Company’s revenue. For the year ended December 31, 2018, three customers accounted for 32.0%, 10.8% and 10.2%, respectively, of the Company’s revenue, one of which is the same as the one customer accounted for in 2019. For the year ended December 31, 2017, three customers accounted 20.3%, 13.7% and 12.7% of the Company’s revenue, two of which were the same as the ones accounted for in 2018. For the three years, the most significant customer is common. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 5: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, 2019 December 31, 2018 VAT and other tax credits 1,012 1,421 Insurance claims receivable, net (1) 109 11,761 Deferred insurance premiums 2,117 2,604 Advances to suppliers 621 494 Other 1,659 1,232 Total prepaid expenses and other current assets $5,518 $17,512 (1)As of December 31, 2018, includes $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. See Note 2(g) for insurance claims receivable. |
Vessels, Port Terminals and Oth
Vessels, Port Terminals and Other Fixed Assets, net | 12 Months Ended |
Dec. 31, 2019 | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS [Abstract] | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET | NOTE 6: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Vessels, port terminals and other fixed assets, net consist of the following: Tanker Vessels, Barges and Pushboats Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $475,380 $(150,040) $325,340 Additions 5,531 (17,603) (12,072) Disposals (3,585) 3,585 — Revaluation of vessels due to termination of capital lease obligation (5,243) — (5,243) Balance December 31, 2017 $472,083 $(164,058) $308,025 Additions 3,581 (18,528) (14,947) Transfers from oil storage plant and port facilities for liquid cargoes 629 — 629 Transfers from deposits for vessels, port terminal and other fixed assets, net 49,421 — 49,421 Balance December 31, 2018 $525,714 $(182,586) $343,128 Additions 2,403 (19,038) (16,635) Write-down (2,064) 866 (1,198) Balance December 31, 2019 $526,053 $(200,758) $325,295 Dry Port Terminals Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $80,103 $(15,823) $64,280 Additions 4,362 (4,826) (464) Transfers from deposits for vessels, port terminals and other fixed assets 137,357 — 137,357 Balance December 31, 2017 $221,822 $(20,649) $201,173 Additions 2,530 (6,806) (4,276) Disposals (156) 137 (19) Transfers to other long term-assets (26) — (26) Balance December 31, 2018 $224,170 $(27,318) $196,852 Additions 602 (6,866) (6,264) Balance December 31, 2019 $224,772 $(34,184) $190,588 Oil Storage Plant and Port Facilities for Liquid Cargoes Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $29,121 $(11,568) $17,553 Additions 698 (411) 287 Balance December 31, 2017 $29,819 $(11,979) $17,840 Additions — (478) (478) Transfers to tanker vessels, barges and pushboats (629) — (629) Balance December 31, 2018 $29,190 $(12,457) $16,733 Additions — (320) (320) Balance December 31, 2019 $29,190 $(12,777) $16,413 Other Fixed Assets Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $5,613 $(3,297) $2,316 Additions 184 (482) (298) Disposals (75) 28 (47) Balance December 31, 2017 $5,722 $(3,751) $1,971 Additions 1,708 (771) 937 Write-off (34) — (34) Balance December 31, 2018 $7,396 $(4,522) $2,874 Additions 434 (438) (4) Balance December 31, 2019 $7,830 $(4,960) $2,870 Total Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $590,217 $(180,728) $409,489 Additions 10,775 (23,322) (12,547) Disposals (3,660) 3,613 (47) Transfers from deposits for vessels, port terminals and other fixed assets 137,357 — 137,357 Revaluation of vessels due to termination of capital lease obligation (5,243) — (5,243) Balance December 31, 2017 $729,446 $(200,437) $529,009 Additions 7,819 (26,583) (18,764) Disposals (156) 137 (19) Transfers from deposits for vessels, port terminals and other fixed assets 49,421 — 49,421 Transfers to other long term-assets (26) — (26) Write-off (34) — (34) Balance December 31, 2018 $786,470 $(226,883) $559,587 Additions 3,439 (26,662) (23,223) Write-down (2,064) 866 (1,198) Balance December 31, 2019 $787,845 $(252,679) $535,166 Certain assets of the Company have been pledged as collateral for loan facilities. As of December 31, 2019 and 2018, the net book value of such assets was $79,502 and $109,456, respectively. See also Note 10. On November 12, 2018, Navios Logistics acquired approximately 3.5 hectares of undeveloped land located in Port Murtinho region, Brazil. Navios Logistics plans to develop this land for its port operations , for a total cost of $1,155. In February 2017, two self-propelled barges of the Company’s 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. Future minimum collections of Note receivable as of December 31, 2019, are as follows: Collections Due by Period December 31, 2019 December 31, 2020 $114 December 31, 2021 203 December 31, 2022 40 December 31, 2023 169 Total future minimum note receivable collections 526 Less: amount representing interest (55) Present value of future minimum Note receivable collections (1) $471 (1)Reflected in the balance sheet as Note receivable current and non-current. Deposits for vessels, port terminals and other fixed assets On November 21, 2019, Navios Logistics entered into a shipbuilding contract, for the construction of six liquid barges for a total consideration of $15,800. Pursuant to this agreement, the Company has secured the availability of credit for up to 75% of the purchase price, and up to a five year repayment period starting from the delivery of each vessel. The barges are expected to be delivered starting from the third quarter of 2020 through the fourth quarter of 2020. As of December 31, 2019, Navios Logistics had paid $4,046 for the construction of these barges . As of December 31, 2019, Navios Logistics had paid $458 for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil. |
Intangible Assets Other Than Go
Intangible Assets Other Than Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | NOTE 7: INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible assets as of December 31, 2019 and 2018 consist of the following: December 31, 2019 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2019 Port terminal operating rights 53,152 (12,837) 40,315 Customer relationships 36,120 (21,924) 14,196 Total intangible assets $89,272 $(34,761) $54,511 December 31, 2018 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2018 Port terminal operating rights 53,152 (11,838) 41,314 Customer relationships 36,120 (20,150) 15,970 Total intangible assets $89,272 $(31,988) $57,284 Amortization expense for each of the years ended December 31, 2019, 2018 and 2017, amounted to $2,773, $2,724 and $3,543, respectively. The aggregate amortization of acquired intangibles will be as follows: Description Within One Year Year Two Year Three Year Four Year Five Thereafter Total Port terminal operating rights 995 995 995 995 995 35,340 40,315 Customer relationships 1,775 1,775 1,775 1,775 1,775 5,321 14,196 Total $2,770 $2,770 $2,770 $2,770 $2,770 $40,661 $54,511 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2019 | |
OTHER LONG-TERM ASSETS [Abstract] | |
OTHER LONG-TERM ASSETS | NOTE 8: OTHER LONG-TERM ASSETS Other long-term assets as of December 31, 2019 and 2018 consist of the following: December 31, 2019 December 31, 2018 Prepaid expenses (1) 9,321 1,713 Fuel delivery — 687 Deposits in guarantee to the Free Zone 195 — Other 875 1,244 Total other long-term assets $10,391 $3,644 Includes $9,307 related to deferred financing cost. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 9: ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable as of December 31, 2019 and 2018 consist of the following: December 31, 2019 December 31, 2018 Trade payable $12,858 $15,470 Rent payable 336 183 Professional fees payable 549 1,433 Total accounts payable $13,743 $17,086 Accrued expenses as of December 31, 2019 and 2018 consist of the following: December 31, 2019 December 31, 2018 Accrued salaries $6,548 $4,746 Taxes 7,887 6,094 Accrued fees 215 266 Accrued bond coupon 4,531 4,531 Accrued interest 1,143 1,305 Other 41 40 Total accrued expenses $20,365 $16,982 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
BORROWINGS [Abstract] | |
BORROWINGS | NOTE 10: BORROWINGS Borrowings consist of the following: December 31, 2019 December 31, 2018 Senior Notes $375,000 $375,000 Term Loan B Facility $98,000 $99,000 Notes Payable $22,469 $26,875 BBVA loan $14,275 $19,300 Term Bank loan $10,500 $11,900 Credit agreement for a river and estuary tanker $— $5,909 Loan for Nazira $115 $184 Total borrowings 520,359 538,168 Less: current portion (12,215) (14,578) Less: deferred financing costs, net (5,430) (7,982) Total long-term borrowings $502,714 $515,608 2022 Senior Notes On April 22, 2014, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Co-Issuers”) issued $375,000 in aggregate principal amount of Senior Notes due on May 1, 2022 (the “2022 Senior Notes”), at a fixed rate of 7.25%. The 2022 Senior Notes are unregistered and are fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics’ direct and indirect subsidiaries except for Horamar do Brasil Navegação Ltda (“Horamar do Brasil”), Naviera Alto Parana S.A. (“Naviera Alto Parana”) and Terra Norte Group S.A. (“Terra Norte”), which are deemed to be immaterial, and Logistics Finance, which is the co-issuer of the 2022 Senior Notes. 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 in connection with a sale or other disposition of all or substantially all of the assets of the subsidiary, in connection with the sale of a majority of the capital stock of the subsidiary, if the subsidiary is designated as an “unrestricted subsidiary” in accordance with the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Senior Notes. The Co-Issuers have the option to redeem the 2022 Senior Notes in whole or in part, at their option, at any time on or after May 1, 2019, at a fixed price of 101.813%, which price declines ratably until it reaches par in May 2020. Upon the occurrence of certain change of control events, the holders of the 2022 Senior Notes will have the right to require the Co-Issuers to repurchase some or all of the 2022 Senior Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. As of December 31, 2019 and December 31, 2018, deferred financing costs associated with the 2022 Senior Notes amounted to $3,323 and $4,576, respectively. Interest expense associated with the senior notes amounted to $27,188, $27,188 and $27,188 for the years ended December 31, 2019, 2018 and 2017, respectively. The indenture governing the 2022 Senior Notes contains 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 transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Notes includes customary events of default. In addition, there are no significant restrictions on (i) the ability of the issuer (or co-issuer) or any guarantor subsidiaries of the 2022 Senior Notes to obtain funds by dividend or loan from any of their subsidiaries or (ii) the ability of any subsidiaries to transfer funds to the issuer (or co-issuer) or any guarantor subsidiaries. Term Loan B Facility On November 3, 2017, Navios Logistics and Logistics Finance, as co-borrowers, completed the issuance of a $100,000 Term Loan B Facility (the “Term Loan B Facility”). The Term Loan B Facility bears an interest rate of LIBOR plus 475 basis points and has a four-year term with 1.0% amortization per annum. The Term Loan B Facility is fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics’ direct and indirect subsidiaries except for Horamar do Brasil, Naviera Alto Parana and Terra Norte, which are deemed to be immaterial, and Logistics Finance, which is the co-borrower of the Term Loan B Facility. The subsidiary guarantees are “full and unconditional,” except that the credit agreement governing the Term Loan B Facility provides for an individual subsidiary’s guarantee to be automatically released in certain circumstances. The Term Loan B Facility is secured by first priority mortgages on four tanker vessels servicing Navios Logistics cabotage business (on August 28, 2019, one tanker vessel was added as collateral in substitution of two tanker vessels), as well as by assignments of the revenues arising from certain time charter contracts, and an iron ore port contract. The Term Loan B Facility contains restrictive covenants including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan B Facility also provides for customary events of default, including change of control. As of December 31, 2019, a balance of $98,000 was outstanding under the Term Loan B Facility. As of December 31, 2019 and December 31, 2018, unamortized deferred financing costs associated with the Term Loan B Facility amounted to $2,056 and $3,188, respectively. Interest expense associated with the Term Loan B Facility amounted to $7,150, $7,171 and $1,006 for the year ended December 31, 2019, 2018 and 2017, respectively. Notes Payable In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, the Company entered into an unsecured export financing line of credit for a total amount of $41,964, including all related fixed financing costs of $5,949, available in multiple drawings upon the completion of certain milestones (“Drawdown Events”). The Company incurs the obligation for the respective amount drawn by signing promissory notes (“Notes Payable”). Each drawdown is repayable in 16 consecutive semi-annual installments, starting six months after the completion of each Drawdown Event. Together with each Note Payable, the Company shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A. As of December 31, 2019, the Company had drawn the total available amount and the outstanding balance of Notes Payable was $22,469. Interest expense associated with the Notes Payable amounted to $1,591, $1,775 and $1,013 for the year ended December 31, 2019, December 31, 2018 and December 31, 2017, respectively. Other Indebtedness On December 15, 2016, the Company entered into a $25,000 facility with Banco Bilbao Vizcaya Argentaria Uruguay S.A. (“BBVA”), for general corporate purposes. The loan bears interest at a rate of LIBOR (180 days) plus 325 basis points. The loan is repayable in twenty quarterly installments, the first payment of which was due on June 19, 2017, and secured by assignments of certain receivables. As of December 31, 2019, the outstanding amount of the loan was $14,275. On May 18, 2017, the Company entered into a $14,000 term loan facility (the “Term Bank Loan”) in order to finance the acquisition of two product tankers. The Term Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and is repayable in twenty quarterly installments with a final balloon payment of $7,000 on the last repayment date. As of December 31, 2019, the outstanding amount of the Term Bank Loan was $10,500. As of December 31, 2019 and December 31, 2018, unamortized deferred financing costs associated with the Term Bank Loan amounted to $51 and $73, respectively. On August 17, 2018, the Company entered into a $6,781 (€6,200) credit agreement in order to finance the 50% of the purchase price of a river and estuary tanker. The credit agreement bears interest at a fixed rate of 675 basis points and is repayable in 24 monthly installments with the final repayment in August 17, 2020. On August 26, 2019, the Company prepaid the total outstanding balance of the credit agreement for a river and estuary tanker, which was $3,472 (€3,100). In connection with the acquisition of Hidronave S.A. on October 29, 2009, the Company assumed a $817 loan facility that was entered into by Hidronave S.A. in 2001, in order to finance the construction of the pushboat Nazira. As of December 31, 2019, the outstanding loan balance was $115. The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. In connection with the loan and other long term liabilities, the Company is subject to certain covenants, commitments, limitations and restrictions. The Company was in compliance with all the covenants as of December 31, 2019. The annual weighted average interest rates of the Company’s total borrowings were 7.12%, 7.04% and 6.13% for the year ended December 31, 2019, 2018 and 2017, respectively. The maturity table below reflects future payments of the long-term debt outstanding as of December 31, 2019, for the next five years and thereafter. Year Amount in thousands of U.S. dollars 2020 $13,360 2021 110,257 2022 389,205 2023 5,012 2024 2,443 2025 and thereafter 82 Total $520,359 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 11: 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 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 their fair value, excluding the effect of any deferred finance costs. The 2022 Senior Notes and the loan for the acquisition of Hidronave S.A. are fixed rate borrowings and their fair value was determined based on quoted market prices. Note receivable: The carrying amount of the Note receivable approximates its fair value. Notes Payable: The Notes Payable are floating rate obligations and their carrying amounts approximate their fair value as indicated in the table below. The estimated fair values of the Company’s financial instruments are as follows: December 31, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $45,605 $45,605 $76,472 $76,472 Note receivable, including current portion $471 $471 $602 $602 Senior notes $(371,677) $(368,306) $(370,424) $(343,373) Term Loan B Facility $(95,944) $(97,510) $(95,812) $(98,505) Notes payable, including current portion $(22,469) $(22,469) $(26,875) $(26,875) Long-term debt, including current portion $(24,839) $(24,839) $(37,075) $(37,075) 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 December 31, 2019 Total Level I Level II Level III Cash and cash equivalents $45,605 $45,605 $— $— Note receivable, including current portion $471 $471 $— $— Senior Notes $(368,306) $(368,306) $— $— Term Loan B Facility $(97,510) $— $(97,510) $— Notes payable, including current portion (1) $(22,469) $— $(22,469) $— Long-term debt (1) $(24,839) $— $(24,839) $— Fair Value Measurements at December 31, 2018 Total Level I Level II Level III Cash and cash equivalents $76,472 $76,472 $— $— Note receivable, including current portion $602 $602 $— $— Senior Notes $(343,373) $(343,373) $— $— Term Loan B Facility $(98,505) $— $(98,505) $— Notes payable, including current portion (1) $(26,875) $— $(26,875) $— Long-term debt (1) $(37,075) $— $(37,075) $— 1) The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account our creditworthiness. |
Time Charter, Voyage and Port T
Time Charter, Voyage and Port Terminal Expenses | 12 Months Ended |
Dec. 31, 2019 | |
TIME CHARTER, VOYAGE AND PORT TERMINAL EXPENSES [Abstract] | |
TIME CHARTER, VOYAGE AND PORT TERMINAL EXPENSES | NOTE 12: TIME CHARTER, VOYAGE AND PORT TERMINAL EXPENSES Time charter, voyage and port terminal expenses for the years ended December 31, 2019, 2018 and 2017 were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Fuel $14,103 $11,150 $10,471 Time charter 3,865 114 1,564 Ports payroll and related costs 8,880 8,302 7,971 Ports repairs and maintenance 2,011 1,059 1,044 Ports rent 1,770 1,059 1,104 Ports insurances 1,708 1,534 1,017 Docking expenses 2,423 2,436 3,272 Maritime and regulatory fees 802 615 578 Towing expenses 3,526 2,177 2,597 Other expenses 4,002 3,503 3,999 Total $43,090 $31,949 $33,617 |
Direct Vessel Expenses
Direct Vessel Expenses | 12 Months Ended |
Dec. 31, 2019 | |
DIRECT VESSEL EXPENSES [Abstract] | |
DIRECT VESSEL EXPENSES | NOTE 13: DIRECT VESSEL EXPENSES Direct vessel expenses for the year ended December 31, 2019, 2018 and 2017 were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Payroll and related costs $27,837 $30,138 $41,231 Insurances 3,931 3,831 3,534 Repairs and maintenance 6,100 6,638 7,952 Lubricants 686 631 736 Victualing 1,223 1,242 1,739 Travel expenses 2,557 2,013 3,343 Stores 2,167 1,825 2,062 Other expenses 4,224 2,644 1,957 Total $48,725 $48,962 $62,554 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2019 | |
GENERAL AND ADMINISTRATIVE EXPENSES [Abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | NOTE 14: GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses at December 31, 2019, 2018 and 2017 were as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Payroll and related costs $8,180 $5,423 $7,030 Professional fees 4,125 4,677 3,998 Other expenses 5,088 4,964 5,637 Total $17,393 $15,064 $16,665 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 15: COMMITMENTS AND CONTINGENCIES 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, 2020. On July 22, 2016, the Company guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by the Company) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively. The Company is subject to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability. While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs, individually or in aggregate of such actions will have a material effect on the Company’s consolidated financial position, results of operations or cash flows. On August 16, 2018, there was a fire incident at the iron ore port terminal in Nueva Palmira, Uruguay for which the Company maintains property and loss of earnings insurance coverage for such types of events (subject to applicable deductibles and other customary limitations). As of September 12, 2019, the full amount has been collected in relation to this claim. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 16: INCOME TAXES As indicated in Note 2(v), the Company is a Marshall Islands corporation. However, the Company is subject to tax in Argentina, Brazil and Paraguay, jurisdictions where certain of its subsidiaries operate. The Company’s operations in Panama and Uruguay are not taxed. The corporate income tax rate in Argentina, Brazil and Paraguay is 30%, 34% and 10%, respectively for the year ended December 31, 2019. As a result of the tax reforms voted by the Argentinean Parliament in December 2017 and December 2019, the corporate income tax rate has decreased from 35% in 2017 to 30% for the period from 2018 to 2021. The components of income before income taxes in consolidated statements of income for the years ended December 31, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Argentina $(530) $(5,219) $(6,496) Paraguay 1,786 454 (1,306) Uruguay 59,270 37,113 36,931 Panama (23,652) (20,262) (26,701) Marshall Islands (3,597) (6,984) (2,894) Others 95 384 103 Total income/(loss) before income taxes and noncontrolling interest $33,372 $5,486 $(363) Income tax (expense)/ benefit is comprised of: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Current $(175) $846 $(194) Deferred (856) 590 3,966 Total Argentina $(1,031) $1,436 $3,772 Current $(102) $(58) $(99) Deferred (100) (2) (205) Total Paraguay $(202) $(60) $(304) Total income tax (expense)/ benefit $(1,233) $1,376 $3,468 A reconciliation between the income tax expense resulting from applying the Marshall Islands, Panamanian or Uruguayan statutory income tax rate and the reported income tax expense has not been presented herein, as it would not provide any additional useful information to the users of these consolidated financial statements, as the Company’s net income is subject to neither Marshall Islands, Panama nor Uruguay tax. A reconciliation between the income tax expense resulting from applying the Brazilian or Paraguayan statutory income tax rate and the reported income tax expense has not been presented herein since these amounts are not material to the Company’s consolidated financial statements. Reconciliation of income tax benefit to taxes calculated based on Argentinean statutory tax rate is as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Loss before income taxes and noncontrolling interest $(530) $(5,219) $(6,496) Statutory tax rate 30% 30% 35% Income before taxes at the statutory tax rate 159 1,566 2,274 Permanent differences (1,190) (130) 1,498 Income tax (expense)/ benefit of the year $(1,031) $1,436 $3,772 The components of deferred income taxes included on the balance sheets were as follows: December 31, 2019 December 31, 2018 Deferred income tax assets: Future deductible differences $142 $923 Tax loss carry-forward — 387 Total deferred income tax assets 142 1,310 Deferred income tax liability: Intangible assets (3,745) (4,013) Property, plant and equipment, net (3,225) (3,264) Other (1,305) (1,210) Total deferred income tax liability (8,275) (8,487) Net deferred income tax liability $(8,133) $(7,177) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
LEASES [Abstract] | |
LEASES | NOTE 17: LEASES On January 1, 2019, the Company adopted ASC 842. ASC 842 revises the accounting for leases. Under the new lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new lease standard will continue to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. The accounting applied by a lessor under the new guidance will be substantially equivalent to current lease accounting guidance. The following are the type of contracts that fall under ASC 842: 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. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected to not separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. As a result of the adoption of these standards, there was no effect on the Company’s opening retained earnings, consolidated balance sheets and consolidated statements of comprehensive (loss)/income. As of December 31, 2019, the future minimum revenue (charter-out rates are presented net of commissions, where applicable, and assume no off-hire days) expected to be earned on non-cancelable time charters, COA’s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in the Company’s ports were as follows: Amount 2020 $129,437 2021 97,544 2022 75,425 2023 69,250 2024 60,200 2025 and thereafter 642,479 Total minimum revenue, net of commissions $1,074,335 Revenues from time charters are not generally received when a vessel is off-hire, including time required for scheduled maintenance of the vessel. Time charter in contracts As of December 31, 2019, the Company has no future commitments, net of any commissions, under chartered-in vessels. Land lease agreements As of December 31, 2019, Navios Logistics had land lease agreements whose remaining lease terms range from 46.2 years to 46.6 years. Office lease agreements As of December 31, 2019, Navios Logistics had office lease agreements whose remaining lease terms range from 0.2 years to 3.8 years. In connection with its adoption of ASC 842, the Company elected the “package of 3” practical expedients permitted under the transition guidance based on which the Company is allowed to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. Additionally, the Company elected the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them as a single lease component for the purposes of the recognition and measurement requirements of ASC 842. Prior to January 1, 2019, the Company recognized lease expense in accordance with then-existing U.S. GAAP (“prior GAAP”). Because both ASC 842 and prior GAAP generally recognize operating lease expense on a straight-line basis over the term of the lease arrangement and the Company only has operating lease arrangements, there were no differences between the timing and amount of lease expense recognized under the two accounting methodologies. December 31, 2019 January 1, 2019 Operating lease assets* Land lease agreements 7,660 7,427 Office lease agreements 1,192 1,619 Total $ 8,852 $ 9,046 December 31, 2019 January 1, 2019 Operating lease liabilities, current portion Land lease agreements (218) 535 Office lease agreements 685 584 Total $ 467 $ 1,119 Operating lease liabilities, net of current portion Land lease agreements 7,878 6,892 Office lease agreements 519 1,035 Total $ 8,397 $ 7,927 At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments in determining the lease classification and measurement of the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no rate implicit in the land lease and the office lease agreements that was readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term. The Company then applied the respective incremental borrowing rates to each lease based on the remaining lease term of the specific lease. The incremental borrowing rate upon adoption was 7.25%. The table below presents the components of the Company’s lease expense for the year ended December 31, 2019 and 2018: Year Ended December 31, 2019 Year Ended December 31, 2018 Lease expense for land lease agreements 552 344 Lease expense for office lease agreements 676 702 Lease expense for chartered-in pushboats and barges 3,865 114 Total $ 5,093 $ 1,160 Lease expenses from land lease and office lease agreements are included in the condensed consolidated statements of income within the captions “Time charter, voyage and port terminal expenses” and “General and administrative expenses”, respectively. Lease expenses from chartered-in pushboats and barges are included in the condensed consolidated statements of income within the captions “Time charter, voyage and port terminal expenses”. The Company entered into new lease liabilities amounting to $218 during the year ended December 31, 2019. The table below provides the total amount of lease payments on an undiscounted basis on our land lease and office lease agreements as of December 31, 2019: Total Land leases Office space December 31 , 2020 556 7 53 1,3 09 December 31 , 2021 556 356 912 December 31 , 2022 556 10 1 657 December 31 , 2023 556 81 6 37 December 31 , 2024 556 — 5 56 December 31 , 2025 and thereafter 23, 002 — 23, 002 Total 25, 782 1, 291 27, 073 Operating lease liabilities including current portion 7,6 60 1, 204 8, 864 Discount based on incremental borrowing rate 18, 1 22 87 18, 209 As of December 31, 2018, the Company’s future minimum commitments under office lease agreements were as follows: Total Land leases Office space December 31, 2019 556 697 1,253 December 31, 2020 556 631 1,187 December 31, 2021 556 297 853 December 31, 2022 556 107 663 December 31, 2023 556 81 637 December 31, 2024 and thereafter 23,561 — 23,561 Total $26,341 $1,813 $28,154 As of December 31, 2019, the weighted average remaining lease terms of our land lease and office lease agreements were 46.3 and 1.9 years, respectively. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 18: TRANSACTIONS WITH RELATED PARTIES At December 31, 2019 and 2018, the amounts due from affiliate companies were as follows: December 31, December 31, 2019 2018 Navios Holdings $ 72,315 $ 150 Navios Shipmanagement Inc. 694 — Total $ 73 , 0 09 $ 150 Amounts due from affiliate companies do not accrue interest and do not have a specific due date for their settlement. The Navios Holdings Loan Agreement: On April 25, 2019, Navios Logistics agreed to lend Navios Holdings up to $50,000 on a secured basis (the “Navios Holdings Loan Agreement”) to be used for general corporate purposes, including the repurchase of Navios Holdings’ 7.375% First Priority Ship Mortgage Notes due 2022 (the “Navios Holdings 2022 Notes”). The secured credit facility is secured by (i) Navios Holdings 2022 Notes purchased with secured credit facility funds and (ii) equity interests in five companies that have entered into certain bareboat contracts. The secured credit facility included an arrangement fee of $500 and bears fixed interest of 12.75% for the first year and 14.75% for the second year. The secured credit facility also includes negative covenants substantially similar to the 2022 Notes and customary events of default. On December 2, 2019, Navios Logistics agreed to increase the secured credit facility by $20,000. Following this amendment, if certain conditions are met, (a) the interest rate on the secured credit facility would decrease to 10.0%, and (b) the maturity of the secured credit facility would be extended to December 2024. As of December 31,2019, $69,295 million was drawn under the secured credit facility. The arrangement fee is amortized in income following the interest method over the life of the credit facility, resulting in $329 deferred income at year-end. During the first and the second quarters of 2019, Navios Logistics purchased $35,500 face value Navios Holdings 2022 Notes from unaffiliated third parties in open market transactions for a total consideration of $17,642 and subsequently sold these securities to Navios Holdings for $18,726, recognizing a gain of $1,084 which is included under “Other income, net” in the income statement. General and administrative expenses: On August 29, 2019 Navios Logistics entered into an assignment agreement with Navios Corporation (“NC”) and Navios Shipmanagement Inc. (“NSM”), whereby the administrative services agreement originally entered into between Navios Logistics and Navios Holdings on April 12, 2011, first assigned to NC on May 28, 2014 and subsequently amended on April 6, 2016 (extending the duration of the agreement until December 2021), was assigned from NC to NSM. Thereafter NSM will continue to provide certain administrative management services to Navios Logistics. NSM will be reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total general and administrative fees charged for the year ended December 31, 2019 amounted to $1,144 ($1,000 in 2018 and $1,000 in 2017). Lodging and travel services: Navios Logistics obtains lodging and travel services from Empresa Hotelera Argentina S.A./(NH Lancaster) and Pit Jet S.A., both owned by members of the Lopez family, including Claudio Pablo Lopez, Navios Logistics’ Chief Executive Officer and Vice Chairman and Carlos Augusto Lopez, Navios Logistics’ Chief Commercial Officer—Shipping Division, each of whom has no controlling interest in those companies. Total charges were $15 for the year ended December 31, 2019 ($34 in 2018 and $51 in 2017) and amounts payable amounted to $1 as of December 31, 2019 and $4 as of December 31, 2018. Shareholders’ Agreement Pursuant to a shareholders’ agreement (the “Shareholders’ Agreement”) entered into in January 2008 in connection with the original combination of the Uruguayan port business and the upriver barge business, Grandall Investments S.A.(“Grandall”) (an entity owned and controlled by Lopez family members, including Claudio Pablo Lopez, our Chief Executive Officer and Vice Chairman) has certain rights as our shareholders, including certain rights of first offer, rights of first refusal, tag along rights, exit options and veto rights. Pursuant to an amendment dated June 17, 2010, when we became subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), the shares of our common stock held by Navios Holdings were to convert into shares of Class B Common Stock, with each share of Class B Common Stock entitling its holder to ten votes per share. Navios Holdings has currently waived such conversion provision. If and when the conversion occurs, it will permit Navios Holdings to control our business even if it does not hold a majority economic interest in our company. Pursuant to an Assignment and Succession agreement dated December 17, 2012, Peers Business Inc., a Panamanian corporation assumed all rights and obligations of Grandall under the Shareholders’ Agreement. On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers granting certain protections to minority shareholders in certain events. Employment Agreements The Company has executed employment agreements with several of its key employees who are noncontrolling shareholders of the Company. These agreements stipulate, among other things, severance and benefit arrangements in the event of termination. In addition, the agreements include confidentiality provisions and covenants not to compete. The employment agreements initially expired in December 31, 2009, but are being renewed automatically for successive one-year periods until either party gives 90 days written notice of its intention to terminate the agreement. Generally, the agreements call for a base salary ranging from $280 to $340 per year, annual bonuses and other incentives, provided certain performance targets are achieved. Under the agreements, the Company accrued compensation totaling $2,900 for the year ended December 31, 2019 ($900 in 2018; $900 in 2017). |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
SHARE CAPITAL [Abstract] | |
SHARE CAPITAL | NOTE 19: SHARE CAPITAL Common shares and shareholders On August 4, 2010, the Company amended its articles of incorporation increasing its authorized share capital to 50,000,000 shares of common stock with a par value of $0.01 per share. As of December 31, 2019 and 2018, the Company has issued 20,000 shares of common stock, with a par value of $1.00. Holders of each share of common stock have one vote for each share held of record on all matters submitted to a vote of shareholders. Dividends on shares of common stock may be declared and paid from funds available to the Company. |
Restrictions on Distribution of
Restrictions on Distribution of Profits | 12 Months Ended |
Dec. 31, 2019 | |
RESTRICTIONS IN DISTRIBUTION OF PROFITS [Abstract] | |
RESTRICTIONS ON DISTRIBUTION OF PROFITS | NOTE 20: RESTRICTIONS ON DISTRIBUTION OF PROFITS Under the laws of the countries in which the Company conducts its operations, the Company is subject to certain restrictions on the distribution of profits. Under the laws of Argentina, Brazil, Paraguay and Uruguay, a minimum of 5% of net income for the year calculated in accordance with local generally accepted accounting principles, plus/less previous years adjustments and, if any, considering the absorption of accumulated losses, must be appropriated by resolution of the shareholders to a legal reserve until such reserve reaches 20% of the outstanding capital of those subsidiaries. The payment of dividends is in the discretion of Navios Logistics’ board of directors. Any determination as to dividend policy will be made by the Company’s board of directors and will depend on a number of factors, including the provisions of Marshall Islands law, our future earnings, capital requirements, financial condition and future prospects and such other factors as the Company’s board of directors may deem relevant. Marshall Islands law generally prohibits the payment of dividends other than from surplus, when a company is insolvent or if the payment of the dividend would render the company insolvent. The Company’s ability to pay dividends is also restricted by the terms of the indenture governing its 2022 Senior Notes and the Term Loan B Facility. See also Note 10 for restrictions on distribution of dividends under the indenture governing the Senior Notes. Because Navios Logistics is a holding company with no material assets other than the stock of its subsidiaries, its ability to pay dividends is dependent upon the earnings and cash flow of its subsidiaries and their ability to pay dividends to Navios Logistics. If there is a substantial decline in any of the markets in which Navios Logistics participates, its earnings will be negatively affected, thereby limiting its ability to pay dividends. On November 3, 2017, Navios Logistics paid a dividend in the aggregate amount of $70,000. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER COMMON SHARE [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 21: EARNINGS PER COMMON SHARE Basic and diluted net earnings per share are computed using the weighted-average number of common shares outstanding. The computations of basic and diluted earnings per share for each of the years ended December 31, 2019, 2018 and 2017, are as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Net income attributable to Navios Logistics’ stockholders $32,139 $6,862 $3,105 Weighted average number of shares, basic and diluted 20,000 20,000 20,000 Net earnings per share from continuing operations: Basic and diluted $1.61 $0.34 $0.16 At December 31, 2019, 2018 and 2017, the Company had no dilutive or potentially dilutive securities, accordingly there is no difference between basic and diluted net earnings per share. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE 22: SEGMENT INFORMATION Current accounting guidance establishes standards for reporting information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial reports issued to shareholders. Operating segments are components of a company of which separate financial information is available that is regularly evaluated by the chief operating decision makers in deciding how to allocate resources and assess performance. Chief operating decision makers use net income to evaluate operating performance of each segment. The guidance also establishes standards for related disclosures about a company’s products and services, geographical areas and major customers. The Company has determined that its reportable segments are those that are based on the Company’s method of internal reporting. Navios Logistics has three reportable segments: Port Terminal Business, Barge Business and Cabotage Business. The Port Terminal Business includes the dry port terminal operations and the liquid port terminal operations. A general description of each segment follows: The Port Terminal Business segment This segment includes the operating results of Navios Logistics’ dry port terminal and liquid port terminal operations. (i) Dry port terminal operations Navios Logistics owns and operates the largest independent bulk transfer and storage port terminal facilities in Uruguay based on throughputs. Its dry port terminal operations are comprised of two port terminals, one for agricultural and forest-related exports and one for mineral-related exports which are located in an international tax-free trade zone in the port of Nueva Palmira, Uruguay, at the convergence of the Parana and Uruguay rivers. (ii) Liquid port terminal operations Navios Logistics owns and operates an up-river port terminal with tank storage for refined petroleum products, oil and gas in San Antonio, Paraguay, approximately 17 miles by river from the capital of Asuncion. Its port terminal is one of the largest independent storage facilities for crude and petroleum products in Paraguay based on storage capacity. The Barge Business segment Navios Logistics services the Argentine, Bolivian, Brazilian, Paraguayan and Uruguayan river transportation markets through its fleet. Navios Logistics operates different types of pushboats and wet and dry barges for delivering a wide range of dry and liquid products between ports in the Parana, Paraguay and Uruguay River systems in South America (the Hidrovia or the “waterway”). Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis. The Cabotage Business segment Navios Logistics owns and operates oceangoing vessels to support the transportation needs of its customers in the South American coastal trade business. Its fleet consists of six oceangoing product tanker vessels, a river and estuary tanker vessel and a bunker vessel. Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis. Inter-segment transactions, if any, are accounted for at current market prices. The following table describes the results of operations of the three segments, the Port Terminal Business segment, the Barge Business segment and the Cabotage Business segment for the years ended December 31, 2019, 2018 and 2017: Port Terminal Business Segment for the Year Ended December 31, 2019 Cabotage Business Segment for the Year Ended December 31, 2019 Barge Business Segment for the Year Ended December 31, 2019 Total Time charter, voyage and port terminal revenues $92,719 $47,510 $78,658 $218,887 Sales of products 9,384 — — 9,384 Time charter, voyage and port terminal expenses (17,648) (2,076) (23,366) (43,090) Direct vessel expenses — (23,982) (24,743) (48,725) Cost of products sold (9,077) — — (9,077) Depreciation of vessels, port terminals and other fixed assets (7,186) (3,489) (15,987) (26,662) Amortization of intangible assets (995) — (1,778) (2,773) Amortization of deferred drydock and special survey costs — (3,033) (2,133) (5,166) General and administrative expenses (5,694) (2,463) (9,236) (17,393) Provision of losses on accounts receivable (198) — (143) (341) Taxes other than income taxes — (3,485) (4,260) (7,745) Interest expense and finance cost, net (17,296) (5,158) (18,077) (40,531) Interest income 1,934 441 2,204 4,579 Foreign exchange differences, net (387) ( 911 ) ( 298 ) (1,596) Other income, net 1,539 104 1,978 3,621 Income/(loss) before income taxes 47,095 3, 458 (17, 181 ) 33,372 Income tax (expense)/ benefit — (1,905) 672 (1,233) Net income/(loss) $47,095 $1, 553 $(16, 509 ) $32,139 Port Terminal Business Segment for the Year Ended December 31, 2018 Cabotage Business Segment for the Year Ended December 31, 2018 Barge Business Segment for the Year Ended December 31, 2018 Total Time charter, voyage and port terminal revenues $66,812 $43,102 $65,212 $175,126 Sales of products 32,508 — — 32,508 Time charter, voyage and port terminal expenses (14,830) (1,565) (15,554) (31,949) Direct vessel expenses — (23,134) (25,828) (48,962) Cost of products sold (31,289) — — (31,289) Depreciation of vessels, port terminals and other fixed assets (7,284) (2,932) (16,367) (26,583) Amortization of intangible assets (950) — (1,774) (2,724) Amortization of deferred drydock and special survey costs — (4,576) (2,628) (7,204) General and administrative expenses (3,837) (2,496) (8,731) (15,064) Provision of losses on accounts receivable — — (75) (75) Taxes other than income taxes — (3,298) (3,758) (7,056) Interest expense and finance cost, net (16,320) (4,928) (18,421) (39,669) Interest income 64 — 453 517 Gain on sale of assets 28 — — 28 Foreign exchange differences, net (377) (583) (395) (1,355) Other income/(expense), net 9,240 704 (707) 9,237 Income/(loss) before income taxes 33,765 294 (28,573) 5,486 Income tax (expense)/ benefit — (910) 2,286 1,376 Net income/(loss) $33,765 $(616) $(26,287) $6,862 Port Terminal Business Segment for the Year Ended December 31, 2017 Cabotage Business Segment for the Year Ended December 31, 2017 Barge Business Segment for the Year Ended December 31, 2017 Total Time charter, voyage and port terminal revenues $53,526 $48,130 $78,388 $180,044 Sales of products 32,572 — — 32,572 Time charter, voyage and port terminal expenses (14,432) (1,866) (17,319) (33,617) Direct vessel expenses — (32,017) (30,537) (62,554) Cost of products sold (30,717) — — (30,717) Depreciation of vessels, port terminals and other fixed assets (5,238) (2,940) (15,144) (23,322) Amortization of intangible assets (729) — (2,814) (3,543) Amortization of deferred drydock and special survey costs — (5,148) (2,780) (7,928) General and administrative expenses (3,778) (1,718) (11,169) (16,665) Provision of losses on accounts receivable — — (569) (569) Taxes other than income taxes — (4,463) (4,555) (9,018) Interest expense and finance cost, net (7,004) (4,784) (16,559) (28,347) Interest income 14 — 224 238 Gain on sale of assets — — 1,064 1,064 Foreign exchange differences, net (406) 144 (464) (726) Other income, net 16 — 2,709 2,725 Income/(loss) before income taxes 23,824 (4,662) (19,525) (363) Income tax (expense)/ benefit — (1,199) 4,667 3,468 Net income/(loss) $23,824 $(5,861) $(14,858) $3,105 For the Barge Business segment and for the Cabotage Business segment, the Company’s vessels operate on a regional basis and are not restricted to specific locations. Accordingly, it is not practicable to allocate the assets of these operations to specific locations. The total net book value of long-lived assets for vessels, including constructions in progress, amounted to $329,341 and $343,128 at December 31, 2019 and 2018, respectively. All the assets related to the Port Terminal Business segment are located in Uruguay and in Paraguay. The total net book value of long-lived assets for the Port Terminal Business segment amounted to $207,001 and $213,585 as of December 31, 2019 and 2018, respectively. In addition, the net book value of intangible assets other than goodwill allocated to the Barge Business segment and to the Cabotage Business segment, collectively, amounted to $14,196 and $15,970 as of December 31, 2019 and 2018, respectively, while the net book value of intangible assets allocated to the Port Terminal segment amounted to $40,315 and $41,314 as of December 31, 2019 and 2018, respectively. Goodwill totaling to $22,142, $40,868 and $41,086 has been allocated to the three segments, the Port Terminal Business, the Barge Business and the Cabotage Business, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 23: SUBSEQUENT EVENTS On February 14, 2020, the Company agreed to a $25,000 loan facility (the “New BBVA Facility”) with BBVA, which can be drawn if certain conditions are met. The new BBVA Facility can be used to repay the existing loan facility with BBVA, which as of December 31, 2019 had an outstanding amount of $14,275, and for general corporate purposes. The new loan will bear interest at a rate of LIBOR (180 days) plus 325 basis points, will be repayable in equal quarterly installments with final maturity in March 31, 2022 and will be secured by assignments of certain receivables. Our board of directors declared a $27,500 dividend, which was paid on February 21, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation: | (a) Basis of Presentation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of Consolidation: | (b) Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Navios Logistics and its subsidiaries, both majority and wholly-owned. All significant intercompany balances and transactions between these entities have been eliminated in the consolidated statements. The Company also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. The primary beneficiary of a variable interest entity (“VIE”) is the variable interest holder (e.g., a contractual counterparty or capital provider) deemed to have the controlling financial interest in the VIE and therefore must consolidate it. The primary beneficiary is not necessarily the party with the majority or even any of the voting interests in an entity. Rather, the primary beneficiary is the reporting entity that has both of the following characteristics: a) the power to direct the activities that most significantly impact the VIE’s economic performance; and b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. A VIE is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Based on internal forecasts and projections, management believes that the company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of these consolidated financial statements. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements. Subsidiaries Included in the Consolidation: 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. Company Name Country of Incorporation Nature Percentage of Ownership Statement of income 2019 2018 2017 Corporacion Navios S.A. Uruguay Port-Facility Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Energias Renovables del Sur S.A. Uruguay Land Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Nauticler S.A. Uruguay Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Compania Naviera Horamar S.A. Argentina Vessel-Operating Management Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Compania de Transporte Fluvial International S.A. Uruguay Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Ponte Rio S.A. Uruguay Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Tankers Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Navigation Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Shipping Ltd. Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS South Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Petrovia Internacional S.A. Uruguay Land-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Mercopar S.A. Paraguay Operating/Barge-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Petrolera San Antonio S.A. Paraguay Port Facility-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Stability Oceanways S.A. Panama Barge and Pushboat-Owning Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Hidronave South American Logistics S.A. Brazil Pushboat-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Horamar do Brasil Navegação Ltda Brazil Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Navarra Shipping Corporation Marshall Is. Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Pelayo Shipping Corporation Marshall Is. Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Navios Logistics Finance (US) Inc. Delaware Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Varena Maritime Services S.A. Panama Barge and Pushboat-Owning Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Honey Bunkering S.A. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Naviera Alto Parana S.A. Paraguay Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Edolmix S.A. Uruguay Port-Terminal Rights Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Cartisur S.A. Uruguay Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 NP Trading S.A. British Virgin Islands Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Ruswe International S.A. Uruguay Barge-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Delta Naval Trade S.A. Panama Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Terra Norte Group S.A. Paraguay Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Corporacion Navios Granos S.A. (1) Uruguay Port-Facility Owning Company 100% 1/1-12/31 11/30-12/31 — Docas Fluvial do Porto Murtinho S.A. (1) Brazil Land Owning Company 95% 1/1-12/31 11/12-12/31 — Siriande S.A. (2) Uruguay Non-Operating Company 100% 9/16-12/31 — — (1) These companies were acquired during the year ended December 31, 2018. (2) This company was acquired during the year ended December 31, 2019. |
Use of Estimates: | (c) Use of Estimates: The preparation of consolidated financial statements in conformity with the accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets to support impairment tests, impairment test for goodwill, provisions necessary for losses on accounts receivable and demurrages, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. |
Cash and Cash Equivalents: | (d) Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held with banks, and other short-term liquid investments with original maturities of three months or less. |
Restricted cash: | (e) Restricted Cash: The Company historically presented changes in restricted cash and cash equivalents depending on the nature of the cash flow within the consolidated statement of cash flows. During the first quarter of 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that restricted cash and cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The Company applied this guidance retrospectively to all prior periods presented in the Company’s financial statements. Restricted cash balance was zero for all periods presented. |
Accounts Receivable, Net: | (f) Accounts Receivable, Net: The amount shown as accounts receivable, net, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. |
Insurance Claims: | (g) Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on the accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are expected to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. Claims receivable mainly represent claims against ports’ and vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. |
Inventories: | (h) Inventories: Inventories, which primarily consist of petroleum products and other inventories such as lubricants and stock provisions on board of the owned vessels and pushboats at period end, are valued at the lower of cost or market as determined on the first-in, first-out basis. |
Barges, Pushboats and Other Vessels: | (i) Barges, Pushboats and Other Vessels: Barges, pushboats and other vessels acquired as part of a business combination are recorded at fair value on the date of acquisition and if acquired as an asset acquisition are recorded at cost (including transaction costs). All other barges, pushboats and other vessels acquired are stated at cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the assets. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of the sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. We also capitalize interest on long-term construction projects. Expenditures for routine maintenance and repairs are expensed as incurred. Depreciation is computed using the straight-line method over the useful life of the assets, after considering the estimated residual value. Management estimates the useful life of the Company’s vessels to be between 15 and 45 years from the asset’s original construction or acquisition. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. |
Port Terminals and Other Fixed Assets, net: | (j) Port Terminals and Other Fixed Assets, net: Port terminals and other fixed assets acquired as part of a business combination are recorded at fair value on the date of acquisition. All other port terminals and other fixed assets are stated at cost and are depreciated utilizing the straight-line method at rates equivalent to their average estimated economic useful lives. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of income. Useful lives of the assets are: Dry port terminal 5 to 49 years Oil storage, plant and port facilities for liquid cargoes 5 to 20 years Other fixed assets 5 to 10 years |
Deposits for Vessels, Port terminals and Other Fixed Assets: | (k) Deposits for Vessels, Port terminals and Other Fixed Assets: Deposits for vessels, port terminals and other fixed assets represent amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the condition necessary (including possible relocation) for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2019, 2018 and 2017 amounted to nil, $971 and $4,764, respectively. |
Impairment of Long-Lived Assets: | (l) Impairment of Long-Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by Navios Logistics are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with accounting for long-lived assets, management determines projected undiscounted cash flows for each asset group and compares it to its carrying amount. In the event that projected undiscounted cash flows for an asset group is less than its carrying amount, then management reviews fair values and compares them to the asset’s carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset’s carrying amount to its fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows. For all the periods presented, the management of Navios Logistics after considering various indicators, including but not limited to its long-lived assets’ contracted revenues and cash flows over their remaining useful life and the economic outlook, concluded that no impairment analysis should be performed on the long-lived assets. Although management believes the underlying indicators supporting this conclusion are reasonable, if charter rate trends and the length of the current market downturn occur, management may be required to perform impairment analysis that could expose Navios Logistics to material charges in the future. No impairment loss was recognized for any of the periods presented. |
Deferred Drydock and Special Survey Costs: | (m) Deferred Drydock and Special Survey Costs: The Company’s vessels, pushboats and barges are subject to regularly scheduled drydocking and special surveys that are carried out every five years for oceangoing vessels and up to every six to eight years for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained under certain conditions. The costs of drydocking and special survey are deferred and amortized over the above mentioned periods or to the next drydocking or special survey date if such has been determined. Unamortized drydocking or special survey costs of vessels, pushboats and barges sold are charged against income in the year the vessel, pushboat or barge is sold. Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, spare parts, paints, lubricants and fuel, labour and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2019, 2018 and 2017, the amortization expense was $5,166, $7,204 and $7,928, respectively and the payments for drydocking and special survey were $5,139, $1,948 and $3,687, respectively. Accumulated amortization as of December 31, 2019 and 2018 amounted to $46,462 and $41,296, respectively. |
Deferred Financing Costs: | (n) Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization expense for each of the years ended December 31, 2019, 2018 and 2017 was $2,552, $2,362 and $1,275, respectively. |
Goodwill and Other Intangibles: | (o) Goodwill and Other Intangibles: (i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually. The Company evaluates impairment of goodwill using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on discounted cash flow analysis. The Company believes that the discounted cash flow analysis is the best indicator of fair value for its individual reporting units. If the fair value of a reporting unit exceeds the carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds the fair value, then the Company must perform the second step to determine the implied fair value of the reporting unit’s goodwill and compare it with its carrying amount. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds the implied fair value, then goodwill impairment is recognized by writing the goodwill down to its implied fair value. The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, using judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions, port terminal and direct vessel expenses growth assumptions. The future cash flows from operations were determined principally by combining revenues from existing contracts and estimated revenues based on the historical performance of each segment, including utilization rates and actual storage capacity. A weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data regarding risk free rates, risk premiums and systematic risk and on the Company’s cost of equity and debt and its capital structure. No impairment loss was recognized for any of the periods presented. (ii) Intangibles Other Than Goodwill: Navios Logistics’ intangible assets consist of customer relationships, trade name (was fully amortized as of December 31, 2019) and port terminal operating rights. Intangible assets resulting from acquisitions accounted for using the purchase method of accounting and are recorded at fair value as estimated based on market information, the “relief from royalty” method or discounted cash flows. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm’s length transaction in order to use that trade name. Other intangibles that are being amortized, such as the port terminal operating rights and customer relationships, would be considered impaired if their fair market value could not be recovered from the future undiscounted cash flows associated with the asset. The fair value of customer relationships was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight line method. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires us to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of our vessels and our weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on our financial position and results of operations. No impairment loss was recognized for any of the periods presented. Amortizable intangible assets are amortized under the straight-line method according to the following weighted average amortization periods: Intangible Assets/Liabilities Years Trade name 10 Port terminal operating rights 47 Customer relationships 20 |
Foreign Currency Translation: | (p) Foreign Currency Translation: The Company’s and its subsidiaries’ functional currency and reporting currency is the U.S. dollar. Therefore, the financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact part of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reals and Paraguayan guaranies. However, all of the subsidiaries’ primary cash flows are U.S. dollar-denominated. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the consolidated statement of operations. The foreign currency exchange losses recognized in the consolidated statements of income for each of the years ended December 31, 2019, 2018 and 2017 were $1,596, $1,355 and $726, respectively. |
Provisions for Contingencies Losses: | (q) Provisions for Contingencies Losses: The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, provides for a contingent loss in the financial statements if the contingency loss is probable at the date of the financial statements and the amount of the loss can be reasonably estimated. If the Company has determined that the reasonable estimate of the probable loss is a range and there is no best estimate within the range, the Company accrues the lower amount of the range. For probable losses accrued any reasonably possible loss in excess of amounts accrued are disclosed. See Note 15, “Commitments and Contingencies” for further discussion. |
Segment Reporting: | (r) Segment Reporting: Operating segments, as defined, are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company has three reportable segments: Port Terminal Business, Cabotage Business and Barge Business. See Note 22 for details. |
Revenue and Expense Recognition: | (s) Revenue and Expense Recognition: On January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from Contracts with Customers (ASC 606). The guidance provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. 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. The Company’s contract revenues from time chartering are governed by ASC 842 “Leases”. Upon adoption of ASC 606, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from previous practice. The Company recognizes lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. As a result of the adoption of these standards, there was no effect on the Company’s opening retained earnings, consolidated balance sheets and consolidated statements of income. Revenue is recorded when (i) services are rendered, (ii) the Company has signed a charter agreement or other evidence of an arrangement, (iii) the price is fixed or determinable and (iv) collection is reasonably assured. The Company generates revenue from contracts of affreightment/voyage contracts, time charters, bareboat charters, demurrages and contracts covering dry or liquid port terminal operations. Revenue from contracts of affreightment (“COA”)/voyage contracts relating to our barges is 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. Since the adoption of Account Standard Codification (“ASC”) 606, “Revenue from Contracts with Customers”, 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. The adoption of this standard had no material effect on the Company’s opening retained earnings, consolidated balance sheets and consolidated statements of income. 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. Revenues from dry port terminals 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 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 the 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 load the trucks. Revenues from sales of products are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations are recognized ratably over the storage period and ends when the product is loaded onto the trucks. Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 COA/Voyage revenues $49,488 $35,623 $42,455 Time chartering revenues 76,680 72,689 84,063 Dry port terminal revenues 80,180 58,552 43,984 Storage fees (dry port) revenues 3,452 882 1,974 Dockage revenues 4,310 3,136 4,497 Sale of products revenues 9,384 32,508 32,572 Liquid port terminal revenues 4,032 3,739 2,841 Other dry port terminal revenue 745 505 2 30 Total $228,271 $207,634 $212, 616 Time Charter, Voyage and Port Terminal Expenses: Time charter and voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Direct Vessel Expenses: Direct vessel expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, victualing costs, dockage expenses, insurance, stores and lubricants and miscellaneous expenses such as communications. |
Financial Instruments: | (t) Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, trade receivables and payables, other receivables, long-term debt and other liabilities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant accounting policy description of each item, or included below as applicable. Financial risk management: The Company’s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, and fuel prices, credit and interest rates risk. Risk management is carried out under policies approved by management. Guidelines are established for overall risk management, as well as specific areas of operations. Credit risk: The Company closely monitors its exposure to customers and counterparties for credit risk. Navios Logistics, through its access to Navios Shipmanagement policies and personnel, has policies designed to limit trading to customers and counterparties with an appropriate credit history. Credit risk with respect to accounts receivable is reduced by the Company by rendering services to established international operators. Management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. Liquidity risk: Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances for its working capital needs. Foreign exchange risk: Foreign currency transactions are translated into the measurement currency rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of operations. |
Earnings per Share: | (u) Earnings per Share: Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the years presented. There are no dilutive or potentially dilutive securities, accordingly there is no difference between basic and diluted net earnings per share. |
Income Taxes: | (v) Income Taxes: The Company is a Marshall Islands corporation. The Company believes that substantially all of its operations are exempt from income taxes in the Marshall Islands. The Company’s subsidiaries are, however, subject to income taxes in some of the countries in which they operate, mainly Argentina, Brazil and Paraguay. The Company’s operations in Uruguay and Panama are exempt from income taxes. As per the tax laws of the countries in which the Company operates that are subject to income taxes, the provisions for income taxes have been computed on a separate return basis (i.e., the Company does not prepare a consolidated income tax return). All income tax payments are made by the subsidiaries as required by the respective tax laws. At any point in time, the Company may have tax audits underway at various stages of completion. The Company evaluates the tax positions and establishes liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained, despite the Company’s belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law, and closing of statute of limitations. Such adjustments are reflected in the tax provision as appropriate. Argentinean companies have open tax years ranging from 2013 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2015 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions. The Company is generally not able to reliably estimate the ultimate settlement amounts until the close of an audit. The Company classifies interest and penalties, related to income taxes in the consolidated statements of income under income taxes. The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences or losses carried forward that will result in deductible amounts in future years. Valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. On December 23, 2019, the Argentine government enacted the Law 27,541 that made changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable for the fiscal years beginning on January 1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 30% was applied on temporary differences, whose reversal is expected to occur in 2020 and 2021, and a rate of 25% on temporary differences remaining thereafter. Due to these changes in the rate of the income tax, the Company has recorded an income tax benefit of $2,837 during the year ended December 31, 2017, and an income tax expense of $208 during the year ended December 31, 2019, within the caption “Income tax (expense)/ benefit” in the consolidated statements of income. Minimum presumed income tax (MPIT): Under the tax laws of Argentina, the Company’s subsidiary in that country is subject to a minimum presumed income tax, or MPIT. This tax is supplementary to income tax. The tax is calculated by applying the effective tax rate of 1% on the tax basis of certain assets. The subsidiaries’ tax liabilities will be the higher of income tax or MPIT. However, if the MPIT exceeds income tax during any fiscal year, such excess may be computed as a prepayment of any income tax excess over the MPIT that may arise in the next ten fiscal years. The Company has recorded as other non-current asset a total amount of $102, which was set-off with taxes payable, as of December 31, 2019 ($162 in 2018) in relation to MPIT which will be prescribed in 2028. Through General Instruction N° 2/2017 of the Administracion Federal de Ingresos Publicos (“AFIP”) in Argentina, the organization has instructed its legal areas to respect the criteria set by the Supreme Court of Justice of the Nation. This criteria states that there is no minimum profit presumed when a company has recorded losses in the accounting balances and losses tax carry forward in the income tax presentation in the fiscal period. As a consequence of this measure, the Argentine subsidiary of the Company has not determined a tax on minimum presumed income (or advances) for the 2018 fiscal year. Following the tax reform voted by the Argentinean Parliament in December 2017 and the subsequent resolution in-force since May 2018, this tax does not apply as of the fiscal year 2019. |
Other Taxes: | (w) Other Taxes: Turnover tax: Under the tax laws of Argentina, the Company’s subsidiary in that country is subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0% for the year ended December 31, 2019 (3.0% for 2018 and 5.0% for 2017). Turnover taxes are recorded as part of taxes other than income tax in the consolidated statements of income and amounted to $1,062 for the year ended December 31, 2019 ($1,343 in 2018 and $2,948 in 2017). |
Dividends: | (x) Dividends: Dividends are recorded in the Company’s consolidated financial statements in the period in which they are declared. On November 3, 2017, the Company paid a dividend in the aggregate amount of $70,000. |
Pension Information: | (y) Pension Information: The Company does not maintain any pension plans. The laws in the different countries in which the Company carries out its operations provide for pension benefits to be paid to retired employees from government pension plans and/or privately-managed pension funds. |
Severance Payments: | (z) Severance Payments: Under certain laws and labor agreements of the countries in which the Company conducts its operations, the Company is required to make minimum severance payments to its dismissed employees without cause and employees leaving its employment in certain other circumstances. Accrual of severance costs is made if they relate to services already rendered, relate to rights that accumulate or vest, are probable of payment and are reasonably estimable. While the Company expects to make severance payments in the future, it is impossible to estimate the number of employees that will be dismissed without proper cause in the future, if any, and accordingly the Company has not recorded such liability. Instead, severance payments are expensed as incurred. |
Leases: | (xx) Leases: On January 1, 2019, the Company adopted the requirements of ASU 2016-02, “Leases,” as amended (“ASC 842” or the “new lease standard”). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption of ASU 2016-02. As required by ASC 842, the Company’s disclosures around its leasing activities have been significantly expanded to enable users of our consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements (See Note 17). |
Recent Accounting Pronouncements: | (aa) Recent 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 Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements. In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-17, Consolidation (Topic 810): “Targeted Improvements to Related Party Guidance for Variable Interest Entities” (“ASU 2018-17”). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For Public business entities the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Since there are no entities included in the Company’s consolidation under the VIE model or required to be assessed for consolidation under the VIE model, the Company believes that this ASU will not have a material impact on its consolidated financial statements. In August 2018, the 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 Company is currently assessing the impact that adopting this new accounting guidance will have on its disclosures to the consolidated financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and earlier adoption is permitted. The Company believes that this ASU will not have a material impact on its consolidated financial statements. In January 2017, FASB issued ASU 2017-04, “Intangibles — Goodwill and Other (Topic 350)”. This update addresses concerns expressed about the cost and complexity of the goodwill impairment test and simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. The amendments in this ASU are required for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendments are effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019. Early adoption is permitted for all entities. The Company believes that this ASU will not have a material impact on its consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions and reasonable and supportable forecasts in order to record credit losses in a more timely manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In November 2018, FASB issued ASU 2018-19 “Codification Improvements to topic 326, Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. In April 2019, FASB issued ASU 2019-04 “Codification Improvements to topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”. In May 2019, FASB issued ASU 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”. The amendments in this update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement-Overall, and 825-10. In December 2019, FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU does not have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Subsidiaries included in the consolidation | Company Name Country of Incorporation Nature Percentage of Ownership Statement of income 2019 2018 2017 Corporacion Navios S.A. Uruguay Port-Facility Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Energias Renovables del Sur S.A. Uruguay Land Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Nauticler S.A. Uruguay Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Compania Naviera Horamar S.A. Argentina Vessel-Operating Management Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Compania de Transporte Fluvial International S.A. Uruguay Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Ponte Rio S.A. Uruguay Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Tankers Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Navigation Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS Shipping Ltd. Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 HS South Inc. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Petrovia Internacional S.A. Uruguay Land-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Mercopar S.A. Paraguay Operating/Barge-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Petrolera San Antonio S.A. Paraguay Port Facility-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Stability Oceanways S.A. Panama Barge and Pushboat-Owning Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Hidronave South American Logistics S.A. Brazil Pushboat-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Horamar do Brasil Navegação Ltda Brazil Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Navarra Shipping Corporation Marshall Is. Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Pelayo Shipping Corporation Marshall Is. Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Navios Logistics Finance (US) Inc. Delaware Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Varena Maritime Services S.A. Panama Barge and Pushboat-Owning Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Honey Bunkering S.A. Panama Tanker-Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Naviera Alto Parana S.A. Paraguay Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Edolmix S.A. Uruguay Port-Terminal Rights Owning Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Cartisur S.A. Uruguay Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 NP Trading S.A. British Virgin Islands Sub-Holding Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Ruswe International S.A. Uruguay Barge-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Delta Naval Trade S.A. Panama Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Terra Norte Group S.A. Paraguay Non-Operating Company 100% 1/1-12/31 1/1-12/31 1/1-12/31 Corporacion Navios Granos S.A. (1) Uruguay Port-Facility Owning Company 100% 1/1-12/31 11/30-12/31 — Docas Fluvial do Porto Murtinho S.A. (1) Brazil Land Owning Company 95% 1/1-12/31 11/12-12/31 — Siriande S.A. (2) Uruguay Non-Operating Company 100% 9/16-12/31 — — (1) These companies were acquired during the year ended December 31, 2018. (2) This company was acquired during the year ended December 31, 2019. |
Useful lives of fixed assets | Dry port terminal 5 to 49 years Oil storage, plant and port facilities for liquid cargoes 5 to 20 years Other fixed assets 5 to 10 years |
Weighted average amortization periods for intangibles | Intangible Assets/Liabilities Years Trade name 10 Port terminal operating rights 47 Customer relationships 20 |
Revenue per category | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 COA/Voyage revenues $49,488 $35,623 $42,455 Time chartering revenues 76,680 72,689 84,063 Dry port terminal revenues 80,180 58,552 43,984 Storage fees (dry port) revenues 3,452 882 1,974 Dockage revenues 4,310 3,136 4,497 Sale of products revenues 9,384 32,508 32,572 Liquid port terminal revenues 4,032 3,739 2,841 Other dry port terminal revenue 745 505 2 30 Total $228,271 $207,634 $212, 616 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
Schedule of cash and cash equivalents | December 31, 2019 December 31, 2018 Cash on hand and at banks $45,405 $73,972 Short-term deposits 200 2,500 Total cash and cash equivalents $45,605 $76,472 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS RECEIVABLE, NET [Abstract] | |
Schedule of accounts receivable | December 31, 2019 December 31, 2018 Accounts receivable $32,566 $31,081 Less: Provision for losses on accounts receivables (2,489) (2,856) Accounts receivable, net $30,077 $28,225 |
Provision for Losses on Accounts Receivable | Provision for Losses on Accounts Receivables Balance at Beginning of Year Charges to Expenses Amount Utilized Balance at End of Year Year ended December 31, 2017 $(2,212) $(569) $— $(2,781) Year ended December 31, 2018 $(2,781) $(75) $— $(2,856) Year ended December 31, 2019 $(2,856) $(341) $708 $(2,489) |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
Schedule of prepaid expenses and other current assets | December 31, 2019 December 31, 2018 VAT and other tax credits 1,012 1,421 Insurance claims receivable, net (1) 109 11,761 Deferred insurance premiums 2,117 2,604 Advances to suppliers 621 494 Other 1,659 1,232 Total prepaid expenses and other current assets $5,518 $17,512 (1)As of December 31, 2018, includes $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. |
Vessels, Port Terminals and O_2
Vessels, Port Terminals and Other Fixed Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS [Abstract] | |
Vessels, port terminal and other fixed assets, net | Tanker Vessels, Barges and Pushboats Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $475,380 $(150,040) $325,340 Additions 5,531 (17,603) (12,072) Disposals (3,585) 3,585 — Revaluation of vessels due to termination of capital lease obligation (5,243) — (5,243) Balance December 31, 2017 $472,083 $(164,058) $308,025 Additions 3,581 (18,528) (14,947) Transfers from oil storage plant and port facilities for liquid cargoes 629 — 629 Transfers from deposits for vessels, port terminal and other fixed assets, net 49,421 — 49,421 Balance December 31, 2018 $525,714 $(182,586) $343,128 Additions 2,403 (19,038) (16,635) Write-down (2,064) 866 (1,198) Balance December 31, 2019 $526,053 $(200,758) $325,295 Dry Port Terminals Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $80,103 $(15,823) $64,280 Additions 4,362 (4,826) (464) Transfers from deposits for vessels, port terminals and other fixed assets 137,357 — 137,357 Balance December 31, 2017 $221,822 $(20,649) $201,173 Additions 2,530 (6,806) (4,276) Disposals (156) 137 (19) Transfers to other long term-assets (26) — (26) Balance December 31, 2018 $224,170 $(27,318) $196,852 Additions 602 (6,866) (6,264) Balance December 31, 2019 $224,772 $(34,184) $190,588 Oil Storage Plant and Port Facilities for Liquid Cargoes Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $29,121 $(11,568) $17,553 Additions 698 (411) 287 Balance December 31, 2017 $29,819 $(11,979) $17,840 Additions — (478) (478) Transfers to tanker vessels, barges and pushboats (629) — (629) Balance December 31, 2018 $29,190 $(12,457) $16,733 Additions — (320) (320) Balance December 31, 2019 $29,190 $(12,777) $16,413 Other Fixed Assets Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $5,613 $(3,297) $2,316 Additions 184 (482) (298) Disposals (75) 28 (47) Balance December 31, 2017 $5,722 $(3,751) $1,971 Additions 1,708 (771) 937 Write-off (34) — (34) Balance December 31, 2018 $7,396 $(4,522) $2,874 Additions 434 (438) (4) Balance December 31, 2019 $7,830 $(4,960) $2,870 Total Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $590,217 $(180,728) $409,489 Additions 10,775 (23,322) (12,547) Disposals (3,660) 3,613 (47) Transfers from deposits for vessels, port terminals and other fixed assets 137,357 — 137,357 Revaluation of vessels due to termination of capital lease obligation (5,243) — (5,243) Balance December 31, 2017 $729,446 $(200,437) $529,009 Additions 7,819 (26,583) (18,764) Disposals (156) 137 (19) Transfers from deposits for vessels, port terminals and other fixed assets 49,421 — 49,421 Transfers to other long term-assets (26) — (26) Write-off (34) — (34) Balance December 31, 2018 $786,470 $(226,883) $559,587 Additions 3,439 (26,662) (23,223) Write-down (2,064) 866 (1,198) Balance December 31, 2019 $787,845 $(252,679) $535,166 |
Future minimum collections of Note receivable | Collections Due by Period December 31, 2019 December 31, 2020 $114 December 31, 2021 203 December 31, 2022 40 December 31, 2023 169 Total future minimum note receivable collections 526 Less: amount representing interest (55) Present value of future minimum Note receivable collections (1) $471 (1)Reflected in the balance sheet as Note receivable current and non-current. |
Intangible Assets Other Than _2
Intangible Assets Other Than Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | |
Schedule of intangible assets | December 31, 2019 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2019 Port terminal operating rights 53,152 (12,837) 40,315 Customer relationships 36,120 (21,924) 14,196 Total intangible assets $89,272 $(34,761) $54,511 December 31, 2018 Acquisition Cost Accumulated Amortization Net Book Value December 31, 2018 Port terminal operating rights 53,152 (11,838) 41,314 Customer relationships 36,120 (20,150) 15,970 Total intangible assets $89,272 $(31,988) $57,284 |
Schedule of aggregate amortization of intangible assets | Description Within One Year Year Two Year Three Year Four Year Five Thereafter Total Port terminal operating rights 995 995 995 995 995 35,340 40,315 Customer relationships 1,775 1,775 1,775 1,775 1,775 5,321 14,196 Total $2,770 $2,770 $2,770 $2,770 $2,770 $40,661 $54,511 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER LONG-TERM ASSETS [Abstract] | |
Schedule of Other Long-term assets | December 31, 2019 December 31, 2018 Prepaid expenses (1) 9,321 1,713 Fuel delivery — 687 Deposits in guarantee to the Free Zone 195 — Other 875 1,244 Total other long-term assets $10,391 $3,644 Includes $9,307 related to deferred financing cost. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES [Abstract] | |
Schedule of accounts payable | December 31, 2019 December 31, 2018 Trade payable $12,858 $15,470 Rent payable 336 183 Professional fees payable 549 1,433 Total accounts payable $13,743 $17,086 |
Schedule of accrued expenses | December 31, 2019 December 31, 2018 Accrued salaries $6,548 $4,746 Taxes 7,887 6,094 Accrued fees 215 266 Accrued bond coupon 4,531 4,531 Accrued interest 1,143 1,305 Other 41 40 Total accrued expenses $20,365 $16,982 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BORROWINGS [Abstract] | |
Loans' outstanding amounts | December 31, 2019 December 31, 2018 Senior Notes $375,000 $375,000 Term Loan B Facility $98,000 $99,000 Notes Payable $22,469 $26,875 BBVA loan $14,275 $19,300 Term Bank loan $10,500 $11,900 Credit agreement for a river and estuary tanker $— $5,909 Loan for Nazira $115 $184 Total borrowings 520,359 538,168 Less: current portion (12,215) (14,578) Less: deferred financing costs, net (5,430) (7,982) Total long-term borrowings $502,714 $515,608 |
Principal payments | Year Amount in thousands of U.S. dollars 2020 $13,360 2021 110,257 2022 389,205 2023 5,012 2024 2,443 2025 and thereafter 82 Total $520,359 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE FAIR VALUE OF DERIVATIVE NET [Abstract] | |
Fair value of financial instruments | December 31, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Cash and cash equivalents $45,605 $45,605 $76,472 $76,472 Note receivable, including current portion $471 $471 $602 $602 Senior notes $(371,677) $(368,306) $(370,424) $(343,373) Term Loan B Facility $(95,944) $(97,510) $(95,812) $(98,505) Notes payable, including current portion $(22,469) $(22,469) $(26,875) $(26,875) Long-term debt, including current portion $(24,839) $(24,839) $(37,075) $(37,075) |
Fair value measurements on a recurring basis | Fair Value Measurements at December 31, 2019 Total Level I Level II Level III Cash and cash equivalents $45,605 $45,605 $— $— Note receivable, including current portion $471 $471 $— $— Senior Notes $(368,306) $(368,306) $— $— Term Loan B Facility $(97,510) $— $(97,510) $— Notes payable, including current portion (1) $(22,469) $— $(22,469) $— Long-term debt (1) $(24,839) $— $(24,839) $— Fair Value Measurements at December 31, 2018 Total Level I Level II Level III Cash and cash equivalents $76,472 $76,472 $— $— Note receivable, including current portion $602 $602 $— $— Senior Notes $(343,373) $(343,373) $— $— Term Loan B Facility $(98,505) $— $(98,505) $— Notes payable, including current portion (1) $(26,875) $— $(26,875) $— Long-term debt (1) $(37,075) $— $(37,075) $— 1) The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account our creditworthiness. |
Time Charter, Voyage and Port_2
Time Charter, Voyage and Port Terminal Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TIME CHARTER, VOYAGE AND PORT TERMINAL EXPENSES [Abstract] | |
Time charter, voyage and port terminal expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Fuel $14,103 $11,150 $10,471 Time charter 3,865 114 1,564 Ports payroll and related costs 8,880 8,302 7,971 Ports repairs and maintenance 2,011 1,059 1,044 Ports rent 1,770 1,059 1,104 Ports insurances 1,708 1,534 1,017 Docking expenses 2,423 2,436 3,272 Maritime and regulatory fees 802 615 578 Towing expenses 3,526 2,177 2,597 Other expenses 4,002 3,503 3,999 Total $43,090 $31,949 $33,617 |
Direct Vessel Expenses (Tables)
Direct Vessel Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DIRECT VESSEL EXPENSES [Abstract] | |
Direct vessel expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Payroll and related costs $27,837 $30,138 $41,231 Insurances 3,931 3,831 3,534 Repairs and maintenance 6,100 6,638 7,952 Lubricants 686 631 736 Victualing 1,223 1,242 1,739 Travel expenses 2,557 2,013 3,343 Stores 2,167 1,825 2,062 Other expenses 4,224 2,644 1,957 Total $48,725 $48,962 $62,554 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
GENERAL AND ADMINISTRATIVE EXPENSES [Abstract] | |
General and administrative expenses | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Payroll and related costs $8,180 $5,423 $7,030 Professional fees 4,125 4,677 3,998 Other expenses 5,088 4,964 5,637 Total $17,393 $15,064 $16,665 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES [Abstract] | |
Schedule of income before income taxes per juristiction | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Argentina $(530) $(5,219) $(6,496) Paraguay 1,786 454 (1,306) Uruguay 59,270 37,113 36,931 Panama (23,652) (20,262) (26,701) Marshall Islands (3,597) (6,984) (2,894) Others 95 384 103 Total income/(loss) before income taxes and noncontrolling interest $33,372 $5,486 $(363) |
Schedule of income tax benefit/(expense) | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Current $(175) $846 $(194) Deferred (856) 590 3,966 Total Argentina $(1,031) $1,436 $3,772 Current $(102) $(58) $(99) Deferred (100) (2) (205) Total Paraguay $(202) $(60) $(304) Total income tax (expense)/ benefit $(1,233) $1,376 $3,468 |
Reconciliation of Income tax benefit to taxes calculated based on Argentinean tax rate | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Loss before income taxes and noncontrolling interest $(530) $(5,219) $(6,496) Statutory tax rate 30% 30% 35% Income before taxes at the statutory tax rate 159 1,566 2,274 Permanent differences (1,190) (130) 1,498 Income tax (expense)/ benefit of the year $(1,031) $1,436 $3,772 |
Components of deferred income taxes | December 31, 2019 December 31, 2018 Deferred income tax assets: Future deductible differences $142 $923 Tax loss carry-forward — 387 Total deferred income tax assets 142 1,310 Deferred income tax liability: Intangible assets (3,745) (4,013) Property, plant and equipment, net (3,225) (3,264) Other (1,305) (1,210) Total deferred income tax liability (8,275) (8,487) Net deferred income tax liability $(8,133) $(7,177) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LEASES [Abstract] | |
Future Minimum Revenues, net of Commissions | Amount 2020 $129,437 2021 97,544 2022 75,425 2023 69,250 2024 60,200 2025 and thereafter 642,479 Total minimum revenue, net of commissions $1,074,335 |
Operating lease assets and liabilities | December 31, 2019 January 1, 2019 Operating lease assets* Land lease agreements 7,660 7,427 Office lease agreements 1,192 1,619 Total $ 8,852 $ 9,046 December 31, 2019 January 1, 2019 Operating lease liabilities, current portion Land lease agreements (218) 535 Office lease agreements 685 584 Total $ 467 $ 1,119 Operating lease liabilities, net of current portion Land lease agreements 7,878 6,892 Office lease agreements 519 1,035 Total $ 8,397 $ 7,927 |
Company's lease expense | Year Ended December 31, 2019 Year Ended December 31, 2018 Lease expense for land lease agreements 552 344 Lease expense for office lease agreements 676 702 Lease expense for chartered-in pushboats and barges 3,865 114 Total $ 5,093 $ 1,160 |
Future Minimum Commitments for Office Space, net of Commissions | Total Land leases Office space December 31 , 2020 556 7 53 1,3 09 December 31 , 2021 556 356 912 December 31 , 2022 556 10 1 657 December 31 , 2023 556 81 6 37 December 31 , 2024 556 — 5 56 December 31 , 2025 and thereafter 23, 002 — 23, 002 Total 25, 782 1, 291 27, 073 Operating lease liabilities including current portion 7,6 60 1, 204 8, 864 Discount based on incremental borrowing rate 18, 1 22 87 18, 209 Total Land leases Office space December 31, 2019 556 697 1,253 December 31, 2020 556 631 1,187 December 31, 2021 556 297 853 December 31, 2022 556 107 663 December 31, 2023 556 81 637 December 31, 2024 and thereafter 23,561 — 23,561 Total $26,341 $1,813 $28,154 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
Amounts due to affiliate companies | December 31, December 31, 2019 2018 Navios Holdings $ 72,315 $ 150 Navios Shipmanagement Inc. 694 — Total $ 73 , 0 09 $ 150 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER COMMON SHARE [Abstract] | |
Earnings per common and diluted shares | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Net income attributable to Navios Logistics’ stockholders $32,139 $6,862 $3,105 Weighted average number of shares, basic and diluted 20,000 20,000 20,000 Net earnings per share from continuing operations: Basic and diluted $1.61 $0.34 $0.16 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEGMENT INFORMATION [Abstract] | |
Segments summarized financial information | Port Terminal Business Segment for the Year Ended December 31, 2019 Cabotage Business Segment for the Year Ended December 31, 2019 Barge Business Segment for the Year Ended December 31, 2019 Total Time charter, voyage and port terminal revenues $92,719 $47,510 $78,658 $218,887 Sales of products 9,384 — — 9,384 Time charter, voyage and port terminal expenses (17,648) (2,076) (23,366) (43,090) Direct vessel expenses — (23,982) (24,743) (48,725) Cost of products sold (9,077) — — (9,077) Depreciation of vessels, port terminals and other fixed assets (7,186) (3,489) (15,987) (26,662) Amortization of intangible assets (995) — (1,778) (2,773) Amortization of deferred drydock and special survey costs — (3,033) (2,133) (5,166) General and administrative expenses (5,694) (2,463) (9,236) (17,393) Provision of losses on accounts receivable (198) — (143) (341) Taxes other than income taxes — (3,485) (4,260) (7,745) Interest expense and finance cost, net (17,296) (5,158) (18,077) (40,531) Interest income 1,934 441 2,204 4,579 Foreign exchange differences, net (387) ( 911 ) ( 298 ) (1,596) Other income, net 1,539 104 1,978 3,621 Income/(loss) before income taxes 47,095 3, 458 (17, 181 ) 33,372 Income tax (expense)/ benefit — (1,905) 672 (1,233) Net income/(loss) $47,095 $1, 553 $(16, 509 ) $32,139 Port Terminal Business Segment for the Year Ended December 31, 2018 Cabotage Business Segment for the Year Ended December 31, 2018 Barge Business Segment for the Year Ended December 31, 2018 Total Time charter, voyage and port terminal revenues $66,812 $43,102 $65,212 $175,126 Sales of products 32,508 — — 32,508 Time charter, voyage and port terminal expenses (14,830) (1,565) (15,554) (31,949) Direct vessel expenses — (23,134) (25,828) (48,962) Cost of products sold (31,289) — — (31,289) Depreciation of vessels, port terminals and other fixed assets (7,284) (2,932) (16,367) (26,583) Amortization of intangible assets (950) — (1,774) (2,724) Amortization of deferred drydock and special survey costs — (4,576) (2,628) (7,204) General and administrative expenses (3,837) (2,496) (8,731) (15,064) Provision of losses on accounts receivable — — (75) (75) Taxes other than income taxes — (3,298) (3,758) (7,056) Interest expense and finance cost, net (16,320) (4,928) (18,421) (39,669) Interest income 64 — 453 517 Gain on sale of assets 28 — — 28 Foreign exchange differences, net (377) (583) (395) (1,355) Other income/(expense), net 9,240 704 (707) 9,237 Income/(loss) before income taxes 33,765 294 (28,573) 5,486 Income tax (expense)/ benefit — (910) 2,286 1,376 Net income/(loss) $33,765 $(616) $(26,287) $6,862 Port Terminal Business Segment for the Year Ended December 31, 2017 Cabotage Business Segment for the Year Ended December 31, 2017 Barge Business Segment for the Year Ended December 31, 2017 Total Time charter, voyage and port terminal revenues $53,526 $48,130 $78,388 $180,044 Sales of products 32,572 — — 32,572 Time charter, voyage and port terminal expenses (14,432) (1,866) (17,319) (33,617) Direct vessel expenses — (32,017) (30,537) (62,554) Cost of products sold (30,717) — — (30,717) Depreciation of vessels, port terminals and other fixed assets (5,238) (2,940) (15,144) (23,322) Amortization of intangible assets (729) — (2,814) (3,543) Amortization of deferred drydock and special survey costs — (5,148) (2,780) (7,928) General and administrative expenses (3,778) (1,718) (11,169) (16,665) Provision of losses on accounts receivable — — (569) (569) Taxes other than income taxes — (4,463) (4,555) (9,018) Interest expense and finance cost, net (7,004) (4,784) (16,559) (28,347) Interest income 14 — 224 238 Gain on sale of assets — — 1,064 1,064 Foreign exchange differences, net (406) 144 (464) (726) Other income, net 16 — 2,709 2,725 Income/(loss) before income taxes 23,824 (4,662) (19,525) (363) Income tax (expense)/ benefit — (1,199) 4,667 3,468 Net income/(loss) $23,824 $(5,861) $(14,858) $3,105 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Entity Incorporation Date Of Incorporation | Dec. 17, 2007 |
Navios Maritime Holdings Inc. | |
Minority Interest Ownership Percentage By Parent | 63.80% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Subsidiaries in Consolidation (Table) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Corporacion Navios S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Port-Facility Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Energias Renovables del Sur S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Land Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Nauticler S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Sub-Holding Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Compania Naviera Horamar S.A. | ||
Entity Information | ||
Country of Incorporation | Argentina | |
Nature | Vessel-Operating Management Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Compania de Transporte Fluvial International S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Sub-Holding Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Ponte Rio S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
HS Tankers Inc. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
HS Navigation Inc. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
HS Shipping Ltd. Inc. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
HS South Inc. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Petrovia Internacional S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Land-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Mercopar S.A. | ||
Entity Information | ||
Country of Incorporation | Paraguay | |
Nature | Operating/Barge-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Petrolera San Antonio S.A. | ||
Entity Information | ||
Country of Incorporation | Paraguay | |
Nature | Port Facility-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Stability Oceanways S.A. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Barge and Pushboat-Owning Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Hidronave South American Logistics S.A. | ||
Entity Information | ||
Country of Incorporation | Brazil | |
Nature | Pushboat-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Horamar do Brazil Navegacao Ltda | ||
Entity Information | ||
Country of Incorporation | Brazil | |
Nature | Non-Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Navarra Shipping Corporation | ||
Entity Information | ||
Country of Incorporation | Marshall Is. | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Pelayo Shipping Corporation | ||
Entity Information | ||
Country of Incorporation | Marshall Is. | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Navios Logistics Finance (US) Inc. | ||
Entity Information | ||
Country of Incorporation | Delaware | |
Nature | Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Varena Maritime Services S.A. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Barge and Pushboat-Owning Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Honey Bunkering S.A. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Tanker-Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Naviera Alto Parana S.A. | ||
Entity Information | ||
Country of Incorporation | Paraguay | |
Nature | Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Edolmix S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Port-Terminal Rights Owning Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Cartisur S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Non-Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
NP Trading S.A. | ||
Entity Information | ||
Country of Incorporation | British Virgin Islands | |
Nature | Sub-Holding Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Ruswe International S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Barge-Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Delta Naval Trade S.A. | ||
Entity Information | ||
Country of Incorporation | Panama | |
Nature | Non-Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/32 | |
2017 | 7/21-12/31 | |
Terra Norte Group S.A. | ||
Entity Information | ||
Country of Incorporation | Paraguay | |
Nature | Non-Operating Company | |
Percentage of Ownership | 100.00% | |
Statement of operations | ||
2019 | 1/1-12/31 | |
2018 | 1/1-12/31 | |
2017 | 1/1-12/31 | |
Corporacion Navios Granos S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Port-Facility Owning Company | [1] |
Percentage of Ownership | 100.00% | [1] |
Statement of operations | ||
2019 | 1/1-12/31 | [1] |
2018 | 11/30-12/31 | |
Docas Fluvial do Porto Murtinho S.A. | ||
Entity Information | ||
Country of Incorporation | Brazil | |
Nature | Land Owning Company | [1] |
Percentage of Ownership | 95.00% | [1] |
Statement of operations | ||
2019 | 1/1-12/31 | [1] |
2018 | 11/12-12/31 | |
Siriande S.A. | ||
Entity Information | ||
Country of Incorporation | Uruguay | |
Nature | Non-Operating Company | [2] |
Percentage of Ownership | 100.00% | [2] |
Statement of operations | ||
2019 | 9/16-12/31 | [2] |
[1] | These companies were acquired during the year ended December 31, 2018. | |
[2] | This company was acquired during the year ended December 31, 2019. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives of Assets (Table) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Dry port terminal | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Dry port terminal | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 49 years |
Oil storage, plant and port facilities for liquid cargoes | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Oil storage, plant and port facilities for liquid cargoes | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Other fixed assets | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Other fixed assets | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Amortization Period of Intangible Assets/Liabilities (Table) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Trade name | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 10 years |
Port terminal operating rights | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 47 years |
Customer relationships | |
Finite Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 20 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 218,887 | $ 175,126 | $ 180,044 |
Sale of products revenues | 9,384 | 32,508 | 32,572 |
Total | 228,271 | 207,634 | 212,616 |
COA/Voyage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 49,488 | 35,623 | 42,455 |
Time chartering revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 76,680 | 72,689 | 84,063 |
Dry port terminal revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 80,180 | 58,552 | 43,984 |
Storage fees (dry port) revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,452 | 882 | 1,974 |
Dockage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,310 | 3,136 | 4,497 |
Liquid port terminal revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,032 | 3,739 | 2,841 |
Other dry port terminal revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 745 | $ 505 | $ 230 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | ||||
Nov. 03, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||||
Capitalized interest costs | $ 0 | $ 971 | $ 4,764 | |||
Amortization of deferred drydock and special survey costs | 5,166 | 7,204 | 7,928 | |||
Accumulated amortization of deferred drydock and special survey costs | 46,462 | 41,296 | ||||
Amortization of deferred financing costs | 2,552 | 2,362 | 1,275 | |||
Foreign currency exchange gains/(losses) recognized | (1,596) | (1,355) | (726) | |||
Other non-current asset | 10,391 | 3,644 | ||||
Turnover taxes | 7,745 | 7,056 | 9,018 | |||
Dividends paid | $ 70,000 | 0 | 0 | 70,000 | ||
Income tax (expense)/ benefit | (1,233) | 1,376 | 3,468 | |||
Payments for drydock and special survey costs | 5,139 | 1,948 | 3,687 | |||
Tax reform | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Income tax (expense)/ benefit | (208) | 2,837 | ||||
Argentina | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Turnover taxes | $ 1,062 | $ 1,343 | $ 2,948 | |||
Statutory tax rate | 30.00% | 30.00% | 35.00% | |||
Income tax (expense)/ benefit | $ (1,031) | $ 1,436 | $ 3,772 | |||
Argentina | Tax reform | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Average tax rates used to calculate the turnover tax | 2.00% | 3.00% | 5.00% | |||
Statutory tax rate | 25.00% | 25.00% | 30.00% | 30.00% | 35.00% | |
Minimum presumed income tax | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Effective tax rate used to calculate the minimum presumed income tax (MPIT) | 1.00% | |||||
Other non-current asset | $ 102 | $ 162 | ||||
Drydocking and special survey costs for Ocean-going Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Interval between vessel drydocking special survey (in years) | 5 | |||||
Drydocking and special survey costs for Pushboats and Barges | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Interval between vessel drydocking special survey (in years) | 6 | |||||
Drydocking and special survey costs for Pushboats and Barges | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Interval between vessel drydocking special survey (in years) | 8 | |||||
Port Terminals and Other Fixed Assets | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment depreciation method | straight-line method | |||||
Barges, Pushboats and Other Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property plant and equipment depreciation method | straight-line method | |||||
Barges, Pushboats and Other Vessels | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful life | 15 years | |||||
Barges, Pushboats and Other Vessels | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful life | 45 years |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Equivalents At Carrying Value [Abstract] | ||
Cash on hand and at banks | $ 45,405 | $ 73,972 |
Short-term deposits | 200 | 2,500 |
Total cash and cash equivalents | $ 45,605 | $ 76,472 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ACCOUNTS RECEIVABLE, NET [Abstract] | ||||
Accounts receivable | $ 32,566 | $ 31,081 | ||
Less: Provision for losses on accounts receivables | (2,489) | (2,856) | $ (2,781) | $ (2,212) |
Accounts receivable, net | $ 30,077 | $ 28,225 |
Accounts Receivable, Net - Prov
Accounts Receivable, Net - Provision for Losses on Accounts Receivables (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ACCOUNTS RECEIVABLE NET CURRENT [Abstract] | |||
Balance at Beginning of Year | $ (2,856) | $ (2,781) | $ (2,212) |
Charges to Expenses | (341) | (75) | (569) |
Amount Utilized | 708 | 0 | 0 |
Balance at End of Year | $ (2,489) | $ (2,856) | $ (2,781) |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer 1 | |||
Entity Wide Revenue Major Customer | |||
Revenue percentage | 36.20% | 32.00% | 20.30% |
Customer 2 | |||
Entity Wide Revenue Major Customer | |||
Revenue percentage | 0.00% | 10.80% | 13.70% |
Customer 3 | |||
Entity Wide Revenue Major Customer | |||
Revenue percentage | 0.00% | 10.20% | 12.70% |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | ||
VAT and other tax credits | $ 1,012 | $ 1,421 |
Insurance claims receivable, net | 109 | 11,761 |
Deferred insurance premiums | 2,117 | 2,604 |
Advances to suppliers | 621 | 494 |
Other | 1,659 | 1,232 |
Total prepaid expenses and other current assets | $ 5,518 | $ 17,512 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses and Other Current Assets | ||
Insurance claims receivable, net | $ 109 | $ 11,761 |
Uruguay | ||
Prepaid Expenses and Other Current Assets | ||
Insurance claims receivable, net | $ 11,571 |
Vessels, Port Terminals and O_3
Vessels, Port Terminals and Other Fixed Assets, net - Balance Sheet Analysis (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Vessels, port terminals and other fixed assets, net | |||
Balance | $ 559,587 | ||
Additions | 3,439 | ||
Additions | (26,662) | $ (26,583) | $ (23,322) |
Transfers from deposits for vessels, port terminals and other fixed assets | 0 | 49,421 | 137,357 |
Transfers to other long term-assets | 0 | (26) | 0 |
Revaluation of vessels due to termination of capital lease obligation | 0 | 0 | (5,243) |
Write-down/ Write-off | (2,064) | ||
Write-down/ Write-off | 866 | ||
Balance | 535,166 | 559,587 | |
Cost | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 786,470 | 729,446 | 590,217 |
Additions | 3,439 | 7,819 | 10,775 |
Disposals | (156) | (3,660) | |
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | 137,357 | |
Transfers to other long term-assets | (26) | ||
Revaluation of vessels due to termination of capital lease obligation | (5,243) | ||
Write-down/ Write-off | (2,064) | (34) | |
Balance | 787,845 | 786,470 | 729,446 |
Accumulated Depreciation | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | (226,883) | (200,437) | (180,728) |
Additions | (26,662) | (26,583) | (23,322) |
Disposals | 137 | 3,613 | |
Write-down/ Write-off | 866 | ||
Balance | (252,679) | (226,883) | (200,437) |
Net Book Value | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 559,587 | 529,009 | 409,489 |
Additions | (23,223) | (18,764) | (12,547) |
Disposals | (19) | (47) | |
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | 137,357 | |
Transfers to other long term-assets | (26) | ||
Revaluation of vessels due to termination of capital lease obligation | (5,243) | ||
Write-down/ Write-off | (1,198) | (34) | |
Balance | 535,166 | 559,587 | 529,009 |
Tanker Vessels, Barges and Pushboats | Cost | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 525,714 | 472,083 | 475,380 |
Additions | 2,403 | 3,581 | 5,531 |
Disposals | (3,585) | ||
Transfers from oil storage plant and port facilities for liquid cargoes | 629 | ||
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | ||
Revaluation of vessels due to termination of capital lease obligation | (5,243) | ||
Write-down/ Write-off | (2,064) | ||
Balance | 526,053 | 525,714 | 472,083 |
Tanker Vessels, Barges and Pushboats | Accumulated Depreciation | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | (182,586) | (164,058) | (150,040) |
Additions | (19,038) | (18,528) | (17,603) |
Disposals | 3,585 | ||
Write-down/ Write-off | 866 | ||
Balance | (200,758) | (182,586) | (164,058) |
Tanker Vessels, Barges and Pushboats | Net Book Value | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 343,128 | 308,025 | 325,340 |
Additions | (16,635) | (14,947) | (12,072) |
Transfers from oil storage plant and port facilities for liquid cargoes | 629 | ||
Transfers from deposits for vessels, port terminals and other fixed assets | 49,421 | ||
Revaluation of vessels due to termination of capital lease obligation | (5,243) | ||
Write-down/ Write-off | (1,198) | ||
Balance | 325,295 | 343,128 | 308,025 |
Dry Port Terminals | Cost | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 224,170 | 221,822 | 80,103 |
Additions | 602 | 2,530 | 4,362 |
Disposals | (156) | ||
Transfers from deposits for vessels, port terminals and other fixed assets | 137,357 | ||
Transfers to other long term-assets | (26) | ||
Balance | 224,772 | 224,170 | 221,822 |
Dry Port Terminals | Accumulated Depreciation | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | (27,318) | (20,649) | (15,823) |
Additions | (6,866) | (6,806) | (4,826) |
Disposals | 137 | ||
Balance | (34,184) | (27,318) | (20,649) |
Dry Port Terminals | Net Book Value | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 196,852 | 201,173 | 64,280 |
Additions | (6,264) | (4,276) | (464) |
Disposals | (19) | ||
Transfers from deposits for vessels, port terminals and other fixed assets | 137,357 | ||
Transfers to other long term-assets | (26) | ||
Balance | 190,588 | 196,852 | 201,173 |
Oil Storage Plant and Port Facilities for Liquid Cargoes | Cost | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 29,190 | 29,819 | 29,121 |
Additions | 698 | ||
Transfers to tanker vessels, barges and pushboats | (629) | ||
Balance | 29,190 | 29,190 | 29,819 |
Oil Storage Plant and Port Facilities for Liquid Cargoes | Accumulated Depreciation | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | (12,457) | (11,979) | (11,568) |
Additions | (320) | (478) | (411) |
Balance | (12,777) | (12,457) | (11,979) |
Oil Storage Plant and Port Facilities for Liquid Cargoes | Net Book Value | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 16,733 | 17,840 | 17,553 |
Additions | (320) | (478) | 287 |
Transfers to tanker vessels, barges and pushboats | (629) | ||
Balance | 16,413 | 16,733 | 17,840 |
Other Fixed Assets | Cost | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 7,396 | 5,722 | 5,613 |
Additions | 434 | 1,708 | 184 |
Disposals | (75) | ||
Write-down/ Write-off | (34) | ||
Balance | 7,830 | 7,396 | 5,722 |
Other Fixed Assets | Accumulated Depreciation | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | (4,522) | (3,751) | (3,297) |
Additions | (438) | (771) | (482) |
Disposals | 28 | ||
Balance | (4,960) | (4,522) | (3,751) |
Other Fixed Assets | Net Book Value | |||
Vessels, port terminals and other fixed assets, net | |||
Balance | 2,874 | 1,971 | 2,316 |
Additions | (4) | 937 | (298) |
Disposals | (47) | ||
Write-down/ Write-off | (34) | ||
Balance | $ 2,870 | $ 2,874 | $ 1,971 |
Vessels, Port Terminals and O_4
Vessels, Port Terminals and Other Fixed Assets, net - Future Minimum Collections of Note Receivable (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Collections Due by Period | ||
December 31, 2020 | $ 114 | |
December 31, 2021 | 203 | |
December 31, 2022 | 40 | |
December 31, 2023 | 169 | |
Total future minimum note receivable collections | 526 | |
Less: amount representing interest | (55) | |
Present value of future minimum Note receivable collections | $ 471 | $ 602 |
Vessels, Port Terminals and O_5
Vessels, Port Terminals and Other Fixed Assets, net (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 21, 2019USD ($) | Nov. 12, 2018USD ($) | Feb. 28, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Assets pledged as collateral | $ 79,502 | $ 79,502 | $ 109,456 | |||
Formosa and San Lorenzo | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Disposal amount | $ 1,109 | |||||
Number Of Vessels | 2 | |||||
Port Murtinho | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition cost | $ 1,155 | |||||
Measurement Of Land | 3.5 | |||||
Payments for construction in progress | $ 458 | |||||
Construction of six liquid barges | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition cost | $ 15,800 | |||||
Secured credit of purchase price | 75.00% | 75.00% | ||||
Debt Instrument,Term | 5 years | |||||
Payments for construction in progress | $ 4,046 |
Intangible Assets Other Than _3
Intangible Assets Other Than Goodwill - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets other than goodwill | ||
Acquisition Cost | $ 89,272 | $ 89,272 |
Accumulated Amortization | (34,761) | (31,988) |
Net Book Value | 54,511 | 57,284 |
Port terminal operating rights | ||
Intangible assets other than goodwill | ||
Acquisition Cost | 53,152 | 53,152 |
Accumulated Amortization | (12,837) | (11,838) |
Net Book Value | 40,315 | 41,314 |
Customer relationships | ||
Intangible assets other than goodwill | ||
Acquisition Cost | 36,120 | 36,120 |
Accumulated Amortization | (21,924) | (20,150) |
Net Book Value | $ 14,196 | $ 15,970 |
Intangible Assets Other Than _4
Intangible Assets Other Than Goodwill - Aggregate Amortization (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Weighted average amortization periods of intangible assets | ||
Within One Year | $ 2,770 | |
Year Two | 2,770 | |
Year Three | 2,770 | |
Year Four | 2,770 | |
Year Five | 2,770 | |
Thereafter | 40,661 | |
Total | 54,511 | $ 57,284 |
Port terminal operating rights | ||
Weighted average amortization periods of intangible assets | ||
Within One Year | 995 | |
Year Two | 995 | |
Year Three | 995 | |
Year Four | 995 | |
Year Five | 995 | |
Thereafter | 35,340 | |
Total | 40,315 | 41,314 |
Customer relationships | ||
Weighted average amortization periods of intangible assets | ||
Within One Year | 1,775 | |
Year Two | 1,775 | |
Year Three | 1,775 | |
Year Four | 1,775 | |
Year Five | 1,775 | |
Thereafter | 5,321 | |
Total | $ 14,196 | $ 15,970 |
Intangible Assets Other Than _5
Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible assets other than goodwill | |||
Amortization expense | $ 2,773 | $ 2,724 | $ 3,543 |
Other Long-Term Assets (Table)
Other Long-Term Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER LONG-TERM ASSETS [Abstract] | ||
Prepaid expenses | $ 9,321 | $ 1,713 |
Fuel delivery | 0 | 687 |
Deposits in guarantee to the Free Zone | 195 | 0 |
Other | 875 | 1,244 |
Total other long-term assets | $ 10,391 | $ 3,644 |
Other Long-Term Assets (Details
Other Long-Term Assets (Details) $ in Thousands | Dec. 31, 2019USD ($) |
OTHER LONG-TERM ASSETS [Abstract] | |
Deferred financing costs included in prepaid expenses | $ 9,307 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Accounts Payable (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES CURRENT [Abstract] | ||
Trade payable | $ 12,858 | $ 15,470 |
Rent payable | 336 | 183 |
Professional fees payable | 549 | 1,433 |
Total accounts payable | $ 13,743 | $ 17,086 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Expenses - Accrued Expenses (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCRUED LIABILITIES CURRENT [Abstract] | ||
Accrued salaries | $ 6,548 | $ 4,746 |
Taxes | 7,887 | 6,094 |
Accrued fees | 215 | 266 |
Accrued bond coupon | 4,531 | 4,531 |
Accrued interest | 1,143 | 1,305 |
Other | 41 | 40 |
Total accrued expenses | $ 20,365 | $ 16,982 |
Borrowings - Schedule (Table) (
Borrowings - Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Outstanding amount | $ 520,359 | $ 538,168 |
Less: current portion | (12,215) | (14,578) |
Less: deferred financing costs, net | (5,430) | (7,982) |
Total long-term borrowings | 502,714 | 515,608 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 375,000 | 375,000 |
Less: deferred financing costs, net | (3,323) | (4,576) |
Term Loan B Facility | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 98,000 | 99,000 |
Less: deferred financing costs, net | (2,056) | (3,188) |
Notes Payable | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 22,469 | 26,875 |
Less: deferred financing costs, net | (5,949) | |
BBVA Loan | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 14,275 | 19,300 |
Term Bank loan | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 10,500 | 11,900 |
Less: deferred financing costs, net | (51) | (73) |
Credit agreement for a river and estuary tanker | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 0 | 5,909 |
Loan for Nazira | ||
Debt Instrument [Line Items] | ||
Outstanding amount | $ 115 | $ 184 |
Borrowings - Future Payments of
Borrowings - Future Payments of Long Term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
LONG TERM DEBT BY MATURITY [Abstract] | ||
2020 | $ 13,360 | |
2021 | 110,257 | |
2022 | 389,205 | |
2023 | 5,012 | |
2024 | 2,443 | |
2025 and thereafter | 82 | |
Total | $ 520,359 | $ 538,168 |
Borrowings (Details)
Borrowings (Details) € in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Apr. 22, 2014USD ($) | Aug. 26, 2019USD ($) | Aug. 26, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 17, 2018USD ($) | Aug. 17, 2018EUR (€) | Nov. 03, 2017USD ($) | May 18, 2017USD ($) | Dec. 15, 2016USD ($) | Oct. 29, 2009USD ($) | |
Borrowings | ||||||||||||
Deferred financing costs | $ 5,430 | $ 7,982 | ||||||||||
Interest expense | $ 40,531 | $ 39,669 | $ 28,347 | |||||||||
Annual weighted average interest rate | 7.12% | 7.04% | 6.13% | |||||||||
Outstanding amount | $ 520,359 | $ 538,168 | ||||||||||
2022 Senior Notes | ||||||||||||
Borrowings | ||||||||||||
Debt instrument face amount | $ 375,000 | |||||||||||
Debt instrument maturity date | May 1, 2022 | |||||||||||
Interest rate | 7.25% | |||||||||||
Mandatory redemption price percentage | 101.00% | |||||||||||
Deferred financing costs | $ 3,323 | 4,576 | ||||||||||
Interest expense | $ 27,188 | 27,188 | $ 27,188 | |||||||||
Senior Notes covenants | The indenture governing the 2022 Senior Notes contains 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 transactions with affiliates, merging or consolidating or selling all or substantially all of Navios Logistics’ properties and assets and creation or designation of restricted subsidiaries. | |||||||||||
Debt redemption description | The Co-Issuers have the option to redeem the 2022 Senior Notes in whole or in part, at their option, at any time on or after May 1, 2019, at a fixed price of 101.813%, which price declines ratably until it reaches par in May 2020. Upon the occurrence of certain change of control events, the holders of the 2022 Senior Notes will have the right to require the Co-Issuers to repurchase some or all of the 2022 Senior Notes at 101% of their face amount, plus accrued and unpaid interest to the repurchase date. | |||||||||||
Outstanding amount | $ 375,000 | 375,000 | ||||||||||
2022 Senior Notes | On or after May 1, 2017 | ||||||||||||
Borrowings | ||||||||||||
Redemption price percentage | 101.813% | |||||||||||
Term Loan B Facility | ||||||||||||
Borrowings | ||||||||||||
Debt instrument face amount | $ 100,000 | |||||||||||
Debt instrument, Variable Interest Rate | LIBOR | |||||||||||
Interest rate expressed in basis points | 4.75% | |||||||||||
Debt instrument, term | 4 years | |||||||||||
Debt instrument collateral | The Term Loan B Facility is secured by first priority mortgages on four tanker vessels | |||||||||||
Debt amortization percentage | 1.00% | |||||||||||
Deferred financing costs | $ 2,056 | 3,188 | ||||||||||
Interest expense | 7,150 | 7,171 | 1,006 | |||||||||
Outstanding amount | 98,000 | 99,000 | ||||||||||
Notes Payable | ||||||||||||
Borrowings | ||||||||||||
Maximum borrowing capacity | $ 41,964 | |||||||||||
Interest rate description | six-month LIBOR | |||||||||||
Deferred financing costs | $ 5,949 | |||||||||||
Interest expense | $ 1,591 | 1,775 | $ 1,013 | |||||||||
Repayment frequency | semi-annual installments | |||||||||||
Repayment installments | 16 | |||||||||||
Outstanding amount | $ 22,469 | 26,875 | ||||||||||
BBVA Loan | ||||||||||||
Borrowings | ||||||||||||
Debt instrument face amount | $ 25,000 | |||||||||||
Debt instrument, Variable Interest Rate | LIBOR (180 days) | |||||||||||
Interest rate expressed in basis points | 3.25% | |||||||||||
Repayment frequency | quarterly | |||||||||||
Repayment installments | 20 | |||||||||||
Date of first required payment | Jun. 19, 2017 | |||||||||||
Outstanding amount | $ 14,275 | 19,300 | ||||||||||
Term Bank loan | ||||||||||||
Borrowings | ||||||||||||
Debt instrument face amount | $ 14,000 | |||||||||||
Debt instrument, Variable Interest Rate | LIBOR (90 days) | |||||||||||
Interest rate expressed in basis points | 3.15% | |||||||||||
Repayment frequency | quarterly | |||||||||||
Repayment installments | 20 | |||||||||||
Deferred financing costs | $ 51 | 73 | ||||||||||
Balloon payment | 7,000 | |||||||||||
Outstanding amount | $ 10,500 | 11,900 | ||||||||||
Number of vessels financed | 2 | |||||||||||
Credit Agreement | ||||||||||||
Borrowings | ||||||||||||
Debt instrument face amount | $ 6,781 | € 6,200 | ||||||||||
Interest rate | 6.75% | |||||||||||
Repayment frequency | monthly | |||||||||||
Repayment installments | 24 | |||||||||||
Final repayment date | Aug. 17, 2020 | |||||||||||
Line of credit facility description | On August 17, 2018, the Company entered into a $6,781 (€6,200) credit agreement in order to finance the 50% of the purchase price of a river and estuary tanker. | |||||||||||
Outstanding amount | $ 0 | 5,909 | ||||||||||
Repayments of Debt | $ 3,472 | € 3,100 | ||||||||||
Hidronave S.A. loan | ||||||||||||
Borrowings | ||||||||||||
Debt instrument face amount | $ 817 | |||||||||||
Debt instrument maturity date | Aug. 10, 2021 | |||||||||||
Interest rate | 6.00% | |||||||||||
Repayment frequency | monthly | |||||||||||
Repayment amount | $ 6 | |||||||||||
Outstanding amount | $ 115 | $ 184 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ||
Cash and cash equivalents - Book Value | $ 45,605 | $ 76,472 |
Cash and cash equivalents - Fair Value | 45,605 | 76,472 |
Note receivable, including current portion - Book Value | 471 | 602 |
Note receivable, including current portion - Fair Value | 471 | 602 |
Senior notes - Book Value | (371,677) | (370,424) |
Senior notes - Fair Value | (368,306) | (343,373) |
Term Loan B Facility - Book Value | (95,944) | (95,812) |
Term Loan B Facility - Fair Value | (97,510) | (98,505) |
Notes payable, including current portion - Book Value | (22,469) | (26,875) |
Notes payable, including current portion - Fair Value | (22,469) | (26,875) |
Long-term debt, including current portion - Book Value | (24,839) | (37,075) |
Long-term debt, including current portion - Fair Value | $ (24,839) | $ (37,075) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Measured on Nonrecurring Basis (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Measurements | |||
Cash and cash equivalents | $ 45,605 | $ 76,472 | |
Note receivable, including current portion | 471 | 602 | |
Senior Notes | (368,306) | (343,373) | |
Term Loan B Facility | (97,510) | (98,505) | |
Notes payable, including current portion | (22,469) | (26,875) | |
Long-term debt | (24,839) | (37,075) | |
Fair Value Measurements Non Recurring | Level I | |||
Fair Value Measurements | |||
Cash and cash equivalents | 45,605 | 76,472 | |
Note receivable, including current portion | 471 | 602 | |
Senior Notes | (368,306) | (343,373) | |
Fair Value Measurements Non Recurring | Level II | |||
Fair Value Measurements | |||
Term Loan B Facility | (97,510) | (98,505) | |
Notes payable, including current portion | [1] | (22,469) | (26,875) |
Long-term debt | [1] | $ (24,839) | $ (37,075) |
[1] | The fair value of the Company’s debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as well as taking into account our creditworthiness. |
Time Charter, Voyage and Port_3
Time Charter, Voyage and Port Terminal Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER EXPENSES [Abstract] | |||
Fuel | $ 14,103 | $ 11,150 | $ 10,471 |
Time charter | 3,865 | 114 | 1,564 |
Ports payroll and related costs | 8,880 | 8,302 | 7,971 |
Port repairs and maintenance | 2,011 | 1,059 | 1,044 |
Ports rent | 1,770 | 1,059 | 1,104 |
Ports insurances | 1,708 | 1,534 | 1,017 |
Docking expenses | 2,423 | 2,436 | 3,272 |
Maritime and regulatory fees | 802 | 615 | 578 |
Towing expenses | 3,526 | 2,177 | 2,597 |
Other expenses | 4,002 | 3,503 | 3,999 |
Total | $ 43,090 | $ 31,949 | $ 33,617 |
Direct Vessel Expenses (Table)
Direct Vessel Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING EXPENSES [Abstract] | |||
Payroll and related costs | $ 27,837 | $ 30,138 | $ 41,231 |
Insurances | 3,931 | 3,831 | 3,534 |
Repairs and maintenance | 6,100 | 6,638 | 7,952 |
Lubricants | 686 | 631 | 736 |
Victualing | 1,223 | 1,242 | 1,739 |
Travel expenses | 2,557 | 2,013 | 3,343 |
Stores | 2,167 | 1,825 | 2,062 |
Other expenses | 4,224 | 2,644 | 1,957 |
Total | $ 48,725 | $ 48,962 | $ 62,554 |
General and Administrative Ex_3
General and Administrative Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
GENERAL AND ADMINISTRATIVE EXPENSES [Abstract] | |||
Payroll and related costs | $ 8,180 | $ 5,423 | $ 7,030 |
Professional fees | 4,125 | 4,677 | 3,998 |
Other expenses | 5,088 | 4,964 | 5,637 |
Total | $ 17,393 | $ 15,064 | $ 16,665 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jul. 22, 2016 | |
Commitments and Contingencies | ||
Guarantee and indemnity letter | 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, 2020. | |
Maximum exposure of guarantor | $ 12,000 | |
Energias Renovables del Sur S.A. | ||
Commitments and Contingencies | ||
Guarantor Obligations, Current Carrying Value | $ 519 | |
Edolmix S.A. | ||
Commitments and Contingencies | ||
Guarantor Obligations, Current Carrying Value | $ 847 |
Income Taxes - Components of In
Income Taxes - Components of Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total income/ (loss) before income taxes and noncontrolling interest | $ 33,372 | $ 5,486 | $ (363) |
Argentina | |||
Total income/ (loss) before income taxes and noncontrolling interest | (530) | (5,219) | (6,496) |
Paraguay | |||
Total income/ (loss) before income taxes and noncontrolling interest | 1,786 | 454 | (1,306) |
Uruguay | |||
Total income/ (loss) before income taxes and noncontrolling interest | 59,270 | 37,113 | 36,931 |
Panama | |||
Total income/ (loss) before income taxes and noncontrolling interest | (23,652) | (20,262) | (26,701) |
Marshall Islands | |||
Total income/ (loss) before income taxes and noncontrolling interest | (3,597) | (6,984) | (2,894) |
Others | |||
Total income/ (loss) before income taxes and noncontrolling interest | $ 95 | $ 384 | $ 103 |
Income Taxes _ Income Tax Benef
Income Taxes – Income Tax Benefit/ (Expense) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination [Line Items] | |||
Total income tax (expense)/benefit | $ (1,233) | $ 1,376 | $ 3,468 |
Argentina | |||
Income Tax Examination [Line Items] | |||
Current | (175) | 846 | (194) |
Deferred | (856) | 590 | 3,966 |
Total income tax (expense)/benefit | (1,031) | 1,436 | 3,772 |
Paraguay | |||
Income Tax Examination [Line Items] | |||
Current | (102) | (58) | (99) |
Deferred | (100) | (2) | (205) |
Total income tax (expense)/benefit | $ (202) | $ (60) | $ (304) |
Income Taxes - Tax Benefit (Tab
Income Taxes - Tax Benefit (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of income tax benefit | |||
Loss before income taxes and noncontrolling interest | $ 33,372 | $ 5,486 | $ (363) |
Argentina | |||
Reconciliation of income tax benefit | |||
Loss before income taxes and noncontrolling interest | $ (530) | $ (5,219) | $ (6,496) |
Statutory tax rate | 30.00% | 30.00% | 35.00% |
Income before taxes at the statutory tax rate | $ 159 | $ 1,566 | $ 2,274 |
Permanent differences | (1,190) | (130) | 1,498 |
Income tax (expense)/ benefit of the year | $ (1,031) | $ 1,436 | $ 3,772 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Future deductible differences | $ 142 | $ 923 |
Tax loss carry-forward | 0 | 387 |
Total deferred income tax assets | 142 | 1,310 |
Deferred income tax liability: | ||
Intangible assets | (3,745) | (4,013) |
Property, plant and equipment, net | (3,225) | (3,264) |
Other | (1,305) | (1,210) |
Total deferred income tax liability | (8,275) | (8,487) |
Net deferred income tax liability | $ (8,133) | $ (7,177) |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Argentina | |||||
Income Tax Examination [Line Items] | |||||
Corporate income tax rate | 30.00% | 30.00% | 35.00% | ||
Argentina | Tax reform | |||||
Income Tax Examination [Line Items] | |||||
Corporate income tax rate | 25.00% | 25.00% | 30.00% | 30.00% | 35.00% |
Brazil | |||||
Income Tax Examination [Line Items] | |||||
Corporate income tax rate | 34.00% | ||||
Paraguay | |||||
Income Tax Examination [Line Items] | |||||
Corporate income tax rate | 10.00% |
Leases - Future Minimum Revenue
Leases - Future Minimum Revenues (Table) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
LEASES [Abstract] | |
2020 | $ 129,437 |
2021 | 97,544 |
2022 | 75,425 |
2023 | 69,250 |
2024 | 60,200 |
2025 and thereafter | 642,479 |
Total minimum revenue, net of commissions | $ 1,074,335 |
Leases - Lease agreements (Tabl
Leases - Lease agreements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating lease asset | $ 8,852 | $ 9,046 | $ 0 |
Operating lease liabilities, current portion | 467 | 1,119 | 0 |
Operating lease liabilities, net of current portion | 8,397 | 7,927 | $ 0 |
Land Lease Agreement | |||
Operating lease asset | 7,660 | 7,427 | |
Operating lease liabilities, current portion | 535 | ||
Operating lease liabilities, current portion | (218) | ||
Operating lease liabilities, net of current portion | 7,878 | 6,892 | |
Office Lease Agreement | |||
Operating lease asset | 1,192 | 1,619 | |
Operating lease liabilities, current portion | 685 | 584 | |
Operating lease liabilities, net of current portion | $ 519 | $ 1,035 |
Lease Agreement Expenses (Table
Lease Agreement Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leased Assets [Line Items] | ||
Operating Lease, Expense | $ 5,093 | $ 1,160 |
Land Lease Agreement | ||
Operating Leased Assets [Line Items] | ||
Operating Lease, Expense | 552 | 344 |
Office Lease Agreement | ||
Operating Leased Assets [Line Items] | ||
Operating Lease, Expense | 676 | 702 |
Chartered-in pushboats and barges | ||
Operating Leased Assets [Line Items] | ||
Operating Lease, Expense | $ 3,865 | $ 114 |
Leases - Future Minimum Commitm
Leases - Future Minimum Commitments (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Future minimum commitments under lease obligations | ||
Due, Next Twelve Months | $ 1,309 | $ 1,253 |
Due in Two Years | 912 | 1,187 |
Due In Three Years | 657 | 853 |
Due in Four Years | 637 | 663 |
Due in Five Years | 556 | 637 |
Due Thereafter | 23,002 | 23,561 |
Total | 27,073 | 28,154 |
Operating lease liabilities including current portion | 8,864 | |
Discount based on incremental borrowing rate | 18,209 | |
Land Lease Agreement | ||
Future minimum commitments under lease obligations | ||
Due, Next Twelve Months | 556 | 556 |
Due in Two Years | 556 | 556 |
Due In Three Years | 556 | 556 |
Due in Four Years | 556 | 556 |
Due in Five Years | 556 | 556 |
Due Thereafter | 23,002 | 23,561 |
Total | 25,782 | 26,341 |
Operating lease liabilities including current portion | 7,660 | |
Discount based on incremental borrowing rate | 18,122 | |
Office Lease Agreement | ||
Future minimum commitments under lease obligations | ||
Due, Next Twelve Months | 753 | 697 |
Due in Two Years | 356 | 631 |
Due In Three Years | 101 | 297 |
Due in Four Years | 81 | 107 |
Due in Five Years | 0 | 81 |
Due Thereafter | 0 | 0 |
Total | 1,291 | $ 1,813 |
Operating lease liabilities including current portion | 1,204 | |
Discount based on incremental borrowing rate | $ 87 |
Leases - Future Minimum Commi_2
Leases - Future Minimum Commitments Chartered-in Vessels (Details) | Dec. 31, 2019 |
Property Subject To Or Available For Operating Lease [Line Items] | |
Incremental borrowing rate upon adoption | 7.25% |
Land Lease Agreement | |
Property Subject To Or Available For Operating Lease [Line Items] | |
Weighted average remaining lease terms | 46 years 3 months |
Land Lease Agreement | Minimum | |
Property Subject To Or Available For Operating Lease [Line Items] | |
Lessee, Operating Lease, Term of Contract | 46 years 2 months |
Land Lease Agreement | Maximum | |
Property Subject To Or Available For Operating Lease [Line Items] | |
Lessee, Operating Lease, Term of Contract | 46 years 7 months |
Office Lease Agreement | |
Property Subject To Or Available For Operating Lease [Line Items] | |
Weighted average remaining lease terms | 1 year 10 months 23 days |
Office Lease Agreement | Minimum | |
Property Subject To Or Available For Operating Lease [Line Items] | |
Lessee, Operating Lease, Term of Contract | 2 months 13 days |
Office Lease Agreement | Maximum | |
Property Subject To Or Available For Operating Lease [Line Items] | |
Lessee, Operating Lease, Term of Contract | 3 years 9 months 18 days |
Transactions with Related Par_3
Transactions with Related Parties - Amounts due from affiliate companies (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amounts due from affiliate companies | ||
Amounts due from affiliate companies | $ 73,009 | $ 150 |
Navios Holdings | ||
Amounts due from affiliate companies | ||
Amounts due from affiliate companies | 72,315 | 150 |
Navios Shipmanagement Inc | ||
Amounts due from affiliate companies | ||
Amounts due from affiliate companies | $ 694 | $ 0 |
Transactions with Related Par_4
Transactions with Related Parties (Details) $ in Thousands | 1 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Apr. 25, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Amounts due from affiliate companies | ||||||
General and administrative fees | $ 17,393 | $ 15,064 | $ 16,665 | |||
Total general expenses | 5,088 | 4,964 | 5,637 | |||
Payments to Acquire Notes Receivable | 17,642 | 0 | 0 | |||
Interest income | 4,579 | 517 | 238 | |||
Proceeds from Sale of Notes Receivable | 18,726 | 0 | 0 | |||
Compensation under employment agreements | 8,180 | 5,423 | 7,030 | |||
Navios Holdings Loan Agreement | Navios Holdings | ||||||
Amounts due from affiliate companies | ||||||
Amount drawn down | $ 69,295 | |||||
Navios Holdings 2022 Notes | ||||||
Amounts due from affiliate companies | ||||||
Payments to Acquire Notes Receivable | $ 17,642 | |||||
Debt Instrument Interest Rate Stated Percentage | 7.375% | 7.375% | ||||
Proceeds from Sale of Notes Receivable | 18,726 | |||||
Notes receivable face amount | 35,500 | |||||
Gain on sale of notes receivable | $ 1,084 | |||||
Employment Agreements | ||||||
Amounts due from affiliate companies | ||||||
Days required for cancellation written notice for agreement | 90 | |||||
Period of the renewed employment agreement (in years) | 1 | |||||
Shareholders' Agreement | ||||||
Amounts due from affiliate companies | ||||||
Common Stock Voting Rights | the shares of our common stock held by Navios Holdings were to convert into shares of Class B Common Stock, with each share of Class B Common Stock entitling its holder to ten votes per share. Navios Holdings has currently waived such conversion provision | |||||
Common Stock Number Of Voting Rights | 10 | 10 | ||||
Minimum | ||||||
Amounts due from affiliate companies | ||||||
Compensation granted | $ 280 | $ 280 | ||||
Maximum | ||||||
Amounts due from affiliate companies | ||||||
Compensation granted | 340 | 340 | ||||
Key Employees | Employment Agreements | ||||||
Amounts due from affiliate companies | ||||||
Compensation under employment agreements | $ 2,900 | 900 | 900 | |||
Navios Holdings | Navios Holdings Loan Agreement | ||||||
Amounts due from affiliate companies | ||||||
Line of credit facility issuance date | Apr. 25, 2019 | |||||
Maximum borrowing capacity | $ 50,000 | |||||
Arrangement fee | $ 500 | |||||
Increase in credit facility amount | $ 20,000 | |||||
Interest income | $ 329 | |||||
Line Of Credit Facility Collateral | The secured credit facility is secured by (i) Navios Holdings 2022 Notes purchased with secured credit facility funds and (ii) equity interests in five companies that have entered into certain bareboat contracts | |||||
Navios Holdings | First Year | Navios Holdings Loan Agreement | ||||||
Amounts due from affiliate companies | ||||||
Interest rate description | 12.75% | |||||
Navios Holdings | Second Year | Navios Holdings Loan Agreement | ||||||
Amounts due from affiliate companies | ||||||
Interest rate description | 14.75% | |||||
Navios Holdings | Under certain conditions | Navios Holdings Loan Agreement | ||||||
Amounts due from affiliate companies | ||||||
Line of credity maturity date | Dec. 31, 2024 | |||||
Interest rate description | 10.00% | |||||
Navios Holdings | Administrative services agreement | ||||||
Amounts due from affiliate companies | ||||||
Duration of agreement | 5 years | |||||
General and administrative fees | $ 1,144 | 1,000 | 1,000 | |||
Navios Holdings | Bareboat contracts | ||||||
Amounts due from affiliate companies | ||||||
Duration of agreement | 10 years | 10 years | ||||
Empresa Hotelera Argentina S.A. and Pit Jet S.A. | Lodging and travel services | ||||||
Amounts due from affiliate companies | ||||||
Amounts payable | $ 1 | $ 1 | 4 | |||
Total general expenses | $ 15 | $ 34 | $ 51 |
Share Capital (Details)
Share Capital (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 04, 2010 |
SHARE CAPITAL [Abstract] | |||
Authorized share capital, shares | 50,000,000 | 50,000,000 | 50,000,000 |
Common Stock Par value | $ 1 | $ 1 | $ 0.01 |
Common stock, shares issued | 20,000 | 20,000 |
Restrictions On Distribution _2
Restrictions On Distribution Of Profits (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Nov. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained earnings appropriated, percentage | 5.00% | |||
Legal reserve over the capital of subsidiaries, percentage | 20.00% | |||
Payments of Dividends | $ 70,000 | $ 0 | $ 0 | $ 70,000 |
Earnings per Common Share - Bas
Earnings per Common Share - Basic and Diluted (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EARNINGS PER COMMON SHARE [Abstract] | |||
Net income attributable to Navios Logistics' stockholders | $ 32,139 | $ 6,862 | $ 3,105 |
Weighted average number of shares, basic and diluted | 20,000 | 20,000 | 20,000 |
Net earnings per share from continuing operations: | |||
Basic and diluted | $ 1.61 | $ 0.34 | $ 0.16 |
Segment Information - Results p
Segment Information - Results per Segment (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information | |||
Time charter, voyage and port terminal revenues | $ 218,887 | $ 175,126 | $ 180,044 |
Sales of products | 9,384 | 32,508 | 32,572 |
Time charter, voyage and port terminal expenses | (43,090) | (31,949) | (33,617) |
Direct vessel expenses | (48,725) | (48,962) | (62,554) |
Cost of products sold | (9,077) | (31,289) | (30,717) |
Depreciation of vessels, port terminals and other fixed assets | (26,662) | (26,583) | (23,322) |
Amortization of intangible assets | (2,773) | (2,724) | (3,543) |
Amortization of deferred drydock and special survey costs | (5,166) | (7,204) | (7,928) |
General and administrative expenses | (17,393) | (15,064) | (16,665) |
Provision of losses on accounts receivable | (341) | (75) | (569) |
Taxes other than income taxes | (7,745) | (7,056) | (9,018) |
Interest expense and finance cost, net | (40,531) | (39,669) | (28,347) |
Interest income | 4,579 | 517 | 238 |
Gain on sale of assets | 0 | 28 | 1,064 |
Foreign exchange differences, net | (1,596) | (1,355) | (726) |
Other income/(expense), net | 3,621 | 9,237 | 2,725 |
Income/(loss) before income taxes | 33,372 | 5,486 | (363) |
Income tax (expense)/ benefit | (1,233) | 1,376 | 3,468 |
Net income/(loss) | 32,139 | 6,862 | 3,105 |
Port Terminal Business Segment | |||
Segment Reporting Information | |||
Time charter, voyage and port terminal revenues | 92,719 | 66,812 | 53,526 |
Sales of products | 9,384 | 32,508 | 32,572 |
Time charter, voyage and port terminal expenses | (17,648) | (14,830) | (14,432) |
Cost of products sold | (9,077) | (31,289) | (30,717) |
Depreciation of vessels, port terminals and other fixed assets | (7,186) | (7,284) | (5,238) |
Amortization of intangible assets | (995) | (950) | (729) |
General and administrative expenses | (5,694) | (3,837) | (3,778) |
Provision of losses on accounts receivable | (198) | ||
Interest expense and finance cost, net | (17,296) | (16,320) | (7,004) |
Interest income | 1,934 | 64 | 14 |
Gain on sale of assets | 28 | ||
Foreign exchange differences, net | (387) | (377) | (406) |
Other income/(expense), net | 1,539 | 9,240 | 16 |
Income/(loss) before income taxes | 47,095 | 33,765 | 23,824 |
Net income/(loss) | 47,095 | 33,765 | 23,824 |
Cabotage Business Segment | |||
Segment Reporting Information | |||
Time charter, voyage and port terminal revenues | 47,510 | 43,102 | 48,130 |
Time charter, voyage and port terminal expenses | (2,076) | (1,565) | (1,866) |
Direct vessel expenses | (23,982) | (23,134) | (32,017) |
Depreciation of vessels, port terminals and other fixed assets | (3,489) | (2,932) | (2,940) |
Amortization of deferred drydock and special survey costs | (3,033) | (4,576) | (5,148) |
General and administrative expenses | (2,463) | (2,496) | (1,718) |
Taxes other than income taxes | (3,485) | (3,298) | (4,463) |
Interest expense and finance cost, net | (5,158) | (4,928) | (4,784) |
Interest income | 441 | ||
Foreign exchange differences, net | (911) | (583) | 144 |
Other income/(expense), net | 104 | 704 | |
Income/(loss) before income taxes | 3,458 | 294 | (4,662) |
Income tax (expense)/ benefit | (1,905) | (910) | (1,199) |
Net income/(loss) | 1,553 | (616) | (5,861) |
Barge Business Segment | |||
Segment Reporting Information | |||
Time charter, voyage and port terminal revenues | 78,658 | 65,212 | 78,388 |
Time charter, voyage and port terminal expenses | (23,366) | (15,554) | (17,319) |
Direct vessel expenses | (24,743) | (25,828) | (30,537) |
Depreciation of vessels, port terminals and other fixed assets | (15,987) | (16,367) | (15,144) |
Amortization of intangible assets | (1,778) | (1,774) | (2,814) |
Amortization of deferred drydock and special survey costs | (2,133) | (2,628) | (2,780) |
General and administrative expenses | (9,236) | (8,731) | (11,169) |
Provision of losses on accounts receivable | (143) | (75) | (569) |
Taxes other than income taxes | (4,260) | (3,758) | (4,555) |
Interest expense and finance cost, net | (18,077) | (18,421) | (16,559) |
Interest income | 2,204 | 453 | 224 |
Gain on sale of assets | 1,064 | ||
Foreign exchange differences, net | (298) | (395) | (464) |
Other income/(expense), net | 1,978 | (707) | 2,709 |
Income/(loss) before income taxes | (17,181) | (28,573) | (19,525) |
Income tax (expense)/ benefit | 672 | 2,286 | 4,667 |
Net income/(loss) | $ (16,509) | $ (26,287) | $ (14,858) |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Reportable Segments | 3 | |
Total net book value of long-lived assets | $ 535,166 | $ 559,587 |
Total net book value of intangible assets | 54,511 | 57,284 |
Goodwill | $ 104,096 | 104,096 |
Oceangoing product tanker vessels | ||
Number of vessels | 6 | |
River and estuary tanker | ||
Number of vessels | 1 | |
Bunker Vessel | ||
Number of vessels | 1 | |
Barge/Cabotage Business Segment | ||
Total net book value of intangible assets | $ 14,196 | 15,970 |
Vessels | ||
Total net book value of long-lived assets | 329,341 | 343,128 |
Cabotage Business Segment | ||
Goodwill | 41,086 | |
Barge Business Segment | ||
Goodwill | 40,868 | |
Port Terminal Business Segment | ||
Total net book value of long-lived assets | 207,001 | 213,585 |
Total net book value of intangible assets | 40,315 | $ 41,314 |
Goodwill | $ 22,142 | |
Dry port terminal operations | ||
Number of Port Terminals | 2 | |
Dry port terminal operations | Agricultural and Forest Exports | ||
Number of Port Terminals | 1 | |
Dry port terminal operations | Mineral-related Exports | ||
Number of Port Terminals | 1 | |
Liquid port terminal operations | ||
Number of Port Terminals | 1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |||
Feb. 21, 2020 | Feb. 14, 2020 | Nov. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | ||||||
Outstanding amount | $ 520,359 | $ 538,168 | ||||
Dividends paid | $ 70,000 | $ 0 | $ 0 | $ 70,000 | ||
Subsequent event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends paid | $ 27,500 | |||||
Subsequent event | New BBVA Facility | ||||||
Subsequent Event [Line Items] | ||||||
Interest rate description | LIBOR (180 days) | |||||
Debt instrument face amount | $ 25,000 | |||||
Outstanding amount | $ 14,275 | |||||
Interest rate expressed in basis points | 3.25% | |||||
Repayment frequency | quarterly | |||||
Debt Instrument Maturity Date | Mar. 31, 2022 |