0001193125-21-270159 | 6-K | XBRL Viewer | Navios Maritime Holdings INC

Description of Business

NOTE 1: DESCRIPTION OF BUSINESS

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

Navios Logistics

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

Navios Partners

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

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

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

Navios Containers

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

Navios Acquisition

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

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

Navios Europe II

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

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation:

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

Going concern

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

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

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

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

(b) Principles of consolidation:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(d) Recent Accounting Pronouncements:

Adoption of new accounting pronouncements:

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

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

Cash and Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Restricted Cash

NOTE 3: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

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

Cash and cash equivalents

		June 30, 2021		December 31, 2020
Cash on hand and at banks	$	73,115	$	94,787
Short-term deposits and highly liquid funds		44		94
Restricted cash		10		16,303
Cash and cash equivalents and restricted cash	$	73,169	$	111,184

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

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

Vessels, Port Terminals and Other Fixed Assets, Net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Vessels, Port Terminals and Other Fixed Assets, Net

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

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

Deposits for Vessels and Port Terminals Acquisitions

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

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

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

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

Impairment Loss/ Loss on Sale of Vessels, Net

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

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

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

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

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

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

Vessel Acquisitions of Navios Logistics

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

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

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

Intangible Assets Other Than Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Other Than Goodwill

NOTE 5: INTANGIBLE ASSETS OTHER THAN GOODWILL

Intangible Assets, Other Than Goodwill

Intangible assets		June 30, 2021		December 31, 2020
Acquisition cost	$	178,642	$	178,642
Accumulated amortization		(82,859)		(80,079)
Total Intangible assets net book value	$	95,783	$	98,563

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

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

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

Borrowings

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings

NOTE 6: BORROWINGS

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

Facility	June 30, 2021			December 31, 2020
Secured credit facilities	$	—		$	70,074
2022 Senior Secured Notes		305,000			305,000
2022 Notes		462,466			476,822
2024 Notes		8,626			8,626
NSM Loan (incl. accrued interest $358 and $526, respectively)		57,026			78,901
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)		39,986			50,326
Sale and Leaseback Agreements		60,165			62,934
2025 Logistics Senior Notes		500,000			500,000
Navios Logistics other long-term loans and notes payable		66,797			60,035
Total borrowings		1,500,066			1,612,718
Less: current portion, net		(614,939	)		(374,191	)
Less: deferred finance costs, net		(23,613	)		(28,289	)
Total long-term borrowings	$	861,514		$	1,210,238

Secured Credit Facilities

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

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

2022 Senior Secured Notes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2022 Notes

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

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

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

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

2024 Notes

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

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

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

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

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

NSM Loan

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

$50.0 million NSM Loan

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

$115.0 million NSM Loan

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

Sale and Leaseback Agreements

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

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

The Sale and Leaseback Agreements have no financial covenants.

2025 Logistics Senior Notes

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

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

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

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

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

Navios Logistics Other Long-term Loans and Notes Payable

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

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

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

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

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

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

Borrowings - Principal payments

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

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Fair Value of Financial Instruments

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Of Financial Instruments

NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

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

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

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

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

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

	Fair Value Measurements as of June 30, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Investments in available-for-sale-securities	$	364	$	364	$	—	$	—
Total	$	364	$	364	$	—	$	—

Fair Value Measurements as of December 31, 2020

Total
Quoted Prices in

Active Markets for

Identical Assets

(Level I)

Significant Other

Observable

Inputs

(Level II)

Significant

Unobservable

Inputs

(Level III)

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

Total $ 222 $ 222 $ — $ —

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

	Fair Value Measurements as of June 30, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Assets held for sale	$	30,000	$	30,000	$	—	$	—
Total	$	30,000	$	30,000	$	—	$	—

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

	Fair Value Measurements as of December 31, 2020
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Vessels, port terminals and other fixed assets, net	$	38,054	$	6,644	$	31,410	$	—
Operating lease assets	$	10,018	$	—	$	10,018	$	—
Total	$	48,072	$	6,644	$	41,428	$	—

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

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

Fair Value Measurements

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

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

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

Level III: Inputs that are unobservable.

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

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

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

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

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8: COMMITMENTS AND CONTINGENCIES

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

In December 2017, December 31, 2017 Navios Holdings agreed to charter-in, under a ten-year 10 yearsbareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March 30, 2020, Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel. As of June 30, 2021, the total amount of $6,704, including expenses and interest, is presented within the caption “Other long-term assets”.

In January 2018, January 31, 2018 Navios Holdings agreed to charter-in, under two ten-year 10 yearsbareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August 28, 2019 Navios Holdings took delivery of the Navios Herakles I. On November 28, 2019 Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels. As of June 30, 2021, the total amount of $14,070, including expenses and interest, is presented within the caption “Other long-term assets”.

In April 2018, April 30, 2018 Navios Holdings agreed to charter-in, under one ten-year 10 yearsbareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of 81,946 dwt. On January 17, 2020, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $5,590, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7,193, including expenses and interest, is presented within the caption “Other long-term assets”.

In October 2018, October 30, 2018 Navios Holdings agreed to charter-in, under one ten-year 10 yearsbareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $5,820, representing a deposit for the option to acquire this vessel. As of June 30, 2021, the total amount of $7,506, including expenses and interest, is presented within the caption “Other long-term assets”.

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

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

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

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

Transactions with related parties

6 Months Ended

Jun. 30, 2021

Transactions with related parties

NOTE 9: TRANSACTIONS WITH RELATED PARTIES

Transactions with related parties

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Preferred and Common Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Preferred and Common Stock

NOTE 10: PREFERRED AND COMMON STOCK

Vested, Surrendered and Forfeited

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

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

Conversion of Preferred Stock

During the year ended December 31, 2020, 210

Issuance of Cumulative Perpetual Preferred Stock

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

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

Series G and Series H American Depositary Shares Exchange Offer

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

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

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

Issuances to Officers and Directors

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

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

Dividends from Navios Logistics

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

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

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

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

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Other Income and Expenses [Abstract]

Other Income, Net

6 Months Ended

Jun. 30, 2021

Other Income, Net

NOTE 11: OTHER INCOME, NET

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

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

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 12: SEGMENT INFORMATION

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

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

	Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2021		Logistics Business for the Three Month Period Ended June 30, 2021		Total for the Three Month Period Ended June 30, 2021
Revenue	$	86,053	$	57,571	$	143,624
Interest expense and finance cost, net		(21,011)		(15,159)		(36,170)
Depreciation and amortization		(7,917)		(8,071)		(15,988)
Equity in net earnings of affiliate companies		12,854		—		12,854
Net income/ (loss) attributable to Navios Holdings common stockholders		27,795		(2,859)		24,936
Total assets		1,156,441		672,652		1,829,093
Goodwill		56,240		104,096		160,336
Capital expenditures		(22,758)		(3,646)		(26,404)
Investment in affiliate companies		97,351		—		97,351
Cash and cash equivalents		25,689		47,470		73,159
Restricted cash		10		—		10
Long-term debt, net (including current and noncurrent portion)	$	927,399	$	549,054	$	1,476,453

	Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020		Logistics Business for the Three Month Period Ended June 30, 2020		Total for the Three Month Period Ended June 30, 2020
Revenue	$	38,302	$	58,825	$	97,127
Interest expense and finance cost, net		(22,159)		(9,259)		(31,418)
Depreciation and amortization		(10,745)		(7,267)		(18,012)
Equity in net earnings of affiliate companies		9,445		—		9,445
Net (loss)/ income attributable to Navios Holdings common stockholders		(42,918)		7,647		(35,271)
Total assets		1,500,046		615,878		2,115,924
Goodwill		56,240		104,096		160,336
Capital expenditures		(98,672)		(2,578)		(101,250)
Investment in affiliate companies		63,498		—		63,498
Cash and cash equivalents		20,525		33,489		54,014
Restricted cash		1,058		—		1,058
Long-term debt, net (including current and noncurrent portion)	$	1,082,032	$	509,749	$	1,591,781

Dry Bulk Vessel

Operations

for the

Six Month

Period Ended

June 30,

2021

Logistics Business

for the

Six Month

Period Ended

June 30,

2021

Total

for the

Six Month

Period Ended

June 30,

2021

Revenue $ 149,781 $ 110,794 $ 260,575

Interest expense and finance cost, net (42,855) (29,515) (72,370)

Depreciation and amortization (16,714) (15,540) (32,254)

Equity in net earnings of affiliate companies 40,594 —   40,594

Net income/ (loss) attributable to Navios Holdings common stockholders 27,694 (2,595) 25,099

Total assets 1,156,441 672,652 1,829,093

Goodwill 56,240 104,096 160,336

Capital expenditures (24,152) (22,033) (46,185)

Investment in affiliate companies 97,351 —   97,351

Cash and cash equivalents 25,689 47,470 73,159

Restricted cash 10 —   10

Long-term debt, net (including current and noncurrent portion) $ 927,399 $ 549,054 $ 1,476,453

	Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020		Logistics Business for the Six Month Period Ended June 30, 2020		Total for the Six Month Period Ended June 30, 2020
Revenue	$	72,562	$	115,648	$	188,210
Interest expense and finance cost, net		(44,529)		(18,532)		(63,061)
Depreciation and amortization		(21,543)		(14,545)		(36,088)
Equity in net earnings of affiliate companies		3,308		—		3,308
Net (loss)/ income attributable to Navios Holdings common stockholders		(100,690)		12,144		(88,546)
Total assets		1,500,046		615,878		2,115,924
Goodwill		56,240		104,096		160,336
Capital expenditures		(98,672)		(2,578)		(101,250)
Investment in affiliate companies		63,498		—		63,498
Cash and cash equivalents		20,525		33,489		54,014
Restricted cash		1,058		—		1,058
Long-term debt, net (including current and noncurrent portion)	$	1,082,032	$	509,749	$	1,591,781

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Earnings/ (Loss) Per Common Share

Earnings/ (Loss) Per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

NOTE 13: EARNINGS/(LOSS) PER COMMON SHARE

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

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

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

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

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


	Three Month Period Ended June 30, 2021		Three Month Period Ended June 30, 2020		Six Month Period Ended June 30, 2021		Six Month Period Ended June 30, 2020
Numerator:
Net income/ (loss) attributable to Navios Holdings common stockholders	$	24,936	$	(35,271)	$	25,099	$	(88,546)
Less:
Declared and undeclared dividend on preferred stock and on unvested restricted shares		(1,284)		(1,284)		(2,561)		(2,578)
Plus:
Gain from eliminated dividends (preferred stock) due to conversion		—		—		—		166
Income/ (loss) available to Navios Holdings common stockholders, basic and diluted	$	23,652	$	(36,555)	$	22,538	$	(90,958)
Denominator:
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		13,127,208		12,901,880		13,120,335		12,882,235
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders	$	1.80	$	(2.83)	$	1.72	$	(7.06)
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		13,511,627		12,901,880		13,508,382		12,882,235
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders	$	1.75	$	(2.83)	$	1.67		(7.06)

Investments in Affiliate Companies and Available-For-Sale Securities

6 Months Ended

Jun. 30, 2021

Investments in and Advances to Affiliates [Abstract]

Investments in Affiliate Companies and Available-For-Sale Securities

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

Navios Partners

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

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

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

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

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

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

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

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

Navios Partners’ Merger II:

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

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

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

Navios Acquisition

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

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

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

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

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

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

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

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

Navios Europe II

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

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

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

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

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

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

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

Navios Containers

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

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

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

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

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

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

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

Summarized financial information of the affiliate companies is presented below:

Income Statement
Navios

Partners

Three Month June 30, 2021 Three Month June 30, 2020

Revenue $ 152,009 $ 46,549

Time charter and voyage expenses $ (5,869) $ (1,940)

Direct vessel expenses $ (3,989) $ (2,385)

Vessel operating expenses $ (41,771) $ (21,930)

Net income/ (loss) $ 99,913 $ (14,641)

Income Statement
Navios

Partners

Six Month June 30, 2021 Six Month June 30, 2020

Revenue $ 217,072 $ 93,039

Time charter and voyage expenses $ (8,364) $ (5,038)

Direct vessel expenses $ (7,143) $ (4,934)

Vessel operating expenses $ (64,733) $ (44,135)

Net income/ (loss) $ 236,592 $ (25,365)

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

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

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

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

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

Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

NOTE 15: LEASES

Time charter out contracts

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

Time charter-in and bareboat-in contracts

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

Land lease agreements

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

Office lease agreements

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

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

Leases - Lease expense

		Drybulk Vessel Operations Three Month Period Ended June 30, 2021		Logistics Business Three Month Period Ended June 30, 2021		Total
Lease expense for charter-in contracts	$	19,252	$	1,630	$	20,882
Lease expense for land lease agreements		—		142		142
Lease expense for office lease agreements		—		91		91
Total	$	19,252	$	1,863	$	21,115

		Drybulk Vessel Operations Three Month Period Ended June 30, 2020		Logistics Business Three Month Period Ended June 30, 2020		Total
Lease expense for charter-in contracts	$	24,155	$	1,170	$	25,325
Lease expense for land lease agreements		—		143		143
Lease expense for office lease agreements		—		144		144
Total	$	24,155	$	1,457	$	25,612

		Drybulk Vessel Operations Six Month Period Ended June 30, 2021		Logistics Business Six Month Period Ended June 30, 2021		Total
Lease expense for charter-in contracts	$	39,850	$	3,168	$	43,018
Lease expense for land lease agreements		—		282		282
Lease expense for office lease agreements		—		157		157
Total	$	39,850	$	3,607	$	43,457

		Drybulk Vessel Operations Six Month Period Ended June 30, 2020		Logistics Business Six Month Period Ended June 30, 2020		Total
Lease expense for charter-in contracts	$	49,771	$	2,988	$	52,759
Lease expense for land lease agreements		—		282		282
Lease expense for office lease agreements		—		303		303
Total	$	49,771	$	3,573	$	53,344

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

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

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

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

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

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

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

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

NOTE 16: SUBSEQUENT EVENTS

1. On September 3, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $20,000 of its 2022 Senior Secured Notes. Please see also Note 6.

2. On August 26, 2021, Navios Partners announced a definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition. Please see also Note 14.

3. In July 2021, the Company completed the sale of the Navios Azimuth to Navios Partners. Please see also Note 4.

4. In July 2021, the Company completed the redemption of an aggregate principal of $100,000 of the 2022 Senior Secured Notes through the sale of the Navios Azimuth and the borrowing of $75,264 from an affiliate company of NSM. Please see also Notes 6 and 9.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

(a) Basis of presentation:

Going concern

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

(b) Principles of consolidation:

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

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

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

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

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

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

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

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

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

(d) Recent Accounting Pronouncements:

Adoption of new accounting pronouncements:

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies - Revenue per category

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

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

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

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

Cash and Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Cash and cash equivalents

		June 30, 2021		December 31, 2020
Cash on hand and at banks	$	73,115	$	94,787
Short-term deposits and highly liquid funds		44		94
Restricted cash		10		16,303
Cash and cash equivalents and restricted cash	$	73,169	$	111,184

Vessels, Port Terminals and Other Fixed Assets, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Vessels, Port Terminals and Other Fixed Assets, net

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

Intangible Assets Other Than Goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Other Than Goodwill

Intangible Assets, Other Than Goodwill

Intangible assets		June 30, 2021		December 31, 2020
Acquisition cost	$	178,642	$	178,642
Accumulated amortization		(82,859)		(80,079)
Total Intangible assets net book value	$	95,783	$	98,563

Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization

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

Borrowings (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings - Loan’s outstanding amounts

Facility	June 30, 2021			December 31, 2020
Secured credit facilities	$	—		$	70,074
2022 Senior Secured Notes		305,000			305,000
2022 Notes		462,466			476,822
2024 Notes		8,626			8,626
NSM Loan (incl. accrued interest $358 and $526, respectively)		57,026			78,901
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively)		39,986			50,326
Sale and Leaseback Agreements		60,165			62,934
2025 Logistics Senior Notes		500,000			500,000
Navios Logistics other long-term loans and notes payable		66,797			60,035
Total borrowings		1,500,066			1,612,718
Less: current portion, net		(614,939	)		(374,191	)
Less: deferred finance costs, net		(23,613	)		(28,289	)
Total long-term borrowings	$	861,514		$	1,210,238

Borrowings - Principal payments

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

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Of Financial Instruments

Fair Value of Financial Instruments - Fair Value

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

Fair Value of Financial Instruments - Fair value measurements on a recurring basis

	Fair Value Measurements as of June 30, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Investments in available-for-sale-securities	$	364	$	364	$	—	$	—
Total	$	364	$	364	$	—	$	—

Fair Value of Financial Instruments - Fair value on a non-recurring basis

	Fair Value Measurements as of June 30, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Assets held for sale	$	30,000	$	30,000	$	—	$	—
Total	$	30,000	$	30,000	$	—	$	—

	Fair Value Measurements as of December 31, 2020
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Vessels, port terminals and other fixed assets, net	$	38,054	$	6,644	$	31,410	$	—
Operating lease assets	$	10,018	$	—	$	10,018	$	—
Total	$	48,072	$	6,644	$	41,428	$	—

Fair Value of Financial Instruments - Fair value measurements

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

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

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information - Summarized financial information

	Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2021		Logistics Business for the Three Month Period Ended June 30, 2021		Total for the Three Month Period Ended June 30, 2021
Revenue	$	86,053	$	57,571	$	143,624
Interest expense and finance cost, net		(21,011)		(15,159)		(36,170)
Depreciation and amortization		(7,917)		(8,071)		(15,988)
Equity in net earnings of affiliate companies		12,854		—		12,854
Net income/ (loss) attributable to Navios Holdings common stockholders		27,795		(2,859)		24,936
Total assets		1,156,441		672,652		1,829,093
Goodwill		56,240		104,096		160,336
Capital expenditures		(22,758)		(3,646)		(26,404)
Investment in affiliate companies		97,351		—		97,351
Cash and cash equivalents		25,689		47,470		73,159
Restricted cash		10		—		10
Long-term debt, net (including current and noncurrent portion)	$	927,399	$	549,054	$	1,476,453

	Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2020		Logistics Business for the Three Month Period Ended June 30, 2020		Total for the Three Month Period Ended June 30, 2020
Revenue	$	38,302	$	58,825	$	97,127
Interest expense and finance cost, net		(22,159)		(9,259)		(31,418)
Depreciation and amortization		(10,745)		(7,267)		(18,012)
Equity in net earnings of affiliate companies		9,445		—		9,445
Net (loss)/ income attributable to Navios Holdings common stockholders		(42,918)		7,647		(35,271)
Total assets		1,500,046		615,878		2,115,924
Goodwill		56,240		104,096		160,336
Capital expenditures		(98,672)		(2,578)		(101,250)
Investment in affiliate companies		63,498		—		63,498
Cash and cash equivalents		20,525		33,489		54,014
Restricted cash		1,058		—		1,058
Long-term debt, net (including current and noncurrent portion)	$	1,082,032	$	509,749	$	1,591,781

	Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2020		Logistics Business for the Six Month Period Ended June 30, 2020		Total for the Six Month Period Ended June 30, 2020
Revenue	$	72,562	$	115,648	$	188,210
Interest expense and finance cost, net		(44,529)		(18,532)		(63,061)
Depreciation and amortization		(21,543)		(14,545)		(36,088)
Equity in net earnings of affiliate companies		3,308		—		3,308
Net (loss)/ income attributable to Navios Holdings common stockholders		(100,690)		12,144		(88,546)
Total assets		1,500,046		615,878		2,115,924
Goodwill		56,240		104,096		160,336
Capital expenditures		(98,672)		(2,578)		(101,250)
Investment in affiliate companies		63,498		—		63,498
Cash and cash equivalents		20,525		33,489		54,014
Restricted cash		1,058		—		1,058
Long-term debt, net (including current and noncurrent portion)	$	1,082,032	$	509,749	$	1,591,781

Earnings/ (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted


	Three Month Period Ended June 30, 2021		Three Month Period Ended June 30, 2020		Six Month Period Ended June 30, 2021		Six Month Period Ended June 30, 2020
Numerator:
Net income/ (loss) attributable to Navios Holdings common stockholders	$	24,936	$	(35,271)	$	25,099	$	(88,546)
Less:
Declared and undeclared dividend on preferred stock and on unvested restricted shares		(1,284)		(1,284)		(2,561)		(2,578)
Plus:
Gain from eliminated dividends (preferred stock) due to conversion		—		—		—		166
Income/ (loss) available to Navios Holdings common stockholders, basic and diluted	$	23,652	$	(36,555)	$	22,538	$	(90,958)
Denominator:
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		13,127,208		12,901,880		13,120,335		12,882,235
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders	$	1.80	$	(2.83)	$	1.72	$	(7.06)
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		13,511,627		12,901,880		13,508,382		12,882,235
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders	$	1.75	$	(2.83)	$	1.67		(7.06)

Investments in Affiliate Companies and Available-For-Sale Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments in and Advances to Affiliates [Abstract]

Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies


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


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

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases

Leases - Lease expense

		Drybulk Vessel Operations Three Month Period Ended June 30, 2021		Logistics Business Three Month Period Ended June 30, 2021		Total
Lease expense for charter-in contracts	$	19,252	$	1,630	$	20,882
Lease expense for land lease agreements		—		142		142
Lease expense for office lease agreements		—		91		91
Total	$	19,252	$	1,863	$	21,115

		Drybulk Vessel Operations Three Month Period Ended June 30, 2020		Logistics Business Three Month Period Ended June 30, 2020		Total
Lease expense for charter-in contracts	$	24,155	$	1,170	$	25,325
Lease expense for land lease agreements		—		143		143
Lease expense for office lease agreements		—		144		144
Total	$	24,155	$	1,457	$	25,612

		Drybulk Vessel Operations Six Month Period Ended June 30, 2021		Logistics Business Six Month Period Ended June 30, 2021		Total
Lease expense for charter-in contracts	$	39,850	$	3,168	$	43,018
Lease expense for land lease agreements		—		282		282
Lease expense for office lease agreements		—		157		157
Total	$	39,850	$	3,607	$	43,457

		Drybulk Vessel Operations Six Month Period Ended June 30, 2020		Logistics Business Six Month Period Ended June 30, 2020		Total
Lease expense for charter-in contracts	$	49,771	$	2,988	$	52,759
Lease expense for land lease agreements		—		282		282
Lease expense for office lease agreements		—		303		303
Total	$	49,771	$	3,573	$	53,344

Leases - Total amount of lease payments on an undiscounted basis

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

Description of Business (Details Narrative) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended	12 Months Ended
	Apr. 21, 2020	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2021	Jan. 04, 2021	Jun. 30, 2020
Junior Loan II [Member]
Repayments of Debt	$ 5,000
Navios Partners [Member]
Percentage of ownership		9.70%			12.60%
Navios Containers [Member]
Ownership percentage of Navios Holdings			3.90%
Percentage of ownership		0.00%		3.90%
Navios Acquisition [Member]
Ownership percentage of Navios Holdings		28.00%
Percentage of ownership		28.00%
Navios Europe II [Member]
Percentage of ownership						47.50%
Navios Europe II [Member] \| Junior Loan II [Member]
Repayments of Debt	$ 5,000
Navios Logistics Subsidiary [Member]
Entity Incorporation, Date of Incorporation		Dec. 17, 2007
Ownership percentage of Navios Holdings		63.80%
Navios Holdings [Member] \| Navios Europe II [Member]
Percentage of ownership		47.50%
Voting interests		50.00%
Navios Acquisition [Member] \| Navios Europe II [Member]
Percentage of ownership		47.50%
Voting interests		50.00%
Navios Partners [Member] \| Navios Europe II [Member]
Percentage of ownership		5.00%
Voting interests		0.00%

Summary of Significant Accounting Policies - Revenue per category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues	$ 143,624	$ 97,127	$ 260,575	$ 188,210
COA/Voyage revenue [Member]
Revenues	24,700	17,289	47,498	28,739
Time chartering revenue [Member]
Revenues	94,170	51,966	163,290	105,017
Port Terminal Revenue [Member]
Revenues	21,342	21,636	40,925	35,828
Storage fees (dry port) revenue [Member]
Revenues	16	19	124	2,842
Dockage revenue [Member]
Revenues	1,282	1,476	1,880	1,909
Sale of products revenue [Member]
Revenues	315	3,409	3,495	11,257
Liquid port terminal revenue [Member]
Revenues	1,216	1,271	2,448	2,267
Other [Member]
Revenues	583	61	915	351
Dry Bulk Vessel Operations [Member]
Revenues	86,053	38,302	149,781	72,562
Dry Bulk Vessel Operations [Member] \| COA/Voyage revenue [Member]
Revenues	2,803	2,793	8,016	2,793
Dry Bulk Vessel Operations [Member] \| Time chartering revenue [Member]
Revenues	83,064	35,680	141,317	69,705
Dry Bulk Vessel Operations [Member] \| Other [Member]
Revenues	186	(171)	448	64
Logistics Business [Member]
Revenues	57,571	58,825	110,794	115,648
Logistics Business [Member] \| COA/Voyage revenue [Member]
Revenues	21,897	14,496	39,482	25,946
Logistics Business [Member] \| Time chartering revenue [Member]
Revenues	11,106	16,286	21,973	35,312
Logistics Business [Member] \| Port Terminal Revenue [Member]
Revenues	21,342	21,636	40,925	35,828
Logistics Business [Member] \| Storage fees (dry port) revenue [Member]
Revenues	16	19	124	2,842
Logistics Business [Member] \| Dockage revenue [Member]
Revenues	1,282	1,476	1,880	1,909
Logistics Business [Member] \| Sale of products revenue [Member]
Revenues	315	3,409	3,495	11,257
Logistics Business [Member] \| Liquid port terminal revenue [Member]
Revenues	1,216	1,271	2,448	2,267
Logistics Business [Member] \| Other [Member]
Revenues	$ 397	$ 232	$ 467	$ 287

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	6 Months Ended	7 Months Ended	8 Months Ended	12 Months Ended
	Jun. 30, 2021	Jul. 23, 2021	Aug. 31, 2021	Dec. 31, 2020	Sep. 03, 2021	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets, Current	$ 206,295			$ 194,857
Liabilities Current Excluding Operating Lease Liability	738,929
Working capital deficit	532,634
Long-term Debt, Current Maturities	614,939			374,191
Long-term Debt, Gross	$ 1,500,066			$ 1,612,718
Navios Partners [Member]
Ownership percentage of Navios Holdings	9.70%
Navios Acquisition [Member]
Ownership percentage of Navios Holdings	28.00%
Ownership percentage of Navios Holdings	28.00%
Navios Containers [Member]
Ownership percentage of Navios Holdings				3.90%
Ownership percentage of Navios Holdings	0.00%					3.90%
Navios Europe II [Member]
Ownership percentage of Navios Holdings							47.50%
Navios Logistics Subsidiary [Member]
Ownership percentage of Navios Holdings	63.80%
2022 Senior Secured Notes [Member]
Long-term Debt, Current Maturities	$ 83,259
Debt Instrument, Interest Rate, Stated Percentage	11.25%
Debt Instrument, Repurchased Face Amount		$ 100,000			$ 20,000
Notes Payable					$ 185,000
2022 Notes [Member]
Long-term Debt, Current Maturities	$ 462,466
Debt Instrument, Interest Rate, Stated Percentage	7.375%
Long-term Debt, Gross	$ 462,466		$ 455,466
2022 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.375%
Debt Instrument, Repurchased Face Amount	$ 14,356		7,000	$ 20,782				$ 81,235	$ 35,661
2022 Notes [Member] \| Subsequent Event [Member]
Extinguishment of Debt, Amount			$ 7,000
$115.0 million NSM Loan [Member]
Proceeds from Lines of Credit		$ 75,264

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash on hand and at banks	$ 73,115	$ 94,787
Short-term deposits and highly liquid funds	44	94
Restricted cash	10	16,303
Cash and cash equivalents and restricted cash	$ 73,169	$ 111,184	$ 55,072	$ 78,727

Vessels, Port Terminals and Other Fixed Assets, net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Balance	$ 1,139,539
Balance	995,689
Cost [Member]
Property, Plant and Equipment [Line Items]
Balance	1,600,313
Additions	6,881
Impairment losses	(89,888)
Vessel disposals	(142,782)
Transfers from oil storage plant and port facilities for liquid cargoes	5,645
Vessel acquisition	16,049
Transfers from deposits for vessels, port terminal and other fixed assets, net	51,461
Transfers to assets held for sale	(30,000)
Balance	1,417,679
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Balance	(460,774)
Additions	(29,474)
Impairment losses	68,258
Balance	(421,990)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Balance	1,139,539
Additions	(22,593)
Impairment losses	(21,630)
Vessel disposals	(142,782)
Transfers from oil storage plant and port facilities for liquid cargoes	5,645
Vessel acquisition	16,049
Transfers from deposits for vessels, port terminal and other fixed assets, net	51,461
Transfers to assets held for sale	(30,000)
Balance	$ 995,689

Vessels, Port Terminals and Other Fixed Assets, Net (Details Narrative) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Feb. 28, 2017
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net		$ 995,689			$ 995,689		$ 1,139,539
Impairment loss and gain/(loss) on sale of vessels		(5,406)		$ (8,967)	(25,861)	$ (20,215)
Proceeds from Sale of Property, Plant, and Equipment					137,016	23,078
Gain (Loss) on Sale of Assets and Asset Impairment Charges		5,406		$ 8,967	25,861	$ 20,215
Six Liquid Barges [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net			$ 19,501
Interest Costs Capitalized			$ 1,062
Six Liquid Barges [Member] \| Navios Logistics [Member] \| Other Long Term Assets [Member]
Property, Plant and Equipment [Line Items]
Interest Costs Capitalized							611
Payments for Construction in Process							16,696
Two New Tanks In Liquid Port Terminal [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net		1,843			1,843
Payments for Construction in Process							1,285
Land Port Murtinho [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Interest Costs Capitalized					$ 685		631
Area of Land					6.6 hectares
Development costs					$ 1,580
Land Port Murtinho [Member] \| Navios Logistics [Member] \| Additional Acquisition [Member]
Property, Plant and Equipment [Line Items]
Area of Land					2.3 additional hectares
Crane In Grain Port Terminal [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net		3,803			$ 3,803
Payments for Construction in Process							723
Navios Azimuth [Member]
Property, Plant and Equipment [Line Items]
Year Built					2011
Vessel Type					Capesize
Vessel Capacity					179,169
Impairment loss					$ 9,104
Impairment loss					1,950
Property, Plant, and Equipment, Fair Value Disclosure		30,000			30,000
Vessel sale price		30,000			30,000
Capitalized Cost Impairment Loss					$ (1,950)
Navios Ray [Member]
Property, Plant and Equipment [Line Items]
Year Built					2012
Vessel Type					Capesize
Vessel Capacity					179,515
Navios Bonavis [Member]
Property, Plant and Equipment [Line Items]
Year Built					2009
Vessel Type					Capesize
Vessel Capacity					180,022
Navios Ray And Navios Bonavis [Member]
Property, Plant and Equipment [Line Items]
Impairment loss					$ 1,775
Vessel sale price		58,000			58,000
Impairment loss and gain/(loss) on sale of vessels					8,753
Gain (Loss) on Sale of Assets and Asset Impairment Charges					(8,753)
Capitalized Cost Impairment Loss					$ (1,775)
Navios Koyo [Member]
Property, Plant and Equipment [Line Items]
Year Built					2011
Vessel Type					Capesize
Vessel sale price		28,500			$ 28,500
Impairment loss and gain/(loss) on sale of vessels					12,451
Proceeds from Sale of Property, Plant, and Equipment					8,500
Gain (Loss) on Sale of Assets and Asset Impairment Charges					$ (12,451)
Navios Serenity [Member]
Property, Plant and Equipment [Line Items]
Year Built					2011
Vessel Type					Handysize
Vessel Capacity					34,690
Impairment loss					$ 11
Vessel sale price		10,388			10,388
Impairment loss and gain/(loss) on sale of vessels					(6,957)
Gain (Loss) on Sale of Assets and Asset Impairment Charges					6,957
Capitalized Cost Impairment Loss					(11)
Navios Centaurus [Member]
Property, Plant and Equipment [Line Items]
Year Built			2012
Vessel Type			Panamax
Vessel Capacity			81,472
Navios Avior [Member]
Property, Plant and Equipment [Line Items]
Year Built			2012
Vessel Type			Panamax
Vessel Capacity			81,355
Navios Centaurus and Navios Avior [Member]
Property, Plant and Equipment [Line Items]
Impairment loss			$ 495
Vessel sale price			39,250
Impairment loss and gain/(loss) on sale of vessels			(13,498)
Gain (Loss) on Sale of Assets and Asset Impairment Charges			13,498
Capitalized Cost Impairment Loss			$ (495)
Navios Astra [Member]
Property, Plant and Equipment [Line Items]
Year Built	2006
Vessel Type	Ultra Handymax
Vessel Capacity	53,468
Vessel sale price	$ 6,644
Navios Logistics 2020 Fleet [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net		$ 31,960			$ 31,960
Contractual Obligation							$ 30,000
Formosa And San Lorenzo [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessel sale price								$ 1,109

Intangible Assets, Other Than Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition cost	$ 178,642	$ 178,642
Accumulated amortization	(82,859)	(80,079)
Total Intangible assets net book value	$ 95,783	$ 98,563

Intangible Assets Other Than Goodwill - Schedule of Aggregate Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Year One	$ 5,581
Year Two	5,581
Year Three	5,588
Year Four	5,581
Year Five	5,581
Thereafter	67,871
Total	$ 95,783	$ 98,563

Intangible Assets Other Than Goodwill (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,394	$ 1,394	$ 2,780	$ 2,787

Borrowings - Loan’s outstanding amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Senior Notes	$ 1,253,395	$ 1,263,566
Total borrowings	1,500,066	1,612,718
Less: current portion, net	(614,939)	(374,191)
Less: deferred finance costs, net	(23,613)	(28,289)
Total long-term borrowings	861,514	1,210,238
Sale And Leaseback Agreements [Member]
Line of Credit Facility [Line Items]
Sale Leaseback Transaction, Amount Due under Financing Arrangement	60,165	62,934
2022 Senior Secured Notes [Member]
Line of Credit Facility [Line Items]
Senior Notes	305,000	305,000
2022 Notes [Member]
Line of Credit Facility [Line Items]
Senior Notes	462,466	476,822
2024 Notes [Member]
Line of Credit Facility [Line Items]
Senior Notes	8,626	8,626
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Line of Credit Facility [Line Items]
Total borrowings	57,026	78,901
Less: current portion, net		(47,000)
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]
Line of Credit Facility [Line Items]
Total borrowings	39,986	50,326
2025 Logistics Senior Notes [Member]
Line of Credit Facility [Line Items]
Senior Notes	500,000	500,000
Navios Logistics other long-term loans and notes payable [Member]
Line of Credit Facility [Line Items]
Notes and Loans Payable	66,797	60,035
Secured credit facilities [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 0	$ 70,074

Borrowings - Principal payments (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Debt Disclosure [Abstract]
June 30, 2022	$ 616,440
June 30, 2023	267,331
June 30, 2024	54,079
June 30, 2025	22,868
June 30, 2026	506,892
June 30, 2027 and thereafter	32,456
Total	$ 1,500,066

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Borrowings (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended		7 Months Ended	8 Months Ended		11 Months Ended	12 Months Ended
Borrowings (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jul. 23, 2021	Sep. 03, 2021	Aug. 31, 2021	Nov. 29, 2013	Dec. 31, 2020	Mar. 31, 2021	Jan. 31, 2021	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 1,873	$ 0		$ 1,873	$ 11,204
Amount outstanding	1,500,066			$ 1,500,066						$ 1,612,718
Debt Instrument, Description of Variable Rate Basis				LIBOR plus spread
Minimum [Member]
Debt Instrument [Line Items]
Maturity date				August 2021
Debt Instrument, Basis Spread on Variable Rate				3.15%
Maximum [Member]
Debt Instrument [Line Items]
Maturity date				November 2025
Debt Instrument, Basis Spread on Variable Rate				3.25%
Sale And Leaseback Agreements [Member]
Debt Instrument [Line Items]
Number of repayment installments				144
Frequency of payments				monthly
Sale Leaseback Transaction, Amount Due under Financing Arrangement	60,165			$ 60,165
A and B Capesize Vessels \| Sale And Leaseback Agreements [Member]
Debt Instrument [Line Items]
Finance Lease, Liability											$ 68,000
Capesize Vessel A \| Sale And Leaseback Agreements [Member]
Debt Instrument [Line Items]
Periodic payment				$ 224
Maturity date				fourth quarter of 2031
Balloon payment	750			$ 750
Capesize Vessel B \| Sale And Leaseback Agreements [Member]
Debt Instrument [Line Items]
Periodic payment				$ 238
Maturity date				first quarter of 2032
Balloon payment	$ 750			$ 750
Six Liquid Barges [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit				$ 13,475
Fixed interest rate	8.50%			8.50%
Amount outstanding	$ 12,368			$ 12,368
Seller's credit agreement										13,475
Number of repayment installments				20
Frequency of payments				quarterly
Navios Logistics 2020 Fleet [Member]
Debt Instrument [Line Items]
Fixed interest rate	5.00%			5.00%
Seller's credit agreement	$ 15,000			$ 15,000
Number of repayment installments				3
Frequency of payments				annual
Periodic payment				$ 5,000
2022 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description				The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.
Debt Instrument, Repurchased Face Amount						$ 100,000	$ 20,000
Percentage of principal amount redeemed						100.00%	100.00%
Notes Payable							$ 185,000
Three Month Period Ended [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	9.34%	7.48%		9.34%	7.48%
Six Month Period Ended [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	9.33%	7.50%		9.33%	7.50%
2022 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement				Nov. 21, 2017
Face amount at issuance date	$ 305,000			$ 305,000
Debt instrument, issuance price percentage				97.00%
2022 Senior Secured Notes [Member] \| Upon Occurence Of Certain Change Of Control Events [Member]
Debt Instrument [Line Items]
Redemption price percentage				101.00%
$115.0 million NSM Loan [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit						$ 75,264
2022 Notes [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement				Nov. 29, 2013
Face amount at issuance date	650,000			$ 650,000
Debt Instrument, Repurchased Face Amount	$ 14,356			$ 14,356				$ 7,000		20,782			$ 81,235	$ 35,661
Fixed interest rate	7.375%			7.375%
Debt Instrument, Repurchase Amount	$ 12,454			$ 12,454				6,134		9,443			$ 50,683	28,796
Gain (Loss) on Extinguishment of Debt										11,204
Gain (Loss) on Repurchase of Debt Instrument	$ 1,873							855
Debt Instrument, Collateral				17 drybulk vessels					23 dry bulk vessels
Escrow deposit released												$ 14,250
2022 Notes [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount														35,500
Debt Instrument, Repurchase Amount														$ 17,642
2022 Notes [Member] \| Navios Holdings Borrowings [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description				The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of June 30, 2021.
Long-term Debt, Maturities, Repayment Terms				The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par.
2022 Notes [Member] \| Upon Occurence Of Certain Change Of Control Events [Member]
Debt Instrument [Line Items]
Redemption price percentage				101.00%
2022 Notes [Member]
Debt Instrument [Line Items]
Fixed interest rate	7.375%			7.375%
Amount outstanding	$ 462,466			$ 462,466				$ 455,466
Senior Notes 2024 [Member]
Debt Instrument [Line Items]
Redemption price percentage				100.00%
Senior Notes 2024 [Member] \| Series H Preferred Stock [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement				Mar. 21, 2019
Face amount at issuance date	$ 4,747			$ 4,747
Fixed interest rate	9.75%			9.75%
Treasury Stock, Shares, Acquired				10,930
Senior Notes 2024 [Member] \| Series G Preferred Stock [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement				Apr. 21, 2019
Face amount at issuance date	$ 3,879			$ 3,879
Treasury Stock, Shares, Acquired				8,841
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement				Aug. 29, 2019
Face amount at issuance date	141,795			$ 141,795
Amount outstanding	57,026			57,026						78,901
Accrued Interest	358			$ 358
Frequency of payments				quarterly
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]
Debt Instrument [Line Items]
Repayments of Debt			$ 10,265
Amount outstanding	39,986			$ 39,986						50,326
Accrued Interest	250			250
Line of Credit Facility, Maximum Borrowing Capacity	50,000			$ 50,000
Frequency of payments				quarterly
Number of repayment installments				18
$115.0 million NSM Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	115,000			$ 115,000
$115.0 million NSM Loan [Member] \| 2022 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	70,000			$ 70,000
2025 Logistics Senior Notes [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement				Jul. 08, 2020
Face amount at issuance date	$ 500,000			$ 500,000
Fixed interest rate	10.75%			10.75%
Deferred Finance Costs	$ 17,724			$ 17,724						19,414
2025 Logistics Senior Notes [Member] \| Upon Occurence Of Certain Change Of Control Events [Member] \| Navios Logistics 1 [Member]
Debt Instrument [Line Items]
Percentage of principal amount redeemed				100.00%
2025 Logistics Senior Notes [Member] \| Prior to August 1, 2022 [Member] \| Navios Logistics 1 [Member]
Debt Instrument [Line Items]
Redemption price percentage				110.75%
Percentage of principal amount redeemed				35.00%
Navios Logistics other long-term loans and notes payable [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	$ 66,797			$ 66,797						$ 60,035
Secured Debt [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt				79,071
Secured credit facilities [Member]
Debt Instrument [Line Items]
Repayments of Debt				70,074
Credit Agricole Corporate And Investment Bank Loan 1 [Member]
Debt Instrument [Line Items]
Repayments of Debt				11,100
Credit Agricole Corporate And Investment Bank Loan 2 [Member]
Debt Instrument [Line Items]
Repayments of Debt				11,400
Hamburg Commercial Bank AG [Member]
Debt Instrument [Line Items]
Repayments of Debt				9,945
DVB Bank S.E. [Member]
Debt Instrument [Line Items]
Repayments of Debt				4,504
Alpha Bank A.E Loan 1 [Member]
Debt Instrument [Line Items]
Repayments of Debt				20,200
Alpha Bank A.E Loan 2 [Member]
Debt Instrument [Line Items]
Repayments of Debt				12,925
Four Navios Holdings Credit Facilities [Member]
Debt Instrument [Line Items]
Repayments of Debt				$ 36,199

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

Fair Value of Financial Instruments - Fair value measurements on a recurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in available-for-sale-securities	$ 364	$ 222
Fair Value, Inputs, Level 1 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in available-for-sale-securities	364	222
Fair Value, Recurring [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in available-for-sale-securities	364	222
Total	364	222
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in available-for-sale-securities	364	222
Total	$ 364	$ 222

Fair Value of Financial Instruments - Fair value on a non-recurring basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Assets held for sale	$ 30,000
Total	30,000	$ 48,072
Vessels, port terminals and other fixed assets, net		38,054
Operating lease assets		10,018
Fair Value, Inputs, Level 1 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Assets held for sale	30,000
Total	$ 30,000	6,644
Vessels, port terminals and other fixed assets, net		6,644
Operating lease assets		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total		41,428
Vessels, port terminals and other fixed assets, net		31,410
Operating lease assets		$ 10,018

Fair Value of Financial Instruments - Fair value measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	$ 73,159	$ 94,881
Restricted cash	10	16,303
Investments in available-for-sale-securities	364	222
Senior and ship mortgage notes	(1,269,481)	(1,054,616)
Long-term debt, including current portion(1)	(126,962)	(193,043)
Loans payable to affiliate companies, including current portion(2)	(96,404)	(129,227)
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	73,159	94,881
Restricted cash	10	16,303
Investments in available-for-sale-securities	364	222
Senior and ship mortgage notes	(1,260,855)	(1,045,990)
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior and ship mortgage notes	(8,626)	(8,626)
Long-term debt, including current portion(1)	(126,962)	(193,043)
Loans payable to affiliate companies, including current portion(2)	$ (96,404)	$ (129,227)

Fair Value of Financial Instruments (Details Narrative) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Navios Azimuth [Member]
Impairment loss	$ 9,104
Fair value of assets	$ 30,000
Three Vessels [Member]
Impairment loss		$ 59,108
Fair value of assets		38,054
Two Chartered In Vessels [Member]
Impairment loss		1,361
Fair value of assets		$ 10,018

Commitments and Contingencies (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)
Lessor, Lease, Description [Line Items]
Letters of guarantee and letters of credit	$ 10	$ 10
Other long-term assets	79,672	$ 93,080
Navios Logistics [Member] \| Vitol SA [Member]
Lessor, Lease, Description [Line Items]
Guarantee and indemnity letter	$ 12,000
Navios Logistics [Member] \| Edolmix S.A. and Energias Renovables del Sur S.A.[Member]
Lessor, Lease, Description [Line Items]
Guarantor Obligations, Term	On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively.
Navios Logistics [Member] \| Edolmix SA [Member]
Lessor, Lease, Description [Line Items]
Guarantee and indemnity letter	$ 847
Navios Logistics [Member] \| Energias Renovables Del Sur SA [Member]
Lessor, Lease, Description [Line Items]
Guarantee and indemnity letter	$ 519
Navios Galaxy II [Member]
Lessor, Lease, Description [Line Items]
Date of charter-in agreement	Dec. 31, 2017
Lessee, Operating Lease, Term of Contract	10 years
Vessel capacity in DWT	81,789
Date Of Delivery	March 30, 2020
Contractual Obligation	$ 5,410
Other long-term assets	$ 6,704
Navios Herakles I And Navios Uranus [Member]
Lessor, Lease, Description [Line Items]
Date of charter-in agreement	Jan. 31, 2018
Contractual Obligation	$ 11,140
Other long-term assets	$ 14,070
Navios Herakles I [Member]
Lessor, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Vessel capacity in DWT	82,036
Date Of Delivery	August 28, 2019
Navios Uranus [Member]
Lessor, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Vessel capacity in DWT	81,516
Date Of Delivery	November 28, 2019
Navios Felicity I [Member]
Lessor, Lease, Description [Line Items]
Date of charter-in agreement	Apr. 30, 2018
Lessee, Operating Lease, Term of Contract	10 years
Vessel capacity in DWT	81,946
Date Of Delivery	January 17, 2020
Contractual Obligation	$ 5,590
Other long-term assets	$ 7,193
Navios Magellan II [Member]
Lessor, Lease, Description [Line Items]
Date of charter-in agreement	Oct. 30, 2018
Lessee, Operating Lease, Term of Contract	10 years
Vessel capacity in DWT	82,037
Date Of Delivery	May 15, 2020
Contractual Obligation	$ 5,820
Other long-term assets	$ 7,506
Storage And Transshipment Contract [Member] \| Navios Logistics [Member]
Lessor, Lease, Description [Line Items]
Contractual Obligation			$ 4,140
Number of repayment installments	3
Contractual Obligation, to be Paid, Year One	$ 1,380
Contractual Obligation, to be Paid, Year Two	1,380
Contractual Obligation, to be Paid, Year Three	$ 1,380

Transactions with related parties (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended				4 Months Ended		5 Months Ended	6 Months Ended			8 Months Ended	12 Months Ended
	Jul. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2017	Apr. 30, 2021	Apr. 21, 2020	May 31, 2021	Jun. 30, 2021	Jul. 10, 2020	Jun. 30, 2020	Aug. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018	Dec. 31, 2016
Related Party Transaction [Line Items]
General and Administrative Expense		$ 8,544,000		$ 8,836,000					$ 15,363,000		$ 15,798,000
Due to Affiliate, Current		10,174,000							10,174,000				$ 27,114,000
Due from Affiliate, Current		0							0				243,000
Equity Method Investment, Other than Temporary Impairment		(0)		(0)					(0)		6,050,000
Repayments of Related Party Debt									(0)		31,500,000
Current portion of long-term debt		614,939,000							614,939,000				374,191,000
Long-term Debt, Gross		1,500,066,000							1,500,066,000				1,612,718,000
Notes Payable, Related Parties, Current		$ 28,151,000							$ 28,151,000				$ 26,595,000
Common Stock, Shares, Outstanding		15,897,064							15,897,064				15,881,147
Junior Loan II [Member]
Related Party Transaction [Line Items]
Repayments of Debt							$ 5,000,000
2022 Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchase Amount		$ 12,454,000							$ 12,454,000			$ 6,134,000	$ 9,443,000	$ 50,683,000		$ 28,796,000
Debt Instrument, Issuance Date									Nov. 29, 2013
Debt Instrument, Face Amount		650,000,000							$ 650,000,000
Debt Instrument, Repurchased Face Amount		$ 14,356,000							$ 14,356,000			7,000,000	20,782,000	81,235,000		35,661,000
Debt Instrument, Interest Rate, Stated Percentage		7.375%							7.375%
NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt	$ 18,500,000							$ 21,706,000			31,500,000			13,420,000
Debt Instrument, Issuance Date									Aug. 29, 2019
Debt Instrument, Face Amount		$ 141,795,000							$ 141,795,000
Current portion of long-term debt													47,000,000
Repayment frequency									quarterly
Long-term Debt, Gross		$ 57,026,000							$ 57,026,000				78,901,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		5.00%							5.00%
Interest rate for deferred principal amounts		7.00%							7.00%
Debt instrument, carrying amount before accrued interest		$ 56,668,000							$ 56,668,000				78,375,000
Debt Instrument, Increase, Accrued Interest									358,000				526,000
Notes Payable, Related Parties, Current		16,548,000							16,548,000				10,328,000
$50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity		50,000,000							$ 50,000,000
Repayments of Debt								$ 10,265,000
Repayment frequency									quarterly
Long-term Debt, Gross		$ 39,986,000							$ 39,986,000				50,326,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		5.00%							5.00%
Interest rate for deferred principal amounts		7.00%							7.00%
Debt instrument, carrying amount before accrued interest		$ 39,736,000							$ 39,736,000				50,000,000
Debt Instrument, Increase, Accrued Interest									250,000				326,000
Notes Payable, Related Parties, Current		11,603,000							$ 11,603,000				16,266,000
Number of repayment installments									18
$115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity		$ 115,000,000							$ 115,000,000
Navios Europe II [Member] \| Junior Loan II [Member]
Related Party Transaction [Line Items]
Repayments of Debt							$ 5,000,000
Navios Revolving Loans 2 [Member] \| Navios Europe II [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																	$ 43,500,000
Line of Credit Facility, Increase (Decrease), Net					$ 14,000,000
Preferred Distribution Percentage									1800.00%
Grimaud Loan [Member]
Related Party Transaction [Line Items]
Repayments of Debt									$ 7,500,000
Secured Credit Facility [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Related Party Transaction [Line Items]
Debt Instrument, Issuance Date									Aug. 29, 2019
Long-term Debt, Term		5 years							5 years
Tranche A [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		10.50%							10.50%
Tranche A [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Number of repayment installments									14
Line of Credit Facility, Frequency of Payments									quarterly
Line of Credit Facility, Periodic Payment									$ 2,838,000
Debt Instrument, Maturity Date									Nov. 30, 2024
Tranche B [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		10.50%							10.50%
Tranche B [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Number of repayment installments									7
Line of Credit Facility, Frequency of Payments									quarterly
Debt Instrument, Maturity Date									Feb. 28, 2023
Navios Midstream Partners [Member]
Related Party Transaction [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Description									Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of June 30, 2021, Navios Holdings had not exercised any part of that option.
Navios Logistics [Member] \| 2022 Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchase Amount																17,642,000
Debt Instrument, Repurchased Face Amount																$ 35,500,000
First Or Second Year [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] \| Payment Deferral [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross		$ 20,000,000							$ 20,000,000
Third Year [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member] \| Payment Deferral [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross		$ 10,000,000							$ 10,000,000
First Mortgage [Member] \| Navios Partners [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding		2,070,016							2,070,016
First Mortgage [Member] \| Navios Acquisition [Member] \| NSM Loan (incl. accrued interest $358 and $526, respectively) [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding		14,940							14,940
Tranche A [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross		$ 39,736,000							$ 39,736,000
First Two Installments [Member] \| Tranche B [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Periodic Payment									22,632,000
Remaining Installments [Member] \| Tranche B [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Periodic Payment									$ 6,000,000
Payment Deferral I [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		12.00%							12.00%
Debt instrument, maximum deferred discount amortization period									90 days
Navios Centaurus [Member]
Related Party Transaction [Line Items]
Year Built			2012
Vessel Type			Panamax
Vessel Capacity			81,472
Navios Avior [Member]
Related Party Transaction [Line Items]
Year Built			2012
Vessel Type			Panamax
Vessel Capacity			81,355
Navios Centaurus and Navios Avior [Member]
Related Party Transaction [Line Items]
Disposal Group, Including Discontinued Operation, Consideration			$ 39,250,000
Navios Ray [Member]
Related Party Transaction [Line Items]
Year Built									2012
Vessel Type									Capesize
Vessel Capacity									179,515
Navios Bonavis [Member]
Related Party Transaction [Line Items]
Year Built									2009
Vessel Type									Capesize
Vessel Capacity									180,022
Navios Ray And Navios Bonavis [Member]
Related Party Transaction [Line Items]
Disposal Group, Including Discontinued Operation, Consideration		$ 58,000,000							$ 58,000,000
Navios Koyo [Member]
Related Party Transaction [Line Items]
Year Built									2011
Vessel Type									Capesize
Disposal Group, Including Discontinued Operation, Consideration		28,500,000							$ 28,500,000
Navios Azimuth [Member]
Related Party Transaction [Line Items]
Year Built									2011
Vessel Type									Capesize
Vessel Capacity									179,169
Disposal Group, Including Discontinued Operation, Consideration		30,000,000							$ 30,000,000
NSM [Member]
Related Party Transaction [Line Items]
Due to Affiliate, Current		10,174,000							10,174,000				22,114,000
Navios Partners [Member]
Related Party Transaction [Line Items]
Due to Affiliate, Current		0							0				5,000,000
Unamortized deferred gain for vessels and rights sold															$ 6,285,000
Navios Acquisition [Member]
Related Party Transaction [Line Items]
Due from Affiliate, Current		0							0				$ 243,000
Navios Logistics [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity		50,000,000							$ 50,000,000
Line of Credit Facility, Increase (Decrease), Net														$ 20,000,000
Line of Credit Facility, Initiation Date									Apr. 25, 2019
Line Credit Facility Arrangement Fees									$ 500,000
Conversion of unpaid dividend of preferred stock to common stock										2,414,263
Repayments of Related Party Debt										$ 2,308,000
Navios Logistics [Member] \| 2022 Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchase Amount		$ 18,726,000							$ 18,726,000
Navios Logistics [Member] \| First Year [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate During Period									12.75%
Navios Logistics [Member] \| Second Year [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate During Period									14.75%
Navios Logistics [Member] \| Amendment [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate at Period End		13.00%							13.00%					10.00%
Supplemental Grimaud Loan Agreement [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Treasury Stock Reissued									9,301,542
Management Agreement [Member] \| NSM [Member]
Related Party Transaction [Line Items]
Termination date of the administrative services agreement									August 29, 2024
Management Fee Expense		$ 9,794,000		11,537,000					$ 20,365,000		22,525,000
Management Agreement [Member] \| NSM [Member] \| Owned Vessels [Member]
Related Party Transaction [Line Items]
Daily management fee									$ 3,700			$ 3,800
Rate of annual increase in management fees		3000.00%							3000.00%
Management Agreement [Member] \| NSM [Member] \| Chartered In Vessels [Member]
Related Party Transaction [Line Items]
Daily management fee									$ 30.00
Navios Partners [Member] \| Guarantee Claim [Member]
Related Party Transaction [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid						$ 5,000,000
Navios Partners [Member] \| First Mortgage [Member] \| $50.0 million NSM Loan (including accrued interest of $250 and $326, respectively) [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding		40,587							40,587
Navios Partners [Member] \| First Mortgage [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding		40,587							40,587
Navios Partners [Member] \| Second Mortgage [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding		452,090							452,090
Administrative Services Agreement [Member] \| NSM [Member]
Related Party Transaction [Line Items]
Termination date of the administrative services agreement									August 29, 2024
Administrative services agreement term in years									5 years
General and Administrative Expense		$ 2,168,000		2,377,000					$ 4,508,000		4,639,000
Administrative Services Agreement [Member] \| NSM [Member] \| Navios Logistics [Member]
Related Party Transaction [Line Items]
General and Administrative Expense		$ 286,000		$ 286,000					$ 572,000		$ 572,000
Administrative Services Agreement [Member] \| NSM [Member] \| Automatic Extension [Member]
Related Party Transaction [Line Items]
Administrative services agreement term in years									5 years
Navios Acquisition [Member] \| Second Mortgage [Member] \| $115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding		4,850,207							4,850,207

Preferred and Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended					4 Months Ended	6 Months Ended			8 Months Ended	12 Months Ended
	Jul. 10, 2020	Feb. 21, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Mar. 21, 2019	Apr. 18, 2019	Jun. 30, 2021	Jun. 30, 2020	Jul. 15, 2017	Sep. 09, 2021	Dec. 21, 2020	Dec. 31, 2020
Common Stock, Shares, Outstanding			15,897,064						15,897,064					15,881,147
Preferred Stock, Shares Outstanding			23,032						23,032					23,032
Payments of Ordinary Dividends, Noncontrolling Interest									$ (0)	$ 9,948
Grimaud [Member]
Number of shares												6,434,000
Proceeds from Sale of Available-for-sale Securities, Equity												$ 31,270
Navios Corporation [Member]
Common Stock, Shares, Outstanding			2,414,263						2,414,263					2,414,263
Navios Logistics [Member]
Payments of Dividends	$ 6,381	$ 27,500
Payments of Ordinary Dividends, Noncontrolling Interest	$ 2,308	9,948
Navios Logistics [Member] \| Navios Holdings [Member]
Payments of Dividends		$ 17,552
Common Stock Dividends, Shares	2,414,263
Series G And Series H [Member]
Percentage of the increase of the preferred dividend rate											0.25%
Series G Preferred Stock [Member]
Number of shares									2,000,000
Preferred Stock, Liquidation Preference Per Share			$ 2,500						$ 2,500
Preferred Stock, Redemption Price Per Share			$ 25.00						$ 25.00
Dividend rate of preferred stock									8.75%
Preferred Stock, Shares Outstanding			5,350						5,350					5,350
Series G Preferred Stock [Member] \| Senior Notes 2024 [Member]
Dividend cancelled								$ 6,798
Number of shares issued for the exchange offer								8,841
Shares tendered, nominal value								$ 21,271
Tender offer expenses								620
Payments for repurchase of preferred stock								4,423
2024 Notes issues								3,879
Gain/ (Loss) from stock redemption recognized in Retained Earnings								$ 12,568
Series H Preferred Stock [Member]
Number of shares									4,800,000
Preferred Stock, Liquidation Preference Per Share			$ 2,500						$ 2,500
Preferred Stock, Redemption Price Per Share			$ 25.00						$ 25.00
Dividend rate of preferred stock									8.625%
Preferred Stock, Shares Outstanding			17,682						17,682					17,682
Series H Preferred Stock [Member] \| Senior Notes 2024 [Member]
Dividend cancelled							$ 7,678
Number of shares issued for the exchange offer							10,930
Shares tendered, nominal value							$ 26,297
Tender offer expenses							997
Payments for repurchase of preferred stock							4,188
2024 Notes issues							4,747
Gain/ (Loss) from stock redemption recognized in Retained Earnings							$ 16,365
Stock plan approved by Board of Directors [Member]
Stock-based compensation expenses, shares granted													16,000
Preferred Stock [Member]
Conversion of Stock, Shares Converted						210
Dividend cancelled				$ 171
Preferred Stock [Member] \| Dividend Undeclared [Member]
Undeclared Preferred Dividends									$ 27,783
Common Stock [Member]
Conversion of Stock, Shares Issued						(22,712)
Common Stock [Member] \| Dividend Undeclared [Member]
Share Price				$ 6
Common Stock [Member] \| Dividends Undeclared [Member]
Conversion of Stock, Shares Issued						(1,712)
Restricted Stock [Member]
Forfeited shares of common stock			56		1,230				83	1,230
Vested units			0		84,336				37,879	84,336

Other Income, Net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Expense [Member] \| Navios Logistics [Member]
Other (expense)/income - taxes other than income taxes	$ 1,218	$ 590	$ 2,222	$ 2,021

Segment Information - Summarized financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 143,624	$ 97,127	$ 260,575	$ 188,210
Interest expense and finance cost, net	(36,170)	(31,418)	(72,370)	(63,061)
Depreciation and amortization	(15,988)	(18,012)	(32,254)	(36,088)
Equity in net earnings of affiliate companies	12,854	9,445	40,594	3,308
Net income/ (loss) attributable to Navios Holdings common stockholders	24,936	(35,271)	25,099	(88,546)
Total assets	1,829,093		1,829,093		$ 1,971,325
Goodwill	160,336		160,336		160,336
Investment in affiliate companies	97,351		97,351		56,988
Cash and cash equivalents	73,159		73,159		94,881
Restricted cash	10		10		$ 16,303
Long-term debt, net (including current and noncurrent portion)	1,500,066		1,500,066
Dry Bulk Vessel Operations [Member]
Segment Reporting Information [Line Items]
Revenue	86,053	38,302	149,781	72,562
Interest expense and finance cost, net	(21,011)	(22,159)	(42,855)	(44,529)
Depreciation and amortization	(7,917)	(10,745)	(16,714)	(21,543)
Equity in net earnings of affiliate companies	12,854	9,445	40,594	3,308
Net income/ (loss) attributable to Navios Holdings common stockholders	27,795	(42,918)	27,694	(100,690)
Total assets	1,156,441	1,500,046	1,156,441	1,500,046
Goodwill	56,240	56,240	56,240	56,240
Capital expenditures	(22,758)	(98,672)	(24,152)	(98,672)
Investment in affiliate companies	97,351	63,498	97,351	63,498
Cash and cash equivalents	25,689	20,525	25,689	20,525
Restricted cash	10	1,058	10	1,058
Long-term debt, net (including current and noncurrent portion)	927,399	1,082,032	927,399	1,082,032
Logistics Business [Member]
Segment Reporting Information [Line Items]
Revenue	57,571	58,825	110,794	115,648
Interest expense and finance cost, net	(15,159)	(9,259)	(29,515)	(18,532)
Depreciation and amortization	(8,071)	(7,267)	(15,540)	(14,545)
Equity in net earnings of affiliate companies	0	0	0	0
Net income/ (loss) attributable to Navios Holdings common stockholders	(2,859)	7,647	(2,595)	12,144
Total assets	672,652	615,878	672,652	615,878
Goodwill	104,096	104,096	104,096	104,096
Capital expenditures	(3,646)	(2,578)	(22,033)	(2,578)
Investment in affiliate companies	0	0	0	0
Cash and cash equivalents	47,470	33,489	47,470	33,489
Restricted cash	0	0	0	0
Long-term debt, net (including current and noncurrent portion)	549,054	509,749	549,054	509,749
Total [Member]
Segment Reporting Information [Line Items]
Revenue	143,624	97,127	260,575	188,210
Interest expense and finance cost, net	(36,170)	(31,418)	(72,370)	(63,061)
Depreciation and amortization	(15,988)	(18,012)	(32,254)	(36,088)
Equity in net earnings of affiliate companies	12,854	9,445	40,594	3,308
Net income/ (loss) attributable to Navios Holdings common stockholders	24,936	(35,271)	25,099	(88,546)
Total assets	1,829,093	2,115,924	1,829,093	2,115,924
Goodwill	160,336	160,336	160,336	160,336
Capital expenditures	(26,404)	(101,250)	(46,185)	(101,250)
Investment in affiliate companies	97,351	63,498	97,351	63,498
Cash and cash equivalents	73,159	54,014	73,159	54,014
Restricted cash	10	1,058	10	1,058
Long-term debt, net (including current and noncurrent portion)	$ 1,476,453	$ 1,591,781	$ 1,476,453	$ 1,591,781

Earnings/(Loss) per Common Share - Earnings/Loss per share, basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income/ (loss) attributable to Navios Holdings common stockholders	$ 24,936	$ (35,271)	$ 25,099	$ (88,546)
Less:
Declared and undeclared dividend on preferred stock and on unvested restricted shares	(1,284)	(1,284)	(2,561)	(2,578)
Plus:
Gain from eliminated dividends (preferred stock) due to conversion	0	0	0	166
Income/ (loss) attributable to Navios Holdings common stockholders, basic and diluted	$ 23,652	$ (36,555)	$ 22,538	$ (90,958)
Denominator:
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares	13,127,208	12,901,880	13,120,335	12,882,235
Basic earnings/ (loss) per share attributable to Navios Holdings common stockholders	$ 1.80	$ (2.83)	$ 1.72	$ (7.06)
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares	13,511,627	12,901,880	13,508,382	12,882,235
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders	$ 1.75	$ (2.83)	$ 1.67	$ (7.06)

Earnings/ (Loss) Per Common Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Convertible Preferred Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares with anti-dilutive effect, not included in calculation of earnings per share	0	0	0	3,115
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares with anti-dilutive effect, not included in calculation of earnings per share	384,419	566,525	388,027	583,126

Investment in affiliate companies and available-for-sale securities - Summarized financial information of the affiliate companies (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Revenue	$ 143,624		$ 97,127		$ 260,575	$ 188,210
Net income/ (loss)	24,545	$ 1,314	(30,937)	$ (50,726)	25,859	(81,663)
Navios Partners [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	152,009		46,549		217,072	93,039
Time charter and voyage expenses	(5,869)		(1,940)		(8,364)	(5,038)
Direct vessel expenses	(3,989)		(2,385)		(7,143)	(4,934)
Vessel operating expenses	(41,771)		(21,930)		(64,733)	(44,135)
Net income/ (loss)	$ 99,913		$ (14,641)		$ 236,592	$ (25,365)

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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