0001193125-22-105593 | 20-F | XBRL Viewer | Navios Maritime Holdings INC

Description of Business

NOTE 1: DESCRIPTION OF BUSINESS

Description of Business

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

Navios South American Logistics Inc.

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 December 31, 2021, Navios Holdings owned 63.8% of Navios Logistics’ outstanding common stock.

Navios Partners

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

On March 31, 2021, Navios Partners completed the acquisition of Navios Maritime Containers L.P. (“Navios Containers”). For more information about the acquisition of Navios Containers, see Note 9 “Investments in Affiliate Companies and Investments in Available-For-Sale Securities” to the consolidated financial statements.

On October 15, 2021 Navios Partners completed the merger (“NNA Merger”) with Navios Maritime Acquisition Corporation (“Navios Acquisition”). For more information about the NNA Merger, see Note 9 “Investments in Affiliate Companies and Investments in Available-For-Sale Securities” to the consolidated financial statements.

As of December 31, 2021, Navios Holdings had a 10.3% ownership interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings.

Navios Containers

Navios Containers was an international owner and operator of containerships. As of December 31, 2020, Navios Holdings had a 3.9% ownership interest in Navios Containers.

Following the acquisition of Navios Containers by Navios Partners (“NMCI Merger”), which was completed on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ. As of December 31, 2021, Navios Holdings had no equity investment in Navios Containers due to the NMCI Merger. For more information about the NMCI Merger, see Note 9 “Investments in Affiliate Companies and Investments in Available–For–Sale Securities” to the consolidated financial statements.

Navios Acquisition

Navios Acquisition was an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

Following the NNA Merger, which closed on October 15, 2021, Navios Acquisition common shares were no longer listed for trading on NYSE. As of December 31, 2021, Navios Holdings had no equity investment in Navios Acquistion due to the NNA Merger. For more information about the NNA Merger, see Note 9 “Investments in Affiliate Companies and Investments in Available-For-Sale Securities” to the consolidated financial statements.

Navios Europe I

On October 9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (“Navios Europe I”) and had economic interests of 47.5%, 47.5% and 5.0%, respectively. Navios Europe I was engaged in the marine transportation industry through the ownership of five tanker and five containership vessels. Effective November 2014, Navios Holdings, Navios Acquisition and Navios Partners had voting interests in Navios Europe I of 50%, 50% and 0%, respectively. Navios Europe I was liquidated in December 2019. For more information about our interests in Navios Europe I, see Note 16 “Transactions with Related Parties” to the consolidated financial statements.

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 in Navios Europe II 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. For more information about the Company’s interests in Navios Europe II, see Note 16 “Transactions with Related Parties” to the consolidated financial statements.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)   Basis of presentation: The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Going concern

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

As of December 31, 2021, Navios Holdings’ current assets totaled $229,447, while current liabilities excluding operating lease liabilities, current portion totaled $442,701, resulting in a negative working capital position of $213,254, primarily related to the classification as current of $164,891 of the 7.375% First Priority Ship Mortgage Notes due in January 2022 (the “2022 Notes”) and $105,000 of the 11.25% Senior Secured Notes due in August 2022 (the “2022 Senior Secured Notes”)as described below and in Note 11 “Borrowings” to the consolidated financial statements.

As of December 31, 2021, Navios Holdings had redeemed $150,000 at par of the 2022 Senior Secured Notes after issuing four notices of redemption, one in July 2021 for $100,000, two in September for $20,000 each and one in October for $10,000. After these redemptions, $155,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding, which mature in August 2022.

As of December 31, 2021, Navios Holdings had repurchased $21,356 at par value of the 2022 Notes, which mature in January 2022. In January 2022, Navios Holdings fully repaid $455,566 that remained outstanding under its 2022 Notes and expects to repay the remaining amount of the 2022 Senior Secured Notes outstanding as of December 31, 2021, through a combination of (i) additional borrowing of $150,000 secured under the NSM I and NSM II Loans (as defined herein); (ii) a term loan facility with Credit Agricole CIB (“CACIB”) and BNP Paribas (“BNPP”) of $105,000; (iii) a term loan facility with Hamburg Commercial Bank AG (“HCOB”) of $101,750; (iv) sale and leaseback agreements of $77,000 and (v) cash flows from operations and/or proceeds from sale of vessels and other assets.

In March 2022, Navios Holdings issued a fifth notice of redemption with respect to an aggregate principal amount of $25,000 at par of the 2022 Senior Secured Notes with redemption date being March 30, 2022. After this redemption, $130,000 in aggregate principal amount of the 2022 Senior Secured Notes remain outstanding, which mature in August 2022. For more information on the above-mentioned financing sources, see Note 11 “Borrowings” to the consolidated financial statements.

Based on internal forecasts and projections that take into account potential changes in Company’s trading performance and the ability to sell vessels and other assets, management believes that the Company has adequate financial resources to continue in operation and meet its financial commitments, including but not limited to capital expenditures and debt service obligations, for a period of at least twelve months from the date of issuance of the consolidated financial statements. Although internal forecasts and projections, and specifically the estimated daily time charter equivalent for the unfixed days, are driven by market data and are subject to future volatility along with other factors outside the control of the Company, with the existence of alternative liquidity sources and management’s ability to utilize them if needed, management concludes that substantial doubt about the Company’s ability to continue as a going concern has been alleviated as of the date of the issuance of the consolidated financial statements.

Change in accounting principles:

ASU 2016-02 Leases, ASC 842

On January 1, 2019, the Company adopted the requirements of Accounting Standards Update (“ASU”) 2016-02 “Leases” as amended (Accounting Standards Codification (“ASC”) 842 or the “new lease standard”). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, the adoption of ASC 842 has not had an impact on prior periods reported by the Company.

In connection with its adoption of ASC 842, the Company elected the “package of 3” practical expedients permitted under the transition guidance, which allows the Company not to reassess: (i) whether any expired or existing contracts are considered or contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs of existing leases.

Additionally, the Company elected the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them as a single lease component for the purposes of the recognition and measurement requirements of ASC 842.

As required by ASC 842, the Company’s disclosures around its leasing activities have been significantly expanded to enable users of our consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. For further information on the Company’s leases, see Note 15 “Leases” to the consolidated financial statements.

(b)   Principles of consolidation: The accompanying consolidated financial statements include the accounts of Navios Holdings, a Republic of the Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.

The Company also consolidates entities that are determined to be variable interest entities (“VIE”) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary of such entity. ASC 810-15-14 outlines the criteria for evaluating whether an entity is a VIE. A VIE is defined as a legal entity where either (i) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability; and an interest in the entity’s residual risks and reward; or (ii) the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support; or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Subsidiaries: Subsidiaries are 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 of the entity. 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 transferred, 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 consolidated financial statements are 100% owned, except for Navios Logistics for which is 63.8%.

Discontinued Operations: Discontinued operations comprise the operations of a disposed component of an entity or a group of components of an entity if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company determined that the disposal of Navios Containers’ general partnership interest effected on August 30, 2019, which resulted in loss of control and deconsolidation of Navios Containers, represented a strategic shift in Company’s business as the Containers Business represented a reportable segment of the Company. Therefore, the Company recorded the results of Containers Business operations as discontinued operations in the consolidated statements of comprehensive income/(loss) for all the periods presented. For additional information on the Company’s disposal of the Navios Containers general partnership interest, see Note 3 “Sale of Management & Consolidation/Deconsolidation of Navios Containers” to the consolidated financial statements.

Investments in Affiliate Companies: Affiliate companies are entities over which the Company holds 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 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 December 31, 2021 was 10.3%); (ii) Navios Acquisition and its subsidiaries (ownership interest through the Navios Partners’ NNA Merger in October 2021, was 6.9%); (iii) Navios Containers and its subsidiaries (ownership interest through Navios Partners’ NMCI Merger in March 2021 was 3.9%); (iv) Navios Europe I and its subsidiaries (economic interest through liquidation in December 2019 was 47.5%); and (v) Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%).

Subsidiaries Included in the Consolidation:

Ownership

Country of

Statements of Operations

Company Name

Nature

Interest

Incorporation

2021

2020

2019

Navios Maritime Holdings Inc.

Holding Company

Marshall Is.

1/1 - 12/31

Navios South American Logistics Inc.

Sub-Holding Company

63.8%

Marshall Is.

1/1 - 12/31

Navios Maritime Containers L.P.

Holding Company

3.7%

Marshall Is.

—

1/1 – 8/29

11/30 - 12/31

Navios Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios International Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navimax Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navios Handybulk Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Hestia Shipping Ltd.

Operating Company

100%

Malta

1/1 - 12/31

Anemos Maritime Holdings Inc.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Shipmanagement Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

NAV Holdings Limited

Sub-Holding Company

100%

Malta

1/1 - 12/31

Kleimar N.V.

Operating Company/

Vessel Owning

Company/

Management Company

100%

Belgium

1/1 - 12/31

Kleimar Ltd.

Operating Company

100%

Marshall Is.

—

1/1 – 8/29

1/1 - 12/31

Bulkinvest S.A.

Operating Company

100%

Luxembourg

1/1 - 12/31

Primavera Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Ginger Services Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Aquis Marine Corp.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Tankers Management Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

Astra Maritime Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Achilles Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Apollon Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Herakles Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Hios Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Ionian Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Kypros Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Meridian Shipping Enterprises Inc.

Vessel Owning

Company

100%

Marshall Is.

1/1 - 12/31

Mercator Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Arc Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Horizon Shipping Enterprises Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Magellan Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Aegean Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Star Maritime Enterprises Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Corsair Shipping Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Rowboat Marine Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rondine Management Corp^.

Vessel Owning Company

100%

Marshall Is.

1/1 - 9/30

3/22 - 12/31

—

Vernazza Shiptrade Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

9/25-12/31

—

Navios Corporation Management Inc.

Operating Company

100%

Marshall Is.

—

7/4 -8/29

—

Beaufiks Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Nostos Shipmanagement Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 6/30

1/1 - 12/31

Portorosa Marine Corp.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Shikhar Ventures S.A.

Vessel Owning Company

100%

Liberia

1/1 - 12/31

Sizzling Ventures Inc.

Operating Company

100%

Liberia

1/1 - 12/31

Rheia Associates Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Taharqa Spirit Corp.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rumer Holding Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Pharos Navigation S.A.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Pueblo Holdings Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Quena Shipmanagement Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Aramis Navigation Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 7/9

1/1 - 12/31

White Narcissus Marine S.A.

Vessel Owning Company

100%

Panama

1/1 - 12/31

Navios GP L.L.C.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Red Rose Shipping Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Highbird Management Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Ducale Marine Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Vector Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Faith Marine Ltd.

Vessel Owning Company

100%

Liberia

1/1 - 12/31

Navios Maritime Finance (US) Inc.

Operating Company

100%

Delaware

1/1 - 12/31

Navios Maritime Finance II (US) Inc.

Operating Company

100%

Delaware

1/1 - 12/31

Tulsi Shipmanagement Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Cinthara Shipping Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rawlin Services Company

Operating Company

100%

Marshall Is.

1/1 - 12/31

Mauve International S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Serenity Shipping Enterprises Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Mandora Shipping Ltd

Vessel Owning Company

100%

Marshall Is.

1/1 - 3/30

1/1 - 12/31

Solange Shipping Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 3/30

1/1 - 12/31

Diesis Ship Management Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navios Holdings Europe Finance Inc.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Asia LLC

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Iris Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Jasmine Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Emery Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 09/30

1/1 - 12/31

Lavender Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 6/30

1/1 - 12/31

Esmeralda Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 8/30

Triangle Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 8/30

Roselite Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Smaltite Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Motiva Trading Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Alpha Merit Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Thalassa Marine S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Asteroid Shipping S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

1/12 - 12/31

Cloud Atlas Marine S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

1/15 - 12/31

Heodor Shipping Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

2/13 - 12/31

Navios Maritime Containers GP LLC

Operating Company

100%

Marshall Is.

—

1/1 - 8/29

9/11 - 12/31

Navios Containers Management Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

Pacifico Navigation Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

11/7 - 12/31

Rider Shipmanagement Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

12/4 - 12/31

Talia Shiptrade S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

10/11-12/31

Moonstone Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

6/30 –12/31

—

Opal Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

6/30 –12/31

—

Grimaud Ventures S.A.

Operating Company

100%

Marshall Is.

7/30-12/31

—

(c)  Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates the estimates and judgments. Estimates and judgements management evaluates relate to. among other things, uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that they believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The spread of the COVID-19 pandemic, which the World Health Organization declared a pandemic in 2020, has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.

The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on our business, financial performance and the results of our operations, including due to decreased demand for global seaborne dry bulk trade and charter rates, the extent of which will depend largely on future developments. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. Actual results could differ from those estimates under different assumptions and/or conditions.

(d)   Cash and Cash Equivalents: Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.

(e)   Restricted Cash: As of December 31, 2021 and 2020, restricted cash included $0 and $684, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Holdings’ credit facilities. As of both December 31, 2021 and 2020, within restricted cash, are also included amounts held as security in the form of letters of guarantee or letters of credit totaling $10. As of December 31, 2021, within restricted cash is included also an amount of $84,250 as cash collateral in an escrow account, concerning the release of Navios Lumen, Navios Stellar and Navios Phoenix, from the 2022 Notes. As of December 31, 2020 restricted cash also included an amount of $15,609 concerning the proceeds from the sale of Navios Northern Star and Navios Amitie held as cash collateral in an escrow account, following the vessels’ disposal and release from the 2022 Notes. For additional information on restricted cash, see Note 11 “Borrowings” to the consolidated financial statements.

(f)   Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectations as to their collection dates.

(g)   Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis.

(h)   Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Dry bulk vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition, and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for ballast water treatment system, major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive income/(loss).

Expenditures for routine maintenance and repairs are expensed as incurred.

Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value.

Annual depreciation rates used, which approximate the useful life of the assets are:

Summary of Significant Accounting Policies - Depreciation Periods (Table)

Dry bulk vessels 25 years

Port terminals 5 to 49 years

Tanker vessels, barges and pushboats 15 to 45 years

Furniture, fixtures and equipment 3 to 10 years

Computer equipment and software 5 years

Leasehold improvements shorter of lease term or 6 years

Management estimates the residual values of the Company’s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the residual values of the Company’s vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company’s vessels.

Management estimates the useful life of its dry bulk vessels to be 25 years from the vessel’s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge.

(i)   Deposits for Vessels, Port Terminals and Other Fixed Assets: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2021, 2020 and 2019 amounted to $1,062, $986 and $1,960, and is included in the consolidated statements of comprehensive income/(loss) under the caption “Other long-term assets”, respectively.

(j)   Assets Held for Sale: The Company’s policy is to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale as of December 31, 2021 and 2020.

(k)   Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings’ management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value.

Navios Holdings

Navios Holdings determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group.

Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determines the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis.

As of December 31, 2021, the Company considered various indicators, including but not limited to the market price of its long-lived assets, its contracted revenues and cash flows and the economic outlook, and concluded for the Dry Bulk Vessel Operations that no events and circumstances occurred, which could trigger the existence of potential impairment of the Company’s vessels. As a result, no step one of impairment assessment was performed as of December 31, 2021.

During the fourth quarter of fiscal year 2020, management concluded that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed.

The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% every second year and a utilization rate of 99.3% based on the fleet’s historical performance.

As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value for such vessels. As a result, the Company recorded an impairment loss of $52,820 for the two dry bulk vessels, representing the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to these vessels. The impairment is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

As of December 31, 2019, the Company recorded an impairment loss of $84,584 for two dry bulk vessels, representing the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs and ballast water treatment system costs, if any, related to these vessels. The impairment is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

Navios Logistics

As of December 31, 2021, management concluded that for the Logistics Business that operates tanker vessels in its cabotage business, certain events and circumstances had changed as of December 31, 2021, indicating a potential impairment of two of the Logistics Business’s tanker vessels. These events and circumstances included the extended period in which its tanker vessels operating in the cabotage business have been without a long term time charter contract. The extended delay is the result of the status of the current tanker market and the vessels’ capacity. Vessels’ capacity appears to be limited to trading in the markets of Argentina and Uruguay.

Navios Logistics recorded an impairment loss of $21,966 for two of its tanker vessels operating in its cabotage business, representing the difference between the carrying value of the vessels including the carrying value of deferred drydock and special survey costs related to these vessels, and their respective fair values. Navios Logistics determined the fair value of its assets on the basis of evaluations provided by third-party independent shipbrokers and compared them to the carrying value of the vessels including the unamortized portion of deferred drydock and special survey costs. The impairment loss recognized reflected the excess of carrying value over fair value for the vessel asset group The impairment loss is included under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss). See Note 7 “Vessels, Port Terminals and Other Fixed Assets, Net” in the consolidated financial statements.

No impairment loss was recorded as of December 31, 2020 and 2019, respectively.

(l)   Deferred Drydock and Special Survey Costs: The Company’s vessels, barges and pushboats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and up to every 72 to 96 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained (in rare cases) and under certain other conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and pushboats sold are written-off to income in the year the vessel, barge or pushboat is sold.

Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2021, 2020 and 2019, the amortization of deferred drydock and special survey costs from continuing operations was $11,084, $10,255 and $11,067, respectively.

(m)  Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. Deferred financing costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs from continuing operations for each of the years ended December 31, 2021, 2020 and 2019 were $8,870, $7,863 and $7,746, respectively. See Note 18 “Interest Expense and Finance Cost” to the consolidated financial statements.

(n)  Goodwill and Other Intangibles
(i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually.

The Company evaluates impairment of goodwill using a single step process following the adoption of ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)” as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill.

As of December 31, 2021, the Company performed its impairments test for its reporting units within the Dry Bulk Vessel Operations and the Logistics Business. The Company additionally considered that its market capitalization continued to remain at a level well below the carrying amount.

As of December 31, 2021, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which, is allocated goodwill of $56,240. The impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded its carrying amount.

The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average of historical one-year time charter rates). The Company believes this approach to be objective for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company’s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount.

As of December 31, 2021, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $104,096. The impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. The significant factors and assumptions used by management in the discounted cash flow analysis for the Logistics Business included a combination of revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity.

No impairment loss was recorded for any of the periods presented for both the Dry Bulk Vessel Operations and the Logistics Business.

(ii) Intangibles Other Than Goodwill: Navios Holdings’ intangible assets and liabilities consist of trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm’s length transaction to use that trade name. The trade name is amortized under the straight-line method over 32 years. Navios Logistics’ trade name is amortized under the straight-line method over 10 years and was fully amortized as of December 31, 2019.

The fair value of customer relationships of Navios Logistics was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. Customer relationships are amortized using the straight-line method.

The Company reviews its other intangibles such as trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the difference between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company’s vessels and the Company’s weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations.

The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statements of comprehensive income/(loss) under the caption “Depreciation and amortization” in the consolidated financial statements.

The amortizable value of favorable leases would be considered impaired if the carrying value of such leases could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel.

Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised, the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date, it is written-off in the consolidated statements of comprehensive income/(loss).

No favorable and unfavorable lease terms have been identified for the years ended December 31, 2021 and 2020.

As of December 31, 2021, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Holdings trade name, and the Company’s other intangible assets such as port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2021.

During the fourth quarter of fiscal year 2020, management concluded that certain events occurred and circumstances had changed indicating a potential impairment of the Navios Holdings trade name. These changes in events and circumstances included continued volatility in the spot market, and the impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed.

The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective “relief from royalty” rate applied to the future cash flows of the Dry Bulk Vessel Operations.

No impairment loss was recorded for the Company’s intangible assets as of December 31, 2021, 2020 and 2019.

The weighted average amortization periods for intangibles are:

Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table)

Intangible assets
Years

Trade name 32

Port terminal operating rights 47

Customer relationships 20

See also Note 3 “Sale of Management & Consolidation/Deconsolidation of Navios Containers” and Note 8 “Intangible Assets other than Goodwill” to the consolidated financial statements.

(o)  Foreign Currency Translation: The Company’s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company’s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact nominal operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive income/(loss). The foreign currency gains/(losses) recognized under the captions “Other income” and “Other expense”, respectively, in the consolidated statements of comprehensive income/(loss) for each of the years ended December 31, 2021, 2020 and 2019, were $2,630, $546 and $(967), respectively.

(p)  Provisions: In the ordinary course of its business, the Company, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements, the likelihood of loss was probable, and the loss amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. For further information on estimating contingent losses, see Note 14 “Commitments and Contingencies” in the consolidated financial statements.

The Company participates in Protection and Indemnity (“P&I”) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs.

Provision for losses subject to claims was provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December 31, 2021 and 2020, the balance for this provision was $0.

(q)  Segment Reporting: Operating segments, as defined, indicate components of the Company for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company through August 30, 2019 had three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment. Following the reclassification of the results of Navios Containers as discontinued operations (Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics Business.

(r)  Revenue and Expense Recognition:

Revenue Recognition: Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers.

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 number of days traveled as of the balance sheet date divided by the number of 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 set forth in the applicable 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. However, for loss generating time charters, the loss is recognized in the period during which the loss is generated. 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. Charters for periods of less than three months are referred to as spot-charters. Charters for periods of three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. For time-charters, the owner of the vessel typically pays the vessel’s operating costs, such as crews, maintenance and insurance.

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 to load 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 upon term. 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.

Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage, and to load the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends 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 years ended December 31, 2021, 2020 and 2019:

Summary of Significant Accounting Policies - Revenue per Category (Table)

Dry Bulk Vessel Operations for the
Year Ended
December 31, 2021 Logistics Business
for the
Year Ended
December 31, 2021 Total
for the
Year Ended
December 31, 2021

COA/Voyage revenue $ 24,355 $ 77,485 $ 101,840

Time chartering revenue 337,018 41,446 378,464

Port terminal revenue — 78,740 78,740

Storage fees (dry port) revenue — 1,518 1,518

Dockage revenue — 3,876 3,876

Sale of products revenue — 13,776 13,776

Liquid port terminal revenue — 5,734 5,734

Other 969 901 1,870

Total $ 362,342 $ 223,476 $ 585,818

Dry Bulk Vessel Operations for the
Year Ended
December 31, 2020 Logistics Business
for the
Year Ended
December 31, 2020 Total for the
Year Ended
December 31, 2020

COA/Voyage revenue $ 6,660 $ 54,005 $ 60,665

Time chartering revenue 194,005 59,236 253,241

Port terminal revenue — 73,112 73,112

Storage fees (dry port) revenue — 3,364 3,364

Dockage revenue — 3,948 3,948

Sale of products revenue — 17,272 17,272

Liquid port terminal revenue — 4,606 4,606

Other 128 382 510

Total $ 200,793 $ 215,925 $ 416,718

Dry Bulk Vessel Operations for the
Year Ended
December 31, 2019 Logistics Business
for the
Year Ended
December 31, 2019 Total
for the
Year Ended
December 31, 2019

COA/Voyage revenue $ 3,727 $ 49,488 $ 53,215

Time chartering revenue 250,187 76,680 326,867

Port terminal revenue — 80,180 80,180

Storage fees (dry port) revenue — 3,452 3,452

Dockage revenue — 4,310 4,310

Sale of products revenue — 9,384 9,384

Liquid port terminal revenue — 4,032 4,032

Other 264 745 1,009

Total $ 254,178 $ 228,271 $ 482,449

Administrative fee revenue from affiliate companies: Administrative fee revenue from affiliate companies consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliate companies. Administrative services included: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other general and administrative services. These revenues were recognized as the services were provided to affiliate companies. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by Navios Shipmanagement Inc., a wholly-owned subsidiary of N Shipmanagement Acquisition Corp. (together with its subsidiaries, “NSM” or the “Manager”). For information on administrative fee revenue, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

General and administrative expenses: The general and administrative expenses incurred on behalf of affiliate companies were determined based on a combination of actual expenses incurred on behalf of the affiliate companies as well as a reasonable allocation of expenses that are not affiliate companies specific but incurred on behalf of all affiliate companies.

Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM, pursuant to an administrative services agreement dated August 29, 2019 ( the “Administrative Services Agreement”). The Manager 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 Administrative Services Agreement also provides that the Company pay 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. For information on the Administrative Services Agreement, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

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.

Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers’ liability insurances, allowance for credit losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. In the transition to ASC 842, the operating lease assets were adjusted for the carrying amount of the liability regarding the allowance for credit losses on time charters and voyages in progress on that date.

Direct Vessel Expenses: Direct vessel expenses consisted of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees for vessel operating expenses. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided to Navios Holdings’ vessels by NSM, pursuant to a management agreement dated August 29, 2019 ( the “Management Agreement”) (see also Note 16 “Transactions with Related Parties” to the consolidated financial statements). The fee for the ship management services provided by the Manager was $3.7 per day until August 2021 and subsequently fixed at $3.8 per day until August 2022 per owned/ bareboat-in vessel, increasing thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by the Manager is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by the Company at cost. The Management Agreement also provides that the Company pay a termination fee equal to the fees charged for the full calendar year preceding the termination date in the event the Management Agreement is terminated on or before August 29, 2024.

Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period.

(s)  Employee benefits:

Pension and Retirement Obligations-Crew: The Company’s ship-owning subsidiaries employed the crew on board under short-term contracts (usually up to nine months) and, accordingly, were not liable for any pension or post-retirement benefits. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, Navios Holdings does not employ any crew.

Provision for Employees’ Severance and Retirement Compensation: The employees in the Company’s office in Greece are protected by Greek labor law. Pursuant to the applicable labor laws, the Company was required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years’ salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known. The Company considered this plan equivalent to a lump sum defined benefit pension plan and accounted for it under relevant guidance on employer’s accounting for pensions. The Company was required to value the statutory terminations indemnities liability annually. Management obtained a valuation from independent actuaries to assist in the calculation of benefits. The Company provided, in full, for the employees’ termination indemnities liability. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, this liability amounted to $0 as at December 31, 2021 and 2020.

U.S. Retirement Savings Plan: The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan’s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services. See also Note 13 “Employee Benefit Plans” to the consolidated financial statements. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM.

Other Post-Retirement Obligations: The Company had a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits was only to these former employees. The expected costs of these benefits were accrued each year, using an accounting methodology similar to that for defined benefit pension plans. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, the Company has no such arrangements.

Stock-Based Compensation: In December 2021, December 2020, February and December 2019, the Company authorized the grant of restricted common stock. In December 2017, the Company authorized the grant of restricted common stock and restricted stock units. These awards of restricted share units, share appreciation rights, restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three and four years. See also Note 13 “Employee Benefit Plans” to the consolidated financial statements.

The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity.

(t)  Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, account receivables and payables, other current assets and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.

Financial Risk Management: The Company’s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations.

Credit Risk: The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Holdings. When negotiating on behalf of Navios Holdings various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.

Liquidity Risk: Prudent liquidity risk management ivolves maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs.

Foreign Exchange Risk: Foreign currency transactions are converted into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive income/(loss).

(u)  Earning/(Loss) Per Share: Basic earnings/(loss) per share are computed by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock 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 (loss)/ income 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. Diluted earnings/(loss) per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(loss) per share computation. Restricted share units, restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings/(loss) per share, based on the weighted average number of restricted share units, restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted earnings/(loss) per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 20 “Earnings/(Loss) per Common Share” to the consolidated financial statements.

(v)  Income Taxes: The Company is a Republic of the Marshall Islands corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Republic of the Marshall Islands and the United States of America. The tax expense reflected in the Company’s consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes.

The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized.

As a result of the Law 27,630, voted by the Argentinean Parliament in June 2021, income tax rates and scales were modified for the fiscal periods starting as of January 1, 2021. Income tax liabilities of the Argentinean subsidiaries for the current period is measured at the amount expected to be paid to the taxation authorities using a tax rate of 35% on any taxable profit above 50 million Argentinean pesos or $487, 30% on any taxable profit between 5 million pesos or $49 and 50 million pesos or $487, and 25% on any taxable profit below 5 million pesos or $49. The Law 27,630 replaced the income tax rates and scales enacted by the Law 27,541, voted by the Parliament on December 23, 2019, which had made changes to the income tax law in Argentina. The Law 27,541, had modified the rates for income taxes applicable for the fiscal years beginning on January 1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 35% was applied on temporary differences, reversals of which are expected to occur in respect of 2021 fiscal year and onwards. Due to these changes in the Argentinean income tax rates, the Company has recorded an income tax expense of $2,112 during the year ended December 31, 2021. In connection with the previous tax reform, the Company had recorded an income tax expense of $208 during the year ended December 31, 2019, under the caption “Income tax (expense)/ benefit” in the consolidated statements of income.

(w)  Dividends: Dividends are recorded in the Company’s financial statements in the period in which they are declared. Navios Holdings paid $0 to its common stockholders during each year ended December 31, 2021, 2020 and 2019, and $0 to its preferred stockholders during each year ended December 31, 2021, 2020 and 2019. In November 2015, Navios Holdings announced that the Board of Directors decided to suspend the dividend to its common stockholders. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G”) and Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H” and, together with the Series G, the “Series G and H”). All inter-company dividends are eliminated upon consolidation.

(x)  Guarantees: A liability for the fair value of an obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent’s guarantee of a subsidiary’s debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made.

On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 16 “Transactions with Related Parties” to the consolidated financial statements).

(y)  Leases: Leases where the Company acts as the lessor are classified as either operating or sales-type / direct financing leases. In cases of lease agreements where the Company acts as the lessor under an operating lease, the Company keeps the underlying asset on the consolidated balance sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a gross investment in the lease.

The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease.

For charters classified as operating leases where Navios Holdings is deemed the lessor, refer to Note 2(r) “Summary of Significant Accounting Policies -Revenue and Expense Recognition” to the consolidated financial statements. The Company acts as a lessor under operating leases in connection with all of its charter out arrangements.

In cases of lease agreements where the Company acts as lessee, the Company recognizes an operating lease asset and a corresponding lease liability on the consolidated balance sheet. For charters classified as operating leases where Navios Holdings is or is deemed the lessee, the expense is recognized on a straight-line basis over the rental periods of such charter agreements. The expense is included under the caption “Time charter, voyage and logistics business expenses”. During the transition to ASC 842, the operating leases assets were adjusted for the carrying amount of the straight-line liabilities on that date.

In cases of sale and leaseback agreements, if the transfer of the asset to the lessor does not qualify as a sale, then the agreement constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset.

Impairment of operating lease assets: Operating lease assets used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value of the asset group. Navios Holdings determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest (asset group). If the step two of the impairment analysis is required, the analysis includes the use of discounted cash flows which includes various assumptions, including the Company’s WACC.

If management determines that step two of the impairment analysis is required for any of our asset groups, a discounted cash flow analysis using the Company’s WACC is performed. The WACC is based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment.

As of December 31, 2021, the Company concluded that no events or circumstances occurred that would trigger the existence of potential impairment of its operating lease assets. As a result, no step one impairment assessment was performed as of December 31, 2021.

During the fourth quarter of fiscal year 2020, management concluded that events occurred, and certain circumstances had changed, such that potential impairment of the Company’s operating lease assets could exist. These events and circumstances included continued volatility in the spot market, the impact of such volatility on the current dry bulk sector, and the resulting effecton management’s expectation for future revenues. As a result, an impairment assessment of operating lease assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each charter-in and bareboat-in vessel and compared those cash flows to each operating lease asset’s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest.

Factors and assumptions used in the undiscounted projected net operating cash flow analysis included: a determination of the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates), an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat-in vessels), and management fees for vessel operating expenses in accordance with the terms of the Management Agreement. The determination process assumed an annual increase of 3.0% every second year for the bareboat-in vessels.

As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two asset groups, which involved a discounted cash flow analysis using the Company’s WACC. As a result, the Company recorded an impairment loss of $1,361, representing the difference between the fair value of the operating lease asset and its carrying value. The impairment loss is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

As of December 31, 2019, our assessment concluded that step two of the impairment analysis was required for certain charter-in vessels, which involves a discounted cash flow analysis using the Company’s WACC. As a result, the Company recorded an impairment loss of $38,636, being the difference between the fair value of the operating lease asset and its carrying value. The impairment loss is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

(z)  Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital.

(aa)  Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for credit losses.

On January 1, 2020, the Company adopted Topic 326 “Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments” using the modified retrospective approach. This standard amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 “Leases”. In addition, this standard requires the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. This new guidance did not have a material impact on the Company’s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard. As a result of the adoption of this standard, there was no cumulative impact to the Company’s accumulated deficit at January 1, 2020

(ab)  Convertible Preferred Stock: The Company’s 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) was recorded at fair market value on the date of issuance. The fair market value was determined using a binomial valuation model. The model which was used took into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share had a par value of $0.0001. Each holder of Preferred Stock was entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock automatically converted into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock had been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares automatically converted at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock were entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. For information on the Preferred Stock, see Note 17 “Preferred and Common Stock” in the consolidated financial statements.

(ac)  Cumulative Redeemable 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, with a liquidation preference of $2,500.00 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. At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. For information on Series G and H, see Note 17 “Preferred and Common Stock” in the consolidated financial statements.

(ad)  Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses reflected directly in the consolidated statements of comprehensive income/(loss) at each reporting period. Management evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value.

Investment in Equity Securities: Navios Holdings evaluates its investment in Navios Partners, and evaluated its investment in Navios Containers and Navios Acquisition (through their NMCI Merger and NNA Merger in March 2021 and September 2021, respectively), and Navios Europe I and Navios Europe II (through their liquidation in December 2019 and June 2020, respectively) for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, and (iii) the intent and ability of the Company to retain its investment in Navios Partners for a period of time sufficient to allow for any anticipated recovery in fair value. If the Company considers any decline to be “other-than-temporary”, then the Company would write down the carrying amount of the investment to its estimated fair value.

(ae)  Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements.
(af)  Recent Accounting Pronouncements:
Adoption of new accounting pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. As of December 31, 2021, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements.

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. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s 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. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Pending Adoption

In July 2021, the FASB issued ASU 2021-05, Lease (Topic 842): Lessors—Certain Leases with Variable Lease Payments

(“ASU 2021-05”). The guidance in ASU 2021-05 amends the lease classification requirements for the lessors under certain leases containing variable payments to align with practice under ASC 840. The lessor should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in ASC 842-10-25-2 through 25-3; and 2) the lessor would have otherwise recognized a day-one loss. The amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company’s disclosures to the consolidated financial statements.

On August 5, 2020, the FASB issued ASU No. 2020-06, Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -Contracts in Entity’s Own Equity (Subtopic 815-40). The objective of this update is to improve understandability and reduce complexity on distinguishing liabilities from equity. Amendments affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption is allowed through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company’s disclosures to the consolidated financial statements.

Sale of Management & Consolidation/Deconsolidation of Navios Containers

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Sale of Management & Consolidation/Deconsolidation of Navios Containers

NOTE 3: SALE OF MANAGEMENT & CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS

Sale of Management

In August 2019, Navios Holdings sold its ship management division, the general partnership interests in Navios Partners (except for the incentive distribution rights) and Navios Containers GP LLC (the “Transaction”) to NSM. NSM is affiliated with the Company’s Chairwoman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of $20,000 (including assumption of liabilities). For information on the Transaction, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

As a result of the Transaction the Company is a holding company owning dry bulk vessels and various investments in entities owning maritime and infrastructure assets. NSM owns all entities providing ship management services and employs all associated personnel. NSM owns the general partner interests in Navios Containers and Navios Partners. The Company deconsolidated Navios Containers starting on August 30, 2019.

The Company simultaneously entered into a secured credit facility with NSM whereby the Company agreed to repay NSM a loan of $141,795 (including post-closing adjustments). For information on the NSM Loan, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

The difference between the carrying value of the identifiable net liabilities sold as of August 30, 2019 and the loan payable to NSM assumed by Navios Holdings, and the sale proceeds, net of expenses, resulted in a gain on sale of $9,802. The gain on sale was calculated as follows:


Proceeds received:
Cash consideration		3,000
Less: Transaction fees	$	(1,088)
		1,912
Carrying value of assets and liabilities:
Net liabilities derecognized		158,795
Loan payable to NSM assumed		(141,795)
Book value of general partner interest in Navios Partners		(3,212)
Book value of Other fixed assets		(6,213)
Lease liability, net		315
		7,890
Gain on sale	$	9,802

Consolidation/ Deconsolidation of Navios Containers

Navios Maritime Containers Inc. was incorporated in the Republic of the Marshall Islands on April 28, 2017 and on November 30, 2018, was converted into a limited partnership. In connection with the conversion, Navios Maritime Containers GP LLC, a Republic of the Marshall Islands limited liability company and wholly-owned subsidiary of Navios Holdings, was admitted as Navios Containers’ general partner. As of that date, as a result of holding the general

partner interest which had the power to govern the financial and operating policies of Navios Containers, Navios Holdings obtained control over Navios Containers and consequently the results of operations of Navios Containers were consolidated under Navios Holdings.

Following the sale of Navios Containers’ general partnership interest effected on August 30, 2019, and the sale of the management division, Navios Holdings deconsolidated Navios Containers starting on August 30, 2019, in accordance with ASC 810. As a result, since August 30, 2019, Navios Containers was not a controlled subsidiary of the Company and the investment in Navios Containers was accounted for under the equity method due to significant influence the Company has over Navios Containers.

The difference between the carrying value of Navios Containers’ identifiable net assets and noncontrolling interest derecognized as of August 30, 2019 amounted to $57,999. The loss from the remeasurement of Navios Holdings’ interest in Navios Containers to its fair value of $2,527 amounted to $3,742 and is presented under the caption “Loss on loss of control” in the consolidated statements of comprehensive income/(loss). The fair value of the 1,263,276 shares of Navios Containers owned by Navios Holdings was determined by using the closing share price of $2.00 as of that date.

Amounts recorded in respect of discontinued operations in the year ended December 31, 2019 is as follows:


	Period from January 1 to August 30, 2019
Revenue	$	89,925
Time charter, voyage and port terminal expenses		(3,976)
Direct vessel expenses		(44,088)
General and administrative expenses		(6,706)
Depreciation and amortization		(22,858)
Interest expense and finance cost		(10,519)
Other expense, net		(5,896)
Net (loss)/income from discontinued operations	$	(4,118)
Less: Net loss/(income) attributable to the noncontrolling interest	$	3,968
Net (loss)/income attributable to Navios Holdings common stockholders	$	(150)

Cash and Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Restricted Cash

NOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

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


	December 31, 2021		December 31, 2020
Cash on hand and at banks	$	53,547	$	94,787
Short-term deposits and highly liquid funds		44		94
Restricted cash		84,260		16,303
Cash and cash equivalents and restricted cash	$	137,851	$	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 under 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. See also Note 2(e) “Summary of Significant Accounting Policies-Restricted Cash” to the consolidated financial statements.

Accounts Receivable, net

12 Months Ended

Dec. 31, 2021

Accounts Receivable Net

Accounts Receivable, net

NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts Receivable, net

Accounts receivable consisted of the following:


	December 31, 2021		December 31, 2020
Accounts receivable	$	79,935	$	69,694
Less: Allowance for credit losses		(17,096)		(15,366)
Accounts receivable, net	$	62,839	$	54,328

Changes to the allowance for credit losses are summarized as follows:

Allowance for credit losses	Balance at Beginning of Period		Charges to Costs and Expenses		Amount Utilized		Balance at End of Period
Year ended December 31, 2019	$	(16,086)	$	(999)	$	708	$	(16,377)
Year ended December 31, 2020	$	(16,377)	$	(541)	$	1,552	$	(15,366)
Year ended December 31, 2021	$	(15,366)	$	(1,831)	$	101	$	(17,096)

Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2021, two customers accounted for 10.7% each, of the Company’s revenue. For the year ended December 31, 2020, two customers accounted for 16.4% and 11.2%, respectively, of the Company’s revenue. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	December 31, 2021		December 31, 2020
Prepaid voyage and operating costs	$	5,086	$	4,616
Claims receivable		6,397		4,136
Prepaid other taxes		1,084		2,604
Other		4,527		3,625
Total prepaid expenses and other current assets	$	17,094	$	14,981

Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles.

Vessels, Port Terminals and Other Fixed Assets, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Vessels, Port Terminals and Other Fixed Assets, Net

NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET

Vessels	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	1,324,766	$	(390,982)	$	933,784
Additions		4,747		(48,812)		(44,065)
Vessel impairment		(274,067)		159,834		(114,233)
Disposals		(48,830)		—		(48,830)
Vessel acquisition		14,735		(44)		14,691
Balance December 31, 2019	$	1,021,351	$	(280,004)	$	741,347
Additions		1,277		(36,438)		(35,161)
Vessel impairment		(221,754)		137,255		(84,499)
Disposals		(87,823)		—		(87,823)
Vessel acquisition		96,678		(2,820)		93,858
Write offs		(153)		—		(153)
Balance December 31, 2020	$	809,576	$	(182,007)	$	627,569
Additions		4,949		(26,770)		(21,821)
Vessel impairment		(89,888)		68,258		(21,630)
Vessel Disposals		(172,782)		—		(172,782)
Vessel acquisition		16,049		—		16,049
Balance December 31, 2021	$	567,904	$	(140,519)	$	427,385

Port Terminals (Navios Logistics)	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	253,360	$	(39,775)	$	213,585
Additions		602		(7,186)		(6,584)
Balance December 31, 2019	$	253,962	$	(46,961)	$	207,001
Additions		869		(7,216)		(6,347)
Write offs		(87)		76		(11)
Balance December 31, 2020	$	254,744	$	(54,101)	$	200,643
Additions		1,520		(7,629)		(6,109)
Transfers		5,646		—		5,646
Disposals		(130)		169		39
Balance December 31, 2021	$	261,780	$	(61,561)	$	200,219

Tanker vessels, barges and pushboats (Navios Logistics)	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	525,712	$	(182,584)	$	343,128
Additions		2,403		(19,038)		(16,635)
Write offs		(2,064)		866		(1,198)
Balance December 31, 2019	$	526,051	$	(200,756)	$	325,295
Additions		1,931		(18,278)		(16,347)
Write offs		(308)		—		(308)
Balance December 31, 2020	$	527,674	$	(219,034)	$	308,640
Additions		2,445		(20,763)		(18,318)
Impairment losses		(27,339)		5,373		(21,966)
Transfers		51,461		—		51,461
Balance December 31, 2021	$	554,241	$	(234,424)	$	319,817

Containerships (Navios Containers)	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	400,896	$	(917)	$	399,979
Additions		1,715		(7,497)		(5,782)
Vessel acquisition		53,097		(649)		52,448
Navios Containers Deconsolidation		(455,708)		9,063		(446,645)
Balance December 31, 2019	$	—	$	—	$	—

Other fixed assets
Cost
Accumulated

Depreciation

Net Book

Value

Balance December 31, 2018 $ 19,876 $ (11,897) $ 7,979

Additions 2,161 (1,056) 1,105

Write offs (14,206) 7,993 (6,213)

Balance December 31, 2019 $ 7,831 $ (4,960) $ 2,871

Additions 488 (672) (184)

Balance December 31, 2020 $ 8,319 $ (5,632) $ 2,687

Additions 385 (491) (106)

Balance December 31, 2021 $ 8,704 $ (6,123) $ 2,581

Total		Cost	Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	2,524,610	$	(626,155)	$	1,898,455
Additions		11,628		(83,589)		(71,961)
Vessel acquisition		67,832		(693)		67,139
Vessel impairment		(274,067)		159,834		(114,233)
Vessel disposals		(48,830)		—		(48,830)
Write offs		(16,270)		8,859		(7,411)
Navios Containers Deconsolidation		(455,708)		9,063		(446,645)
Balance December 31, 2019	$	1,809,195	$	(532,681)	$	1,276,514
Additions		4,565		(62,604)		(58,039)
Vessel acquisition		96,678		(2,820)		93,858
Vessel impairment		(221,754)		137,255		(84,499)
Vessel disposals		(87,823)		—		(87,823)
Write offs		(548)		76		(472)
Balance December 31, 2020	$	1,600,313	$	(460,774)	$	1,139,539
Additions		9,299		(55,653)		(46,354)
Vessel acquisition		16,049		—		16,049
Vessel impairment		(117,227)		73,631		(43,596)
Vessel Disposals		(172,782)		—		(172,782)
Disposal		(130)		169		39
Transfers from other long-term assets		57,107		—		57,107
Balance December 31, 2021	$	1,392,629	$	(442,627)	$	950,002

Deposits for Vessels and Port Terminals Acquisitions

During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and transferred a total of $19,501 to “Vessels, port terminals and other fixed assets, net” in the consolidated statement of financial position of which capitalized interest amounted to $1,062. As of December 31, 2020, the total amount included in “Other long-term assets” was $16,696 for the construction of these barges. Capitalized interest included in “Other long-term assets” for the construction of these barges 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 and transferred a total of $1,843 to “Vessels, port terminals and other fixed assets, net” in the 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, which was included in the consolidated statement of financial position under the caption “Other long-term assets”.

As of December 31, 2021 and December 31, 2020, Navios Logistics had paid $713 and $631, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil, which is included in the consolidated statement of financial position under the caption “Other long-term assets”.

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”), for a purchase price of $30,000. The acquisition was completed on March 22, 2021. As of December 31, 2021, the total amount of $31,960 was transferred to the caption “Vessels, port terminals and other fixed assets, net” from “Other long-term assets” as of December 2020.

During the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and transferred a total of $3,803 to “Vessels, port terminals and other fixed assets, net” in the 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 included in the consolidated statement of financial position under the caption “Other long-term assets”.

Impairment Loss/ Loss on Sale of Vessels, Net

2021

In July 2021, the Company 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. The impairment loss amounted to $9,104 (including $1,950 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

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 consolidated statements of comprehensive income/(loss) under 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, 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 consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”. Refer to Note 15 “Leases” to the consolidated financial statements.

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 consolidated statements of comprehensive income/(loss) under 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, amounting $5,766. 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 consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

Navios Logistics

During the fourth quarter of the year ended December 31, 2021, Navios Logistics recorded an impairment loss of $21,966 for two of its tanker vessels operating in the cabotage business.

2020

During the fourth quarter of the year ended December 31, 2020, Navios Holdings recorded an impairment loss of $52,820 for two of its dry bulk vessels.

In February 2021, Navios Holdings completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a sale price of approximately $6,644. As of December 31, 2020, the impairment loss amounted to $6,288 (including $98 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

In September 2020, Navios Holdings completed the sale of the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and of the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, to Navios Partners for a sale price of $51,000 in total including net liabilities of $4,378. The net loss due to sale amounted to $7,683 (including $1,747 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

In September 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Amitie, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,885. The impairment loss amounted to $4,478 and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

In August 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Northern Star, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,860. The impairment loss amounted to $4,489 and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

In May 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Star, a 2002-built Panamax vessel of 76,662 dwt, for a net sale price of $6,450, paid in cash. The impairment loss amounted to $5,697 (including $258 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

In February 2020, Navios Holdings completed the sale to unrelated third party of the Navios Kypros, a 2003-built Ultra Handymax vessel of 55,222 dwt, for approximately $9,131 in total, including insurance proceeds covering unrepaired damages plus expenses (subject to applicable deductibles and other customary limitations). The loss due to sale amounted to $5,551 (including $404 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”.

2019

During the fourth quarter of the year ended December 31, 2019, Navios Holdings recorded an impairment loss of $84,584 for two of its dry bulk vessels.

In January 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Hios, a 2003-built Ultra Handymax vessel of 55,180 dwt, for a net sale price of $7,497, paid in cash. The impairment loss amounted to $7,429 (including $611 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

In September 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Primavera, a 2007-built Ultra Handymax vessel of 53,464 dwt, for a net sale price of $9,891, paid in cash. The loss due to sale amounted to $1,673 and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

In August 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Mercator, a 2002-built Ultra Handymax vessel of 53,553 dwt, for a net sale price of $6,664, paid in cash. The impairment loss amounted to $4,849 (including $490 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

In July 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Arc, a 2003-built Ultra Handymax vessel of 53,514 dwt, for a net sale price of $7,105, paid in cash. The impairment loss amounted to $5,149 (including $685 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

In June 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Vector, a 2002-built Ultra Handymax vessel of 50,296 dwt, for a net sale price of $6,860, paid in cash. The loss due to sale amounted to $10,039 (including $673 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

In May 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Equator Prosper, a 2000-built Capesize vessel of 171,191 dwt, for a net sale price of $11,520, paid in cash. The gain due to sale amounted to $1,784 and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

In March 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Meridian, a 2002-built Ultra Handymax vessel of 50,316 dwt, for a net sale price of $6,790, paid in cash. The loss due to sale amounted to $5,531 (including $778 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/loss on sale of vessels, net”.

Vessel Acquisitions

2020

In June 2020, following the liquidation of Navios Europe II, the Company acquired the Jupiter N and the Rainbow N, two 2011-built Panamax vessels of 93,062 dwt and 79,642 dwt, respectively, for an acquisition cost of $24,883 in total plus working capital adjustments.

In March 2020, the Company acquired from an unrelated third party, a previously charter-in vessel, the Navios Corali, a 2015-built Capesize vessel of 181,249 dwt, for a total acquisition cost of $36,684, paid in cash.

In January 2020, the Company acquired from an unrelated third party, a previously charter-in vessel, the Navios Canary, a 2015-built Capesize vessel of 180,528 dwt, for a total acquisition cost of $35,111, paid in cash.

2019

In August 2019, Navios Holdings acquired from an unrelated third party, a previously charter-in vessel, Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, for a total acquisition cost of $14,735, paid in cash.

Navios Logistics

Since 2018, Navios Logistics acquired approximately 6.6 hectares of undeveloped land located in the Port Murtinho region, Brazil, and on March 24, 2021 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. The sale price was to 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. In October 2021 and November 2021, the Company received the final installments of San Lorenzo and Formosa.

Navios Containers

On April 23, 2019, Navios Containers purchased the Navios Constellation, a 2011-built of 10,000 TEU containership, from an unrelated third party for an acquisition cost of $53,097.

Intangible Assets other than Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets other than Goodwill

NOTE 8: INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible Assets other than Goodwill

Net Book Value of Intangible Assets other than Goodwill as at December 31, 2021

	Acquisition Cost		Accumulated Amortization		Net Book Value December 31, 2021
Trade name	$	90,000	$	(45,985)	$	44,015
Port terminal operating rights		53,152		(14,833)		38,319
Customer relationships		35,490		(24,843)		10,647
Total Intangible assets	$	178,642	$	(85,661)	$	92,981

Net Book Value of Intangible Assets other than Goodwill as at December 31, 2020

	Acquisition Cost		Accumulated Amortization		Net Book Value December 31, 2020
Trade name	$	90,000	$	(43,175)	$	46,825
Port terminal operating rights		53,152		(13,835)		39,317
Customer relationships		35,490		(23,069)		12,421
Total Intangible assets	$	178,642	$	(80,079)	$	98,563

Amortization expense and write offs for the years ended December 31, 2021, 2020 and 2019 were as follows:

	Amortization Expense and Write Offs Year Ended December 31, 2021		Amortization Expense and Write Offs Year Ended December 31, 2020		Amortization Expense and Write Offs Year Ended December 31, 2019
Trade name	$	2,810	$	2,818	$	2,811
Port terminal operating rights		998		998		999
Customer relationships		1,774		1,775		1,774
Total	$	5,582	$	5,591	$	5,584

The remaining aggregate amortization of acquired intangibles as of December 31, 2021 was as follows:

Description	Within one year		Year Two		Year Three		Year Four		Year Five		Thereafter		Total
Trade name	$	2,811	$	2,811	$	2,811	$	2,818	$	2,811	$	29,953	$	44,015
Port terminal operating rights		995		995		995		995		995		33,344		38,319
Customer relationships		1,775		1,775		1,775		1,775		1,775		1,772		10,647
Total amortization	$	5,581	$	5,581	$	5,581	$	5,588	$	5,581	$	65,069	$	92,981

Investments in Affiliate Companies and Investments in Available-for-Sale Securities

12 Months Ended

Dec. 31, 2021

Investments in and Advances to Affiliates [Abstract]

Investments in Affiliate Companies and Investments in Available-for-Sale Securities

NOTE 9: INVESTMENTS IN AFFILIATE COMPANIES AND INVESTMENTS IN AVAILABLE–FOR–SALE SECURITIES

Navios Partners

On August 7, 2007, Navios Holdings formed Navios Partners under the laws of the Republic of the Marshall Islands. Navios GP L.L.C., 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. Olympos Maritime Ltd. is currently Navios Partners’ general partner (the “General Partner”).

In January 2019, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $50,000 of Navios Partners’ common units over a two-year period. As of December 31, 2020, Navios Partners had repurchased and cancelled 4,694,279 common units. 2

In February 2019, Navios Partners issued 380,952 of restricted common units to Navios Partners’ directors and/or officers. Concurrently, Navios Holdings acquired 7,775 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $8.

On April 25, 2019, Navios Partners announced a 1-for-15 reverse stock split of its issued and outstanding shares of common units and general partners units. The reverse stock split was effective on May 21, 2019. All issued and outstanding shares of common units and general partner units contained to the notes to the consolidated financial statements until May 21, 2019, are presented before reverse stock split.

As of December 31, 2020 and following the sale of Navios Partners general partnership interest effected on August 30, 2019, Navios Holdings held a total of 2,070,216 (post reverse stock split) common units representing a 17.9% ownership interest in Navios Partners. Navios Holdings evaluated its investment in the common stock of Navios Partners under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Partners and, therefore, its investment in Navios Partners is accounted for under the equity method.

As of December 31, 2021 and December 31, 2020 Navios Partners has issued 7,687,730 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 156,895 and 7,298 general partnership units to its general partner as of December 31, 2021 and December 31, 2020, respectively, in order to maintain its 2.0% general partnership interest.

As of December 31, 2021 and following the NMCI Merger (as defined herein), 1,263,276 units held in Navios Containers were converted to 492,678 units of Navios Partners. Further and following the NNA Merger (as defined herein), 4,865,147 shares held in Navios Acquisition were converted to 620,306 units of Navios Partners. Accordingly, as of December 31, 2021, Navios Holdings holds a total of 3,183,199 common units representing a 10.3% interest in Navios Partners,and incentive distribution rights are held by Navios GP L.L.C.

As of December 31, 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 $56,351 and $77,904, respectively.

As of December 31, 2021 and 2020, the carrying amount of the investment in Navios Partners was $125,744 and $39,133, respectively.

Total equity method income and amortization of deferred gain of $66,745, $5,466 and $13,526, were included under the caption “Equity in net earnings/(losses) of affiliate companies” for the years ended December 31, 2021, 2020 and 2019, respectively.

Dividends received during the years ended December 31, 2021, 2020 and 2019 were $519, $1,449, and $2,692, respectively.

As of December 31, 2021, the market value of the investment in Navios Partners was $79,866. 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. No impairment was recorded for the years ended December 31, 2020 and 2019, respectively.

Navios Acquisition

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 “NNA Merger”).

On August 25, 2021, Navios Partners purchased 44,117,647 shares of Navios Acquisition, thereby acquiring a controlling interest in Navios Acquisition, and the results of operations of Navios Acquisition are included in Navios Partners’ consolidated statements of operations commencing on August 26, 2021. Pursuant to the NNA Merger, 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 was September 25, 2021.

On October 15, 2021, Navios Partners completed the NNA Merger. As a result thereof, Navios Acquisition became a wholly-owned subsidiary of Navios Partners. Each outstanding common unit of Navios Acquisition that was held by a unitholder, other than Navios Partners, Navios Acquisition and their respective subsidiaries was converted into the right to receive 0.1275 of a common unit of Navios Partners. As a result of the NNA Merger, 3,388,226 common units of Navios Partners were issued to former public unitholders of Navios Acquisition. As of the close market on October 15, 2021, Navios Acquisitions’ common shares were no longer listed for trading on NYSE.

Upon completion of the NNA Merger, as of October 15, 2021, Navios Holdings derecognized its investment in Navios Acquisition. As of December 31, 2020, Navios Holdings had a 29.5% economic interest in Navios Acquisition.

As of December 31, 2020, the pre-OTTI loss 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 $68,793. As a result of the OTTI loss recorded as at December 31, 2020, the Company recomputed this difference to be amortized in future period through “Equity in net earnings/(losses) of affiliate companies” over the remaining life of Navios Acquisition’s tangible and intangible assets.

As of December 31, 2020, the carrying amount of the investment in Navios Acquisition was $15,033. During the year ended December 31, 2021, 2020 and 2019, the Company recognized an OTTI loss of $0, $13,368 and $13,543, respectively, relating to its investment in Navios Acquisition and the amount was included under the caption “Equity in net earnings/(losses) of affiliate companies”.

Total equity method income/(loss) of $1,944, $13,129 and $(11,098), excluding OTTI loss, were included under the caption “Equity in net earnings/(losses) of affiliate companies” for the years ended December 31, 2021, 2020, and 2019, respectively.

Dividends received for each of the years ended December 31, 2021, 2020 and 2019 were $243, $5,838 and $4,379, respectively.

Navios Containers (Consolidated from November 30, 2018 to August 30, 2019)

Following the sale of Navios Containers general partnership interest effected on August 30, 2019, referred to in Note 3, 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 is accounted for under the equity method, through the NMCI Merger (as defined herein) on March 31, 2021.

NMCI Merger: On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the “NMCI Merger”). Under the terms of the NMCI 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 NMCI Merger was completed on March 31, 2021 and Navios Holdings had 12.6% ownership interest in Navios Partners. As of the close of the market on March 31, 2021, Navios Containers’ common units were no longer listed for trading on NASDAQ.

Upon completion of the NMCI Merger, as of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers. As of December 31, 2020, the carrying amount of the investment in Navios Containers was $2,812.

As of December 31, 2020, Navios Holdings had a 3.9% ownership interest in Navios Containers.

Total equity method income of $595, $130 and $155 were included under the caption “Equity in net earning/(losses) of affiliate companies” for the years ended December 31, 2021, December 31, 2020 and for the period from August 30, 2019 (date of loss of control) to December 31, 2019, respectively.

Navios Europe I

On December 18, 2013, Navios Europe I acquired ten vessels for aggregate consideration consisting of (i) cash (which was funded with the proceeds of senior loan facilities (the “Senior Loans I”) and loans aggregating to $10,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe I) (collectively, the “Navios Term Loans I”) and (ii) the assumption of a junior participating loan facility (the “Junior Loan I”). In addition to the Navios Term Loans I, Navios Holdings, Navios Acquisition and Navios Partners would also make available to Navios Europe I revolving loans up to $24,100 to fund working capital requirements (collectively, the “Navios Revolving Loans I”). In December 2018, the amount of the Navios Revolving Loans I increased by $30,000.

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

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

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

The initial amount provided for in Navios Europe I of $4,750, 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 I, which amounted to $6,763. This difference had been amortized through “Equity in net losses of affiliate companies” over the remaining life of Navios Europe I.

As of December 31, 2019, the Company received the outstanding receivable amount from Navios Europe I of $13,420 relating to Navios Europe I following the liquidation of the structure (Note 16).

No equity method income was included under the caption “Equity in net losses of affiliate companies” for the years ended December 31, 2021, 2020 and 2019.

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 would also 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. On December 31, 2019, Navios Holdings had a $44,300 receivable from Navios Europe II. 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 and 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 had concluded that Navios Europe II was a VIE and that it was 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 losses 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).

As of December 31, 2020, the Company received in cash all balances relating to Navios Europe II following the liquidation of the structure and recognized a loss of $6,050 included in the accompanying consolidated statements of comprehensive income/(loss) for the year ended December 31, 2020, under the caption “Impairment of loan receivable from affiliate company” (Note 16).

No income was recognized under the caption “Equity in net earnings/(loss) of affiliate companies” for the years ended December 31, 2021 and 2020, respectively. Total equity method income of $1,775 was included under the caption “Equity in net earnings/(losses) of affiliate companies” for the year ended December 31, 2019.

As of December 31, 2021 and 2020, the carrying amount of the investment in Navios Europe II and the balance of Navios Terms Loans II was $0.

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:

Investments in Affiliate Companies and Investments in Available-for-Sale Securities - Financial Information of the Affiliate Companies - Balance Sheet (Table)

December 31, 2021 December 31, 2020

Balance sheet Navios
Partners Navios
Acquisition Navios
Containers Navios
Partners Navios
Acquisition Navios
Containers

Cash and cash equivalents, including restricted cash $ 169,446 $ — $ — $ 30,728 $ 41,357 $ 7,573

Current assets $ 226,340 $ — $ — $ 60,780 $ 140,605 $ 16,684

Non-current assets $ 3,396,959 $ — $ — $ 1,146,489 $ 1,428,392 $ 414,106

Current liabilities $ 395,505 $ — $ — $ 253,252 $ 805,860 $ 39,862

Long- term debt including current portion, net $ 1,361,709 $ — $ — $ 486,857 $ 1,076,587 $ 232,159

Non-current liabilities $ 1,458,069 $ — $ — $ 299,187 $ 433,280 $ 199,383

Investments in Affiliate Companies and Investments in Available-for-Sale Securities - Financial Information of Affiliate Companies - Income Statement (Table)

Income Statement
Navios

Partners

01/01/2021-12/31/2021

Navios

Acquisition

01/01/2021-10/15/2021

Navios

Containers

01/01/2021-03/31/2021

Revenue $ 713,175 $ 188,304 $ 43,763

Net income/(loss) $ 516,186 $ (6,307) $ 15,270

December 31, 2020

Income Statement
Navios

Partners

Navios

Acquisition

Navios

Europe II

Navios

Containers

Revenue $ 226,771 $ 361,438 $ 17,059 $ 127,188

Net (loss)/income $ (68,541) $ 27,465 $ (26,661) $ 3,348

December 31, 2019

Income Statement
Navios

Partners

Navios

Acquisition

Navios

Europe I

Navios

Europe II

Navios

Containers

Revenue $ 219,379 $ 280,117 $ 36,822 $ 46,718 $ 141,532

Net (loss)/income $ (62,134) $ (65,707) $ (18,575) $ (30,203) $ 7,507

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 accumulated other comprehensive income/(loss) or since January 1, 2018, when the Company adopted ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”, 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 December 31, 2021 and 2020, the carrying amount of the AFS Securities related to STX was $219 and $222, respectively and was included under the caption “Other long-term assets” in the consolidated balance sheets.

During the year ended December 31, 2021, the unrealized holding loss related to these AFS Securities included under the caption “Other expense” was $3. During the year ended December 31, 2020, the unrealized holding gain related to these AFS Securities included under the caption “Other income” was $33. During the year ended December 31, 2019, the unrealized holding loss related to these AFS Securities included under the caption “Other expense” was $3.

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

NOTE 10: ACCRUED EXPENSES AND OTHER LIABILITIES Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities as of December 31, 2021 and 2020 consisted of the following:


	December 31, 2021		December 31, 2020
Payroll	$	7,913	$	6,671
Accrued interest		45,445		55,650
Accrued voyage expenses		1,014		1,344
Audit fees and related services		375		225
Accrued taxes		9,006		7,911
Professional fees		417		470
Other accrued expenses		289		264
Total accrued expenses	$	64,459	$	72,535

Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

NOTE 11: BORROWINGS Borrowings

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

*Navios Holdings borrowings*	December 31, 2021		December 31, 2020
Loan Facility HCOB ($15,300)		—		9,945
Loan Facility Credit Agricole ($23,000)		—		11,100
Loan Facility Credit Agricole ($23,000)		—		11,400
Loan Facility DVB Bank SE ($72,000)		—		4,504
Loan Facility Alpha Bank ($31,000)		—		20,200
Loan Facility Alpha Bank ($16,125)		—		12,925
Sale and Leaseback Agreements		114,837		62,934
2022 Senior Secured Notes		155,000		305,000
2022 Notes		455,466		476,822
2024 Notes		8,626		8,626
NSM Loan (incl. accrued interest $306 and $526, respectively)		48,879		78,901
$50.0 million NSM Loan (including accrued interest of $326)		—		50,326
$115.0 million NSM Loan (incl. accrued interest $571)		64,630		—
Total Navios Holdings borrowings	$	847,438	$	1,052,683

*Navios Logistics borrowings*	December 31, 2021		December 31, 2020
2025 Logistics Senior Notes		500,000		500,000
Navios Logistics Notes Payable		12,463		17,842
Navios Logistics New BBVA Facility		12,000		22,000
Navios Logistics Alpha Bank Loan		7,700		9,100
Seller’s Credit Agreement for the construction of six liquid barges		11,213		11,047
Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet		15,000		—
Other long-term loans		—		46
Total Navios Logistics borrowings	$	558,376	$	560,035

*Total*	December 31, 2021		December 31, 2020
Total borrowings	$	1,405,814	$	1,612,718
Less: current portion, net		(307,451)		(374,191)
Less: deferred finance costs and discount, net		(19,330)		(28,289)
Total long-term borrowings	$	1,079,033	$	1,210,238

Navios Holdings Debt

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 Navios Holdings in each of Navios GP L.L.C., Navios Logistics and Navios Partners (following the NMCI Merger and NNA Merger). 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 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 December 31, 2021.

Under the terms of the 2022 Senior Secured Notes, Navios Holdings 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 were met.

On October 1, 2020, Navios Holdings 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”). Pursuant to the Consent Agreement, the Consenting Noteholders agreed, subject to the satisfaction of certain conditions, to consent to the amendments contained in the form of supplemental indenture (“Form of Supermajority Supplemental Indenture”) which amendments required 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 that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement 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.

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

On September 14, 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 24, 2021 (the “Third Redemption”).

On October 1, 2021, the Company issued a notice of redemption with respect to an aggregate principal amount of $10,000 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 October 11, 2021 (the “Fourth Redemption”).

As of December 31, 2021, the Company wrote off $1,777 of deferred financing costs associated with the Redemptions discussed above and is included in the consolidated statement of comprehensive income/(loss) under the caption “Gain/(loss) on bond and debt extinguishment”.

On March 18, 2022, the Company issued a notice of redemption with respect to an aggregate principal amount of $25,000 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 March 30, 2022 (the “Fifth Redemption”)

After the Fifth Redemption, $130,000 in aggregate principal amount of the 2022 Senior Secured Notes is currently 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 2019, Navios Logistics repurchased $35,500 in par value of the 2022 Notes in open market transactions for a cash consideration of $17,642. During 2019, the Company repurchased $81,235 in par value of the 2022 Notes for a cash consideration of $50,683. These transactions resulted in a gain on bond extinguishment of $47,430, net of deferred financing costs written-off. (Refer to Note 16 “Transactions with Related Parties” to the consolidated financial statements, “Secured credit facility with Navios Logistics”). During 2020, the Company repurchased $20,782 in par value of the 2022 Notes for a cash consideration of $9,443 resulting in a gain on bond extinguishment of $11,204, net of deferred financing costs written-off. During 2021, the Company repurchased $21,356 in par value of the 2022 Notes for cash consideration of $18,588 resulting in a gain on bond extinguishment of $2,728, net of deferred financing costs written-off. After these repurchases, the remaining amount of 2022 Notes was $455,466 as at December 31, 2021.

The 2022 Notes were 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. As of December 31, 2021, the 2022 Notes were secured by 14 drybulk vessels and $84,260 of cash collateral. The 2022 Notes were 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 outstanding balance of $455,466 of the 2022 Notes as of December 31, 2021 was fully repaid in January 2022 using (i) $206,725 under two credit facilities with commercial banks; (ii) $77,000 under four sale and leaseback agreements; (iii) $100,000 of additional financing from NSM; and (iv) cash from operations. In addition, as of December 31 2021, $158,873 of Ship Mortgage Notes held by the Company that had previously been pledged as collateral to NSM were cancelled.

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 17 “Preferred and Common Stock” to the consolidated financial statements).

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 17 “Preferred and Common Stock” to the consolidated financial statements).

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.

Secured Credit Facilities

During the year ended December 31, 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 December 31, 2021, the Company had no secured bank credit facilities following their full repayment. 0

Credit Agricole (formerly Emporiki) Facilities: In December 2012, the Emporiki Bank of Greece’s facilities were transferred to Credit Agricole Corporate and Investment Bank.

In August 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one Panamax vessel. In May 2019, the facility was refinanced. The facility was repayable in five semi-annual installments of $750, with a final balloon payment of $8,850 on the last payment date. The loan bore interest at a rate of LIBOR plus 275 basis points. In the first quarter of 2021, the facility was repaid in full and there was no outstanding balance as of December 31, 2021. 0

In December 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. In May 2019, the facility was refinanced. The loan facility was repayable in three semi-annual equal installments of $750, with a final balloon payment of $9,150 on the last payment date. The loan bore interest at a rate of LIBOR plus 325 basis points. In the first quarter of 2021, the facility was repaid in full and there was no outstanding balance as of December 31, 2021. 0

On February 14, 2018, Navios Holdings entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $28,745 in order to: a) repay all amounts outstanding under the facility agreement dated September 2010 and b) repay all amounts outstanding under the facility agreement dated December 20, 2013. The loan bore interest at a rate of LIBOR plus 280 basis points. The loan facility required compliance with certain financial covenants. In the second quarter of 2019, the facility was repaid in full and there was no outstanding balance as of December 31, 2019.

Hamburg Commercial Bank AG Facility: On May 23, 2017, Navios Holdings entered into a facility agreement with Hamburg Commercial Bank AG for an amount of up to $15,300 in order to partially refinance the fourth tranche of the Commerzbank facility. The facility was repayable in three quarterly equal installments of $383, with a final balloon payment of $8,798 on the last payment date. The loan bore interest at a rate of LIBOR plus 300 basis points. In the first quarter of 2021, the facility was repaid in full and there was no outstanding balance as of December 31, 2021. 0

DVB Bank SE Facilities: On March 23, 2012, Navios Holdings entered into a facility agreement with a syndicate of banks led by DVB Bank SE for an amount of up to $42,000 in two tranches: (i) the first tranche is for an amount of up to $26,000 in order to finance the acquisition of a Handysize vessel; and (ii) the second tranche is for an amount of up to $16,000 to refinance the outstanding debt of an Ultra-Handymax vessel. On June 27, 2014, Navios Holdings refinanced the existing facility, adding a new tranche for an amount of $30,000 in order to finance the acquisition of a Capesize vessel, which was delivered in June 2014. On November 12, 2019, Navios Holdings amended this facility agreement with DVB Bank SE in order to extend the maturity of the outstanding balance originally due in the first and second quarter of 2020 for one year, to June 2021 and released from collateral one Handysize vessel which was substituted by one Panamax vessel. The facility bore interest at a rate of LIBOR plus 293 basis points. During September 2020, the Company completed the sale of the Panamax vessel and the Capesize vessel which were released from collaterals and prepaid the amount of $33,003 for the satisfaction of the first and the third tranche of the facility. As of December 31, 2020, the second tranche was repayable in two quarterly installments of $268, with a final balloon payment of $3,968 on the last repayment date. In the first quarter of 2021, the facility was repaid in full and there was no outstanding balance as of December 31, 2021. 0

In September 2013, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $40,000 in order to finance the acquisition of four Panamax vessels, delivered in August and September 2013. The facility bore interest at a rate of LIBOR plus 325 basis points. In December 2017, Navios Holdings entered into a facility agreement with DVB Bank SE in order to extend the maturity of the outstanding balance originally due by September 2018 for three years, to September 2021. During 2019, Navios Holdings partially prepaid the indebtedness originally maturing in the third quarter of 2021 and released from collateral two Panamax vessels. In the first quarter of 2020, the facility was repaid in full and there was no outstanding balance as of December 31, 2020. 0

Alpha Bank A.E.: On November 6, 2014, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $31,000 in order to finance part of the acquisition of a Capesize vessel. The loan bore interest at a rate of LIBOR plus 300 basis points. The facility was repayable in eight quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. The loan facility required compliance with certain financial covenants. In the second quarter of 2021, the facility was repaid in full and there was no outstanding balance as of December 31, 2021.

On November 3, 2016, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $16,125 in order to refinance one Capesize vessel. The facility bore interest at a rate of LIBOR plus 300 basis points. The facility was repayable in eight quarterly installments of $275 each, with a final balloon payment of $10,725 payable on the last repayment date. In the second quarter of 2021, the facility was repaid in full and there was no outstanding balance as of December 31, 2021.

Hamburg Commercial Bank AG: In December 2021, Navios Holdings entered into a loan agreement with Hamburg Commercial Bank AG (“HCOB”) for an amount of $101,750, for the refinancing of seven drybulk vessels. On January 5, 2022, the amount under this facility was fully drawn. The loan bears interest at a rate of LIBOR plus margin ranging from 3.25% per annum to 4.50% per annum. In March 2022, Navios Holdings prepaid an amount of $10,380 and one dry bulk vessel was released. The remaining loan balance of $91,345 is repayable in eight quarterly installments of $3,915, beginning three months from the date of the initial drawdown, with a final balloon payment of $60,027 on the last repayment date. The loan facility requires compliance with certain covenants, as described below.

Credit Agricole CIB/ BNP Paribas: In December 2021, Navios Holdings entered into a loan agreement with Credit Agricole CIB (“CACIB”) and BNP Paribas (“BNPP”) for an amount of $105,000, for the refinancing of seven drybulk vessels. On January 5, 2022, the amount under this facility was fully drawn. The loan bears interest at a rate of LIBOR plus margin ranging from 2.85% per annum to 3.75% per annum. The loan is repayable in four quarterly installments of $6,500, beginning three months from the date of the initial drawdown, followed by eight consecutive quarterly installments of $4,750 with a final balloon payment of $41,000 on the last repayment date. The loan facility requires compliance with certain covenants, as described below.

The facilities are secured by first priority mortgages on certain of Navios Holdings’ vessels and other collateral.

The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or certain of its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels securing such facilities; changing the flag, class, management or ownership of certain Navios Holdings’ vessels; changing the commercial and technical management of certain Navios Holdings’ vessels; selling or changing the ownership of certain Navios Holdings’ vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, the credit facilities require compliance with the covenants contained in the indentures governing the 2022 Senior Secured Notes and the 2024 Notes (as defined herein). Among other events, it will be an event of default under the credit facilities if the Company fails to maintain the financial covenants or if Angeliki Frangou and her affiliate companies own (in aggregate) less than 10% of the outstanding share capital of Navios Holdings.

The Company’s secured credit facilities, which were drawn in January 2022, require compliance with maintenance covenants. Depending on the facility, these covenants include: (i) value-to-loan ratio covenants, based on charter-free valuations, ranging from over 125% to 133%, (ii) minimum liquidity up to a maximum of $10,000, (iii) total debt divided by total assets, as defined in each credit facility, of 75%; and (iv) net worth, as defined in the credit facility, of $125,000.

NSM Loan

On August 29, 2019, Navios Holdings entered into a secured loan agreement of $141,795 (including post-closing adjustments) with a wholly owned subsidiary of NSM (the “NSM Loan”). In December 2021, the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of this facility with the NSM Loan I (as defined herein). The refinancing was completed in January 2022. As of December 31, 2021, the total outstanding balance of this facility amounted to $48,879, including $306 of accrued interest, and is presented under the caption “Loans payable to affiliate companies, net of current portion”. For information on the NSM Loan, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

$50.0 million NSM Loan

In June 2020, Navios Holdings entered into a secured loan agreement with 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. On July 12, 2021, the Company refinanced the outstanding balance of this facility through the $115.0 million NSM Loan. For information on the $50.0 million NSM Loan, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

$115.0 million NSM Loan

In June 2021, Navios Holdings entered into a secured loan agreement with, 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. In December 31, 2021 the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of this facility through the NSM Loan II (as defined herein). The refinancing was completed during January 2022. As of December 31, 2021, the total outstanding balance of this facility amounted to $64,630, including $571 of accrued interest, and is presented under the caption “Loans payable to affiliate companies, net of current portion”. For information on the $115.0 million NSM Loan, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

NSM Loan I

In December 2021, Navios Holdings entered into an amended and restated loan agreement to the existing NSM Loan dated August 29, 2019 ( the “NSM Loan I”). Pursuant to NSM Loan I, a wholly-owned subsidiary of NSM made available to the Company a secured term loan of up to $127,632, in two tranches: The first tranche of $48,573 represents borrowings already made available to the Company and the second tranche of $79,059 represents new borrowings to be made available in exchange for the release by NSM of certain existing collateral. On January 5, 2022, the amount under this facility was fully drawn. For information on the NSM Loan I, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

NSM Loan II

In December 2021, Navios Holdings entered an amended and restated loan agreement to the existing $115.0 million NSM Loan dated June 29, 2021 ( the “NSM Loan II” and, together with NSM Loan I, the “NSM Loans”). Pursuant to NSM Loan II, a wholly-owned subsidiary of NSM made up to $135,000 available to the Company under a secured term loan in two tranches. The first tranche of $64,059 represents outstanding borrowings already made available and the second tranche of $70,941 represents new borrowings to be made available, in exchange for the release by NSM of certain existing collateral. On January 5, 2022, the amount under this facility was fully drawn. For information on NSM Loan II, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

Upon completion of the refinancing in January 2022, NSM received an upfront fee in respect of the NSM Loan I and the NSM Loan II of $24,000 in the form of a convertible debenture. The agreements also provide for prepayment premiums ranging from 5%-10% during the first 36 months of the term which is payable in the form of Convertible Debenture, described below.

Convertible Debenture

In December 2021, Navios Holdings entered into a convertible debenture with NSM (the “Convertible Debenture”), covering certain payments under the NSM Loans including the upfront fee of $24,000, the accrued interest, and the prepayment fees. The lender has the option to convert any portion of the outstanding balance under the Convertible Debenture into shares of common stock of Navios Holdings pursuant to an agreed-upon mechanism. The Convertible Debenture has a term of five years and bears interest at the rate of 4% payment in kind (“PIK”), payable at maturity, if not earlier converted into shares of our common stock.

In accordance with the terms of the Convertible Debenture, Navios Holdings issued 1,000 shares of preferred stock (the “Series I Preferred Stock”) on January 3, 2022, which have no voting and no economic rights. The Series I Preferred Stock represent 9,133,147 shares of Common Stock issuable as of April 4, 2022 upon conversion of a Convertible Debenture and are deemed outstanding for voting purposes. Under the terms of the Convertible Debenture, the number of shares of Common Stock issuable upon conversion thereof will increase to the extent that amounts outstanding under the Convertible Debenture increase. NSM is an affiliate of our Chairwoman and Chief Executive Officer, Angeliki Frangou.

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 December 31, 2021, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $57,392 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.

In December 2021, Navios Holdings entered into four new sale and leaseback agreements of $77,000 in total, with unrelated third parties, in order to finance four dry bulk vessels. In December 2021, three of the four new sale and leaseback agreements were drawn down amounting to $58,000 in total.

Two dry bulk vessels are repayable by 96 consective payments of approximaty $481 each, commencing as of December 2021. One dry bulk vessel is repayable by 72 consecutive monthly payments of approximately $688, commencing as of December 2021. Two of the agreements mature in the fourth quarter of 2029 and one in the fourth quarter of 2027, respectively, with a balloon payment of $3,600 each for two dry bulk vessels and $3,500 for one dry bulk vessel on the last repayment date. As of December 31, 2021, the outstanding balance under the new Sale and Leaseback Agreements of the three dry bulk vessels was $57,445 in total.

The fourth sale and leaseback agreement amounting to $19,000 was drawn down in January, 2022, and is repayable by 84 consecutive monthly payments of approximately $643. The fourth sale and sale and leaseback agreement matures in the first quarter of 2029 with a balloon payment of $1,000.

In March 2022, Navios Holdings entered into a sale and leaseback agreement to finance one dry bulk vessel. The fifth sale and leaseback agreement amounting to $12,000 was drawn down in March 2022, and is repayable by 60 consecutive monthly payments of approximately $521. The fifth sale and leaseback agreement matures in the first quarter of 2027 with a balloon payment of $1,600.

The Sale and Leaseback Agreements have no financial covenants.

Navios Logistics Debt

2022 Logistics Senior Notes

On April 22, 2014, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics (the “Logistics Co-Issuers”) issued $375,000 in aggregate principal amount of its Senior Notes due on May 1, 2022 (the “2022 Logistics Senior Notes”), at a fixed rate of 7.25%. The 2022 Logistics Senior Notes were unregistered were fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics’ direct and indirect subsidiaries except for three subsidiaries, which were deemed to be immaterial, and Logistics Finance, which was the co-issuer of the 2022 Logistics Senior Notes. The 2022 Logistics Senior Notes were redeemed in full on July 16, 2020 at 100% of their face amount, plus accrued and unpaid interest to the redemption date with the proceeds of the 2025 Logistics Senior Notes (as defined herein). Following this transaction, Navios Logistics recognized a loss of $2,661 relating to the accelerated amortization of the unamortized deferred financing costs and is included in the consolidated statements of comprehensive income/(loss) under the caption “Gain on bond and debt extinguishment, net”.

Navios Logistics Term Loan B Facility

On November 3, 2017, Navios Logistics and Logistics Finance, as co-borrowers, completed the issuance of a $100,000 Term Loan B Facility (the “Navios Logistics Term Loan B Facility”). The Navios Logistics Term Loan B Facility bore an interest rate of LIBOR plus 475 basis points and has a four-year term with 1.0% amortization per annum. The Navios Logistics Term Loan B Facility was repaid in full on July 8, 2020 at par plus accrued and unpaid interest to the repayment date with the proceeds of the 2025 Logistics Senior Notes. Following this transaction, Navios Logistics recognized a loss of $1,496 relating to the accelerated amortization of the unamortized deferred financing costs and is included in the consolidated statements of comprehensive income/(loss) under the caption “Gain on bond and debt extinguishment, net”.

2025 Logistics Senior Notes

On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Logistics Finance issued $500,000 in aggregate principal amount of senior secured Notes due on July 1, 2025, at a fixed rate of 10.75% (the “2025 Logistics Senior Notes). The net proceeds from the offering of the 2025 Logistics Senior Notes, amounting to $487,504, were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes, amounting to $375,000, to repay all amounts outstanding under the Navios Logistics’ Term Loan B Facility, amounting to $97,500 and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes. Following this transaction, the Company recognized a loss of $4,157 in its consolidated statements of comprehensive income/(loss) under the caption “Gain on bond and debt extinguishment” for the year ended December 31, 2020, relating to the accelerated amortization of the unamortized deferred finance costs.

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 101% 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. 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 are 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 restricted 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 December 31, 2021.

As of December 31, 2021 and December 31, 2020, deferred financing costs associated with the 2025 Logistics Senior Notes amounted to $15,927 and $19,414, respectively.

Navios Logistics Notes Payable

In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, Corporacion Navios S.A. (“CNSA”) entered into an unsecured export financing line of credit for a total amount of $41,964, including all related fixed financing costs of $5,949, available in multiple drawings upon the completion of certain milestones (“Drawdown Events”). CNSA incurs the obligation for the respective amount drawn by signing promissory notes (“Navios Logistics Notes Payable”). Each drawdown is repayable in 16 consecutive semi-annual installments, starting six months after the completion of each Drawdown Event. Together with each Navios Logistics Notes Payable, CNSA shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A. As of December 31, 2021, Navios Logistics had drawn the total available amount and the outstanding balance of Navios Logistics Notes Payable was $12,463.

Navios Logistics New BBVA Facility

On February 28, 2020, Navios Logistics entered into a $25,000 loan facility with Banco Bilbao Vizcaya Argentaria (the “Navios Logistics New BBVA Facility”), which was drawn on July 8, 2020. The Navios Logistics New BBVA Facility was used to repay the then existed debt with the bank, and for general corporate purposes. The Navios Logistics New BBVA Facility bore interest at a rate of LIBOR (180 days) plus 325 basis points, was repayable in quarterly installments with final maturity on March 31, 2022 and was secured by assignments of certain receivables. As at December 31, 2021, the outstanding balance was $12,000. On March 23, 2022, Navios Logistics entered into the Navios Logistics 2022 BBVA Facility with the bank in order to refinance the outstanding balance of Navios Logistics New BBVA Facility through the Navios Logistics 2022 BBVA Facility. Please refer to Note 23 “Subsequent Events” to the consolidated financial statements.

Navios Logistics was in compliance with the covenants set forth in the Navios Logistics New BBVA Facility as of December 31, 2021.

Navios Logistics Alpha Bank Loan

On May 18, 2017, Navios Logistics entered into a $14,000 term loan facility in order to finance the acquisition of two product tankers (“Navios Logistics Alpha Bank Loan”). The Navios Logistics Alpha Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and is repayable in 20 quarterly installments with a final balloon payment of $7,000 on the last repayment date. In December 2021, Navios Logistics agreed to amend the Navios Logistics Alpha Bank Loan, extending its maturity and amending the repayment schedule. Following the amendment, the $7,000 final balloon payment of the Navios Logistics Alpha Bank Loan, which was due on May 18, 2022, is repayable in twelve quarterly installments, beginning on August 18, 2022, with a final balloon payment of $2,800. As of December 31, 2021, the outstanding amount of the loan was $7,700.

Navios Logistics was in compliance with the covenants set forth in the Navios Logistics Alpha Bank Loan as of December 31, 2021.

Seller’s Credit Agreement for the construction of six liquid barges

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 December 31, 2021, Navios Logistics had drawn the total available amount and the outstanding balance was $11,213.

Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet

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 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 December 31, 2021, the outstanding balance was $15,000. 3

Navios Logistics Other long-term loans

In connection with the acquisition of Hidronave S.A. on October 29, 2009, Navios Logistics assumed a $817 loan facility that was entered into by Hidronave S.A. in 2001, in order to finance the construction of the pushboat Nazira. The loan facility bore interest at a fixed rate of 600 basis points. The loan was repayable in monthly installments of $6. In September 2021, this loan was repaid in full.

Navios Logistics was in compliance with all the covenants set forth in this facility as of December 31, 2021.

During the year ended December 31, 2021, the Company in relation to its secured credit facilities paid $189,503 related to scheduled repayment installments and $36,199 related to the prepayment of four of Navios Holdings’ credit facilities. During the year ended December 31, 2021, the proceeds from the $115.0 NSM Loan was $115,000 and from the three Sale and Leaseback Agreements for Navios Holdings were $58,000.

The annual weighted average interest rates of the Company’s total borrowings were 8.78%, 7.89% and 7.70% for the years ended December 31, 2021, 2020 and 2019, 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 December 31, 2021, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities.


Year
2022 (including total accrued interest of $877 of NSM Loan & $50.0 million NSM Loan)	$	308,912
2023		87,007
2024		211,161
2025		561,120
2026		177,343
2027 and thereafter		60,271
Total	$	1,405,814

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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Fair Value of Financial Instruments

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Of Financial Instruments

NOTE 12: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments

Fair value of financial instruments

The Company uses the following methods and assumptions 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 two 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 consolidated statements of comprehensive income/(loss).

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

	December 31, 2021				December 31, 2020
	Book Value		Fair Value		Book Value		Fair Value
Cash and cash equivalents	$	53,591	$	53,591	$	94,881	$	94,881
Restricted cash	$	84,260	$	84,260	$	16,303	$	16,303
Investments in available-for-sale-securities	$	219	$	219	$	222	$	222
Senior and ship mortgage notes, net	$	(1,101,931)	$	(1,142,545)	$	(1,263,566)	$	(1,054,616)
Long-term debt, including current portion	$	(171,919)	$	(173,213)	$	(191,636)	$	(193,043)
Loans payable to affiliate companies, including current portion	$	(112,634)	$	(112,634)	$	(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 December 31, 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	$	219	$	219	$	—	$	—
Total	$	219	$	219	$	—	$	—

	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 December 31, 2021, the Company’s assets measured at fair value on a non-recurring basis were:

Fair Value Measurements as of December 31, 2021

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 $ 7,500 $ — $ 7,500 $ —

Total $ 7,500 $ — $ 7,500 $ —

Navios Logistics recorded an impairment loss of $21,966 for two of its tanker vessels operating in the cabotage business during the year ended December 31, 2021, the fair value of which is measured at $7,500, as at December 31, 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 the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.

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

Level III: Inputs that are unobservable.


	Fair Value Measurements at December 31, 2021
	Total		(Level I)		(Level II)		(Level III)
Cash and cash equivalents	$	53,591	$	53,591	$	—	$	—
Restricted cash	$	84,260	$	84,260	$	—	$	—
Investments in available-for-sale-securities	$	219	$	219	$	—	$	—
Senior and ship mortgage notes	$	(1,142,545)	$	(1,133,919)	$	(8,626)	$	—
Long-term debt, including current portion⁽¹⁾	$	(173,213)	$	—	$	(173,213)	$	—
Loans payable to affiliate companies, including current portion	$	(112,634)	$	—	$	(112,634)	$	—


	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	$	—	$	—
Loan receivable from affiliate companies⁽²⁾	$	—	$	—	$	—	$	—
Long-term receivable from affiliate company	$	—	$	—	$	—	$	—
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	$	(129,227)	$	—	$	(129,227)	$	—
Long-term payable to affiliate companies⁽²⁾	$	—	$	—	$	—	$	—

(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 loan receivable from/payable to affiliate companies and long-term receivable from/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.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

NOTE 13: EMPLOYEE BENEFIT PLANS Employee Benefit Plans

Retirement Saving Plan

The Company sponsored an employee saving plan covering all of its employees in the United States. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM. The Company’s contributions to the employee saving plan during the years ended December 31, 2019, were approximately $73 which included a $0 discretionary contribution.

Stock Plan

The Company has awarded restricted share units, shares of restricted common stock and restricted stock units to its employees, officers and directors. The restriction lapses in two, three or four equal tranches, over the requisite service periods, of one, two, three and four years from the grant date. The Company has also awarded share appreciation rights and stock options to its officers and directors only, based on service conditions, which vest in three equal tranches over the requisite service periods of one, two and three years from the grant date. Each option expires seven years after its grant date. No stock options were exercised during the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, 350,000 stock options remain outstanding expiring in 2023. Please refer to Note 2(s) “Summary of Significant Accounting Policies- Employee benefits” to the consolidated financial statements.

During the years ended December 31, 2021, 2020 and 2019, the Company did not award any restricted stock, restricted stock units or stock options, which vest upon achievement of certain performance conditions.

The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2021 was $2.28

No restricted stock has been granted for the year ended December 31, 2020.

The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2019 was $2.84.

The effect of compensation expense arising from the stock-based arrangements described above amounted to $589, $1,268 and $2,885 for the years ended December 31, 2021, 2020 and 2019, respectively and it was reflected in general and administrative expenses on the consolidated statements of comprehensive income/(loss). The recognized compensation expense for the year is presented as an adjustment to reconcile net income to net cash provided by operating activities on the consolidated statements of cash flows.

The outstanding stock-based awards as of August 30, 2019, date of the sale of the management division, relate to grants to the Company’s officers and directors.

The summary of stock-based awards is summarized as follows (in thousands except share and per share data which have been adjusted to reflect the Reverse Stock Split):

Options	Shares	Weighted average exercise price		Weighted average remaining term	Aggregate fair value
Outstanding as of December 31, 2018	661,977		28.2	3.36		5,696
Vested at December 31, 2018	116,667		—	—		—
Exercisable at December 31, 2018	116,667		—	—		—
Forfeited or expired	(132,209)		—	—		(682)
Outstanding as of December 31, 2019	529,768		26.6	2.96		5,014
Vested at December 31, 2019	83,333		—	—		—
Exercisable at December 31, 2019	83,333		—	—		—
Forfeited or expired	(67,475)		—	—		(1,199)
Outstanding as of December 31, 2020	462,293		17.9	2.25		3,815
Vested at December 31, 2020	—		—	—		—
Exercisable at December 31, 2020	—		—	—		—
Forfeited or expired	(112,293)		—	—		(1,084)
Outstanding as of December 31, 2021	350,000		12.0	1.66		2,730
Restricted stock and restricted stock units
Non Vested as of December 31, 2018	709,710	$	—	3.11	$	6,490
Granted	167,515		—	—		476
Vested	(180,469)		—	—		(1,595)
Forfeited or expired	(3,367)		—	—		(42)
Non Vested as of December 31, 2019	693,389	$	—	2.32	$	5,329
Granted	—		—	—		—
Vested	(309,664)		—	—		(2,858)
Forfeited or expired	(1,345)		—	—		(17)
Non Vested as of December 31, 2020	382,380	$	—	1.72		2,453
Granted	16,000		—	—		36
Vested	(226,075)		—	—		(1,816)
Forfeited or expired	(894)		—	—		(6)
Non Vested as of December 31, 2021	171,412	$	—	1.17		667

The estimated compensation cost relating to service conditions of non-vested (i) share appreciation rights and stock options and (ii) restricted share units, restricted stock and restricted stock unit awards, not yet recognized was $0 and $256, respectively, as of December 31, 2021 and is expected to be recognized over the weighted average period of 2.81 years.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14: COMMITMENTS AND CONTINGENCIES Commitments and Contingencies

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

In December 2017, Navios Holdings agreed to charter-in, under a ten year bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March 30, 2020, Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel, of which $2,705 was paid during the year ended December 31, 2019. As of December 31, 2021, the total amount of $6,704, including expenses and interest, is presented under the caption “Other long-term assets”.

In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August 28, 2019, Navios Holdings took delivery of the Navios Herakles I. On November 28, 2019, Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels, of which $8,340 was paid during the year ended December 31, 2018 and the remaining $2,800 was paid during the year ended December 31, 2019. As of December 31, 2021, the total amount of $14,070, including expenses and interest, is presented under the caption “Other long-term assets”.

In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Felicity I, a newbuilding bulk carrier of 81,946 dwt. On January 17, 2020, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $5,590, representing a deposit for the option to acquire this vessel, of which $2,795 was paid during the year ended December 31, 2018 and the remaining $2,795 was paid during the year ended December 31, 2019. As of December 31, 2021, the total amount of $7,193, including expenses and interest, is presented under the caption “Other long-term assets”.

In October 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $5,820, representing a deposit for the option to acquire this vessel, of which $2,910 was paid during the year ended December 31, 2018 and the remaining $2,910 was paid during the year ended December 31, 2019. As of December 31, 2021, the total amount of $7,506, including expenses and interest, is presented under 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 to be paid to Navios Logistics as a result of the settlement of $4,140, which is collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023. In June 2021, the Navios Logistics collected the first installment. For the year ended December 31, 2020, a gain of $4,102 was included under the caption “Other income” in the consolidated statements of comprehensive income/(loss).

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

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

NOTE 15: LEASES Leases

Time charter out contracts

The Company’s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.

The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time.

As a result of the adoption of these standards, there was no effect on the Company’s opening accumulated deficit, consolidated balance sheets and consolidated statements of comprehensive income/(loss).

Time charter-in and bareboat-in contracts

As of December 31, 2021, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from 0.3 years to 8.5 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 consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term.

Land lease agreements

As of December 31, 2021, Navios Logistics had land lease agreements whose remaining lease terms range from 44.2 years to 44.6 years.

Office lease agreements

As of December 31, 2021, Navios Logistics had office lease agreements whose remaining lease terms ranged from 0.5 years to 4.9 years.

ASC 842 requires that the leases be classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement.

	Dry Bulk Vessel Operations December 31, 2021		Dry Bulk Vessel Operations December 31, 2020		Logistics Business December 31, 2021		Logistics Business December 31, 2020		Total December 31, 2021		Total December 31, 2020
Operating lease assets
Charter-in contracts ⁽¹⁾	$	164,268	$	219,574	$	—	$	—	$	164,268	$	219,574
Land lease agreements		—		—		8,077		7,878		8,077		7,878
Office lease agreements		—		—		1,081		510		1,081		510
Total	$	164,268	$	219,574	$	9,158	$	8,388	$	173,426	$	227,962
Operating lease liabilities, current portion
Charter-in contracts	$	54,490	$	81,276	$	—	$	—	$	54,490	$	81,276
Land lease agreements		—		—		(182)		(199)		(182)		(199)
Office lease agreements		—		—		439		338		439		338
Total	$	54,490	$	81,276	$	257	$	139	$	54,747	$	81,415
Operating lease liabilities, net of current portion
Charter-in contracts	$	135,338	$	185,092	$	—	$	—	$	135,338	$	185,092
Land lease agreements		—		—		8,259		8,077		8,259		8,077
Office lease agreements		—		—		642		182		642		182
Total	$	135,338	$	185,092	$	8,901	$	8,259	$	144,239	$	193,351

(1) Based on the net present value of the remaining charter-in and rental payments for existing operating leases.

At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in charter-in and bareboat-in contracts, land lease and office lease agreements that can be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company then applied the respective incremental borrowing rates to each lease based on the remaining lease term of the specific lease. Navios Holdings’ and Navios Logistics’ incremental borrowing rates upon adoption were 8.25% and 7.25%, respectively.

The tables below present the components of the Company’s lease expense for the years ended December 31, 2021, 2020 and 2019:

	Dry Bulk Vessel Operations Year Ended December 31, 2021		Logistics Business Year Ended December 31, 2021		Total
Lease expense for charter-in contracts	$	73,124	$	5,887	$	79,011
Lease expense for land lease agreements		—		571		571
Lease expense for office lease agreements		—		307		307
Total	$	73,124	$	6,765	$	79,889

Dry Bulk Vessel

Operations

Year Ended

December 31, 2020

Logistics Business

Year Ended

December 31, 2020
Total

Lease expense for charter-in contracts $ 94,545 $ 6,587 $ 101,132

Lease expense for land lease agreements — 564 564

Lease expense for office lease agreements — 600 600

Total $ 94,545 $ 7,751 $ 102,296

	Dry Bulk Vessel Operations Year Ended December 31, 2019		Logistics Business Year Ended December 31, 2019		Total
Lease expense for charter-in contracts	$	117,562	$	3,865	$	121,427
Lease expense for land lease agreements		—		552		552
Lease expense for office lease agreements		1,825		676		2,501
Total	$	119,387	$	5,093	$	124,480

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

During the year ended December 31, 2021, the Company acquired a previously charter-in vessel Navios Koyo, for which the Company wrote-off an amount of $3,952 being the net operating lease liability as of that date. The amount was taken into consideration as part of the $12,541 gain on sale recorded under the caption “Impairment loss/ loss on sale of vessels, net” in the accompanying consolidated statement of comprehensive income/(loss).

During the year ended December 31, 2021, Navios Holdings recorded no impairment loss of its charter-in vessels. 0

During the years ended December 31, 2020 and 2019, Navios Holdings recorded an impairment loss of $1,361 and $38,636 for certain of its charter-in vessels, respectively.

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

In October 2021, the Company declared the option to extend the charter-in period for a further one year for the vessel Navios Sky up to June 2023. During the years ended December 31, 2020 and 2019, the Company entered into new lease liabilities amounting to $43,516 and $47,064, respectively.

The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts (including bareboat-in contracts), office lease agreements and land lease agreements as of December 31, 2021:


	Charter-in vessels in operation		Land Leases		Office space
December 31, 2022	$	68,145	$	556	$	514
December 31, 2023		55,103		556		414
December 31, 2024		39,788		556		182
December 31, 2025		19,076		556		60
December 31, 2026		15,142		556		53
December 31, 2027 and thereafter		30,793		21,889		—
Total	$	228,047	$	24,669	$	1,223
Operating lease liabilities, including current portion	$	189,828	$	8,077	$	1,081
Discount based on incremental borrowing rate	$	38,219	$	16,592	$	142

As of December 31, 2021, the weighted average remaining lease terms on our charter-in contracts (including bareboat-in contracts), office lease agreements and land leases are 4.7 years, 2.7 years and 44.3 years, respectively.

As of December 31, 2020, the weighted average remaining lease terms on our charter-in contracts (including bareboat-in contracts), office lease agreements and land leases are 4.9 years, 1.5 years and 45.3 years, respectively.

Charter-out vessels, barges and pushboats:

The future minimum revenue, net of commissions, (i) for dry bulk vessels, expected to be earned on non-cancelable time charters; and (ii) for the Company’s logistics business, expected to be earned on non-cancelable time charters, COA’s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics’ ports expected to be earned on non-cancelable time charters, are as follows:


	Dry bulk vessels		Logistics business
2022		79,330		131,588
2023		—		113,651
2024		—		96,724
2025		—		83,910
2026		—		54,962
2027 and thereafter		—		572,033
Total minimum revenue, net of commissions	$	79,330	$	1,052,868

Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel.

Transactions with Related Parties

12 Months Ended

Dec. 31, 2021

Transactions with Related Parties

NOTE 16: TRANSACTIONS WITH RELATED PARTIES Transactions with Related Parties

Sale of Management: In August 2019, Navios Holdings sold its ship management division, the general partnership interests in Navios Partners (except for the incentive distribution rights) and Navios Containers GP LLC to NSM, which is affiliated with Company’s Chairwoman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of $20,000 (including assumption of liabilities) and five-year service agreements under which the Manager provides technical and commercial management services at a fixed rate of $3.7 per day per vessel until August 2021 and $3.8 per day per owned/bareboat-in vessel until August 2022. Thereafter, the rate will increase by 3% annually, unless otherwise agreed. Administrative services under the agreements will be reimbursed at allocable cost. As a result of the sale of the management division the Company is a holding company owning dry bulk vessels and various investments in entities owning maritime and infrastructure assets. NSM owns all entities providing ship management services and employs all associated people. NSM owns the general partner interests in Navios Partners. The Company simultaneously entered into a secured credit facility with NSM whereby the Company agreed to repay NSM a loan of $141,795 (including post-closing adjustments). See also “NSM Loan” below.

Office Rent: The Company had entered into lease agreements with Goldland Ktimatiki-Ikodomiki-Touristiki Xenodohiaki Anonimos Eteria, Emerald Ktimatiki-Ikodomiki Touristiki Xenodohiaki Anonimos Eteria and Infraco Limited, all of which are Greek corporations that are currently majority-owned by Angeliki Frangou, Navios Holdings’ Chairwoman and Chief Executive Officer. The lease agreements provided for the leasing of facilities located in Piraeus, Greece to house the operations of most of the Company’s subsidiaries. Following the sale of the management division effected on August 30, 2019, outlined in Note 3 “Sale of Management & Consolidation/Deconsolidation of Navios Containers” to the consolidated financial statements, Navios Holdings has no office lease obligations.

Purchase of Services: The Company utilized its former affiliate company, Acropolis, as a broker until the sale of its investment on December 6, 2018. Commissions charged from Acropolis for the year ended December 31, 2019 was $0. Included in the trade accounts payable at both December 31, 2021 and 2020 was an amount due to Acropolis of $76.

Vessel Operating Expenses (management fees): Prior to the sale of the management division effected on August 30, 2019, Navios Holdings provided commercial and technical management services to the owned vessels of Navios Partners, Navios Acquisition and Navios Containers for certain contracted daily fixed fees under the existing management agreements. Drydocking and special survey expenses were reimbursed at cost. In addition, Navios Holdings provided commercial and technical management services to Navios Europe I’s and Navios Europe II’s owned vessels, which were reimbursed at cost pursuant to the management agreements in place. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by the Manager. For the period from January 1, 2019 to August 30, 2019, certain extraordinary fees and costs related to regulatory requirements under the management agreements in place amounted to $15,750 and are presented under the caption “Other income”. Total management fees for vessel operating expenses for the period from January 1, 2019 to August 30, 2019, amounted to $149,184, and are presented net under the caption “Direct vessel expenses”.

Following the sale of the management division effected on August 30, 2019, outlined in Note 3, and pursuant to the Management Agreement, 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 the Manager 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 the Manager is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement are 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 years ended December 31, 2021 and 2020 and for the period from August 30, 2019 to December 31, 2019 amounted to $37,813, $45,487 and $14,372, respectively, and are presented under 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 incurred on behalf of affiliate companies/Administrative fee revenue from affiliate companies: Navios Holdings provided administrative services to Navios Partners, Navios Acquisition, Navios Containers, Navios Europe I and Navios Europe II. Navios Holdings was reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by the Manager. Total general and administrative fees incurred on behalf affiliate companies for the period from January 1, 2019 to August 30, 2019 amounted to $16,991.

Navios Holdings provided administrative services to Navios Logistics. In April 2016, Navios Holdings extended the duration of its existing administrative services agreement with Navios Logistics until December 2021, pursuant to its existing terms. Navios Holdings was reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by the Manager. Total general and administrative fees for the period from January 1, 2019 to August 30, 2019 amounted to $763. The general and administrative fees for that period have been eliminated upon consolidation. Total general and administrative fees charged for the years ended December 31 2021 and 2020 and for the period from August 30, 2019 to December 31, 2019 amounted to $1,144, $1,144 and $381, respectively.

Following the sale of the management division effected on August 30, 2019, outlined in Note 3 and pursuant to the Administrative Services Agreement, the Manager provides administrative services to Navios Holdings. The Manager 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 years ended December 31, 2021 and 2020 and for the period from August 30, 2019 to December 31, 2019, amounted to $8,572, $9,371 and $2,952, respectively.

Balance due to/from affiliate companies (excluding Navios Europe I and Navios Europe II): Balance due to NSM as of December 31, 2021 amounted to $21,028 (December 31, 2020: $22,114). Balance due to Navios Partners as of December 31, 2021 amounted to $0 (December 31, 2020: $5,000 related to the Navios Partners Guarantee). Balance due from Navios Acquisition as of December 31, 2021 amounted to $0 (December 31, 2020: $243 and related to declared dividend).

As of December 31, 2021 the balance mainly consisted of management fees for vessel operating expenses, payments to the Manager 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 container vessels to be sold or acquired in the future, subject to significant exceptions. The right of first refusal 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 December 31, 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, referred in Note 3, 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. For the years ended December 31, 2021, 2020, and 2019, Navios Holdings recognized $0, $0 and $1,842 of the deferred gain, respectively, in “Equity in net losses of affiliate companies”.

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.

In September 2020, Navios Holdings completed the sale of the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and of the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, to Navios Partners for a sale price of $51,000 in total including net liabilities of $4,378.

Participation in Offerings of Affiliate Companies: Refer to Note 9 “Investments in Affiliate Companies and Investments in Available–for–Sale Securities” to the consolidated financial statements, for Navios Holdings’ participation in Navios Acquisition’s and Navios Partners’ offerings. On February 4, 2015, Navios Holdings entered into a share purchase agreement with Navios Partners pursuant to which Navios Holdings made an investment in Navios Partners by purchasing common units, and general partnership interests, in order to maintain its 20.0% partnership interest in Navios Partners following its equity offering in February 2015. In connection with this agreement, Navios Holdings entered into a registration rights agreement with Navios Partners pursuant to which Navios Partners provided Navios Holdings with certain rights relating to the registration of the common units. Navios Holdings has entered into additional share purchase agreements on December 30, 2016, March 3, 2017, March 23, 2017, March 31, 2017, January 11, 2018, February 21, 2018, December 20, 2018 and February 1, 2019 for the purchase up to a total of 1,754,981 general partnership units.

Balance due from Navios Europe I: Following the liquidation, the balance due from Navios Europe I as of December 31, 2021 and 2020 was $0. As a result of this liquidation, Navios Holdings received the outstanding receivable of $13,420, in December 2019.

The Navios Revolving Loans I and the Navios Term Loans I earned interest and an annual preferred return, respectively, at 1,270 basis points per annum, on a quarterly compounding basis. There were no covenant requirements or stated maturity dates. As of December 31, 2019 the loan was fully received and there was no outstanding balance.

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 9 “Investments in Affiliate Companies and Investments in Available–for–Sale Securities” to the consolidated financial statements).

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 under the captions “Due from affiliate companies” and “Loans receivable from affiliate companies” and acquired two Panamax vessels of Navios Europe II (see Note 5 “Accounts Receivable, net” to the consolidated financial statements).

Following the Liquidation of Navios Europe II, the balance due from Navios Europe II as of December 31, 2020 was $0. As of December 31, 2019, Navios Holdings’ balance due from Navios Europe II, amounted to $20,712, which included the net current receivable amount mainly consisting of $13,154, of accrued interest income earned under the Navios Revolving Loans II (as defined in Note 9) and the net non-current amount receivable of $7,558 related to the accrued interest income earned under the Navios Term Loans II (as defined in Note 9). The outstanding amount relating to Navios Holdings’ portion under the Navios Revolving Loans II was $16,938 as of December 31, 2019, under the caption “Loan receivable from affiliate companies”.

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. 1.8

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 consolidated statements of comprehensive income/(loss) for the year ended December 31, 2020, under 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 was secured by any 2022 Notes purchased by Navios Holdings with these funds. The secured credit facility included an arrangement fee of $500 and initially bore a fixed interest rate of 12.75% for the first year and 14.75% for the second year. 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 Logistics Senior Notes, repayment of the Term Loan B Facility and the issuance of 2025 Logistics Senior 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.

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 Ventures S.A. (“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.

Effective as of May 2021, and upon the release of certain collateral, the facility bore interest of 13.0% per annum.

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 could 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 Grimaud Loan plus accrued interest was repaid by the Company in full through the issuance of 9,301,542 shares (the “Shares”) of the Company’s common stock and $7,500 in cash plus accrued and unpaid interest. Please see also Note 17 “Preferred and Common Stock” to the consolidated financial statements.

As of December 31, 2021, the total amount of this facility was repaid in full, as described above.

NSM Loan: On August 29, 2019, Navios Holdings entered into a secured credit facility of $141,795 (including post-closing adjustments) with 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 sale of the management division over (ii) the short term assets of the ship management business. The Company’s obligations under the NSM Loan are guaranteed by substantially the same subsidiaries that guarantee the 2022 Notes and secured by assets of the Company that do not secure the Ship Mortgage Notes or the 2022 Senior Secured Notes. The credit facility was repayable over a five-year period; of the initial amount, $47,000 was repayable in 2020 in equal quarterly installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. The loan agreement provides for interest at 5.0% annually, and 7.0% annually for deferred principal amounts.

In December 31, 2021 the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of this facility through the NSM Loan I (as defined herein). As of December 31, 2021, the outstanding balance was $48,573 (December 31, 2020: $78,375) and the accrued interest was $306 (December 31, 2020: $526). The accrued interest of $306 (December 31, 2020: $10,328 and related to current portion of NSM loan including accrued interest) is included under the caption “Current portion of loans payable to affiliate companies”. Please see below for discussion on refinancing completed during January 2022.

The Company’s obligations under the NSM Loan were guaranteed by 2,072,121 common units in Navios Partners, 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 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 was 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).

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.

On July 12, 2021, the Company refinanced the total outstanding balance of $39,735 under 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 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 described above (“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.

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

In December 31, 2021 the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of this facility through the NSM Loan I (as defined herein). As of December 31, 2021, the outstanding balance was $64,059 and the accrued interest was $571. The accrued interest of $571 is included under the caption “Current portion of loans payable to affiliate companies”, and the remaining amount of $64,059 is included under the caption “Loans payable to affiliate companies, net of current portion”, net of deferred financing fees of $875. Please see below for discussion on refinancing completed during January 2022.

The Company’s obligations under the $115.0 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 a second priority pledge in the Navios Logistics’ shares, 1,070,491 Navios Partners’ common units and second priority pledge over the collaterals securing the NSM Loan.

NSM Loan I: In December 2021, Navios Holdings entered into an amended and restated loan agreement to the existing NSM Loan dated August 29, 2019, whereby a wholly-owned subsidiary of NSM made available to the Company a secured term loan of up to $127,632 (the “NSM Loan I”), in two tranches: (i) the first tranche of $48,573 represents borrowings already made available and (ii) the second tranche of $79,059 represents new borrowings to be made available in exchange of the release by NSM of certain existing collateral. The NSM Loan I is repayable in quarterly installments of $5,000 with the first installment falling due in the third quarter of 2023. The NSM Loan I has a four-year term and bears interest at a rate of (i) 18% per annum until the 2022 Senior Secured Notes are repaid and 16.5% per annum thereafter when paid in the form of Convertible Debenture for the first 18 months (“PIK Interest”) and (ii) 13.5% per annum when paid in the form of cash. The NSM Loan I will be paid in PIK Interest for the first 18 months, due also in optional prepayment during that period and thereafter in either cash or PIK Interest at the election of the Borrower. On January 5, 2022, $79,059 available under this facility was fully drawn.

The Company’s obligations under the NSM Loan I are guaranteed by 2,072,121 common units in Navios Partners.

NSM Loan II: In December 2021, Navios Holdings entered into an amended and restated loan agreement to the existing $115.0 million NSM Loan dated June 29, 2021 whereby a wholly-owned subsidiary of NSM made available to the Company a secured term loan of up to $135,000 (the “NSM Loan II”) in two tranches (i) the first tranche of $64,059 represents outstanding borrowings already made available and (ii) the second tranche of $70,941 represents new borrowings to be made available, in exchange of the release by NSM of certain existing collateral. The NSM Loan II is repayable in quarterly installments of $5,000 with the first installment falling due in the third quarter of 2023. The NSM Loan II has a four year term and bears interest at a rate of (i) 18% per annum until the 2022 Senior Secured Notes are repaid and 16.5% per annum thereafter, when paid in PIK Interest and (ii) 13.5% per annum when paid in the form of cash. The NSM Loan II will be paid in PIK Interest for the first 18 months, due also in optional prepayment during that period and thereafter in either cash or PIK Interest at the election of the Borrower. On January 5, 2022, $70,941 available under this facility was fully drawn.

Upon completion of the refinancing in January 2022, NSM received an upfront fee in respect of the NSM Loan I and the NSM Loan II of $24,000 in the form of a Convertible Debenture. The agreements also provide for prepayment premiums ranging from 5%-10% during the first 36 months of the term which is payable in the form of Convertible Debenture, described below.

The Company’s obligations under the NSM Loan II are guaranteed by 40,587 common units in Navios Partners, a second priority pledge in the Navios Logistics’ shares and 1,070,491 Navios Partners’ common units and second priority pledge over the collaterals securing the NSM Loan I.

Convertible Debenture: In December 2021, Navios Holdings entered into the Convertible Debenture with NSM, covering an upfront fee of $24.0 million, accrued interest on the NSM Loans, and prepayment fees. The lender has the option to convert any portion of the outstanding balance under the Convertible Debenture into shares of common stock of Navios Holdings pursuant to an agreed-upon mechanism. The Convertible Debenture has a term of five years and bears interest at the rate of 4PIK, payable at maturity, if not earlier converted into shares of our common stock.

In accordance with the terms of the Convertible Debenture, Navios Holdings issued 1,000 shares of preferred stock (the “Series I Preferred Stock”) on January 3, 2022, which have no voting and no economic rights. The Series I Preferred Stock represent 9,133,147 shares of Common Stock issuable as of April 4, 2022 upon conversion of a Convertible Debenture and are deemed outstanding for voting purposes. Under the terms of the Convertible Debenture, the number of shares of Common Stock issuable upon conversion thereof will increase to the extent that amounts outstanding under the Convertible Debenture increase. NSM is an affiliate of our Chairwoman and Chief Executive Officer, Angeliki Frangou.

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.

Promissory note: On July 30, 2021, Navios Logistics issued a $20,000 promissory note to Grimaud. The promissory note is payable in four semi-annual equal installments commencing on August 15, 2021. The Company has the ability to defer payment of one of the first three installments subject to certain conditions. On August 15, 2021, the first installment was paid. On July 30, 2021, Grimaud entered into an assignment agreement with Peers Business Inc., whereby the promissory note was assigned to Peers Business Inc. Please refer to Note 17 “Preferred and Common Stock” to the consolidated financial statements.

Preferred and Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Preferred and Common Stock

NOTE 17: PREFERRED AND COMMON STOCK Preferred and Common Stock

Reverse Stock Split

On December 21, 2018, the Company’s common stockholders approved a one-for-ten reverse stock split of the Company’s outstanding shares of common stock (the “Reverse Stock Split”). The Reverse Stock Split was effective since January 3, 2019 and the common stock commenced trading on that date on a split-adjusted basis. As a result of the Reverse Stock Split, every ten shares of issued and outstanding common stock were combined into one issued and outstanding share

of common stock, without any change in authorized shares or the par value per share. All issued and outstanding shares of common stock, redemption and conversion terms of preferred stock, options to purchase common stock and per share amounts contained in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. The retroactive application of the Reverse Stock Split reduced the number of shares of common stock outstanding from 128,434,137 shares to 12,843,414 shares as of December 31, 2018 and from 120,386,472 shares to 12,038,647 shares as of December 31, 2017. The par value of the common stock remained at $0.0001 per share.

Vested, Surrendered and Forfeited

During 2021, 825 restricted stock units, issued to the Company’s employees in 2017 vested.

During 2020, 825 and 84,336 restricted stock units, issued to the Company’s employees in 2017 and 2016 vested.

During 2019, 825 and 334 restricted stock units, issued to the Company’s employees in 2017 and 2016 vested.

During the years ended December 31, 2021, 2020 and 2019, 894, 1,345 and 3,379 restricted shares of common stock, respectively, were forfeited upon termination of employment.

Conversion of Preferred Stock

During the year ended December 31, 2021, there were no conversions of preferred stock. 0

During the year ended December 31, 2020, 210 shares of convertible preferred stock were converted into 22,712 shares of common stock including 1,712 shares of common stock being unpaid dividend. Following the conversion of 210 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $171. The cancelled undeclared dividend was converted to 1,712 shares of common stock with a fair value of $6 at the date of issuance (See also Note 20 “Earnings/(Loss) per Common Share” to the consolidated financial statements).

During the year ended December 31, 2019, 3,289 shares of convertible preferred stock were converted into 352,770 shares of common stock including 23,870 shares of common stock being unpaid dividend. The shares of convertible preferred stock were converted pursuant to their original terms, which provided that ten years after the issuance date the then-outstanding shares of preferred stock would automatically convert into a number of fully paid and non-assessable shares of common stock determined by dividing the amount of the liquidation preference ($10,000 per share) by a conversion price equal to $10.00 per share of common stock. Following the conversion of 1,980 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $1,471. The cancelled undeclared dividend was converted to 14,711 shares of common stock with a fair value of $75 at the date of issuance (See also Note 20 “Earnings/(Loss) per Common Share” to the consolidated financial statements). Following the conversion of 1,309 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $916. The cancelled undeclared dividend was converted to 9,159 shares of common stock with a fair value of $41 at the date of issuance (See also Note 20 “Earnings/(Loss) per Common Share” to the consolidated financial statements).

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. The Company has accounted for these shares as equity.

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 Depositary Shares and Series H 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.

In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H.

On July 15, 2017, the Company reached six quarterly dividend payments in arrears relating to its Series G and Series H and as a result the respective dividend rate increased by 0.25%.

Total undeclared preferred dividends as of December 31, 2021 and 2020 were $30,348 and $25,222 (net of cancelled dividends).

Issuances to Employees, Officers and Directors

On December 15, 2021, pursuant to the stock plan approved by the Board of the Directors, 40,000 restricted shares of common stock were granted to Navios Holdings officers and directors and issued on January 15, 2022.

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

On December 18, 2019, pursuant to the stock plan approved by the Board of Directors, 16,000 restricted shares of common stock was granted to Navios Holdings officers and directors and issued on December 18, 2019.

On February 1, 2019, pursuant to the stock plan approved by the Board of Directors, 151,515 restricted shares of common stock was granted to Navios Holdings employees, officers and directors.

During the years ended December 31, 2021 and 2020, no stock option was granted to Navios Holdings’ employees, officers and directors.

Dividends from Navios Logistics—Acquisition of noncontrolling interest

On July 30, 2021, Navios Logistics declared and paid a pro rata dividend to the holders of its common equity in shares of Grimaud. All transactions were eliminated on consolidated level as of that date. Immediately thereafter, Grimaud agreed to redeem the equity interests held by its non-controlling shareholder in full at fair market value, which was payable through $16,000 in cash and the assignment of a $20,000 promissory note from Navios Logistics. As a result of the transaction, Grimaud is a wholly owned subsidiary of Navios Holdings. As of December 31, 2021, a total amount of $21,000 was redeemed to the non-controlling shareholder and $15,000 remains due under the promissory note to Peers Business Inc. following the assignment of the $20,000 promissory note. Upon this transaction the Company derecognized its non-controlling interest in Grimaud with carrying value of $27,243 and recognized $8,757 of additional paid in capital.

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.

Sale of Navios Holdings shares of common stock

On July 13, 2021, the Company issued 9,301,542 shares of common stock in order to repay in full the Grimaud Loan. Please refer also to Note 16. As of December 2021, the Grimaud sold all 9,301,542 shares of common stock of Navios Holdings and generated net proceeds of $44,437, including costs of $176, part of which was used to fund the Second, Third and Fourth Redemption.

Acquisition of Treasury Stock

In November 2015, the Board of Directors approved a share repurchase program for up to $25,000 of the Navios Holdings’ common stock. Share repurchases were made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. Repurchases were subject to restrictions under the terms of the Company’s credit facilities and indenture. The program did not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice. In particular, Navios Holdings, pursuant to the terms of its Series G and Series H, may not redeem, repurchase or otherwise acquire its common stock or preferred shares, including the Series G and Series H (other than through an offer made to all holders of Series G and Series H) unless full cumulative dividends on Series G and Series H, when payable, have been paid. As of December 31, 2016, 94,858 shares, were repurchased under this program, for a total consideration of $818. In total, up until February 2016, 114,791 shares were repurchased under this program, for a total consideration of $1,070. Since that time, this program has been suspended by the Company.

Navios Holdings had outstanding as of December 31, 2021, 25,198,620 shares, from which 2,414,263 shares are held by Navios Corporation, a subsidiary of Navios Holdings, and are considered as treasury shares. As of December 31, 2020, 15,881,147 shares, from which 2,414,263 shares are held by Navios Corporation, a subsidiary of Navios Holdings, and are considered as treasury shares. Preferred stock was 23,032 (5,350 Series G shares and 17,682 Series H shares) and 23,242 (5,350 Series G shares, 17,682 Series H shares and 210 shares of convertible preferred stock) as of December 31, 2021 and 2020, respectively.

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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Interest Expense and Finance Cost

Interest Expense and Finance Cost

12 Months Ended

Dec. 31, 2021

Interest Expense And Finance Cost

NOTE 18: INTEREST EXPENSE AND FINANCE COST Interest Expense and Finance Cost

Interest expense and finance cost consisted of the following:


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Year Ended December 31, 2019
Interest expense	$	136,055	$	128,696	$	125,496
Amortization and write-off of deferred financing costs		8,870		7,863		7,746
Other		84		—		237
Interest expense and financing cost	$	145,009	$	136,559	$	133,479

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 19: SEGMENT INFORMATION Segment Information

The Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.

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 Year Ended December 31, 2021			Logistics Business for the Year Ended December 31, 2021			Total for the Year Ended December 31, 2021
Revenue	$	362,343		$	223,475		$	585,818
Interest income		26			230			256
Interest expense and finance cost ⁽¹⁾		(80,450)			(64,559)			(145,009)
Depreciation and amortization		(29,582)			(31,653)			(61,235)
Equity in net earnings of affiliate companies		69,275			—			69,275
Net income attributable to Navios Holdings common stockholders		140,651	⁽²⁾		(23,965)	⁽³⁾		116,686
Total assets		1,200,255			608,523			1,808,778
Goodwill		56,240			104,096			160,336
Capital expenditures		(24,950)			(23,848)			(48,798)
Investment in affiliate companies		125,744			—			125,744
Cash and cash equivalents		21,011			32,580			53,591
Restricted cash		84,260			—			84,260
Long-term debt, net (including current and noncurrent portion)	$	844,134		$	542,350		$	1,386,484

(1) Interest expense and finance cost for the year ended December 31, 2021 excludes $4,404 relating to the intercompany interest of the Grimaud loan, which is eliminated upon consolidation.

(2) The Dry Bulk Vessel Operations net income is adjusted to exclude the mark to market loss of $2,559 for the year ended December 31, 2021, following the repayment of the Grimaud loan in Shares which is eliminated upon consolidation.

(3) The Logistics Business net income is adjusted for the items referred in footnote (1) above as well as the mark to market loss of $24,169 recognized in Navios Logistics statement of income for the year ended December 31, 2021, following the repayment of the Grimaud loan and the sale of the Shares which is eliminated upon consolidation.

	Dry Bulk Vessel Operations for the Year Ended December 31, 2020		Logistics Business for the Year Ended December 31, 2020		Total for the Year Ended December 31, 2020
Revenue	$	200,794	$	215,924	$	416,718
Interest income		48		209		257
Interest expense and financing cost		(88,237)		(48,322)		(136,559)
Depreciation and amortization		(42,076)		(28,939)		(71,015)
Equity in net losses of affiliate companies		(1,293)		—		(1,293)
Net (loss)/ income attributable to Navios Holdings common stockholders		(192,207)		(754)		(192,961)
Total assets		1,316,936		654,389		1,971,325
Goodwill		56,240		104,096		160,336
Capital expenditures		(99,068)		(8,441)		(107,509)
Investment in affiliate companies		56,988		—		56,988
Cash and cash equivalents		20,011		74,870		94,881
Restricted cash		16,303		—		16,303
Long-term debt, net (including current and noncurrent portion)	$	1,043,839	$	540,590	$		1,584,429

	Dry Bulk Vessel Operations for the Year Ended December 31, 2019		Logistics Business for the Year Ended December 31, 2019		Total for the Year Ended December 31, 2019
Revenue	$	254,178	$	228,271	$	482,449
Administrative fee revenue from affiliate companies		16,991		—		16,991
Interest income		9,610		1,052		10,662
Interest expense and financing cost		(92,948)		(40,531)		(133,479)
Depreciation and amortization		(52,288)		(29,435)		(81,723)
Equity in net losses of affiliate companies		(9,185)		—		(9,185)
Net (loss)/ income attributable to Navios Holdings common stockholders		(209,096)		16,986		(192,110)
Total assets		1,511,517		631,338		2,142,855
Goodwill		56,240		104,096		160,336
Capital expenditures		(36,628)		(7,943)		(44,571)
Investment in affiliate companies		64,352		—		64,352
Cash and cash equivalents		32,386		45,605		77,991
Restricted cash		736		—			736
Long-term debt, net (including current and noncurrent portion)	$	1,048,318	$	514,929	$		1,563,247

The following table sets out the Company’s revenue by geographic region. Dry Bulk Vessel Operations (excluding administrative fee revenue from affiliate companies) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels and containership vessels operate worldwide. Logistics Business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paraná, Paraguay and Uruguay River systems in South America (commonly known as the “Hidrovia” or the “waterway”).

Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately.

Revenue by Geographic Region

	Year ended December 31, 2021		Year ended December 31, 2020		Year ended December 31, 2019
North America	$	—	$	—	$	2,259
Australia		11,905		2,055		—
Europe		184,786		132,582		179,009
Asia		155,123		63,610		67,468
South America		234,004		218,442		232,394
Other		—		28		1,319
Total	$	585,818	$	416,718	$	482,449

Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $427,385 and $627,569 at December 31, 2021 and 2020, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $520,036 and $509,283 (including constructions in progress of $4,046, referred to in Note 7) at December 31, 2021 and 2020, respectively.

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

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

NOTE 20: EARNINGS/(LOSS) PER COMMON SHARE Earnings/(Loss) per Common Share

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

For the year ended December 31, 2021, 384,682 potential common shares and 0 potential shares of convertible preferred stock are included in the calculation of diluted earnings per share.

For the year ended December 31, 2020, 569,998 potential common shares and 1,549 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 year ended December 31, 2019, 843,097 potential common shares and 227,496 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.

On December 21, 2018 the Company’s common stockholders approved a one-for-ten reverse stock split of the Company’s outstanding shares of common stock. Following the effectiveness of the reverse stock split, as of January 3, 2019, any historical per share information has been adjusted to reflect the Reverse Stock Split.


	Year ended December 31, 2021		Year ended December 31, 2020		Year ended December 31, 2019
Numerator:
Net income/(loss) attributable to Navios Holdings common stockholders	$	116,686	$	(192,961)	$	(192,110)
Less:
Undeclared dividend on preferred stock and on unvested restricted shares		(5,127)		(5,144)		(7,178)
Plus:
Tender Offer — Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled		—		—		45,680
Gain from eliminated dividend on preferred stock due to conversion		—		166		—
Income/(Loss) attributable to Navios Holdings common stockholders, basic and diluted	$	111,559	$	(197,939)	$	(153,608)
Denominator:
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		16,168,329		12,896,568		12,356,024
Basic earnings/ (loss) per share attributable to Navios Holdings commonstockholders	$	6.90	$	(15.35)	$	(12.43)
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		16,553,011		12,896,568		12,356,024
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders		6.74	$	(15.35)	$	(12.43)

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 21: INCOME TAXES Income Taxes

The Republic of the Marshall Islands, Liberia, Panama and Malta do not impose a tax on international shipping income. Under the laws of the Republic of the Marshall Islands, Malta, Liberia and Panama, the countries of incorporation of the Company and its subsidiaries and the vessels’ registration, the companies are subject to registration and tonnage taxes in the accompanying consolidated statements of comprehensive income/(loss).

In accordance with the currently applicable Greek law, ship owning companies of foreign-flagged vessels that are managed by Greek or foreign ship management companies having established an office/branch in Greece on the basis of the applicable licensing regime are subject to tax liability towards the Greek state which is calculated on the basis of the relevant vessel’s tonnage. . A tax credit is recognized for tonnage tax (or similar tax) paid abroad, up to the amount of the tax due in Greece. The owner, the manager and the bareboat charterer or the financial lessee (where applicable) are liable to pay the tax due to the Greek state. The payment of said tax exhausts the tax liability of the foreign ship owning company the bareboat charterer, the financial lessee (as applicable) and the relevant manager against any tax, duty, charge or contribution payable on income from the exploitation of the foreign-flagged vessel outside Greece.

In Belgium, taxation on ocean shipping is based on the tonnage of the sea-going vessels from which the profit is obtained (“tonnage tax”).

The income tax (expense)/ benefit reflected in the Company’s consolidated financial statements for the years ended December 31, 2020, 2019, and 2018 is mainly attributable to Navios Holdings’ subsidiaries in South America, which are subject to the Argentinean, Brazilian and Paraguayan income tax regime.

CNSA and Corporacion Navios Granos S.A. (“CNGSA”) are located in a tax free zone and are not liable to income tax. Navios Logistics’ current port operations in Uruguay are exempted from income taxes.

As a result of the Law 27,630, voted by the Argentinian Parliament in June 2021, income tax rates ans scales were modified. Income tax liabilities of the Argentinean subsidiaries for the current period is measured at the amount expected to be paid to the taxation authorities using a tax rate of 35% on any taxable profit above 50 million Argentinean pesos or $487, 30% on any taxable profit between 5 million pesos or $49 and 50 million pesos or $487, and 25% on any taxable profit below 5 million pesos or $49. The enacted Law 27,630 replaced the income tax rates and scales of the tax reform previously voted by the Argentinean Parliament in December 2017, and the Law 27,541 voted in December 2019, in which the corporate income tax rate had decreased from 35% in 2017 to 30% for the period from 2018 to 2021, and would further decrease to 25% for the period from 2022 onwards. Tax rates and tax laws used to assess the income tax liability are those that are effective on the close of the fiscal period.

Under the tax laws of Argentina, the subsidiaries of the Company in that country are subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0% for the year ended December 31, 2021 (2.0% for 2020 and 2.0% for 2019, respectively). Until the fiscal year ended December 31, 2019, there were two possible options to determine the income tax liability of Paraguayan subsidiaries. Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. Companies whose operations were considered international freights could choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, were neither deducted nor carried forward.

As per the tax reform in Paraguay that is in force since January 1, 2020 (Law 6,380 from September 25, 2019 confirmed by Decree 3182 from December 30, 2019), there are still two possible options to determine the income tax liability of Paraguayan companies. Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. The 100% of revenues derived from freights carried between other countries with destination Paraguay are considered Paraguayan sourced, and therefore taxed. The tax reform also states that any fiscal losses generated as of the fiscal year starting January 1, 2020, will be carried forward for up to five years, with the possibility to deduct each year the 20% from future fiscal years taxable income. Companies whose operations are considered international freights can alternatively choose to pay income taxes on their revenues at an effective tax rate of 3% of such revenues, without considering any other kind of adjustments. Once the methodology is chosen, the Paraguayan companies have to keep it for at least five years.

The corporate income tax rate in Argentina, Paraguay, Brazil, and Uruguay is 35%, 10%, 34%, and 25%, respectively for the year ended December 31, 2021. The Company’s deferred taxes as of December 31, 2021 and 2020, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with Navios Logistics. As of January 1, 2007, the Company adopted the provisions of FASB for Accounting for Uncertainty in Income Taxes. This guidance requires application of a more likely than not threshold to the recognition and derecognition of uncertain tax positions. This guidance permits the Company to recognize the amount of tax benefit that has a greater that 50% likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter of such change. Kleimar’s open tax years are 2019 and onwards. Argentinean companies have open tax years ranging from 2014 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2016 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Other Income and Expenses [Abstract]

Other Expense

12 Months Ended

Dec. 31, 2021

Other Expense

NOTE 22: OTHER EXPENSE Other Expense

During the years ended December 31, 2021, 2020 and 2019, taxes other-than-income taxes of Navios Logistics amounted to $5,442, $5,762, and $7,745, respectively, and were included in the statements of comprehensive income/(loss) under the caption “Other expense”.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

NOTE 23: SUBSEQUENT EVENTS Subsequent Events

In January 2022, the HCOB bank facility (as defined herein) was drawn down.

In January 2022, the CACIB/BNP bank facility (as defined herein) was drawn down.

In January 2022, the NSM Loans were drawn down.

In January 2022, the fourth sale and sale and leasback agreement was drawn down.

In January 2022, the 2022 Notes were repaid in full.

In March 2022, the Company prepaid $10,380 in connection with HCOB bank facility to release a dry bulk vessel.

In March 2022, Navios Holdings entered into a sale and leaseback agreement for $12,000 to finance a vessel, which was drawn in the first quarter of 2022.

· In March 2022, the Company issued a notice of redemption with respect to an aggregate principal amount of $25,000 of its 2022 Senior Secured Notes.

· On March 23, 2022, Navios Logistics entered into a $25,000 loan facility with Banco Bilbao Vizcaya Argentaria (the “Navios Logistics 2022 BBVA Facility”). The Navios Logistics 2022 BBVA Facility was used to repay existing debt under the Navios Logistics BBVA Facility, and for general corporate purposes. The Navios Logistics 2022 BBVA Facility bears interest at a rate of 4.25% per annum, is repayable in quarterly installments with final maturity on July 1, 2025 and is secured by assignments of certain receivables. As of the date hereof a total of $17,000 have been drawn on the Navios Logistics 2022 BBVA Facility.

· On March 25, 2022, Navios Logistics entered into a $5,000 loan facility with Banco Santander S.A. (the “Navios Logistics Santander Facility”). The Navios Logistics Santander Facility will be used for general corporate purposes and bears interest at a rate of 4.20% per annum, is repayable in twelve equal quarterly installments with final maturity on March 7, 2026 and is secured by assignments of certain receivables. As of the date hereof a total of $5,000 have been drawn on the Navios Logistics Santander Facility.

For information on the Company’s various loan facilities and sale/leaseback agreements, see Note 11 “Borrowings” to the consolidated financial statements.

· In April 2022, Vale International S.A. (“Vale”) announced the sale of its iron ore, manganese ore and logistics assets in the midwestern system to J&F Mineracao Ltda. controlled by J&F Investimentos S.A. The sale includes the full assumption by the buyer of the take-or-pay logistics contracts, which remain subject to the consent of the applicable counterparties. The Vale port contract entered into between Corporacion Navios S.A., a company controlled by Navios Logistics, and Vale, dated September 27, 2013 remains in full force and effect. Any change to the terms and conditions of the Vale port contract is subject to the prior approval of the Navios counterparty.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Principles of consolidation:

Basis of presentation:

Going concern

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

Change in accounting principles:

ASU 2016-02 Leases, ASC 842

Affiliate companies included in the financial statements accounted for under the equity method

Subsidiaries Included in the Consolidation:

Ownership

Country of

Statements of Operations

Company Name

Nature

Interest

Incorporation

2021

2020

2019

Navios Maritime Holdings Inc.

Holding Company

Marshall Is.

1/1 - 12/31

Navios South American Logistics Inc.

Sub-Holding Company

63.8%

Marshall Is.

1/1 - 12/31

Navios Maritime Containers L.P.

Holding Company

3.7%

Marshall Is.

—

1/1 – 8/29

11/30 - 12/31

Navios Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios International Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navimax Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navios Handybulk Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Hestia Shipping Ltd.

Operating Company

100%

Malta

1/1 - 12/31

Anemos Maritime Holdings Inc.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Shipmanagement Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

NAV Holdings Limited

Sub-Holding Company

100%

Malta

1/1 - 12/31

Kleimar N.V.

Operating Company/

Vessel Owning

Company/

Management Company

100%

Belgium

1/1 - 12/31

Kleimar Ltd.

Operating Company

100%

Marshall Is.

—

1/1 – 8/29

1/1 - 12/31

Bulkinvest S.A.

Operating Company

100%

Luxembourg

1/1 - 12/31

Primavera Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Ginger Services Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Aquis Marine Corp.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Tankers Management Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

Astra Maritime Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Achilles Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Apollon Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Herakles Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Hios Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Ionian Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Kypros Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Meridian Shipping Enterprises Inc.

Vessel Owning

Company

100%

Marshall Is.

1/1 - 12/31

Mercator Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Arc Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Horizon Shipping Enterprises Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Magellan Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Aegean Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Star Maritime Enterprises Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Corsair Shipping Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Rowboat Marine Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rondine Management Corp^.

Vessel Owning Company

100%

Marshall Is.

1/1 - 9/30

3/22 - 12/31

—

Vernazza Shiptrade Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

9/25-12/31

—

Navios Corporation Management Inc.

Operating Company

100%

Marshall Is.

—

7/4 -8/29

—

Beaufiks Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Nostos Shipmanagement Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 6/30

1/1 - 12/31

Portorosa Marine Corp.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Shikhar Ventures S.A.

Vessel Owning Company

100%

Liberia

1/1 - 12/31

Sizzling Ventures Inc.

Operating Company

100%

Liberia

1/1 - 12/31

Rheia Associates Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Taharqa Spirit Corp.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rumer Holding Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Pharos Navigation S.A.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Pueblo Holdings Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Quena Shipmanagement Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Aramis Navigation Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 7/9

1/1 - 12/31

White Narcissus Marine S.A.

Vessel Owning Company

100%

Panama

1/1 - 12/31

Navios GP L.L.C.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Red Rose Shipping Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Highbird Management Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Ducale Marine Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Vector Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Faith Marine Ltd.

Vessel Owning Company

100%

Liberia

1/1 - 12/31

Navios Maritime Finance (US) Inc.

Operating Company

100%

Delaware

1/1 - 12/31

Navios Maritime Finance II (US) Inc.

Operating Company

100%

Delaware

1/1 - 12/31

Tulsi Shipmanagement Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Cinthara Shipping Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rawlin Services Company

Operating Company

100%

Marshall Is.

1/1 - 12/31

Mauve International S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Serenity Shipping Enterprises Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Mandora Shipping Ltd

Vessel Owning Company

100%

Marshall Is.

1/1 - 3/30

1/1 - 12/31

Solange Shipping Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 3/30

1/1 - 12/31

Diesis Ship Management Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navios Holdings Europe Finance Inc.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Asia LLC

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Iris Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Jasmine Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Emery Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 09/30

1/1 - 12/31

Lavender Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 6/30

1/1 - 12/31

Esmeralda Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 8/30

Triangle Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 8/30

Roselite Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Smaltite Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Motiva Trading Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Alpha Merit Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Thalassa Marine S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Asteroid Shipping S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

1/12 - 12/31

Cloud Atlas Marine S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

1/15 - 12/31

Heodor Shipping Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

2/13 - 12/31

Navios Maritime Containers GP LLC

Operating Company

100%

Marshall Is.

—

1/1 - 8/29

9/11 - 12/31

Navios Containers Management Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

Pacifico Navigation Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

11/7 - 12/31

Rider Shipmanagement Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

12/4 - 12/31

Talia Shiptrade S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

10/11-12/31

Moonstone Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

6/30 –12/31

—

Opal Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

6/30 –12/31

—

Grimaud Ventures S.A.

Operating Company

100%

Marshall Is.

7/30-12/31

—

Use of Estimates:

Cash and Cash Equivalents:

Restricted Cash:

(e)   Restricted Cash: As of December 31, 2021 and 2020, restricted cash included $0 and $684, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Holdings’ credit facilities. As of both December 31, 2021 and 2020, within restricted cash, are also included amounts held as security in the form of letters of guarantee or letters of credit totaling $10. As of December 31, 2021, within restricted cash is included also an amount of $84,250 as cash collateral in an escrow account, concerning the release of Navios Lumen, Navios Stellar and Navios Phoenix, from the 2022 Notes. As of December 31, 2020 restricted cash also included an amount of $15,609 concerning the proceeds from the sale of Navios Northern Star and Navios Amitie held as cash collateral in an escrow account, following the vessels’ disposal and release from the 2022 Notes. For additional information on restricted cash, see Note 11 “Borrowings” to the consolidated financial statements.

Insurance Claims:

(f)   Insurance Claims: Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectations as to their collection dates.

Inventories:

(g)   Inventories: Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis.

Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net:

(h)   Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net: Dry bulk vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition, and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for ballast water treatment system, major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive income/(loss).

Expenditures for routine maintenance and repairs are expensed as incurred.

Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value.

Annual depreciation rates used, which approximate the useful life of the assets are:

Dry bulk vessels	25 years
Port terminals	5 to 49 years
Tanker vessels, barges and pushboats	15 to 45 years
Furniture, fixtures and equipment	3 to 10 years
Computer equipment and software	5 years
Leasehold improvements	shorter of lease term or 6 years

Management estimates the residual values of the Company’s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (“LWT”). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the residual values of the Company’s vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company’s vessels.

Management estimates the useful life of its dry bulk vessels to be 25 years from the vessel’s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge.

Deposits for Vessels, Port Terminals and Other Fixed Assets:

(i)   Deposits for Vessels, Port Terminals and Other Fixed Assets: This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December 31, 2021, 2020 and 2019 amounted to $1,062, $986 and $1,960, and is included in the consolidated statements of comprehensive income/(loss) under the caption “Other long-term assets”, respectively.

Assets Held for Sale:

(j)   Assets Held for Sale: The Company’s policy is to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale as of December 31, 2021 and 2020.

Impairment of Long Lived Assets:

(k)   Impairment of Long Lived Assets: Vessels, other fixed assets and other long-lived assets held and used by the Company are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings’ management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value.

Navios Holdings

Navios Holdings determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group.

Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determines the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis.

As of December 31, 2021, the Company considered various indicators, including but not limited to the market price of its long-lived assets, its contracted revenues and cash flows and the economic outlook, and concluded for the Dry Bulk Vessel Operations that no events and circumstances occurred, which could trigger the existence of potential impairment of the Company’s vessels. As a result, no step one of impairment assessment was performed as of December 31, 2021.

During the fourth quarter of fiscal year 2020, management concluded that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed.

The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel’s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% every second year and a utilization rate of 99.3% based on the fleet’s historical performance.

As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value for such vessels. As a result, the Company recorded an impairment loss of $52,820 for the two dry bulk vessels, representing the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to these vessels. The impairment is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

As of December 31, 2019, the Company recorded an impairment loss of $84,584 for two dry bulk vessels, representing the difference between the fair value and the vessels’ carrying value together with the carrying value of deferred drydock and special survey costs and ballast water treatment system costs, if any, related to these vessels. The impairment is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

Navios Logistics

As of December 31, 2021, management concluded that for the Logistics Business that operates tanker vessels in its cabotage business, certain events and circumstances had changed as of December 31, 2021, indicating a potential impairment of two of the Logistics Business’s tanker vessels. These events and circumstances included the extended period in which its tanker vessels operating in the cabotage business have been without a long term time charter contract. The extended delay is the result of the status of the current tanker market and the vessels’ capacity. Vessels’ capacity appears to be limited to trading in the markets of Argentina and Uruguay.

Navios Logistics recorded an impairment loss of $21,966 for two of its tanker vessels operating in its cabotage business, representing the difference between the carrying value of the vessels including the carrying value of deferred drydock and special survey costs related to these vessels, and their respective fair values. Navios Logistics determined the fair value of its assets on the basis of evaluations provided by third-party independent shipbrokers and compared them to the carrying value of the vessels including the unamortized portion of deferred drydock and special survey costs. The impairment loss recognized reflected the excess of carrying value over fair value for the vessel asset group The impairment loss is included under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss). See Note 7 “Vessels, Port Terminals and Other Fixed Assets, Net” in the consolidated financial statements.

No impairment loss was recorded as of December 31, 2020 and 2019, respectively.

Deferred Drydock and Special Survey Costs:

(l)   Deferred Drydock and Special Survey Costs: The Company’s vessels, barges and pushboats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and up to every 72 to 96 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained (in rare cases) and under certain other conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and pushboats sold are written-off to income in the year the vessel, barge or pushboat is sold.

Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December 31, 2021, 2020 and 2019, the amortization of deferred drydock and special survey costs from continuing operations was $11,084, $10,255 and $11,067, respectively.

Deferred Financing Costs:

(m)  Deferred Financing Costs: Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. Deferred financing costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs from continuing operations for each of the years ended December 31, 2021, 2020 and 2019 were $8,870, $7,863 and $7,746, respectively. See Note 18 “Interest Expense and Finance Cost” to the consolidated financial statements.

Goodwill and Other Intangibles

(n)  Goodwill and Other Intangibles

(i) Goodwill: Goodwill is tested for impairment at the reporting unit level at least annually.

The Company evaluates impairment of goodwill using a single step process following the adoption of ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350)” as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill.

As of December 31, 2021, the Company performed its impairments test for its reporting units within the Dry Bulk Vessel Operations and the Logistics Business. The Company additionally considered that its market capitalization continued to remain at a level well below the carrying amount.

As of December 31, 2021, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which, is allocated goodwill of $56,240. The impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded its carrying amount.

The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average of historical one-year time charter rates). The Company believes this approach to be objective for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company’s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount.

As of December 31, 2021, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $104,096. The impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. The significant factors and assumptions used by management in the discounted cash flow analysis for the Logistics Business included a combination of revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity.

No impairment loss was recorded for any of the periods presented for both the Dry Bulk Vessel Operations and the Logistics Business.

(ii) Intangibles Other Than Goodwill: Navios Holdings’ intangible assets and liabilities consist of trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms. The fair value of the trade name was determined based on the “relief from royalty” method which values the trade name based on the estimated amount that a company would have to pay in an arm’s length transaction to use that trade name. The trade name is amortized under the straight-line method over 32 years. Navios Logistics’ trade name is amortized under the straight-line method over 10 years and was fully amortized as of December 31, 2019.

The fair value of customer relationships of Navios Logistics was determined based on the “excess earnings” method, which relies upon the future cash flow generating ability of the asset. Customer relationships are amortized using the straight-line method.

The Company reviews its other intangibles such as trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the difference between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company’s vessels and the Company’s weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations.

The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the statements of comprehensive income/(loss) under the caption “Depreciation and amortization” in the consolidated financial statements.

The amortizable value of favorable leases would be considered impaired if the carrying value of such leases could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel.

Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised, the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date, it is written-off in the consolidated statements of comprehensive income/(loss).

No favorable and unfavorable lease terms have been identified for the years ended December 31, 2021 and 2020.

As of December 31, 2021, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Holdings trade name, and the Company’s other intangible assets such as port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2021.

During the fourth quarter of fiscal year 2020, management concluded that certain events occurred and circumstances had changed indicating a potential impairment of the Navios Holdings trade name. These changes in events and circumstances included continued volatility in the spot market, and the impact of the current dry bulk sector on management’s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed.

The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective “relief from royalty” rate applied to the future cash flows of the Dry Bulk Vessel Operations.

No impairment loss was recorded for the Company’s intangible assets as of December 31, 2021, 2020 and 2019.

The weighted average amortization periods for intangibles are:

Intangible assets		Years
Trade name		32
Port terminal operating rights		47
Customer relationships		20

See also Note 3 “Sale of Management & Consolidation/Deconsolidation of Navios Containers” and Note 8 “Intangible Assets other than Goodwill” to the consolidated financial statements.

Foreign Currency Translation:

(o)  Foreign Currency Translation: The Company’s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company’s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company’s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact nominal operations in Euros; however, all of the subsidiaries’ primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive income/(loss). The foreign currency gains/(losses) recognized under the captions “Other income” and “Other expense”, respectively, in the consolidated statements of comprehensive income/(loss) for each of the years ended December 31, 2021, 2020 and 2019, were $2,630, $546 and $(967), respectively.

Provisions:

(p)  Provisions: In the ordinary course of its business, the Company, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements, the likelihood of loss was probable, and the loss amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. For further information on estimating contingent losses, see Note 14 “Commitments and Contingencies” in the consolidated financial statements.

The Company participates in Protection and Indemnity (“P&I”) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the P&I clubs.

Provision for losses subject to claims was provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December 31, 2021 and 2020, the balance for this provision was $0.

Segment Reporting:

(q)  Segment Reporting: Operating segments, as defined, indicate components of the Company for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company’s methods of internal reporting and management structure, the Company through August 30, 2019 had three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment. Following the reclassification of the results of Navios Containers as discontinued operations (Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics Business.

Revenue and Expense Recognition:

(r)  Revenue and Expense Recognition:

Revenue Recognition: Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers.

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 number of days traveled as of the balance sheet date divided by the number of 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 set forth in the applicable 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. However, for loss generating time charters, the loss is recognized in the period during which the loss is generated. 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. Charters for periods of less than three months are referred to as spot-charters. Charters for periods of three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. For time-charters, the owner of the vessel typically pays the vessel’s operating costs, such as crews, maintenance and insurance.

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 to load 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 upon term. 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.

Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products into the tanks for temporary storage, and to load the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends 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 years ended December 31, 2021, 2020 and 2019:

		Dry Bulk Vessel Operations for the Year Ended December 31, 2021		Logistics Business for the Year Ended December 31, 2021		Total for the Year Ended December 31, 2021
COA/Voyage revenue	$	24,355	$	77,485	$	101,840
Time chartering revenue		337,018		41,446		378,464
Port terminal revenue		—		78,740		78,740
Storage fees (dry port) revenue		—		1,518		1,518
Dockage revenue		—		3,876		3,876
Sale of products revenue		—		13,776		13,776
Liquid port terminal revenue		—		5,734		5,734
Other		969		901		1,870
Total	$	362,342	$	223,476	$	585,818

		Dry Bulk Vessel Operations for the Year Ended December 31, 2020		Logistics Business for the Year Ended December 31, 2020		Total for the Year Ended December 31, 2020
COA/Voyage revenue	$	6,660	$	54,005	$	60,665
Time chartering revenue		194,005		59,236		253,241
Port terminal revenue		—		73,112		73,112
Storage fees (dry port) revenue		—		3,364		3,364
Dockage revenue		—		3,948		3,948
Sale of products revenue		—		17,272		17,272
Liquid port terminal revenue		—		4,606		4,606
Other		128		382		510
Total	$	200,793	$	215,925	$	416,718

		Dry Bulk Vessel Operations for the Year Ended December 31, 2019		Logistics Business for the Year Ended December 31, 2019		Total for the Year Ended December 31, 2019
COA/Voyage revenue	$	3,727	$	49,488	$	53,215
Time chartering revenue		250,187		76,680		326,867
Port terminal revenue		—		80,180		80,180
Storage fees (dry port) revenue		—		3,452		3,452
Dockage revenue		—		4,310		4,310
Sale of products revenue		—		9,384		9,384
Liquid port terminal revenue		—		4,032		4,032
Other		264		745		1,009
Total	$	254,178	$	228,271	$	482,449

Administrative fee revenue from affiliate companies: Administrative fee revenue from affiliate companies consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliate companies. Administrative services included: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other general and administrative services. These revenues were recognized as the services were provided to affiliate companies. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by Navios Shipmanagement Inc., a wholly-owned subsidiary of N Shipmanagement Acquisition Corp. (together with its subsidiaries, “NSM” or the “Manager”). For information on administrative fee revenue, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

General and administrative expenses: The general and administrative expenses incurred on behalf of affiliate companies were determined based on a combination of actual expenses incurred on behalf of the affiliate companies as well as a reasonable allocation of expenses that are not affiliate companies specific but incurred on behalf of all affiliate companies.

Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM, pursuant to an administrative services agreement dated August 29, 2019 ( the “Administrative Services Agreement”). The Manager 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 Administrative Services Agreement also provides that the Company pay 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. For information on the Administrative Services Agreement, see Note 16 “Transactions with Related Parties” in the consolidated financial statements.

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.

Time Charter, Voyage and Logistics Business Expenses: Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers’ liability insurances, allowance for credit losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. In the transition to ASC 842, the operating lease assets were adjusted for the carrying amount of the liability regarding the allowance for credit losses on time charters and voyages in progress on that date.

Direct Vessel Expenses: Direct vessel expenses consisted of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees for vessel operating expenses. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided to Navios Holdings’ vessels by NSM, pursuant to a management agreement dated August 29, 2019 ( the “Management Agreement”) (see also Note 16 “Transactions with Related Parties” to the consolidated financial statements). The fee for the ship management services provided by the Manager was $3.7 per day until August 2021 and subsequently fixed at $3.8 per day until August 2022 per owned/ bareboat-in vessel, increasing thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by the Manager is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by the Company at cost. The Management Agreement also provides that the Company pay a termination fee equal to the fees charged for the full calendar year preceding the termination date in the event the Management Agreement is terminated on or before August 29, 2024.

Prepaid Voyage Costs: Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period.

Employee benefits:

(s)  Employee benefits:

Pension and Retirement Obligations-Crew: The Company’s ship-owning subsidiaries employed the crew on board under short-term contracts (usually up to nine months) and, accordingly, were not liable for any pension or post-retirement benefits. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, Navios Holdings does not employ any crew.

Provision for Employees’ Severance and Retirement Compensation: The employees in the Company’s office in Greece are protected by Greek labor law. Pursuant to the applicable labor laws, the Company was required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years’ salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known. The Company considered this plan equivalent to a lump sum defined benefit pension plan and accounted for it under relevant guidance on employer’s accounting for pensions. The Company was required to value the statutory terminations indemnities liability annually. Management obtained a valuation from independent actuaries to assist in the calculation of benefits. The Company provided, in full, for the employees’ termination indemnities liability. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, this liability amounted to $0 as at December 31, 2021 and 2020.

U.S. Retirement Savings Plan: The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan’s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services. See also Note 13 “Employee Benefit Plans” to the consolidated financial statements. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these benefits are provided by NSM.

Other Post-Retirement Obligations: The Company had a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits was only to these former employees. The expected costs of these benefits were accrued each year, using an accounting methodology similar to that for defined benefit pension plans. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, the Company has no such arrangements.

Stock-Based Compensation: In December 2021, December 2020, February and December 2019, the Company authorized the grant of restricted common stock. In December 2017, the Company authorized the grant of restricted common stock and restricted stock units. These awards of restricted share units, share appreciation rights, restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three and four years. See also Note 13 “Employee Benefit Plans” to the consolidated financial statements.

The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity.

Earning/(Loss) Per Share:

(t)  Financial Instruments: Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, account receivables and payables, other current assets and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.

Financial Risk Management: The Company’s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel prices and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations.

Credit Risk: The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Holdings. When negotiating on behalf of Navios Holdings various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history.

Liquidity Risk: Prudent liquidity risk management ivolves maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs.

Foreign Exchange Risk: Foreign currency transactions are converted into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive income/(loss).

(u)  Earning/(Loss) Per Share: Basic earnings/(loss) per share are computed by dividing net income/(loss) attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock 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 (loss)/ income 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. Diluted earnings/(loss) per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(loss) per share computation. Restricted share units, restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted earnings/(loss) per share, based on the weighted average number of restricted share units, restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted earnings/(loss) per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 20 “Earnings/(Loss) per Common Share” to the consolidated financial statements.

Income Taxes:

(v)  Income Taxes: The Company is a Republic of the Marshall Islands corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Republic of the Marshall Islands and the United States of America. The tax expense reflected in the Company’s consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes.

The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized.

As a result of the Law 27,630, voted by the Argentinean Parliament in June 2021, income tax rates and scales were modified for the fiscal periods starting as of January 1, 2021. Income tax liabilities of the Argentinean subsidiaries for the current period is measured at the amount expected to be paid to the taxation authorities using a tax rate of 35% on any taxable profit above 50 million Argentinean pesos or $487, 30% on any taxable profit between 5 million pesos or $49 and 50 million pesos or $487, and 25% on any taxable profit below 5 million pesos or $49. The Law 27,630 replaced the income tax rates and scales enacted by the Law 27,541, voted by the Parliament on December 23, 2019, which had made changes to the income tax law in Argentina. The Law 27,541, had modified the rates for income taxes applicable for the fiscal years beginning on January 1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 35% was applied on temporary differences, reversals of which are expected to occur in respect of 2021 fiscal year and onwards. Due to these changes in the Argentinean income tax rates, the Company has recorded an income tax expense of $2,112 during the year ended December 31, 2021. In connection with the previous tax reform, the Company had recorded an income tax expense of $208 during the year ended December 31, 2019, under the caption “Income tax (expense)/ benefit” in the consolidated statements of income.

Dividends:

(w)  Dividends: Dividends are recorded in the Company’s financial statements in the period in which they are declared. Navios Holdings paid $0 to its common stockholders during each year ended December 31, 2021, 2020 and 2019, and $0 to its preferred stockholders during each year ended December 31, 2021, 2020 and 2019. In November 2015, Navios Holdings announced that the Board of Directors decided to suspend the dividend to its common stockholders. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G”) and Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H” and, together with the Series G, the “Series G and H”). All inter-company dividends are eliminated upon consolidation.

Guarantees:

(x)  Guarantees: A liability for the fair value of an obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent’s guarantee of a subsidiary’s debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made.

On November 15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 16 “Transactions with Related Parties” to the consolidated financial statements).

Leases:

(y)  Leases: Leases where the Company acts as the lessor are classified as either operating or sales-type / direct financing leases. In cases of lease agreements where the Company acts as the lessor under an operating lease, the Company keeps the underlying asset on the consolidated balance sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a gross investment in the lease.

The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease.

For charters classified as operating leases where Navios Holdings is deemed the lessor, refer to Note 2(r) “Summary of Significant Accounting Policies -Revenue and Expense Recognition” to the consolidated financial statements. The Company acts as a lessor under operating leases in connection with all of its charter out arrangements.

In cases of lease agreements where the Company acts as lessee, the Company recognizes an operating lease asset and a corresponding lease liability on the consolidated balance sheet. For charters classified as operating leases where Navios Holdings is or is deemed the lessee, the expense is recognized on a straight-line basis over the rental periods of such charter agreements. The expense is included under the caption “Time charter, voyage and logistics business expenses”. During the transition to ASC 842, the operating leases assets were adjusted for the carrying amount of the straight-line liabilities on that date.

In cases of sale and leaseback agreements, if the transfer of the asset to the lessor does not qualify as a sale, then the agreement constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset.

Impairment of operating lease assets: Operating lease assets used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value of the asset group. Navios Holdings determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest (asset group). If the step two of the impairment analysis is required, the analysis includes the use of discounted cash flows which includes various assumptions, including the Company’s WACC.

If management determines that step two of the impairment analysis is required for any of our asset groups, a discounted cash flow analysis using the Company’s WACC is performed. The WACC is based on externally observable data considering market participants’ and the Company’s cost of equity and debt, optimal capital structure and risk factors specific to the Company. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment.

As of December 31, 2021, the Company concluded that no events or circumstances occurred that would trigger the existence of potential impairment of its operating lease assets. As a result, no step one impairment assessment was performed as of December 31, 2021.

During the fourth quarter of fiscal year 2020, management concluded that events occurred, and certain circumstances had changed, such that potential impairment of the Company’s operating lease assets could exist. These events and circumstances included continued volatility in the spot market, the impact of such volatility on the current dry bulk sector, and the resulting effecton management’s expectation for future revenues. As a result, an impairment assessment of operating lease assets (step one) was performed. The Company determined undiscounted projected net operating cash flows for each charter-in and bareboat-in vessel and compared those cash flows to each operating lease asset’s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest.

Factors and assumptions used in the undiscounted projected net operating cash flow analysis included: a determination of the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company’s remaining charter agreement rates), an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat-in vessels), and management fees for vessel operating expenses in accordance with the terms of the Management Agreement. The determination process assumed an annual increase of 3.0% every second year for the bareboat-in vessels.

As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two asset groups, which involved a discounted cash flow analysis using the Company’s WACC. As a result, the Company recorded an impairment loss of $1,361, representing the difference between the fair value of the operating lease asset and its carrying value. The impairment loss is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

As of December 31, 2019, our assessment concluded that step two of the impairment analysis was required for certain charter-in vessels, which involves a discounted cash flow analysis using the Company’s WACC. As a result, the Company recorded an impairment loss of $38,636, being the difference between the fair value of the operating lease asset and its carrying value. The impairment loss is presented under the caption “Impairment loss/ loss on sale of vessels, net” in the consolidated statements of comprehensive income/(loss).

Treasury Stock:

(z)  Treasury Stock: Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital.

Trade Accounts Receivable:

(aa)  Trade Accounts Receivable: The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for credit losses.

On January 1, 2020, the Company adopted Topic 326 “Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments” using the modified retrospective approach. This standard amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 “Leases”. In addition, this standard requires the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. This new guidance did not have a material impact on the Company’s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard. As a result of the adoption of this standard, there was no cumulative impact to the Company’s accumulated deficit at January 1, 2020

Convertible Preferred Stock:

(ab)  Convertible Preferred Stock: The Company’s 2% Mandatorily Convertible Preferred Stock (“Preferred Stock”) was recorded at fair market value on the date of issuance. The fair market value was determined using a binomial valuation model. The model which was used took into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share had a par value of $0.0001. Each holder of Preferred Stock was entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock automatically converted into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock had been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares automatically converted at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock were entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. For information on the Preferred Stock, see Note 17 “Preferred and Common Stock” in the consolidated financial statements.

Cumulative Redeemable Perpetual Preferred Stock:

(ac)  Cumulative Redeemable 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, with a liquidation preference of $2,500.00 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. At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. For information on Series G and H, see Note 17 “Preferred and Common Stock” in the consolidated financial statements.

Investment in Available-for-Sale Securities:

(ad)  Investment in Available-for-Sale Securities: The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses reflected directly in the consolidated statements of comprehensive income/(loss) at each reporting period. Management evaluates securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the investee, and (iii) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value.

Investment in Equity Securities: Navios Holdings evaluates its investment in Navios Partners, and evaluated its investment in Navios Containers and Navios Acquisition (through their NMCI Merger and NNA Merger in March 2021 and September 2021, respectively), and Navios Europe I and Navios Europe II (through their liquidation in December 2019 and June 2020, respectively) for OTTI on a quarterly basis. Consideration is given to (i) the length of time and the extent to which the fair value has been less than the carrying value, (ii) the financial condition and near-term prospects of Navios Partners, and (iii) the intent and ability of the Company to retain its investment in Navios Partners for a period of time sufficient to allow for any anticipated recovery in fair value. If the Company considers any decline to be “other-than-temporary”, then the Company would write down the carrying amount of the investment to its estimated fair value.

Financial Instruments and Fair Value:

(ae)  Financial Instruments and Fair Value: Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements.

Recent Accounting Pronouncements:

(af)  Recent Accounting Pronouncements:

Adoption of new accounting pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. As of December 31, 2021, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements.

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. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s 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. The adoption of this ASU on January 1, 2021 did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Pending Adoption

In July 2021, the FASB issued ASU 2021-05, Lease (Topic 842): Lessors—Certain Leases with Variable Lease Payments

(“ASU 2021-05”). The guidance in ASU 2021-05 amends the lease classification requirements for the lessors under certain leases containing variable payments to align with practice under ASC 840. The lessor should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in ASC 842-10-25-2 through 25-3; and 2) the lessor would have otherwise recognized a day-one loss. The amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company’s disclosures to the consolidated financial statements.

On August 5, 2020, the FASB issued ASU No. 2020-06, Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging -Contracts in Entity’s Own Equity (Subtopic 815-40). The objective of this update is to improve understandability and reduce complexity on distinguishing liabilities from equity. Amendments affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption is allowed through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company’s disclosures to the consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies - Entities included in the consolidation (Table)

Ownership

Country of

Statements of Operations

Company Name

Nature

Interest

Incorporation

2021

2020

2019

Navios Maritime Holdings Inc.

Holding Company

Marshall Is.

1/1 - 12/31

Navios South American Logistics Inc.

Sub-Holding Company

63.8%

Marshall Is.

1/1 - 12/31

Navios Maritime Containers L.P.

Holding Company

3.7%

Marshall Is.

—

1/1 – 8/29

11/30 - 12/31

Navios Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios International Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navimax Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navios Handybulk Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Hestia Shipping Ltd.

Operating Company

100%

Malta

1/1 - 12/31

Anemos Maritime Holdings Inc.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Shipmanagement Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

NAV Holdings Limited

Sub-Holding Company

100%

Malta

1/1 - 12/31

Kleimar N.V.

Operating Company/

Vessel Owning

Company/

Management Company

100%

Belgium

1/1 - 12/31

Kleimar Ltd.

Operating Company

100%

Marshall Is.

—

1/1 – 8/29

1/1 - 12/31

Bulkinvest S.A.

Operating Company

100%

Luxembourg

1/1 - 12/31

Primavera Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Ginger Services Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Aquis Marine Corp.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Tankers Management Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

Astra Maritime Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Achilles Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Apollon Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Herakles Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Hios Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Ionian Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Kypros Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Meridian Shipping Enterprises Inc.

Vessel Owning

Company

100%

Marshall Is.

1/1 - 12/31

Mercator Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Arc Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Horizon Shipping Enterprises Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Magellan Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Aegean Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Star Maritime Enterprises Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Corsair Shipping Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Rowboat Marine Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rondine Management Corp^.

Vessel Owning Company

100%

Marshall Is.

1/1 - 9/30

3/22 - 12/31

—

Vernazza Shiptrade Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

9/25-12/31

—

Navios Corporation Management Inc.

Operating Company

100%

Marshall Is.

—

7/4 -8/29

—

Beaufiks Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Nostos Shipmanagement Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 6/30

1/1 - 12/31

Portorosa Marine Corp.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Shikhar Ventures S.A.

Vessel Owning Company

100%

Liberia

1/1 - 12/31

Sizzling Ventures Inc.

Operating Company

100%

Liberia

1/1 - 12/31

Rheia Associates Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Taharqa Spirit Corp.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rumer Holding Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Pharos Navigation S.A.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Pueblo Holdings Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Quena Shipmanagement Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Aramis Navigation Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 7/9

1/1 - 12/31

White Narcissus Marine S.A.

Vessel Owning Company

100%

Panama

1/1 - 12/31

Navios GP L.L.C.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Red Rose Shipping Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Highbird Management Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Ducale Marine Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Vector Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Faith Marine Ltd.

Vessel Owning Company

100%

Liberia

1/1 - 12/31

Navios Maritime Finance (US) Inc.

Operating Company

100%

Delaware

1/1 - 12/31

Navios Maritime Finance II (US) Inc.

Operating Company

100%

Delaware

1/1 - 12/31

Tulsi Shipmanagement Co.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Cinthara Shipping Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Rawlin Services Company

Operating Company

100%

Marshall Is.

1/1 - 12/31

Mauve International S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Serenity Shipping Enterprises Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Mandora Shipping Ltd

Vessel Owning Company

100%

Marshall Is.

1/1 - 3/30

1/1 - 12/31

Solange Shipping Ltd.

Vessel Owning Company

100%

Marshall Is.

1/1 - 3/30

1/1 - 12/31

Diesis Ship Management Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Navios Holdings Europe Finance Inc.

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios Asia LLC

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Iris Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Jasmine Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

Emery Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 09/30

1/1 - 12/31

Lavender Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

1/1 - 6/30

1/1 - 12/31

Esmeralda Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 8/30

Triangle Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

—

1/1 - 8/30

Roselite Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Smaltite Shipping Corporation

Operating Company

100%

Marshall Is.

1/1 - 12/31

Motiva Trading Ltd.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Alpha Merit Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Thalassa Marine S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

Asteroid Shipping S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

1/12 - 12/31

Cloud Atlas Marine S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

1/15 - 12/31

Heodor Shipping Inc.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

2/13 - 12/31

Navios Maritime Containers GP LLC

Operating Company

100%

Marshall Is.

—

1/1 - 8/29

9/11 - 12/31

Navios Containers Management Inc.

Management Company

100%

Marshall Is.

—

1/1 - 8/29

1/1 - 12/31

Pacifico Navigation Corp.

Vessel Owning Company

100%

Marshall Is.

1/1 - 12/31

11/7 - 12/31

Rider Shipmanagement Inc.

Operating Company

100%

Marshall Is.

1/1 - 12/31

12/4 - 12/31

Talia Shiptrade S.A.

Operating Company

100%

Marshall Is.

1/1 - 12/31

10/11-12/31

Moonstone Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

6/30 –12/31

—

Opal Shipping Corporation

Vessel Owning Company

100%

Marshall Is.

6/30 –12/31

—

Grimaud Ventures S.A.

Operating Company

100%

Marshall Is.

7/30-12/31

—

Summary of Significant Accounting Policies - Depreciation Periods (Table)

Dry bulk vessels	25 years
Port terminals	5 to 49 years
Tanker vessels, barges and pushboats	15 to 45 years
Furniture, fixtures and equipment	3 to 10 years
Computer equipment and software	5 years
Leasehold improvements	shorter of lease term or 6 years

Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table)

Intangible assets		Years
Trade name		32
Port terminal operating rights		47
Customer relationships		20

Summary of Significant Accounting Policies - Revenue per Category (Table)

		Dry Bulk Vessel Operations for the Year Ended December 31, 2021		Logistics Business for the Year Ended December 31, 2021		Total for the Year Ended December 31, 2021
COA/Voyage revenue	$	24,355	$	77,485	$	101,840
Time chartering revenue		337,018		41,446		378,464
Port terminal revenue		—		78,740		78,740
Storage fees (dry port) revenue		—		1,518		1,518
Dockage revenue		—		3,876		3,876
Sale of products revenue		—		13,776		13,776
Liquid port terminal revenue		—		5,734		5,734
Other		969		901		1,870
Total	$	362,342	$	223,476	$	585,818

		Dry Bulk Vessel Operations for the Year Ended December 31, 2020		Logistics Business for the Year Ended December 31, 2020		Total for the Year Ended December 31, 2020
COA/Voyage revenue	$	6,660	$	54,005	$	60,665
Time chartering revenue		194,005		59,236		253,241
Port terminal revenue		—		73,112		73,112
Storage fees (dry port) revenue		—		3,364		3,364
Dockage revenue		—		3,948		3,948
Sale of products revenue		—		17,272		17,272
Liquid port terminal revenue		—		4,606		4,606
Other		128		382		510
Total	$	200,793	$	215,925	$	416,718

		Dry Bulk Vessel Operations for the Year Ended December 31, 2019		Logistics Business for the Year Ended December 31, 2019		Total for the Year Ended December 31, 2019
COA/Voyage revenue	$	3,727	$	49,488	$	53,215
Time chartering revenue		250,187		76,680		326,867
Port terminal revenue		—		80,180		80,180
Storage fees (dry port) revenue		—		3,452		3,452
Dockage revenue		—		4,310		4,310
Sale of products revenue		—		9,384		9,384
Liquid port terminal revenue		—		4,032		4,032
Other		264		745		1,009
Total	$	254,178	$	228,271	$	482,449

Sale of Management & Consolidation/Deconsolidation of Navios Containers (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Sale of Management & Consolidation/Deconsolidation of Navios Containers - Gain on Sale (Table)


Proceeds received:
Cash consideration		3,000
Less: Transaction fees	$	(1,088)
		1,912
Carrying value of assets and liabilities:
Net liabilities derecognized		158,795
Loan payable to NSM assumed		(141,795)
Book value of general partner interest in Navios Partners		(3,212)
Book value of Other fixed assets		(6,213)
Lease liability, net		315
		7,890
Gain on sale	$	9,802

Sale of Management & Consolidation/Deconsolidation of Navios Containers - Discontinued Operations (Table)


	Period from January 1 to August 30, 2019
Revenue	$	89,925
Time charter, voyage and port terminal expenses		(3,976)
Direct vessel expenses		(44,088)
General and administrative expenses		(6,706)
Depreciation and amortization		(22,858)
Interest expense and finance cost		(10,519)
Other expense, net		(5,896)
Net (loss)/income from discontinued operations	$	(4,118)
Less: Net loss/(income) attributable to the noncontrolling interest	$	3,968
Net (loss)/income attributable to Navios Holdings common stockholders	$	(150)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents and Restricted Cash (Table)


	December 31, 2021		December 31, 2020
Cash on hand and at banks	$	53,547	$	94,787
Short-term deposits and highly liquid funds		44		94
Restricted cash		84,260		16,303
Cash and cash equivalents and restricted cash	$	137,851	$	111,184

Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2021

Accounts Receivable Net

Accounts Receivable, Net (Table)


	December 31, 2021		December 31, 2020
Accounts receivable	$	79,935	$	69,694
Less: Allowance for credit losses		(17,096)		(15,366)
Accounts receivable, net	$	62,839	$	54,328

Accounts Receivable, Net - Provisions for Doubtful Accounts (Table)

Allowance for credit losses	Balance at Beginning of Period		Charges to Costs and Expenses		Amount Utilized		Balance at End of Period
Year ended December 31, 2019	$	(16,086)	$	(999)	$	708	$	(16,377)
Year ended December 31, 2020	$	(16,377)	$	(541)	$	1,552	$	(15,366)
Year ended December 31, 2021	$	(15,366)	$	(1,831)	$	101	$	(17,096)

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets (Table)


	December 31, 2021		December 31, 2020
Prepaid voyage and operating costs	$	5,086	$	4,616
Claims receivable		6,397		4,136
Prepaid other taxes		1,084		2,604
Other		4,527		3,625
Total prepaid expenses and other current assets	$	17,094	$	14,981

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

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Vessels, Port Terminals and Other Fixed Assets (Table)

Vessels	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	1,324,766	$	(390,982)	$	933,784
Additions		4,747		(48,812)		(44,065)
Vessel impairment		(274,067)		159,834		(114,233)
Disposals		(48,830)		—		(48,830)
Vessel acquisition		14,735		(44)		14,691
Balance December 31, 2019	$	1,021,351	$	(280,004)	$	741,347
Additions		1,277		(36,438)		(35,161)
Vessel impairment		(221,754)		137,255		(84,499)
Disposals		(87,823)		—		(87,823)
Vessel acquisition		96,678		(2,820)		93,858
Write offs		(153)		—		(153)
Balance December 31, 2020	$	809,576	$	(182,007)	$	627,569
Additions		4,949		(26,770)		(21,821)
Vessel impairment		(89,888)		68,258		(21,630)
Vessel Disposals		(172,782)		—		(172,782)
Vessel acquisition		16,049		—		16,049
Balance December 31, 2021	$	567,904	$	(140,519)	$	427,385

Port Terminals (Navios Logistics)	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	253,360	$	(39,775)	$	213,585
Additions		602		(7,186)		(6,584)
Balance December 31, 2019	$	253,962	$	(46,961)	$	207,001
Additions		869		(7,216)		(6,347)
Write offs		(87)		76		(11)
Balance December 31, 2020	$	254,744	$	(54,101)	$	200,643
Additions		1,520		(7,629)		(6,109)
Transfers		5,646		—		5,646
Disposals		(130)		169		39
Balance December 31, 2021	$	261,780	$	(61,561)	$	200,219

Tanker vessels, barges and pushboats (Navios Logistics)	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	525,712	$	(182,584)	$	343,128
Additions		2,403		(19,038)		(16,635)
Write offs		(2,064)		866		(1,198)
Balance December 31, 2019	$	526,051	$	(200,756)	$	325,295
Additions		1,931		(18,278)		(16,347)
Write offs		(308)		—		(308)
Balance December 31, 2020	$	527,674	$	(219,034)	$	308,640
Additions		2,445		(20,763)		(18,318)
Impairment losses		(27,339)		5,373		(21,966)
Transfers		51,461		—		51,461
Balance December 31, 2021	$	554,241	$	(234,424)	$	319,817

Containerships (Navios Containers)	Cost		Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	400,896	$	(917)	$	399,979
Additions		1,715		(7,497)		(5,782)
Vessel acquisition		53,097		(649)		52,448
Navios Containers Deconsolidation		(455,708)		9,063		(446,645)
Balance December 31, 2019	$	—	$	—	$	—

Total		Cost	Accumulated Depreciation		Net Book Value
Balance December 31, 2018	$	2,524,610	$	(626,155)	$	1,898,455
Additions		11,628		(83,589)		(71,961)
Vessel acquisition		67,832		(693)		67,139
Vessel impairment		(274,067)		159,834		(114,233)
Vessel disposals		(48,830)		—		(48,830)
Write offs		(16,270)		8,859		(7,411)
Navios Containers Deconsolidation		(455,708)		9,063		(446,645)
Balance December 31, 2019	$	1,809,195	$	(532,681)	$	1,276,514
Additions		4,565		(62,604)		(58,039)
Vessel acquisition		96,678		(2,820)		93,858
Vessel impairment		(221,754)		137,255		(84,499)
Vessel disposals		(87,823)		—		(87,823)
Write offs		(548)		76		(472)
Balance December 31, 2020	$	1,600,313	$	(460,774)	$	1,139,539
Additions		9,299		(55,653)		(46,354)
Vessel acquisition		16,049		—		16,049
Vessel impairment		(117,227)		73,631		(43,596)
Vessel Disposals		(172,782)		—		(172,782)
Disposal		(130)		169		39
Transfers from other long-term assets		57,107		—		57,107
Balance December 31, 2021	$	1,392,629	$	(442,627)	$	950,002

Intangible Assets other than Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets other than Goodwill (Table)

	Acquisition Cost		Accumulated Amortization		Net Book Value December 31, 2021
Trade name	$	90,000	$	(45,985)	$	44,015
Port terminal operating rights		53,152		(14,833)		38,319
Customer relationships		35,490		(24,843)		10,647
Total Intangible assets	$	178,642	$	(85,661)	$	92,981

Net Book Value of Intangible Assets other than Goodwill as at December 31, 2020

	Acquisition Cost		Accumulated Amortization		Net Book Value December 31, 2020
Trade name	$	90,000	$	(43,175)	$	46,825
Port terminal operating rights		53,152		(13,835)		39,317
Customer relationships		35,490		(23,069)		12,421
Total Intangible assets	$	178,642	$	(80,079)	$	98,563

Intangible Assets other than Goodwill - Amortization Expense and Write Offs (Table)

	Amortization Expense and Write Offs Year Ended December 31, 2021		Amortization Expense and Write Offs Year Ended December 31, 2020		Amortization Expense and Write Offs Year Ended December 31, 2019
Trade name	$	2,810	$	2,818	$	2,811
Port terminal operating rights		998		998		999
Customer relationships		1,774		1,775		1,774
Total	$	5,582	$	5,591	$	5,584

Intangible Assets other than Goodwill - Amortization Schedule (Table)

Description	Within one year		Year Two		Year Three		Year Four		Year Five		Thereafter		Total
Trade name	$	2,811	$	2,811	$	2,811	$	2,818	$	2,811	$	29,953	$	44,015
Port terminal operating rights		995		995		995		995		995		33,344		38,319
Customer relationships		1,775		1,775		1,775		1,775		1,775		1,772		10,647
Total amortization	$	5,581	$	5,581	$	5,581	$	5,588	$	5,581	$	65,069	$	92,981

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

12 Months Ended

Dec. 31, 2021

Investments in and Advances to Affiliates [Abstract]

Investments in Affiliate Companies and Investments in Available-for-Sale Securities - Financial Information of the Affiliate Companies - Balance Sheet (Table)

December 31, 2021 December 31, 2020

Balance sheet Navios
Partners Navios
Acquisition Navios
Containers Navios
Partners Navios
Acquisition Navios
Containers

Cash and cash equivalents, including restricted cash $ 169,446 $ — $ — $ 30,728 $ 41,357 $ 7,573

Current assets $ 226,340 $ — $ — $ 60,780 $ 140,605 $ 16,684

Non-current assets $ 3,396,959 $ — $ — $ 1,146,489 $ 1,428,392 $ 414,106

Current liabilities $ 395,505 $ — $ — $ 253,252 $ 805,860 $ 39,862

Long- term debt including current portion, net $ 1,361,709 $ — $ — $ 486,857 $ 1,076,587 $ 232,159

Non-current liabilities $ 1,458,069 $ — $ — $ 299,187 $ 433,280 $ 199,383

Investments in Affiliate Companies and Investments in Available-for-Sale Securities - Financial Information of Affiliate Companies - Income Statement (Table)

December 31, 2020

Income Statement
Navios

Partners

Navios

Acquisition

Navios

Europe II

Navios

Containers

Revenue $ 226,771 $ 361,438 $ 17,059 $ 127,188

Net (loss)/income $ (68,541) $ 27,465 $ (26,661) $ 3,348

December 31, 2019

Income Statement
Navios

Partners

Navios

Acquisition

Navios

Europe I

Navios

Europe II

Navios

Containers

Revenue $ 219,379 $ 280,117 $ 36,822 $ 46,718 $ 141,532

Net (loss)/income $ (62,134) $ (65,707) $ (18,575) $ (30,203) $ 7,507

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities (Table)


	December 31, 2021		December 31, 2020
Payroll	$	7,913	$	6,671
Accrued interest		45,445		55,650
Accrued voyage expenses		1,014		1,344
Audit fees and related services		375		225
Accrued taxes		9,006		7,911
Professional fees		417		470
Other accrued expenses		289		264
Total accrued expenses	$	64,459	$	72,535

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings (Table)

*Navios Holdings borrowings*	December 31, 2021		December 31, 2020
Loan Facility HCOB ($15,300)		—		9,945
Loan Facility Credit Agricole ($23,000)		—		11,100
Loan Facility Credit Agricole ($23,000)		—		11,400
Loan Facility DVB Bank SE ($72,000)		—		4,504
Loan Facility Alpha Bank ($31,000)		—		20,200
Loan Facility Alpha Bank ($16,125)		—		12,925
Sale and Leaseback Agreements		114,837		62,934
2022 Senior Secured Notes		155,000		305,000
2022 Notes		455,466		476,822
2024 Notes		8,626		8,626
NSM Loan (incl. accrued interest $306 and $526, respectively)		48,879		78,901
$50.0 million NSM Loan (including accrued interest of $326)		—		50,326
$115.0 million NSM Loan (incl. accrued interest $571)		64,630		—
Total Navios Holdings borrowings	$	847,438	$	1,052,683

*Navios Logistics borrowings*	December 31, 2021		December 31, 2020
2025 Logistics Senior Notes		500,000		500,000
Navios Logistics Notes Payable		12,463		17,842
Navios Logistics New BBVA Facility		12,000		22,000
Navios Logistics Alpha Bank Loan		7,700		9,100
Seller’s Credit Agreement for the construction of six liquid barges		11,213		11,047
Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet		15,000		—
Other long-term loans		—		46
Total Navios Logistics borrowings	$	558,376	$	560,035

*Total*	December 31, 2021		December 31, 2020
Total borrowings	$	1,405,814	$	1,612,718
Less: current portion, net		(307,451)		(374,191)
Less: deferred finance costs and discount, net		(19,330)		(28,289)
Total long-term borrowings	$	1,079,033	$	1,210,238

Borrowings - Principal payments (Table)


Year
2022 (including total accrued interest of $877 of NSM Loan & $50.0 million NSM Loan)	$	308,912
2023		87,007
2024		211,161
2025		561,120
2026		177,343
2027 and thereafter		60,271
Total	$	1,405,814

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Of Financial Instruments

Fair Value of Financial Instruments - Fair Value (Table)

	December 31, 2021				December 31, 2020
	Book Value		Fair Value		Book Value		Fair Value
Cash and cash equivalents	$	53,591	$	53,591	$	94,881	$	94,881
Restricted cash	$	84,260	$	84,260	$	16,303	$	16,303
Investments in available-for-sale-securities	$	219	$	219	$	222	$	222
Senior and ship mortgage notes, net	$	(1,101,931)	$	(1,142,545)	$	(1,263,566)	$	(1,054,616)
Long-term debt, including current portion	$	(171,919)	$	(173,213)	$	(191,636)	$	(193,043)
Loans payable to affiliate companies, including current portion	$	(112,634)	$	(112,634)	$	(129,227)	$	(129,227)

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

	Fair Value Measurements as of December 31, 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	$	219	$	219	$	—	$	—
Total	$	219	$	219	$	—	$	—

	Fair Value Measurements as of December 31, 2020
	Total		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
Investments in available-for-sale-securities	$	222	$	222	$	—	$	—
Total	$	222	$	222	$	—	$	—

Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table)

As of December 31, 2020, the Company’s assets measured at fair value on a non-recurring basis were:

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

Fair Value of Financial Liabilities - Non-Recurring Measurements (Table)


	Fair Value Measurements at December 31, 2021
	Total		(Level I)		(Level II)		(Level III)
Cash and cash equivalents	$	53,591	$	53,591	$	—	$	—
Restricted cash	$	84,260	$	84,260	$	—	$	—
Investments in available-for-sale-securities	$	219	$	219	$	—	$	—
Senior and ship mortgage notes	$	(1,142,545)	$	(1,133,919)	$	(8,626)	$	—
Long-term debt, including current portion⁽¹⁾	$	(173,213)	$	—	$	(173,213)	$	—
Loans payable to affiliate companies, including current portion	$	(112,634)	$	—	$	(112,634)	$	—


	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	$	—	$	—
Loan receivable from affiliate companies⁽²⁾	$	—	$	—	$	—	$	—
Long-term receivable from affiliate company	$	—	$	—	$	—	$	—
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	$	(129,227)	$	—	$	(129,227)	$	—
Long-term payable to affiliate companies⁽²⁾	$	—	$	—	$	—	$	—

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans (Table)

Options	Shares	Weighted average exercise price		Weighted average remaining term	Aggregate fair value
Outstanding as of December 31, 2018	661,977		28.2	3.36		5,696
Vested at December 31, 2018	116,667		—	—		—
Exercisable at December 31, 2018	116,667		—	—		—
Forfeited or expired	(132,209)		—	—		(682)
Outstanding as of December 31, 2019	529,768		26.6	2.96		5,014
Vested at December 31, 2019	83,333		—	—		—
Exercisable at December 31, 2019	83,333		—	—		—
Forfeited or expired	(67,475)		—	—		(1,199)
Outstanding as of December 31, 2020	462,293		17.9	2.25		3,815
Vested at December 31, 2020	—		—	—		—
Exercisable at December 31, 2020	—		—	—		—
Forfeited or expired	(112,293)		—	—		(1,084)
Outstanding as of December 31, 2021	350,000		12.0	1.66		2,730
Restricted stock and restricted stock units
Non Vested as of December 31, 2018	709,710	$	—	3.11	$	6,490
Granted	167,515		—	—		476
Vested	(180,469)		—	—		(1,595)
Forfeited or expired	(3,367)		—	—		(42)
Non Vested as of December 31, 2019	693,389	$	—	2.32	$	5,329
Granted	—		—	—		—
Vested	(309,664)		—	—		(2,858)
Forfeited or expired	(1,345)		—	—		(17)
Non Vested as of December 31, 2020	382,380	$	—	1.72		2,453
Granted	16,000		—	—		36
Vested	(226,075)		—	—		(1,816)
Forfeited or expired	(894)		—	—		(6)
Non Vested as of December 31, 2021	171,412	$	—	1.17		667

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases - Operating Lease Assets and Liabilities (Table)

	Dry Bulk Vessel Operations December 31, 2021		Dry Bulk Vessel Operations December 31, 2020		Logistics Business December 31, 2021		Logistics Business December 31, 2020		Total December 31, 2021		Total December 31, 2020
Operating lease assets
Charter-in contracts ⁽¹⁾	$	164,268	$	219,574	$	—	$	—	$	164,268	$	219,574
Land lease agreements		—		—		8,077		7,878		8,077		7,878
Office lease agreements		—		—		1,081		510		1,081		510
Total	$	164,268	$	219,574	$	9,158	$	8,388	$	173,426	$	227,962
Operating lease liabilities, current portion
Charter-in contracts	$	54,490	$	81,276	$	—	$	—	$	54,490	$	81,276
Land lease agreements		—		—		(182)		(199)		(182)		(199)
Office lease agreements		—		—		439		338		439		338
Total	$	54,490	$	81,276	$	257	$	139	$	54,747	$	81,415
Operating lease liabilities, net of current portion
Charter-in contracts	$	135,338	$	185,092	$	—	$	—	$	135,338	$	185,092
Land lease agreements		—		—		8,259		8,077		8,259		8,077
Office lease agreements		—		—		642		182		642		182
Total	$	135,338	$	185,092	$	8,901	$	8,259	$	144,239	$	193,351

(1) Based on the net present value of the remaining charter-in and rental payments for existing operating leases.

Leases - Lease Expenses (Table)

	Dry Bulk Vessel Operations Year Ended December 31, 2021		Logistics Business Year Ended December 31, 2021		Total
Lease expense for charter-in contracts	$	73,124	$	5,887	$	79,011
Lease expense for land lease agreements		—		571		571
Lease expense for office lease agreements		—		307		307
Total	$	73,124	$	6,765	$	79,889

	Dry Bulk Vessel Operations Year Ended December 31, 2019		Logistics Business Year Ended December 31, 2019		Total
Lease expense for charter-in contracts	$	117,562	$	3,865	$	121,427
Lease expense for land lease agreements		—		552		552
Lease expense for office lease agreements		1,825		676		2,501
Total	$	119,387	$	5,093	$	124,480

Leases - Total amount of lease payments on an undiscounted basis (Table)


	Charter-in vessels in operation		Land Leases		Office space
December 31, 2022	$	68,145	$	556	$	514
December 31, 2023		55,103		556		414
December 31, 2024		39,788		556		182
December 31, 2025		19,076		556		60
December 31, 2026		15,142		556		53
December 31, 2027 and thereafter		30,793		21,889		—
Total	$	228,047	$	24,669	$	1,223
Operating lease liabilities, including current portion	$	189,828	$	8,077	$	1,081
Discount based on incremental borrowing rate	$	38,219	$	16,592	$	142

Leases - Future Revenue for Chartered-out Vessels, Barges, Pushboats and for Logistics Business (Table)


	Dry bulk vessels		Logistics business
2022		79,330		131,588
2023		—		113,651
2024		—		96,724
2025		—		83,910
2026		—		54,962
2027 and thereafter		—		572,033
Total minimum revenue, net of commissions	$	79,330	$	1,052,868

Interest Expense and Finance Cost (Tables)

12 Months Ended

Dec. 31, 2021

Interest Expense And Finance Cost

Interest Expense and Finance Cost (Table)


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Year Ended December 31, 2019
Interest expense	$	136,055	$	128,696	$	125,496
Amortization and write-off of deferred financing costs		8,870		7,863		7,746
Other		84		—		237
Interest expense and financing cost	$	145,009	$	136,559	$	133,479

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information (Table)

	Dry Bulk Vessel Operations for the Year Ended December 31, 2021			Logistics Business for the Year Ended December 31, 2021			Total for the Year Ended December 31, 2021
Revenue	$	362,343		$	223,475		$	585,818
Interest income		26			230			256
Interest expense and finance cost ⁽¹⁾		(80,450)			(64,559)			(145,009)
Depreciation and amortization		(29,582)			(31,653)			(61,235)
Equity in net earnings of affiliate companies		69,275			—			69,275
Net income attributable to Navios Holdings common stockholders		140,651	⁽²⁾		(23,965)	⁽³⁾		116,686
Total assets		1,200,255			608,523			1,808,778
Goodwill		56,240			104,096			160,336
Capital expenditures		(24,950)			(23,848)			(48,798)
Investment in affiliate companies		125,744			—			125,744
Cash and cash equivalents		21,011			32,580			53,591
Restricted cash		84,260			—			84,260
Long-term debt, net (including current and noncurrent portion)	$	844,134		$	542,350		$	1,386,484

	Dry Bulk Vessel Operations for the Year Ended December 31, 2020		Logistics Business for the Year Ended December 31, 2020		Total for the Year Ended December 31, 2020
Revenue	$	200,794	$	215,924	$	416,718
Interest income		48		209		257
Interest expense and financing cost		(88,237)		(48,322)		(136,559)
Depreciation and amortization		(42,076)		(28,939)		(71,015)
Equity in net losses of affiliate companies		(1,293)		—		(1,293)
Net (loss)/ income attributable to Navios Holdings common stockholders		(192,207)		(754)		(192,961)
Total assets		1,316,936		654,389		1,971,325
Goodwill		56,240		104,096		160,336
Capital expenditures		(99,068)		(8,441)		(107,509)
Investment in affiliate companies		56,988		—		56,988
Cash and cash equivalents		20,011		74,870		94,881
Restricted cash		16,303		—		16,303
Long-term debt, net (including current and noncurrent portion)	$	1,043,839	$	540,590	$		1,584,429

	Dry Bulk Vessel Operations for the Year Ended December 31, 2019		Logistics Business for the Year Ended December 31, 2019		Total for the Year Ended December 31, 2019
Revenue	$	254,178	$	228,271	$	482,449
Administrative fee revenue from affiliate companies		16,991		—		16,991
Interest income		9,610		1,052		10,662
Interest expense and financing cost		(92,948)		(40,531)		(133,479)
Depreciation and amortization		(52,288)		(29,435)		(81,723)
Equity in net losses of affiliate companies		(9,185)		—		(9,185)
Net (loss)/ income attributable to Navios Holdings common stockholders		(209,096)		16,986		(192,110)
Total assets		1,511,517		631,338		2,142,855
Goodwill		56,240		104,096		160,336
Capital expenditures		(36,628)		(7,943)		(44,571)
Investment in affiliate companies		64,352		—		64,352
Cash and cash equivalents		32,386		45,605		77,991
Restricted cash		736		—			736
Long-term debt, net (including current and noncurrent portion)	$	1,048,318	$	514,929	$		1,563,247

Segment Information - Revenue by Geographic Region (Table)

	Year ended December 31, 2021		Year ended December 31, 2020		Year ended December 31, 2019
North America	$	—	$	—	$	2,259
Australia		11,905		2,055		—
Europe		184,786		132,582		179,009
Asia		155,123		63,610		67,468
South America		234,004		218,442		232,394
Other		—		28		1,319
Total	$	585,818	$	416,718	$	482,449

Earnings/(Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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


	Year ended December 31, 2021		Year ended December 31, 2020		Year ended December 31, 2019
Numerator:
Net income/(loss) attributable to Navios Holdings common stockholders	$	116,686	$	(192,961)	$	(192,110)
Less:
Undeclared dividend on preferred stock and on unvested restricted shares		(5,127)		(5,144)		(7,178)
Plus:
Tender Offer — Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled		—		—		45,680
Gain from eliminated dividend on preferred stock due to conversion		—		166		—
Income/(Loss) attributable to Navios Holdings common stockholders, basic and diluted	$	111,559	$	(197,939)	$	(153,608)
Denominator:
Denominator for basic earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		16,168,329		12,896,568		12,356,024
Basic earnings/ (loss) per share attributable to Navios Holdings commonstockholders	$	6.90	$	(15.35)	$	(12.43)
Denominator for diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders — weighted average shares		16,553,011		12,896,568		12,356,024
Diluted earnings/ (loss) per share attributable to Navios Holdings common stockholders		6.74	$	(15.35)	$	(12.43)

Description of Business (Details Narrative) - USD ($) $ in Thousands	4 Months Ended		12 Months Ended
	Apr. 30, 2020	Apr. 21, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 09, 2013
Junior Loan II [Member]
Repayments of Debt		$ 5,000
Navios Partners [Member]
Trading Symbol			NMM
Economic interests			10.30%
Navios Containers [Member]
Ownership percentage of Navios Holdings			0.00%	3.90%
Navios Acquisition [Member]
Ownership percentage of Navios Holdings			0.00%	29.50%
Navios Europe I [Member]
Liquidation date			December 2019
Navios Europe II [Member]
Liquidation date			June 2020
Navios Europe II [Member] \| Junior Loan II [Member]
Repayments of Debt	$ 5,000	$ 5,000
Navios Logistics [Member]
Incorporation date			Dec. 17, 2007
Ownership percentage of Navios Holdings			63.80%
Navios Holdings [Member] \| Navios Europe I [Member]
Economic interests						47.50%
Voting interests					50.00%
Navios Holdings [Member] \| Navios Europe II [Member]
Economic interests			47.50%
Voting interests			50.00%
Navios Acquisition [Member] \| Navios Europe I [Member]
Economic interests						47.50%
Voting interests					50.00%
Navios Acquisition [Member] \| Navios Europe II [Member]
Economic interests			47.50%
Voting interests			50.00%
Navios Partners [Member] \| Navios Europe I [Member]
Economic interests						5.00%
Voting interests					0.00%
Navios Partners [Member] \| Navios Europe II [Member]
Economic interests			5.00%
Voting interests			0.00%

Summary of Significant Accounting Policies - Entities included in the consolidation (Table) (Details)	12 Months Ended
	Dec. 31, 2021
Navios Maritime Holdings Inc. [Member]
Nature	Holding Company
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Logistics [Member]
Nature	Sub-Holding Company
Ownership interest	63.80%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Maritime Containers L.P. [Member]
Nature	Holding Company
Ownership interest	3.70%
Country of Incorporation	Marshall Is.
2021
2020	1/1 – 8/29
2019	11/30 - 12/31
Navios Corporation [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios International Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navimax Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Handybulk Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Hestia Shipping Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Malta
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Anemos Maritime Holdings Inc. [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Shipmanagement Inc. [Member]
Nature	Management Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	1/1 - 8/29
2019	1/1 - 12/31
NAV Holdings Limited [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Malta
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Kleimar N.V. [Member]
Nature	Operating Company/ Vessel Owning Company/ Management Company
Ownership interest	100.00%
Country of Incorporation	Belgium
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Kleimar Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	1/1 – 8/29
2019	1/1 - 12/31
Bulkinvest S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Luxembourg
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Primavera Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Ginger Services Co. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Aquis Marine Corp. [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Tankers Management Inc. [Member]
Nature	Management Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	1/1 - 8/29
2019	1/1 - 12/31
Astra Maritime Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Achilles Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Apollon Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Herakles Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Hios Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Ionian Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Kypros Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Meridian Shipping Enterprises Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Mercator Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Arc Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Horizon Shipping Enterprises Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Magellan Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Aegean Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Star Maritime Enterprises Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Corsair Shipping Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Rowboat Marine Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Rondine Management Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 9/30
2020	3/22 - 12/31
2019
Vernazza Shiptrade Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	9/25-12/31
2019
Navios Corporation Management Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	7/4 -8/29
2019
Beaufiks Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Nostos Shipmanagement Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 6/30
2020	1/1 - 12/31
2019	1/1 - 12/31
Portorosa Marine Corp. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Shikhar Ventures S.A. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Liberia
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Sizzling Ventures Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Liberia
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Rheia Associates Co. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Taharqa Spirit Corp. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Rumer Holding Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Pharos Navigation S.A. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Pueblo Holdings Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Quena Shipmanagement Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Aramis Navigation Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 7/9
2020	1/1 - 12/31
2019	1/1 - 12/31
White Narcissus Marine S.A. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Panama
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios GP L.L.C. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Red Rose Shipping Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Highbird Management Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Ducale Marine Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Vector Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Faith Marine Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Liberia
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Maritime Finance (US) Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Delaware
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Maritime Finance II (US) Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Delaware
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Tulsi Shipmanagement Co. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Cinthara Shipping Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Rawlin Services Company [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Mauve International S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Serenity Shipping Enterprises Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Mandora Shipping Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 3/30
2020	1/1 - 12/31
2019	1/1 - 12/31
Solange Shipping Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 3/30
2020	1/1 - 12/31
2019	1/1 - 12/31
Diesis Ship Management Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Holdings Europe Finance Inc. [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Navios Asia LLC [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Iris Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Jasmine Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Emery Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	1/1 - 09/30
2019	1/1 - 12/31
Lavender Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 6/30
2020	1/1 - 12/31
2019	1/1 - 12/31
Esmeralda Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020
2019	1/1 - 8/30
Triangle Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020
2019	1/1 - 8/30
Roselite Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Smaltite Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Motiva Trading Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Alpha Merit Corporation [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Thalassa Marine S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/1 - 12/31
Asteroid Shipping S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/12 - 12/31
Cloud Atlas Marine S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	1/15 - 12/31
Heodor Shipping Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	2/13 - 12/31
Navios Maritime Containers GP LLC [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	1/1 - 8/29
2019	9/11 - 12/31
Navios Containers Management Inc. [Member]
Nature	Management Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021
2020	1/1 - 8/29
2019	1/1 - 12/31
Pacifico Navigation Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	11/7 - 12/31
Rider Shipmanagement Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	12/4 - 12/31
Talia Shiptrade S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	1/1 - 12/31
2020	1/1 - 12/31
2019	10/11-12/31
Moonstone Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	6/30 –12/31
2020
2019
Opal Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	6/30 –12/31
2020
2019
Grimaud Ventures S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2021	7/30-12/31
2020
2019

Summary of Significant Accounting Policies - Depreciation Periods (Table) (Details)	12 Months Ended
	Dec. 31, 2021
Dry bulk vessels [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	25 years
Port terminals [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	5 years
Port terminals [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	49 years
Tanker vessels, barges and pushboats [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	15 years
Tanker vessels, barges and pushboats [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	45 years
Furniture, fixtures and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	3 years
Furniture, fixtures and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	10 years
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life assets	shorter of lease term or 6 years

Summary of Significant Accounting Policies - Finite lived acquired intangible assets (Table) (Details)	12 Months Ended
	Dec. 31, 2021
Trade name [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization periods	32 years
Port terminal operating rights [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization periods	47 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization periods	20 years

Summary of Significant Accounting Policies - Revenue per Category (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 585,818	$ 416,718	$ 482,449
COA/Voyage revenue [Member]
Revenue	101,840	60,665	53,215
Time chartering revenue [Member]
Revenue	378,464	253,241	326,867
Port terminal revenue [Member]
Revenue	78,740	73,112	80,180
Storage fees (dry port) revenue [Member]
Revenue	1,518	3,364	3,452
Dockage revenue [Member]
Revenue	3,876	3,948	4,310
Sale of products revenue [Member]
Revenue	13,776	17,272	9,384
Liquid port terminal revenue [Member]
Revenue	5,734	4,606	4,032
Other [Member]
Revenue	1,870	510	1,009
Dry Bulk Vessel Operations [Member]
Revenue	362,342	200,793	254,178
Dry Bulk Vessel Operations [Member] \| COA/Voyage revenue [Member]
Revenue	24,355	6,660	3,727
Dry Bulk Vessel Operations [Member] \| Time chartering revenue [Member]
Revenue	337,018	194,005	250,187
Dry Bulk Vessel Operations [Member] \| Port terminal revenue [Member]
Revenue	0	0	0
Dry Bulk Vessel Operations [Member] \| Storage fees (dry port) revenue [Member]
Revenue	0	0	0
Dry Bulk Vessel Operations [Member] \| Dockage revenue [Member]
Revenue	0	0	0
Dry Bulk Vessel Operations [Member] \| Sale of products revenue [Member]
Revenue	0	0	0
Dry Bulk Vessel Operations [Member] \| Liquid port terminal revenue [Member]
Revenue	0	0	0
Dry Bulk Vessel Operations [Member] \| Other [Member]
Revenue	969	128	264
Logistics Business [Member]
Revenue	223,476	215,925	228,271
Logistics Business [Member] \| COA/Voyage revenue [Member]
Revenue	77,485	54,005	49,488
Logistics Business [Member] \| Time chartering revenue [Member]
Revenue	41,446	59,236	76,680
Logistics Business [Member] \| Port terminal revenue [Member]
Revenue	78,740	73,112	80,180
Logistics Business [Member] \| Storage fees (dry port) revenue [Member]
Revenue	1,518	3,364	3,452
Logistics Business [Member] \| Dockage revenue [Member]
Revenue	3,876	3,948	4,310
Logistics Business [Member] \| Sale of products revenue [Member]
Revenue	13,776	17,272	9,384
Logistics Business [Member] \| Liquid port terminal revenue [Member]
Revenue	5,734	4,606	4,032
Logistics Business [Member] \| Other [Member]
Revenue	$ 901	$ 382	$ 745

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)
Document Accounting Standard	U.S. GAAP
Assets, Current	$ 229,447,000	$ 194,857,000
Current liabilities, excluding operating lease liabilities	442,701,000
Working capital deficit	213,254,000
Long-term Debt, Current Maturities	307,451,000	374,191,000
Senior Notes	1,101,931,000	1,263,566,000
Restricted Cash and Cash Equivalents, Current	84,260,000	$ 16,303,000
Annual growth factor management fees every second year		3.00%
Amortization of deferred dry dock and special survey costs	11,084,000	$ 10,255,000	$ 11,067,000
Amortization and write-off of deferred financing	8,870,000	7,863,000	8,242,000
Goodwill	160,336,000	160,336,000
Foreign Currency Transaction Gain (Loss), Realized	2,630,000	546,000	(967,000)
Provision for losses on vessels time charter	$ 0	$ 0
Number of Reportable Segments	2	3
Income Tax Expense (Benefit)	$ 4,817,000	$ 2,052,000	1,475,000
Payments of Ordinary Dividends, Common Stock			0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock			$ 0
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001
Preferred Stock, Dividend Rate, Percentage	2.00%
Preferred Stock, Convertible, Terms	Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock automatically converted into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock converted into shares of common stock under the same terms 10 years after their issuance date.
Preferred Stock, Redemption Price Per Share \| $ / shares			$ 10
American Depositary Shares Series G [Member]
Preferred Stock, Dividend Rate, Percentage	8.75%
Number of shares \| shares	2,000,000
Preferred Stock, Liquidation Preference Per Share \| $ / shares	$ 2,500,000
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 25
American Depositary Shares Series H [Member]
Preferred Stock, Dividend Rate, Percentage	8.625%
Number of shares \| shares	4,800,000
Preferred Stock, Liquidation Preference Per Share \| $ / shares	$ 2,500,000
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 25
American Depositary Shares Series G and H [Member]
Preferred Stock, Redemption Terms	Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share).
Argentina [Member]
Effective Income Tax Rate Reconciliation, Percent		35.00%
Income Tax Expense (Benefit)	$ 2,112		$ 208
Severance and retirement compensation plan [Member]
Description of defined contribution pension and other postretirement plans	The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years’ salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known.
Defined Benefit Plan, Funded Percentage	40.00%
Dry bulk vessels [Member]
Restricted Cash and Cash Equivalents, Current	$ 84,260,000	$ 16,303,000	736,000
Goodwill	56,240,000	56,240,000	56,240,000
Logistics Business [Member]
Restricted Cash and Cash Equivalents, Current	0	0	0
Goodwill	$ 104,096,000	104,096,000	$ 104,096,000
Navios Holdings [Member] \| Trade Names [Member]
Finite lived intangible assets amortization method	straight-line
Finite-Lived Intangible Asset, Useful Life	32 years
Navios Logistics [Member] \| Trade Names [Member]
Finite lived intangible assets amortization method			straight-line
Finite-Lived Intangible Asset, Useful Life			10 years
Navios Logistics [Member] \| Customer Relationships [Member]
Finite lived intangible assets amortization method	straight-line
Continuing Operations [Member]
Amortization and write-off of deferred financing	$ 8,870,000	7,863,000	$ 7,746,000
Navios Holdings [Member]
Annual growth factor management fees every second year	3.00%
Utilization rate of fleet	99.30%
Vessels [Member]
Scrap rate	$ 340,000
Interest Costs Capitalized	$ 1,062,000	986,000	1,960,000
Dry bulk vessels [Member]
Property, Plant and Equipment, Useful Life	25 years
Two dry bulk vessels held and used [Member] \| Navios Holdings [Member]
Impairment loss		52,820,000	84,584,000
Two tanker vessels held and used [Member] \| Navios Logistics [Member]
Impairment loss	$ 21,966,000	0	0
Chartered-in vessels [Member]
Impairment loss	0	1,361,000	38,636,000
Retention Accounts [Member]
Restricted Cash and Cash Equivalents, Current	0	684,000
Amounts Held As Security [Member]
Restricted Cash and Cash Equivalents, Current	$ 10,000	10,000
Navios Partners and its subsidiaries [Member]
Economic rights	10.30%
Navios Acquisition and its subsidiaries [Member]
Economic rights	6.90%
Navios Containers and its subsidiaries [Member]
Economic rights	3.90%
Navios Europe I and its subsidiaries [Member]
Economic rights	47.50%
Navios Europe II and its subsidiaries [Member]
Economic rights	47.50%
Minimum [Member] \| Ocean-going vessels [Member]
Interval between vessel drydockings / special surveys	30 months
Minimum [Member] \| Pushboats and barges [Member]
Interval between vessel drydockings / special surveys	72 months
Minimum [Member] \| Affiliate Companies [Member]
Voting rights	20.00%
Maximum [Member] \| Ocean-going vessels [Member]
Interval between vessel drydockings / special surveys	60 months
Maximum [Member] \| Pushboats and barges [Member]
Interval between vessel drydockings / special surveys	96 months
Maximum [Member] \| Affiliate Companies [Member]
Voting rights	50.00%
Navios Logistics [Member]
Ownership percentage of Navios Holdings	63.80%
Impairment Test [Member] \| Logistics Business [Member]
Goodwill	$ 104,096,000
U.S. Retirement Savings Plan [Member] \| Foreign Plan [Member]
Description of defined contribution pension and other postretirement plans	The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan’s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services.
Five years after the issuance date [Member] \| Convertible Preferred Stock [Member]
Percentage of preferred stock converted	30.00%
Convertible Preferred Stock Share Price \| $ / shares	$ 10
After the third anniversary of the issuance date [Member] \| Convertible Preferred Stock [Member]
Convertible Preferred Stock Share Price \| $ / shares	$ 14
Number of consecutive business days	10
After the third anniversary of the issuance date [Member] \| Minimum [Member] \| Convertible Preferred Stock [Member]
Share Price \| $ / shares	$ 20
At any time following the issuance date and prior to the final conversion date [Member] \| Convertible Preferred Stock [Member]
Convertible Preferred Stock Share Price \| $ / shares	$ 14
2022 Notes [Member]
Long-term Debt, Current Maturities	$ 164,891,000
Debt Instrument, Interest Rate, Stated Percentage	7.375%
Maturity date	January 2022
Debt Instrument, Repurchased Face Amount	$ 21,356,000	20,782,000	$ 81,235,000
Extinguishment of Debt, Amount	$ 21,356,000
Repayment date	January 2022
Repayments of Debt	$ 455,566,000
Senior Secured 2022 Notes [Member]
Long-term Debt, Current Maturities	$ 105,000,000
Debt Instrument, Interest Rate, Stated Percentage	11.25%
Maturity date	August 2022
Debt Instrument, Repurchased Face Amount	$ 150,000,000
Number of notices of redemption	4
Senior Notes	$ 155,000,000
Notes Payable	$ 130,000,000
Senior Secured 2022 Notes [Member] \| First Notice [Member]
Debt Instrument, Repurchased Face Amount							$ 100,000,000
Senior Secured 2022 Notes [Member] \| Second Notice [Member]
Debt Instrument, Repurchased Face Amount						$ 20,000,000
Senior Secured 2022 Notes [Member] \| Third Notice [Member]
Debt Instrument, Repurchased Face Amount						$ 20,000,000
Senior Secured 2022 Notes [Member] \| Fourth Notice [Member]
Debt Instrument, Repurchased Face Amount					$ 10,000,000
Senior Secured 2022 Notes [Member] \| Fifth Notice [Member]
Debt Instrument, Repurchased Face Amount				$ 25,000,000
Redemption date	March 30, 2022
NSM I and NSM II [Member]
Proceeds from Lines of Credit	$ 150,000,000
Credit Agricole CIB and BNP Paribas [Member]
Proceeds from Lines of Credit	105,000,000
Hamburg Commercial Bank AG [Member]
Proceeds from Lines of Credit	101,750,000
Sale And Leaseback Agreements $68,000 [Member]
Proceeds from Lines of Credit	77,000,000
Navios Lumen, Navios Stellar and Navios Phoenix [Member]
Restricted Cash and Cash Equivalents, Current	$ 84,250,000
Navios Northern Star and Navios Amitie [Member]
Restricted Cash and Cash Equivalents, Current		$ 15,609,000
NSM [Member] \| Management Agreement [Member]
Termination date of agreement	August 29, 2024
NSM [Member] \| Chartered-in vessels [Member] \| Management Agreement [Member]
Daily management fee	$ 30.00
NSM [Member] \| Until August 2021 [Member] \| Owned Vessels [Member] \| Management Agreement [Member]
Daily management fee	3,700
NSM [Member] \| Until August 2022 [Member] \| Owned Vessels [Member] \| Management Agreement [Member]
Daily management fee	$ 3,800
NSM [Member] \| After two years [Member] \| Vessels Owned [Member] \| Management Agreement [Member]
Rate of annual increase in management fees	3.00%

Sale of Management & Consolidation/Deconsolidation of Navios Containers - Gain on Sale (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Cash consideration			$ 3,000
Less: Transaction fees			(1,088)
Proceeds received			1,912
Net liabilities derecognized			158,795
Loan payable to NSM assumed	$ 0	$ 0	(141,795)
Book value of general partner interest in Navios Partners			(3,212)
Book value of Other fixed assets			(6,213)
Lease liability, net			315
Increase in operating capital			7,890
Gain on sale			$ 9,802

Sale of Management & Consolidation/Deconsolidation of Navios Containers - Discontinued Operations (Table) (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Aug. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Revenue	$ 89,925
Time charter, voyage and port terminal expenses	(3,976)
Direct vessel expenses	(44,088)
General and administrative expenses	(6,706)
Depreciation and amortization	(22,858)
Interest expense and finance cost	(10,519)
Other expense, net	(5,896)
Net (loss)/income from discontinued operations	(4,118)
Less: Net loss/(income) attributable to the noncontrolling interest	3,968
Net (loss)/income attributable to Navios Holdings common stockholders	$ (150)	$ 0	$ 0	$ (4,118)

Sale of Management & Consolidation/Deconsolidation of Navios Containers (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended		12 Months Ended
	Aug. 31, 2019	Aug. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Proceeds from Divestiture of Businesses			$ 0	$ 0	$ 3,000
Common stock shares oustanding			25,198,620	15,881,147
Navios Containers [Member]
Defined Benefit Plan Disclosure [Line Items]
Difference between carrying amount of investment and underlying equity in net assets of equity method investee		$ 57,999
Fair value of investment		2,527
Gain/ (loss) on revaluation of retained investment		$ 3,742
Common stock shares oustanding		1,263,276
Closing price of the common stock		$ 2.00
NSM [Member]
Defined Benefit Plan Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 141,795
Gain on sale of vessels			$ 9,802
The Transaction [Member] \| NSM [Member]
Defined Benefit Plan Disclosure [Line Items]
Proceeds from Divestiture of Businesses	$ 20,000

Cash and Cash Equivalents and Restricted Cash (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash on hand and at banks	$ 53,547	$ 94,787
Short-term deposits and highly liquid funds	44	94
Restricted cash	84,260	16,303
Cash and cash equivalents and restricted cash	$ 137,851	$ 111,184	$ 78,727	$ 150,774

Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable Net
Accounts receivable	$ 79,935	$ 69,694
Less: Allowance for credit losses	(17,096)	(15,366)	$ (16,377)	$ (16,086)
Accounts receivable, net	$ 62,839	$ 54,328

Accounts Receivable, Net - Provisions for Doubtful Accounts (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable Net
Balance at Beginning of Period	$ (15,366)	$ (16,377)	$ (16,086)
Charges to Costs and Expenses	(1,831)	(541)	(999)
Amount Utilized	101	1,552	708
Balance at End of Period	$ (17,096)	$ (15,366)	$ (16,377)

Accounts Receivable, net (Details Narrative)	12 Months Ended
Accounts Receivable, net (Details Narrative)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Information [Line Items]
Concentration Risk, Customer	Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables.
Customer 1 [Member]
Product Information [Line Items]
Concentration risk, percentage	10.70%	16.40%	17.10%
Customer 2 [Member]
Product Information [Line Items]
Concentration risk, percentage	10.70%	11.20%	14.40%

Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid voyage and operating costs	$ 5,086	$ 4,616
Claims receivable	6,397	4,136
Prepaid other taxes	1,084	2,604
Other	4,527	3,625
Total prepaid expenses and other current assets	$ 17,094	$ 14,981

Vessels, Port Terminals and Other Fixed Assets (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Balance	$ 1,139,539
Additions	(61,235)	$ (71,015)	$ (104,581)
Balance	950,002	1,139,539
Cost [Member]
Property, Plant and Equipment [Line Items]
Balance	1,600,313	1,809,195	2,524,610
Additions	9,299	4,565	11,628
Vessel acquisition	16,049	96,678	67,832
Vessel impairment	(117,227)	(221,754)	(274,067)
Vessel disposals	(172,782)	(87,823)	(48,830)
Write offs		(548)	(16,270)
Navios Containers Deconsolidation			(455,708)
Disposals	(130)
Transfers from other long-term assets	57,107
Balance	1,392,629	1,600,313	1,809,195
Cost [Member] \| Vessels [Member]
Property, Plant and Equipment [Line Items]
Balance	809,576	1,021,351	1,324,766
Additions	4,949	1,277	4,747
Vessel acquisition	16,049	96,678	14,735
Vessel impairment	(89,888)	(221,754)	(274,067)
Vessel disposals	(172,782)	(87,823)	(48,830)
Write offs		(153)
Balance	567,904	809,576	1,021,351
Cost [Member] \| Port Terminals (Navios Logistics) [Member]
Property, Plant and Equipment [Line Items]
Balance	254,744	253,962	253,360
Additions	1,520	869	602
Write offs		(87)
Disposals	(130)
Transfers from other long-term assets	5,646
Balance	261,780	254,744	253,962
Cost [Member] \| Tanker vessels, barges and pushboats [Member]
Property, Plant and Equipment [Line Items]
Balance	527,674	526,051	525,712
Additions	2,445	1,931	2,403
Vessel impairment	(27,339)
Write offs		(308)	(2,064)
Transfers	51,461
Balance	554,241	527,674	526,051
Cost [Member] \| Containerships (Navios Containers) [Member]
Property, Plant and Equipment [Line Items]
Balance			400,896
Additions			1,715
Vessel acquisition			53,097
Navios Containers Deconsolidation			(455,708)
Balance
Cost [Member] \| Other Noncurrent Assets [Member]
Property, Plant and Equipment [Line Items]
Balance	8,319	7,831	19,876
Additions	385	488	2,161
Write offs			(14,206)
Balance	8,704	8,319	7,831
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Balance	(460,774)	(532,681)	(626,155)
Additions	(55,653)	(62,604)	(83,589)
Vessel acquisition		(2,820)	(693)
Vessel impairment	73,631	137,255	159,834
Write offs		76	8,859
Navios Containers Deconsolidation			9,063
Disposals	169
Balance	(442,627)	(460,774)	(532,681)
Accumulated Depreciation [Member] \| Vessels [Member]
Property, Plant and Equipment [Line Items]
Balance	(182,007)	(280,004)	(390,982)
Additions	(26,770)	(36,438)	(48,812)
Vessel acquisition	0	(2,820)	(44)
Vessel impairment	68,258	137,255	159,834
Balance	(140,519)	(182,007)	(280,004)
Accumulated Depreciation [Member] \| Port Terminals (Navios Logistics) [Member]
Property, Plant and Equipment [Line Items]
Balance	(54,101)	(46,961)	(39,775)
Additions	(7,629)	(7,216)	(7,186)
Write offs		76
Disposals	169
Balance	(61,561)	(54,101)	(46,961)
Accumulated Depreciation [Member] \| Tanker vessels, barges and pushboats [Member]
Property, Plant and Equipment [Line Items]
Balance	(219,034)	(200,756)	(182,584)
Additions	(20,763)	(18,278)	(19,038)
Vessel impairment	5,373
Write offs			866
Balance	(234,424)	(219,034)	(200,756)
Accumulated Depreciation [Member] \| Containerships (Navios Containers) [Member]
Property, Plant and Equipment [Line Items]
Balance		0	(917)
Additions			(7,497)
Vessel acquisition			(649)
Navios Containers Deconsolidation			9,063
Balance			0
Accumulated Depreciation [Member] \| Other Noncurrent Assets [Member]
Property, Plant and Equipment [Line Items]
Balance	(5,632)	(4,960)	(11,897)
Additions	(491)	(672)	(1,056)
Write offs			7,993
Balance	(6,123)	(5,632)	(4,960)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Balance	1,139,539	1,276,514	1,898,455
Additions	(46,354)	(58,039)	(71,961)
Vessel acquisition	16,049	93,858	67,139
Vessel impairment	(43,596)	(84,499)	(114,233)
Vessel disposals	(172,782)	(87,823)	(48,830)
Write offs		(472)	(7,411)
Navios Containers Deconsolidation			(446,645)
Disposals	39
Transfers from other long-term assets	57,107
Balance	950,002	1,139,539	1,276,514
Net Book Value [Member] \| Vessels [Member]
Property, Plant and Equipment [Line Items]
Balance	627,569	741,347	933,784
Additions	(21,821)	(35,161)	(44,065)
Vessel acquisition	16,049	93,858	14,691
Vessel impairment	(21,630)	(84,499)	(114,233)
Vessel disposals	(172,782)	(87,823)	(48,830)
Write offs		(153)
Balance	427,385	627,569	741,347
Net Book Value [Member] \| Port Terminals (Navios Logistics) [Member]
Property, Plant and Equipment [Line Items]
Balance	200,643	207,001	213,585
Additions	(6,109)	(6,347)	(6,584)
Write offs		(11)
Disposals	39
Transfers from other long-term assets	5,646
Balance	200,219	200,643	207,001
Net Book Value [Member] \| Tanker vessels, barges and pushboats [Member]
Property, Plant and Equipment [Line Items]
Balance	308,640	325,295	343,128
Additions	(18,318)	(16,347)	(16,635)
Vessel impairment	(21,966)
Write offs		(308)	(1,198)
Transfers from other long-term assets	51,461
Balance	319,817	308,640	325,295
Net Book Value [Member] \| Containerships (Navios Containers) [Member]
Property, Plant and Equipment [Line Items]
Balance		0	399,979
Additions			(5,782)
Vessel acquisition			52,448
Navios Containers Deconsolidation			(446,645)
Balance			0
Net Book Value [Member] \| Other Noncurrent Assets [Member]
Property, Plant and Equipment [Line Items]
Balance	2,687	2,871	7,979
Additions			1,105
Additions	(106)	(184)
Write offs			(6,213)
Balance	$ 2,581	$ 2,687	$ 2,871

Vessels, Port Terminals and Other Fixed Assets, Net (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended		3 Months Ended				4 Months Ended	5 Months Ended		6 Months Ended			7 Months Ended		8 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2020	Feb. 28, 2021	Feb. 28, 2020	Mar. 31, 2021	Mar. 24, 2021	Mar. 31, 2020	Mar. 31, 2019	Apr. 23, 2019	May 31, 2020	May 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jul. 31, 2021	Jul. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 28, 2017
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net																				$ 950,002	$ 1,139,539
Loss due to sale of vessels																				(47,827)	(88,367)	$ (156,106)
Proceeds from Sale of Property, Plant, and Equipment																				167,016	83,445	48,830
Noncash or Part Noncash Divestiture, Amount of Consideration Received																				5,766	4,378	0
Construction of six liquid barges [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net																				19,501
Capitalized interest																				1,062	611
Payments for Construction in Process																					16,696
Construction Of 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
Payments for Construction in Process																					1,285
Land Port Murtinho [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Capitalized interest																				713	631
Area of land					2.3 additional hectares																		6.6 hectares
Costs Incurred, Development Costs																				1,580
Seller's Credit Agreement for the Navios Logistics 2020 Fleet [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessels, port terminals and other fixed assets, net																				$ 31,960
Description of scope																				for the acquisition of three pushboats and 18 tank barges
Purchase price																				$ 30,000
Acquisition date																				March 22, 2021
Construction of a 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
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
Vessel sale price														$ 30,000
Impairment loss														9,104
Carrying balance of dry dock and special survey costs														$ 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]
Vessel sale price											$ 58,000
Carrying balance of dry dock and special survey costs											1,775
Loss due to sale of vessels											$ 8,753
Navios Koyo [Member]
Property, Plant and Equipment [Line Items]
Year built											2011
Vessel type											Capesize
Vessel sale price											$ 28,500
Proceeds from Sale of Property, Plant, and Equipment											8,500
Gain due to sale of vessels											$ 12,451
Navios Serenity [Member]
Property, Plant and Equipment [Line Items]
Year built											2011
Vessel type											Handysize
Vessel Capacity											34,690
Vessel sale price											$ 10,388
Carrying balance of dry dock and special survey costs											11
Loss due to sale of vessels											$ 6,957
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]
Vessel sale price				$ 39,250
Carrying balance of dry dock and special survey costs				495
Loss due to sale of vessels				13,498
Working capital adjustments				$ 5,766
Two tanker vessels [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Impairment loss																				$ 21,966
Two dry bulk tankers [Member]
Property, Plant and Equipment [Line Items]
Impairment loss																					$ 52,820	$ 84,584
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
Carrying balance of dry dock and special survey costs		98
Loss due to sale of vessels		$ 6,288
Navios Gem [Member]
Property, Plant and Equipment [Line Items]
Year built																		2014
Vessel type																		Capesize
Vessel Capacity																		181,336
Navios Victory [Member]
Property, Plant and Equipment [Line Items]
Year built																		2014
Vessel type																		Panamax
Vessel Capacity																		77,095
Navios Victory and Navios Gem [Member]
Property, Plant and Equipment [Line Items]
Vessel sale price																		$ 51,000
Carrying balance of dry dock and special survey costs																		1,747
Loss due to sale of vessels																		7,683
Noncash or Part Noncash Divestiture, Amount of Consideration Received																		$ 4,378
Navios Amitie [Member]
Property, Plant and Equipment [Line Items]
Year built																		2005
Vessel type																		Panamax
Vessel Capacity																		75,395
Vessel sale price																		$ 6,885
Loss due to sale of vessels																		$ 4,478
Navios Northern Star [Member]
Property, Plant and Equipment [Line Items]
Year built																2005
Vessel type																Panamax
Vessel Capacity																75,395
Vessel sale price																$ 6,860
Loss due to sale of vessels																$ 4,489
Navios Star [Member]
Property, Plant and Equipment [Line Items]
Year built									2002
Vessel type									Panamax
Vessel Capacity									76,662
Vessel sale price									$ 6,450
Carrying balance of dry dock and special survey costs									258
Loss due to sale of vessels									$ 5,697
Navios Kypros [Member]
Property, Plant and Equipment [Line Items]
Year built			2003
Vessel type			Ultra Handymax
Vessel Capacity			55,222
Vessel sale price			$ 9,131
Carrying balance of dry dock and special survey costs			404
Loss due to sale of vessels			$ 5,551
Navios Hios [Member]
Property, Plant and Equipment [Line Items]
Year built	2003
Vessel type	Ultra Handymax
Vessel Capacity	55,180
Vessel sale price	$ 7,497
Carrying balance of dry dock and special survey costs	611
Loss due to sale of vessels	$ 7,429
Navios Primavera [Member]
Property, Plant and Equipment [Line Items]
Year built																			2007
Vessel type																			Ultra Handymax
Vessel Capacity																			53,464
Vessel sale price																			$ 9,891
Loss due to sale of vessels																			$ 1,673
Navios Mercator [Member]
Property, Plant and Equipment [Line Items]
Year built																	2002
Vessel type																	Ultra Handymax
Vessel Capacity																	53,553
Vessel sale price																	$ 6,664
Carrying balance of dry dock and special survey costs																	490
Loss due to sale of vessels																	$ 4,849
Navios Arc [Member]
Property, Plant and Equipment [Line Items]
Year built															2003
Vessel type															Ultra Handymax
Vessel Capacity															53,514
Vessel sale price															$ 7,105
Carrying balance of dry dock and special survey costs															685
Loss due to sale of vessels															$ 5,149
Navios Vector [Member]
Property, Plant and Equipment [Line Items]
Year built													2002
Vessel type													Ultra Handymax
Vessel Capacity													50,296
Vessel sale price													$ 6,860
Carrying balance of dry dock and special survey costs													673
Loss due to sale of vessels													$ 10,039
Navios Equator Prosper [Member]
Property, Plant and Equipment [Line Items]
Year built										2000
Vessel type										Capesize
Vessel Capacity										171,191
Vessel sale price										$ 11,520
Gain due to sale of vessels										$ 1,784
Navios Meridian [Member]
Property, Plant and Equipment [Line Items]
Year built							2002
Vessel type							Ultra Handymax
Vessel Capacity							50,316
Vessel sale price							$ 6,790
Carrying balance of dry dock and special survey costs							778
Loss due to sale of vessels							$ 5,531
Rainbow N [Member]
Property, Plant and Equipment [Line Items]
Year built												2011
Vessel type												Panamax
Vessel Capacity												79,642
Jupiter N [Member]
Property, Plant and Equipment [Line Items]
Vessel Capacity												93,062
Jupiter N and Rainbow N [Member]
Property, Plant and Equipment [Line Items]
Vessel acquisition												$ 24,883
Navios Corali [Member]
Property, Plant and Equipment [Line Items]
Year built						2015
Vessel type						Capesize
Vessel Capacity						181,249
Vessel acquisition						$ 36,684
Navios Canary [Member]
Property, Plant and Equipment [Line Items]
Year built	2015
Vessel type	Capesize
Vessel Capacity	180,528
Vessel acquisition	$ 35,111
Navios Victory I [Member]
Property, Plant and Equipment [Line Items]
Year built																	2014
Vessel type																	Panamax
Vessel Capacity																	77,095
Vessel acquisition																	$ 14,735
Formosa And San Lorenzo [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Vessel sale price																								$ 1,109
Navios Constellation [Member] \| Navios Containers [Member]
Property, Plant and Equipment [Line Items]
Year built								2011
Vessel type								containership
Vessel acquisition								$ 53,097
Vessel's capacity in TEU								10,000

Intangible Assets other than Goodwill (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	$ 90,000	$ 90,000
Accumulated Amortization	(45,985)	(43,175)
Net Book Value	44,015	46,825
Port operating terminal rights [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	53,152	53,152
Accumulated Amortization	(14,833)	(13,835)
Net Book Value	38,319	39,317
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	35,490	35,490
Accumulated Amortization	(24,843)	(23,069)
Net Book Value	10,647	12,421
Total Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	178,642	178,642
Accumulated Amortization	(85,661)	(80,079)
Net Book Value	$ 92,981	$ 98,563

Intangible Assets other than Goodwill - Amortization Expense and Write Offs (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	$ 2,810	$ 2,818	$ 2,811
Port operating terminal rights [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	998	998	999
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	1,774	1,775	1,774
Total [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	$ 5,582	$ 5,591	$ 5,584

Intangible Assets other than Goodwill - Amortization Schedule (Table) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Within one year	$ 5,581
Year Two	5,581
Year Three	5,581
Year Four	5,588
Year Five	5,581
Thereafter	65,069
Total	92,981
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Within one year	2,811
Year Two	2,811
Year Three	2,811
Year Four	2,818
Year Five	2,811
Thereafter	29,953
Total	44,015
Port operating terminal rights [Member]
Finite-Lived Intangible Assets [Line Items]
Within one year	995
Year Two	995
Year Three	995
Year Four	995
Year Five	995
Thereafter	33,344
Total	38,319
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Within one year	1,775
Year Two	1,775
Year Three	1,775
Year Four	1,775
Year Five	1,775
Thereafter	1,772
Total	$ 10,647

Investments in Affiliate Companies and Investments in Available-for-Sale Securities - Financial Information of the Affiliate Companies - Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents, including restricted cash	$ 137,851	$ 111,184	$ 78,727	$ 150,774
Current assets	229,447	194,857
Non-current assets	1,579,331	1,776,468
Current liabilities	497,448	592,782
Non-current liabilities	1,244,686	1,412,826
Navios Partners [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents, including restricted cash	169,446	30,728
Current assets	226,340	60,780
Non-current assets	3,396,959	1,146,489
Current liabilities	395,505	253,252
Long- term debt including current portion, net	1,361,709	486,857
Non-current liabilities	1,458,069	299,187
Navios Acquisition [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents, including restricted cash	0	41,357
Current assets	0	140,605
Non-current assets	0	1,428,392
Current liabilities	0	805,860
Long- term debt including current portion, net	0	1,076,587
Non-current liabilities	0	433,280
Navios Containers [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents, including restricted cash	0	7,573
Current assets	0	16,684
Non-current assets	0	414,106
Current liabilities	0	39,862
Long- term debt including current portion, net	0	232,159
Non-current liabilities	$ 0	$ 199,383

Investments in Affiliate Companies and Investments in Available-for-Sale Securities - Financial Information of Affiliate Companies - Income Statement (Table) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Oct. 15, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenue			$ 585,818	$ 416,718	$ 482,449
Net (loss)/income			(91,901)	188,605	184,452
Navios Partners [Member]
Schedule of Equity Method Investments [Line Items]
Revenue			713,175	226,771	219,379
Net (loss)/income			$ 516,186	(68,541)	(62,134)
Navios Acquisition [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		$ 188,304		361,438	280,117
Net (loss)/income		$ (6,307)		27,465	(65,707)
Navios Containers [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	$ 43,763			127,188	141,532
Net (loss)/income	$ 15,270			3,348	7,507
Navios Europe II [Member]
Schedule of Equity Method Investments [Line Items]
Revenue				17,059	46,718
Net (loss)/income				$ (26,661)	(30,203)
Navios Europe I [Member]
Schedule of Equity Method Investments [Line Items]
Revenue					36,822
Net (loss)/income					$ (18,575)

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Cash and cash equivalents - Book Value

Investments in Affiliate Companies and Investments in Available-for-Sale Securities (Details Narrative) $ in Thousands		1 Months Ended	2 Months Ended		3 Months Ended		4 Months Ended		5 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Jan. 04, 2021 shares	Jan. 31, 2019 USD ($)	Feb. 28, 2019 USD ($) shares	Feb. 18, 2015 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2017 USD ($)	Apr. 30, 2020 USD ($)	Apr. 21, 2020 USD ($)	May 21, 2019	Aug. 25, 2021 shares	Oct. 15, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 18, 2013 USD ($)	Mar. 31, 2021	Jun. 30, 2020 USD ($)
Investments in affiliate companies												$ 125,744	$ 56,988
Equity in net earnings of affiliated companies												69,275	(1,293)	$ (9,185)
Other than temporary impairment loss on investments												(0)	6,050	(0)
Investment in available-for-sale-securities												219	222
Junior Loan II [Member]
Repayments of Debt								$ 5,000
Navios Acquisition [Member] \| Navios Acquisition's Ship Mortgage Notes [Member]
Sale of Stock, Number of Shares Issued in Transaction \| shares										44,117,647
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate										8.125%
Debt Instrument, Maturity Date										Sep. 25, 2021
AFS Securities [Member]
Investment in available-for-sale-securities												219	222
Unrealized loss												$ 3		3
Unrealized gain													$ 33
Reverse Stock Split [Member]
Stockholders' equity, Reverse stock split															one-for-ten reverse stock split
Navios Partners [Member]
Common units held by Navios Holdings \| shares												3,183,199	2,070,216
Ownership percentage of Navios Holdings												10.30%	17.90%				12.60%
Difference between carrying amount of investment and underlying equity in net assets of equity method investee												$ 56,351	$ 77,904
Investments in affiliate companies												125,744	39,133
Equity in net earnings of affiliated companies												66,745	5,466	13,526
Dividends received												519	1,449	2,692
Market value of the investment												79,866
Navios Acquisition [Member]
Partners capital account units acquisitions \| shares											3,388,226
Difference between carrying amount of investment and underlying equity in net assets of equity method investee													68,793
Investments in affiliate companies													15,033
Equity in net earnings of affiliated companies												1,944	13,129	(11,098)
Dividends received												$ 243	$ 5,838	4,379
Shares conversion rate											0.1275
Percentage of ownership												0.00%	29.50%
Other than temporary impairment loss on investments												$ 0	$ 13,368	13,543
Navios Containers [Member]
Investments in affiliate companies													2,812
Equity in net earnings of affiliated companies												$ 595	$ 130	155
Percentage of ownership												0.00%	3.90%
Navios Europe I[Member] \| Navios Revolving Loans I [Member]
Loans and Leases Receivable, Related Parties				$ 10,000
Revolving Credit Facility Maximum Borrowing Capacity																$ 24,100
Line of Credit Facility, Increase (Decrease), Net															$ 30,000
Navios Europe II [Member] \| Navios Revolving Loans II [Member]
Loans and Leases Receivable, Related Parties				14,000										16,938
Revolving Credit Facility Maximum Borrowing Capacity				43,500
Line of Credit Facility, Increase (Decrease), Net						$ 14,000
Navios Europe II [Member] \| Junior Loan II [Member]
Repayments of Debt							$ 5,000	$ 5,000
Common unit repurchase program [Member] \| Navios Partners [Member]
Share repurchase program, Authorized amount		$ 50,000
Number of shares repurchased \| shares													4,694,279
Share repurchase program, Period in force		2 years
Navios Partners [Member] \| Directors and officers [Member]
Private placement of units to directors and/or officers \| shares			380,952
Partners capital account units acquisitions \| shares			7,775
Payments to acquire investment			$ 8
Navios Partners [Member] \| Reverse Stock Split [Member]
Stockholders' equity, Reverse stock split									1-for-15 reverse stock split
Navios Containers [Member] \| NMCI Merger [Member] \| Navios Partners [Member]
Shares conversion rate	0.39
Common units issued \| shares	8,133,452
Navios Europe I[Member]
Difference between carrying amount of investment and underlying equity in net assets of equity method investee																6,763
Investments in affiliate companies																$ 4,750
Number of vessels acquired																10
Repayment of loan payable to affiliate companies														13,420
Navios Europe II [Member]
Difference between carrying amount of investment and underlying equity in net assets of equity method investee				9,419
Investments in affiliate companies				$ 6,650								$ 0	$ 0
Equity in net earnings of affiliated companies														$ 1,775
Other than temporary impairment loss on investments													$ 6,050
Number of vessels acquired				14
Due to Related Parties, Current																		$ 44,300
Loss on investments					$ 6,650
Navios Holdings [Member] \| Navios Partners [Member]
General partner interest of Navios Holdings			2.00%									2.00%
Navios Partners [Member] \| Continuous Offering Program Sales Agreement [Member] \| General Partner [Member]
Partners' Capital Account, Units, Sale of Units \| shares												156,895	7,298
Navios Partners [Member] \| Common Stock [Member] \| Continuous Offering Program Sales Agreement [Member]
Partners' Capital Account, Units, Sale of Units \| shares												7,687,730	357,508
Navios Partners [Member] \| NMCI Merger [Member]
Partners' Capital Account, Units, Converted \| shares												1,263,276
Partners' Capital Account, Units \| shares												492,678
Navios Partners [Member] \| NNA Merger [Member]
Partners' Capital Account, Units, Converted \| shares												4,865,147
Partners' Capital Account, Units \| shares												620,306

Accrued Expenses and Other Liabilities (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Payroll	$ 7,913	$ 6,671
Accrued interest	45,445	55,650
Accrued voyage expenses	1,014	1,344
Audit fees and related services	375	225
Accrued taxes	9,006	7,911
Professional fees	417	470
Other accrued expenses	289	264
Total accrued expenses	$ 64,459	$ 72,535

Borrowings (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Borrowings	$ 1,405,814	$ 1,612,718
Line of Credit	1,101,931	1,263,566
Less: current portion, net	(307,451)	(374,191)
Less: deferred finance costs and discount, net	(19,330)	(28,289)
Total long-term borrowings	1,079,033	1,210,238
Total Navios Holdings [Member]
Debt Instrument [Line Items]
Total Borrowings	847,438	1,052,683
Total Navios Logistics [Member]
Debt Instrument [Line Items]
Total Borrowings	558,376	560,035
Loan Facility HCOB ($15,300) [Member]
Debt Instrument [Line Items]
Line of Credit	0	9,945
Loan Facility Credit Agricole ($23,000) [Member]
Debt Instrument [Line Items]
Line of Credit	0	11,100
Loan Facility Credit Agricole ($23,000) [Member]
Debt Instrument [Line Items]
Line of Credit	0	11,400
Loan Facility DVB Bank SE ($72,000) [Member]
Debt Instrument [Line Items]
Line of Credit	0	4,504
Loan Facility Alpha Bank ($31,000) [Member]
Debt Instrument [Line Items]
Line of Credit	0	20,200
Loan Facility Alpha Bank ($16,125) [Member]
Debt Instrument [Line Items]
Line of Credit	0	12,925
Sale and Leaseback Agreements [Member]
Debt Instrument [Line Items]
Total Borrowings	114,837	62,934
2022 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Line of Credit	155,000	305,000
2022 Notes [Member]
Debt Instrument [Line Items]
Line of Credit	455,466	476,822
2024 Notes [Member]
Debt Instrument [Line Items]
Line of Credit	8,626	8,626
NSM Loan [Member]
Debt Instrument [Line Items]
Total Borrowings	48,879	78,901
$50.0 million NSM Loan (including accrued interest of $326) [Member]
Debt Instrument [Line Items]
Line of Credit	0	50,326
$115.0 million NSM Loan (incl. accrued interest $571)
Debt Instrument [Line Items]
Line of Credit	64,630	0
2025 Logistics Senior Notes [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Line of Credit	500,000	500,000
Navios Logistics Notes Payable [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Notes Payable	12,463	17,842
Navios Logistics New BBVA Loan Facility [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Total Borrowings	12,000	22,000
Navios Logistics Alpha Bank Loan [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Total Borrowings	7,700	9,100
Seller's Credit Agreement for the construction of six liquid barges [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Total Borrowings	11,213	11,047
Seller's Credit Agreement for the Navios Logistics' 2020 Fleet [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Total Borrowings	15,000	0
Other long-term loans [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Line of Credit	$ 0	$ 46

Borrowings - Principal payments (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022 (including total accrued interest of $877 of NSM Loan & $50.0 million NSM Loan)	$ 308,912
2023	87,007
2024	211,161
2025	561,120
2026	177,343
2027 and thereafter	60,271
Total	$ 1,405,814	$ 1,612,718

Borrowings (Details Narrative)		4 Months Ended	12 Months Ended
Borrowings (Details Narrative)	Jan. 05, 2022 USD ($)	May 01, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Apr. 04, 2022 shares	Mar. 31, 2022 USD ($)	Jan. 03, 2022 shares
Debt Instrument [Line Items]
Debt Instrument, Covenant Description			The Company’s secured credit facilities, which were drawn in January 2022, require compliance with maintenance covenants. Depending on the facility, these covenants include: (i) value-to-loan ratio covenants, based on charter-free valuations, ranging from over 125% to 133%, (ii) minimum liquidity up to a maximum of $10,000, (iii) total debt divided by total assets, as defined in each credit facility, of 75%; and (iv) net worth, as defined in the credit facility, of $125,000.
Write off of Deferred Debt Issuance Cost			$ 1,777,000
Gain/ (Loss) on bond and debt extinguishment			951,000	$ 7,047,000	$ 47,430,000
Amount outstanding			1,405,814,000	1,612,718,000
Accrued interest			$ 45,445,000	$ 55,650,000
Common Stock, Shares, Outstanding \| shares			25,198,620	15,881,147
Proceeds from Issuance of Senior Long-term Debt			$ 0	$ 487,504,000	$ 0
Debt, Weighted Average Interest Rate			8.78%	7.89%	7.70%
Sale And Leaseback Agreements $68,000 [Member]
Debt Instrument [Line Items]
Repayment frequency			monthly
Sale Leaseback Transaction, Date			first quarter of 2020
Finance lease, liability			$ 68,000,000
Number of repayment installments			144
Sale And Leaseback Agreements $68,000 [Member] \| Capesize Vessel A [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment			$ 224,000
Debt Instrument, Maturity Date, Description			fourth quarter of 2031
Balloon payment			$ 750,000
Sale And Leaseback Agreements $68,000 [Member] \| Capesize Vessel B [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment			$ 238,000
Debt Instrument, Maturity Date, Description			first quarter of 2032
Balloon payment			$ 750,000
Sale And Leaseback Agreements $68,000 [Member] \| Two dry bulk tankers [Member]
Debt Instrument [Line Items]
Amount outstanding			$ 57,392,000
Sale and Leaseback Agreements $77,000 [Member]
Debt Instrument [Line Items]
Sale Leaseback Transaction, Date			December 2021
Finance lease, liability			$ 77,000,000
Sale and Leaseback Transaction Description			in order to finance four dry bulk vessels
Sale and Leaseback Agreements $77,000 [Member] \| Two dry bulk tankers [Member]
Debt Instrument [Line Items]
Number of repayment installments			96
Debt Instrument, Periodic Payment			$ 481,000
Debt Instrument, Maturity Date, Description			fourth quarter of 2029
Balloon payment			$ 3,600,000
Sale and Leaseback Agreements $77,000 [Member] \| One Dry Bulk Vessels [Member]
Debt Instrument [Line Items]
Number of repayment installments			72
Debt Instrument, Periodic Payment			$ 688,000
Debt Instrument, Maturity Date, Description			fourth quarter of 2027
Balloon payment			$ 3,500,000
Sale and Leaseback Agreements $12,000 [Member]
Debt Instrument [Line Items]
Number of repayment installments			60
Repayment frequency			monthly
Sale Leaseback Transaction, Date			March 2022
Finance lease, liability			$ 12,000,000
Debt Instrument, Periodic Payment			$ 521,000
Debt Instrument, Maturity Date, Description			first quarter of 2027
Balloon payment			$ 1,600,000
Sale and Leaseback Transaction Description			to finance one dry bulk vessel.
Navios Logistics [Member] \| Six Liquid Barges [Member]
Debt Instrument [Line Items]
Fixed interest rate			8.50%
Amount outstanding			$ 11,213,000
Line of credit facility initiation date			December 2020
Number of repayment installments			20
Repayment frequency			quarterly
Number of loan tranches			6
Sale and Leaseback Transaction Description			for the construction of six liquid barges
Seller's credit agreement			$ 13,475,000
Navios Logistics [Member] \| Seller's Credit Agreement for the Navios Logistics 2020 Fleet [Member]
Debt Instrument [Line Items]
Fixed interest rate			5.00%
Amount outstanding			$ 15,000,000
Line of credit facility initiation date			fourth quarter of 2020
Number of repayment installments			3
Repayment frequency			annual
Repayment installment			$ 5,000,000
Sale and Leaseback Transaction Description			for the acquisition of three pushboats and 18 tank barges
Seller's credit agreement			$ 15,000,000
Convertible Debenture [Member]
Debt Instrument [Line Items]
Number of trading months			36
Convertible Debt			$ 24,000,000
Debt Instrument, Convertible, Terms of Conversion Feature			five years
Convertible conversion ratio			4.00%
Common Stock, Shares, Outstanding \| shares						9,133,147
Minimum [Member] \| Convertible Debenture [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio			5
Maximum [Member] \| Convertible Debenture [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio			10
Credit Agricole Corporate and Investment Bank $11.1m [Member]
Debt Instrument [Line Items]
Repayments of Debt			$ 11,100,000
Credit Agricole Corporate and Investment Bank $11.4m [Member]
Debt Instrument [Line Items]
Repayments of Debt			11,400,000
Hamburg Commercial Bank AG [Member]
Debt Instrument [Line Items]
Repayments of Debt			9,945,000
DVB Bank S.E. [Member]
Debt Instrument [Line Items]
Repayments of Debt			4,504,000
Alpha Bank A.E. [Member]
Debt Instrument [Line Items]
Repayments of Debt			20,200,000
Alpha Bank A.E. $12.95m [Member]
Debt Instrument [Line Items]
Repayments of Debt			$ 12,925,000
Credit Agricole Corporate And Investment Bank [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to: a) repay all amounts outstanding under the facility agreement dated September 2010 and b) repay all amounts outstanding under the facility agreement dated December 20, 2013.
Maximum borrowing capacity			$ 28,745,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			2.80%
Line of credit facility issuance date			Feb. 14, 2018
Hamburg Commercial Bank [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to partially refinance the fourth tranche of the Commerzbank facility.
Amount outstanding			$ 0
Maximum borrowing capacity			$ 15,300,000
Number of repayment installments			3
Repayment frequency			quarterly
Repayment installment			$ 383,000
Balloon payment on the last repayment date			$ 8,798,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			3.00%
Line of credit facility issuance date			May 23, 2017
DVB Bank SE $42.0m [Member]
Debt Instrument [Line Items]
Amount outstanding			$ 0
Maximum borrowing capacity			$ 42,000,000
Line of credit facility issuance date			Mar. 23, 2012
Number of loan tranches			2
Amended DVB Bank SE $42.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to extend the maturity of the outstanding balance originally due in the first and second quarter of 2020 for one year, to June 2021
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			2.93%
Line of credit facility issuance date			Nov. 12, 2019
DVB Bank SE $40.0m ( [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to finance the acquisition of four Panamax vessels, delivered in August and September 2013.
Amount outstanding			$ 0
Line of credit facility initiation date			September 2013
Maximum borrowing capacity			$ 40,000,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			3.25%
Extended DVB Bank SE $40.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to extend the maturity of the outstanding balance originally due by September 2018 for three years, to September 2021.
Line of credit facility initiation date			December 2017
Number of vessels released as collateral			two
Loan Facility Alpha Bank ($31,000) [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to finance part of the acquisition of a Capesize vessel
Maximum borrowing capacity			$ 31,000,000
Number of repayment installments			8
Repayment frequency			quarterly
Repayment installment			$ 450,000
Balloon payment on the last repayment date			$ 16,600,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			3.00%
Line of credit facility issuance date			Nov. 06, 2014
Amount outstanding			$ 0
Loan Facility Alpha Bank ($16,125) [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to refinance one Capesize vessel
Maximum borrowing capacity			$ 16,125,000
Number of repayment installments			8
Repayment frequency			quarterly
Repayment installment			$ 275,000
Balloon payment on the last repayment date			$ 10,725,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			3.00%
Line of credit facility issuance date			Nov. 03, 2016
Amount outstanding			$ 0
Hamburg Commercial Bank AG ($101,750) [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			for the refinancing of seven drybulk vessels.
Repayments of Debt			$ 10,380,000
Line of credit facility initiation date			December 2021
Maximum borrowing capacity			$ 101,750,000
Number of repayment installments			8
Repayment frequency			quarterly
Repayment installment			$ 3,915,000
Balloon payment on the last repayment date			$ 60,027,000
Line of Credit Facility, Interest Rate Description			LIBOR
Repayment date			March 2022
Number of vessels released as collateral			one
Amount drawn down	$ 101,750,000
Hamburg Commercial Bank AG ($101,750) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Loan margin percentage			3.25%
Hamburg Commercial Bank AG ($101,750) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Loan margin percentage			4.50%
Loan Facility Credit Agricole ($105,000) [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			for the refinancing of seven drybulk vessels.
Line of credit facility initiation date			December 2021
Maximum borrowing capacity			$ 105,000,000
Balloon payment on the last repayment date			$ 41,000,000
Line of Credit Facility, Interest Rate Description			LIBOR
Amount drawn down	105,000,000
Loan Facility Credit Agricole ($105,000) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Loan margin percentage			2.85%
Loan Facility Credit Agricole ($105,000) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Loan margin percentage			3.75%
Four Navios Holdings Credit Facilities [Member]
Debt Instrument [Line Items]
Repayments of Debt			$ 36,199,000
Series I Preferred Stock [Member] \| Convertible Debenture [Member]
Debt Instrument [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion \| shares								1,000
Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount							$ 25,000,000
Second Redemption [Member] \| Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 20,000,000
Percentage of principal amount redeemed			100.00%
Redemption date			September 13, 2021
Debt instrument issuance date			September 3, 2021
Third Redemption [Member] \| Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 20,000,000
Percentage of principal amount redeemed			100.00%
Redemption date			September 24, 2021
Debt instrument issuance date			September 14, 2021
Fourth Redemption [Member] \| Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 10,000,000
Percentage of principal amount redeemed			100.00%
Redemption date			October 11, 2021
Debt instrument issuance date			October 1, 2021
Fifth Redemption [Member] \| Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 25,000,000
Percentage of principal amount redeemed			100.00%
Redemption date			March 30, 2022
Debt instrument issuance date			March 18, 2022
First Loan [Member] \| Emporiki Bank of Greece $23.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to partially finance the construction of one Panamax vessel
Amount outstanding			$ 0
Line of credit facility initiation date			August 2011
Maximum borrowing capacity			$ 23,000,000
Number of repayment installments			5
Repayment frequency			semi-annual
Repayment installment			$ 750,000
Balloon payment on the last repayment date			$ 8,850,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			2.75%
Second Loan [Member] \| Emporiki Bank of Greece $23.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to partially finance the construction of one newbuilding bulk carrier
Amount outstanding			$ 0
Line of credit facility initiation date			December 2011
Maximum borrowing capacity			$ 23,000,000
Number of repayment installments			3
Repayment frequency			semi-annual
Repayment installment			$ 750,000
Balloon payment on the last repayment date			$ 9,150,000
Line of Credit Facility, Interest Rate Description			LIBOR
Loan margin percentage			3.25%
Tranche A [Member] \| DVB Bank SE $42.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to finance the acquisition of a Handysize vessel
Maximum borrowing capacity			$ 26,000,000
Tranche B [Member] \| DVB Bank SE $42.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			to refinance the outstanding debt of an Ultra-Handymax vessel
Maximum borrowing capacity			$ 16,000,000
Number of repayment installments				2
Repayment frequency				quarterly
Repayment installment				$ 268,000
Balloon payment on the last repayment date				3,968,000
Tranche C [Member] \| DVB Bank SE $42.0m [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to finance the acquisition of a Capesize vessel
Maximum borrowing capacity			$ 30,000,000
Line of credit facility issuance date			Jun. 27, 2014
Tranche A and Tranche C [Member] \| Amended DVB Bank SE $42.0m [Member]
Debt Instrument [Line Items]
Repayments of Debt			$ 33,003,000
Repayment date			September 2020
First four installments [Member] \| Loan Facility Credit Agricole ($105,000) [Member]
Debt Instrument [Line Items]
Repayment installment			$ 6,500,000
Repayment frequency			quarterly
Next eight installments [Member] \| Loan Facility Credit Agricole ($105,000) [Member]
Debt Instrument [Line Items]
Repayment installment			$ 4,750,000
Repayment frequency			quarterly
Three of the four new sale and leaseback agreements [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit			$ 58,000,000
One Dry Bulk Vessels [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Debt Instrument [Line Items]
Repayment frequency			monthly
Three out of four dry bulk vessels [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Debt Instrument [Line Items]
Outstanding balance under sale and leaseback transaction			$ 57,445,000
Fourth Sale And Leaseback Agreement [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Debt Instrument [Line Items]
Repayment frequency			monthly
Finance lease, liability			$ 19,000,000
Number of repayment installments			84
Debt Instrument, Periodic Payment			$ 643,000
Debt Instrument, Maturity Date, Description			first quarter of 2029
Balloon payment			$ 1,000,000
Drawn down date			January, 2022
Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Initiation date			November 21, 2017
Face amount at issuance date			$ 305,000,000
Fixed interest rate			11.25%
Debt instrument, issuance price percentage			97.00%
Description of collateral			The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of Navios Holdings in each of Navios GP L.L.C., Navios Logistics and Navios Partners
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.
Debt Instrument, Covenant Compliance			The Co-Issuers were in compliance with the covenants as of December 31, 2021.
Debt Instrument, Repurchased Face Amount			$ 150,000,000
Amount outstanding			$ 130,000,000
Maturity date			August 2022
Senior Secured 2022 Notes [Member] \| Upon occurrence of certain change of control events [Member]
Debt Instrument [Line Items]
Redemption price percentage			101.00%
Sixth Supplemental Indenture [Member]
Debt Instrument [Line Items]
Initiation date			October 1, 2020
Long-term Debt, Description			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
Consent Agreement [Member]
Debt Instrument [Line Items]
Initiation date			October 1, 2020
Long-term Debt, Description			which amendments required consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected.
Seventh Supplemental Indenture [Member]
Debt Instrument [Line Items]
Initiation date			November 17, 2020
Long-term Debt, Description			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.
Eighth Supplemental Indenture [Member]
Debt Instrument [Line Items]
Initiation date			June 29, 2021
Debt Instrument, Repurchased Face Amount			$ 100,000
Percentage of principal amount redeemed			100.00%
Eighth Supplemental Indenture [Member] \| First Redemption [Member]
Debt Instrument [Line Items]
Redemption date			July 23, 2021
Proceeds from Lines of Credit			$ 75,264,000
2022 Notes [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 650,000,000
Fixed interest rate			7.375%
Debt Instrument, Repurchased Face Amount			$ 21,356,000	20,782,000	$ 81,235,000
Debt instrument issuance date			November 29, 2013
Maturity date			January 2022
Debt Instrument, Repurchase Amount			$ 18,588,000	9,443,000	50,683,000
Gain/ (Loss) on bond and debt extinguishment			2,728,000	11,204,000	47,430,000
Amount outstanding			$ 455,466,000
Debt Instrument, Collateral			14 drybulk vessels
Cash Collateral for Borrowed Securities			$ 84,260,000
Repayments of Debt			$ 455,566,000
Repayment date			January 2022
2022 Notes [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount					35,500,000
Debt Instrument, Repurchase Amount					$ 17,642,000
2022 Notes [Member] \| Until January 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral			23 dry bulk vessels
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]
Face amount at issuance date			$ 4,747,000
Fixed interest rate			9.75%
Issuance date/Date of agreement			Mar. 21, 2019
Treasury Stock, Shares, Acquired \| shares			10,930
Senior Notes 2024 [Member] \| Series G Preferred Stock [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 3,879,000
Issuance date/Date of agreement			Apr. 21, 2019
Treasury Stock, Shares, Acquired \| shares			8,841
Secured Debt [Member]
Debt Instrument [Line Items]
Amount outstanding			$ 0
Repayments of Secured Debt			$ 70,074,000
NSM Loan [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement			Aug. 29, 2019
Maximum borrowing capacity			$ 141,795,000
Repayment frequency			quarterly
Amended NSM Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to refinance the outstanding balance of this facility with the NSM Loan I
Amount outstanding			$ 48,879,000
Line of credit facility initiation date			December 2021
Accrued interest			$ 306,000
$50.0 million NSM Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			to be used for general corporate purposes.
Amount outstanding			$ 39,735,000
Line of credit facility initiation date			June 2020
Maximum borrowing capacity			$ 50,000,000
Number of repayment installments			18
Repayment frequency			quarterly
$115.0 million NSM Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			(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.
Proceeds from Lines of Credit			$ 115,000,000
Line of credit facility initiation date			June 2021
Maximum borrowing capacity			$ 115,000,000
$115.0 million NSM Loan [Member] \| Senior Secured 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount			$ 70,000,000
Amended $115.0 million NSM Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Description			in order to refinance the outstanding balance of this facility through the NSM Loan II
Amount outstanding			$ 64,630,000
Issuance date/Date of agreement			Dec. 31, 2021
Accrued interest			$ 571,000
NSM Loan I [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit	79,059,000	$ 127,632,000
Line of credit facility initiation date			December 2021
Maximum borrowing capacity			$ 127,632,000
Repayment frequency			quarterly
Repayment installment			$ 5,000,000
Number of loan tranches			2
NSM Loan I [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 48,573,000
NSM Loan I [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 79,059,000
NSM Loan II [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit	$ 70,941,000
Line of credit facility initiation date			December 2021
Maximum borrowing capacity			$ 135,000,000
Repayment frequency			quarterly
Repayment installment			$ 5,000,000
Number of loan tranches			2
NSM Loan II [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 64,059,000
NSM Loan II [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			70,941,000
2022 Logistics Senior Notes [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 375,000,000
Fixed interest rate			7.25%
Redemption price percentage			100.00%
Gain/ (Loss) on bond and debt extinguishment			$ 2,661,000
Issuance date/Date of agreement			Apr. 22, 2014
Maturity Date			May 01, 2022
Debt Instrument, Redemption Period End Date			Jul. 16, 2020
Navios Logistics Term Loan B Facility [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 100,000,000
Long-term Debt, Description			to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes.
Gain/ (Loss) on bond and debt extinguishment			$ 1,496,000
Issuance date/Date of agreement			Nov. 03, 2017
Repayments of Debt			$ 97,500,000
Loan margin percentage			4.75%
Repayment date			July 8, 2020
Interest rate			LIBOR
Debt amortization percentage			1.00%
Repayments of Related Party Debt			$ 375,000,000
2025 Logistics Senior Notes [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 500,000,000
Debt Instrument, Covenant Description			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”).
Debt Instrument, Covenant Compliance			The Logistics Co-Issuers were in compliance with the covenants as of December 31, 2021.
Long-term Debt, Description			to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes
Gain/ (Loss) on bond and debt extinguishment			$ 4,157,000
Issuance date/Date of agreement			Jul. 08, 2020
Proceeds from Issuance of Senior Long-term Debt			$ 487,504,000
Debt finance costs			$ 15,927,000	19,414,000
2025 Logistics Senior Notes [Member] \| Upon occurrence of certain change of control events [Member] \| Navios Logistics [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 [Member]
Debt Instrument [Line Items]
Redemption price percentage			110.75%
Percentage of principal amount redeemed			35.00%
Debt Instrument, Redemption, Description			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.
Navios Logistics Notes Payable [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Amount outstanding			$ 12,463,000
Maximum borrowing capacity			$ 41,964,000
Number of repayment installments			16
Repayment frequency			semi-annual
Interest rate			six-month LIBOR
Debt finance costs			$ 5,949,000
Navios Logistics New BBVA Loan Facility [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 25,000,000
Debt Instrument, Covenant Compliance			Navios Logistics was in compliance with the covenants set forth in the Navios Logistics New BBVA Facility as of December 31, 2021.
Amount outstanding			$ 12,000,000	22,000,000
Issuance date/Date of agreement			Feb. 28, 2020
Repayment frequency			quarterly
Loan margin percentage			3.25%
Sale and Leaseback Transaction Description			The Navios Logistics New BBVA Facility was used to repay the then existed debt with the bank, and for general corporate purposes.
Drawn down date			July 8, 2020
Maturity Date			Mar. 31, 2022
Interest rate			LIBOR
Description of collateral			was secured by assignments of certain receivables.
Navios Logistics 2022 BBVA Facility [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Issuance date/Date of agreement			Mar. 23, 2022
Sale and Leaseback Transaction Description			in order to refinance the outstanding balance of Navios Logistics New BBVA Facility through the Navios Logistics 2022 BBVA Facility.
Navios Logistics Alpha Bank Loan [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 14,000,000
Debt Instrument, Covenant Compliance			Navios Logistics was in compliance with the covenants set forth in the Navios Logistics Alpha Bank Loan as of December 31, 2021.
Amount outstanding			$ 7,700,000	$ 9,100,000
Issuance date/Date of agreement			May 18, 2017
Balloon payment on the last repayment date			$ 7,000,000
Loan margin percentage			3.15%
Repayment frequency			quarterly
Sale and Leaseback Transaction Description			in order to finance the acquisition of two product tankers
Interest rate			LIBOR (90 days)
Number of repayment installment			20
Amended Navios Logistics Alpha Bank Loan [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Face amount at issuance date			$ 7,000,000
Line of credit facility initiation date			December 2021
Balloon payment on the last repayment date			$ 2,800,000
Repayment frequency			quarterly
Sale and Leaseback Transaction Description			to amend the Navios Logistics Alpha Bank Loan, extending its maturity and amending the repayment schedule.
Number of repayment installment			12
Other long-term loans [Member] \| Navios Logistics [Member]
Debt Instrument [Line Items]
Fixed interest rate			6.00%
Debt Instrument, Covenant Compliance			Navios Logistics was in compliance with all the covenants set forth in this facility as of December 31, 2021.
Maximum borrowing capacity			$ 817,000
Repayment frequency			monthly
Repayment installment			$ 6,000
Line of credit facility issuance date			Oct. 29, 2009
Sale and Leaseback Transaction Description			in order to finance the construction of the pushboat Nazira.

Fair Value of Financial Instruments - Fair Value (Table) (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Fair Value Of Financial Instruments

$ 53,591

$ 94,881

Cash and cash equivalents - Fair Value

53,591

94,881

Restricted cash - Book Value

84,260

16,303

Restricted cash - Fair Value

84,260

16,303

Investments in available-for-sale securities - Book Value

219

222

Investments in available-for-sale securities - Fair Value

219

222

Senior and ship mortgage notes, net - Book Value

(1,101,931)

(1,263,566)

Senior and ship mortgage notes, net - Fair Value

(1,142,545)

(1,054,616)

Long-term debt, including current portion - Book Value

(171,919)

(191,636)

Long-term debt, including current portion - Fair Value

^[1]

(173,213)

(193,043)

Loans payable to affiliate companies, including current portion - Book Value

(112,634)

(129,227)

Loans payable to affiliate companies, including current portion - Fair Value

$ (112,634)

$ (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.

Fair Value of Financial Instruments - Fair value measurements on a recurring basis (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in available-for-sale securities	$ 219	$ 222
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in available-for-sale securities	219	222
Total	219	222
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in available-for-sale securities	219	222
Total	$ 219	$ 222

Fair Value of Financial Instruments - Assets measured at Fair Value on a Non-Recurring Basis (Table) (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vessels, port terminals and other fixed assets, net	$ 7,500	$ 38,054
Operating lease assets		10,018
Total	7,500	48,072
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vessels, port terminals and other fixed assets, net	7,500	31,410
Operating lease assets		10,018
Total	$ 7,500	41,428
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vessels, port terminals and other fixed assets, net		6,644
Operating lease assets		0
Total		$ 6,644

Fair Value of Financial Liabilities - Non-Recurring Measurements (Table) (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

Cash and cash equivalents

$ 53,591

$ 94,881

Restricted cash

84,260

16,303

Investments in available-for-sale-securities

219

222

Senior and ship mortgage notes

(1,142,545)

(1,054,616)

Long-term debt, including current portion

^[1]

(173,213)

(193,043)

Loans payable to affiliate companies, including current portion

(112,634)

(129,227)

Loan receivable from affiliate companies

^[2]

Long-term receivable from affiliate company

Long-term payable to affiliate companies

^[2]

Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Cash and cash equivalents

53,591

94,881

Restricted cash

84,260

16,303

Investments in available-for-sale-securities

219

222

Senior and ship mortgage notes

(1,133,919)

(1,045,990)

Long-term debt, including current portion

^[1]

Loans payable to affiliate companies, including current portion

Loan receivable from affiliate companies

^[2]

Long-term receivable from affiliate company

Long-term payable to affiliate companies

^[2]

Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Cash and cash equivalents

Restricted cash

Investments in available-for-sale-securities

Senior and ship mortgage notes

(8,626)

Long-term debt, including current portion

^[1]

(173,213)

(193,043)

Loans payable to affiliate companies, including current portion

$ (112,634)

(129,227)

Loan receivable from affiliate companies

^[2]

Long-term receivable from affiliate company

Long-term payable to affiliate companies

^[2]

$ 0

[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 loan receivable from/payable to affiliate companies and long-term receivable from/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.

Fair Value of Financial Instruments (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Three Vessels [Member]
Defined Benefit Plan Disclosure [Line Items]
Impairment loss		$ 59,108
Fair value of assets		38,054
Two chartered-in vessels [Member]
Defined Benefit Plan Disclosure [Line Items]
Impairment loss		1,361
Fair value of assets		$ 10,018
Navios Logistics [Member] \| Two tanker vessels [Member]
Defined Benefit Plan Disclosure [Line Items]
Impairment loss	$ 21,966
Fair value of assets	$ 7,500

Employee Benefit Plans (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding, shares	350,000	462,293	529,768	661,977
Vested, shares		0	83,333	116,667
Exercisable, shares		0	83,333	116,667
Forfeited or expired, shares	(112,293)	(67,475)	(132,209)
Non Vested, shares	171,412	382,380	693,389	709,710
Granted, shares	16,000	0	167,515
Vested, shares	(226,075)	(309,664)	(180,469)
Forfeited or expired, shares	(894)	(1,345)	(3,367)
Weighted average exercise price [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding	$ 12.0	$ 17.9	$ 26.6	$ 28.2
Weighted average remaining term [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 7 months 28 days	2 years 3 months	2 years 11 months 15 days	3 years 4 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	1 year 2 months 1 day	1 year 8 months 19 days	2 years 3 months 25 days	3 years 1 month 9 days
Aggregate fair value [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding, value	$ 2,730	$ 3,815	$ 5,014	$ 5,696
Forfeited or expired, value	(1,084)	(1,199)	(682)
Non vested, value	667	2,453	5,329	$ 6,490
Granted, value	36	0	476
Vested, value	(1,816)	(2,858)	(1,595)
Forfeited or expired, value	$ (6)	$ (17)	$ (42)

Employee Benefit Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Company's contributions to employee saving plan			$ 73
Discretionary company's contribition to employee saving plan			0
Compensation expense	$ 589	$ 1,268	$ 2,885
Restricted Stock [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Fair value of stock granted	$ 2.28	$ 0	$ 2.84
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	350,000
Service Conditions [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 0
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 256
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 9 months 21 days

Commitments and Contingencies (Details Narrative) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Letters of guarantee and letters of credit		$ 10			$ 10
Other long term assets		$ 39,255			61,900
Navios Logistics [Member] \| Vitol S.A. [Member]
Property, Plant and Equipment [Line Items]
Guarantees		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.
Guarantee and indemnity letter		$ 12,000
Navios Logistics [Member] \| Edolmix S.A. and Energias Renovables del Sur S.A. [Member]
Property, Plant and Equipment [Line Items]
Description of guarantee		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] \| Eldomix S.A. [Member]
Property, Plant and Equipment [Line Items]
Guarantee and indemnity letter		$ 847
Navios Logistics [Member] \| Energias Renovables del Sur S.A. [Member]
Property, Plant and Equipment [Line Items]
Guarantee and indemnity letter		$ 519
Navios Galaxy II [Member]
Property, Plant and Equipment [Line Items]
Date of charter in agreement		December 2017
Lessee, Operating Lease, Description		ten year
Vessel type		bulk carrier
Vessel Capacity		81,789 dwt
Delivery date		March 30, 2020
Contractual Obligation		$ 5,410
Payments to Acquire Property, Plant, and Equipment			$ 2,705
Other long term assets		$ 6,704
Navios Herakles I and Navios Uranus [Member]
Property, Plant and Equipment [Line Items]
Date of charter in agreement		January 2018
Lessee, Operating Lease, Description		ten-year
Vessel type		bulk carriers
Contractual Obligation		$ 11,140
Payments to Acquire Property, Plant, and Equipment			2,800	$ 8,340
Other long term assets		$ 14,070
Navios Herakles I [Member]
Property, Plant and Equipment [Line Items]
Vessel Capacity		82,036 dwt
Delivery date		August 28, 2019
Navios Uranus [Member]
Property, Plant and Equipment [Line Items]
Vessel Capacity		81,516 dwt
Delivery date		November 28, 2019
Navios Felicity I [Member]
Property, Plant and Equipment [Line Items]
Date of charter in agreement		April 2018
Lessee, Operating Lease, Description		ten-year
Vessel type		bulk carrier
Vessel Capacity		81,946 dwt
Delivery date		January 17, 2020
Contractual Obligation		$ 5,590
Payments to Acquire Property, Plant, and Equipment			2,795	2,795
Other long term assets		$ 7,193
Navios Magellan II [Member]
Property, Plant and Equipment [Line Items]
Date of charter in agreement		October 2018
Lessee, Operating Lease, Description		ten-year
Vessel type		bulk carrier
Vessel Capacity		82,037 dwt
Delivery date		May 15, 2020
Contractual Obligation		$ 5,820
Payments to Acquire Property, Plant, and Equipment			$ 2,910	$ 2,910
Other long term assets		$ 7,506
Storage And Transshipment Contract [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Contractual Obligation	$ 4,140
Other long term assets					$ 4,102
Number of repayment installments	3
Contractual obligation, next rolling twelve months	$ 1,380
Contractual obligation due in second year	1,380
Contractual obligation due in third year	$ 1,380

Leases - Operating Lease Assets and Liabilities (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Operating lease assets	$ 173,426	$ 227,962
Operating lease liabilities, current portion	54,747	81,415
Operating lease liabilities, net of current portion	144,239	193,351
Charter-in contracts [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	164,268	219,574
Operating lease liabilities, current portion	54,490	81,276
Operating lease liabilities, net of current portion	135,338	185,092
Land lease agreements [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	8,077	7,878
Operating lease liabilities, current portion	(182)	(199)
Operating lease liabilities, net of current portion	8,259	8,077
Office lease agreements [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	1,081	510
Operating lease liabilities, current portion	439	338
Operating lease liabilities, net of current portion	642	182
Dry Bulk Vessel Operations [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	164,268	219,574
Operating lease liabilities, current portion	54,490	81,276
Operating lease liabilities, net of current portion	135,338	185,092
Dry Bulk Vessel Operations [Member] \| Charter-in contracts [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	164,268	219,574
Operating lease liabilities, current portion	54,490	81,276
Operating lease liabilities, net of current portion	135,338	185,092
Logistics Business [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	9,158	8,388
Operating lease liabilities, current portion	257	139
Operating lease liabilities, net of current portion	8,901	8,259
Logistics Business [Member] \| Land lease agreements [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	8,077	7,878
Operating lease liabilities, current portion	(182)	(199)
Operating lease liabilities, net of current portion	8,259	8,077
Logistics Business [Member] \| Office lease agreements [Member]
Property, Plant and Equipment [Line Items]
Operating lease assets	1,081	510
Operating lease liabilities, current portion	439	338
Operating lease liabilities, net of current portion	$ 642	$ 182

Leases - Lease Expenses (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Lease expenses	$ 79,889	$ 102,296	$ 124,480
Charter-in contracts [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	79,011	101,132	121,427
Land lease agreements [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	571	564	552
Office lease agreements [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	307	600	2,501
Dry Bulk Vessel Operations [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	73,124	94,545	119,387
Dry Bulk Vessel Operations [Member] \| Charter-in contracts [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	73,124	94,545	117,562
Dry Bulk Vessel Operations [Member] \| Land lease agreements [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	0	0	0
Dry Bulk Vessel Operations [Member] \| Office lease agreements [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	0	0	1,825
Logistics Business [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	6,765	7,751	5,093
Logistics Business [Member] \| Charter-in contracts [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	5,887	6,587	3,865
Logistics Business [Member] \| Land lease agreements [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	571	564	552
Logistics Business [Member] \| Office lease agreements [Member]
Property, Plant and Equipment [Line Items]
Lease expenses	$ 307	$ 600	$ 676

Leases - Total amount of lease payments on an undiscounted basis (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Operating lease liabilities, including current portion		$ 43,516	$ 47,064
Chartered-in vessels in operations [Member]
Property, Plant and Equipment [Line Items]
December 31, 2022	$ 68,145
December 31, 2023	55,103
December 31, 2024	39,788
December 31, 2025	19,076
December 31, 2026	15,142
December 31, 2027 and thereafter	30,793
Total	228,047
Operating lease liabilities, including current portion	189,828
Discount based on incremental borrowing rate	38,219
Land Leases [Member]
Property, Plant and Equipment [Line Items]
December 31, 2022	556
December 31, 2023	556
December 31, 2024	556
December 31, 2025	556
December 31, 2026	556
December 31, 2027 and thereafter	21,889
Total	24,669
Operating lease liabilities, including current portion	8,077
Discount based on incremental borrowing rate	16,592
Office Space [Member]
Property, Plant and Equipment [Line Items]
December 31, 2022	514
December 31, 2023	414
December 31, 2024	182
December 31, 2025	60
December 31, 2026	53
December 31, 2027 and thereafter	0
Total	1,223
Operating lease liabilities, including current portion	1,081
Discount based on incremental borrowing rate	$ 142

Leases - Future Revenue for Chartered-out Vessels, Barges, Pushboats and for Logistics Business (Table) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Dry bulk vessels [Member]
2022	$ 79,330
2023	0
2024	0
2025	0
2026	0
2027 and thereafter	0
Total minimum revenue, net of commissions	79,330
Logistics Business [Member]
2022	131,588
2023	113,651
2024	96,724
2025	83,910
2026	54,962
2027 and thereafter	572,033
Total minimum revenue, net of commissions	$ 1,052,868

Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Leases (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating lease discount rate	8.25%
Operating Lease, Liability		$ 43,516	$ 47,064
Navios Logistics [Member]
Operating lease discount rate	7.25%
Charter-in and bareboat contracts [Member] \| Minimum [Member]
Operating lease remaining lease term	3 months 18 days
Charter-in and bareboat contracts [Member] \| Maximum [Member]
Operating lease remaining lease term	8 years 6 months
Land lease agreements [Member]
Operating lease remaining lease term	44 years 3 months 18 days	45 years 3 months 18 days
Land lease agreements [Member] \| Minimum [Member] \| Navios Logistics [Member]
Operating lease remaining lease term	44 years 2 months 12 days
Land lease agreements [Member] \| Maximum [Member] \| Navios Logistics [Member]
Operating lease remaining lease term	44 years 7 months 6 days
Office lease agreements [Member]
Operating lease remaining lease term	2 years 8 months 12 days	1 year 6 months
Office lease agreements [Member] \| Minimum [Member] \| Navios Logistics [Member]
Operating lease remaining lease term	6 months
Office lease agreements [Member] \| Maximum [Member] \| Navios Logistics [Member]
Operating lease remaining lease term	4 years 10 months 24 days
One Previously Chartered In Vessel [Member]
Amount written off	$ 3,952
Gain on sale of vessel	12,541
Chartered-in vessels [Member]
Amount written off	$ 0	$ 1,361	$ 38,636
Charter-in contracts [Member]
Operating lease remaining lease term	4 years 8 months 12 days	4 years 10 months 24 days

Transactions with Related Parties (Details Narrative)		3 Months Ended		4 Months Ended				5 Months Ended	6 Months Ended				7 Months Ended		8 Months Ended			9 Months Ended	11 Months Ended	12 Months Ended
Transactions with Related Parties (Details Narrative)	Jan. 05, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2017 USD ($)	May 01, 2022 USD ($)	Apr. 30, 2020 USD ($)	Apr. 21, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Jul. 13, 2021 USD ($) shares	Jun. 30, 2021 USD ($)	Jul. 10, 2020 USD ($) shares	Jun. 30, 2020	Jul. 31, 2021 USD ($)	Jul. 30, 2021 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2019 USD ($)	Aug. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Dec. 02, 2019 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Apr. 04, 2022 shares	Mar. 31, 2022 USD ($)	Jan. 03, 2022 shares	Jan. 01, 2020 USD ($)	Dec. 31, 2016 USD ($)	Feb. 18, 2015 USD ($)	Feb. 04, 2015
Related Party Transaction [Line Items]
Proceeds from Divestiture of Businesses																				$ 0	$ 0	$ 3,000,000
General and Administrative Expense																				31,327,000	33,702,000	36,194,000
Due to Affiliate, Current																				21,028,000	27,114,000
Net liabilities included in sale price																				5,766,000	4,378,000	0
Proceeds from Related Party Debt																				115,000,000	50,000,000	0
Due from affiliate, current																				0	243,000
Equity Method Investment, Other than Temporary Impairment																				(0)	6,050,000	(0)
Long-term Debt, Current Maturities																				307,451,000	374,191,000
Notes Payable, Related Parties, Current																				877,000	26,595,000
Long-term Debt, Gross																				$ 1,405,814,000	$ 1,612,718,000
Common Stock, Shares, Outstanding \| shares																				25,198,620	15,881,147
Convertible Debenture [Member]
Related Party Transaction [Line Items]
Number of trading days																				36
Convertible Debt																				$ 24,000,000
Common Stock, Shares, Outstanding \| shares																							9,133,147
Senior Secured 2022 Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchased Face Amount																								$ 25,000,000
Common Stock [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding \| shares																				25,198,620	15,881,147
Series I Preferred Stock [Member] \| Convertible Debenture [Member]
Related Party Transaction [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion \| shares																									1,000
Grimaud Loan [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 50,000,000
Line of Credit Facility, Increase (Decrease), Net																			$ 20,000,000
Repayments of Debt									$ 7,500,000
Line of credit facility initiation date																				April 25, 2019
Description of borrowings																				to be used for general corporate purposes, including the repurchase of 2022 Notes
Description of collateral																				This credit facility was secured by any 2022 Notes purchased by Navios Holdings with these funds.
Line Credit Facility Arrangement Fees																				$ 500,000
Line of Credit Facility, Interest Rate at Period End																				10.00%
Maturity date																				December 2024
Grimaud Loan [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Treasury Stock Reissued \| shares									9,301,542
Amended Grimaud Loan [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate at Period End																				13.00%
Supplemental Grimaud Loan [Member]
Related Party Transaction [Line Items]
Repayments of Debt																				$ 7,500,000
Line of credit facility initiation date																				June 30, 2021
Navios Europe I [Member]
Related Party Transaction [Line Items]
Due from Affiliates																				$ 0	$ 0
Proceeds from Related Party Debt																						$ 13,420,000
Navios Europe I [Member] \| Navios Revolving Loans I [Member]
Related Party Transaction [Line Items]
Distribution percentage																						1270.00%
Navios Europe II [Member]
Related Party Transaction [Line Items]
Due from Affiliates							$ 20,712,000	$ 20,712,000													0	$ 20,712,000
Due from affiliate, current							13,154,000	13,154,000														13,154,000
Due from affiliate, non current							7,558,000	7,558,000														7,558,000
Navios Europe II [Member] \| Navios Revolving Loans II [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																											$ 43,500,000
Distribution percentage												1.80%
Line of Credit Facility, Increase (Decrease), Net			$ 14,000,000
Loan receivable from affiliate companies							16,938,000	16,938,000														16,938,000						$ 14,000,000
Share Repurchase Program [Member]
Related Party Transaction [Line Items]
Units of Partnership Interest, Amount \| shares																				1,754,981
Minimum [Member] \| Convertible Debenture [Member]
Related Party Transaction [Line Items]
Debt Instrument, Convertible, Conversion Ratio																				5
Maximum [Member] \| Convertible Debenture [Member]
Related Party Transaction [Line Items]
Debt Instrument, Convertible, Conversion Ratio																				10
Midstream General Partner Option Agreement [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 December 31, 2021, Navios Holdings had not exercised any part of that option
Navios Partners Guarantee [Member]
Related Party Transaction [Line Items]
Repayment date																				April 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid																				$ 5,000,000
Upon Sale Of Vessels To Navios Partners [Member]
Related Party Transaction [Line Items]
Deferred Gain							1,842,000	1,842,000												$ 0	0	1,842,000				$ 6,285,000
First Year [Member] \| Grimaud Loan [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate During Period																				12.75%
Second Year [Member] \| Grimaud Loan [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Interest Rate During Period																				14.75%
NSM Loan [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 141,795,000
Debt Instrument, Issuance Date																				Aug. 29, 2019
Long-term Debt, Current Maturities																					47,000,000
Repayment frequency																				quarterly
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate																				5.00%
Interest rate for deferred principal amounts																				7.00%
Debt instrument, carrying amount before accrued interest																				$ 48,573,000	78,375,000
Debt Instrument, Increase, Accrued Interest																				306,000	526,000
Notes Payable, Related Parties, Current																				$ 306,000	10,328,000
NSM Loan [Member] \| Tranche A and B [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Frequency of Payments																				quarterly
Debt Instrument, Interest Rate, Stated Percentage																				10.50%
Junior Loan II [Member]
Related Party Transaction [Line Items]
Repayments of Debt						$ 5,000,000
Junior Loan II [Member] \| Navios Europe II [Member]
Related Party Transaction [Line Items]
Repayments of Debt					$ 5,000,000	$ 5,000,000
$50.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 50,000,000
Line of credit facility initiation date																				June 2020
Description of borrowings																				to be used for general corporate purposes.
Repayment frequency																				quarterly
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate																				5.00%
Interest rate for deferred principal amounts																				7.00%
Number of repayment installments																				18
Long-term Debt, Gross																				$ 39,735,000
$115.0 million NSM Loan [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 115,000,000
Line of credit facility initiation date																				June 2021
Description of borrowings																				(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.
Proceeds from Lines of Credit																				$ 115,000,000
$115.0 million NSM Loan [Member] \| Senior Secured 2022 Notes [Member]
Related Party Transaction [Line Items]
Debt Instrument, Repurchased Face Amount																				$ 70,000,000
$115.0 million NSM Loan [Member] \| Tranche A [Member]
Related Party Transaction [Line Items]
Number of repayment installments																				14
Long-term Debt, Gross																				$ 39,736,000
Line of Credit Facility, Frequency of Payments																				quarterly
Line of Credit Facility, Periodic Payment																				$ 2,838,000
Debt Instrument, Maturity Date																				Nov. 30, 2024
$115.0 million NSM Loan [Member] \| Tranche B [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
$115.0 million NSM Loan [Member] \| First Two Installments [Member] \| Tranche B [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Periodic Payment																				$ 22,632,000
$115.0 million NSM Loan [Member] \| Remaining Installments [Member] \| Tranche B [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Periodic Payment																				$ 6,000,000
$115.0 million NSM Loan [Member] \| Payment Deferral [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																				12.00%
Debt instrument, maximum deferred discount amortization period																				90 days
Amended NSM Loan I [Member]
Related Party Transaction [Line Items]
Debt instrument, carrying amount before accrued interest																				$ 64,059,000
Debt Instrument, Increase, Accrued Interest																				571,000
Debt Issuance Costs, Net																				875,000
NSM Loan I [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 127,632,000
Line of credit facility initiation date																				December 2021
Limited Partners' Capital Account, Units Outstanding \| shares																				2,072,121
Line of Credit Facility, Frequency of Payments																				quarterly
Line of Credit Facility, Periodic Payment																				$ 5,000,000
Number of loan tranches																				2
Proceeds from Lines of Credit	$ 79,059,000			$ 127,632,000
NSM Loan I [Member] \| Tranche A [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 48,573,000
NSM Loan I [Member] \| Tranche B [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 79,059,000
NSM Loan I [Member] \| Until the 2022 Senior Secured Notes are repaid [Member]
Related Party Transaction [Line Items]
Interest rate																				18%
NSM Loan I [Member] \| After the 2022 Senior Secured Notes are repaid [Member]
Related Party Transaction [Line Items]
Interest rate																				16.5%
NSM Loan I [Member] \| When paid in form of cash [Member]
Related Party Transaction [Line Items]
Interest rate																				13.5%
NSM Loan II [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 135,000,000
Line of credit facility initiation date																				December 2021
Line of Credit Facility, Frequency of Payments																				quarterly
Line of Credit Facility, Periodic Payment																				$ 5,000,000
Number of loan tranches																				2
Proceeds from Lines of Credit	$ 70,941,000
NSM Loan II [Member] \| Tranche A [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 64,059,000
NSM Loan II [Member] \| Tranche B [Member]
Related Party Transaction [Line Items]
Revolving loan facility maximum borrowing capacity																				$ 70,941,000
NSM Loan II [Member] \| Until the 2022 Senior Secured Notes are repaid [Member]
Related Party Transaction [Line Items]
Interest rate																				18%
NSM Loan II [Member] \| After the 2022 Senior Secured Notes are repaid [Member]
Related Party Transaction [Line Items]
Interest rate																				16.5%
NSM Loan II [Member] \| When paid in form of cash [Member]
Related Party Transaction [Line Items]
Interest rate																				13.5%
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]
Sale price		$ 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]
Sale price										$ 58,000,000
Navios Koyo [Member]
Related Party Transaction [Line Items]
Year built										2011
Vessel type										Capesize
Sale price										$ 28,500,000
Navios Azimuth [Member]
Related Party Transaction [Line Items]
Year built													2011
Vessel type													Capesize
Vessel Capacity													179,169
Sale price													$ 30,000,000
Navios Gem [Member]
Related Party Transaction [Line Items]
Year built																		2014
Vessel type																		Capesize
Vessel Capacity																		181,336
Navios Victory [Member]
Related Party Transaction [Line Items]
Year built																		2014
Vessel type																		Panamax
Vessel Capacity																		77,095
Navios Gem and Navios Victory [Member]
Related Party Transaction [Line Items]
Sale price																		$ 51,000,000
Net liabilities included in sale price																		$ 4,378,000
Midstream General Partner Option Agreement [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Economic interests																													20.00%
NSM [Member] \| Owned Vessels [Member] \| Management Agreement [Member]
Related Party Transaction [Line Items]
Daily management fee															$ 3,700					$ 3,800
Rate of annual increase in management fees																				3.00%
Navios Logistics Agreement [Member]
Related Party Transaction [Line Items]
General and Administrative Expense							$ 381,000										$ 763,000			$ 1,144,000	1,144,000
Navios Logistics [Member] \| Amended Grimaud Loan [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt											$ 2,308,000
Navios Logistics [Member] \| Amended Grimaud Loan [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues \| shares											2,414,263
Navios Partners [Member] \| $50.0 million NSM Loan [Member] \| First Priority Mortgage [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding \| shares																				40,587
Navios Partners [Member] \| NSM Loan I [Member] \| First Priority Mortgage [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding \| shares																				40,587
Navios Partners [Member] \| NSM Loan I [Member] \| Second Priority Mortgage [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding \| shares																				1,070,491
Navios Partners [Member] \| NSM Loan II [Member] \| First Priority Mortgage [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding \| shares																				40,587
Navios Partners [Member] \| NSM Loan II [Member] \| Second Priority Mortgage [Member]
Related Party Transaction [Line Items]
Limited Partners' Capital Account, Units Outstanding \| shares																				1,070,491
Grimaud [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Increase (Decrease), Net														$ 20,000,000
NSM [Member]
Related Party Transaction [Line Items]
Other income/ (expense), net																	15,750,000
Due to Affiliate, Current																				$ 21,028,000	22,114,000
NSM [Member] \| The Transaction [Member]
Related Party Transaction [Line Items]
Proceeds from Divestiture of Businesses																$ 20,000,000
NSM [Member] \| Management Agreement [Member]
Related Party Transaction [Line Items]
Voyage expenses																	149,184,000
Termination date of agreement																				August 29, 2024
Management Fee Expense																				$ 37,813,000	45,487,000	14,372,000
NSM [Member] \| Management Agreement [Member] \| Chartered-in vessels [Member]
Related Party Transaction [Line Items]
Daily management fee																				30.00
NSM [Member] \| Administrative Services Agreement [Member]
Related Party Transaction [Line Items]
General and Administrative Expense								$ 2,952,000									$ 16,991,000			$ 8,572,000	9,371,000
Administrative services agreement term in years																				5 years
NSM [Member] \| Administrative Services Agreement [Member] \| Automatic Extension [Member]
Related Party Transaction [Line Items]
Administrative services agreement term in years																				5 years
Acropolis [Member]
Related Party Transaction [Line Items]
Commissions paid																						$ 0
Trade accounts payable																				$ 76,000	76,000
Navios Partners [Member]
Related Party Transaction [Line Items]
Due to Affiliate, Current																				0	5,000,000
Navios Acquisition [Member]
Related Party Transaction [Line Items]
Due to Affiliate, Current																				$ 0	$ 243,000
Navios Logistics [Member] \| Grimaud [Member] \| Promissory Note [Member]
Related Party Transaction [Line Items]
Number of repayment installments														4
Long-term Debt, Gross														$ 20,000,000
Line of Credit Facility, Frequency of Payments														semi-annual

Preferred and Common Stock (Details Narrative) - USD ($)	1 Months Ended		2 Months Ended		3 Months Ended	4 Months Ended	6 Months Ended			7 Months Ended	11 Months Ended	12 Months Ended
	Jan. 19, 2021	Feb. 01, 2019	Feb. 21, 2020	Feb. 29, 2016	Mar. 21, 2019	Apr. 18, 2019	Jul. 13, 2021	Jul. 10, 2020	Jul. 15, 2017	Jul. 30, 2021	Dec. 15, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 18, 2020	Dec. 31, 2019	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2015
Class of Stock [Line Items]
Common stock shares outstanding												25,198,620	15,881,147
Common Stock, Par or Stated Value Per Share												$ 0.0001	$ 0.0001
Shares tendered, nominal value												$ 0	$ 0
Payments for tender offer expenses												$ (0)	$ (0)		$ 10,228,000
Gain/ (Loss) from stock redemption recognized in Retained Earnings															(18,855,000)
Derecognision of non-controlling interest															$ 162,230,000
Preferred Stock, Shares Outstanding												23,032	23,032
Navios Logistics [Member]
Class of Stock [Line Items]
Dividends paid			$ 27,500,000					$ 6,381,000
Common Stock Dividends, Shares								2,414,263
Dividends paid to noncontrolling shareholders			9,948,000					$ 2,308,000
Navios Corporation [Member]
Class of Stock [Line Items]
Common stock shares outstanding												2,414,263	2,414,263
Grimaud [Member]
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction												9,301,542
Gain/ (Loss) from stock redemption recognized in Retained Earnings												$ 21,000,000
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture							9,301,542
Payments of Dividends										$ 16,000,000
Line of Credit Facility, Increase (Decrease), Net										$ 20,000,000
Debt Securities												15,000,000
Derecognision of non-controlling interest												27,243,000
Paid in capital												8,757,000
Net proceeds												44,437,000
Costs from sale of common stock												$ 176,000
Navios Holdings [Member] \| Navios Logistics [Member]
Class of Stock [Line Items]
Dividends paid			$ 17,552,000
Dividends Undeclared [Member]
Class of Stock [Line Items]
Dividends cancelled													$ 171,000
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted												0
Conversion of stock, shares converted													210		3,289
Conversion of stock, shares issued													22,712
Preferred Stock, Liquidation Preference, Value															$ 10,000
Preferred Stock, Redemption Price Per Share															$ 10
Preferred Stock, Dividend Rate, Percentage												2.00%
Common Stock [Member]
Class of Stock [Line Items]
Common stock shares outstanding												25,198,620	15,881,147
Conversion of Stock, Shares Issued															352,770
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	16,000	151,515									40,000			16,000
Common Stock [Member] \| Share Repurchase Program [Member]
Class of Stock [Line Items]
Share repurchase program, Authorized amount																			$ 25,000,000
Acquisition of treasury stock, shares				114,791												94,858
Acquisition of treasury stock, value				$ 1,070,000												$ 818,000
Common Stock [Member] \| Dividends Undeclared [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Issued													1,712		23,870
Share Price													$ 6
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding												5,350	5,350
Series G Preferred Stock [Member] \| Exchange program for 66 2/3% shares [Member]
Class of Stock [Line Items]
Dividends cancelled						$ 6,798,000
Number of shares issued for the exchange offer						8,841
Shares tendered, nominal value						$ 21,271,000
Tender offer expenses						620,000
Payments for tender offer expenses						4,423,000
2024 Notes issued						3,879,000
Gain/ (Loss) from stock redemption recognized in Retained Earnings						$ 12,568,000
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding												17,682	17,682
Series H Preferred Stock [Member] \| Exchange program for 66 2/3% shares [Member]
Class of Stock [Line Items]
Dividends cancelled					$ 7,678,000
Number of shares issued for the exchange offer					10,930
Shares tendered, nominal value					$ 26,297,000
Tender offer expenses					997,000
Payments for tender offer expenses					4,188,000
2024 Notes issued					4,747,000
Gain/ (Loss) from stock redemption recognized in Retained Earnings					$ 16,365,000
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding												23,032	23,242
Preferred Stock [Member] \| Dividends Undeclared [Member]
Class of Stock [Line Items]
Undeclared preferred dividends												$ 30,348,000	$ 25,222,000
Restricted Stock [Member]
Class of Stock [Line Items]
Forfeited shares of common stock												894	1,345		3,379
Before 1-for-10 reverse stock split [Member]
Class of Stock [Line Items]
Common stock shares outstanding																	128,434,137	120,386,472
After 1-for-10 reverse stock split [Member]
Class of Stock [Line Items]
Common stock shares outstanding																	12,843,414	12,038,647
Issued in 2017 [Member] \| Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Vested stock units												825	825		825
Issued in 2016 [Member] \| Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Vested stock units													84,336		334
First Conversion [Member] \| Dividends Undeclared [Member]
Class of Stock [Line Items]
Dividends cancelled															$ 1,471,000
First Conversion [Member] \| Common Stock [Member] \| Dividends Undeclared [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted															1,980
Conversion of Stock, Shares Issued															14,711
Share Price															$ 75
Second Conversion [Member] \| Dividends Undeclared [Member]
Class of Stock [Line Items]
Dividends cancelled															$ 916,000
Second Conversion [Member] \| Common Stock [Member] \| Dividends Undeclared [Member]
Class of Stock [Line Items]
Conversion of Stock, Shares Converted															1,309
Conversion of Stock, Shares Issued															9,159
Share Price															$ 41
American Depositary Shares [Member] \| Series G and Series H [Member]
Class of Stock [Line Items]
Percentage of the increase of the preferred dividend rate									0.25%
American Depositary Shares [Member] \| Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share												$ 25
Sale of Stock, Number of Shares Issued in Transaction												2,000,000
Preferred Stock, Liquidation Preference Per Share												$ 2,500
Preferred Stock, Dividend Rate, Percentage												8.75%
American Depositary Shares [Member] \| Series H Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share												$ 25
Sale of Stock, Number of Shares Issued in Transaction												4,800,000
Preferred Stock, Liquidation Preference Per Share												$ 2,500
Preferred Stock, Dividend Rate, Percentage												8.625%

Interest Expense and Finance Cost (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest expense	$ 136,055	$ 128,696	$ 125,496
Amortization and write-off of deferred financing costs	8,870	7,863	8,242
Other	84	0	237
Interest expense and financing cost	145,009	136,559	133,479
Continuing Operations [Member]
Amortization and write-off of deferred financing costs	$ 8,870	$ 7,863	$ 7,746

Segment Information (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 585,818	$ 416,718	$ 482,449
Interest expense and financing cost	(145,009)	(136,559)	(133,479)
Depreciation and amortization	(61,235)	(71,015)	(81,723)
Equity in net (losses)/earnings of affiliated companies	69,275	(1,293)	(9,185)
Net (loss)/ income attributable to Navios Holdings common stockholders	116,686	(192,961)	(192,110)
Total assets	1,808,778	1,971,325
Goodwill	160,336	160,336
Investment in affiliates	125,744	56,988
Cash and cash equivalents	53,591	94,881
Restricted cash	84,260	16,303
Dry bulk vessels [Member]
Segment Reporting Information [Line Items]
Revenue	362,343	200,794	254,178
Interest income	26	48	9,610
Interest expense and financing cost	(80,450)	(88,237)	(92,948)
Depreciation and amortization	(29,582)	(42,076)	(52,288)
Equity in net (losses)/earnings of affiliated companies	69,275	(1,293)	(9,185)
Net (loss)/ income attributable to Navios Holdings common stockholders	140,651	(192,207)	(209,096)
Total assets	1,200,255	1,316,936	1,511,517
Goodwill	56,240	56,240	56,240
Capital expenditures	(24,950)	(99,068)	(36,628)
Investment in affiliates	125,744	56,988	64,352
Cash and cash equivalents	21,011	20,011	32,386
Restricted cash	84,260	16,303	736
Long-term debt, net (including current and noncurrent portion)	844,134	1,043,839	1,048,318
Administrative fee revenue from affiliate companies			16,991
Logistics Business [Member]
Segment Reporting Information [Line Items]
Revenue	223,475	215,924	228,271
Interest income	230	209	1,052
Interest expense and financing cost	(64,559)	(48,322)	(40,531)
Depreciation and amortization	(31,653)	(28,939)	(29,435)
Equity in net (losses)/earnings of affiliated companies	0	0	0
Net (loss)/ income attributable to Navios Holdings common stockholders	(23,965)	(754)	16,986
Total assets	608,523	654,389	631,338
Goodwill	104,096	104,096	104,096
Capital expenditures	(23,848)	(8,441)	(7,943)
Investment in affiliates	0	0	0
Cash and cash equivalents	32,580	74,870	45,605
Restricted cash	0	0	0
Long-term debt, net (including current and noncurrent portion)	542,350	540,590	514,929
Administrative fee revenue from affiliate companies			0
Total [Member]
Segment Reporting Information [Line Items]
Revenue	585,818	416,718	482,449
Interest income	256	257	10,662
Interest expense and financing cost	(145,009)	(136,559)	(133,479)
Depreciation and amortization	(61,235)	(71,015)	(81,723)
Equity in net (losses)/earnings of affiliated companies	69,275	(1,293)	(9,185)
Net (loss)/ income attributable to Navios Holdings common stockholders	116,686	(192,961)	(192,110)
Total assets	1,808,778	1,971,325	2,142,855
Goodwill	160,336	160,336	160,336
Capital expenditures	(48,798)	(107,509)	(44,571)
Investment in affiliates	125,744	56,988	64,352
Cash and cash equivalents	53,591	94,881	77,991
Restricted cash	84,260	16,303	736
Long-term debt, net (including current and noncurrent portion)	$ 1,386,484	$ 1,584,429	1,563,247
Administrative fee revenue from affiliate companies			$ 16,991

Segment Information - Revenue by Geographic Region (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	$ 585,818	$ 416,718	$ 482,449
Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	585,818	416,718	482,449
North America [Member] \| Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	0	0	2,259
Australia [Member] \| Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	11,905	2,055	0
Europe [Member] \| Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	184,786	132,582	179,009
Asia [Member] \| Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	155,123	63,610	67,468
South America [Member] \| Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	234,004	218,442	232,394
Other [Member] \| Continuing and discontinued operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue by geographic region	$ 0	$ 28	$ 1,319