0001193125-23-080667 | 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) owns (i) a controlling equity stake in Navios South American Logistics Inc. (“Navios Logistics”), one of the largest infrastructure and logistics companies in the Hidrovia region of South America; and (ii) an interest in Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM), a United States publicly listed shipping company that owns and operates dry cargo and tanker vessels.

In September 2022, Navios Holdings completed the sale of its 36-vessel dry bulk fleet consisting of cash and the assumption of bank debt and finance leases related to the vessels, and subject to a working capital adjustment at closing (the “Transaction”), to Navios Partners. The former dry bulk vessel operations were historically a separate reportable segment of the Company. Subsequent to the closing of the Transaction, the results of the dry bulk vessel operations are reported as discontinued operations for all periods presented. For further information see Note 3 “Discontinued operations” in the consolidated financial statements. Upon the closing of the Transaction, the Company has one reportable segment.

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 infrastructure and logistics companies in the Hidrovia region river system, the main navigable river system in the region (the “Hidrovia region”), and on the cabotage trades along the south-eastern coast of South America. Navios Logistics serves its customers in the Hidrovia region through its three existing port storage and transfer facilities (the “Port Terminal Business”). The Port Terminal Business comprises its grain port terminal (the “Grain Port Terminal”), which supports agricultural and forest-related exports; its iron-ore port terminal (the “Iron Ore Port Terminal”), which supports mineral-related exports; and its liquid port terminal (the “Liquid Port Terminal”), with tank storage for refined petroleum products. The Grain Port Terminal and the Iron Ore Port Terminal (together, the “Dry Port Terminal”) are located in Nueva Palmira, Uruguay, and the Liquid Port Terminal is located in San Antonio, Paraguay. Navios Logistics complements these three port terminals with a diverse fleet of 271 barges and 30 pushboats that operate in its barge business (the “Barge Business”), and seven vessels, comprising five tankers, one bunker vessel and one river and estuary product tanker, all of which operate in its cabotage business (“the Cabotage Business”). Navios Logistics provides transportation for dry cargo (cereals, cotton pellets, soybeans, wheat, limestone (clinker), mineral iron, and rolling stones), liquid cargo (hydrocarbons such as crude oil, gas oil, naphtha, fuel oil and vegetable oils) and liquefied cargo (liquefied petroleum gas or “LPG”). As of December 31, 2022, Navios Holdings owned 63.8% of Navios Logistics’ stock.

Navios Partners

Navios Partners 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. Types of commodities Navios Partners transports include crude oil, refined petroleum, chemicals, iron ore, coal, grain, fertilizer and containers. Navios Partners charters its vessels under short-, medium-, and longer-term charters.

On March 31, 2021, Navios Partners acquired Navios Maritime Containers L.P. (“Navios Containers”) in a merger transaction (the “NMCI Merger”). Following the completion of the NMCI Merger Navios Holdings had no equity investment in Navios Containers. For more information about the NMCI Merger, see Note 9 “Investments in Affiliate Companies” to the consolidated financial statements.

On October 15, 2021, Navios Maritime Acquisition Corporation (“Navios Acquisition”) and Navios Partners consummated a merger transaction (the “NNA Merger”). Following the consummation of the NNA Merger, Navios Holdings had no equity investment in Navios Acquisition. For more information about the NNA Merger, see Note 9 “Investments in Affiliate Companies” to the consolidated financial statements.

As of both December 31, 2022 and 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 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, 2022

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”).

Based on internal forecasts and projections that take into account potential changes in the Company’s trading performance 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 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 the Company has the ability to continue as a going concern as of the date of the issuance of the consolidated financial statements.

Following Russia’s invasion of Ukraine in February 2022 the United States, the European Union, the United Kingdom and other countries have announced sanctions against Russia, and may impose wider sanctions and take other actions in the future. To date, no apparent consequences have been identified on the Company’s business. Notwithstanding the foregoing, it is possible that these tensions might eventually have an adverse impact on our business, financial condition, results of operations and cash flows.

(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 sale of its 36-vessel dry bulk fleet completed on September 8, 2022, which resulted in a gain for the Company, represented a strategic shift in Company’s business. Consequently, the results of the previously reported Dry Bulk Vessel Operation, are reported as discontinued operations in the consolidated statements of comprehensive income/(loss) for all the periods presented. For additional information on the Company’s sale of the 36-vessel dry bulk fleet, see Note 3 “Discontinued operations” to the consolidated financial statements.

All references to the dry bulk vessels included in the following accounting policies relate to the periods prior to the completion of the Transaction.

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, 2022 and 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%); and (iv) 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

2022

2021

2020

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 Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios International Inc.

Operating Company

100%

Marshall Is.

1/1 - 7/29

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

NAV Holdings Limited

Sub-Holding Company

100%

Malta

1/1 - 9/8

1/1 - 12/31

Kleimar N.V.

Operating Company/ Vessel Owning Company/ Management Company

100%

Belgium

1/1 - 9/8

1/1 - 12/31

Bulkinvest S.A.

Operating Company

100%

Luxembourg

1/1 - 9/8

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

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 1/1 - 12/31 1/1 - 12/31

Meridian Shipping Enterprises Inc.
Vessel Owning

Company
100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Mercator Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Arc Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Horizon Shipping Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Magellan Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Aegean Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Star Maritime Enterprises Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Corsair Shipping Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Rowboat Marine Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 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 - 9/8 1/1 - 12/31 9/25-12/31

Beaufiks Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 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 1/1 - 12/31 1/1 - 12/31

Shikhar Ventures S.A. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Sizzling Ventures Inc. Operating Company 100% Liberia 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Rheia Associates Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Taharqa Spirit Corp. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Rumer Holding Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Pharos Navigation S.A. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Pueblo Holdings Ltd. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Quena Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 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 - 9/8 1/1 - 12/31 1/1 - 12/31

Navios GP L.L.C. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Red Rose Shipping Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Highbird Management Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Ducale Marine Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Vector Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Faith Marine Ltd. Vessel Owning Company 100% Liberia 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Navios Maritime Finance (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Navios Maritime Finance II (US) Inc. Operating Company 100% Delaware 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Tulsi Shipmanagement Co. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Cinthara Shipping Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Rawlin Services Company Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Mauve International S.A. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Serenity Shipping Enterprises Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 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 1/1 - 12/31 1/1 - 12/31

Navios Holdings Europe Finance Inc. Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Navios Asia LLC Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Iris Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Jasmine Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Emery Shipping Corporation Vessel Owning Company 100% Marshall Is. — — 1/1 - 9/30

Lavender Shipping Corporation Vessel Owning Company 100% Marshall Is. — 1/1 - 6/30 1/1 - 12/31

Roselite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 9/8 1/1 - 12/31 1/1 - 12/31

Smaltite Shipping Corporation Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Motiva Trading Ltd. Operating Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Alpha Merit Corporation Sub-Holding Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Thalassa Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31

Asteroid Shipping S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31

Cloud Atlas Marine S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31

Heodor Shipping Inc. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Pacifico Navigation Corp. Vessel Owning Company 100% Marshall Is. 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31

Rider Shipmanagement Inc. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31

Talia Shiptrade S.A. Operating Company 100% Marshall Is. 1/1 - 7/29 1/1 - 12/31 1/1 - 12/31

Moonstone Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 – 9/8 6/30 - 12/31 —

Opal Shipping Corporation Vessel Owning Company 100% Marshall Is. 1/1 – 9/8 6/30 –12/31 —

Grimaud Ventures S.A. Operating Company 100% Marshall Is. 1/1 – 12/31 7/30-12/31 —

Anafi Shipping Corporation Operating Company 100% Marshall Is. 5/12 – 9/8 — —

(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.

(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 both December 31, 2022 and 2021, within restricted cash are included amounts held as security in the form of letters of guarantee or letters of credit totaling $10. As of December 31, 2022, within restricted cash is also included an amount of $300 as cash collateral in escrow accounts, in relation to certain agreements. As of December 31, 2021, within restricted cash is also included 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. For additional information on restricted cash, see Note 3 “Discontinued operations” to the consolidated financial statements.

(e)   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 stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Cost is calculated using the first in first out method.

(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 estimated 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 were 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 estimated 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 estimated 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, its useful life was 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 had 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 had 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. As of December 31, 2022 and 2021, a total of $3,311 and $713 is included under the caption “Other long-term assets” in the consolidated statement of financial position relating to deposits for vessels, port terminals and other fixed assets. 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, 2022, 2021 and 2020 amounted to $0, $1,062 and $986, and is included in the in the consolidated statement of financial position 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, 2022 and 2021.

(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 determined 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 were reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.

Undiscounted projected net operating cash flows were 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) would 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 did 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 proceeded to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined 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.

Pursuant to the Transaction during the third quarter of 2022, the Company completed the sale of its 21 owned vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements. No impairment losses were recognized on any of Navios Holdings vessels during the year ended December 31, 2022.

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 “Net income/(loss) from discontinued operations” in the consolidated statements of comprehensive income/(loss).

Navios Logistics

Vessels, other fixed assets and other long-lived assets held and used by Navios Logistics are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In accordance with accounting for long-lived assets, management determines projected undiscounted cash flows for each asset group and compares it to its carrying amount. In the event that projected undiscounted cash flows for an asset group is less than its carrying amount, then management reviews fair values and compares them to the asset group’s carrying amount. In the event that impairment occurs, an impairment charge is recognized by comparing the asset group’s carrying amount to its fair value. For the purposes of assessing impairment, long lived-assets are grouped at the lowest levels for which there are separately identifiable cash flows.

During the fourth quarter of 2022, Navios Logistics completed the sale of vessel Malva H for a sale price of $2,186. The impairment loss of $778 (including $732 remaining carrying balance of dry dock costs), being the difference of vessel’s carrying value and fair value, recorded in the third quarter of 2022, is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”. The fair value was determined based on the agreed sale’s price. No impairment triggering events were identified and consequently no impairment loss was recorded on any of the remaining tanker vessels of Navios Logistics during the year ended December 31, 2022. Further, in the third quarter of 2022, Navios Logistics recorded an impairment loss of $2,417 for certain barges, representing the difference between the fair value and the carrying value together with the carrying value of deferred drydock and special survey costs, if any, related to these barges, which is included in the consolidated statements of comprehensive income under the caption “Impairment loss/ loss on sale of vessels, net”. The fair value was determined based on the agreed or expected sale’s price. No impairment loss was recorded on any of the remaining vessels, other fixed assets and other long-lived assets held and used by Navios Logistics for the year ended December 31, 2022.

As of December 31, 2021, management concluded that certain events and circumstances had changed, 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 on any of the remaining vessels, other fixed assets and other long-lived assets held and used by Navios Logistics for the year ended December 31, 2021.

No impairment loss was recorded on any of the vessels, other fixed assets and other long-lived assets held and used by Navios Logistics for the year ended December 31, 2020.

(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, 2022, 2021 and 2020, the amortization of deferred drydock and special survey costs from continuing operations was $4,356, $4,122 and $3,958, 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, 2022, 2021 and 2020 were $3,980, $3,378 and $2,626, 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 and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable.

Navios Holdings evaluated 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. Navios Holdings determined 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 was 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, 2022, goodwill of $56,240 was allocated to the Dry Bulk Vessel Operations, and included in the carrying value of the disposal group, Please refer to Note 3 “Discontinued Operations”. 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,was allocated goodwill of $56,240 and is included in the consolidated statement of financial position under the caption “Non-current assets from discontinued operations”. 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, 2022 and 2021, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $104,096. Management compares the aggregate fair value of the reporting unit to its carrying amount, including goodwill. Goodwill impairment loss is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value. Management determines the fair value of its logistics reporting unit using the income approach (i.e. discounted cash flow method). Management forecasts all the expected net cash flows associated with the reporting unit, which includes the application of a terminal value for the period after forecast, and applies a discount rate to arrive at the fair value. Expected net cash flows include EBITDA and future capital expenditures assumptions. EBITDA assumptions include revenue assumptions, direct and general and administrative expense assumptions. The significant factors and assumptions used in the discounted cash flow analysis include the estimated time charter, voyage and port revenue for the unfixed days, the terminal value, terminal growth rate and the discount rate (i.e. ‘‘WACC’’) used to calculate the present value of future cash flows. The estimated time charter, voyage and port revenue for the unfixed days were determined by considering revenues from existing contracts and estimated revenues for the unfixed days, based on historical performance, including utilization rates and storage capacity. Terminal growth rate was determined by taking into consideration industry and market conditions. 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.

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: Consolidated intangible assets, consist of Navios Holding’s trade name of $44,015 that was allocated to the Dry Bulk Vessel Operations, and included in the carrying value of the disposal group and Navios Logistics customer relationships and port terminal operating rights. The fair value of Navios Holdings 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 was amortized under the straight-line method over 32 years.

The Company reviews its other intangibles such as trade name, customer relationships and port terminal operating rights 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.

As of December 31, 2022, the Company concluded that no events and circumstances occurred that could trigger the existence of potential impairment of the Navios Logistics’ other intangible assets including port terminal operating rights and customer relationships. As a result, step one of impairment assessment was not required as of December 31, 2022.

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 Navios Logistics’ other intangible assets, including 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 Group’s intangible assets as of December 31, 2022, 2021 and 2020.

The weighted average amortization periods for intangibles are:

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

(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, 2022, 2021 and 2020, were $2,658, $2,637 and $574, 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, 2022 and 2021, 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 September 8, 2022 had two reportable segments: the Dry Bulk Vessel Operations segment and the Logistics Business segment. The Company determined that the sale of its 36-vessel dry bulk fleet completed on September 8, 2022, represented a strategic shift in Company’s business. Consequently, following the completion of the disposal, the results of operations of the previously reported Dry -Bulk segment are reported as discontinued operations.

(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, 2022, 2021 and 2020:

		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
COA/Voyage revenue	$	77,798	$	77,485	$	54,005
Time chartering revenue		59,120		41,446		59,236
Dry Port terminal revenue		96,311		78,740		73,112
Storage fees (dry port) revenue		2,233		1,518		3,364
Dockage revenue		6,596		3,876		3,948
Sale of products revenue		5,183		13,776		17,272
Liquid port terminal revenue		7,010		5,734		4,606
Other		1,146		901		382
Total	$	255,397	$	223,476	$	215,925

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.

Pursuant to an administrative services agreement dated August 29, 2019 (the “Administrative Services Agreement”), these services are provided by NSM. 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, upon the occurrence of certain events. 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. Prior to the Transaction, 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 ship management services fees provided by the Manager was a fixed rate of $3.7 per day per owned/bareboat-in vessel until August 2021, $3.8 per day per owned/bareboat-in vessel until August 2022 and $3.9 per day until the closing of the Transaction on September 8, 2022. The fee for the ship management services provided by the Manager was a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement were reimbursed by Navios Holdings at cost. The agreement also provided for payment of a termination fee by Navios Holdings, 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, upon the occurrence of certain events. No such fees were triggered.

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 presented under the caption “Prepaid and other current assets”.

(s)  Employee benefits:

Stock-Based Compensation: In December 2022, December 2021 and December 2020, 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 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.

(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. Navios Holdings, through its access to NSM policies and personnel, has policies designed to limit trading to customers and counterparties with an appropriate credit history. Credit risk with respect to accounts receivable is reduced by the Company by rendering services to established international operators. Management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables.

Liquidity Risk: Prudent liquidity risk management 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) under the captions “Other income” and/or “Other expnese” as applicable.

(u)  Earnings/(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 (excluding restricted shares) 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. Diluted income per common share is calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. The as converted number of common shares under the Convertible Debenture are deemed participating securities. Earnings are only allocated to participating securities in a period of net income (including income from continued and discontinued operations). See also Note 19 “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, 2022, 2021 and 2020 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. Scales are updated annually as per inflation. 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 76 million Argentinean pesos or $429, 30% on any taxable profit between 8 million Argentinean pesos or $42 and 76 million Argentinean pesos or $429, and 25% on any taxable profit below 8 million Argentinean pesos or $42. The enacted 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, 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, 2022, 2021 and 2020, and $0 to its preferred stockholders during each year ended December 31, 2022, 2021 and 2020. 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 ADSs”) and Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H ADSs” and, together with the Series G, the “Series G ADSs and H ADSs”). 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”.

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 were 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 was determined as the difference between the carrying value and the fair value of the asset group. Navios Holdings determined 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 were reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.

Undiscounted projected net operating cash flows were 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 was required, the analysis included the use of discounted cash flows which includes various assumptions, including the Company’s WACC.

If management determined that step two of the impairment analysis was required for any of our asset groups, a discounted cash flow analysis using the Company’s WACC was performed. 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. Where the undiscounted projected net operating cash flows for each asset group did 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 proceeded to perform step two of the impairment assessment.

Pursuant to the Transaction during the third quarter of 2022, the Company completed the sale of its 15 charter-in and bareboat-in vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements.

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 effect on 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 “Net income/(loss) from discontinued operations” 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. As of December 31, 2022, 2021 and 2020, the balance of convertible preferred stock was nil0. 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 ADSs and the 4,800,000 American Depositary Shares, Series H ADSs are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G ADSs, 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 ADSs at a rate of 8.75% per annum and on the Series H ADSs 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 ADSs may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H ADSs 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 ADSs and H ADSs, see Note 17 “Preferred and Common Stock” in the consolidated financial statements.

(ad) Convertible Debenture and Series I Preferred Stock: Concurrently with the refinancing of the NSM loans I & II, Navios Holdings entered into a convertible debenture with NSM (the “Convertible Debenture”) covering certain payments under the NSM Loans including an upfront fee of $24,000, accrued interest, and prepayment fees. NSM 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. In accordance with the terms of the Convertible Debenture, on January 3, 2022, Navios Holdings issued 1,000 shares of preferred stock (the “Series I Preferred Stock”), which have no voting and no economic rights. The Convertible Debenture was deemed to be a single liability instrument at inception under ASC 480, as the preferred shares embody an unconditional obligation that the issuer may settle by issuing a variable number of its equity shares with a monetary value that is determinable. Payments/PIK to holders are reported as interest cost and accrued but not-yet-paid payments increase the balance of the convertible debenture. The Convertible Debenture was accounted for under ASU 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), amounts to $118,833 and nil0 as of December 31, 2022 and 2021, respectively, and is presented under the caption “Convertible debenture payable to affiliate companies” in the consolidated balance sheets. The Series I Preferred Stock represents 29,945,271 shares of common stock issuable as of December 31, 2022 which are deemed outstanding for voting purposes. The as converted number of common shares are deemed to be participating securities for the purposes of earning per share calculation.

(ae)  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 II (through its liquidation in June 2020) 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.

(af)  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.

(ag)  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, 2024. Following the deferral of the sunset date of topic 848, as amended by ASU 2022 06. There was no material impact to the Company's consolidated financial statements as of December 31, 2022.

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 were effective for fiscal years beginning after December 15, 2021. The adoption of this ASU on January 1, 2022 did not have a material impact on the Company’s 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 were effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this ASU on January 1, 2022 through the modified retrospective method did not have a material impact on the Company’s consolidated financial statements.

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 3: DISCONTINUED OPERATIONS Discontinued Operations

In September 2022, Navios Holdings completed the sale of its 36-vessel dry bulk consisting of cash and the assumption of bank debt and finance leases related to the vessels and subject to working capital adjustment at closing, to Navios Partners (the “Transaction”). The closing of the Transaction was effected in two tranches. The first tranche, involving the transfer of 15 charter-in and bareboat vessels, was completed on July 29, 2022. The second tranche, involving the remaining 21 owned vessels, was completed on September 8, 2022. The net cash proceeds of $370,638 were used (i) to repay $262,632 under the NSM Loans and (ii) to fully redeem the outstanding balance of $80,000 under the 2022 Senior Secured Notes at maturity on August 15, 2022.

The difference between the cash consideration received from the disposal and the carrying value of the disposed component resulted in a gain on sale of $169,631 and is included in the consolidated statements of comprehensive income under the caption “Net income/(loss) from discontinued operations”.

The gain on sale was calculated as follows:

Amounts recorded in respect of discontinued operations in the years ended December 31, 2022, 2021 and 2020, respectively are as follows:


		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Revenue	$	204,981	$	362,342	$	200,793
Time charter, voyage and logistics business expenses		(38,515)		(85,412)		(103,592)
Direct vessel expenses		(30,686)		(47,753)		(52,049)
General and administrative expenses		(11,408)		(14,285)		(16,843)
Depreciation and amortization		(18,135)		(29,581)		(42,076)
Interest expense and finance cost, net		(58,791)		(79,584)		(87,345)
Impairment loss/loss on sale of vessels, net		—		(25,861)		(88,367)
(Loss)/gain on bond extinguishment, net		(221)		951		11,204
Impairment loss for Navios Europe II		—		—		(6,050)
Non-operating other finance cost		(61,730)		—		—
Gain on sale of shipping business		169,631		—		—
Other expense, net		(8,967)		(5,561)		(1,634)
Income tax expense		(53)		(98)		(187)
Net income/(loss) from discontinued operations	$	146,106	$	75,158	$	(186,146)

Assets and liabilities in respect of discontinued operations presented within the consolidated balance sheet as of December 31, 2022 and 2021 are as follows:

		December 31, 2022	December 31, 2021
Cash and cash equivalent	$	—	$	224
Restricted cash		—		84,250
Accounts receivable, net		3,489		9,186
Inventories		—		3,052
Other current assets		—		9,986
Vessels and other fixed assets, net		—		427,386
Deferred dry dock and special survey costs, net		—		23,467
Operating Lease assets		—		164,267
Goodwill		—		56,240
Intangible assets other than goodwill		—		44,015
Other non-current assets		—		35,689
Total assets of discontinued operations	$	3,489	$	857,762
Accounts payable		3,692		6,234
Accrued expenses and other liabilities		1,825		16,122
Deferred income and cash received in advance		—		5,448
Due to related parties, net		565		20,643
Operating lease liabilities, including current portion		—		189,828
Long-term debt, net, including current portion		—		113,641
Senior and ship mortgage notes, including current portion		—		455,393
Total liabilities of discontinued operations	$	6,082	$	807,309

Borrowings

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 (the “2022 Notes”). 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.

In January 2022, the Company fully repaid the outstanding balance of $455,466 on the 2022 Notes 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 2022 Notes held by the Company that had previously been pledged as collateral to NSM, were canceled.

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 dry bulk vessels. On January 5, 2022, the amount under this facility was fully drawn. The loan bore interest at a rate of LIBOR plus a margin, which ranged 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 was 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 required compliance with certain covenants.

As of September 8, 2022, the outstanding balance of the secured credit facility was assumed by Navios Partners pursuant to the Transaction.

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 dry bulk vessels. On January 5, 2022, the amount under this facility was fully drawn. The loan bore interest at a rate of LIBOR plus a margin, which ranged from 2.85% per annum to 3.75% per annum. The loan was 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 required compliance with certain covenants.

As of September 8, 2022, the outstanding balance of the secured credit facility was assumed by Navios Partners pursuant to the Transaction.

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. Navios Holdings had no purchase obligation to acquire the vessels at the end of the lease term, however, it was reasonably certain that respective purchase options would be exercised and under ASC 842-40, the transfer of the vessels were 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.

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 of sale and leaseback agreements were repayable by 96 consecutive payments of approximately $481 each, commencing as of December 2021. One sale and leaseback agreement was 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 for each of the two sale and leaseback agreements and $3,500 for one sale and leaseback agreement on the last repayment date. The fourth sale and leaseback agreement amounting to $19,000 was drawn down in January 2022, and was repayable by 84 consecutive monthly payments of approximately $643. The fourth sale and leaseback agreement matured 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 sale and leaseback agreement amounting to $12,000 was drawn down in March 2022, and was repayable by 60 consecutive monthly payments of approximately $521. The sale and leaseback agreement matures in the first quarter of 2027 with a balloon payment of $1,600.

In the third quarter of 2022, Navios Holdings completed the acquisition of a previously chartered-in vessel, Navios Sky. In the third quarter of 2022, the Company entered into a sale and leaseback agreement to finance the vessel. The sale and leaseback agreement amounted to $22,000 was drawn down in the third quarter 2022, and was repayable by 120 consecutive monthly payments of approximately $158. The sale and leaseback agreement matures in the third quarter of 2032 with a balloon payment of $3,000.

The sale and leaseback agreements had no financial covenants.

As of September 8, 2022, the outstanding balances of the sale and leaseback agreements were assumed by Navios Partners pursuant to the Transaction.

Cash and Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2022

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, 2022	December 31, 2021
Cash on hand and at banks	$	32,851	$	53,323
Short-term deposits and highly liquid funds		45,690		44
Restricted cash		310		10
Cash and cash equivalents and restricted cash	$	78,851	$	53,377

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, 2022

Accounts Receivable Net

Accounts Receivable, net

NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts Receivable, net

Accounts receivable consisted of the following:


	December 31, 2022		December 31, 2021
Accounts receivable	$	49,841	$	56,928
Less: Allowance for credit losses		(3,347)		(3,275)
Accounts receivable, net	$	46,494	$	53,653

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, 2020	$	(2,489)	$	(541)	$	146	$	(2,884)
Year ended December 31, 2021	$	(2,884)	$	(391)	$	—	$	(3,275)
Year ended December 31, 2022	$	(3,275)	$	(320)	$	248	$	(3,347)

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, 2022, two customers accounted for 20.9% and 13.4% respectively, of the Company’s revenue from continuing operations. For the year ended December 31, 2021, two customers accounted for 23.3% and 10.3%, respectively, of the Company’s revenue from continuing operations. For the year ended December 31, 2020, one customer accounted for 31.7% of the Company’s revenue from continuing operations.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021
Prepaid voyage and operating costs	$	3,408	$	3,126
Claims receivable		419		(30)
Prepaid other taxes		2,881		1,084
Other		1,560		2,928
Total prepaid expenses and other current assets	$	8,268	$	7,108

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, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Vessels, Port Terminals and Other Fixed, Net

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

Tanker vessels, barges and pushboats (Navios Logistics)		Cost		Accumulated Depreciation		Net Book Value
Balance January 1, 2020	$	526,051	$	(200,756)	$	325,295
Additions		1,931		(18,278)		(16,347)
Write-down		(308)		—		(308)
Balance December 31, 2020	$	527,674	$	(219,034)	$	308,640
Additions		2,445		(20,763)		(18,318)
Impairment loss		(27,339)		5,373		(21,966)
Transfers from other long-term assets		51,461		—		51,461
Balance December 31, 2021	$	554,241	$	(234,424)	$	319,817
Additions		6,130		(20,998)		(14,868)
Impairment loss		(14,920)		12,457		(2,463)
Sale of vessel		(2,186)		—		(2,186)
Balance December 31, 2022	$	548,640	$	(248,004)	$	300,300

Port Terminals (Navios Logistics)
Cost
Accumulated

Depreciation

Net Book

Value

Balance January 1, 2020 $ 253,962 $ (46,961) $ 207,001

Additions 870 (7,216) (6,346)

Write offs (88) 76 (12)

Balance December 31, 2020 $ 254,744 $ (54,101) $ 200,643

Additions 1,520 (7,629) (6,109)

Disposal (130) 169 39

Transfers from other long-term assets 5,646 — 5,646

Balance December 31, 2021 $ 261,780 $ (61,561) $ 200,219

Additions 792 (7,735) (6,943)

Balance December 31, 2022 $ 262,572 $ (69,296) $ 193,276

Other fixed assets (Navios Logistics)
Cost
Accumulated Depreciation

Net Book Value

Balance January 1, 2020 $ 7,831 $ (4,960) $ 2,871

Additions 488 (672) (184)

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

Additions 384 (491) (107)

Balance December 31, 2021 $ 8,703 $ (6,123) $ 2,580

Additions 22 (207) (185)

Disposals (52) — (52)

Balance December 31, 2022 $ 8,673 $ (6,330) $ 2,343

Total (Navios Logistics) Cost Accumulated Depreciation Net Book Value

Balance January 1, 2020 $ 787,844 $ (252,677) $ 535,167

Additions 3,289 (26,166) (22,877)

Write-down (396) 76 (320)

Balance December 31, 2020 $ 790,737 $ (278,767) $ 511,970

Additions 4,349 (28,883) (24,534)

Disposal (130) 169 39

Impairment loss (27,339) 5,373 (21,966)

Transfers from other long-term assets 57,107 — 57,107

Balance December 31, 2021 $ 824,724 $ (302,108) $ 522,616

Additions 6,944 (28,940) (21,996)

Impairment loss (14,920) 12,457 (2,463)

Sale of vessel (2,186) — (2,186)

Disposals (52) — (52)

Balance December 31, 2022 $ 814,510 $ (318,591) $ 495,919

On September 8, 2022, the Company completed the sale of its 21 owned vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements.

Navios Logistics

Since 2018, Navios Logistics has acquired approximately 9.0 hectares of undeveloped land located in Port Murtinho, Brazil for a total cost of $1,580. Navios Logistics plans to develop this land for its port operations.

Deposits for Vessels and Port Terminals Acquisitions

As of December 31, 2022, Navios Logistics has paid $1,907 for the construction of a new stockpile in its Iron Ore Port Terminal and is included under the caption “Other long-term assets” in the consolidated statement of financial position.

As of December 31, 2022, and 2021, Navios Logistics has paid $807 and $713, respectively, for capitalized expenses for the development of its port operations in Port Murtinho, Brazil, which was included in the consolidated statement of financial position under the caption “Other long-term assets”.

As of December 31, 2022, Navios Logistics has paid $597 for the construction of a crane in the Iron Ore Port Terminal, which is included under the caption “Other long-term assets”.

During the first quarter of 2021, Navios Logistics completed the construction of six liquid barges. As of December 31, 2021, a total of $19,501 had been transferred to “Vessels, port terminals and other fixed assets, net” in the consolidated statement of financial position, of which capitalized interest amounted to $1,062.

During the first quarter of 2021, Navios Logistics completed the construction of two new tanks in its Liquid Port Terminal. As of December 31, 2021, a total of $1,843 had been transferred to “Vessels, port terminals and other fixed assets, net” in the consolidated statement of financial position.

During the second quarter of 2021, Navios Logistics completed the construction of a crane in its Grain Port Terminal. As of December 31, 2021, a total of $3,803 was transferred to “Vessels, port terminals and other fixed assets, net” in the consolidated statement of financial position.

Impairment Loss/ Loss on Sale of Vessels, Net

As of December 31, 2022, Navios Logistics completed the sale of vessel Malva H for a sale price of $2,186. The impairment loss of $778 (including $732 remaining carrying balance of dry dock costs) is included in the consolidated statements of comprehensive income/(loss) under the caption “Impairment loss/ loss on sale of vessels, net”. The fair value of the vessel was determined to $2,186 based on the concluded sale price. The Company completed the sale of the Malva H, to an unrelated third party in October 2022.

In 2022, Navios Logistics recorded an impairment loss of $2,417 for certain barges, representing the difference between the fair value and the carrying value together with the carrying value of deferred drydock and special survey costs, if any, related to these barges, which is included in the consolidated statements of comprehensive income under the caption “Impairment loss/ loss on sale of vessels, net”. The fair value was determined based on the agreed or expected sale’s price.

Assets Acquisitions

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

Intangible Assets other than Goodwill

12 Months Ended

Dec. 31, 2022

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, 2022

December 31, 2022	Acquisition Cost		Accumulated Depreciation		Net Book Value
Port terminal operating rights	$	53,152	$	(15,832)	$	37,320
Customer relationships		36,120		(27,247)		8,873
Total intangible assets	$	89,272	$	(43,079)	$	46,193

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

December 31, 2021	Acquisition Cost		Accumulated Depreciation		Net Book Value
Port terminal operating rights	$	53,152	$	(14,834)	$	38,318
Customer relationships		36,120		(25,472)		10,648
Total intangible assets	$	89,272	$	(40,306)	$	48,966

Amortization expense the years ended December 31, 2022, 2021 and 2020 were as follows:

	Amortization Expense Year Ended December 31, 2022		Amortization Expense Year Ended December 31, 2021		Amortization Expense Year Ended December 31, 2020
Port terminal operating rights	$	998	$	998	$	998
Customer relationships		1,775		1,774		1,775
Total	$	2,773	$	2,772	$	2,773

The remaining aggregate amortization of acquired intangibles as of December 31, 2022 was as follows:

Description	Within one year		Year Two		Year Three		Year Four		Year Five		Thereafter		Total
Port terminal operating rights	$	995	$	995	$	995	$	995	$	995	$	32,345	$	37,320
Customer relationships		1,775		1,775		1,775		1,775		1,773		—		8,873
Total amortization	$	2,770	$	2,770	$	2,770	$	2,770	$	2,768	$	32,345	$	46,193

Investments in Affiliate Companies

12 Months Ended

Dec. 31, 2022

Investments in and Advances to Affiliates [Abstract]

Investments in Affiliate Companies

NOTE 9: INVESTMENTS IN AFFILIATE COMPANIES Investments in Affiliate Companies

Navios Partners

On August 7, 2007, Navios Holdings formed Navios Partners under the laws of the Republic of 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”).

As of December 31, 2022 and 2021 Navios Partners has issued 7,687,730 units, for both periods through its Continuous Offering Programs entered into from time to time. Pursuant to the issuance of common units, Navios Partners issued 156,895 general partnership units to its general partner both as of December 31, 2022 and 2021, in order to maintain its 2.0% general partnership interest.

As of December 31, 2022 and 2021, as a result of the NMCI Merger and NNA Merger, Navios Holdings holds a total of 3,183,199 common units representing a 10.3% interest in Navios Partners, and the investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C.

As of December 31, 2022 and 2021, the carrying amount of the investment in Navios Partners was $99,292 and $125,744, respectively. During the year ended December 31, 2022, the Company recognized an other-than-temporary impairment loss (“OTTI”) of $97,688 relating to its investment in Navios Partners, as the decline in fair value of the investment to below its carrying value is not considered temporary. The amount was included under the caption “Equity in net (losses)/earnings of affiliate companies”.

As of December 31, 2022 and 2021, 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 $142,080 and $56,351, respectively. As a result of the OTTI loss recorded as at September 30, 2022, the Company recomputed this difference to be amortized in future period through “Equity in net (losses)/earnings of affiliate companies” over the remaining life of the tangible and intangible assets of Navios Partners.

Total equity method (loss)/income of $(25,815), including OTTI, $66,745 and $5,466 were recognized under the caption “Equity in net (losses)/earnings of affiliate companies” for the years ended December 31, 2022, 2021 and 2020, respectively.

Dividends received during the years ended December 31, 2022, 2021 and 2020 were $637, $519, and $1,449, respectively.

As of December 31, 2022, the market value of the investment in Navios Partners was $82,636. 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 additional impairment was recorded during the forth quarter of 2022.

Navios Acquisition

On August 25, 2021, Navios Partners entered into an Agreement and Plan of Merger with Navios Acquisition.

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 Ship Mortgage Notes. The redemption date for the Navios Acquisition 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 common units 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.

Upon completion of the NNA Merger, Navios Holdings derecognized its investment in Navios Acquisition.

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

Total equity method income of nil,0 $1,944 and $13,129, was recognized under the caption “Equity in net (losses)/earnings of affiliate companies” for the years ended December 31, 2022, 2021 and 2020, respectively.

Dividends received for each of the years ended December 31, 2022, 2021 and 2020 were $0, $243 and $5,838.

Navios Containers

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

On January 4, 2021, Navios Containers and Navios Partners announced that they had entered into a definitive merger agreement. 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.

Upon completion of the NMCI Merger, as of March 31, 2021, Navios Holdings derecognized its investment in Navios Containers.

Total equity method income of nil,0 $595 and $130 was recognized under the caption “Equity in net (losses)/earnings of affiliate companies” for the years ended December 31, 2022, 2021 and 2020, respectively.

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)/earnings of affiliate companies” over the remaining life of Navios Europe II.

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

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, 2022, 2021 and 2020, respectively.

As of December 31, 2022, 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 Navios Partners met the significance threshold requiring summarized financial information of all affiliate companies being presented.

Summarized financial information of the affiliate companies is presented below:

Balance sheet – Navios Partners	December 31, 2022		December 31, 2021
Cash and cash equivalents, including restricted cash	$	175,098	$	169,446
Current assets	$	310,424	$	226,340
Non-current assets	$	4,585,280	$	3,396,959
Current liabilities	$	617,740	$	395,505
Long- term debt including current portion, net	$	1,945,447	$	1,361,709
Non-current liabilities	$	1,935,001	$	1,458,069

	December 31, 2022
Income Statement	Navios Partners		Navios Acquisition			Navios Containers
Revenue	$	1,210,528	$	—	$	—
Net income	$	579,247	$	—	$	—

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

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 consisted of the following:


		December 31, 2022	December 31, 2021
Payroll	$	7,352	$	7,912
Accrued interest		23,354		30,004
Accrued voyage expenses		646		771
Audit fees and related services		235		—
Accrued taxes		7,647		9,032
Professional fees		577		143
Other accrued expenses		41		475
Total accrued expenses	$	39,852	$	48,337

Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

NOTE 11: BORROWINGS Borrowings

Borrowings as of December 31, 2022 and 2021 consisted of the following:

*Navios Holdings borrowings*		December 31, 2022	December 31, 2021
2022 Senior Secured Notes		—		155,000
2024 Notes		8,626		8,626
NSM Loan (incl. accrued interest $306 and $526, respectively)		—		48,879
$115.0 million NSM Loan (incl. accrued interest $571)		—		64,630
Convertible Debenture		118,833		—
Total Navios Holdings borrowings	$	127,459	$	277,135

*Navios Logistics borrowings*		December 31, 2022	December 31, 2021
2025 Logistics Senior Notes		500,000		500,000
Navios Logistics Notes Payable		7,677		12,463
2022 Navios Logistics BBVA Facility		22,530		—
2022 Navios Logistics Alpha Bank Loan		6,300		—
Navios Logistics BBVA Facility		—		12,000
Navios Logistics Alpha Bank Loan		—		7,700
Navios Logistics Santander Facility		4,125		—
Seller’s Credit Agreement for the construction of six liquid barges		8,753		11,213
Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet		10,000		15,000
Total Navios Logistics borrowings	$	559,385	$	558,376

*Total*		December 31, 2022	December 31, 2021
Total borrowings	$	686,844	$	835,511
Less: current portion, net		(23,544)		(130,693)
Less: deferred finance costs and discount, net		(12,090)		(18,061)
Total long-term borrowings	$	651,210	$	686,757

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 (the “2022 Senior Secured Notes”), at a price of 97%.

On March 18, 2022, June 6, 2022 and June 30, 2022 the Company issued a notice of redemption with respect to an aggregate principal amount of $25,000, $15,000 and $10,000 respectively 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, June 16, 2022 and July 10, 2022, respectively.

In August 2022, the Company fully redeemed the outstanding balance of $80,000 on the 2022 Senior Secured Notes using cash received from the Transaction and the amount of $142 relating to deferred financing costs was written off. For further information see Note 3 “Discontinued operations” in the consolidated financial statements.

During the year ended December 31, 2021, the Company redeemed an aggregate principal amount of $150,000 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 respective redemption dates. For the year ended December 31, 2021, the Company wrote off $1,777 of deferred financing costs associated with the redemptions and is included in the consolidated statement of comprehensive income under the caption “Net income/(loss) from discontinued operations”.

No redemptions incurred during the year ended December 31, 2020.

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 ADSs (as defined herein) which were validly tendered as of that date.

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

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

NSM Loan I

In December 2021, Navios Holdings entered into an amended and restated loan agreement to the existing NSM Loan (as defined herein) 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 represented borrowings already made available to the Company under the NSM Loan and the second tranche of $79,059 represented new borrowings made available, in exchange for the release by NSM of certain existing collateral.

In the third quarter of 2022, the outstanding balance under NSM Loan I was fully repaid using cash received from the Transaction. Such repayment was mandatory as per the terms of the loan agreement. The amount of $14,853 of accrued payment in kind (“PIK”) interest at 18% is included under the caption “Convertible debenture payable to affiliate companies”. For further information see Note 16 “Transactions with Related Party” 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 (as defined herein) 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 represented outstanding borrowings already made available under the $115.0 million NSM Loan and the second tranche of $70,941 represented new borrowings made available, in exchange for the release by NSM of certain existing collateral.

In the third quarter of 2022, the outstanding balance under NSM Loan II was fully repaid using cash received from the Transaction. Such repayment was mandatory as per the terms of the loan agreement. The amount of $15,759 of accrued PIK interest at 18% is included under the caption “Convertible debenture payable to affiliate companies”. For further information see Note 16 “Transactions with Related Party” in the consolidated financial statements.

Upon completion of the refinancing in January 2022, NSM received an upfront fee of $24,000 in respect of the NSM Loan I and the NSM Loan II in the form of a Convertible Debenture that is included in the consolidated statement of comprehensive income under the caption “Non-operating other finance cost”. The agreements also provided for prepayment premiums ranging from 5%-10% during the first 36 months of the term which was payable in the form of an increase to the outstanding principal amount of Convertible Debenture, as described below.

Convertible Debenture

In December 2021, Navios Holdings entered into a convertible debenture with NSM, covering certain payments under the NSM Loans including an upfront fee of $24,000, accrued interest, and prepayment fees. NSM 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 , maturing in 2027, and bears interest at the rate of 4% PIK, payable at maturity, if not earlier converted into shares of our common stock. As of December 31, 2022, the total outstanding balance of the Convertible Debenture amounted to $118,833, which consists of (i) the upfront fee of $24,000, (ii) $14,853 being the accrued PIK interest at 18% on the NSM Loan I, (iii) $15,759 being the accrued PIK interest at 18% on the NSM Loan II, (iv) $2,491 being the 4% PIK interest on the Convertible Debenture and (v) $61,730 being the applicable prepayment fee (as defined in the NSM Loans) incurred in connection with the repayments of the NSM Loan I and NSM Loan II described above, which prepayment fee was paid via increasing the outstanding principal amount of the Convertible Debenture and is included under the caption “Net income/(loss) from discontinued operations”. The Convertible Debenture that was recognised as a single liability instrument is presented under the caption “Convertible debenture payable to affiliate companies”. For information on the Convertible Debenture, see Note 16 “Transactions with Related Parties” and Note 17 “Preferred and Common Stock” in the consolidated financial statements.

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 “Loss 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 “Loss on bond and debt extinguishment, net”.

2025 Logistics Senior Notes

On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics (the “Logistics Co-Issuers”) issued $500,000 in aggregate principal amount of senior secured notes due on July 1, 2025, at a fixed rate per annum of 10.75% (the “2025 Logistics Senior Notes”).

The 2025 Co-Issuers have the option to redeem the 2025 Notes in whole or in part, at any time on or after August 1, 2022, at a fixed price of 108.063% of the principal amount, which declines to 102.688% on August 1, 2023 and to par on August 1, 2024. 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, 2022.

As of December 31, 2022 and 2021, deferred financing costs associated with the 2025 Logistics Senior Notes amounted to $12,018 and $15,927, 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 pays interest equal to six-month LIBOR and will convert to the Commercial Interest Reference Rates (“CIRR”) or Secured Overnight Financing Rate (“SOFR”), to be agreed with the bank within 2023. The unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A. As of December 31, 2022, Navios Logistics had drawn the total available amount and the outstanding balance of Navios Logistics Notes Payable was $7,677.

2022 Navios Logistics Alpha Bank Loan

On February 28, 2022, Navios Logistics entered into a $7,000 loan facility with Alpha Bank (the “2022 Navios Logistics Alpha Bank Loan”) in order to repay existing debt under the Navios Logistics Alpha Bank Loan. The 2022 Navios Logistics Alpha Bank Loan bears interest at a rate of SOFR plus 315 basis points. The 2022 Navios Logistics Alpha Bank Loan is repayable in twelve quarterly installments, beginning on August 18, 2022, with a final balloon payment of $2,800 on the last repayment date. On May 18, 2022, the amount available under this facility was fully drawn. As of December 31, 2022, the outstanding amount of the 2022 Term Bank Loan was $6,300. As of December 31, 2022 and December 31, 2021, unamortized deferred finance costs associated with the 2022 Navios Logistics Alpha Bank Loan amounted to $72 and $99, respectively.

Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics Alpha Bank Loan as of December 31, 2022.

2022 Navios Logistics BBVA Facility

On March 23, 2022, Navios Logistics entered into a $25,000 loan facility with Banco Bilbao Vizcaya Argentaria (the “2022 Navios Logistics BBVA Facility”) which was drawn down in two tranches. The first tranche of $17,000 was drawn down on March 22, 2022 and the second tranche of $8,000 was drawn down on September 22, 2022. The 2022 Navios Logistics BBVA Facility was used to repay existing debt with BBVA and for general corporate purposes. The 2022 Navios Logistics 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 December 31, 2022, the outstanding balance was $22,530.

Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics BBVA Facility as of December 31, 2022.

Navios Logistics Santander Facility

On March 25, 2022, Navios Logistics entered into a $5,000 loan facility with Banco Santander S.A. (the “Navios Logistics Santander Facility”) for general corporate purposes. The Navios Logistics Santander Facility 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 December 31, 2022, Navios Logistics had drawn the total available amount and the outstanding balance was $4,125.

Navios Logistics was in compliance with the covenants set forth in the 2022 Navios Logistics Santander Facility as of December 31, 2022.

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, 2022, Navios Logistics had drawn the total available amount and the outstanding balance was $8,753.

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, 2022, the outstanding balance was $10,000.

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.

During the year ended December 31, 2022, the Company paid $78,584 related to its secured credit facilities and sale and leaseback agreements, $332,013 related to amounts assumed by Navios Partners due to the Transaction as discussed above and $375,264 related to NSM Loans. During the year ended December 31, 2022, the proceeds from the NSM Loans were $262,632, the proceeds from long term debt were $243,725 and the proceeds from the three sale and leaseback agreements were $53,000. The above payments and proceeds include debt from continuing and discontinued operations.

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 above payments and proceeds include debt from continuing and discontinued operations.

During the year ended December 31, 2020, the Company in relation to its secured credit facilities paid $28,582 related to scheduled repayment installments, $38,556 related to the prepayment of two of Navios Holdings’ credit facilities and $97,500 related to the prepayment of Navios Logistics’ Term Loan B Facility. During the year ended December 31, 2020, the proceeds from the Sale and Leaseback Agreements for Navios Holdings were $66,862, net of deferred financing costs, the proceeds from the New BBVA Facility were $13,625 and the proceeds from Seller’s Credit Agreement for the construction of six liquid barges were $11,229.

The annual weighted average interest rates of the Company’s total borrowings were 9.84%, 8.78% and 7.89% for the years ended December 31, 2022, 2021 and 2020, respectively, including discontinued operations.

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, 2022, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities.

Borrowings - Principal payments (Table)

Year

2023 $ 23,574

2024 29,975

2025 514,124

2026 338

2027 and thereafter 118,833

Total $ 686,844

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

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Fair Value of Financial Instruments

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

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. As of December 31, 2022, the 2025 Logistics Senior Notes and four Navios Logistics’ loans are fixed rate borrowings and their fair value was determined based on quoted market prices. As of December 31, 2021, the 2025 Logistics Senior Notes, the 2022 Senior Secured Notes and two Navios Logistics’ loans were 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.

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

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

	December 31, 2022				December 31, 2021
	Book Value		Fair Value		Book Value		Fair Value
Cash and cash equivalents	$	78,541	$	78,541	$	53,367	$	53,367
Restricted cash	$	310	$	310	$	10	$	10
Senior and ship mortgage notes, net	$	(496,608)	$	(491,976)	$	(646,538)	$	(690,400)
Long-term debt, including current portion	$	(59,313)	$	(59,385)	$	(58,278)	$	(58,376)
Loans payable to affiliate companies, including current portion	$	—	$	—	$	(112,634)	$	(113,509)
Convertible debenture payable to affiliate companies⁽²⁾	$	(118,833)	$	(118,833)	$	—	$	—

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

As of December 31, 2022 and 2021, there were no assets measured at fair value on a recurring basis.

As of December 31, 2022, there were no assets measured at fair value on a non-recurring basis.

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.

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, 2022
	Total		(Level I)		(Level II)		(Level III)
Cash and cash equivalents	$	78,541	$	78,541	$	—	$	—
Restricted cash	$	310	$	310	$	—	$	—
Senior and ship mortgage notes	$	(491,976)	$	(483,350)	$	(8,626)	$	—
Long-term debt, including current portion⁽¹⁾	$	(59,385)	$	—	$	(59,385)	$	—
Convertible debenture payable to affiliate companies⁽²⁾	$	(118,833)	$	—	$	(118,833)	$	—


	Fair Value Measurements at December 31, 2021
	Total		(Level I)		(Level II)		(Level III)
Cash and cash equivalents	$	53,367	$	53,367	$	—	$	—
Restricted cash	$	10	$	10	$	—	$	—
Senior and ship mortgage notes	$	(690,400)	$	(681,774)	$	(8,626)	$	—
Long-term debt, including current portion⁽¹⁾	$	(58,376)	$	—	$	(58,376)	$	—
Loans payable to affiliate companies, including current portion	$	(112,634)	$	—	$	(112,634)	$	—

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

(2)
The fair value of the Company’s loans payable to affiliate companies and Convertible Debenture 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, 2022

Share-Based Payment Arrangement [Abstract]

Employee Benefit Plans

NOTE 13: EMPLOYEE BENEFIT PLANS Employee Benefit Plans

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, 2022, 2021 and 2020. As of December 31, 2022, 250,000 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, 2022, 2021 and 2020, 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, 2022 was $2.94.

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 effect of compensation expense arising from the stock-based arrangements described above amounted to $171, $589 and $1,268 for the years ended December 31, 2022, 2021 and 2020, 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 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, 2021	350,000	$	12.0	1.66		2,730
Vested at December 31, 2021	—		—	—		—
Exercisable at December 31, 2021	—		—	—		—
Forfeited or expired	(100,000)		—	—		(552)
Outstanding as of December 31, 2022	250,000	$	12.0	0.68		2,179
Restricted stock and restricted stock units
Non Vested as of December 31, 2021	171,412	$	—	1.17		667
Granted	80,000		—	—		211
Vested	(131,504)		—	—		(526)
Forfeited or expired	(37,907)		—	—		(100)
Non Vested as of December 31, 2022	82,001	$	—	3.93		252

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 $146, respectively, as of December 31, 2022 and is expected to be recognized over the weighted average period of 2.93 years.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14: COMMITMENTS AND CONTINGENCIES Commitments and Contingencies

As of December 31, 2022, 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.

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 expired on March 1, 2023 and expects to be renewed under similar terms and conditions.

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 and 2022, Navios Logistics collected the first installment and second installments. 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).

On April 28, 2022, Navios Logistics entered into a five year leasing contract for eight liquid barges to be delivered from the fourth quarter of 2022 through the second quarter of 2023. The lease contract is payable by 60 consecutive monthly payments of $26 each, commencing with the delivery date of the applicable barge. At expiration, Navios Logistics will have the ability to exercise the purchase option of these barges or extend the term of the leasing contract. Please refer to Note 15 “Leases”.

In July 2022, Vale S.A. announced the closing of the sale of its iron ore, manganese ore and logistics assets in the midwestern system to J&F Mineracao Ltda., an entity controlled by J&F Investimentos S.A. The Vale port contract entered into between Corporacion Navios S.A., a company controlled by Navios Logistics, and Vale International S.A. (“Vale”), dated September 27, 2013, remains in full force and effect. Any transfer, novation, or assignment of the Vale port contract or any obligations or rights arising thereunder by Vale is subject to the prior approval of the Navios counterparty.

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, 2022

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 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).

Land lease agreements

As of December 31, 2022, Navios Logistics had land lease agreements whose remaining lease terms ranged from 43.2 years to 43.6 years.

Office lease agreements

As of December 31, 2022, Navios Logistics had office lease agreements whose remaining lease terms ranged from 0.5 years to 3.9 years.

Liquid Barges leasing contract

On April 28, 2022, the Company entered into a “five year” leasing contract for eight liquid barges. As of December 31, 2022, two liquid barges were delivered to Navios Logistics whose remaining lease terms was five years. In the first quarter of 2023, another two liquid barges under the lease contract were delivered and are repayable by 60 consecutive monthly payments of approximately $26 each. The contract matures in the first quarter of 2028.

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.

	December 31, 2022		December 31, 2021
Operating lease assets
Land lease agreements		8,260		8,078
Office lease agreements		844		1,081
Liquid Barges leasing contract		2,683		—
Total	$	11,787	$	9,159
Operating lease liabilities, current portion
Land lease agreements		(166)		(182)
Office lease agreements		523		439
Liquid Barges leasing contract		477		—
Total	$	834	$	257
Operating lease liabilities, net of current portion
Land lease agreements		8,426		8,259
Office lease agreements		321		642
Liquid Barges leasing contract		2,206		—
Total	$	10,953	$	8,901

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 land lease agreements, office lease agreements and liquid barges leasing contracts 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 Logistics’ incremental borrowing rate upon adoption relating to land and office lease agreements was 7.25%, and 5.78% relating to the liquid barges leasing contract.

The tables below present the components of the Company’s lease expense for the years ended December 31, 2022, 2021 and 2020:

	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Lease expense for charter-in contracts	$	4,058	$	5,887	$	6,587
Lease expense for land lease agreements		630		571		564
Lease expense for office lease agreements		464		307		600
Total	$	5,152	$	6,765	$	7,751

Lease expenses for charter-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.

On July 29, 2022, the Company completed the sale of its 15 charter-in and bareboat-in vessels to Navios Partners. For further information see Note 3 “Discontinued operations” in the consolidated financial statements.

The table below provides the total amount of lease payments on an undiscounted basis on our office lease agreements, land lease agreements and liquid barges leasing contract as of December 31, 2022:


		Land Leases		Office space		Liquid Barges
December 31, 2023	$	556	$	576	$	619
December 31, 2024		556		224		619
December 31, 2025		556		69		619
December 31, 2026		556		57		619
December 31, 2027		556		—		619
December 31, 2028 and thereafter		21,333		—		—
Total		24,113		926		3,095
Operating lease liabilities, including current portion		8,260		844		2,683
Discount based on incremental borrowing rate	$	15,853	$	82	$	412

As of December 31, 2022, the weighted average remaining lease terms on our office lease agreements, land leases and liquid barges leasing agreements are 1.9 years, 43.3 years and 5 years, respectively.

As of December 31, 2021, the weighted average remaining lease terms on our office lease agreements and land leases are 2.7 years and 44.3 years, respectively.

Charter-out vessels, barges and pushboats:

The future minimum revenue, net of commissions 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:


	Amount
2023	$	190,021
2024		160,911
2025		130,283
2026		72,069
2027		58,573
2028 and thereafter		572,574
Total	$	1,184,431

Transactions with Related Parties

12 Months Ended

Dec. 31, 2022

Transactions with Related Parties

NOTE 16: TRANSACTIONS WITH RELATED PARTIES Transactions with Related Parties

Vessel Operating Expenses (management fees): Prior to the Transaction and pursuant to a management agreement dated August 29, 2019 (the “Management Agreement”), with Navios Shipmanagement Inc., a subsidiary of N Shipmanagement Acquisition Corp. (together with its subsidiaries, “NSM” or the “Manager”), the Manager provided commercial and technical management services to Navios Holdings’ vessels. The term of this agreement was for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination was received by either party. The ship management services fees provided by the Manager was a fixed rate of $3.7 per day per owned/bareboat-in vessel until August 2021, $3.8 per day per owned/bareboat-in vessel until August 2022 and $3.9 per day until the closing of the Transaction on September 8, 2022. The fee for the ship management services provided by the Manager was a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement were reimbursed by Navios Holdings at cost. The agreement also provided for payment of a termination fee by Navios Holdings, 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, upon the occurrence of certain events. No such fees were triggered. Total management fees for vessel operating expenses for the year ended December 31, 2022, 2021 and 2020 amounted to $19,018, $37,813 and $45,587, respectively and are presented under the caption “Net income/(loss) from discontinued operations” in the consolidated statements of comprehensive income/(loss). During the year ended December 31, 2022, 2021 and 2020, certain extraordinary fees and costs related to COVID-19 measures, including crew related expenses, amounted to $2,010, $2,918 and $265, respectively, and are presented under the caption “Net income/(loss) from discontinued operations” in the consolidated statements of comprehensive income.

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

General and Administrative Expenses: Pursuant to an administrative services agreement with the Manager dated August 29, 2019 (“Administrative Services Agreement”), NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee by Navios Holdings, equal to the fees charged for the full calendar year preceding the termination date, in the event the Administrative Services Agreement is terminated on or before August 29, 2024, upon the occurrence of certain events. Total general and administrative expenses attributable to this agreement for each of the years ended December 31, 2022, 2021 and 2020 amounted to $5,879, $8,572 and $9,371, respectively, and are presented under the caption “General and administrative expenses”. The total general and administrative expenses attributable to this agreement for the years ended December 31, 2022, 2021 and 2020 which have been allocated to discontinued operations, amounted to $5,339, $8,031 and $8,830, respectively, and are presented under the caption “Net income/(loss) from discontinued operations”.

Pursuant to an administrative services agreement with the Manager dated August 29, 2019, NSM provides administrative services to Navios Logistics. Total general and administrative fees for the years ended December 31, 2022, 2021 and 2020 amounted to $1,431, $1,144 and $1,144, respectively, and are presented under the caption “General and administrative expenses”.

Balance due to/from affiliate companies: Balance due to NSM as of December 31, 2022 and 2021 amounted to $1,642 and $385, respectively.

As of December 31, 2022 the balance mainly consisted of payments to the Manager in accordance with the Administrative Agreement.

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, 2022, Navios Holdings had not exercised any part of that option.

Sale of Vessels and Sale of Rights to Navios Partners: 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 2022, Navios Holdings completed the sale of its 36-vessel dry bulk fleet to Navios Partners. For further information see Note 3 “Discontinued operations” in consolidated financial statements.

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. 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.

As of December 31, 2022, the total amount of this facility was repaid in full, as described below.

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.

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 (the “NSM Loan”). In general, the amount owed reflected 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 formed part of the consideration for the sale of the management division over; (ii) the short term assets of the ship management business. 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 could 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 provided for interest at 5.0% annually, and 7.0% annually for deferred principal amounts. five years

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 through the NSM Loan I (as defined herein). As of December 31, 2022, and following the refinancing, the NSM Loan was fully repaid.

$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 “$50.0 million NSM Loan”). 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. The loan agreement provided for interest at a rate of 5.0% annually (and 7.0% annually for deferred principal amounts).

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 “$115.0 million NSM Loan”). Tranche A was repayable in 14 quarterly installments of $2,838 and matured on November 30, 2024. Tranche B was 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 matured on February 28, 2023.

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

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

In December 2021, the Company entered into an amended and restated secured loan agreement with NSM in order to refinance the outstanding balance of that facility through the NSM Loan I (as defined herein). As of December 31, 2022, and following the refinancing, the $115.0 million NSM Loan was fully repaid. As of December 31, 2022, the Company wrote off $875 of deferred financing costs and was included in the consolidated statement of comprehensive income/(loss) under the caption “Net income/(loss) from discontinued operations”.

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 represented borrowings already made available and (ii) the second tranche of $79,059 represented new borrowings made available in exchange of the release by NSM of certain existing collateral. The NSM Loan I was repayable in quarterly installments of $5,000 with the first installment falling due in the third quarter of 2023. The NSM Loan I had a four-year term and bore interest at a rate of (i) 18% per annum until the 2022 Senior Secured Notes were 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 would 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. As of December 31, 2022,an amount of $14,853 accrued PIK interest at 18% is included under the caption “Convertible debenture payable to affiliate companies”.four years

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 represented outstanding borrowings already made available and (ii) the second tranche of $70,941 represented new borrowings to be made available, in exchange for the release by NSM of certain existing collateral. The NSM Loan II was repayable in quarterly installments of $5,000 with the first installment falling due in the third quarter of 2023. The NSM Loan II had a four year term and bore interest at a rate of (i) 18% per annum until the 2022 Senior Secured Notes were 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 would 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. As of December 31, 2022,an amount of $15,759 accrued PIK interest at 18% is included under the caption “Convertible debenture payable to affiliate companies”. four years

Upon completion of the refinancing in January 2022, NSM received an upfront fee of $24,000 in respect of the NSM Loan I and the NSM Loan II in the form of a Convertible Debenture that is included in the consolidated statement of comprehensive income under the caption “Non-operating other finance cost”. 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 an increase to the outstanding principal amount of Convertible Debenture, as described below.

Convertible Debenture: In December 2021, Navios Holdings entered into the Convertible Debenture with NSM, covering an upfront fee of $24,000, accrued interest on the NSM Loans, and prepayment fees. NSM 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, maturing in 2027, and bears interest at the rate of 4% PIK, payable at maturity, if not earlier converted into shares of our common stock. As of Devember 31, 2022, the total outstanding balance of the Convertible Debenture amounted to $118,833, which consists of (i) the upfront fee of $24,000, (ii) $14,853 being the accrued PIK interest at 18% on the NSM Loan I, (iii) $15,759 being the accrued PIK interest at 18% on the NSM Loan II, (iv) $2,491 being the 4% PIK interest on the Convertible Debenture and (v) $61,730 being the applicable prepayment fee incurred in connection with the repayments of the NSM Loan I and NSM Loan II described above, which prepayment fee was paid via increasing the outstanding principal amount of the Convertible Debenture. The Convertible Debenture is presented under the caption “Convertible debenture payable to affiliate companies”.

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 July 30, 2021, Grimaud entered into an assignment agreement with Peers Business Inc. (“Peers”), whereby the promissory note was assigned to Peers. Please refer to Note 17 “Preferred and Common Stock” to the consolidated financial statements. As of December 31, 2022, the Company had paid an amount of $10,000 relating to the promissory note. In February 2023, the remaining outstanding balance was repaid in full.

Preferred and Common Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Preferred and Common Stock

NOTE 17: PREFERRED AND COMMON STOCK Preferred and Common Stock

Series I Preferred 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 29,945,271 and 30,247,185 shares of common stock issuable as of December 31, 2022 and January 3, 2023, respectively, which 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, the holder of the Series I Preferred Stock, may convert any or all of the outstanding preferred stock into common stock at its option at any time until the maturity of the Convertible Debenture at the conversion rate of $3.93 per common stock. In addition, there are also provisions for mandatory conversion upon the occurrence of certain events. NSM is an affiliate of our Chairwoman and Chief Executive Officer, Angeliki Frangou.

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 canceled the undeclared preferred dividend of Series H ADSs 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 canceled 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 ADSs and Series H ADSs and as a result the respective dividend rate increased by 0.25%.

Total undeclared preferred dividends as of December 31, 2022 and 2021 were $26,192 and $30,348 (net of canceled dividends).

On September 14, 2022, Navios Holdings commenced a tender offer to purchase up to $20,000 of the outstanding Series G ADSs and Series H ADSs. As of the completion of Navios Holdings’ tender offer on October 21, 2022, a total of 20,185 Series G ADSs were validly tendered in exchange for aggregate cash consideration of $318, and a total of 584,158 Series H ADSs were validly tendered in exchange for aggregate cash consideration of $8,926, resulting in a gain of $4,547, and undeclared preferred dividends of $8,949. After giving effect to the consummation of the tender offer, Navios Holdings has 514,720 outstanding Series G ADSs and 1,183,944 outstanding Series H ADSs, which represent 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock and 1/100th of a Share of 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock, respectively.

Preferred stock was 16,988 (5,148 Series G ADSs and, 11,840 Series H ADSs) and 23,032 (5,350 Series G ADSs and 17,682 Series H ADSs) as of December 31, 2022 and 2021 respectively.

Vested, Surrendered and Forfeited

During 2022, no restricted stock units, issued to the Company’s employees.

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 the years ended December 31, 2022, 2021 and 2020, 37,907, 894 and 1,345 restricted shares of common stock, respectively, were forfeited upon termination of employment.

Conversion of Preferred Stock

During the years ended December 31, 2022 and 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 canceled the undeclared preferred dividend of the converted shares of $171. The canceled 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 19 “Earnings/(Loss) per Common Share” to the consolidated financial statements).

As of December 31, 2022, 2021 and 2020, the balance of convertible preferred stock was nil.0

Cumulative Perpetual Preferred Stock

The Company’s 2,000,000 American Depositary Shares, Series G ADSs and the 4,800,000 American Depositary Shares, Series H ADSs are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G ADSs and Series H ADSs, 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 ADSs at a rate of 8.75% per annum and on the Series H ADSs at a rate of 8.625% per annum of the stated liquidation preference. The Company has accounted for these shares as equity.

Issuances to Employees, Officers and Directors

On December 21, 2022, 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 December 21, 2022.

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.

During the years ended December 31, 2022 and 2021, no stock option was granted to Navios Holdings’ employees, officers and directors.

As of December 31, 2022, Navios Holdings has outstanding 25,198,620 shares. As of December 31, 2021, the Company had outstanding 25,198,620 shares, from which 2,414,263 shares are held by Navios Corporation.

In October 2022, 2,414,263 shares held by Navios Corporation were canceled.

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 a 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.

As of December 31, 2022, the Company had paid an amount of $10,000 relating to the promissory note. In February 2023, the remaining outstanding balance was repaid in full.

Sale of Navios Holdings shares of common stock

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.

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 “Transactions with related parties”. 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 2022 Senior Secured Notes Redemptions.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Interest Expense and Finance Cost

Interest Expense and Finance Cost

12 Months Ended

Dec. 31, 2022

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, 2022		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020
Interest expense	$	60,573	$	61,937	$	46,553
Amortization and write-off of deferred financing costs		3,980		3,378		2,626
Other		127		84		(13)
Interest expense and financing cost	$	64,680	$	65,399	$	49,166

Earnings/(Loss) per Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings/(Loss) per Common Share

NOTE 19: EARNINGS/(LOSS) PER COMMON SHARE Earnings/(Loss) per Common Share

Basic 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 (excluding restricted shares) during the periods presented. Diluted income per common share is calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. The as converted number of common shares under the Convertible Debenture are deemed participating securities. Earnings are only allocated to participating securities in a period of net income (including income from continued and discontinued operations).

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, 2022, 184,250 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, 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.

	Year ended December 31, 2022		Year ended December 31, 2021		Year ended December 31, 2020
Numerator:
(Loss)/income attributable to Navios Holdings, from continuing operations	$	(58,800)	$	41,528	$	(6,815)
Less:
Undeclared dividend on preferred stock and on unvested restricted shares		(3,785)		(5,127)		(5,144)
Tender Offer — Redemption of preferred stock Series G ADSs and H ADSs including $8,949 of undeclared preferred dividend cancelled for the year ended December 31, 2022		13,496		—		—
Gain from eliminated dividend on preferred stock due to conversion		—		—		166
Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from continuing operations		20,206		—		—
(Loss)/income attributable to Navios Holdings common stockholders, basic and diluted from continuing operations	$	28,883	$	36,401	$	(11,793)
Income/(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations		146,106		75,158		(186,146)
Less:
Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from discontinued operations		(60,140)		—		—
Income /(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations	$	85,966	$	75,158	$	(186,146)
Net income/(loss) attributable to Navios Holdings common stockholders	$	57,083	$	111,559	$	(197,939)
Denominator:
Denominator for basic earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares		22,653,879		16,168,329		12,896,568
Basic (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations	$	(1.27)		2.25		(0.91)
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations	$	3.79	$	4.65	$	(14.43)
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders	$	2.52	$	6.90	$	(15.35)
Denominator for diluted earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares		22,838,129		16,553,011		12,896,568
Diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations	$	(1.27)		2.20		(0.91)
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations	$	3.77	$	4.54	$	(14.43)
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders	$	2.50	$	6.74	$	(15.35)
Weighted average Number of Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted		15,848,301		—		—
Earnings per share to Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted	$	2.52	$	—	$	—

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 20: 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.

The income tax (expense)/ benefit reflected in the Company’s consolidated financial statements for the years ended December 31, 2022, 2021, and 2020 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 and scales were modified. Scales are updated annually as per inflation 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 76 million Argentinean pesos or $429, 30% on any taxable profit between 8 million Argentinean pesos or $42 and 76 million Argentinean pesos or $429, and 25% on any taxable profit below 8 million Argentinean pesos or $42. 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, 2022 (2.0% for 2021 and 2.0% for 2020, 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 30%, 10%, 34%, and 25%, respectively for the year ended December 31, 2022. The Company’s deferred taxes as of December 31, 2022 and 2021, 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. 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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Other Income and Expenses [Abstract]

Other Expense

12 Months Ended

Dec. 31, 2022

Other Expense

NOTE 21: OTHER EXPENSE Other Expense

During the years ended December 31, 2022, 2021 and 2020, taxes other-than-income taxes of Navios Logistics amounted to $6,515, $5,442, and $5,762, respectively, and were included in the statements of comprehensive income/(loss) under the caption “Other expense”.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

NOTE 22: SUBSEQUENT EVENTS Subsequent Events

There are no events subsequent to the balance sheet date that require disclosure.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Principles of consolidation:

Basis of presentation:

All references to the dry bulk vessels included in the following accounting policies relate to the periods prior to the completion of the Transaction.

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

2022

2021

2020

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 Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios International Inc.

Operating Company

100%

Marshall Is.

1/1 - 7/29

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

NAV Holdings Limited

Sub-Holding Company

100%

Malta

1/1 - 9/8

1/1 - 12/31

Kleimar N.V.

Operating Company/ Vessel Owning Company/ Management Company

100%

Belgium

1/1 - 9/8

1/1 - 12/31

Bulkinvest S.A.

Operating Company

100%

Luxembourg

1/1 - 9/8

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

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

Use of Estimates:

Cash and Cash Equivalents:

Restricted Cash:

Insurance Claims:

Inventories:

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

Expenditures for routine maintenance and repairs are expensed as incurred.

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

Deposits for Vessels, Port Terminals and Other Fixed Assets:

Assets Held for Sale:

Impairment of Long Lived Assets:

Navios Holdings

Navios Logistics

No impairment loss was recorded on any of the remaining vessels, other fixed assets and other long-lived assets held and used by Navios Logistics for the year ended December 31, 2021.

No impairment loss was recorded on any of the vessels, other fixed assets and other long-lived assets held and used by Navios Logistics for the year ended December 31, 2020.

Deferred Drydock and Special Survey Costs:

Deferred Financing Costs:

Goodwill and Other Intangibles

(n)  Goodwill and Other Intangibles

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

No impairment loss was recorded for the Group’s intangible assets as of December 31, 2022, 2021 and 2020.

The weighted average amortization periods for intangibles are:

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

Foreign Currency Translation:

Provisions:

Segment Reporting:

Revenue and Expense Recognition:

(r)  Revenue and Expense Recognition:

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, 2022, 2021 and 2020:

		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
COA/Voyage revenue	$	77,798	$	77,485	$	54,005
Time chartering revenue		59,120		41,446		59,236
Dry Port terminal revenue		96,311		78,740		73,112
Storage fees (dry port) revenue		2,233		1,518		3,364
Dockage revenue		6,596		3,876		3,948
Sale of products revenue		5,183		13,776		17,272
Liquid port terminal revenue		7,010		5,734		4,606
Other		1,146		901		382
Total	$	255,397	$	223,476	$	215,925

Employee benefits:

(s)  Employee benefits:

Financial Instruments:

Earnings/(Loss) Per Share:

Trade Accounts Receivable:

Convertible Preferred Stock:

Cumulative Redeemable Perpetual Preferred Stock:

Convertible Debenture and Series I Preferred Stock:

Investment in Equity Securities:

Financial Instruments and Fair Value:

Recent Accounting Pronouncements:

(ag)  Recent Accounting Pronouncements:

Adoption of new accounting pronouncements:

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

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

Ownership

Country of

Statements of Operations

Company Name

Nature

Interest

Incorporation

2022

2021

2020

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 Corporation

Sub-Holding Company

100%

Marshall Is.

1/1 - 12/31

Navios International Inc.

Operating Company

100%

Marshall Is.

1/1 - 7/29

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

NAV Holdings Limited

Sub-Holding Company

100%

Malta

1/1 - 9/8

1/1 - 12/31

Kleimar N.V.

Operating Company/ Vessel Owning Company/ Management Company

100%

Belgium

1/1 - 9/8

1/1 - 12/31

Bulkinvest S.A.

Operating Company

100%

Luxembourg

1/1 - 9/8

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

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

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)

		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
COA/Voyage revenue	$	77,798	$	77,485	$	54,005
Time chartering revenue		59,120		41,446		59,236
Dry Port terminal revenue		96,311		78,740		73,112
Storage fees (dry port) revenue		2,233		1,518		3,364
Dockage revenue		6,596		3,876		3,948
Sale of products revenue		5,183		13,776		17,272
Liquid port terminal revenue		7,010		5,734		4,606
Other		1,146		901		382
Total	$	255,397	$	223,476	$	215,925

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations - Gain on Sale (Table)

Discontinued Operations - Net Income/(Loss) from Discontinued Operations (Table)


		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Revenue	$	204,981	$	362,342	$	200,793
Time charter, voyage and logistics business expenses		(38,515)		(85,412)		(103,592)
Direct vessel expenses		(30,686)		(47,753)		(52,049)
General and administrative expenses		(11,408)		(14,285)		(16,843)
Depreciation and amortization		(18,135)		(29,581)		(42,076)
Interest expense and finance cost, net		(58,791)		(79,584)		(87,345)
Impairment loss/loss on sale of vessels, net		—		(25,861)		(88,367)
(Loss)/gain on bond extinguishment, net		(221)		951		11,204
Impairment loss for Navios Europe II		—		—		(6,050)
Non-operating other finance cost		(61,730)		—		—
Gain on sale of shipping business		169,631		—		—
Other expense, net		(8,967)		(5,561)		(1,634)
Income tax expense		(53)		(98)		(187)
Net income/(loss) from discontinued operations	$	146,106	$	75,158	$	(186,146)

Discontinued Operations - Assets and Liabilities from Discontinued Operations (Table)

		December 31, 2022	December 31, 2021
Cash and cash equivalent	$	—	$	224
Restricted cash		—		84,250
Accounts receivable, net		3,489		9,186
Inventories		—		3,052
Other current assets		—		9,986
Vessels and other fixed assets, net		—		427,386
Deferred dry dock and special survey costs, net		—		23,467
Operating Lease assets		—		164,267
Goodwill		—		56,240
Intangible assets other than goodwill		—		44,015
Other non-current assets		—		35,689
Total assets of discontinued operations	$	3,489	$	857,762
Accounts payable		3,692		6,234
Accrued expenses and other liabilities		1,825		16,122
Deferred income and cash received in advance		—		5,448
Due to related parties, net		565		20,643
Operating lease liabilities, including current portion		—		189,828
Long-term debt, net, including current portion		—		113,641
Senior and ship mortgage notes, including current portion		—		455,393
Total liabilities of discontinued operations	$	6,082	$	807,309

Cash and Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Restricted Cash (Table)


		December 31, 2022	December 31, 2021
Cash on hand and at banks	$	32,851	$	53,323
Short-term deposits and highly liquid funds		45,690		44
Restricted cash		310		10
Cash and cash equivalents and restricted cash	$	78,851	$	53,377

Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2022

Accounts Receivable Net

Accounts Receivable, Net (Table)


	December 31, 2022		December 31, 2021
Accounts receivable	$	49,841	$	56,928
Less: Allowance for credit losses		(3,347)		(3,275)
Accounts receivable, net	$	46,494	$	53,653

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, 2020	$	(2,489)	$	(541)	$	146	$	(2,884)
Year ended December 31, 2021	$	(2,884)	$	(391)	$	—	$	(3,275)
Year ended December 31, 2022	$	(3,275)	$	(320)	$	248	$	(3,347)

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

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

Prepaid Expenses and Other Current Assets (Table)


	December 31, 2022		December 31, 2021
Prepaid voyage and operating costs	$	3,408	$	3,126
Claims receivable		419		(30)
Prepaid other taxes		2,881		1,084
Other		1,560		2,928
Total prepaid expenses and other current assets	$	8,268	$	7,108

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

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Vessels, Port Terminals and Other Fixed Assets (Table)

Tanker vessels, barges and pushboats (Navios Logistics)		Cost		Accumulated Depreciation		Net Book Value
Balance January 1, 2020	$	526,051	$	(200,756)	$	325,295
Additions		1,931		(18,278)		(16,347)
Write-down		(308)		—		(308)
Balance December 31, 2020	$	527,674	$	(219,034)	$	308,640
Additions		2,445		(20,763)		(18,318)
Impairment loss		(27,339)		5,373		(21,966)
Transfers from other long-term assets		51,461		—		51,461
Balance December 31, 2021	$	554,241	$	(234,424)	$	319,817
Additions		6,130		(20,998)		(14,868)
Impairment loss		(14,920)		12,457		(2,463)
Sale of vessel		(2,186)		—		(2,186)
Balance December 31, 2022	$	548,640	$	(248,004)	$	300,300

Intangible Assets other than Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets other than Goodwill (Table)

Net Book Value of Intangible Assets other than Goodwill as at December 31, 2022

December 31, 2022	Acquisition Cost		Accumulated Depreciation		Net Book Value
Port terminal operating rights	$	53,152	$	(15,832)	$	37,320
Customer relationships		36,120		(27,247)		8,873
Total intangible assets	$	89,272	$	(43,079)	$	46,193

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

December 31, 2021	Acquisition Cost		Accumulated Depreciation		Net Book Value
Port terminal operating rights	$	53,152	$	(14,834)	$	38,318
Customer relationships		36,120		(25,472)		10,648
Total intangible assets	$	89,272	$	(40,306)	$	48,966

Intangible Assets other than Goodwill - Amortization Expense (Table)

	Amortization Expense Year Ended December 31, 2022		Amortization Expense Year Ended December 31, 2021		Amortization Expense Year Ended December 31, 2020
Port terminal operating rights	$	998	$	998	$	998
Customer relationships		1,775		1,774		1,775
Total	$	2,773	$	2,772	$	2,773

Intangible Assets other than Goodwill - Amortization Schedule (Table)

Description	Within one year		Year Two		Year Three		Year Four		Year Five		Thereafter		Total
Port terminal operating rights	$	995	$	995	$	995	$	995	$	995	$	32,345	$	37,320
Customer relationships		1,775		1,775		1,775		1,775		1,773		—		8,873
Total amortization	$	2,770	$	2,770	$	2,770	$	2,770	$	2,768	$	32,345	$	46,193

Investments in Affiliate Companies (Tables)

12 Months Ended

Dec. 31, 2022

Investments in and Advances to Affiliates [Abstract]

Investments in Affiliate Companies - Financial Information of the Affiliate Companies - Balance Sheet (Table)

Balance sheet – Navios Partners	December 31, 2022		December 31, 2021
Cash and cash equivalents, including restricted cash	$	175,098	$	169,446
Current assets	$	310,424	$	226,340
Non-current assets	$	4,585,280	$	3,396,959
Current liabilities	$	617,740	$	395,505
Long- term debt including current portion, net	$	1,945,447	$	1,361,709
Non-current liabilities	$	1,935,001	$	1,458,069

Investments in Affiliate Companies - Financial Information of Affiliate Companies - Income Statement (Table)

	December 31, 2022
Income Statement	Navios Partners		Navios Acquisition			Navios Containers
Revenue	$	1,210,528	$	—	$	—
Net income	$	579,247	$	—	$	—

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities (Table)


		December 31, 2022	December 31, 2021
Payroll	$	7,352	$	7,912
Accrued interest		23,354		30,004
Accrued voyage expenses		646		771
Audit fees and related services		235		—
Accrued taxes		7,647		9,032
Professional fees		577		143
Other accrued expenses		41		475
Total accrued expenses	$	39,852	$	48,337

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings (Table)

*Navios Holdings borrowings*		December 31, 2022	December 31, 2021
2022 Senior Secured Notes		—		155,000
2024 Notes		8,626		8,626
NSM Loan (incl. accrued interest $306 and $526, respectively)		—		48,879
$115.0 million NSM Loan (incl. accrued interest $571)		—		64,630
Convertible Debenture		118,833		—
Total Navios Holdings borrowings	$	127,459	$	277,135

*Navios Logistics borrowings*		December 31, 2022	December 31, 2021
2025 Logistics Senior Notes		500,000		500,000
Navios Logistics Notes Payable		7,677		12,463
2022 Navios Logistics BBVA Facility		22,530		—
2022 Navios Logistics Alpha Bank Loan		6,300		—
Navios Logistics BBVA Facility		—		12,000
Navios Logistics Alpha Bank Loan		—		7,700
Navios Logistics Santander Facility		4,125		—
Seller’s Credit Agreement for the construction of six liquid barges		8,753		11,213
Seller’s Credit Agreement for the Navios Logistics’ 2020 Fleet		10,000		15,000
Total Navios Logistics borrowings	$	559,385	$	558,376

*Total*		December 31, 2022	December 31, 2021
Total borrowings	$	686,844	$	835,511
Less: current portion, net		(23,544)		(130,693)
Less: deferred finance costs and discount, net		(12,090)		(18,061)
Total long-term borrowings	$	651,210	$	686,757

Borrowings - Principal payments (Table)


Year
2023	$	23,574
2024		29,975
2025		514,124
2026		338
2027 and thereafter		118,833
Total	$	686,844

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Of Financial Instruments

Fair Value of Financial Instruments - Fair Value of financial instruments (Table)

	December 31, 2022				December 31, 2021
	Book Value		Fair Value		Book Value		Fair Value
Cash and cash equivalents	$	78,541	$	78,541	$	53,367	$	53,367
Restricted cash	$	310	$	310	$	10	$	10
Senior and ship mortgage notes, net	$	(496,608)	$	(491,976)	$	(646,538)	$	(690,400)
Long-term debt, including current portion	$	(59,313)	$	(59,385)	$	(58,278)	$	(58,376)
Loans payable to affiliate companies, including current portion	$	—	$	—	$	(112,634)	$	(113,509)
Convertible debenture payable to affiliate companies⁽²⁾	$	(118,833)	$	(118,833)	$	—	$	—

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

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


	Fair Value Measurements at December 31, 2022
	Total		(Level I)		(Level II)		(Level III)
Cash and cash equivalents	$	78,541	$	78,541	$	—	$	—
Restricted cash	$	310	$	310	$	—	$	—
Senior and ship mortgage notes	$	(491,976)	$	(483,350)	$	(8,626)	$	—
Long-term debt, including current portion⁽¹⁾	$	(59,385)	$	—	$	(59,385)	$	—
Convertible debenture payable to affiliate companies⁽²⁾	$	(118,833)	$	—	$	(118,833)	$	—


	Fair Value Measurements at December 31, 2021
	Total		(Level I)		(Level II)		(Level III)
Cash and cash equivalents	$	53,367	$	53,367	$	—	$	—
Restricted cash	$	10	$	10	$	—	$	—
Senior and ship mortgage notes	$	(690,400)	$	(681,774)	$	(8,626)	$	—
Long-term debt, including current portion⁽¹⁾	$	(58,376)	$	—	$	(58,376)	$	—
Loans payable to affiliate companies, including current portion	$	(112,634)	$	—	$	(112,634)	$	—

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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, 2021	350,000	$	12.0	1.66		2,730
Vested at December 31, 2021	—		—	—		—
Exercisable at December 31, 2021	—		—	—		—
Forfeited or expired	(100,000)		—	—		(552)
Outstanding as of December 31, 2022	250,000	$	12.0	0.68		2,179
Restricted stock and restricted stock units
Non Vested as of December 31, 2021	171,412	$	—	1.17		667
Granted	80,000		—	—		211
Vested	(131,504)		—	—		(526)
Forfeited or expired	(37,907)		—	—		(100)
Non Vested as of December 31, 2022	82,001	$	—	3.93		252

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases - Operating Lease Assets and Liabilities (Table)

	December 31, 2022		December 31, 2021
Operating lease assets
Land lease agreements		8,260		8,078
Office lease agreements		844		1,081
Liquid Barges leasing contract		2,683		—
Total	$	11,787	$	9,159
Operating lease liabilities, current portion
Land lease agreements		(166)		(182)
Office lease agreements		523		439
Liquid Barges leasing contract		477		—
Total	$	834	$	257
Operating lease liabilities, net of current portion
Land lease agreements		8,426		8,259
Office lease agreements		321		642
Liquid Barges leasing contract		2,206		—
Total	$	10,953	$	8,901

Leases - Lease Expenses (Table)

	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Lease expense for charter-in contracts	$	4,058	$	5,887	$	6,587
Lease expense for land lease agreements		630		571		564
Lease expense for office lease agreements		464		307		600
Total	$	5,152	$	6,765	$	7,751

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


		Land Leases		Office space		Liquid Barges
December 31, 2023	$	556	$	576	$	619
December 31, 2024		556		224		619
December 31, 2025		556		69		619
December 31, 2026		556		57		619
December 31, 2027		556		—		619
December 31, 2028 and thereafter		21,333		—		—
Total		24,113		926		3,095
Operating lease liabilities, including current portion		8,260		844		2,683
Discount based on incremental borrowing rate	$	15,853	$	82	$	412

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


	Amount
2023	$	190,021
2024		160,911
2025		130,283
2026		72,069
2027		58,573
2028 and thereafter		572,574
Total	$	1,184,431

Interest Expense and Finance Cost (Tables)

12 Months Ended

Dec. 31, 2022

Interest Expense And Finance Cost

Interest Expense and Finance Cost (Table)


	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020
Interest expense	$	60,573	$	61,937	$	46,553
Amortization and write-off of deferred financing costs		3,980		3,378		2,626
Other		127		84		(13)
Interest expense and financing cost	$	64,680	$	65,399	$	49,166

Earnings/(Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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

	Year ended December 31, 2022		Year ended December 31, 2021		Year ended December 31, 2020
Numerator:
(Loss)/income attributable to Navios Holdings, from continuing operations	$	(58,800)	$	41,528	$	(6,815)
Less:
Undeclared dividend on preferred stock and on unvested restricted shares		(3,785)		(5,127)		(5,144)
Tender Offer — Redemption of preferred stock Series G ADSs and H ADSs including $8,949 of undeclared preferred dividend cancelled for the year ended December 31, 2022		13,496		—		—
Gain from eliminated dividend on preferred stock due to conversion		—		—		166
Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from continuing operations		20,206		—		—
(Loss)/income attributable to Navios Holdings common stockholders, basic and diluted from continuing operations	$	28,883	$	36,401	$	(11,793)
Income/(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations		146,106		75,158		(186,146)
Less:
Undistributed income attributable to Series I Preferred Stock participating shares on an as converted basis from discontinued operations		(60,140)		—		—
Income /(loss) attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations	$	85,966	$	75,158	$	(186,146)
Net income/(loss) attributable to Navios Holdings common stockholders	$	57,083	$	111,559	$	(197,939)
Denominator:
Denominator for basic earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares		22,653,879		16,168,329		12,896,568
Basic (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations	$	(1.27)		2.25		(0.91)
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations	$	3.79	$	4.65	$	(14.43)
Basic earnings/(loss) per share attributable to Navios Holdings common stockholders	$	2.52	$	6.90	$	(15.35)
Denominator for diluted earnings/(loss) per share attributable to Navios Holdings common stockholders — weighted average shares		22,838,129		16,553,011		12,896,568
Diluted (loss)/earnings per share attributable to Navios Holdings common stockholders from continuing operations	$	(1.27)		2.20		(0.91)
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders from discontinued operations	$	3.77	$	4.54	$	(14.43)
Diluted earnings/(loss) per share attributable to Navios Holdings common stockholders	$	2.50	$	6.74	$	(15.35)
Weighted average Number of Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted		15,848,301		—		—
Earnings per share to Series I Preferred Stock participating preferred shares on an as converted basis, basic and diluted	$	2.52	$	—	$	—

Description of Business (Details Narrative) $ in Thousands	4 Months Ended	12 Months Ended
Description of Business (Details Narrative) $ in Thousands	Apr. 21, 2020 USD ($)	Dec. 31, 2022	Dec. 31, 2021
Number of Reportable Segments		1	2
Navios Partners [Member]
Ownership percentage of Navios Holdings		10.30%	10.30%
Navios Europe II [Member]
Liquidation date		June 2020
Navios Europe II [Member] \| Junior Loan II [Member]
Repayments of Debt	$ 5,000
Navios Logistics [Member]
Entity Incorporation, Date of Incorporation		Dec. 17, 2007
Navios Logistics Subsidiary [Member]
Ownership percentage of Navios Holdings		63.80%
Navios Holdings [Member] \| Navios Europe II [Member]
Ownership percentage of Navios Holdings		47.50%
Voting interests		50.00%
Navios Acquisition [Member] \| Navios Europe II [Member]
Ownership percentage of Navios Holdings		47.50%
Voting interests		50.00%
Navios Partners [Member] \| Navios Europe II [Member]
Ownership percentage of Navios Holdings		5.00%
Voting interests		0.00%
Navios Partners [Member]
Number of vessels sold		36
Barge Business [Member]
Number of barges vessels		271
Number of pushboats vessels		30
Number of tankers vessels		5
Number of bunker vessel		1
Number of river and estuary product tanker vessel		1

Summary of Significant Accounting Policies - Entities included in the consolidation (Table) (Details)	12 Months Ended
	Dec. 31, 2022
Navios Maritime Holdings Inc. [Member]
Nature	Holding Company
Ownership interest	0.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios South American Logistics Inc. [Member]
Nature	Sub-Holding Company
Ownership interest	63.80%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios Corporation [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios International Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 7/29
2021	1/1 - 12/31
2020	1/1 - 12/31
Navimax Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios Handybulk Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Hestia Shipping Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Malta
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Anemos Maritime Holdings Inc. [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
NAV Holdings Limited [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Malta
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Kleimar N.V. [Member]
Nature	Operating Company/ Vessel Owning Company/ Management Company
Ownership interest	100.00%
Country of Incorporation	Belgium
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Bulkinvest S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Luxembourg
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Primavera Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Ginger Services Co. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Aquis Marine Corp. [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Astra Maritime Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Achilles Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Apollon Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Herakles Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Hios Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Ionian Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Kypros Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Meridian Shipping Enterprises Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Mercator Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Arc Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Horizon Shipping Enterprises Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Magellan Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Aegean Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Star Maritime Enterprises Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Corsair Shipping Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Rowboat Marine Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Rondine Management Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021	1/1 - 9/30
2020	3/22 - 12/31
Vernazza Shiptrade Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	9/25-12/31
Beaufiks Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Nostos Shipmanagement Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021	1/1 - 6/30
2020	1/1 - 12/31
Portorosa Marine Corp. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Shikhar Ventures S.A. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Liberia
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Sizzling Ventures Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Liberia
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Rheia Associates Co. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Taharqa Spirit Corp. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Rumer Holding Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Pharos Navigation S.A. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Pueblo Holdings Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Quena Shipmanagement Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Aramis Navigation Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021	1/1 - 7/9
2020	1/1 - 12/31
White Narcissus Marine S.A. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Panama
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios GP L.L.C. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Red Rose Shipping Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Highbird Management Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Ducale Marine Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Vector Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Faith Marine Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Liberia
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios Maritime Finance (US) Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Delaware
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios Maritime Finance II (US) Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Delaware
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Tulsi Shipmanagement Co. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Cinthara Shipping Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Rawlin Services Company [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Mauve International S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Serenity Shipping Enterprises Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Mandora Shipping Ltd [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021	1/1 - 3/30
2020	1/1 - 12/31
Solange Shipping Ltd. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021	1/1 - 3/30
2020	1/1 - 12/31
Diesis Ship Management Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios Holdings Europe Finance Inc. [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Navios Asia LLC [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Iris Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Jasmine Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Emery Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021
2020	1/1 - 9/30
Lavender Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022
2021	1/1 - 6/30
2020	1/1 - 12/31
Roselite Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 9/8
2021	1/1 - 12/31
2020	1/1 - 12/31
Smaltite Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Motiva Trading Ltd. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Alpha Merit Corporation [Member]
Nature	Sub-Holding Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Thalassa Marine S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 7/29
2021	1/1 - 12/31
2020	1/1 - 12/31
Asteroid Shipping S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 7/29
2021	1/1 - 12/31
2020	1/1 - 12/31
Cloud Atlas Marine S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 7/29
2021	1/1 - 12/31
2020	1/1 - 12/31
Heodor Shipping Inc. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Pacifico Navigation Corp. [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 12/31
2021	1/1 - 12/31
2020	1/1 - 12/31
Rider Shipmanagement Inc. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 7/29
2021	1/1 - 12/31
2020	1/1 - 12/31
Talia Shiptrade S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 - 7/29
2021	1/1 - 12/31
2020	1/1 - 12/31
Moonstone Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 – 9/8
2021	6/30 - 12/31
2020
Opal Shipping Corporation [Member]
Nature	Vessel Owning Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 – 9/8
2021	6/30 –12/31
2020
Grimaud Ventures S.A. [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	1/1 – 12/31
2021	7/30-12/31
2020
Anafi Shipping Corporation [Member]
Nature	Operating Company
Ownership interest	100.00%
Country of Incorporation	Marshall Is.
2022	5/12 – 9/8
2021
2020

Summary of Significant Accounting Policies - Depreciation Periods (Table) (Details)	12 Months Ended
	Dec. 31, 2022
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, 2022
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 255,397	$ 223,476	$ 215,925
COA/Voyage revenue [Member]
Revenue	77,798	77,485	54,005
Time chartering revenue [Member]
Revenue	59,120	41,446	59,236
Dry Port terminal revenue [Member]
Revenue	96,311	78,740	73,112
Storage fees (dry port) revenue [Member]
Revenue	2,233	1,518	3,364
Dockage revenue [Member]
Revenue	6,596	3,876	3,948
Sale of products revenue [Member]
Revenue	5,183	13,776	17,272
Liquid port terminal revenue [Member]
Revenue	7,010	5,734	4,606
Other [Member]
Revenue	$ 1,146	$ 901	$ 382

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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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)
Document Accounting Standard	U.S. GAAP
Restricted Cash and Cash Equivalents, Current	$ 310,000	$ 10,000
Restricted cash of discontinued operation	0	84,250,000
Other long-term assets	4,480,000	3,567,000
Annual growth factor management fees every second year			3.00%
Impairment loss	3,195,000	47,827,000	$ 88,367,000
Impairment loss	(3,195,000)	(21,966,000)	0
Carrying balance of dry dock	495,919,000	522,616,000
Amortization of deferred dry dock and special survey costs	4,356,000	4,122,000	3,958,000
Amortization and write-off of deferred financing	10,784,000	8,870,000	7,863,000
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent	0	56,240,000
Goodwill	104,096,000	104,096,000
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent	0	44,015,000
Impairment of Intangible Assets, Finite-Lived	0	0	0
Foreign Currency Transaction Gain (Loss), Realized	2,658,000	2,637,000	574,000
Provision for losses on vessels time charter	$ 0	$ 0
Number of Reportable Segments	1	2
Income Tax Expense (Benefit)	$ (323,000)	$ 4,717,000	1,865,000
Payments of Ordinary Dividends, Common Stock	0	0	0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	$ 0	$ 0	0
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001	$ 0.0001
Balance of convertible preferred stock	$ 0	$ 0
Convertible Notes Payable, Noncurrent	$ 118,833,000	0
Preferred Stock, Convertible, Shares Issuable \| shares	29,945,271
Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues \| shares	1,000
Convertible Debenture [Member]
Convertible Debt	$ 24,000,000	24,000,000
Convertible Notes Payable, Noncurrent	$ 118,833,000
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,
Balance of convertible preferred stock	$ 0	$ 0	0
American Depositary Shares Series G [Member]
Preferred Stock, Dividend Rate, Percentage	8.75%
Number of shares \| shares	2,000,000
Preferred Stock, Redemption Terms	Each of the shares represents 1/100th of a share of the Series G ADSs, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share).
Preferred Stock, Liquidation Preference Per Share \| $ / shares	$ 2,500
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
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 25
Argentina [Member]
Effective Income Tax Rate Reconciliation, Percent		35.00%
Income Tax Expense (Benefit)		$ 2,112
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
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
Dry bulk vessels [Member]
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent	$ 56,240,000	56,240,000
Logistics Business [Member]
Impairment loss	$ 0	0
Goodwill		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
Continuing Operations [Member]
Restricted Cash and Cash Equivalents, Current	$ 310,000	10,000
Amortization and write-off of deferred financing	$ 3,980,000	3,378,000	2,626,000
Navios Holdings [Member]
Annual growth factor management fees every second year	3.00%
Utilization rate of fleet	99.30%
Vessels [Member]
Scrap value per LWT	$ 340
Interest Costs Capitalized	$ 0	1,062,000	986,000
Dry bulk vessels [Member]
Property, Plant and Equipment, Useful Life	25 years
Vessels, port terminals and other fixed asset [Member]
Other long-term assets	$ 3,311,000	713,000
Two dry bulk vessels held and used [Member] \| Navios Holdings [Member]
Impairment loss			52,820,000
Malva H [Member]
Proceeds from Sale of Other Property, Plant, and Equipment	2,186,000
Impairment loss	778,000
Carrying balance of dry dock	732,000
Certain Barges [Member]
Impairment loss	2,417,000
Two tanker vessels held and used [Member] \| Navios Logistics [Member]
Impairment loss		21,966,000
Chartered-in vessels [Member]
Impairment loss			$ 1,361,000
Navios Lumen, Navios Stellar and Navios Phoenix [Member]
Restricted cash of discontinued operation		84,250,000
Amounts Held As Security [Member]
Restricted Cash and Cash Equivalents, Current	10,000	$ 10,000
Cash Collateral in Escrow Accounts [Member]
Restricted Cash and Cash Equivalents, Current	$ 300,000
Navios Partners and its subsidiaries [Member]
Equity Method Investment, Ownership Percentage	10.30%	10.30%
Navios Acquisition and its subsidiaries [Member]
Equity Method Investment, Ownership Percentage	6.90%
Navios Containers and its subsidiaries [Member]
Equity Method Investment, Ownership Percentage	3.90%
Navios Europe II and its subsidiaries [Member]
Equity Method Investment, Ownership Percentage	47.50%
Liquidation date	June 2020
Minimum [Member] \| After the third anniversary of the issuance date [Member] \| Convertible Preferred Stock [Member]
Share Price \| $ / shares	$ 20
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 Partners [Member]
Number of vessels sold	36
Date of delivery	September 8, 2022
Number of owned vessels	21
Transaction date	Sep. 08, 2022
Number of charter-in and bareboat vessels	15
Management Agreement [Member] \| NSM [Member]
Termination date of agreement	August 29, 2024
Management Agreement [Member] \| NSM [Member] \| Owned Vessels [Member] \| Until August 2021 [Member]
Daily management fee	$ 3,700
Management Agreement [Member] \| NSM [Member] \| Owned Vessels [Member] \| Until August 2022 [Member]
Daily management fee	3,800
Management Agreement [Member] \| NSM [Member] \| Owned Vessels [Member] \| Until September 2022 [Member]
Daily management fee	3,900
Management Agreement [Member] \| NSM [Member] \| Chartered-in vessels [Member]
Daily management fee	$ 30.00
All Except Navios Logistics Subsidiary [Member]
Ownership percentage of Navios Holdings	100.00%
Navios Logistics Subsidiary [Member]
Ownership percentage of Navios Holdings	63.80%

Discontinued Operations - Gain on Sale (Table) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Cash consideration	$ 370,638
Book value of Vessels and other fixed assets	452,697
Book value of Operating lease assets and other, net	19,016
Book value of Intangible assets other than goodwill	42,082
Book value of Goodwill	56,240
Bank debt and finance leases payable assumed by Navios Partners	(332,013)
Net liabilities derecognized	(37,015)
Total carrying value of assets and liabilities	201,007
Gain on sale	$ 169,631

Discontinued Operations - Net Income/(Loss) from Discontinued Operations (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Revenue	$ 204,981	$ 362,342	$ 200,793
Time charter, voyage and logistics business expenses	(38,515)	(85,412)	(103,592)
Direct vessel expenses	(30,686)	(47,753)	(52,049)
General and administrative expenses	(11,408)	(14,285)	(16,843)
Depreciation and amortization	(18,135)	(29,581)	(42,076)
Interest expense and finance cost, net	(58,791)	(79,584)	(87,345)
Impairment loss/loss on sale of vessels, net	0	(25,861)	(88,367)
(Loss)/gain on bond extinguishment, net	(221)	951	11,204
Impairment loss for Navios Europe II	0	0	(6,050)
Non-operating other finance cost	(61,730)	0	0
Gain on sale of shipping business	169,631	0	0
Other expense, net	(8,967)	(5,561)	(1,634)
Income tax expense	(53)	(98)	(187)
Net income/(loss) from discontinued operations	$ 146,106	$ 75,158	$ (186,146)

Discontinued Operations - Assets and Liabilities from Discontinued Operations (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalent	$ 0	$ 224
Restricted cash	0	84,250
Accounts receivable, net	3,489	9,186
Inventories	0	3,052
Other current assets	0	9,986
Vessels and other fixed assets, net	0	427,386
Deferred dry dock and special survey costs, net	0	23,467
Operating Lease assets	0	164,267
Goodwill	0	56,240
Intangible assets other than goodwill	0	44,015
Other non-current assets	0	35,689
Total assets of discontinued operations	3,489	857,762
Accounts payable	3,692	6,234
Accrued expenses and other liabilities	1,825	16,122
Deferred income and cash received in advance	0	5,448
Due to related parties, net	565	20,643
Operating lease liabilities, including current portion	0	189,828
Long-term debt, net, including current portion	0	113,641
Senior and ship mortgage notes, including current portion	0	455,393
Total liabilities of discontinued operations	$ 6,082	$ 807,309

Discontinued Operations (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
Discontinued Operations (Details Narrative) $ in Thousands	Jan. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disposal Group, Including Discontinued Operation, Consideration					$ 370,638
Disposa group including discontinued operation income gain					169,631
Gain (Loss) on Extinguishment of Debt					0	$ 0	$ (4,157)
Long-Term Debt, Gross					$ 686,844	835,511
Hamburg Commercial Bank AG ($101,750) [Member]
Initiation date					December 2021
Line of Credit Facility, Maximum Borrowing Capacity					$ 101,750
Description of scope, credit facility					for the refinancing of seven dry bulk vessels
Drawn down date					January 5, 2022
Line of Credit Facility, Interest Rate Description					LIBOR plus a margin
Prepayments of debt		$ 10,380
Number of vessels released from collateral					one
Long-Term Debt, Gross					$ 91,345
Number of repayment installments					8
Line of Credit Facility, Frequency of Payments					quarterly
Line of Credit Facility, Periodic Payment					$ 3,915
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid					$ 60,027
Hamburg Commercial Bank AG ($101,750) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					3.25%
Hamburg Commercial Bank AG ($101,750) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					4.50%
Credit Agricole CIB/ BNP Paribas [Member]
Initiation date					December 2021
Line of Credit Facility, Maximum Borrowing Capacity					$ 105,000
Description of scope, credit facility					for the refinancing of seven dry bulk vessels.
Drawn down date					January 5, 2022
Line of Credit Facility, Interest Rate Description					LIBOR plus a margin
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid					$ 41,000
Credit Agricole CIB/ BNP Paribas [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					2.85%
Credit Agricole CIB/ BNP Paribas [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					3.75%
Sale and Leaseback Agreements $77,000 [Member]
Sale Leaseback Transaction, Amount Due under Financing Arrangement						$ 77,000
Description of Sale leaseback transaction						in order to finance four dry bulk vessels.
Sale And Leaseback Agreements $68,000 [Member]
Sale Leaseback Transaction, Date					first quarter of 2020
Sale Leaseback Transaction, Amount Due under Financing Arrangement					$ 68,000
Description of Sale leaseback transaction					for two Capesize vessels
Sale and Leaseback Agreements $12,000 [Member]
Drawn down date					March 2022
Debt Instrument, Frequency of Periodic Payment					monthly
Sale Leaseback Transaction, Date					March 2022
Sale Leaseback Transaction, Amount Due under Financing Arrangement					$ 12,000
Description of Sale leaseback transaction					to finance one dry bulk vessel
Number of repayment installments					60
Debt Instrument, Periodic Payment					$ 521
Debt Instrument, Maturity Date, Description					first quarter of 2027
Balloon payment					$ 1,600
Sale And Leaseback Agreement $22,000 [Member]
Drawn down date				third quarter 2022
Debt Instrument, Frequency of Periodic Payment				monthly
Sale Leaseback Transaction, Date				third quarter of 2022
Sale Leaseback Transaction, Amount Due under Financing Arrangement				$ 22,000
Description of Sale leaseback transaction				to finance the vessel
Number of repayment installments				120
Debt Instrument, Periodic Payment				$ 158
Debt Instrument, Maturity Date, Description				third quarter of 2032
Balloon payment				$ 3,000
NSM Loan [Member]
Repayments of Debt							$ 47,000
Debt Instrument, Issuance Date					Aug. 29, 2019
Line of Credit Facility, Maximum Borrowing Capacity					$ 141,795
Number of repayment installments					48
Debt Instrument, Frequency of Periodic Payment					quarterly		quarterly
2022 Senior Secured Notes [Member]
Repayments of Debt			$ 80,000
Debt Instrument, Face Amount					$ 305,000
Debt Instrument, Interest Rate, Stated Percentage					11.25%
Initiation date					November 21, 2017
2022 Notes [Member]
Repayments of Debt	$ 455,466
Debt Instrument, Repurchased Face Amount					$ 20,782	$ 21,356
Debt Instrument, Issuance Date					Nov. 29, 2013
Debt Instrument, Face Amount					$ 650,000
Debt Instrument, Interest Rate, Stated Percentage					7.375%
Debt Instrument, Repurchase Amount					$ 9,443	18,588
Gain (Loss) on Extinguishment of Debt					11,204	2,728
2022 Notes [Member] \| NSM Loan [Member]
Repayments of Debt	100,000
2022 Notes [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Repayments of Debt	$ 77,000
Number of sale and leaseback agreements	four
Two Credit Facilities [Member] \| 2022 Notes [Member]
Repayments of Debt	$ 206,725
NSM Loan [Member] \| 2022 Notes [Member]
Asset not pledged as collateral						158,873
Asset pledged as collateral							$ 158,873
First four installments [Member] \| Credit Agricole CIB/ BNP Paribas [Member]
Line of Credit Facility, Periodic Payment					$ 6,500
Debt Instrument, Frequency of Periodic Payment					quarterly
Next eight installments [Member] \| Credit Agricole CIB/ BNP Paribas [Member]
Line of Credit Facility, Periodic Payment					$ 4,750
Debt Instrument, Frequency of Periodic Payment					quarterly
Three of the four new sale and leaseback agreements [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Proceeds from Lines of Credit						$ 58,000
Navios Partners [Member]
Number of vessels sold					36
Number of loan tranches					2
Number of charter-in and bareboat vessels					15
Transaction date					Sep. 08, 2022
Number of owned vessels					21
Navios Partners [Member] \| NSM Loan [Member]
Repayments of Debt					$ 262,632
Navios Partners [Member] \| 2022 Senior Secured Notes [Member]
Debt Instrument, Repurchased Face Amount					$ 80,000
Maturity date of debt					August 15, 2022
Navios Partners [Member] \| Tranche A [Member]
Number of charter-in and bareboat vessels					15
Transaction date					Jul. 29, 2022
Navios Partners [Member] \| Tranche B [Member]
Transaction date					Sep. 08, 2022
Number of owned vessels					21
First Two Sale And Leaseback Agreements [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Number of repayment installments					96
Debt Instrument, Periodic Payment					$ 481
Debt Instrument, Maturity Date, Description					fourth quarter of 2029
Balloon payment					$ 3,600
Third Sale and Leaseback Agreement [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Debt Instrument, Frequency of Periodic Payment					monthly
Number of repayment installments					72
Debt Instrument, Periodic Payment					$ 688
Debt Instrument, Maturity Date, Description					fourth quarter of 2027
Balloon payment					$ 3,500
Fourth Sale and Leaseback Agreement [Member] \| Sale and Leaseback Agreements $77,000 [Member]
Drawn down date					January 2022
Debt Instrument, Frequency of Periodic Payment					monthly
Proceeds from Lines of Credit	$ 19,000
Number of repayment installments					84
Debt Instrument, Periodic Payment					$ 643
Debt Instrument, Maturity Date, Description					first quarter of 2029
Balloon payment					$ 1,000

Cash and Cash Equivalents and Restricted Cash (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted cash	$ 310	$ 10
Cash and cash equivalents and restricted cash	78,851	137,851	$ 111,184	$ 78,727
Continuing Operations [Member]
Cash on hand and at banks	32,851	53,323
Short-term deposits and highly liquid funds	45,690	44
Restricted cash	310	10
Cash and cash equivalents and restricted cash	$ 78,851	$ 53,377

Accounts Receivable, Net (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable Net
Accounts receivable	$ 49,841	$ 56,928
Less: Allowance for credit losses	(3,347)	(3,275)	$ (2,884)	$ (2,489)
Accounts receivable, net	$ 46,494	$ 53,653

Accounts Receivable, Net - Provisions for Doubtful Accounts (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Net
Balance at Beginning of Period	$ (3,275)	$ (2,884)	$ (2,489)
Charges to Costs and Expenses	(320)	(391)	(541)
Amount Utilized	248	0	146
Balance at End of Period	$ (3,347)	$ (3,275)	$ (2,884)

Accounts Receivable, net (Details Narrative)	12 Months Ended
Accounts Receivable, net (Details Narrative)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	20.90%	23.30%	31.70%
Customer 2 [Member]
Product Information [Line Items]
Concentration Risk, Percentage	13.40%	10.30%

Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid voyage and operating costs	$ 3,408	$ 3,126
Claims receivable	419	(30)
Prepaid other taxes	2,881	1,084
Other	1,560	2,928
Total prepaid expenses and other current assets	$ 8,268	$ 7,108

Vessels, Port Terminals and Other Fixed Assets (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Balance	$ 522,616
Additions	(49,848)	$ (61,235)	$ (71,015)
Write offs	(3,195)	(47,827)	(88,367)
Sale of vessel	(2,186)	(167,016)	(83,445)
Balance	495,919	522,616
Cost [Member] \| Total Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Balance	824,724	790,737	787,844
Additions	6,944	4,349	3,289
Write offs			(396)
Impairment loss	(14,920)	(27,339)
Transfers from other long-term assets		57,107
Sale of vessel	(2,186)
Disposals	(52)	(130)
Balance	814,510	824,724	790,737
Cost [Member] \| Tanker vessels, barges and pushboats [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	554,241	527,674	526,051
Additions	6,130	2,445	1,931
Write offs			(308)
Impairment loss	(14,920)	(27,339)
Transfers from other long-term assets		51,461
Sale of vessel	(2,186)
Balance	548,640	554,241	527,674
Cost [Member] \| Port Terminals (Navios Logistics) [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	261,780	254,744	253,962
Additions	792	1,520	870
Write offs			(88)
Transfers from other long-term assets		5,646
Disposals		(130)
Balance	262,572	261,780	254,744
Cost [Member] \| Other fixed assets [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	8,703	8,319	7,831
Additions	22	384	488
Disposals	(52)
Balance	8,673	8,703	8,319
Accumulated Depreciation [Member] \| Total Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Balance	(302,108)	(278,767)	(252,677)
Additions	(28,940)	(28,883)	(26,166)
Write offs			76
Impairment loss	12,457	5,373
Disposals		169
Balance	(318,591)	(302,108)	(278,767)
Accumulated Depreciation [Member] \| Tanker vessels, barges and pushboats [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	(234,424)	(219,034)	(200,756)
Additions	(20,998)	(20,763)	(18,278)
Impairment loss	12,457	5,373
Balance	(248,004)	(234,424)	(219,034)
Accumulated Depreciation [Member] \| Port Terminals (Navios Logistics) [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	(61,561)	(54,101)	(46,961)
Additions	(7,735)	(7,629)	(7,216)
Write offs			76
Disposals		169
Balance	(69,296)	(61,561)	(54,101)
Accumulated Depreciation [Member] \| Other fixed assets [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	(6,123)	(5,632)	(4,960)
Additions	(207)	(491)	(672)
Balance	(6,330)	(6,123)	(5,632)
Net Book Value [Member] \| Total Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Balance	522,616	511,970	535,167
Additions	(21,996)	(24,534)	(22,877)
Write offs			(320)
Impairment loss	(2,463)	(21,966)
Transfers from other long-term assets		57,107
Sale of vessel	(2,186)
Disposals	(52)	39
Balance	495,919	522,616	511,970
Net Book Value [Member] \| Tanker vessels, barges and pushboats [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	319,817	308,640	325,295
Additions	(14,868)	(18,318)	(16,347)
Write offs			(308)
Impairment loss	(2,463)	(21,966)
Transfers from other long-term assets		51,461
Sale of vessel	(2,186)
Balance	300,300	319,817	308,640
Net Book Value [Member] \| Port Terminals (Navios Logistics) [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	200,219	200,643	207,001
Additions	(6,943)	(6,109)	(6,346)
Write offs			(12)
Transfers from other long-term assets		5,646
Disposals		39
Balance	193,276	200,219	200,643
Net Book Value [Member] \| Other fixed assets [Member] \| Navios Logistics[Member]
Property, Plant and Equipment [Line Items]
Balance	2,580	2,687	2,871
Additions	(185)	(107)	(184)
Disposals	(52)
Balance	$ 2,343	$ 2,580	$ 2,687

Vessels, Port Terminals and Other Fixed, Net (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Carrying balance of dry dock	$ 495,919	$ 522,616
Impairment loss	(3,195)	(21,966)	$ 0
Land Port Murtinho [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Area of land				9.0
Development costs	1,580
Capitalized interest	807	713
Iron Ore Port [Member] \| Navios Logistics [Member] \| Stockpile [Member]
Property, Plant and Equipment [Line Items]
Purchase price	1,907
Iron Ore Port [Member] \| Navios Logistics [Member] \| Crane [Member]
Property, Plant and Equipment [Line Items]
Purchase price	597
Construction of six liquid barges [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Capitalized interest		1,062
Carrying balance of dry dock		19,501
Construction Of Two New Tanks In Liquid Port Terminal [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Carrying balance of dry dock		1,843
Installation of a crane in grain port terminal [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Carrying balance of dry dock		3,803
Malva H [Member]
Property, Plant and Equipment [Line Items]
Carrying balance of dry dock	732
Proceeds from Sale of Other Property, Plant, and Equipment	2,186
Impairment loss	778
Assets, Fair Value Disclosure	2,186
Certain Barges [Member]
Property, Plant and Equipment [Line Items]
Impairment loss	$ 2,417
Seller's Credit Agreement for the Navios Logistics 2020 Fleet [Member] \| Navios Logistics [Member]
Property, Plant and Equipment [Line Items]
Purchase price		30,000
Carrying balance of dry dock		$ 31,960
Description of scope		for the acquisition of three pushboats and 18 tank barges
Acquisition date of vessel		March 22, 2021
Navios Partners [Member]
Property, Plant and Equipment [Line Items]
Number of owned vessels	21

Intangible Assets other than Goodwill (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Por terminal operating rights [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	$ 53,152	$ 53,152
Accumulated Amortization	(15,832)	(14,834)
Net Book Value	37,320	38,318
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	36,120	36,120
Accumulated Amortization	(27,247)	(25,472)
Net Book Value	8,873	10,648
Total Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Acquisition Cost	89,272	89,272
Accumulated Amortization	(43,079)	(40,306)
Net Book Value	$ 46,193	$ 48,966

Intangible Assets other than Goodwill - Amortization Expense (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Por terminal operating rights [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	$ 998	$ 998	$ 998
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	1,775	1,774	1,775
Total [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Expense and Write Offs	$ 2,773	$ 2,772	$ 2,773

Intangible Assets other than Goodwill - Amortization Schedule (Table) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Within one year	$ 2,770
Year Two	2,770
Year Three	2,770
Year Four	2,770
Year Five	2,768
Thereafter	32,345
Total	46,193
Por terminal operating 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	32,345
Total	37,320
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	1,773
Thereafter	0
Total	$ 8,873

Investments in Affiliate Companies - Financial Information of the Affiliate Companies - Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents, including restricted cash	$ 78,851	$ 137,851	$ 111,184	$ 78,727
Current assets	147,570	229,447
Non-current assets	776,741	1,579,331
Current liabilities	107,863	497,448
Non-current liabilities	674,357	1,244,686
Navios Partners [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents, including restricted cash	175,098	169,446
Current assets	310,424	226,340
Non-current assets	4,585,280	3,396,959
Current liabilities	617,740	395,505
Long- term debt including current portion, net	1,945,447	1,361,709
Non-current liabilities	$ 1,935,001	$ 1,458,069

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Investments in Affiliate Companies - 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenue			$ 255,397	$ 223,476	$ 215,925
Net (loss)/income			(85,269)	(91,901)	188,605
Navios Partners [Member]
Schedule of Equity Method Investments [Line Items]
Revenue			1,210,528	713,175	226,771
Net (loss)/income			579,247	$ 516,186	(68,541)
Navios Acquisition [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		$ 188,304	0		361,438
Net (loss)/income		$ (6,307)	0		27,465
Navios Containers [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	$ 43,763		0		127,188
Net (loss)/income	$ 15,270		$ 0		3,348
Navios Europe II [Member]
Schedule of Equity Method Investments [Line Items]
Revenue					17,059
Net (loss)/income					$ (26,661)

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