Technological Change and Cyber Risk Overtake Regulation as Top Risks for Insurers

LONDON, May 30, 2017 (GLOBE NEWSWIRE) — The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close observers of the sector.
The CSFI’s latest Insurance Banana Skins 2017 survey, conducted with support from PwC, surveyed 836 insurance practitioners and industry observers in 52 countries, to find out where they saw the greatest risks over the next 2-3 years.
 Insurance Banana Skins 2017 (2015 ranking in brackets)1Change management (6)2Cyber risk (4)3Technology (-)4Interest rates (3)5Investment performance (5)6Regulation (1)7Macro-economy (2)8Competition (-)9Human talent (15)10Guaranteed products (7)11Political interference (16)12Business practices (11)13Cost reduction (-)14Quality of management (12)15Quality of risk management (10)16Social change (20)17Reputation (18)18Product development (17)19Corporate governance (21)20Capital availability (22)21Complex instruments (25)22 Brexit (-)   Change management is at the head of a cluster of operating risks which have jumped to the top of the rankings. The report raises concerns about the industry’s ability to address the formidable agenda of digitisation, new competition, consolidation and cost reduction it faces, especially because of rapidly emerging technologies which could transform insurance markets, such as driverless cars, the ‘internet of things’ and artificial intelligence.
Cyber risk follows close behind, with anxiety rising about attacks on insurers themselves as well as the costs of underwriting cyber-crime. Other major concerns include the adequacy of insurer’s internal technology systems and new competition, particularly from the ‘InsurTech’ sector.
The next cluster of high-ranking risks, interest rates, investment performance and macro-economic risk, shows that concern about economic instability remains high. Although respondents acknowledged signs of growth, confidence in the recovery is not strong for reasons as widely dispersed as the slowdown in China, the risk of Trump-era protectionism, and populism in Europe. The risk of political interference was seen to have risen sharply. However, Britain’s exit from the EU was seen to be a minimal source of risk for insurers, particularly those without operations in the UK.
Regulatory risk, which has topped the last three editions of this survey, has fallen out of the top five this year. This is largely because recent regulatory changes are settling in to business as usual (e.g. Solvency 2), though the cost and complication of regulation continue to be a concern.
The report shows that the industry’s ability to attract and retain human talent is a fast-rising concern, particularly to handle the digital challenge.  Conversely, an area of declining risk is the governance and management of insurance companies. These were seen as high-level risks during the financial crisis but have fallen sharply since, because of both initiatives from the industry itself and regulatory pressure.
Overall, the climate for insurers is becoming more challenging, according to respondents. The 2017 Banana Skins Index, which measures the level of anxiety in the industry, is at a record high, while the industry’s preparedness to handle these risks has fallen from 2015.   
David Lascelles, survey editor, said: “For the first time in six editions of this survey, operating risks pose the greatest threat to insurers. Structural and technological changes to the industry could upend traditional business models. At the same time, insurers are grappling with a very difficult economic climate, which helps explain why anxiety is at an all-time high.”
Mark Train, PwC Global Insurance Risk Leader, comments: “Both the challenges and opportunities presented by change underline the vital importance of being clear about where you’re best able to add value, and then being ruthless in targeting investment and management time at these priorities. A key part of this ‘fit for growth’ strategy is differentiating the capabilities needed to fuel growth, ‘good costs’ targeted for investment, from low-performing business and inefficient operations, ‘bad costs’ targeted for overhaul or elimination.”
Notes to Editors:
For further information, contact: David Lascelles, CSFI T:+44 (0)20 7621 1056 or +44 (0)7710 088658, E: Andrew Hilton, CSFI T:+44(0)20 7621 1056 E: Joost Blankenspoor, PwC T: +31 (0)88 792 6596 E: 2.  The Insurance Banana Skins 2017 survey was conducted in January and February 2017 and is based on 836 responses from 52 countries. The breakdown by type of respondent was:
 %Non-life29Life insurance27Composite17Reinsurance7Brokers4Other16   3.  The survey is the latest in the CSFI’s long-running Banana Skins series on financial risk.  Previous Insurance Banana Skins surveys were in 2007, 2009 2011, 2013 and 2015. The report is prepared by the CSFI, which is solely responsible for the editorial content, with support from PwC. It can be downloaded from the CSFI website: or from the PwC website:
4.  The CSFI (Centre for the Study of Financial Innovation) is a non-profit think-tank, founded in 1993, which looks at challenges and opportunities for the financial sector. It has an affiliate organisation in New York, the New York CSFI.

5.  PwC is a network of firms in 157 countries with more than 195,000 people who are committed to delivering quality in assurance, tax and advisory services. More information is available at the firm’s website,


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Cost Saving Opportunities for the Global Pumps Market: Technavio

LONDON–(BUSINESS WIRE)–According to the latest procurement intelligence report from Technavio, the global pumps market is expected to grow at a CAGR of 5.5% over the next five years due to growth of various end-user industries such as construction, oil and gas, water and wastewater management, and energy.
The research report titled ‘Global Pumps Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the global pumps market will be driven by the increase in new infrastructure in developing countries such as India and China, leading to the growth of the construction industry in APAC,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, increase in investments in the oil and gas industry in regions such as North America due to discovery of shale reserves is will further drive the market growth,” adds Angad.

Looking for more information on this market? Request a free sample report
Technavio sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Cost saving opportunities in the print services market
The adoption of various cost-optimization levers helps buyers of pumps realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the pumps market into the following value-enhancement opportunities:
Adoption of technology
Supplier Competition
Adoption of negotiation strategies
Optimization of procurement practices
Bundling of services
Adoption of technology saving aspects
Technologies such as variable frequency drives, micro-disc pumps, magnetic drives and intelligent pump systems can help realize cost savings to the extent of 8% of total category spend.
Suppliers should provide energy-efficient pumps due to growing environmental awareness and the need for energy efficient pumps across end-user industries. These pumps are designed with energy-efficient motors or offer features such as variable speeds that consume less power compared to traditional models.
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Optimization of supplier competition saving aspects
Competitive bidding helps to procure products at low prices with value-added services such as installation, repair, and maintenance. Buyers look for suppliers that assist in pump selection to lower energy requirements, resulting in energy savings and reduction of carbon footprint. For instance, with the use of pump selection software, impeller diameter of centrifugal pumps is matched to operating conditions, achieving hydraulic optimization.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global pumps market is the need for consolidation of services such as installation, repair, and maintenance for a specified warranty period. Suppliers need to meet requirements of buyers such as elevated temperature handling capacity for pumps that are used in the oil and gas industries.
Browse other reports:
Global Aluminum Market – Procurement Market Intelligence Report 2017-2021
Global Travel and Entertainment Cards Market – Procurement Market Intelligence Report 2017-2021
Global Subscription and Billing Management Market – Procurement Market Intelligence Report 2017-2021
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at


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MEG Energy provides Annual and Special Meeting voting results

 Vote For
 Withhold Vote
Boyd Anderson

Harvey Doerr
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Robert Hodgins
Timothy Hodgson
William R. Klesse
David B. Krieger
William J. McCaffrey
Jeffrey J. McCaig
James D. McFarland
Diana McQueen
Shareholders approved the Corporation’s amended and restated Shareholder Rights Plan, with 87.07% of the votes cast being in favour.
Shareholders also passed a resolution accepting the Corporation’s approach to executive compensation, with 98.30% of the votes cast being in favour.
Shareholders also approved the reappointment of PricewaterhouseCoopers LLP as auditors of the Corporation for the ensuing year.
Lastly, after serving as a director of the Corporation for over 13 years, Peter Kagan stepped down from the Corporation’s board of directors effective May 25, 2017. “Peter joined MEG’s Board as we were working to expand and define our resources, and I would like to thank him for his thoughtful leadership and counsel on the board,” said Bill McCaffrey, President, Chief Executive Officer and Director. “Although Peter will be missed, the foundations that he helped put in place will ensure the future success of the company.”
MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG’s common shares are listed on the Toronto Stock Exchange under the symbol “MEG.”
Forward-Looking Information
This document may contain forward-looking information including but not limited to: expectations of future production, revenues, expenses, cash flow, operating costs, steam-oil ratios, pricing differentials, reliability, profitability and capital investments; estimates of reserves and resources; anticipated reductions in operating costs as a result of optimization and scalability of certain operations; and anticipated sources of funding for operations and capital investments. Such forward-looking information is based on management’s expectations and assumptions regarding future growth, results of operations, production, future capital and other expenditures, plans for and results of drilling activity, environmental matters, and business prospects and opportunities.
By its nature, such forward-looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks associated with the oil and gas industry, for example, results securing access to markets and transportation infrastructure; availability of capacity on the electricity transmission grid; uncertainty of reserve and resource estimates; uncertainty associated with estimates and projections relating to production, costs and revenues; health, safety and environmental risks; risks of legislative and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws; assumptions regarding and the volatility of commodity prices, interest rates and foreign exchange rates, and, risks and uncertainties related to commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that MEG may enter into from time to time to manage its risk related to such prices and rates; risks and uncertainties associated with securing and maintaining the necessary regulatory approvals and financing to proceed with MEG’s future phases and the expansion and/or operation of MEG’s projects; risks and uncertainties related to the timing of completion, commissioning, and start-up, of MEG’s future phases, expansions and projects; the operational risks and delays in the development, exploration, production, and the capacities and performance associated with MEG’s projects; and uncertainties arising in connection with any future disposition of assets.
Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.
Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in MEG’s most recently filed Annual Information Form (“AIF”), along with MEG’s other public disclosure documents. Copies of the AIF and MEG’s other public disclosure documents are available through the SEDAR website which is available at
The forward-looking information included in this document is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this document is made as of the date of this document and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG’s common shares are listed on the Toronto Stock Exchange under the symbol “MEG.”


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Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter Ended March 31, 2017

• $95.3 million Revenue for Q1 2017• $28.6 million net cash from operating activities for Q1 2017• $17.5 million Adjusted EBITDA for Q1 2017• $138.2 million of cash as of March 31, 2017• Positioned to capture market recovery
Industry leading operating efficiencies  – Operating cost is estimated 40% lower than the average of listed peers for 2016  - 43% decrease in G&A over the last two years based on Q1 annualized run-rateSignificant upside to market recovery in the remaining nine months of 2017  – 66.9% of available days with market exposure – 11,684 days  – 33.1% of available days fixed – 5,778 days • Formed Navios Maritime Containers Inc.:
6.7% initial equity stake + 1.7% equity opportunity through warrantsInitial target: 14-vessel fleet of Rickmers Maritime Trust Pte (“RMT”) MONACO, May 24, 2017 (GLOBE NEWSWIRE) — Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the first quarter ended March 31, 2017.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the first quarter, in which we recorded revenue of $95.3 million, EBITDA of $17.5 million and net cash from operating activities of $28.6 million. We also ended the quarter with $138.2 million in cash, while having no committed growth capex or any significant debt maturities until 2019. In a recovering market, we are positioned to enjoy substantial free cash flow from an increase in charter rates.”
Angeliki Frangou continued, “Navios Holdings is a diversified company that directly controls 66 modern dry bulk vessels and manages almost 200 vessels in its broader fleet. The fleet size provides purchasing power and cost savings opportunities. Our operating leverage allows our costs to be substantially below the average of the listed peers, savings that accrue directly to our stakeholders. The strength of Navios Holdings’ sponsorship allowed Navios Partners to grow significantly by raising $100 million in the first quarter and entering into an agreement to acquire the RMT fleet. In addition, it allowed Navios Containers to raise $75 million of gross equity proceeds in its initial capitalization. Navios Holdings also agreed to acquire control of the FSL Trust which owns 22 vessels (five containers and 17 tankers), subject to various conditions.”
Navios Maritime Containers Inc. (“Navios Containers”)
In April 2017, Navios Maritime Partners L.P. (“Navios Partners”) agreed to acquire the entire container fleet (the “Fleet”) of Rickmers Maritime Trust Pte. (the “Trust”). The Fleet consists of 14 Container vessels. The acquisition of the first five vessels, each with a capacity of 4,250 TEU, is expected in May 2017.
Navios Containers, a newly formed Marshall Islands company, agreed to sell an aggregate of 15.0 million of its shares to Navios Partners, Navios Holdings and third party investors for aggregate consideration worth approximately $75.0 million.
Navios Containers intends to use the proceeds to acquire the Fleet that Navios Partners previously agreed to purchase from the Trust as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close on or about June 1, 2017.
Navios Partners will invest $30 million and receive 40% of the equity, and Navios Holdings will invest $5 million and receive 6.7% of the equity of Navios Containers. Each of Navios Partners and Navios Holdings will also receive warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively.
The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part. Navios Containers also announced that it intends to file an application to register on the Norwegian Over-The-Counter market (N-OTC). Navios Containers expects to be registered on or about June 1, 2017.
First Ship Lease Trust (“FSL Trust”)
Navios Holdings executed, for itself and/or for its affiliates (“Navios”), an exclusivity agreement and term sheet to purchase directly or indirectly, 100% of FSL Asset Management Pte. Ltd. (“FSL Asset”) and not less than a total of 50.1% of FSL Trust from an existing shareholder and FSL Trust. FSL Trust is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.
FSL Trust is a Singapore-based business trust which owns a diversified fleet of 22 modern and high-quality oceangoing vessels (the “FSL Fleet”). The Fleet includes 12 product tankers, three chemical tankers, two crude oil tankers and five container vessels.
The acquisition is subject to a number of conditions, including (1) the satisfactory restructuring of the existing mortgage debt and other loan facilities of FSL Trust, (2) waiver by the Securities Industry Council of any obligation for Navios to make a mandatory take-over offer for all the units in FSL Trust (the “Whitewash Waiver”) and (3) approval of FSL Trust’s independent unitholders of the Whitewash Waiver.  No assurance can be provided that these conditions will be satisfied and that any acquisition will be concluded at all or in part.
The parties have agreed to negotiate exclusively with each other and will seek to execute definitive agreements by September 30, 2017.
Asset Sales
Navios Holdings agreed to sell two Handymax vessels, the Navios Ionian and the Navios Horizon for $11.8 million net proceeds. These vessels are collateral to the Company’s 7.375% First Priority Ship Mortgage Notes due in 2022.
Debt Refinancing
Navios Holdings refinanced one of its existing debt facilities securing a 2010 built Capesize vessel with a $15.3 million new bank loan. The new loan has a term of 4.25 years and an amortization profile of 10 years.
Navios South American Logistics Inc. (“Navios Logistics”)
In May 2017, Navios Logistics acquired two product tankers, Ferni H and San San H for $11.2 million which we previously operated under capital lease with an obligation to purchase in 2020. The remaining capital lease obligation was terminated after the acquisition of the vessels. The acquisition of the two product tankers was financed with a $14.0 million five year term loan.
Fleet update
Navios Holdings controls a fleet of 66 operating vessels totaling 6.7 million dwt, of which 40 are owned and 26 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 21 Capesize, 23 Panamax, 20 Ultra Handymax and two Handysize vessels and the current average age of operating fleet is 8.1 years.
As of May 19, 2017, Navios Holdings has chartered-out 33.1% of available days for the remaining nine months of 2017 (excluding index and profit sharing days). The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining nine months of 2017 is $12,471.
The above figures do not include the fleet of Navios Logistics and vessels servicing contracts of affreightment.

Exhibit II provides certain details of the Core Fleet of Navios Holdings. It does not include the fleet of Navios Logistics.
Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share are non-U.S. GAAP financial measures and should not be used in isolation or as substitution for Navios Holdings’ results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share of Navios Holdings (including Navios Logistics), and EBITDA of Navios Logistics (on a stand-alone basis), and a reconciliation of such measures to the most comparable measures calculated under U.S. GAAP.
First Quarter 2017 and 2016 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The first quarter 2017 and 2016 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
  Three Month Period Ended Three Month Period Ended    March 31,  March 31,   2017  2016    (unaudited) (unaudited) Revenue $95,346  $101,487  Net Loss $(48,719)  $(7,465)  Adjusted Net Loss $(39,621) (1) $(29,650) (2) Net cash provided by operating activities $28,592  $28,940  EBITDA $8,434  $45,424  Adjusted EBITDA $17,532 (1) $30,553 (2) Basic Loss per Share $(0.45)  $(0.11)  Adjusted Basic Loss per Share $(0.37) (1) $(0.32) (2)  (1) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the three months ended March 31, 2017 exclude a $9.1 million impairment loss relating to the sale of Navios Ionian.
(2) Adjusted EBITDA for the three months ended March 31, 2016 excludes $14.9 million compensation from the early redelivery of a vessel from its charterer. Adjusted Net Loss and Adjusted Basic Loss per Share for the three months ended March 31, 2016 exclude the compensation described above and a $7.3 million income from the write-off of an intangible liability due to the early redelivery of the same vessel.
Revenue from dry bulk vessel operations for the three months ended March 31, 2017, was $51.5 million as compared to $46.3 million for the same period during 2016. The increase in dry bulk revenue was mainly attributable to (i) the improved freight market and the increase in the time charter equivalent rate (“TCE”) per day by 12.1% to $7,857 per day in the first quarter of 2017, as compared to $7,008 per day in the same period of 2016 and (ii) the improved utilization of the fleet of 99.8% in the first quarter of 2017, as compared to 98.4% in the same period of 2016. This increase was partially mitigated by a net decrease in available days of our fleet by 157 days.
Revenue from the logistics business was $43.8 million for the three months ended March 31, 2017 as compared to $55.2 million for the same period during 2016. The decrease was mainly attributable to a decrease of $7.6 million in the barge business due to less volume of cargo transported during the period, a decrease of $3.4 million in the cabotage business mainly due to lower utilization of our fleet and a decrease of $0.4 million relating to the port operations.
Net Loss of Navios Holdings was $48.7 million for the three months ended March 31, 2017, as compared to $7.5 million for the same period during 2016. Net loss was affected by items described in the table above. Excluding these items, Adjusted Net Loss of Navios Holdings for the three months ended March 31, 2017 was $39.6 million as compared to $29.7 million for the same period of 2016. The $9.9 million increase in Adjusted Net Loss was mainly due to (i) a $13.1 million decrease in Adjusted EBITDA; and (ii) a $0.2 million increase in share-based compensation expense. This overall increase in Net Loss was partially mitigated by (i) a $1.6 million decrease in depreciation and amortization; (ii) a $1.4 million decrease in income tax expense; and (iii) a $0.4 million decrease in interest expense and finance cost, net.
Net Loss of Navios Logistics was $3.0 million for the three month period ended March 31, 2017, as compared to net income of $5.7 million for the same period in 2016.
Adjusted EBITDA of Navios Holdings for the three months ended March 31, 2017, decreased by $13.1 million to $17.5 million as compared to $30.6 million for the same period of 2016. The decrease in Adjusted EBITDA was primarily due to (i) a $7.9 million decrease in equity in net earnings from affiliated companies; (ii) a $6.2 million decrease in revenue; and (iii) a $4.3 million increase in time charter, voyage and logistics business expenses. This overall decrease was partially mitigated by (i) a $3.2 million decrease in net income attributable to the noncontrolling interest; (ii) a $1.8 million decrease in other expense, net; (iii) a $0.2 million decrease in general and administrative expenses (excluding share-based compensation expenses); and (iv) a $0.1 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs).
EBITDA of Navios Logistics was $10.1 million for the three month period ended March 31, 2017 as compared to $21.1 million for the same period in 2016.
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Holdings’ dry bulk operations (excluding the Navios Logistics fleet) and its fleet performance for the first quarter ended March 31, 2017 and 2016, respectively.
  Three Month Three Month  Period Ended Period Ended  March 31, March 31,  2017 2016  (Unaudited) (Unaudited)Available Days (1) 5,803  5,960 Operating Days (2) 5,791  5,861 Fleet Utilization (3) 99.8%  98.4% Equivalent Vessels (4) 64  65 TCE (5)$7,857 $7,008 
(1) Available days for the fleet are total calendar days the vessels were in Navios Holdings’ possession for the relevant period after subtracting off-hire days associated with major repairs, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues. (2) Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. (3) Fleet utilization is the percentage of time that Navios Holdings’ vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels. (4) Equivalent Vessels is defined as the total available days during a relevant period divided by the number of days of this period. (5) TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period.  Conference Call: 
As previously announced, Navios Holdings will host a conference call today, May 24, 2017, at 8:30 am ET, at which time Navios Holdings’ senior management will provide highlights and commentary on earnings results for the first quarter ended March 31, 2017.
A supplemental slide presentation will be available on the Navios Holdings website at under the “Investors” section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Wednesday, May 24, 2017, at 8:30 am ET Call Title: Navios Holdings Q1 2017 Financial Results Conference Call US Dial In: +1.877.480.3873 International Dial In: +1.404.665.9927 Conference ID: 20913573 
The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.585.8367 International Replay Dial In: +1.404.537.3406 Conference ID: 20913573
This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website,, under the “Investors” section. The Webcast will be archived and available at the same Web address for two weeks following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website:
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations. For more information about Navios Logistics please visit its website:
About Navios Maritime Partners L.P.
Navios Partners (NYSE:NMM) is a publicly traded master limited partnership which owns and operates container and dry bulk vessels. For more information, please visit its website at
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website:
About Navios Maritime Midstream Partners L.P.
Navios Maritime Midstream Partners L.P. (NYSE:NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit its website at
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit its website at
Forward Looking Statements – Safe Harbor
This press release and our earnings call contain and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including cash flow generation for the remainder of 2017, future contracted revenues, potential capital gains, our ability to take advantage of dislocation in the market, and Navios Holdings’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Holdings at the time these statements were made. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize and UltraHandymax vessels in particular, fluctuations in charter rates for dry cargo carriers vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance, and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Holdings operates, the value of our publicly traded subsidiaries, risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings’ filings with the Securities and Exchange Commission, including its Form 20-F’s and Form 6-K’s. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Holdings makes no prediction or statement about the performance of its common stock.
 EXHIBIT I NAVIOS MARITIME HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Expressed in thousands of U.S. dollars – except share and per share data)     Three Month  Three Month    Period Ended  Period Ended    March 31, 2017  March 31, 2016    (unaudited)  (unaudited)Revenue   $95,346  $101,487 Administrative fee revenue from affiliates    5,298   5,482 Time charter, voyage and logistics business expenses    (50,726)  (46,381)Direct vessel expenses(1)    (30,044)  (30,074)General and administrative expenses incurred on behalf of affiliates    (5,298)  (5,482)General and administrative expenses(2)    (6,384)  (6,438)Depreciation and amortization    (25,623)  (19,827)Interest expense and finance cost, net    (27,422)  (27,750)Impairment loss on sale of vessel    (9,098)  — Other (expense)/ income, net    (1,355)  11,664 Loss before equity in net earnings of affiliated companies    (55,306)   (17,319) Equity in net earnings of affiliated companies    5,082   12,952 Loss before taxes   $(50,224)  $(4,367) Income tax benefit/ (expense)    417   (1,045)Net loss    (49,807)   (5,412) Less: Net loss/ (income) attributable to the noncontrolling interest    1,088   (2,053)Net loss attributable to Navios Holdings common stockholders   $(48,719)  $(7,465) Loss attributable to Navios Holdings common stockholders, basic and diluted   $(51,363)  $(11,437) Basic and diluted loss per share attributable to Navios Holdings common stockholders   $(0.45)  $(0.11) Weighted average number of shares, basic and diluted    115,168,874   106,036,603             (1) Includes expenses of Navios Logistics of $17.5 million and $16.7 million for the three months ended March 31, 2017 and 2016, respectively. (2) Includes expenses of Navios Logistics of $3.5 million and $3.3 million for the three months ended March 31, 2017 and 2016, respectively.
                  NAVIOS MARITIME HOLDINGS INC.  Other Financial Data            March 31,  December 31,    2017   2016    (unaudited)  (unaudited)  ASSETS         Cash and cash equivalents, including restricted cash$  138,190  $  141,378  Other current assets 115,832   131,762  Deposits for vessels, port terminals and other fixed assets 153,314   136,891  Vessels, port terminal and other fixed assets, net 1,790,395   1,821,101  Other noncurrent assets 262,382   234,612  Goodwill and other intangibles 285,431   287,151  Total assets$   2,745,544   $   2,752,895                     LIABILITIES AND STOCKHOLDERS’ EQUITY        Current liabilities, including current portion of long-term debt, net 236,836   251,783  Senior and ship mortgage notes, net 1,297,502   1,296,537  Long-term debt, net of current portion 319,147   324,731  Other noncurrent liabilities 137,310   76,291  Total stockholders’ equity 754,749   803,553  Total liabilities and stockholders’ equity$   2,745,544   $   2,752,895                      Three Month Period Ended March 31, 2017  Three Month Period Ended March 31, 2016   (unaudited)  (unaudited)  Net cash provided by operating activities$  28,592  $  28,940  Net cash used in investing activities$  (22,977)  $  (84,663)  Net cash (used in)/provided by financing activities$  (7,871)  $  47,074            Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.
EBITDA represents net (loss)/income attributable to Navios Holdings’ common stockholders before interest and finance costs, before depreciation and amortization, before income taxes and before stock-based compensation. Adjusted EBITDA represents EBITDA, excluding certain items as described under “Earnings Highlights”. Adjusted Loss and Adjusted Basic Loss per Share, represent Net Loss and Basic Loss per Share, excluding certain items as described under “Earnings Highlights”. We use EBITDA and Adjusted EBITDA as liquidity measures and reconcile EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets, (ii) net (increase)/decrease in operating liabilities, (iii) net interest cost, (iv) deferred finance charges and gains/(losses) on bond and debt extinguishment, (v) provision for losses on accounts receivable, (vi) equity in affiliates, net of dividends received, (vii) payments for drydock and special survey costs, (viii) noncontrolling interest, (ix) gain/ (loss) on sale of assets/ subsidiaries, (x) unrealized (loss)/gain on derivatives, and (xi) loss on sale and reclassification to earnings of available-for-sale securities and impairment charges. Navios Holdings believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Holdings’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Holdings also believes that EBITDA and Adjusted EBITDA are used (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of Navios Holdings to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definitions of EBITDA and Adjusted EBITDA used here may not be comparable to those used by other companies due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Holdings’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA and Adjusted EBITDA do not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Holdings’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
Navios Logistics EBITDA and Adjusted EBITDA are used to measure its operating performance.
The following tables provide a reconciliation of EBITDA and Adjusted EBITDA of Navios Holdings (including Navios Logistics) and EBITDA of Navios Logistics on a stand-alone basis:
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
  March 31,  March 31, Three Months Ended 2017  2016  (in thousands of U.S. dollars) (unaudited)  (unaudited)            Net cash provided by operating activities $28,592   $28,940   Net (decrease)/ increase in operating assets  (31,043)    11,329   Net increase in operating liabilities  (14,690)    (29,403)   Net interest cost  27,422    27,750   Deferred finance charges  (1,389)    (1,284)   Provision for losses on accounts receivable  (254)    (106)   Equity in affiliates, net of dividends received  821    8,888   Payments for drydock and special survey  5,955    1,363   Noncontrolling interest  1,088    (2,053)   Other gain on assets  1,030    —   Impairment loss on sale of vessel  (9,098)    —   EBITDA $8,434   $45,424   Impairment loss on sale of vessel  9,098    —   Compensation from early redelivery of a vessel from its charterer  —    (14,871)   Adjusted EBITDA $17,532   $30,553               Navios Logistics EBITDA Reconciliation to Net (loss)/ income
    March 31,  March 31, Three Months Ended 2017  2016 (in thousands of U.S. dollars) (unaudited)  (unaudited)            Net (loss)/ income $(3,007)   $5,674  Depreciation and amortization  6,090    6,674  Amortization of deferred drydock and special survey costs  1,698    1,598  Interest expense and finance cost, net  5,781    6,204  Income tax (benefit)/ expense  (484)    976  EBITDA $10,078   $21,126            
EXHIBIT IIOwned Vessels        Vessel Name Vessel Type Year Built Deadweight (in metric tons) Navios Serenity Handysize 2011 34,690 Navios Ionian (1) Ultra Handymax 2000 52,067 Navios Horizon (1) Ultra Handymax 2001 50,346 Navios Herakles Ultra Handymax 2001 52,061 Navios Achilles Ultra Handymax 2001 52,063 Navios Vector Ultra Handymax 2002 50,296 Navios Meridian Ultra Handymax 2002 50,316 Navios Mercator Ultra Handymax 2002 53,553 Navios Arc Ultra Handymax 2003 53,514 Navios Hios Ultra Handymax 2003 55,180 Navios Kypros Ultra Handymax 2003 55,222 Navios Astra Ultra Handymax 2006 53,468 Navios Ulysses Ultra Handymax 2007 55,728 Navios Celestial Ultra Handymax 2009 58,063 Navios Vega Ultra Handymax 2009 58,792 Navios Magellan Panamax 2000 74,333 Navios Star Panamax 2002 76,662 Navios Amitie Panamax 2005 75,395 Navios Northern Star Panamax 2005 75,395 Navios Taurus Panamax 2005 76,596 Navios Asteriks Panamax 2005 76,801 Navios Galileo Panamax 2006 76,596 N Amalthia Panamax 2006 75,318 N Bonanza Panamax 2006 76,596 Navios Avior Panamax 2012 81,355 Navios Centaurus Panamax 2012 81,472 Navios Sphera Panamax 2016 84,872 Navios Stellar Capesize 2009 169,001 Navios Bonavis Capesize 2009 180,022 Navios Happiness Capesize 2009 180,022 Navios Phoenix Capesize 2009 180,242 Navios Lumen Capesize 2009 180,661 Navios Antares Capesize 2010 169,059 Navios Etoile Capesize 2010 179,234 Navios Bonheur Capesize 2010 179,259 Navios Altamira Capesize 2011 179,165 Navios Azimuth Capesize 2011 179,169 Navios Ray Capesize 2012 179,515 Navios Gem Capesize 2014 181,336 Navios Mars Capesize 2016 181,259         (1) Agreed to be sold. 
Long term Chartered-in Fleet in Operation   Vessel Name Vessel Type Year Built Deadweight (in metric tons) Purchase Option(1) Navios Lyra Handysize 2012 34,718 Yes (2) Navios Primavera Ultra Handymax 2007 53,464 Yes Mercury Ocean Ultra Handymax 2008 53,452 No Kouju Lily Ultra Handymax 2011 58,872 No Navios Oriana Ultra Handymax 2012 61,442 Yes Navios Mercury Ultra Handymax 2013 61,393 Yes Navios Venus Ultra Handymax 2015 61,339 Yes Osmarine Panamax 2006 76,000 No Navios Aldebaran Panamax 2008 76,500 Yes KM Imabari Panamax 2009 76,619 No Navios Marco Polo Panamax 2011 80,647 Yes Navios Southern Star Panamax 2013 82,224 Yes Sea Victory Panamax 2014 77,095 Yes Navios Sky Panamax 2015 82,056 Yes Navios Amber Panamax 2015 80,994 Yes Navios Coral Panamax 2016 84,904 Yes Navios Dolphin Panamax 2017 81,630 Yes Navios Citrine Panamax 2017 81,626 Yes Equator Prosper Capesize 2000 170,000 No Pacific Explorer Capesize 2007 177,000 No King Ore Capesize 2010 176,800 Yes Navios Koyo Capesize 2011 181,415 Yes Navios Obeliks Capesize 2012 181,415 Yes Dream Coral Capesize 2015 181,249 Yes Dream Canary Capesize 2015 180,528 Yes Navios Felix Capesize 2016 181,221 Yes           (1) Generally, Navios Holdings may exercise its purchase option after three to five years of service.(2) Navios Holdings holds the initial 50% purchase option on the vessel.  
Navios Maritime Holdings Inc.


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