UNITEDTable STATESof Contents

TheTable following is a discussion of the financial condition and results of operations of Navios South American Logistics Inc. (“Navios Logistics” or the “Company”) for each of the three and nine month periods ended September 30, 2021 and 2020. All of these financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Logistics’ 2020 annual report filed on Form 20-F with the Securities and Exchange Commission on April 15, 2021 (the “2020 Form 20-F”) and the condensed consolidated financial statements and the accompanying notes included in this Form 6-K. Contents

TheTable following is the current core fleet as of December 14, 2021: Contents

InflationTable andof Fuel Price Increases Contents

ForTable theof three month period ended September 30, 2021 compared to the three month period ended September 30, 2020 Contents

SalesTable of Products- Liquid Port Terminal: For the three month period ended September 30, 2021, Navios Logistics’ sales of products increased by $0.8 million or 18.9% to $5.0 million, as compared to $4.2 million for the same period during 2020. This increase was mainly attributable to the increase in the Paraguayan liquid port’s price of products sold. Contents

OtherTable Operatingof Income Contents

7Table of Contents

TheTable followingof table presents our revenues for the nine month periods ended September 30, 2021 and 2020: Contents

DepreciationTable and Amortization: For the nine month period ended September 30, 2021, Navios Logistics’ depreciation and amortization increased by $1.6 million or 6.8% to $25.7 million, as compared to $24.1 million for the same period during 2020. Depreciation and amortization in the Barge Business increased by $1.6 million or 11.7% to $15.1 million for the nine month period ended September 30, 2021, as compared to $13.5 million for the same period during 2020, mainly due to the delivery of each of the six liquid barges completed in the first quarter of 2021 and the 2020 Fleet acquired in the first quarter of 2021. Depreciation and amortization in the Port Terminal Business increased by $0.3 million or 4.3% to $6.5 million for the nine month period ended September 30, 2021, as compared to $6.2 million for the same period during 2020, mainly due to increased depreciation expense of tangible assets. Depreciation and amortization in the Cabotage Business decreased by $0.2 million or 4.8% to $4.1 million for the nine month period ended September 30, 2021, as compared to $4.3 million for the same period during 2020, mainly due to reduced amortization of dry dock expenses. Contents

11Table of Contents

EBITDATable andof Adjusted EBITDA Reconciliation to Profit/(Loss) Contents

WeTable have historically financed our capital requirements with cash flows from operations, equity contributions from stockholders, borrowings under our credit facilities and issuances of debt securities. Our main uses of funds have been capital expenditures for the acquisition of new vessels, new construction and upgrades at the port terminals, expenditures incurred in connection with ensuring that our owned vessels comply with international and regulatory standards, repayments of debt and payments of dividends. We may also use funds to repurchase our outstanding indebtedness from time to time. Repurchases may be made in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms we deem appropriate and subject to our cash requirements for other purposes, compliance with the covenants under our debt agreements, and other factors management deems relevant. In addition, we regularly review opportunities for acquisitions of businesses and additional vessels, development of new facilities and infrastructure, joint ventures and other corporate transactions that may be material to us. In connection with any such transactions, we may need to raise significant amounts of capital, including debt. We do not have any material contractual arrangements for such transactions at this time. See “— Working Capital”, “— Capital Expenditures” and “— Interest-bearing loans and borrowings” for further discussion of our working capital position. Contents

CashTable used in financing activities for the nine month period ended September 30, 2020 was due to (a) $375.0 million in payments for the redemption of the 2022 Notes (as defined below), (b) $98.0 million in payments for the repayment of the Term Loan B Facility (as defined below), (c) a $33.9 million dividend paid to common shareholders, (d) $4.0 million of payments made in connection with our outstanding indebtedness, and (e) $3.5 million in payments for the repayment of the Notes Payable (as defined below), partially mitigated by (a) $487.5 million of proceeds from the 2025 Notes, (b) $13.6 million of proceeds from long term debt and (c) $0.5 million in payment of principal portion of lease liabilities. Contents

InTable connection with the purchase of mechanical equipment for the expansion of its dry port terminal, the Company entered into an unsecured export financing line of credit for a total amount of $42.0 million, including all related fixed finance costs of $5.9 million, available in multiple drawings upon the completion of certain milestones (“Drawdown Events”). The Company incurs the obligation for the respective amount drawn by signing promissory notes (“Notes Payable”). Each drawdown is repayable in 16 consecutive semi-annual installments, starting six months after the completion of each Drawdown Event. Together with each Note Payable, the Company shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A.. As of September 30, 2021, the Company had drawn the total available amount and the outstanding balance of Notes Payable was $14.2 million. Contents

BecauseTable Navios Logistics is a holding company with no material assets other than the stock of its subsidiaries, its ability to pay dividends is dependent upon the earnings and cash flow of its subsidiaries and their ability to pay dividends to Navios Logistics. If there is a substantial decline in any of the markets in which Navios Logistics participates, its earnings will be negatively affected, thereby limiting its ability to pay dividends. Contents

InTable each of our businesses, we derive a significant part of our revenues from a small number of customers. We expect that a small number of customers will continue to generate a substantial portion of our revenues for the foreseeable future. For the nine month period ended September 30, 2021, our largest customers, Vale International S.A. (“Vale”), accounted for 22.2% of our revenues, and our five largest customers accounted for approximately 51.1% of our revenues, with no such customer (other than Vale) accounting for more than 10% of our revenues. For the nine month period ended September 30, 2020, our largest customer, Vale, accounted for 31.1% of our revenues, and our five largest customers accounted for approximately 59.8% of our revenues, with no customer (other than Vale) accounting for more than 10% of our revenues. In addition, some of our customers, including many of our most significant customers, operate their own vessels and/or barges as well as port terminals. These customers may decide to cease or reduce the use of our services for various reasons, including employment of their own vessels or port terminals as applicable. The loss of any of our significant customers, including our large take-or-pay customers or the change of the contractual terms of any one of our most significant take-or-pay contracts or any significant dispute with one of these customers could materially adversely affect our financial condition and our results of operations. Contents

•Table theof customer terminates the contract because we fail to meet their contracted storage needs;Contents

TheTable Company 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 up to $12.0 million. This guarantee expires on March 1, 2022. Contents

21Table of Contents

DebtTable Instruments—As of September 30, 2021 and December 31, 2020, Navios Logistics had a total of $561.0 million and $560.0 million, respectively, in long-term indebtedness. The debt is dollar denominated. Contents

NAVIOSTable SOUTHof AMERICAN LOGISTICS INC. Contents

TheTable accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Contents

NOTETable 2:of BASIS OF PREPARATION, ACCOUNTING POLICIES AND SIGNIFICANT FACTORS AFFECTING UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents

(c)Table Basis of ConsolidationContents

TheTable Amendments are effective for annual periods beginning on or after January 1, 2020 and must be applied retrospectively. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. Phase two will focus on issues that could affect financial reporting when an existing interest rate benchmark is replaced with a risk-free interest rate (an RFR). The amendments published, deal with issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative interest rate and address the implications for specific hedge accounting requirements in IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement, which require forward-looking analysis. The amendments provided temporary relief, applicable to all hedging relationships that are directly affected by the interest rate benchmark reform, which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. There are also amendments to IFRS 7 Financial Instruments: Disclosures regarding additional disclosures around uncertainty arising from the interest rate benchmark reform. Contents

•Table Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint VentureContents

•Table IFRSof 16 Leases-Covid 19 Related Rent Concessions (Amendment)Contents

IfTable the impact of coronavirus continues or worsens, the Company may be unable to charter its vessels at the rates or for the length of time it currently expects, or to commence or complete the construction of its planned port terminal facilities in Port Murtinho, Brazil and in Nueva Palmira, Uruguay. The effects of the coronavirus remain uncertain, and, should any of the Company’s charterers or customers face financial pressure, such charterer’s or customer’s business, financial condition and willingness or ability to perform its obligations to the Company could be adversely affected, or the services that such charterer or customer hires from the Company could be decreased. The loss or termination of any of the Company’s contracts, or a decline in payments thereunder, could have a material adverse effect on the Company’s business, results of operations and financial condition. Contents

F-11Table of Contents

F-13Table of Contents

(ExpressedTable in thousands of U.S. dollars) Contents

F-15Table of Contents

DuringTable the first quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $19,501 was transferred to “Tangible assets” in its unaudited condensed consolidated statement of financial position of which capitalized interest amounted to $1,062. As of December 31, 2020, the total amount included in “Assets under construction” was $16,696 for the construction of these barges. Capitalized interest included in “Assets under construction” for the construction of these barges amounted to $611 as of December 31, 2020. Contents

(ExpressedTable in thousands of U.S. dollars) Contents

NAVIOSTable SOUTHof AMERICAN LOGISTICS INC. Contents

CompanyTable asof a lessee Contents

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

(ExpressedTable in thousands of U.S. dollars) Contents

AmountsTable due from affiliate companies do not accrue interest and do not have a specific due date for their settlement apart from the Navios Holdings Loan Agreement (as defined below) which was repaid as of September 30, 2021. Contents

~~SECURITIES~~UNITED ~~AND~~STATES ~~EXCHANGE COMMISSION~~

~~Washington,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

~~FORM~~Washington, ~~6-K~~D.C. 20549

~~REPORT~~FORM ~~OF FOREIGN~~6-K ~~PRIVATE ISSUER~~

~~PURSUANT~~REPORT TOOF FOREIGN ~~RULE~~PRIVATE ~~13a-16~~ISSUER ~~OR 15d-16~~

OFPURSUANT ~~THE~~TO ~~SECURITIES~~RULE ~~EXCHANGE~~13a-16 ~~ACT~~OR 15d-16 ~~OF 1934~~

~~Dated:~~OF ~~December 14,~~THE ~~2021~~SECURITIES EXCHANGE ACT OF 1934

~~Commission~~Dated: ~~File No.~~May ~~333-179250~~25, 2022

~~NAVIOS~~Commission ~~SOUTH~~File ~~AMERICAN LOGISTICS INC~~No. 333-179250

~~Aguada~~NAVIOS ~~Park Free~~SOUTH ~~Zone~~AMERICAN LOGISTICS INC.

~~Paraguay~~Aguada ~~2141,~~Park Free ~~Of.~~Zone ~~1603~~

~~Montevideo~~Paraguay 2141, ~~Uruguay~~Of. 1603

~~(Address~~Montevideo, ofUruguay ~~Principal Executive Offices)~~

~~Indicate~~(Address ~~by check~~of ~~mark~~Principal ~~whether~~Executive ~~the~~Offices) ~~registrant files or will file annual reports under cover Form 20-F or Form 40-F:~~

~~Form~~Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F ☒ or Form 40-F ☐:

~~Indicate by check mark if the registrant is submitting the~~ Form 6 20-KF ☒ Form ~~in paper as permitted by Regulation S~~40-TF ☐ ~~Rule 101(b)(1):~~

~~Yes ☐ No ☒~~Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

~~Indicate~~Yes ☐ No ☒ ~~by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):~~

~~Yes ☐ No ☒~~Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

~~Operating~~Yes ☐ No ☒ ~~and Financial Review and Prospects~~

~~This~~Operating report contains forward-looking statements within the meaning of the Private Securities Reform Act of 1995. All statements herein other than statements of historical fact, including statements regarding business and ~~industry~~Financial ~~prospects~~Review ~~or future results of operations or financial position,~~ and ~~future~~Prospects dividends or distributions, should be considered forward-looking. 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. These forward looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Logistics at the time this filing was made. Although Navios Logistics 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 Logistics. Actual results may differ materially from those expressed or implied by such forward-looking statements. Included among the factors that, in management’s view, could cause actual results to differ materially from the forward-looking statements contained in this report are changes in any of the following: (i) demand and/or charter and contract rates for our vessels and port facilities; (ii) production or demand for the types of dry and liquid products that are transported by our vessels or stored in our ports; (iii) operating costs including, but not limited to, changes in crew salaries, insurance, provisions, repairs, maintenance and overhead expenses; (iv) changes in interest rates; (v) global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread; and (vi) other factors listed from time to time in Navios Logistics’ filings with the Securities and Exchange Commission, including its Forms 20-F and Forms 6-K, including the section entitled “Item 3. Key Information — D. Risk Factors” in the 2020 Form 20-F. Navios Logistics 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 Logistics’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

~~Overview~~The following is a discussion of the financial condition and results of operations of Navios South American Logistics Inc. (“Navios Logistics” or the “Company”) for each of the three month periods ended March 31, 2022 and 2021. All of these financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). You should read this section together with the consolidated financial statements and the accompanying notes included in Navios Logistics’ 2021 annual report filed on Form 20-F with the Securities and Exchange Commission on April 1, 2022 (the “2021 Form 20-F”) and the condensed consolidated financial statements and the accompanying notes included in this Form 6-K.

~~General~~This report contains forward-looking statements within the meaning of the Private Securities Reform Act of 1995. All statements herein other than statements of historical fact, including statements regarding business and industry prospects or future results of operations or financial position, and future dividends or distributions, should be considered forward-looking. 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. These forward looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Navios Logistics at the time this filing was made. Although Navios Logistics 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 Logistics. Actual results may differ materially from those expressed or implied by such forward-looking statements. Included among the factors that, in management’s view, could cause actual results to differ materially from the forward-looking statements contained in this report are changes in any of the following: (i) demand and/or charter and contract rates for our vessels and port facilities; (ii) production or demand for the types of dry and liquid products that are transported by our vessels or stored in our ports; (iii) operating costs including, but not limited to, changes in crew salaries, insurance, provisions, repairs, maintenance and overhead expenses; (iv) changes in interest rates; (v) wars, global and regional economic and political conditions including the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread; and (vi) other factors listed from time to time in Navios Logistics’ filings with the Securities and Exchange Commission, including its Forms 20-F and Forms 6-K, including the section entitled “Item 3. Key Information — D. Risk Factors” in the 2021 Form 20-F. Navios Logistics 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 Logistics’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

~~Navios~~Overview Logistics was incorporated under the laws of the Republic of the Marshall Islands on December 17, 2007. We believe we are one of the largest logistics companies in the Hidrovia region river system, the main navigable river system in the region, and in the cabotage trades along the south-eastern coast of South America. We serve our customers in the Hidrovia region through our three existing port storage and transfer facilities (the “Port Terminal Business”), our Grain Terminal, which supports agricultural and forest-related exports located in Uruguay, our Iron Ore Terminal, which supports mineral-related exports both located in Uruguay and our Liquid Port Terminal, with tank storage for refined petroleum products in San Antonio, Paraguay. We complement our three port terminals with a diverse fleet of 329 barges and 30 pushboats that operate in our barge business (the “Barge Business”) and eight vessels, including six tankers, one bunker vessel and one river and estuary product tanker, which operate in our cabotage business (the “Cabotage Business”). We provide transportation for dry cargo (cereals, cotton pellets, soybeans, wheat, limestone (clinker), mineral iron, and rolling stones) and liquid cargo (hydrocarbons such as crude oil, gas oil, naphtha, fuel oil and vegetable oils) and liquefied cargo (liquefied petroleum gas or “LPG”).

~~Ports~~ General

WeNavios ~~own~~Logistics ~~three~~was ~~port~~incorporated ~~storage~~under ~~and~~the ~~transfer~~laws ~~facilities~~of the Republic of the Marshall Islands on December 17, 2007. We believe we are one ~~grain~~of ~~terminal~~the largest infrastructure and logistics companies in the Hidrovia region river system, ~~which~~the ~~supports~~main ~~agricultural~~navigable ~~and~~river ~~forest-related~~system ~~exports~~in the region (the “~~Grain Terminal~~Hidrovia region”), ~~one~~and ~~iron~~on ~~ore~~the ~~terminal,~~cabotage ~~which~~trades ~~supports~~along ~~mineral~~the south-~~related~~eastern ~~exports~~coast ~~both~~of ~~located~~South America. We serve our customers in ~~Nueva~~the ~~Palmira~~Hidrovia ~~Free~~region ~~Zone,~~through ~~Uruguay~~our three existing port storage and transfer facilities (the “~~Iron~~Port ~~Ore~~ Terminal Business”). ~~and~~The ~~together~~Port ~~with~~Terminal Business comprises our grain port terminal (the “Grain Port Terminal Terminal), our iron-ore port terminal (the “~~Dry~~Iron Ore Port ~~Terminals~~Terminal”), and ~~one~~ our liquid port terminal, (the “Liquid Port Terminal). We complement these three Port Terminals with ~~tank~~a ~~storage~~diverse fleet ~~for~~of ~~refined~~329 ~~petroleum~~barges ~~products~~and 30 pushboats that operate in ~~San~~our ~~Antonio,~~barge ~~Paraguay~~business (the “~~Liquid~~Barge ~~Port Terminal~~Business”)., ~~Our~~and ~~port~~eight ~~facilities~~vessels comprising six tankers, one bunker vessel, and one river and estuary product tanker, all of which operate in ~~Nueva~~our ~~Palmira~~cabotage business ~~have~~(the a“Cabotage ~~total~~Business”). ~~static~~We ~~storage~~provide ~~capacity~~transportation for ~~grains~~dry ofcargo ~~460~~(cereals,~~000~~ ~~metric~~cotton ~~tons~~pellets, ~~and a~~soybeans, ~~stockpile~~wheat, ~~capacity~~limestone of(clinker), ~~700~~mineral iron,~~000~~ ~~tons~~and ~~for~~rolling ~~mineral~~stones), ~~ores.~~liquid ~~Our~~cargo ~~port~~(hydrocarbons ~~facility~~such inas ~~San~~crude ~~Antonio~~oil, ~~has~~gas aoil, ~~total~~naphtha, fuel ~~static~~oil ~~storage~~and ~~capacity~~vegetable ofoils) ~~65,660~~and ~~cubic~~liquefied ~~meters~~cargo (liquefied petroleum gas or “LPG”).

1Port Terminal Business

~~Fleet~~We own three port-storage and transfer facilities: our Grain Port Terminal, which supports agricultural and forest-related exports; our Iron Ore Port Terminal, which supports mineral-related exports; and our Liquid Port Terminal, which provides tank storage for refined petroleum products. The Grain Port Terminal and the Iron Port Terminal are located in Nueva Palmira, Uruguay, and the Liquid Port Terminal is located in San Antonio, Paraguay. Our port facilities in Nueva Palmira have a total static grain-storage capacity of 460,000 metric tons, and a mineral-ore-stockpile capacity of 876,000 tons. Our port facility in San Antonio has a total static storage capacity of 65,660 cubic meters. Our Grain Port Terminal, together with the Iron Ore Terminal, may be collectively referred to in this report as our “Dry Port Terminals.”

~~Our~~2 ~~current core fleet consists of a total of 367 owned vessels, barges and pushboats.~~

~~Navios Logistics~~ Fleet ~~Summary (owned)~~

Pushboats/ Barges/ Inland Oil Tankers Fleet	Number ofVessels		Capacity/BHP		Description
Pushboat fleet		30		107,920 BHP	Various Sizes and Horsepower
Dry Barges		268		474,050 DWT	Dry Cargo
Tank Barges		58		178,948 m3	Liquid Cargo
LPG Barges		3		4,752 m3	LPG
Total		359

Our current core fleet consists of a total of 367 owned vessels, barges and pushboats.

Product Tanker Fleet	Year Built		DWT		Description
Estefania H		2008		12,000	Double-hulled Product Tanker
Malva H		2008		8,974	Double-hulled Product Tanker
Makenita H		2009		17,508	Double-hulled Product Tanker
Sara H		2009		9,000	Double-hulled Product Tanker
San San H		2010		16,871	Double-hulled Product Tanker
Ferni H		2010		16,871	Double-hulled Product Tanker
He Man H		2012		1,693	Double-hulled Bunker Vessel
Elena H		2018		4,999	Double-hulled Product Tanker
Total				87,916

The following is the current core fleet as of May 25, 2022:

~~Chartering~~Navios ~~Arrangements~~Logistics Fleet Summary (owned)

We continually monitor developments in the shipping industry and make decisions based on an individual vessel and segment basis, as well as on our view of overall market conditions, in order to implement our overall business strategy. In the Barge Business, we typically operate under a mix of time charters and contracts of affreightment (“CoAs”) with durations of one to five years (some of which have minimum guaranteed volumes) and spot contracts. In the Cabotage Business, we typically operate under time charters with durations in excess of one year. Some of our charters provide fixed pricing, minimum volume requirements and labor cost and fuel price adjustment formulas.

Pushboats/ Barges/ Inland Oil
Tankers Fleet

Number of
Vessels

Capacity/BHP

Description

Pushboat fleet

107,920 BHP

Various Sizes and Horsepower

Dry Barges

268

474,050 DWT

Dry Cargo

Tank Barges

178,948 m3

Liquid Cargo

LPG Barges

4,752 m3

LPG

Total

359

Factors Affecting Navios Logistics’ Results of Operations


Product Tanker Fleet	Year Built		DWT		Description
Estefania H		2008		12,000		Double-hulled Product Tanker
Malva H		2008		8,974		Double-hulled Product Tanker
Makenita H		2009		17,508		Double-hulled Product Tanker
Sara H		2009		9,000		Double-hulled Product Tanker
San San H		2010		16,871		Double-hulled Product Tanker
Ferni H		2010		16,871		Double-hulled Product Tanker
He Man H		2012		1,693		Double-hulled Bunker Vessel
Elena H		2018		4,999		Double-hulled Product Tanker

Total				87,916

~~For~~Chartering ~~further~~Arrangements discussion on factors affecting our results of operations, see also “Item 3. Key Information — D. Risk Factors” included in the 2020 Form 20-F. For information regarding governmental, economic, fiscal, monetary or political policies that could materially affect our operations, see “Item 3. Key Information — D. Risk Factors — Risks Relating to Argentina”, “Item 3. Key Information — D. Risk Factors — Risks Relating to Uruguayan Free Zone Regulation” and “Item 3. Key Information — D. Risk Factors — Other Risks Relating to the Countries in which We Operate” in the 2020 Form 20-F.

~~Contract~~We ~~Rates~~continually monitor developments in the shipping industry and make decisions based on an individual vessel and segment basis, as well as on our view of overall market conditions, in order to implement our overall business strategy. In the Barge Business, we typically operate under a mix of time charters and contracts of affreightment (“CoAs”) having one-to-five year terms (some of which have minimum guaranteed volumes) and spot contracts. In the Cabotage Business, we typically operate under time charters with terms in excess of one year. Some of our charters provide fixed pricing, minimum volume requirements, and adjustment formulas for labor cost and fuel price.

~~The~~Factors ~~shipping~~Affecting ~~and~~Navios ~~logistics~~Logistics’ ~~industry~~Results ~~has been highly volatile in the recent past. In order to maximize the utilization~~ of ~~our~~Operations fleet and storage capacity, we must be able to renew the contracts that utilize our fleet and ports upon the expiration or termination of current contracts. This ability mainly depends upon economic conditions in the sectors in which the vessels, barges and pushboats operate, changes in the supply and demand for vessels, barges and pushboats and changes in the supply and demand for the transportation and storage of commodities.

2For further discussion on factors affecting our results of operations, see also “Item 3. Key Information — D. Risk Factors” included in the 2021 Form 20-F. For information regarding governmental, economic, fiscal, monetary or political policies that could materially affect our operations, see “Item 3. Key Information — D. Risk Factors — Risks Relating to Argentina”, “— Risks Relating to Uruguayan Free Zone Regulation” and “— Other Risks Relating to the Countries in which We Operate” in the 2021 Form 20-F.

~~Weather~~Contract ~~Conditions~~Rates

AsThe weshipping ~~specialize in the transportation~~ and ~~storage~~logistics ofindustry ~~liquid~~has ~~cargoes~~been ~~and~~highly ~~dry~~volatile ~~bulk~~in ~~cargoes~~the ~~along~~recent ~~the~~past. ~~Hidrovia,~~In ~~any~~order ~~changes~~to ~~adversely~~maximize ~~affecting~~ the ~~region,~~utilization ~~such~~of ~~as low water levels, could reduce or limit~~ our ~~ability~~fleet ~~to effectively transport cargo. In 2020~~ and ~~2021~~storage capacity, ~~navigation~~we ~~conditions~~must inbe ~~the~~able ~~Hidrovia have been difficult due~~ to ~~low~~renew ~~water~~the ~~levels,~~contracts ~~adversely~~that ~~affecting~~utilize our ~~performance~~fleet ~~as barges have limited capacity in reduced drafts~~ and ~~trips~~ports ~~are~~upon ~~taking~~the ~~longer~~expiration toor betermination ~~completed,~~of ~~increasing~~current ~~voyage expenses~~contracts. ~~Droughts~~This ~~and~~ability ~~other~~depends ~~adverse~~mainly ~~weather~~upon economic conditions, ~~including~~in ~~any~~the ~~possible~~sectors ~~effects~~in ofwhich ~~climate~~the ~~change~~vessels, ~~could~~barges ~~result~~and inpushboats operate, achanges ~~decline~~ in ~~production~~ of the ~~agricultural~~supply ~~products~~and ~~Navios~~demand ~~Logistics~~for ~~transports~~vessels, barges and ~~stores,~~pushboats and ~~this~~changes ~~could result~~ in athe ~~reduction~~supply inand demand for ~~its~~the ~~services~~transportation and storage of commodities.

~~Foreign~~Weather ~~Currency~~Conditions ~~Transactions~~

~~Our~~We specialize ~~operating~~in ~~results,~~the ~~which~~transport ~~are~~and ~~reported~~storage inof ~~U.S.~~liquid ~~dollars~~cargoes, ~~may~~as bewell ~~affected~~as bythe ~~fluctuations~~transport inof ~~the~~dry ~~exchange~~bulk ~~rate~~cargoes ~~between~~along the Paraguay ~~U.S.~~and ~~dollar~~Parana ~~and~~Rivers ~~the~~from ~~Uruguayan~~Puerto ~~pesos,~~Caceres ~~Argentine~~(Brazil) ~~pesos,~~to ~~Brazilian~~Nueva ~~reais~~Palmira ~~and~~(Uruguay) (the ~~Paraguayan~~“Hidrovia ~~guaranies~~Waterway”). WeThus, changes ~~use~~adversely affecting the ~~U.S.~~region, ~~dollar~~such as low water levels, could reduce or limit our ~~functional~~ability ~~and~~to ~~reporting~~transport ~~currency~~cargo effectively along the Hidrovia Waterway. ~~Therefore~~Droughts and other adverse weather conditions, ~~revenue~~including ~~and~~any ~~expense~~possible ~~accounts~~effects ~~are~~of ~~translated~~climate ~~into~~change, could ~~U.S.~~result ~~dollars~~in ata decline in production of the ~~exchange~~agricultural ~~rate~~products Navios Logistics transports and stores, and this could result in ~~effect~~a atreduction ~~the~~in ~~date~~demand offor ~~each~~our ~~transaction~~services. ~~The~~For ~~balance~~example, ~~sheets~~in 2021, throughput of our ~~foreign~~Grain ~~operations~~Port ~~are~~Terminal was affected by ~~translated~~lower ~~using~~Uruguayan ~~the~~exports ~~exchange~~due ~~rate~~to atreduced ~~the~~Uruguayan ~~balance~~soybean ~~sheet~~production ~~date~~and ~~except~~lower ~~for~~transshipment ~~property~~of grains from Paraguay and ~~equipment~~Bolivia resulting from a prolonged period of unusually warm weather and ~~equity~~a drought in southern Brazil, Paraguay and northern Argentina. These weather conditions resulted in water levels in the Paraná River dropping to their lowest levels in decades, which ~~are~~adversely ~~translated~~affected atour ~~historical~~Barge ~~rates~~Business.

~~Our~~3 subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact their operations in either U.S. dollars or Uruguayan pesos, Argentine pesos, Brazilian reais and Paraguayan guaranies, respectively; however, the subsidiaries’ primary cash flows are in U.S. dollars. 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 statement of income.

~~The~~Foreign ~~impact~~Currency ofTransactions inflation and the resulting pressure on prices in the South American countries in which we operate may not be fully neutralized by equivalent adjustments in the rate of exchange between the local currencies and the U.S. dollar. Specifically, for our vessel, barge and pushboat business, we have negotiated, and will continue to negotiate, crew cost adjustment and fuel price adjustment clauses; however, in some cases, the prices that we pay for fuel and crew costs are temporarily not aligned with the adjustments that we obtain under our freight contracts.

~~Seasonality~~Our operating results, which are reported in U.S. dollars, may be affected by fluctuations in the exchange rate between the U.S. dollar and the Uruguayan peso, Argentine peso, Brazilian real and Paraguayan guarani. We use the U.S. dollar as our functional and reporting currency. Therefore, revenue and expense accounts are translated into U.S. dollars at the exchange rate in effect at the date of each transaction. The balance sheets of our 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.

~~Certain~~Our ofsubsidiaries ~~our businesses~~in ~~have~~Uruguay, ~~seasonality aspects~~Argentina, Brazil and ~~seasonality~~Paraguay ~~affects~~transact ~~the~~their ~~results of our~~ operations ~~and revenues, particularly~~ in ~~the~~either ~~first~~U.S. ~~and~~dollars ~~last~~or ~~quarters of each year. Generally~~Uruguayan pesos, Argentine peso, ~~the high season for the Barge Business is the period between February~~ Brazilian real and ~~July~~ asParaguayan guarans, arespectively; ~~result~~however, of the ~~South~~subsidiaries’ ~~American~~primary ~~harvest~~cash ~~and~~flows ~~higher~~are ~~river~~in ~~levels~~U.S. ~~Any~~dollars. ~~growth~~Transactions in ~~production~~currencies ~~and~~other ~~transportation~~than ~~of commodities may offset part of this seasonality. During~~ the ~~South~~functional ~~American~~currency ~~late spring and summer, mainly from November to~~are ~~January,~~translated at the ~~low~~exchange ~~level~~rate ~~of water~~ in ~~the~~effect ~~northern~~at ~~Hidrovia could adversely affect our operations because~~ the ~~water~~date ~~level is not high enough to accommodate the draft~~ of aeach ~~heavily laden vessel~~transaction. ~~Such~~Differences ~~low~~in ~~levels~~exchange ~~also~~rates ~~adversely~~during ~~impact our ability to employ convoys as~~ the ~~water~~period ~~level~~between ~~towards~~ the ~~banks~~date ofa ~~the~~transaction ~~river~~denominated ~~may be too low to permit vessel traffic even if the middle of the river is deep enough to permit passage. With respect to dry port terminal operations~~ in ~~Uruguay,~~a ~~the~~foreign ~~high~~currency ~~season~~ is ~~mainly from~~consummated ~~April to September, linked with the arrival of the first barges down the river~~ and ~~with~~ the ~~oceangoing~~date ~~vessels’~~on ~~logistics~~which ~~operations.~~it ~~Our~~is ~~Liquid~~either ~~Port~~settled ~~Terminal~~or translated ~~operations in Paraguay and our Cabotage Business~~ are ~~not~~recognized ~~significantly~~in ~~affected by seasonality as~~ the ~~operations~~statement of ~~the Liquid Port Terminal and Cabotage Business are primarily linked to refined petroleum products~~(loss)/income.

~~Statement~~Inflation ~~of Operations~~and ~~Breakdown~~Fuel byPrice ~~Segments~~Increases

WeThe ~~report~~impact ~~our~~of ~~operations~~inflation, ~~based~~the oneffects ~~three~~of ~~reportable~~the ~~segments:~~current ~~Port~~war ~~Terminal~~in ~~Business,~~Ukraine ~~Barge Business~~ and ~~Cabotage~~the ~~Business.~~resulting ~~The~~pressure ~~Port~~on ~~Terminal~~prices ~~Business~~in ~~segment includes~~ the ~~operating~~South ~~results~~American ofcountries ~~our~~in which ~~Dry~~we ~~Port~~operate ~~Terminals~~may ~~and~~not ~~Liquid~~be ~~Port~~fully ~~Terminal~~neutralized ~~operations.~~by ~~Our~~equivalent ~~Dry~~adjustments ~~Port~~in ~~Terminals~~the ~~are~~rate ~~comprised~~ of ~~our~~exchange ~~Grain~~between ~~Terminal~~the local currencies and ~~our~~the ~~Iron~~U.S. ~~Ore~~dollar. ~~Terminal~~Specifically, ~~each~~for ~~of which~~our ~~are~~Barge ~~located~~and inCabotage anBusinesses, ~~international tax-free trade~~we ~~zone~~negotiated, inand ~~the~~will ~~port~~continue ofto ~~Nueva Palmira~~negotiate, fuel ~~Uruguay,~~price atadjustment ~~the~~clauses; ~~convergence~~however, ofin ~~the~~some ~~Parana~~cases, ~~and~~prices ~~Uruguay~~that ~~rivers.~~we ~~Our~~pay ~~Liquid~~for ~~Port~~fuel ~~Terminal~~are istemporarily ~~an up-river port~~not ~~terminal~~aligned with ~~tank~~the ~~storage~~adjustments ~~for~~that ~~refined~~we ~~petroleum~~obtain ~~products~~under ~~and~~our ~~oil~~freight ~~and gas in San Antonio, Paraguay, approximately 17 miles by river from the capital, Asunción~~contracts.

3Seasonality

~~Period~~Certain ~~over~~of ~~Period~~our ~~Comparisons~~businesses have seasonality aspects, and seasonality affects the results of our operations and revenues, particularly in the first and last quarters of each year. Generally, the high season for the Barge Business is the period between February and July as a result of the South American harvest and higher river levels. Any growth in production and transportation of commodities may offset part of this seasonality. Extremely low water levels can adversely affect volumes transported to the extent that water levels are not high enough to accommodate the draft of a heavily laden vessel, in which case a vessel may be only partially loaded, generating lower revenue under agreements where revenue is based on volume of cargo loaded. Depending on water levels, such vessels could be prevented entirely from loading and navigating. In addition, low water levels create difficult navigation conditions, causing voyages to last longer and to incur increased voyage expenses. Such circumstances reduce the effective available carrying capacity of the vessel for the year. During the South American late spring and summer, mainly from November to January, the low level of water in the northern Hidrovia Waterway could adversely affect our operations because the water level is not high enough to accommodate the draft of a heavily laden vessel. Such low levels also adversely impact our ability to employ convoys as the water level towards the banks of the river may be too low to permit vessel traffic even if the middle of the river is deep enough to permit passage. With respect to the Dry Port Terminal operations in Uruguay, the high season is mainly from April to September, linked with the arrival of the first barges down the river. Our Liquid Port Terminal operations in Paraguay and our Cabotage Business are not significantly affected by seasonality as the operations of the Liquid Port Terminal and Cabotage Business are primarily linked to refined petroleum products.

~~The~~Statement ~~following~~of ~~table~~Operations ~~presents~~Breakdown ~~consolidated~~by ~~revenue~~Segments and expense information for the three and nine month periods ended September 30, 2021 and 2020. This information was derived from Navios Logistics’ unaudited condensed consolidated financial statements for the respective periods.

(Expressed in thousands of U.S. dollars-except other operating data)	Three monthperiod endedSeptember 30,2021(unaudited)			Three monthperiod endedSeptember 30,2020(unaudited)			Nine monthperiod endedSeptember 30,2021(unaudited)			Nine monthperiod endedSeptember 30,2020(unaudited)
Revenue	$	63,281		$	58,527		$	173,660		$	173,686
Cost of sales		(44,928	)		(37,211	)		(121,147	)		(110,907	)
Gross profit	$	18,353		$	21,316		$	52,513		$	62,779
Administrative expenses		(3,754	)		(3,616	)		(10,783	)		(10,428	)
Other operating income		85			4,351			1,159			4,797
Other operating expenses		(1,300	)		(1,596	)		(3,148	)		(3,127	)
Allowance for expected credit losses on financial assets		(193	)		34			(341	)		(541	)
Operating profit	$	13,191		$	20,489		$	39,400		$	53,480
Finance income		570			1,978			4,596			6,844
Finance costs		(15,283	)		(15,098	)		(45,212	)		(34,042	)
Foreign exchange differences, net		907			(181	)		2,602			(455	)
Loss on debt extinguishment		—			(4,157	)		—			(4,157	)
Loss from mark to market and disposal of financial asset		(24,149	)		—			(24,149	)		—
(Loss)/Profit before tax	$	(24,764	)	$	3,031		$	(22,763	)	$	21,670
Income tax expense		(3,670	)		(405	)		(4,008	)		(202	)
(Loss)/Profit for the period	$	(28,434	)	$	2,626		$	(26,771	)	$	21,468
Other Operating Data
Grain Port-tons of cargo moved		951,778			851,267			2,332,667			1,992,325
Iron ore Port-tons of cargo moved		215,325			337,296			680,771			1,104,966
Liquid Port—cubic meters of stored liquid cargos		110,341			101,827			347,346			296,166
Liquid Port—cubic meters of sales of products		6,857			7,874			11,921			26,462
Barge—cubic meters of liquid cargos		169,556			105,135			449,244			274,750
Barge—dry cargo tons		329,732			386,675			1,095,585			1,367,224
Cabotage—cubic meters of liquid cargos		414,945			580,235			1,315,545			1,518,952
Cabotage—available days		736			728			2,184			2,158
Cabotage—operating days		461			627			1,506			1,942
Revenues per Segment
Port Business	$	30,388		$	27,055		$	79,727		$	81,445
Revenue—grain port	$	10,185		$	8,630		$	26,186		$	21,261
Revenue—iron ore port	$	13,752		$	13,100		$	41,147		$	41,335
Revenue—liquid port	$	1,496		$	1,157		$	3,944		$	3,424
Sales of products—liquid port	$	4,955		$	4,168		$	8,450		$	15,425
Barge Business	$	22,389		$	19,150		$	65,848		$	56,038
Cabotage Business	$	10,504		$	12,322		$	28,085		$	36,203

We report our operations based on three reportable segments: Port Terminal Business, Barge Business and Cabotage Business. The Port Terminal Business segment includes the operating results of our Dry Port Terminal and Liquid Port Terminal operations. Our Dry Port Terminal comprise our Grain Port Terminal and our Iron Ore Port Terminal, each of which is located in an international tax-free trade zone in the port of Nueva Palmira, Uruguay, at the convergence of the Parana and Uruguay rivers. Our Liquid Port Terminal is an up-river port terminal with tank storage for refined petroleum products and oil and gas in San Antonio, Paraguay, approximately 17 miles by river from the capital, Asunción.

~~Revenue~~Period over Period Comparisons

The following table presents ~~our~~consolidated ~~revenues~~revenue and expense information for the three month periods ended ~~September~~March 3031, ~~2021~~2022 and ~~2020:~~2021. This information was derived from Navios Logistics’ unaudited condensed consolidated financial statements for the respective periods.

	Three month period ended September 30, 2021												Three month period ended September 30, 2020
(Expressed in thousands of U.S. dollars-except other operating data)	Three month periodended March 31, 2022(unaudited)			Three month periodended March 31, 2021(unaudited)
	PortTerminalBusiness(unaudited)			CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total			PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total
Revenue	$	58,847		$	53,036
Time chartering revenue	$	—		$	8,632		$	2,335		$	10,967		$	—	$	12,525		$	1,976		$	14,501
Cost of sales		(39,070	)		(35,371	)
CoA/Voyage revenue		—			2,047			20,122			22,169			—		—			17,200			17,200
Gross profit	$	19,777		$	17,665
Port terminal revenue		25,433			—			—			25,433			22,887		—			—			22,887
Administrative expenses		(3,586	)		(3,368	)
Turnover tax		—			(175	)		(68	)		(243	)		—		(203	)		(26	)		(229	)
Other operating income		153			707
Time charter, voyage and port terminal revenues	$	25,433		$	10,504		$	22,389		$	58,326		$	22,887	$	12,322		$	19,150		$	54,359
Other operating expenses		(1,162	)		(899	)
Sale of Products-Liquid Port Terminal	$	4,955			—			—		$	4,955		$	4,168		—			—		$	4,168
Allowance for expected credit losses on financial assets		(146	)		(145	)
Total Revenue	$	30,388		$	10,504		$	22,389		$	63,281		$	27,055	$	12,322		$	19,150		$	58,527
Operating profit	$	15,036		$	13,960
Finance income		16			1,806
Finance costs		(15,540	)		(14,556	)
Foreign exchange differences, net		49			1,077
(Loss)/Profit before tax	$	(439	)	$	2,287
Income tax benefit		58			220
(Loss)/Profit for the period	$	(381	)	$	2,507
Other Operating Data
Grain Port Terminal-tons of cargo moved		945,782			582,901
Iron Ore Port Terminal -tons of cargo moved		41,388			116,342
Liquid Port Terminal—cubic meters of stored liquid cargos		186,082			108,037
Liquid Port Terminal —cubic meters of sales of products		2,295			4,564
Barge Business—cubic meters of liquid cargos		232,229			112,291
Barge Business—dry cargo tons		282,789			394,468
Cabotage Business —cubic meters of liquid cargos		453,741			491,539
Cabotage Business—available days		720			720
Cabotage Business—operating days		504			527
Revenues per Segment
Port Terminal Business	$	27,954		$	24,772
Grain Port Terminal	$	10,861		$	7,070
Iron Ore Port Terminal	$	13,738		$	13,290
Liquid Port Terminal	$	1,461		$	1,232
Sales of products—Liquid Port Terminal	$	1,894		$	3,180
Barge Business	$	19,516		$	18,787
Cabotage Business	$	11,377		$	9,477

Time Charter, Voyage and Port Terminal Revenues: For the three month period ended September 30, 2021, Navios Logistics’ time charter, voyage and port terminal revenues increased by $3.9 million or 7.3% to $58.3 million, as compared to $54.4 million for the same period during 2020. Revenue from the Barge Business increased by $3.2 million or 16.9% to $22.4 million for the three month period ended September 30, 2021, as compared to $19.2 million for the same period during 2020. For the three month period ended September 30, 2021, CoA/voyage revenues increased by $2.9 million to $20.1 million, as compared to $17.2 million for the same period in 2020, related to higher liquid cargo moved, and a $0.3 million increased in time charter revenues to $2.3 million, as compared to $2.0 million for the same period in 2020, mainly due to an increase in time charter days. Revenue from the Port Terminal Business increased by $2.5 ~~million~~ or 11.1% to $25.4 million for the three month period ended September 30, 2021, as compared to $22.9 million for the same period during 2020. The increase was mainly attributable to revenues from minimum guarantee contracts in the grain port terminal. Revenue from the Cabotage Business decreased by $1.8 million or 14.8% to $10.5 million for the three month period ended September 30, 2021, as compared to $12.3 million for the same period during 2020. The decrease was mainly attributable to fewer operating days.

~~Cost~~For ofthe ~~Sales~~three month period ended March 31, 2022 compared to the three month period ended March 31, 2021

~~The~~Revenue ~~following table presents our cost of sales for the three month periods ended September 30, 2021 and 2020:~~

	Three month period ended September 30, 2021								Three month period ended September 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total		PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total
Time charter, voyage and port terminal expenses	$	4,886	$	880	$	9,980	$	15,746	$	4,726	$	356	$	7,310	$	12,392
Direct vessel expenses		—		7,040		8,312		15,352		—		6,295		7,008		13,303
Cost of products sold-Liquid Port Terminal		4,854		—		—		4,854		3,695		—		—		3,695
Depreciation and amortization		2,154		1,407		5,415		8,976		2,069		1,366		4,386		7,821
Total cost of sales	$	11,894	$	9,327	$	23,707	$	44,928	$	10,490	$	8,017	$	18,704	$	37,211

The following table presents our revenues for the three month periods ended March 31, 2022 and 2021:


	Three month period ended March 31, 2022											Three month period ended March 31, 2021
	Port Terminal Busines (unaudited)		Cabotage Business (unaudited)			Barge Business (unaudited)			Total (unaudited)			Port Terminal Business (unaudited)		Cabotage Business (unaudited)			Barge Business (unaudited)			Total (unaudited)
Time chartering revenues	$	—	$	9,980		$	1,413		$	11,393		$	—	$	8,810		$	2,057		$	10,867
CoA/Voyage revenues		—		1,596			18,211			19,807			—		816			16,769			17,585
Port terminal revenues		26,060		—			—			26,060			21,592		—			—		$	21,592
Turnover tax		—		(199	)		(108	)		(307	)		—		(149	)		(39	)		(188	)

Time charter, voyage and port terminal revenues	$	26,060	$	11,377		$	19,516		$	56,953		$	21,592	$	9,477		$	18,787		$	49,856

Sale of Products-Liquid Port Terminal	$	1,894		—			—		$	1,894		$	3,180		—			—		$	3,180

Total Revenue	$	27,954	$	11,377		$	19,516		$	58,847		$	24,772	$	9,477		$	18,787		$	53,036

Time Charter, Voyage and Port Terminal ~~Expenses~~Revenues: ~~Time~~For the three month period ended March 31, 2022, Navios Logistics’ time charter, voyage and port terminal ~~expenses~~ revenues increased by $37.31 million or 2714.12% to $1557.70 million ~~for the three month period ended September 30~~, ~~2021,~~ as compared to $1249.49 million for the same period ~~during~~in ~~2020~~2021. ~~Time~~Revenue ~~charter~~from ~~and~~the ~~voyage~~Port ~~expenses~~Terminal ~~of the Barge~~ Business increased by $24.75 million or 3620.57% to $1026.01 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $721.36 million for the same period ~~during~~in ~~2020,~~2021. The increase was mainly ~~due~~attributable to ~~more~~higher ~~spot~~volumes ~~voyages~~transshipped ~~performed~~in ~~for~~the ~~liquid~~Grain ~~cargo~~Port Terminal. ~~Time~~Revenue ~~charter~~from ~~and voyage expenses of~~ the Cabotage Business increased by $01.59 million or 20.0% to $011.94 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $09.45 million for the same period ~~during~~in ~~2020~~2021. ~~Port~~The increase was ~~terminal~~mainly ~~expenses~~attributable to more revenues from spot trips performed. Revenue from the Barge Business increased by $0.27 million or 3.49% to $419.95 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $418.78 million for the same period ~~during~~in ~~2020~~2021. The increase was mainly attributable to higher volumes of liquid cargo moved.

~~Direct~~Sales ~~Vessel~~of ~~Expenses:~~Products- Liquid ~~Direct~~Port ~~vessel~~Terminal: ~~expenses~~For ~~increased by $2.1 million or 15.4% to $15.4 million for~~ the three month period ended ~~September~~ March 3031, ~~2021~~2022, asNavios ~~compared~~Logistics’ tosales ~~$13.3 million for the same period during 2020. Direct vessel expenses~~ of ~~the~~products ~~Barge~~decreased ~~Business increased~~ by $1.3 million or 1840.64% to $81.39 million ~~for the three month period ended September 30~~, ~~2021,~~ as compared to $73.02 million for the same period in ~~during 2020~~2021. ~~The~~This ~~increase~~decrease was ~~mainly~~ attributable to the ~~increased~~decrease ~~utilization~~in ~~of our convoys to service~~ the ~~demand~~Paraguayan ofliquid ~~the~~port’s ~~COA/voyage~~volume ~~market. Direct vessel expenses~~ of ~~the~~products ~~Cabotage Business increased by $0~~sold.~~7 million~~ or 11.8% to $7.0 million for the three month period ended September 30, 2021, as compared to $6.3 million for the same period during 2020, mainly due to increased crew costs. Direct vessel expenses include crew costs, victual costs, dockage expenses, lubricants, spares, insurance, maintenance and repairs.

Cost of ~~Products~~Sales Sold- Liquid Port Terminal: For the three month period ended September 30, 2021, Navios Logistics’ cost of products sold increased by $1.2 million or 31.4% to $4.9 million, as compared to $3.7 million for the same period during 2020. This increase was mainly attributable to the increase in the Paraguayan liquid port terminal’s volumes of products sold.

~~Depreciation~~The ~~and~~following ~~Amortization:~~table ~~For~~presents ~~the~~our ~~three~~cost month period ended September 30, 2021, Navios Logistics’ depreciation and amortization increased by $1.2 million or 14.8% to $9.0 million, as compared to $7.8 million for the same period during 2020. Depreciation and amortization in the Barge Business increased by $1.0 million or 23.5% to $5.4 million for the three month period ended September 30, 2021, as compared to $4.4 million for the same period in 2020, mainly due to the delivery of ~~each~~sales of the six liquid barges completed in the first quarter of 2021 and the three pushboats and 18 tank barges acquired in the first quarter of 2021 (the “2020 Fleet”). Depreciation and amortization in the Port Terminal Business increased by $0.1 million or 4.1% to $2.2 million for the three month ~~period~~periods ended ~~September~~March 3031, ~~2021,~~ as2022 ~~compared to $2.1 million for the same period during 2020, mainly due to increased depreciation expense of tangible assets. Depreciation~~ and ~~amortization in the Cabotage Business remained stable at $1.4 million for each of the three month periods ended September 30,~~ 2021: ~~and 2020.~~

Administrative Expenses


	Three month period ended March 31, 2022								Three month period ended March 31, 2021
	Port Terminal Business (unaudited)		Cabotage Business (unaudited)		Barge Business (unaudited)		Total (unaudited)		Port Terminal Business (unaudited)		Cabotage Business (unaudited)		Barge Business (unaudited)		Total (unaudited)
Time charter, voyage and port terminal expenses	$	4,425	$	685	$	7,484	$	12,594	$	4,047	$	1,185	$	6,105	$	11,337
Direct vessel expenses		—		7,976		7,941		15,917		—		5,528		7,177		12,705
Cost of products sold-Liquid Port Terminal		1,691		—		—		1,691		3,041		—		—		3,041
Depreciation and amortization		2,153		1,256		5,459		8,868		2,212		1,374		4,702		8,288

Total cost of sales	$	8,269	$	9,917	$	20,884	$	39,070	$	9,300	$	8,087	$	17,984	$	35,371

~~Administrative expenses increased by $0.2 million or 3.8% to $3.8 million for the three month period ended September 30, 2021, as compared to $3.~~6 ~~million~~ for the same period during 2020. Administrative expenses in the Cabotage Business increased by $0.1 million or 10.5% to $0.6 million for the three month period ended September 30, 2021, as compared to $0.5 million for the same period during 2020. Administrative expenses in the Port Terminal Business increased by $0.1 million or 9.2% to $0.9 million for the three month period ended September 30, 2021, as compared to $0.8 million for the same period during 2020. Administrative expenses in the Barge Business remained stable at $2.3 million for both of the three month periods ended September 30, 2021 and 2020. Certain of our administrative expenses are directly charged to their respective segments, while others are allocated proportionally based on headcount.

~~Other~~Time ~~operating~~Charter, ~~income~~Voyage ~~decreased~~and Port Terminal Expenses: For the three month period ended March 31, 2022, time charter, voyage and port terminal expenses increased by $41.3 million or 9811.01% to ~~less than~~ $012.16 million ~~for the three month period ended September 30, 2021,~~ as compared to $411.43 million for the same period in ~~2020~~2021. ~~Other~~Time ~~operating~~charter ~~income~~and invoyage ~~the~~expenses ~~Port~~of ~~Terminal~~the Barge Business for ~~decreased~~the three month period ended March 31, 2022 increased by $4.1.4 million or ~~100~~22.06% to ~~nil for the three month period ended September~~$7.5 30million, ~~2021,~~ as compared to $46.1 million for the same period ofin ~~2020.~~2021, ~~This decrease was~~ mainly due to ~~income~~more ~~recorded~~spot ~~from~~voyages aperformed ~~settled~~for ~~claim~~liquid ~~with~~cargo. aPort terminal ~~customer~~expenses ~~regarding~~of ~~a storage and transshipment contract in~~ the ~~Grain~~ Port Terminal, ~~during~~Business for the three month period ended ~~September~~March 3031, ~~2020.~~2022 ~~Other~~increased ~~operating income in the Barge Business decreased~~ by $0.~~2 million~~4 or ~~67.~~9.3% to ~~less~~$4.4 million, ~~than~~as compared to $04.10 million for the ~~three~~same ~~month~~ period ~~ended~~in ~~September 30,~~ 2021, asmainly ~~compared~~due to higher volumes transshipped in the Grain Port Terminal. The overall increase was offset by a $0.35 million ~~for~~decrease ~~the same~~in ~~period~~time ofcharter ~~2020.~~and ~~Other~~voyage ~~operating~~expenses ~~income~~of in the Cabotage Business ~~was~~to ~~nil~~$0.7 million for ~~both~~ the three month ~~periods~~period ended ~~September~~March 3031, ~~2021~~2022 ~~and~~as compared ~~2020~~to $1.2 million for the same period in 2021.

~~Other~~Direct ~~Operating~~Vessel Expenses: Direct vessel expenses increased by $3.2 million or 25.3% to $15.9 million for the three month period ended March 31, 2022, as compared to $12.7 million for the same period in 2021. Direct vessel expenses of the Cabotage Business increased by $2.5 million or 44.3% to $8.0 million for the three month period ended March 31, 2022, as compared to $5.5 million for the same period in 2021. The increase was mainly due to increased crew costs. Direct vessel expenses of the Barge Business increased by $0.7 million or 10.7% to $7.9 million for the three month period ended March 31, 2022, as compared to $7.2 million for the same period in 2021. The increase was mainly attributable to the increased utilization of our convoys to service the demand of the COA/Voyage market. Direct vessel expenses include crew costs, victualling costs, dockage expenses, lubricants, stores, insurance, maintenance and repairs.

~~Other operating~~Cost ~~expenses~~of ~~decreased~~Products bySold- ~~$0.3 million~~Liquid orPort ~~18.5%~~Terminal: toFor ~~$1.3 million for~~ the three month period ended ~~September~~March 3031, ~~2021~~2022, asNavios ~~compared~~Logistics’ cost toof ~~$1.6 million~~products ~~for~~sold ~~the same period in 2020. Other operating expenses in the Cabotage Business~~ decreased by $01.23 million or 3244.04% to $01.47 million ~~for the three month period ended September 30~~, ~~2021,~~ as compared to $03.60 million for the same period ~~during~~in ~~2020~~2021. This decrease was mainly ~~due~~attributable to a decrease in the ~~decreased~~Liquid ~~taxes~~Port ~~other~~Terminal’s ~~than~~volumes of ~~income~~products ~~taxes,~~sold ~~derived~~driven ~~from~~by a decrease in ~~revenues~~the sales of products in ~~the~~our Liquid Port Terminal.

Depreciation and Amortization: Depreciation and amortization expense increased by $0.6 million or 7.0% to $8.9 million for the three month period ended March 31, 2022, as compared to $8.3 million for the same period in 2021. Depreciation and amortization in the Barge Business increased by $0.8 million or 16.1% to $5.5 million for the three month period ended March 31, 2022, as compared to $4.7 million for the same period in 2021, mainly due to the acquisition of three pushboats and 18 liquid barges (the “2020 Fleet”), which was consummated on March 22, 2021. Depreciation and amortization in the Port Terminal Business remained stable at $2.2 million for each of three month periods ended March 31, 2022 and 2021. Depreciation and amortization in the Cabotage Business decreased by $0.1 million or 8.6% to $1.3 million for the three month period ended March 31, 2022, as compared to $1.4 million for the same period in 2021.

~~Cabotage~~Administrative ~~Business~~Expenses during the same period. Other operating expenses in the Barge Business decreased by $0.1 million or 16.7% to $0.9 million for three month period ended September 30, 2021, as compared to $1.0 million income for the same period of 2020. This decrease was mainly due to the decreased taxes other than income taxes derived from an increase in CoA/Voyage revenues in the Barge Business during the same period. Other operating expenses in the Port Terminal Business increased by $0.1 million to $0.1 million for the three month period ended September 30, 2021, as compared to nil for the same period during 2020.

~~Allowance~~Administrative expenses increased by $0.2 million or 6.5% to $3.6 million for ~~Expected~~the ~~Credit~~three ~~Losses~~month onperiod ~~Financial~~ended March 31, ~~Assets~~2022, as compared to $3.4 million for the same period in 2021. Certain of our administrative expenses are directly charged to their respective segments, while others are allocated proportionally based on headcount.

~~Allowance~~Other ~~for~~Operating ~~expected~~Income credit losses on financial assets increased to $0.2 million for the three month period ended September 30, 2021, as compared to less than $0.1 million for the same period in 2020. Allowance for expected credit losses on financial assets in the Barge Business increased to $0.2 million for the three month period ended September 30, 2021, as compared to less than $0.1 million for the same period in 2020. Allowance for expected credit losses on financial assets in the Port Terminal Business was nil for both the three months periods ended September 30, 2021. Allowance for expected credit losses on financial assets in the Cabotage Business was nil for both the three month periods ended September 30, 2021.

~~Operating~~Other operating ~~Profit/(Loss)~~income decreased by $0.5 million or 78.4% to $0.2 million for the three month period ended March 31, 2022, as compared to $0.7 million for the same period in 2021. Other operating income in the Port Terminal Business decreased by $0.6 million to nil for the three month period ended March 31, 2022, as compared to $0.6 million for the same period in 2021, mainly due to an insurance claim settlement during the three month period ended March 31, 2021. Other operating income in the Barge Business increased by $0.1 million to $0.2 million for the three month period ended March 31, 2022 as compared to $0.1 million for the same period in 2021. Other operating income in the Cabotage Business was nil for both the three month periods ended March 31, 2022 and March 31, 2021.

~~Operating profit~~Other ~~decreased by $7.3 million or 35.6% to $13.2 million for the three month period ended September 30, 2021, as compared to $20.5 million for the same period in 2020.~~ Operating ~~profit~~Expenses in the Cabotage Business decreased by $3.0 million or 93.3% to $0.2 million for the three month period ended September 30, 2021, as compared to $3.2 million for the same period in 2020. The decrease was mainly attributable to (a) lower revenue, (b) higher direct vessel expenses, (c) higher time charter, voyage and port terminal expenses and (d) higher administrative expenses, partially offset by lower other operating expenses. Operating loss in the Barge Business increased by $2.0 million or 78.0% to $4.6 million for the three month period ended September 30, 2021 as compared to $2.6 million for the same period in 2020. The increase was mainly attributable to (a) higher time charter, voyage and port terminal expenses, (b) higher direct vessel expenses, (c) higher depreciation and amortization, (d) lower other operating income, and (e) higher allowance for expected credit losses on financial assets, partially offset by (a) higher revenues and (b) lower other operating expenses. Operating profit in the Port Terminal Business decreased by $2.2 million or 11.5% to $17.6 million for the three month period ended September 30, 2021, as compared to $19.8 million for the same period in 2020. The decrease was mainly attributable to (a) lower other operating income, (b) higher port terminal expenses, (c) higher administrative expenses and (d) higher depreciation and amortization, partially mitigated by higher revenue.

~~Finance~~Other ~~Income~~operating expenses increased by $0.3 million or 29.3% to $1.2 million for the three month period ended March 31, 2022, as compared to $0.9 million for the same period in 2021. Other operating expenses in the Barge Business increased by $0.2 million or 61.1% to $0.7 million for the three month period ended March 31, 2022, as compared to $0.5 million for the same period in 2021. This increase was mainly due to the increased taxes other than income taxes. Other operating expenses in the Port Terminal Business were less than $0.1 million for each of the three month periods ended March 31, 2022 and 2021. Other operating expenses in the Cabotage Business remained stable at $0.4 million for each of the three month periods ended March 31, 2022 and 2021.

~~Finance~~Allowance ~~income decreased by $1.4 million or 71.2% to $0.6 million~~ for ~~the~~Expected ~~three~~Credit ~~month~~Losses ~~period ended September 30, 2021, as compared to $2.0 million for the same period in 2020. The overall decrease was mainly due to the repayment in full of the Navios Holdings Loan Agreement~~ on ~~July 30,~~Financial ~~2021~~Assets ~~(refer below). Finance income is allocated into our segments pro rata to the book value of our tangible assets.~~

~~Finance~~Allowance ~~Costs~~for expected credit losses on financial assets remained stable at $0.1 million for each of the three month periods ended March 31, 2022 and 2021.

Finance costs increased by $0.2 million or 1.2% to $15.3 million for the three month period ended September 30, 2021, as compared to $15.1 million for the same period in 2020. This increase was mainly attributable to the higher weighted average interest rate for the three month period ended September 30, 2021, due to the issuance of the 2025 Notes (as defined below). The annualized weighted average interest rates of the Company’s total borrowings were 9.91% and 9.81% for the three month periods ended September 30, 2021 and 2020, respectively. Finance costs for the 2025 Notes are allocated into our segments pro rata to the book value of our tangible assets. Finance costs in the Barge Business increased by $0.6 million or 11.5% to $6.6 million for the three month period ended September 30, 2021, as compared to $6.0 million for the same period in 2020. Finance costs in the Port Terminal Business decreased by $0.5 million or 7~~.1%~~ to $5.7 million for the three month period ended September 30, 2021, as compared to $6.2 million for the same period in 2020. Finance costs in the Cabotage Business decreased by $0.1 million or 2.1% to $2.9 million for the three month period ended September 30, 2021, as compared to $3.0 million for the same period in 2020.

~~Foreign~~Operating ~~Exchange~~Profit/(Loss) ~~Differences, Net~~

~~Gain~~Operating ~~from~~profit ~~foreign exchange differences~~ increased by $1.10 million or 7.7% to $015.90 million for the three month period ended ~~September~~March 3031, ~~2021~~ 2022, as compared to $014.20 million ~~loss~~ for the same period in ~~2020~~2021. ~~Gain~~Operating ~~from~~profit ~~foreign exchange differences~~ in the ~~Barge~~Port Terminal Business increased by $03.96 million or 23.4% to $018.98 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to ~~less than~~ $015.12 million ~~loss~~ for the same period in ~~2020~~2021. ~~Gain~~The ~~from~~increase ~~foreign~~was ~~exchange~~mainly ~~differences~~attributable to higher revenue, partially mitigated by (a) lower other operating income; (b) higher port terminal expenses; and (c) higher administrative expenses. Operating profit in the Cabotage Business increased by $0.1 million or 15.0% to $0.15 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to ~~less than~~ $0.14 million ~~loss~~ for the same period in ~~2020~~2021. ~~Loss~~The ~~from~~increase ~~foreign~~was ~~exchange~~mainly ~~differences~~attributable to: (a) higher revenue; (b) lower time charter, voyage and port terminal expenses; and (c) lower depreciation and amortization, partially offset by higher direct vessel expenses. Operating loss in the ~~Port~~Barge ~~Terminal~~ Business ~~remained~~increased ~~stable~~by $2.6 million atto $04.13 million for ~~both~~ the three month ~~periods~~period ended ~~September~~March 3031, ~~2021~~2022 ~~and 2020~~as compared to $1.7 million ~~The~~for ~~overall~~the ~~gain~~same period in 2021. The increase was mainly attributable to: ~~the~~(a) higher ~~favorable~~time ~~impact~~charter, ofvoyage ~~the~~and ~~fluctuation~~port ofterminal expenses; ~~the~~(b) higher ~~U.S.~~depreciation ~~dollar~~and ~~exchange~~amortization; ~~rate~~(c) higher ~~against~~direct ~~the~~vessel ~~local~~expenses; ~~currencies~~(d) higher inother ~~the~~operating ~~different~~expenses; ~~countries~~and ~~where~~(e) higher weadministrative ~~conduct~~expenses, ~~our~~partially ~~operations~~offset by (a) higher revenue and (b) higher other operating income.

~~Loss~~Finance onIncome ~~debt extinguishment~~

~~Loss on~~Finance ~~debt~~income ~~extinguishment~~ decreased by $41.28 million to ~~nil~~less than $0.1 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $41.28 million for the same period in ~~2020~~2021. OnThe ~~July 8,~~overall ~~2020, the Co-Issuers (as~~decrease ~~defined~~was ~~herein)~~mainly ~~issued $500.0 million in aggregate principal amount of senior secured notes~~ due ~~2025~~to (“the ~~2025~~repayment ~~Notes”),~~in atfull ~~a fixed rate~~ of ~~10.75%. The net proceeds from~~ the ~~offering~~Navios ofHoldings ~~the~~Loan ~~2025~~Agreement ~~Notes~~on ~~were used to satisfy and discharge the indenture governing the 2022 Notes~~July 30, to2021. ~~repay~~Finance ~~all~~income ~~amounts~~is ~~outstanding~~allocated ~~under~~into ~~the~~our ~~Term~~segments ~~Loan~~pro Brata ~~Facility and~~ to ~~pay certain fees and expenses related to~~ the ~~offering,~~book ~~with~~value ~~the~~of ~~balance~~our totangible ~~be used for general corporate purposes (see “Interest-Bearing Loans and Borrowings”)~~assets. ~~The~~For ~~effect~~further ofinformation ~~this~~on ~~transaction~~finance ~~was the recognition of a loss of $4.2 million for the three month period ended September 30~~income, ~~2020, relating~~refer to ~~the~~Note ~~accelerated~~10 ~~amortization~~to ~~of unamortized deferred finance costs. Loss on debt extinguishment has been allocated into~~ our ~~segments~~unaudited ~~pro~~condensed ~~rata~~financial tostatements ~~the~~included ~~book~~elsewhere ~~value~~in ofthis ~~our tangible assets~~report.

~~Loss~~Finance ~~from~~Costs ~~mark to market and disposal of financial asset~~

~~Following~~Finance ~~the~~cost increased ~~repayment~~by of$0.9 million ~~the~~or ~~Navios~~6.8% ~~Holdings~~to ~~Loan~~$15.5 million ~~Agreement~~for ~~(as defined below) and~~ the ~~sale~~three ofmonth ~~the~~period ~~Shares~~ended ~~(as~~March 31, ~~defined below)~~2022, aas ~~loss~~compared of to $2414.16 million ~~was~~for ~~recognized~~the insame ~~the~~period ~~statement~~in of2021. ~~income~~These ~~under~~variations ~~“Loss~~were ~~from~~mainly ~~mark~~attributable to ~~market~~the ~~and~~higher ~~disposal~~weighted average ofinterest ~~financial~~rate ~~asset”~~ for the three month period ended ~~September~~March 3031, 2021., Noand ~~loss~~the ~~from~~lower ~~mark~~capitalized tofinance ~~market~~cost ~~and~~following ~~disposal~~the completion of ~~financial asset~~the ~~was~~construction ~~recorded~~of ~~for~~the six liquid barges during first quarter of 2021. The annualized weighted average interest rates of the ~~same~~Company’s ~~period~~total inborrowings ~~2020~~were 10.17% ~~Loss~~and ~~from~~10.05% ~~mark~~for tothe ~~market~~three month periods ended March 31, 2022 and ~~disposal~~2021, ofrespectively. ~~financial~~The ~~asset~~2025 ~~has~~Notes ~~been~~finance cost is allocated into our segments pro rata to the book value of our tangible assets.

~~Income~~Foreign ~~Tax~~Exchange ~~Expense~~Differences, Net

~~Income~~Gain ~~tax expense~~from ~~increased~~foreign exchange differences decreased by $31.31 million to less than $30.71 million for the three month period ended ~~September~~ March 3031, ~~2021~~2022, as compared to $01.41 million for the same period ~~during~~in ~~2020~~2021. ~~Income~~Gain ~~tax~~from ~~expense~~foreign ofexchange differences in the Barge Business ~~increased~~decreased by $10.97 million to $10.41 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $0.58 million for the same period in 2021. Loss from foreign exchange differences in the Port Terminal Business increased by $0.6 million to $0.2 ~~income~~million ~~tax~~for ~~income~~the three month period ended March 31, 2022, as compared to a $0.4 million gain for the same period ~~during~~in ~~2020~~2021. ~~Income~~Gain ~~tax~~from ~~expense~~foreign ofexchange differences in the Cabotage Business increased by $10.42 million to $20.31 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to less than $0.~~9 million~~1 million loss for the same period ~~during~~in ~~2020~~2021. ~~The~~These ~~overall~~variations ~~increase~~were ~~was~~ mainly ~~due~~attributable to the ~~recalculation~~unfavorable impact of the ~~deferred~~fluctuation ~~tax~~of ~~liability resulting~~the ~~from~~U.S. andollar ~~increase~~exchange rate against the local currencies in ~~income~~the ~~tax~~different ~~rate~~countries where we conduct our operations.

Income Tax Benefit/(~~Loss~~Expense)~~/profit~~ ~~for the Period~~

~~Loss~~Income ~~for~~tax ~~the~~benefit ~~period~~decreased ~~increased~~ by $~~31.~~0.1 million to $280.41 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to to $20.62 million ~~profit~~ for the same period in ~~2020~~2021. ~~Loss~~Income ~~for~~tax ~~the~~benefit ~~period~~from in the Barge Business ~~increased~~decreased by $121.62 million to $~~22.~~0.1 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $91.43 million for the same period in ~~2020~~2021. ~~The~~Income ~~increase was mainly attributable to (a) higher loss from mark to market and disposal of financial asset, (b) higher operating loss, (c) higher income~~ tax expense, ~~(d) higher finance costs and (e) lower finance income, partially offset by (a) a decrease in loss~~ from ~~debt extinguishment and (b) higher gain from foreign exchange differences. Profit for~~ the ~~period~~Cabotage ~~in the Port Terminal~~ Business decreased by $91.50 million ~~or 75.7%~~ to $30.1 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $121.61 million for the same period in 2020. The decrease was mainly attributable to (a) higher loss from mark to market and disposal of financial asset, (b) lower operating profit, (c) decrease in finance income, partially offset by (a) a decrease in loss from debt extinguishment and (b) lower finance income. Loss for the period in the Cabotage Business increased by $8.9 million to $9.5 million for the three month period ended September 30, 2021~~, as compared to a $0~~.~~6 million~~ for the same period in 2020. The increase was mainly attributable to (a) higher loss from mark to market and disposal of financial asset, (b) higher operating loss, (c) higher income tax expense; and (d) lower finance income, partially offset by (a) a decrease in loss from debt extinguishment, (b) lower finance costs and c) higher gain from foreign exchange differences.

8(Loss)/Profit for the Period

~~For~~Loss for the ~~nine~~period increased by $2.9 million to $0.4 million for the three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $2.5 million profit for the ~~nine~~same period in 2021. Loss for the period in the Barge Business increased by $6.1 million to $11.1 million for the three month period ended March 31, 2022, as compared to $5.0 million for the same period in 2021. The increase was mainly attributable to: (a) lower operating profit; (b) lower ~~September~~income tax benefit; (c) 30higher finance costs; (d) lower finance income; and (e) lower gain from foreign exchange differences. Loss for the period in the Cabotage Business decreased by $1.2 million or 38.7% to $2.0 million for the three month period ended March 31, ~~2020~~2022, as compared to a $3.2 million for the same period in 2021. The decrease was mainly attributable to: (a) higher operating profit; (b) lower income tax expense; (c) lower finance costs; and (d) higher

~~Revenue~~8

	Nine month period ended September 30, 2021											Nine month period ended September 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total			PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total
Time chartering revenue	$	—	$	25,557		$	7,383		$	32,940		$	—	$	35,647		$	14,166		$	49,813
CoA/Voyage revenue		—		3,001			58,650			61,651			—		1,218			41,928			43,146
Port terminal revenue		71,277		—			—			71,277			66,020		—			—			66,020
Turnover tax		—		(473	)		(185	)		(658	)		—		(662	)		(56	)		(718	)
Time charter, voyage and port terminal revenues	$	71,277	$	28,085		$	65,848		$	165,210		$	66,020	$	36,203		$	56,038		$	158,261
Sale of Products-Liquid Port Terminal	$	8,450		—			—		$	8,450		$	15,425		—			—		$	15,425
Total Revenue	$	79,727	$	28,085		$	65,848		$	173,660		$	81,445	$	36,203		$	56,038		$	173,686

gain from foreign exchange differences, partially offset by lower finance income. Profit for the period in the Port Terminal Business increased by $2.0 million or 19.0% to $12.7 million for the three month period ended March 31, 2022, as compared to $10.7 million for the same period in 2021. The increase was mainly attributable to higher operating profit partially offset by (a) lower finance income; (b) higher loss from foreign exchange differences; and (c) higher finance costs.

~~Time~~EBITDA ~~Charter,~~Reconciliation ~~Voyage and Port Terminal Revenues: For the nine month period ended September 30, 2021, Navios Logistics’ time charter, voyage and port terminal revenues increased by $6.9 million or 4.4%~~ to $165.2 million, as compared to $158.3 million for the same period during 2020. Revenue from the Barge Business increased by $9.8 million or 17.5% to $65.8 million for the nine month period ended September 30, 2021, as compared to $56.0 million for the same period during 2020. For the nine month period ended September 30, 2021, CoA(Loss)/~~voyage~~Profit revenues increased by $16.7 million or 39.9% to $58.7 million, as compared to $41.9 million for the same period in 2020, related to higher CoA/voyage revenues of convoys previously under time charter contracts, partially mitigated by a $6.8 million or 47.9% decrease in time charter revenues to $7.4 million, as compared to $14.2 million for the same period in 2020, mainly due to the expiration of certain legacy time charter contracts. Revenue from the Port Terminal Business increased by $5.3 million or 8.0% to $71.3 million for the nine month period ended September 30, 2021, as compared to $66.0 million for the same period during 2020. The increase was mainly attributable to higher volumes transshipped in the grain port terminal. Revenue from the Cabotage Business decreased by $8.1 million or 22.4% to $28.1 million for the nine month period ended September 30, 2021, as compared to $36.2 million for the same period during 2020, mainly due to fewer operating days.

~~Sales~~EBITDA ofrepresents ~~Products-~~(loss)/profit ~~Liquid~~before ~~Port~~finance ~~Terminal:~~income, ~~For~~finance ~~the~~costs, ~~nine~~depreciation ~~month~~and ~~period ended~~amortization ~~September 30,~~and ~~2021,~~income ~~Navios~~taxes. ~~Logistics’~~EBITDA ~~sales~~is ofpresented because ~~products~~it ~~decreased~~is used by $6certain investors to measure a company’s operating performance.9 EBITDA is ~~million~~a “non-IFRS financial measure” and should not be considered a substitute for profit, cash flow from operating activities and other operations or ~~45.2%~~cash toflow $8statement data prepared in accordance with IFRS or as a measure of profitability or liquidity.~~5 million,~~ While EBITDA is frequently used as ~~compared~~a measure of operating performance, the definition of EBITDA used here may not be comparable to ~~$15~~that used by other companies due to differences in methods of calculation.4 Some of these limitations are: (i) ~~million~~EBITDA does not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA does not reflect the ~~same~~amounts ~~period~~necessary ~~during~~to ~~2020.~~service ~~This~~interest ~~decrease~~on ~~was~~our ~~mainly~~debt ~~attributable~~and toother ~~the~~financing arrangements; and (iii) although depreciation and amortization ~~decrease~~are non-cash charges, the assets being depreciated and amortized may have to be replaced in the ~~Paraguayan~~future. ~~liquid~~EBITDA ~~port~~does ~~terminal’s~~not ~~volumes~~reflect any cash requirements for such capital expenditures. Because of ~~products~~these limitations, ~~sold~~among others, EBITDA should not be considered as a principal indicator of our performance.

~~Cost~~Three ofMonth ~~Sales~~Period Ended March 31, 2022

The following table presents our costs of sales for the nine month periods ended September 30, 2021 and 2020:


(Expressed in thousands of U.S. dollars)	Port Terminal Business (unaudited)			Cabotage Business (unaudited)			Barge Business (unaudited)			Total (unaudited)
Profit/(Loss) for the period	$	12,681		$	(1,951	)	$	(11,111	)	$	(381	)
Finance income		(6	)		(3	)		(7	)		(16	)
Finance costs		5,929			2,509			7,102			15,540
Depreciation and amortization		2,163			1,256			5,706			9,125
Income tax expense/(benefit)		—			70			(128	)		(58	)

EBITDA	$	20,767		$	1,881		$	1,562		$	24,210

	Nine month period ended September 30, 2021								Nine month period ended September 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total		PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total
Time charter, voyage and port terminal expenses	$	13,809	$	2,560	$	26,198	$	42,567	$	13,485	$	1,313	$	20,924	$	35,722
Direct vessel expenses		—		19,523		25,115		44,638		—		17,729		18,743		36,472
Cost of products sold-Liquid Port Terminal		8,200		—		—		8,200		14,614		—		—		14,614
Depreciation and amortization		6,514		4,098		15,130		25,742		6,246		4,306		13,547		24,099
Total cost of sales	$	28,523	$	26,181	$	66,443	$	121,147	$	34,345	$	23,348	$	53,214	$	110,907

Three Month Period Ended March 31, 2021


(Expressed in thousands of U.S. dollars)	Port Terminal Business (unaudited)			Cabotage Business (unaudited)			Barge Business (unaudited)			Total (unaudited)
Profit/(Loss) for the period	$	10,660		$	(3,181	)	$	(4,972	)	$	2,507
Finance income		(655	)		(355	)		(796	)		(1,806	)
Finance costs		5,606			2,857			6,093			14,556
Depreciation and amortization		2,222			1,374			4,978			8,574
Income tax expense/(benefit)		—			1,055			(1,275	)		(220	)

EBITDA	$	17,833		$	1,750		$	4,028		$	23,611

~~Time~~Liquidity ~~Charter, Voyage~~ and ~~Port~~Capital ~~Terminal~~Resources Expenses: Time charter, voyage and port terminal expenses increased by $6.9 million or 19.2% to $42.6 million for the nine month period ended September 30, 2021, as compared to $35.7 million for the same period during 2020. Time charter and voyage expenses of the Barge Business increased by $5.3 million or 25.2% to $26.2 million for the nine month period ended September 30, 2021, as compared to $20.9 million for the same period during 2020, due to higher voyage expenses, mainly fuel, related to more spot voyages performed. Time charter and voyage expenses of the Cabotage Business increased by $1.3 million or 95.0% to $2.6 million for the nine month period ended September 30, 2021, as compared to $1.3 million for the same period during 2020, mainly due to higher voyage expenses, mainly fuel, related to more spot voyages performed. Port terminal expenses increased by $0.3 million or 2.4% to $13.8 million for the nine month period ended September 30, 2021, as compared to $13.5 million for the same period during 2020, mainly due to higher volumes transshipped in the Grain Port terminal.

~~Direct~~We ~~Vessel~~have ~~Expenses:~~historically ~~Direct~~financed ~~vessel~~our ~~expenses~~capital ~~increased~~requirements bywith ~~$8.1 million~~cash orflows ~~22.4%~~from tooperations, ~~$44~~equity contributions from stockholders, borrowings under our credit facilities and issuances of debt securities.~~6 million~~ Our main uses of funds have been capital expenditures for the ~~nine~~acquisition ~~month~~of ~~period~~new ~~ended September 30~~vessels, ~~2021~~new construction and upgrades at the port terminals, asexpenditures ~~compared~~incurred toin ~~$36.5 million~~connection ~~for~~with ensuring ~~the~~that ~~same~~our ~~period~~owned ~~during~~vessels ~~2020.~~comply ~~Direct~~with ~~vessel~~international ~~expenses~~and ofregulatory ~~the~~standards, ~~Barge~~repayments ~~Business~~of ~~increased~~debt byand ~~$6.4 million~~payments orof 34dividends.0% We may also use funds to ~~$25~~repurchase our outstanding indebtedness from time to time.~~1 million~~ ~~for~~Repurchases ~~the~~may ~~nine~~be ~~month~~made ~~period~~in ~~ended~~the ~~September 30,~~open ~~2021~~market, asor ~~compared~~through toprivately ~~$18.7 million~~negotiated ~~for~~transactions ~~the~~or ~~same~~otherwise, ~~period~~in ~~during~~compliance ~~2020.~~with ~~The~~applicable ~~increase~~laws, ~~was~~rules ~~mainly~~and ~~attributable~~regulations, toat ~~the~~prices ~~increased~~and ~~utilization~~on ofterms ~~our~~we ~~convoys~~deem toappropriate ~~service~~and ~~the~~subject ~~demand~~to ofour ~~the~~cash ~~COA/voyage~~requirements ~~market.~~for ~~Direct~~other ~~vessel~~purposes, ~~expenses~~compliance ofwith the covenants ~~Cabotage~~under ~~Business increased~~our bydebt ~~$1.8 million~~agreements, orand ~~10.1%~~other tofactors ~~$19~~management deems relevant.~~5 million~~ In addition, we regularly review opportunities for ~~the~~acquisitions ~~nine~~of ~~month~~businesses ~~period~~and ~~ended~~additional ~~September 30~~vessels, ~~2021~~development of new facilities and infrastructure, asjoint ~~compared~~ventures and other corporate transactions that may be material to ~~$17~~us.~~7 million~~ ~~for~~In ~~the~~connection ~~same~~with ~~period~~any ~~during~~such ~~2020~~transactions, ~~mainly~~we ~~due~~may need to ~~increased~~raise ~~crew~~significant ~~costs~~amounts of capital, including debt. ~~Direct~~We ~~vessel~~do ~~expenses~~not have any material contractual arrangements for such transactions at ~~include~~this ~~crew~~time. ~~costs,~~See ~~victual~~“— ~~costs~~Working Capital”, ~~dockage~~“— ~~expenses,~~Capital ~~lubricants,~~Expenditures” ~~spares,~~and ~~insurance,~~“— ~~maintenance~~Interest-bearing loans and ~~repairs~~borrowings” for further discussion of our working capital position.

~~Cost of Products Sold- Liquid Port Terminal: For the nine month period ended September 30, 2021, Navios Logistics’ cost of products sold decreased by $6.4 million or 43.~~9%, to $8.2 million, as compared to $14.6 million for the same period during 2020. This decrease was mainly attributable to the decrease in the Paraguayan liquid port terminal’s volumes of products sold.

~~Administrative~~The ~~Expenses~~following table presents cash flow information derived from the unaudited condensed consolidated statements of cash flows of Navios Logistics for the three month periods ended March 31, 2022 and 2021.

Administrative expenses increased by $0.4 million or 3.4% to $10.8 million for the nine month period ended September 30, 2021, as compared to $10.4 million for the same period during 2020. Administrative expenses in the Barge Business increased by $0.1 million or 1.4% to $6.6 million for the nine month period ended September 30, 2021, as compared to $6.5 million for the same period during 2020. Administrative expenses in the Cabotage Business increased by $0.1 million or 6.8% to $1.7 million for the nine month period ended September 30, 2021, as compared to $1.6 million for the same period during 2020. Administrative expenses in the Port Terminal Business increased by $0.1 million or 6.7% to $2.5 million for the nine month period ended September 30, 2021, as compared to $2.4 million for the same period during 2020. Certain of our administrative expenses are directly charged to their respective segments, while others are allocated proportionally based on headcount.


*(Expressed in thousands of U.S. dollars)*	Three Month Period Ended March 31, 2022 (unaudited)			Three Month Period Ended March 31, 2021 (unaudited)
Net cash used in operating activities	$	(4,081	)	$	(9,766	)
Net cash used in investing activities		(2,252	)		(19,393	)
Net cash provided by/(used in) financing activities		7,154			(5,406	)

Net increase/(decrease) in cash and cash equivalents		821			(34,565	)
Cash and cash equivalents and restricted cash, beginning of the period		32,580			74,870

Cash and cash equivalents and restricted cash, end of period	$	33,401		$	40,305

~~Other~~Cash ~~Operating~~used ~~Income~~in operating activities for the three month period ended March 31, 2022 as compared to cash used in operating activities for the three month period ended March 31, 2021:

~~Other operating~~Net ~~income~~cash ~~decreased~~used ~~by $3.6 million or 75.8% to $1.2 million for the nine month period ended September 30, 2021, as compared to $4.8 million for the same period~~ in ~~2020. Other~~ operating ~~income,~~activities ~~in the Port Terminal Business~~ decreased by $35.67 million to $04.61 million for the ~~nine~~three month period ended ~~September~~March 3031, ~~2021~~2022, as compared to $49.28 million for the same period ~~of 2020, mainly due to income recorded from a settled claim with a customer regarding a storage and transshipment contract~~ in the Grain Port Terminal during the nine month period ended September 30, 2020. Other operating income, in the Barge Business remained stable at $0.6 million for both the nine month periods ended September 30, 2021 ~~and 2020~~. ~~Other operating income in the Cabotage Business was nil for each of the nine month periods ended September 30, 2021 and 2020.~~

~~Other~~In ~~Operating~~determining ~~Expenses~~net cash used in operating activities, profit is adjusted for the effect of certain non-cash items including depreciation and amortization which are analyzed in detail in our unaudited condensed Consolidated Statement of Cash Flows for the Three Month Period Ended March 31, 2022 and 2021, included elsewhere in this report.

~~Other operating~~Profit ~~expenses~~is ~~remained~~adjusted ~~stable at $3.1 million~~ for ~~both~~changes ~~the~~in ~~nine~~working ~~month~~capital ~~periods ended September 30, 2021 and 2020. Other operating expenses~~ in ~~the~~order ~~Barge Business increased by $0.6 million or 41.9%~~ to ~~$2.1 million for nine~~determine ~~month~~net ~~period~~cash ~~ended~~used ~~September 30,~~in ~~2021,~~operating ~~as compared to $1~~activities.~~5 million~~ ~~for the same period of 2020. This increase was mainly due to the increased taxes~~

10The negative change in working capital of $0.1 million for the three month period ended March 31, 2022 resulted from a $0.8 million increase in trade receivables and contract assets and a $0.5 million increase in prepayments and other assets, partially offset by a $0.8 million decrease in inventories and a $0.5 million increase in trade and other payables and contract liabilities.

~~other~~The ~~than~~negative ~~income~~change ~~taxes, derived from an increase~~ in ~~CoA/Voyage~~working ~~revenues~~capital ~~in the Barge Business during the same period. Other operating expenses in the Cabotage Business decreased by~~of $~~0.6 million or 37.3% to $~~1.03 million for the ~~nine~~three month period ended ~~September~~March 3031, 2021, asresulted ~~compared~~from toa $13.64 million ~~the~~increase ~~same~~in ~~period~~trade ~~during~~receivables ~~2020.~~and ~~This~~contract ~~decrease~~assets, ~~was~~a ~~mainly~~$3.3 million ~~due~~increase toin ~~the~~prepayments ~~decreased~~and ~~taxes~~ other ~~than~~assets, ~~income~~partially ~~taxes, derived~~offset ~~from~~by a $4.2 million ~~decrease~~increase in ~~revenues~~trade inand ~~the~~other ~~Cabotage~~payables ~~Business~~and ~~during~~a ~~the same period~~$1.3 million ~~Other~~decrease ~~operating expenses~~ in ~~the Port Terminal Business was nil for both of the nine month periods ended September 30, 2021 and 2020~~inventories.

~~Allowance~~Cash used in investing activities for ~~Expected~~the ~~Credit~~three ~~Losses~~month onperiod ~~Financial~~ended ~~Assets~~March 31, 2022 as compared to cash used in investing activities for the three month period ended March 31, 2021:

~~Allowance~~Net ~~for~~cash ~~expected~~used ~~credit~~in ~~losses~~investing onactivities ~~financial assets~~ decreased by $017.21 million ~~or 37.0%~~ to $02.3 million for the ~~nine~~three month period ended ~~September~~March 3031, 2021, as compared to $0.5 million for the same period in 2020. Allowance for expected credit losses on financial assets in the Cabotage Business decreased by $0.2 million to nil for the nine month period ended ~~September 30~~2022, ~~2021~~from ~~as compared to~~ $019.24 million for the same period in ~~2020. Allowance for expected credit losses on financial assets in the Barge Business remained stable at $0.3 million for each of the nine month periods ended September 30,~~ 2021 ~~and 2020~~. ~~Allowance for expected credit losses on financial assets in the Port Terminal Business remained stable at $0.1 million for both the nine month periods ended September 30, 2021 and 2020.~~

~~Operating~~Cash ~~Profit/~~used in investing activities for the three month period ended March 31, 2022 was mainly the result of: (~~Loss~~a) $2.2 million in payments for the purchase of tangible assets; and (b) less than $0.1 million in payments for the construction of our two new tanks.

~~Operating profit~~Cash ~~decreased~~used byin ~~$14.1 million~~investing oractivities ~~26.3% to $39.4 million~~ for the ~~nine~~three month period ended ~~September~~March 3031, 2021, aswas ~~compared~~mainly ~~to $53.5 million for~~ the ~~same~~result ~~period~~of: in(a) ~~2020. Operating loss in the Cabotage Business increased by~~ $1014.37 million orin payments ~~108.2% to $0.8 million~~ for the ~~nine~~acquisition ~~month~~of ~~period~~the ~~ended~~2020 ~~September 30,~~Fleet; ~~2021,~~(b) ~~as compared to~~ $91.59 million ~~profit~~ for the ~~same~~construction ~~period~~of ~~in 2020. The decrease was mainly attributable to (~~a~~) lower~~ ~~revenue, (b) higher~~crane; ~~direct vessel expenses,~~ (c) ~~higher~~ time charter, voyage and port terminal expenses and (d) higher administrative expenses, partially offset by (a) lower other operating expenses, (b) lower depreciation and amortization and (c) lower allowance for expected credit losses on financial assets. Operating loss in the Barge Business increased by $41.~~2 million or 87.~~5% million toin ~~$9.0 million~~payments for the ~~nine~~purchase ~~month~~of ~~period~~tangible ~~ended September 30,~~assets; ~~2021~~(d) ~~as compared to~~ $41.82 million ~~for the same period~~ in ~~2020.~~payments ~~The~~for ~~increase~~the ~~was~~construction ~~mainly~~of ~~attributable~~our tosix ~~(a) higher direct vessel expenses, (b) higher time charter, voyage and port terminal expenses, (c) higher~~new ~~depreciation~~liquid ~~and~~barges; ~~amortization (d) higher other operating expenses~~ and (e) ~~higher~~ ~~administrative expense, partially offset by higher revenue. Operating profit in the Port Terminal Business increased by~~ $0.41 million orin ~~0.8%~~payments ~~to $49.2 million~~ for the ~~nine~~construction ~~month~~of ~~period~~our ~~ended~~two ~~September 30,~~new ~~2021, as compared to $48~~tanks.~~8 million~~ for the same period in 2020. The increase was mainly attributable to (a) higher revenue, partially mitigated by (a) lower other operating income, (b) higher time charter, voyage and port terminal expenses, (c) higher depreciation and amortization and (d) higher administrative expenses.

~~Finance~~Cash ~~Income~~provided by financing activities for the three month period ended March 31, 2022 as compared to cash used in financing activities for the three month period ended March 31, 2021:

~~Finance~~Net ~~income decreased~~cash provided by financing activities increased by $212.26 million ~~or 32.8%~~ to $47.62 million for the ~~nine~~three month period ended ~~September~~March 3031, 2021, as compared to $65.84 million ~~for~~cash ~~the~~used ~~same period~~ in ~~2020.~~financing ~~The~~activities ~~overall~~for ~~decrease was mainly due to~~ the ~~repayment~~same inperiod ~~full~~ of ~~the Navios Holdings Loan Agreement on July 30,~~ 2021 ~~(refer below)~~. ~~Finance income is allocated into our segments pro rata to the book value of our tangible assets.~~

~~Finance~~Cash ~~Costs~~provided by financing activities for the three month period ended March 31, 2022 was due to $22.0 million of proceeds from long term debt, partially offset by: (a) $13.9 million in payments made in connection with the Company’s outstanding indebtedness; (b) $0.8 million in payments for the repayment of the Notes Payable (as defined below); and (c) $0.1 million in payment for the principal portion of our lease liabilities.

~~Finance~~10 costs increased by $11.2 million or 32.8% to $45.2 million for the nine month period ended September 30, 2021, as compared to $34.0 million for the same period in 2020. This increase was mainly attributable to the higher weighted average interest rate for the nine month period ended September 30, 2021, due to the issuance of the 2025 Notes (as defined below). The annualized weighted average interest rates of the Company’s total borrowings were 9.97% and 7.92% for the nine month periods ended September, 2021 and 2020, respectively. Finance costs for the 2025 Notes are allocated into our segments pro rata to the book value of our tangible assets. Finance costs in the Barge Business increased by $4.6 million or 31.1% to $19.5 million for the nine month period ended September 30, 2021, as compared to $14.9 million for the same period in 2020. Finance costs in the Cabotage Business increased by $3.6 million or 71.1% to $8.7 million for the nine month period ended September 30, 2021, as compared to $5.1 million for the same period in 2020. Finance costs in the Port Terminal Business increased by $2.9 million or 20.8% to $17.0 million for the nine month period ended September 30, 2021, as compared to $14.1 million for the same period in 2020.

~~Foreign~~Cash ~~Exchange~~used ~~Differences~~in financing activities for the three month period ended March 31, ~~Net~~2021 was due to: (a) $3.9 million in payments made in connection with the Company’s outstanding indebtedness; (b) $1.3 million in payments for the repayment of the Notes Payable (as defined below); and (c) $0.2 million in payment for the principal portion of our lease liabilities.

~~Gain~~Interest-Bearing ~~from~~Loans ~~foreign~~and ~~exchange~~Borrowings differences increased by $3.1 million to $2.6 million for the nine month period ended September 30, 2021, as compared to $0.5 million loss for the same period in 2020. Gain from foreign exchange differences in the Barge Business increased by $2.9 million to $3.0 million for the nine month period ended September 30, 2021, as compared to $0.1 million for the same period in 2020. Loss from foreign exchange differences in the Port Terminal Business decreased by $0.3 million to less than $0.1 million for the nine month period ended September 30, 2021, as compared to a $0.4 million for the same period in 2020. Loss from foreign exchange differences in the Cabotage Business increased by $0.1 million to $0.3 million for the nine month period ended September 30, 2021, as compared to $0.2 million for the same period in 2020. The overall gain was mainly attributable to the favorable impact of the fluctuation of the U.S. dollar exchange rate against the local currencies in the different countries where we conduct our operations.

~~Loss~~2025 onNotes ~~debt extinguishment~~

~~Loss~~On ~~on debt extinguishment decreased by $4.2~~July ~~million~~8, to2020, Navios ~~nil~~Logistics ~~for~~and ~~the~~its ~~nine~~wholly-owned ~~month~~subsidiary ~~period~~Navios ~~ended~~Logistics ~~September 30,~~Finance ~~2021,~~(US) ~~as compared to $4~~Inc.~~2 million~~ ~~for~~(“Logistics ~~the~~Finance” ~~same~~and, ~~period~~together inwith ~~2020.~~Navios ~~On July 8~~Logistics, ~~2020,~~ the “Co-Issuers ”) issued $500.0 million in aggregate principal amount of senior secured notes due 2025 (“the 2025 Notes”), at a fixed rate of 10.75%. The net proceeds from the offering of the 2025 Notes were used to satisfy and discharge the indenture governing the notes issued on April 22, 2014, and due on May 1, 2022, (the “2022 Notes”), to repay all amounts outstanding under the term loan B facility issued on November 3, 2017, (the “Term Loan B Facility”) and to pay certain fees and expenses related to the offering, with the balance ~~to be~~ used for general corporate purposes ~~(see “Interest-Bearing Loans and Borrowings”)~~. The effect of this transaction was the recognition of a loss of $4.2 million for the nine month period ended September 30, 2020, relating to the accelerated amortization of unamortized deferred finance costs. Loss on debt extinguishment has been allocated into our segments pro rata to the book value of our tangible assets.

~~Loss~~On ~~from~~or ~~mark~~after August 1, 2022, the Co-Issuers may redeem some or all of the 2025 Notes at the redemption prices set forth in the indenture governing the 2025 Notes. In addition, before August 1, 2022, the Co-Issuers may redeem up to 35% ~~market~~of the aggregate principal amount of the 2025 Notes at a price equal to 110.750% of the principal amount of the 2025 Notes to be redeemed plus accrued and ~~disposal~~unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of ~~financial~~one ~~asset~~or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Notes remains outstanding. Prior to August 1, 2022, the Co-Issuers may also redeem all or a part of the 2025 Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the indenture governing the 2025 Notes; plus (c) accrued and unpaid interest, if any, on the 2025 Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of the 2025 Notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Co-Issuers may also redeem all, but not less than all, of the 2025 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 Co-Issuers may be required to offer to purchase 2025 Notes from holders at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any.

~~Following~~The ~~the~~2025 ~~repayment~~Notes are senior secured obligations of the ~~Navios~~Co-Issuers ~~Holdings~~and ~~Loan~~rank ~~Agreement~~equal in right of payment to all of their existing and ~~the~~future ~~sale~~senior indebtedness and senior in right of ~~the~~payment ~~Shares~~to all of their future subordinated indebtedness. The 2025 Notes are fully and unconditionally guaranteed, ajointly ~~loss~~and severally, by all of ~~$24~~the Company’s direct and indirect subsidiaries, other than Logistics Finance.1 ~~million~~The ~~was~~2025 ~~recognized~~Notes inare secured by: (i) first priority ship mortgages on four tanker vessels servicing the Company’s Cabotage Business (the (1) Elena H, (2) Makenita H, ~~statement~~(3) Sara ofH ~~income~~and ~~under~~(4) He ~~“Loss~~Man ~~from~~H) ~~mark~~owned toby ~~market~~certain subsidiary guarantors (such guarantors, the “Mortgaged Vessel Guarantors”) and ~~disposal~~related assignments of ~~financial~~earnings ~~asset”~~and ~~for~~insurance together with a first priority lien on the ~~nine~~capital ~~month~~stock of ~~period~~each ~~ended~~Mortgaged ~~September~~Vessel Guarantor; and (ii) 30an assignment by way of security of the Vale port contract (collectively, ~~2021~~the “Collateral”). The No2025 ~~loss~~Notes ~~from~~are ~~mark~~effectively senior to ~~market~~all existing and ~~disposal~~future obligations of ~~financial~~the subsidiary ~~asset~~guarantors ~~was~~that ~~recorded~~own ~~for~~Collateral to the ~~same~~extent ~~period~~of ~~in 2020.~~the ~~Loss~~value ~~from~~of ~~mark~~the Collateral but effectively junior to ~~market~~any existing and ~~disposal~~future secured obligations of ~~financial~~the ~~asset~~Co-Issuers ~~has~~and ~~been~~the ~~allocated~~subsidiary ~~into~~guarantors ~~our~~that are ~~segments~~secured ~~pro~~by ~~rata~~assets other than the Collateral to the ~~book~~extent of the value of ~~our~~any ~~tangible~~ assets securing such other obligations.

~~Income~~The ~~Tax~~indenture governing ~~Expense~~the 2025 Notes contains restrictive covenants that limit, among other things, the ability of the 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 affiliates, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Notes also contains customary events of default.

~~Income~~As ~~tax expense~~of ~~increased by $3.8~~March ~~million~~31, to2022 ~~$4.0 million~~and ~~for the nine month period ended September~~December 3031, 2021, asdeferred ~~compared~~finance tocosts ~~$0.2 million~~associated ~~income~~with ~~tax expense for~~ the ~~same~~2025 ~~period~~Notes inamounted ~~2020.~~to ~~Income tax expense from the Barge Business increased by~~ $215.0 ~~million~~ ~~to $0.5~~ million ~~for the nine month period ended September~~ ~~30, 2021, as compared to~~ and $115.59 million, ~~income tax benefit for the same period in 2020~~respectively. ~~Income~~Finance ~~tax~~costs ~~expense~~associated ~~from~~with the ~~Cabotage~~2025 ~~Business~~Notes ~~increased~~amounted by to $113.8 4 million and to $313.53 million for the ~~nine~~three month ~~period~~periods ended ~~September~~March 3031, 2022 and 2021, ~~as compared to $1~~respectively.~~7 million~~ ~~for the same period in 2020. The overall increase was mainly due to the recalculation of the deferred tax liability resulting from an increase in income tax rate.~~

~~(Loss)/profit~~Notes ~~for~~Payable ~~the Period~~

~~Loss~~In ~~for~~connection with the ~~period~~purchase ~~increased~~of bymechanical ~~$48.3 million~~equipment ~~to $26.8 million~~ for the ~~nine~~expansion ~~month~~of ~~period~~its ~~ended~~dry ~~September 30,~~port ~~2021~~terminal, asthe ~~compared to~~Company ~~$21.5 million~~entered ~~profit~~into ~~for~~an ~~the~~unsecured ~~same~~export ~~period~~financing inline ~~2020.~~of ~~Loss~~credit for ~~the~~a ~~period~~total inamount ~~the~~of ~~Cabotage Business increased by~~ $2042.20 million, toincluding ~~$17.1 million~~all ~~for~~related ~~the~~fixed ~~nine~~finance ~~month~~costs ~~period ended September 30, 2021, as compared to~~ of $35.19 million ~~profit~~, ~~for~~available ~~the same period~~ in ~~2020.~~multiple ~~The~~drawings ~~increase~~upon ~~was~~the ~~mainly~~completion ~~attributable to (a) lower operating profit, (b) higher loss from mark to market and disposal~~ of ~~financial~~certain ~~asset,~~milestones (~~c) higher~~“Drawdown ~~finance costs, (d~~Events”) ~~higher~~. ~~income~~The ~~tax~~Company ~~expense, (e) lower~~incurs ~~finance~~the ~~income~~obligation ~~and~~for ~~(f) higher~~the ~~loss~~respective ~~from~~amount ~~foreign~~drawn ~~exchange differences, partially offset~~ by ~~lower~~signing ~~loss~~promissory ~~from~~notes ~~debt~~(“Notes ~~extinguishment~~Payable”). Each ~~Loss~~drawdown ~~for~~is ~~the~~repayable ~~period~~ in ~~the~~16 ~~Barge~~consecutive ~~Business~~semi-annual ~~increased~~installments, bystarting ~~$17.6 million~~six tomonths ~~$34.6 million~~after ~~for~~ the ~~nine~~completion ~~month~~of ~~period~~each ~~ended~~Drawdown ~~September 30,~~Event. ~~2021,~~Together aswith ~~compared~~each toNote ~~$17.0 million~~Payable, ~~for~~ the ~~same~~Company ~~period~~shall inpay ~~2020.~~interest ~~The~~equal ~~increase was mainly attributable~~ to ~~(a) higher loss from mark to market and disposal of financial asset, (b) higher~~ ~~operating~~six-month ~~loss,~~LIBOR. ~~(c) higher~~The ~~finance~~unsecured ~~costs,~~export ~~(d) lower~~financing ~~income~~line ~~tax~~is ~~income~~fully and ~~(e) lower~~unconditionally ~~finance~~guaranteed ~~income, partially offset~~ by ~~(a) higher~~Ponte ~~gain~~Rio ~~from foreign exchange differences and (b) lower loss on debt extinguishment~~S. ~~Profit for the period in the Port Terminal Business decreased by $10~~A.~~5 million or 29~~.5% toAs ~~$24.9 million~~of ~~for the nine month period ended September~~March 3031, ~~2021~~2022, asthe ~~compared~~Company tohad ~~$35.4 million~~drawn ~~for~~ the ~~same~~total ~~period~~available inamount ~~2020.~~and ~~The~~the ~~increase was mainly~~outstanding ~~attributable~~balance ~~to (a) higher loss from mark to market and disposal~~ of ~~financial~~Notes ~~asset,~~Payable ~~(b) higher~~was ~~finance costs and (c)~~$11.7 ~~lower finance income, partially offset by (a) lower loss on debt extinguishment, (b) higher operating profit and (b) lower loss from foreign exchange differences~~million.

1211

~~EBITDA~~Finance ~~represents~~costs ~~profit/(loss)~~associated ~~before~~with ~~finance~~the ~~cost,~~Notes ~~net,~~Payable ~~depreciation~~amounted ~~and amortization and income taxes. Adjusted EBITDA represents EBITDA before loss on debt extinguishment and loss from mark~~ to ~~market and disposal of financial asset~~$0. ~~EBITDA and Adjusted EBITDA are presented because they are used by certain investors to measure a company’s operating performance. EBITDA and Adjusted EBITDA are~~1 ~~“non-IFRS financial~~million ~~measures”~~ and ~~should not be considered substitutes for profit, cash flow from operating activities and other operations or cash flow statement data~~ ~~prepared in accordance with IFRS or as a measure of profitability or liquidity~~$0. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating performance, the definitions of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. Some of these limitations are: (i)2 ~~EBITDA~~million ~~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~~three ~~necessary~~month toperiods ~~service~~ended ~~interest on our debt and other financing arrangements; and (iii)~~March ~~although depreciation and amortization are non-cash charges~~31, ~~the assets~~2022 ~~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~~2021, ~~among others, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of our performance~~respectively.

~~Three~~Other ~~Month~~Indebtedness ~~Period Ended September 30, 2021~~

	Three month period ended September 30, 2021
(Expressed in thousands of U.S. dollars)	PortTerminalBusiness(unaudited)			CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total
Profit/(Loss) for the year	$	3,062		$	(9,488	)	$	(22,008	)	$	(28,434	)
Finance income		(220	)		(117	)		(233	)		(570	)
Finance costs		5,719			2,925			6,639			15,283
Depreciation and amortization		2,164			1,407			5,663			9,234
Income tax expense		—			2,270			1,400			3,670
EBITDA	$	10,725		$	(3,003	)	$	(8,539	)	$	(817	)
Loss from mark to market and disposal of financial asset		8,868			4,767			10,514			24,149
Adjusted EBITDA	$	19,593		$	1,764		$	1,975		$	23,332

On March 25, 2022, the Company entered into a $5.0 million loan facility with Banco Santander S.A. (the “Santander Facility”) for general corporate purposes. The 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 March 31, 2022, the Company had drawn the total available amount and the outstanding balance was $5.0 million.

~~Three~~On ~~Month~~February 28, ~~Period~~2020, ~~Ended~~the ~~September~~Company entered into a $25.0 30million loan facility (the “2020 BBVA Facility”) with Banco Bilbao Vizcaya Argentaria (BBVA), which was drawn on July 8, 2020. The 2020 BBVA Facility was used to repay existing debt with BBVA, and for general corporate purposes. The 2020 BBVA Facility bore interest at a rate of LIBOR (180 days) plus 325 basis points, was repayable in quarterly installments with final maturity on March 31, 2022 and was secured by assignments of certain receivables.

	Three month period ended September 30, 2020
(Expressed in thousands of U.S. dollars)	PortTerminalBusiness(unaudited)			CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total
Profit/(Loss) for the year	$	12,605		$	(584	)	$	(9,395	)	$	2,626
Finance income		(638	)		(1,001	)		(339	)		(1,978	)
Finance costs		6,153			2,989			5,956			15,098
Depreciation and amortization		2,079			1,366			4,891			8,336
Income tax expense/(benefit)		—			885			(480	)		405
EBITDA	$	20,199		$	3,655		$	633		$	24,487
Loss on debt extinguishment		1,619			892			1,646			4,157
Adjusted EBITDA	$	21,818		$	4,547		$	2,279		$	28,644

On March 23, 2022, the Company entered into a $25.0 million loan facility (the “2022 BBVA Facility”) with BBVA. The 2022 BBVA Facility was used to repay existing debt under the existing 2020 BBVA Facility, and for general corporate purposes. The 2022 BBVA Facility bears interest at a rate of 4.25% per annum, is repayable in quarterly installments with final maturity on July 1, 2025 and is secured by assignments of certain receivables. As of March 31, 2022, the Company had drawn a total of $17.0 million on the 2022 BBVA Facility and the outstanding balance was $17.0 million.

~~For~~On May 18, 2017, the ~~nine~~Company ~~month~~entered ~~period~~into ~~ended~~a ~~September~~$14.0 30million term loan facility (the “Term Bank Loan”) in order to finance the acquisition of two product tankers. The Term Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and is repayable in twenty quarterly installments with a final balloon payment of $7.0 million on the last repayment date. As of March 31, 2022, the outstanding amount of the Term Bank Loan was $7.4 million. As of March 31, 2022 and December 31, 2021, unamortized deferred finance costs associated with the Term Bank Loan amounted to $0.1 million and $0.1 million, respectively. On May 18, 2022, the Company repaid the outstanding balance of the loan.

	Nine month period ended September 30, 2021
(Expressed in thousands of U.S. dollars)	PortTerminalBusiness(unaudited)			CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total
Profit/(Loss) for the year	$	24,942		$	(17,084	)	$	(34,629	)	$	(26,771	)
Finance income		(1,690	)		(909	)		(1,997	)		(4,596	)
Finance costs		17,020			8,671			19,521			45,212
Depreciation and amortization		6,544			4,098			15,995			26,637
Income tax expense		—			3,484			524			4,008
EBITDA	$	46,816		$	(1,740	)	$	(586	)	$	44,490
Loss from mark to market and disposal of financial asset		8,868			4,767			10,514			24,149
Adjusted EBITDA	$	55,684		$	3,027		$	9,928		$	68,639

On February 28, 2022, the Company entered into a $7.0 million loan facility (the “2022 Term Bank Loan”) in order to repay the Term Bank Loan. The 2022 Term Bank Loan bears interest at a rate of SOFR plus 315 basis points. The 2022 Term Bank Loan is repayable in twelve quarterly installments beginning on August 18, 2022, with a final balloon payment of $2.8 million on the last repayment date. On May 18, 2022, the amount under this facility was fully drawn.

In December 2020, the Company entered into a $13.5 million 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 March 31, 2022, the Company had drawn the total available amount and the outstanding balance was $10.6 million. Finance costs associated with the seller’s credit agreement for the construction of six liquid barges amounted to $0.2 million and $0.3 million for the three month periods ended March 31, 2022 and 2021, respectively.

~~For~~In the ~~nine~~fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of the 2020 Fleet. We completed the acquisition on March 22, 2021, which included a $15.0 million seller’s credit agreement. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum. As at March 31, 2022, the outstanding balance was $14.0 million. Finance cost associated with the seller’s credit agreement for the acquisition of the 2020 Fleet amounted to $0.2 million and less than $0.1 million for the three month ~~period~~periods ended ~~September~~March 3031, ~~2020~~2022 and 2021, respectively.

	Nine month period ended September 30, 2020
(Expressed in thousands of U.S. dollars)	Port TerminalBusiness(unaudited)			CabotageBusiness(unaudited)			Barge Business(unaudited)			Total
Profit/(Loss) for the year	$	35,381		$	3,113		$	(17,026	)	$	21,468
Finance income		(2,665	)		(1,469	)		(2,710	)		(6,844	)
Finance costs		14,087			5,067			14,888			34,042
Depreciation and amortization		6,276			4,306			14,784			25,366
Income tax expense/(benefit)		—			1,724			(1,522	)		202
EBITDA	$	53,079		$	12,741		$	8,414		$	74,234
Loss on debt extinguishment		1,619			892			1,646			4,157
Adjusted EBITDA	$	54,698		$	13,633		$	10,060		$	78,391

On April 28, 2022, the Company entered into a five year finance leasing contract for eight liquid barges to be delivered from the fourth quarter of 2022 till the second quarter of 2023. The finance lease contract is payable by 60 consecutive monthly payments of $26 thousand each, commencing from the delivery of each barge. At expiration, the Company will have the ability to exercise the purchase option of these barges or extend the finance leasing contract duration.

~~Liquidity~~12 ~~and Capital Resources~~

~~The~~In ~~following~~connection ~~table~~with ~~presents cash flow information derived from~~ the ~~unaudited~~loan ~~condensed~~obligations ~~consolidated~~described ~~statements~~herein ofand ~~cash~~other ~~flows~~long-term ~~of Navios~~liabilities, ~~Logistics~~the ~~for~~Company ~~the~~is ~~nine~~subject ~~month~~to ~~periods~~certain ~~ended~~covenants, ~~September 30~~commitments, ~~2021~~limitations and ~~2020~~restrictions.

(Expressed in thousands of U.S. dollars)	Nine Month PeriodEnded September 30,2021(unaudited)			Nine Month PeriodEnded September 30,2020(unaudited)
Net cash provided by operating activities	$	14,194		$	59,941
Net cash used in investing activities		(16,316	)		(7,774	)
Net cash used in financing activities		(40,817	)		(13,779	)
(Decrease)/increase in cash and cash equivalents		(42,939	)		38,388
Cash and cash equivalents, beginning of the period		74,870			45,605
Cash and cash equivalents, end of period	$	31,931		$	83,993

The Company was in compliance with all covenants as of March 31, 2022.

14The annualized weighted average interest rates of the Company’s total interest-bearing loans and borrowings were 10.17% and 10.05% for the three month periods ended March 31, 2022 and 2021, respectively.

~~Cash~~As ~~provided~~of byMarch 31, 2022, ~~operating~~an ~~activities~~amount ~~for~~of ~~the~~$9.2 million ~~nine~~($23.3 million ~~month~~as ~~period~~of ~~ended September~~December 3031, 2021) aswas ~~compared to~~included ~~cash~~under ~~provided~~“Trade byand ~~operating~~other ~~activities~~payables” ~~for~~in the ~~nine~~Company’s ~~month~~unaudited ~~period~~condensed ~~ended~~statement ~~September 30,~~of ~~2020:~~financial position related to accrued interest from its interest-bearing loans and borrowings.

~~Net~~The ~~cash~~maturity ~~provided~~table bybelow ~~operating~~reflects future payments of the long-term interest-bearing loans and ~~activities~~borrowings ~~decreased~~and byinterest ~~$45.7 million~~outstanding toas ~~$14.2~~of March ~~million~~31, 2022, for the ~~nine~~next ~~month~~five ~~period~~years ~~ended~~and ~~September 30~~thereafter, ~~2021,~~based ason ~~compared~~the torepayment ~~$59.9 million~~schedule ~~for~~of the ~~same~~respective ~~period~~loan ~~during~~facilities ~~2020.~~(as described above).

In determining net cash from operating activities, profit is adjusted for the effect of certain non-cash items including depreciation and amortization which are analyzed in detail in our unaudited condensed Consolidated Statement of Cash Flows for the Nine Month Period Ended September 30, 2021 and 2020, included elsewhere in this report.


Year	As of March 31, 2022 (Amounts in millions of U.S. dollars)
March 31, 2023	$	79.8
March 31, 2024		76.1
March 31, 2025		67.1
March 31, 2026		522.9

Total	$	745.9

~~Profit~~Working isCapital ~~adjusted~~Position ~~for changes in working capital in order to determine net cash provided by operating activities.~~

~~The~~On ~~negative~~March 31, ~~change~~2022, Navios Logistics’ current assets totaled $92.6 million, while current liabilities totaled $89.5 million, resulting in a positive working capital position of $3.1 million. ~~for~~Our ~~the~~cash ~~nine~~forecast ~~month period~~indicates ~~ended~~that ~~September 30,~~we ~~2021~~will ~~resulted~~generate ~~from~~sufficient acash ~~$2.7 million~~for ~~increase~~at inleast ~~prepayments~~the ~~and~~next ~~other~~12 ~~assets,~~months ~~$2.6~~from May ~~million~~25, ~~increase~~2022, into ~~trade~~make ~~receivables~~the required principal and ~~contract~~interest ~~assets,~~payments aon our ~~$0.4 million~~indebtedness, ~~increase~~provide infor ~~inventories,~~the ~~partially~~normal ~~offset~~working bycapital ~~a $2.6 million~~requirements ~~increase~~of inthe ~~trade~~business and ~~other~~remain ~~payables~~in ~~and~~a ~~contract~~positive ~~liabilities~~cash position.

~~Interest~~Capital ~~paid increased by $34.3 million to~~Expenditures $59.3 million for the nine month period ended September 30, 2021, as compared to $25.1 million for the same period in 2020. The increase was mainly attributable to the interest payment of the 2025 Notes. The 2025 Notes have interest payments due in the first and third quarters of each year, compared to the 2022 Notes that had interest payments due in the second and fourth quarters of each year.

~~The~~Since ~~positive~~2018, ~~change~~Navios inLogistics ~~working~~has ~~capital~~acquired ofa ~~$2.3 million~~total ~~for~~of ~~the~~approximately ~~nine~~9.0 ~~month~~hectares ~~period~~of ~~ended~~undeveloped ~~September 30,~~land ~~2020~~located ~~resulted~~in ~~from~~the ~~a $5~~Port Murtinho.~~5 million~~ The ~~decrease~~Company ~~trade~~plans ~~receivables~~to ~~and~~develop ~~contract~~this ~~assets~~land ~~and~~for aits $1port operations.~~2 million~~ ~~increase~~As inof ~~trade~~March 31, ~~and other payables and contract liabilities~~2022, ~~partially~~the ~~offset~~Company byhad apaid $2.53 million ~~increase~~for inthe ~~prepayments~~land acquisition and ~~other~~capitalized ~~assets~~expenses ~~and~~for ~~a $1.9 million~~the ~~increase~~development inof ~~inventories~~its port operations.

~~Cash~~During ~~used~~the infirst ~~investing~~quarter ~~activities~~of ~~for~~2021, Navios Logistics completed the ~~nine~~construction ~~month~~of ~~period~~six ~~ended~~liquid ~~September~~barges. As of December 3031, 2021, asa ~~compared~~total toof ~~the~~$19.5 million ~~nine~~was ~~month~~transferred ~~period~~to ~~ended~~“Tangible ~~September 30,~~assets” ~~2020:~~in its consolidated statement of financial position of which capitalized interest amounted to $1.1 million.

~~Net~~During ~~cash~~the ~~used~~first inquarter ~~investing~~of ~~activities~~2021, ~~increased~~Navios byLogistics ~~$8.5 million~~completed ~~to $16.3 million~~the ~~for~~construction ~~the~~of ~~nine~~two ~~month~~new ~~period~~tanks ~~ended~~in ~~September~~its liquid port terminal. As of December 3031, 2021, ~~from~~a total of $71.8 million ~~for~~was ~~the~~transferred ~~same~~to ~~period~~“Tangible ~~during~~assets” ~~2020~~in its consolidated statement of financial position.

~~Cash used~~On ~~in investing activities for the nine month period ended September~~March 3022, 2021, ~~was~~Navios ~~mainly~~Logistics ~~the~~completed ~~result of (a) $17.0 million in payments for~~ the acquisition of ~~three~~a ~~pushboats and 18 liquid barges, (b) $5.9 million in payments for the~~ purchase ofagreement ~~tangible~~with ~~assets,~~an ~~(c)~~unrelated ~~$3.1 million~~third ~~for~~party ~~the construction~~ of ~~a crane, (d) $1.2 million in payments for~~ the ~~construction~~2020 ofFleet ~~our six new liquid barges, (e) $0.2 million in payments~~ for a ~~the~~purchase ~~construction~~price of ~~our two new tanks and (f)~~ $030.10 million. inAs ~~payments for the development~~ of ~~our port operations in Port Murtinho region~~December 31, ~~Brazil~~2021, ~~partially~~a ~~offset~~total byof ~~(a)~~ $732.50 million ~~repayment~~was bytransferred ~~Navios~~to ~~Holdings~~“Tangible ofassets” ~~the~~in Navios ~~Holdings~~Logistics’ ~~Loan~~consolidated ~~Agreement~~statement ~~and (b) $3.7 million from the disposal~~ of ~~shares~~financial ~~(related party)~~position.

~~Cash~~During ~~used in investing activities for~~ the ~~nine~~second ~~month~~quarter ~~period~~of ~~ended September 30~~2021, ~~2020~~Navios ~~was mainly~~Logistics completed the ~~result~~installation of (a) ~~$5.7 million~~crane in ~~payments for~~ the ~~purchase~~Grain ofPort ~~fixed~~Terminal. ~~assets,~~As ~~(b)~~of ~~$0.7~~December ~~million~~31, 2021, ~~in investment providing~~ a ~~secured~~total ~~credit~~of ~~facility to our parent, (c)~~ $03.68 million inwas ~~payments~~transferred ~~for~~to ~~the~~“Tangible ~~construction~~assets” ~~of our two new tanks~~ in ~~our~~its ~~Liquid~~consolidated ~~Port~~statement ~~Terminal and (d) $0.9 million in payments for the construction~~ of ~~our~~financial ~~six new liquid barges, partially mitigated by $0~~position.~~1 million~~ ~~in collections from net investment in the lease.~~

~~Cash used in financing activities for the nine month period ended September 30, 2021 as compared to cash used in financing activities for the nine~~Dividend ~~month~~Policy ~~period ended September 30, 2020:~~

~~Net~~The ~~cash~~payment ~~used~~of individends ~~financing~~is ~~activities~~at ~~increased~~the bydiscretion ~~$27~~of Navios Logistics’ board of directors.~~0 million~~ Any determination as to ~~$40.8 million~~dividend ~~for~~policy will be made by Navios Logistics’ board of directors and will depend on a number of factors, including the ~~nine~~requirements ~~month~~of ~~period~~Marshall ~~ended~~Islands ~~September 30~~law, ~~2021~~Navios Logistics’ future earnings, capital requirements, financial condition and future prospects and such other factors as ~~compared~~Navios toLogistics’ ~~$13~~board of directors may deem relevant.~~8 million~~ ~~cash~~Marshall ~~used~~Islands inlaw ~~financing~~generally ~~activities~~prohibits ~~for~~the payment of dividends other than from surplus, when a company is insolvent or if the ~~same~~payment ~~period~~of the ~~during~~dividend ~~2020~~would render the company insolvent. Navios Logistics’ ability to pay dividends is also restricted by the terms of the indenture governing its 2025 Notes.

~~Cash~~13 used in financing activities for the nine month period ended September 30, 2021 was due to (a) a $19.1 million dividend paid to common shareholders, (b) $12.3 million in payments made in connection with the Company’s outstanding indebtedness, (c) $5.0 million in payments made in connection with the promissory note (See commitments and contingencies), (d) $3.6 million in payments for the repayment of the Notes Payable (as defined below) and (e) $0.4 million in payment for the principal portion of our lease liabilities.

15Because Navios Logistics is a holding company with no material assets other than the stock of its subsidiaries, its ability to pay dividends is dependent upon the earnings and cash flow of its subsidiaries and their ability to pay dividends to Navios Logistics. If there is a substantial decline in any of the markets in which Navios Logistics participates, its earnings will be negatively affected, thereby limiting its ability to pay dividends.

~~Interest-Bearing~~Concentration ~~Loans~~of ~~and~~Credit ~~Borrowings~~ Risk

~~Senior~~Accounts ~~Notes~~Receivable and Contract Assets

~~2025~~In ~~Notes~~each of our businesses, we derive a significant part of our revenues from a small number of customers. We expect that a small number of customers will continue to generate a substantial portion of our revenues for the foreseeable future. For the three month period ended March 31, 2022, our largest customers, Vale International S.A. and Vitol S.A. (“Vitol”), accounted for 23.2% and 10.8%, respectively, of our revenues, and our five largest customers accounted for approximately 58.4% of our revenues, with no such customer (other than Vale and Vitol) accounting for more than 10% of our revenues. For the three month period ended March 31, 2021, our largest customer, Vale, accounted for 25.6% of our revenues, and our five largest customers accounted for approximately 56.3% of our revenues, with no such customer (other than Vale) accounting for more than 10% of our revenues. In addition, some of our customers, including many of our most significant customers, operate their own vessels and/or barges as well as their own port terminals. These customers may decide to cease or reduce the use of our services for various reasons, including employment of their own vessels or port terminals as applicable. The loss of any of our significant customers, including our large take-or-pay customers or the change of the contractual terms of any one of our most significant take-or-pay contracts or any significant dispute with one of these customers could materially adversely affect our financial condition and our results of operations.

OnIf ~~July 8,~~one ~~2020,~~or ~~Navios~~more ~~Logistics~~of ~~and~~our ~~its~~customers ~~wholly-owned~~does ~~subsidiary~~not ~~Navios~~perform ~~Logistics~~under ~~Finance~~one ~~(US)~~or ~~Inc.~~more ~~(“Logistics~~contracts ~~Finance” and, together~~ with ~~Navios~~us ~~Logistics,~~and ~~the “Co-Issuers”) issued~~we ~~$500.0 million~~are innot ~~aggregate~~able ~~principal~~to ~~amount~~find ofa replacement ~~senior secured notes due 2025 (“the 2025 Notes”)~~contract, ator if a ~~fixed~~customer ~~rate~~exercises ~~of 10.75%.~~certain ~~The~~rights ~~net~~to ~~proceeds~~terminate ~~from~~ the ~~offering~~contract, ofwe ~~the~~could ~~2025~~suffer ~~Notes~~a ~~were~~loss ~~used~~of torevenues ~~satisfy~~that ~~and~~could ~~discharge~~materially ~~the~~adversely ~~indenture~~affect ~~governing~~our ~~the 2022 Notes~~business, tofinancial ~~repay~~condition ~~all~~and ~~amounts~~results ~~outstanding~~of ~~under~~operations. ~~the~~See ~~Term~~“Item ~~Loan~~3. BKey Information ~~Facility~~— ~~and~~D. toRisk ~~pay~~Factors ~~certain~~— ~~fees~~We ~~and~~depend ~~expenses~~on ~~related~~a ~~to the~~few ~~offering,~~significant ~~with~~customers ~~the balance used~~ for ~~general~~a ~~corporate~~large ~~purposes.~~part ~~The effect~~ of ~~this~~our ~~transaction~~revenues, ~~was~~and the ~~recognition~~loss of aone ~~loss~~or more of ~~$4.2 million~~these incustomers ~~the~~could ~~statement~~materially ofand ~~income~~adversely ~~under~~affect ~~“Loss~~our ~~on debt extinguishment,~~revenues.” ~~relating~~in to the ~~accelerated~~ ~~amortization~~2021 ofForm ~~unamortized deferred finance costs~~20-F.

OnWe orcould ~~after~~lose ~~August 1,~~a ~~2022, the Co-Issuers may~~customer ~~redeem some~~ or ~~all of~~ the ~~2025~~benefits ~~Notes at the redemption prices set forth in the indenture governing the 2025 Notes. In addition, before August 1, 2022, the Co-Issuers may redeem up to 35%~~ of ~~the aggregate principal amount of the 2025 Notes at~~ a ~~price~~contract ~~equal to 110.750% of the principal amount of the 2025 Notes to be redeemed plus accrued and unpaid interest,~~ if ~~any~~, toamong ~~the~~other redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Notes remains outstanding. Prior to August 1, 2022, the Co-Issuers may also redeem all or a part of the 2025 Notes at a redemption price equal to the sum ofthings: (a) 100% of the principal amount of the 2025 Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the indenture governing the 2025 Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Co-Issuers may also redeem all, but not less than all, of the 2025 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 Co-Issuers may be required to offer to purchase 2025 Notes from holders at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any.

~~The~~• ~~2025 Notes are senior secured obligations of~~ the ~~Co-Issuers and~~ ~~rank~~customer ~~equal~~fails ~~in right of payment~~ to ~~all~~make ofpayments ~~their~~because ~~existing and future senior indebtedness and senior in right~~ of ~~payment~~its tofinancial ~~all of their future subordinated indebtedness. The 2025 Notes are fully and unconditionally guaranteed~~inability, ~~jointly~~the ~~and~~curtailment ~~severally,~~or bycessation ~~all~~ of ~~the Company’s~~its ~~direct and indirect subsidiaries~~operations, ~~other~~its ~~than~~disagreements Logistics Finance. The 2025 Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Company’s 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 aus ~~first~~or 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 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 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. otherwise;

~~The~~• ~~indenture governing~~ the ~~2025~~customer ~~Notes~~terminates ~~contains restrictive covenants that limit, among other things,~~ the ~~ability~~contract ofbecause ~~the Co-Issuers and~~we ~~their~~fail ~~restricted subsidiaries~~ to ~~incur~~meet 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~~contracted ~~and~~storage ~~enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Notes also contains customary events of default.~~ needs;

As• ofthe ~~September 30,~~customer ~~2021~~terminates ~~and~~the ~~December 31,~~contract ~~2020,~~because ~~deferred~~we ~~finance costs~~fail ~~associated~~to ~~with~~deliver the ~~2025~~vessel ~~Notes~~within ~~amounted~~a tofixed ~~$16.8 million~~period ~~and~~of ~~$19.4 million~~time, ~~respectively.~~the ~~Finance~~vessel ~~costs~~is ~~associated~~lost ~~with~~or ~~the~~damaged ~~2025~~beyond ~~Notes~~repair, ~~amounted~~there toare ~~$13.4 million~~serious ~~and~~deficiencies ~~$40.2 million~~in ~~for~~ the ~~three~~vessel ~~and~~or ~~nine~~prolonged ~~month periods ended September 30~~off-hire, ~~2021,~~default ~~respectively,~~under ~~($12.5 million for each of~~ the ~~three~~contract; ~~and nine month periods ended September 30, 2020).~~ or

16• the customer terminates the contract because the vessel has been subject to seizure for more than a specified number of days.

In April 2022, ~~Notes~~Vale S.A. announced 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 sale includes the full assumption by the buyer of the take-or-pay logistics contracts, which remain subject to the consent of the applicable counterparties. The Vale port contract entered into between Corporacion Navios S.A., a company controlled by Navios Logistics, and Vale, dated September 27, 2013 remains in full force and effect. Any 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.

OnCash ~~April 22,~~Deposits 2014, the Co-Issuers issued $375.0 million in aggregate principal amount of Senior Notes due May 1, 2022 (the “2022 Notes”), at a fixed rate of 7.25%. The 2022 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~~Financial ofInstitutions the Co-Issuers’ 2025 Notes. Following this transaction, the Company recognized a loss of $2.7 million in its unaudited condensed consolidated statement of income for the three and nine month periods ended September 30, 2020 under “Loss on debt extinguishment”, relating to the accelerated amortization of the unamortized deferred financing costs.

~~Finance~~Cash ~~costs~~deposits ~~associated~~in ~~with~~excess ~~the~~of ~~2022~~amounts ~~Notes~~covered ~~amounted~~by government-provided insurance are exposed to ~~nil~~loss ~~for~~in ~~each~~the event of non-performance ~~the~~by ~~three~~financial ~~and~~institutions. ~~nine~~Although ~~month~~we ~~periods~~maintain ~~ended~~cash ~~September 30,~~deposits ~~2021~~in excess of government-provided insurance limits, ~~respectively,~~ ~~($1.1 million~~we ~~and~~minimize ~~$14.7 million~~our ~~for~~exposure ~~the~~to ~~three~~credit ~~and~~risk ~~nine~~by ~~month~~dealing ~~periods~~with ~~ended~~a ~~September 30,~~diversified ~~2020,~~group ~~respectively)~~of major financial institutions.

~~Term Loan~~Legal BProceedings ~~Facility~~and Commitments and Contingencies

OnWe ~~November 3,~~are ~~2017,~~subject ~~Navios~~to ~~Logistics~~legal ~~and Logistics Finance~~proceedings, ~~as co-borrowers,~~claims ~~completed~~and ~~the~~contingencies ~~issuance~~arising ofin ~~a $100.0 million Term Loan B Facility (~~the ~~“Term~~ordinary ~~Loan~~course Bof ~~Facility”)~~business. ~~The~~When ~~Term~~such ~~Loan~~amounts Bcan ~~Facility~~be ~~bore~~estimated and anthe ~~interest~~contingency ~~rate~~is ofprobable, ~~LIBOR~~management ~~plus~~accrues ~~475~~the ~~basis~~corresponding ~~points~~liability. ~~and~~While ~~had a~~the ~~four-year~~ultimate ~~term~~outcome ~~with~~of ~~1.0%~~lawsuits ~~amortization~~or ~~per~~other ~~annum.~~proceedings ~~The~~against ~~Term~~us ~~Loan~~cannot Bbe ~~Facility~~predicted ~~was~~with ~~repaid in full on July 8~~certainty, ~~2020~~management atdoes ~~par~~not ~~plus~~believe ~~accrued and unpaid interest to~~ the ~~repayment~~costs, ~~date~~individually ~~with~~or ~~the~~in aggregate, ~~proceeds~~ of ~~the Co-Issuers’~~such ~~2025~~actions ~~Notes.~~will ~~Following~~have ~~this transaction, the Company recognized~~ a ~~loss~~material ofeffect ~~$1.5 million~~on inour ~~its unaudited condensed~~ consolidated ~~statement~~financial ~~of income for the three and nine month periods ended September 30~~position, ~~2020~~results ~~under “Loss on debt extinguishment”, relating to the accelerated amortization~~ of ~~the~~operations ~~unamortized~~or ~~deferred~~cash ~~financing costs~~flows.

~~Finance~~On July 22, ~~costs~~2016, ~~associated~~the ~~with~~Company guaranteed the ~~Term~~compliance ~~Loan~~of Bcertain ~~Facility~~obligations ~~amounted~~related to ~~nil~~Edolmix ~~for~~S.A. ~~each~~and ofEnresur (entities wholly owned by the ~~three~~Company) ~~and~~under ~~nine~~their ~~month~~respective ~~periods~~direct ~~ended~~user ~~September 30~~agreements with the Free Zone of Nueva Palmira, ~~2021,~~ ~~respectively~~for ~~(less~~the amounts ~~than~~of $0.18 million and $30.25 million ~~for the three and nine month periods ended September 30~~, ~~2020,~~ respectively).

~~Notes~~14 ~~Payable~~

~~Finance~~The ~~costs~~Company ~~associated~~issued ~~with~~a ~~the~~guarantee ~~Notes~~and ~~Payable~~indemnity ~~amounted~~letter tothat ~~$0.1 million~~guarantees the performance by ~~and~~Petrolera ~~$0.5 million~~San ~~for~~Antonio ~~the~~S.A. ~~three~~(a ~~and~~consolidated ~~nine~~subsidiary) ~~month~~of ~~periods~~all ~~ended~~its ~~September 30,~~obligations ~~2021,~~to ~~respectively~~Vitol ~~($0.2 million~~up ~~and~~to $012.80 million. ~~for~~This ~~the~~guarantee ~~three~~expires ~~and~~on ~~nine month periods ended September~~March 301, ~~2020, respectively)~~2023.

~~Other~~In ~~Indebtedness~~September 2020, the Company agreed a settlement regarding a storage and transshipment contract in the Grain Port Terminal for a total amount to be paid to the Company as a result of the settlement of $4.1 million, which will be collected in three equal installments of $1.4 million on June 1, 2021, 2022 and 2023. In June 2021, the Company collected the first installment.

~~On February 28,~~Related ~~2020,~~Party ~~the~~Transactions Company entered into a $25.0 million loan facility (the “BBVA Facility”) with BBVA, which was drawn on July 8, 2020. The BBVA Facility was used to repay existing debt with BBVA, and for general corporate purposes. The BBVA Facility bears interest at a rate of LIBOR (180 days) plus 325 basis points, is repayable in quarterly installments with final maturity on March 31, 2022 and is secured by assignments of certain receivables. As at September 30, 2021, the outstanding balance was $12.0 million.

On May 18, 2017, the Company entered into a $14.0 million term loan facility (the “Term Bank Loan”) in order to finance the acquisition of two product tankers. The Term Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and is repayable in twenty quarterly installments with a final balloon payment of $7.0 million on the last repayment date. As ~~at September 30, 2021, the outstanding amount~~ of ~~the Term Bank Loan was $8.1~~March ~~million. As of September 30~~31, ~~2021~~2022 and December 31, ~~2020, unamortized deferred financing costs associated with the Term Bank Loan amounted to less than $0.1 million and less than $0.1 million, respectively. In December~~ 2021, the ~~Company~~amounts ~~agreed~~due to ~~amend~~affiliate ~~the~~companies ~~Term~~were ~~Bank~~as ~~Loan, extending~~follows: its maturity and amending the repayment schedule. Following the amendment, the $7.0 million final balloon payment of the Term Bank Loan which was due on May 18, 2022 is repayable in twelve quarterly installments, beginning on August 18, 2022, with a final balloon payment of $2.8 million.


	March 31, 2022			December 31, 2021
Peers Business Inc. (Other related party)	$	(15.0	)	$	(15.0	)
Navios Shipmanagement Inc. (Other related party)		(0.7	)		(0.4	)

Total	$	(15.7	)	$	(15.4	)

InAmounts ~~December~~due ~~2020, the Company entered into a $13.5 million seller’s credit agreement for the construction of six liquid barges~~ to beaffiliate ~~made~~companies ~~available~~do bynot ~~way~~accrue 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 September 30, 2021, the Company had drawn the total available amount~~ and ~~the~~do ~~outstanding~~not ~~balance~~have ~~was~~a ~~$11.8 million.~~specific ~~Finance~~due ~~costs~~date ~~associated with the seller’s credit agreement~~ for ~~the~~their ~~construction of six liquid barges amounted to $0~~settlement.~~3 million~~ ~~and $0.8 million for the three and nine month periods ended September 30, 2021 (nil for each of the three and nine month periods ended September 30, 2020).~~

InThe ~~the~~Navios ~~fourth~~Holdings ~~quarter~~Loan ofAgreement: ~~2020~~On April 25, 2019, Navios Logistics ~~entered~~agreed ~~into~~to lend Navios Holdings $50.0 million on a secured ~~purchase~~basis ~~agreement~~(the ~~with~~“Navios anHoldings ~~unrelated~~Loan ~~third~~Agreement”) ~~party~~ to be used for general corporate purposes, including the ~~acquisition~~repurchase of Navios Holdings’ 7.375% First Priority Ship Mortgage Notes due 2022 (the ~~2020~~“Navios ~~Fleet~~Holdings 2022 Notes”). The ~~acquisition~~secured credit facility was ~~completed~~secured onby ~~March 22,~~Navios ~~2021,~~Holdings ~~and~~2022 Notes purchased with funds borrowed under the ~~Company~~Navios ~~entered~~Holdings ~~into~~Loan aAgreement. The secured credit facility included an arrangement fee of $~~15.~~0.5 million ~~seller’s~~and ~~credit~~initially bore ~~agreement~~fixed ~~for~~interest ~~the~~of ~~acquisition~~12.75% offor the ~~2020~~first ~~Fleet~~year and 14.75% ~~The~~for ~~seller’s~~the ~~credit~~second ~~agreement bears~~year. ~~interest~~On atDecember 2, a2019, ~~fixed~~Navios ~~rate~~Logistics ofagreed ~~5.0%~~to ~~per~~increase ~~annum~~the ~~and~~amount isavailable ~~payable~~under inthe ~~three~~Navios ~~equal~~Holdings ~~annual~~Loan ~~installments~~Agreement ofby $520.0 million. ~~Finance~~Following ~~costs~~this amendment, ~~associated~~as ~~with~~a ~~the~~result ~~seller’s~~of ~~credit~~the ~~agreement~~redemption ~~for~~of the ~~acquisition~~2022 Notes, repayment of the ~~2020~~Term ~~Fleet~~Loan ~~amounted~~B ~~to $0.2 million~~Facility and ~~$0.4~~the issuance of 2025 Notes, (a) ~~million~~the ~~for~~interest rate on the ~~three~~Navios ~~and~~Holdings ~~nine~~Loan ~~month~~Agreement ~~periods~~decreased ~~ended~~to ~~September 30~~10.0%, ~~2021~~and (~~nil~~b) the ~~for~~maturity ~~each~~ of the Navios ~~three~~Holdings ~~and~~Loan ~~nine~~Agreement ~~month~~was ~~periods~~extended ~~ended~~to ~~September 30,~~December ~~2020)~~2024.

InOn ~~connection~~June 24, ~~with~~2020, ~~the~~we ~~acquisition~~entered into a deed of ~~Hidronave~~assignment and assumption with our wholly owned subsidiary, Grimaud Ventures S.A. on(“Grimaud”) ~~October 29~~and Anemos Maritime Holdings Inc. in respect of the Navios Holdings Loan Agreement, ~~2009~~in which we assigned its legal and beneficial right, title and interest in the ~~Company~~Navios Holdings ~~assumed~~Loan ato $0Grimaud.~~8 million~~ ~~loan~~On ~~facility~~June 25, ~~that~~2020, ~~was entered~~Grimaud ~~into~~agreed byto ~~Hidronave~~amend ~~S.A.~~the inNavios ~~2001,~~Holdings inLoan ~~order~~Agreement to ~~finance~~amend the ~~construction~~interest payment date in respect of the ~~pushboat~~Navios ~~Nazira.~~Holdings ~~The~~Loan ~~loan~~and ~~facility~~to ~~bore~~allow ~~interest~~a atportion aof ~~fixed~~the ~~rate~~total interest payable in respect of the ~~600~~Navios ~~basis~~Holdings ~~points~~Loan to be effected in common shares of Navios Holdings. InOn ~~September~~July 10, ~~2021~~2020, ~~this~~Navios ~~loan~~Holdings ~~was~~issued ~~repaid~~2,414,263 shares of common stock to Grimaud and paid Grimaud $6.4 million in ~~full~~satisfaction of the interest payable in respect of the Navios Holdings Loan Agreement as of that date.

InEffective ~~connection~~as ~~with~~of ~~its~~May ~~loan~~2021, ~~obligations~~ and ~~other~~upon ~~long~~the ~~term~~release ~~liabilities~~of certain collateral, the facility ~~Company~~bore isinterest ~~subject~~of to13.0% ~~certain~~per ~~covenants, commitments, limitations and restrictions~~annum.

On June 30, 2021, Grimaud entered into a supplemental agreement (the “Supplemental Navios Holdings Loan Agreement”) to the Navios Holdings Loan Agreement, whereby Grimaud and Navios Holdings agreed to amend the Navios Holdings Loan Agreement so that the Navios Holdings Loan Agreement could be repaid or prepaid in full through the issuance of shares of common stock of Navios Holdings (the “Shares”) to Grimaud. The ~~Company~~effectiveness of the Supplemental Navios Holdings Loan Agreement was subject to, and contingent upon, a prepayment by Navios Holdings of the Navios Holdings Loan Agreement in ~~compliance~~the ~~with~~amount of $7.5 million in cash and the effectiveness of a registration statement of Navios Holdings registering the resale of 9,301,542 Shares, among other conditions. On July 13, 2021 following the completion of all ~~such~~conditions ~~covenants~~precedent, asthe Shares were transferred to Grimaud and the Navios Holdings Loan Agreement was repaid in full. Subsequently, Grimaud entered into a 10b-5 sales agreement for the sale of ~~September~~the Shares. As of July 30, 2021, the date on which the shares of Grimaud were distributed as dividend to the shareholders of the Company, Grimaud had sold 752,000 shares of common stock of Navios Holdings and generated net proceeds of $3.7 million.

~~The~~As ~~annualized~~of ~~weighted~~December 31, ~~average~~2021, ~~interest~~the ~~rates~~full ofamount ~~the~~outstanding ~~Company’s~~under ~~total~~the ~~interest-bearing~~Navios ~~loans~~Holdings ~~and~~Loan ~~borrowings~~Agreement ~~were~~was 9repaid.~~91%~~ ~~and~~For ~~9.97% for~~ the three ~~and nine~~ month ~~periods~~period ended ~~September~~March 3031, 2021, ~~respectively~~interest ~~(9.81%~~income ~~and~~related ~~7.92%~~to ~~for~~ the ~~three~~Navios ~~and~~Holdings ~~nine~~Loan ~~month~~Agreement ~~periods~~amounted ~~ended~~to ~~September~~$1.8 30million, ~~2020,~~which ~~respectively~~is included under “Finance income” in the unaudited condensed statement of (loss)/income.

AsAdministrative ofexpenses: ~~September~~On August 3029, ~~2021,~~2019 Navios Logistics entered into an ~~amount~~assignment ofagreement ~~$9.6 million~~with Navios Corporation (~~$26.3 million~~“NC”) asand ofNavios ~~December 31,~~Shipmanagement ~~2020~~Inc. (“NSM”), ~~was~~whereby ~~included~~the ~~under~~administrative ~~“Trade and~~services ~~other~~agreement ~~payables”~~originally inentered ~~the~~into ~~Company’s~~between ~~statement~~Navios ofLogistics ~~financial~~and ~~position~~Navios ~~related~~Holdings toon ~~accrued~~April 12, ~~interest~~2011, ~~from~~first ~~our~~assigned ~~interest-bearing~~to ~~loans~~NC on May 28, 2014 and ~~borrowings.~~subsequently amended on April 6,

~~The~~15 ~~maturity table below reflects future payments of the long-term interest-bearing loans and borrowings and interest outstanding as of September 30, 2021, for the next five years and thereafter.~~

Year	As ofSeptember 30, 2021(Amounts in millionsof U.S. dollars)
September 30, 2022	$	88.9
September 30, 2023		67.7
September 30, 2024		66.2
September 30, 2025		543.8
September 30, 2026 and thereafter		0.6
Total	$	767.2

~~Contractual~~ 2016 ~~Obligations~~and January 1, 2022 (extending the term of the agreement to January 1, 2027), was assigned from NC to NSM. Thereafter, NSM will continue to provide certain administrative management services to Navios Logistics. NSM will be reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total administrative expenses charged for the three month period ended March 31, 2022 amounted to $0.3 million ($0.3 million for the three month period ended March 31, 2021).

~~The~~Lodging ~~following~~and ~~table~~travel services: Navios ~~summarizes~~Logistics ~~our~~obtains ~~contractual~~lodging ~~obligations~~and travel services from Empresa Hotelera Argentina S.A./(NH Lancaster), Divijet S.A., Trace Capital and Pit Jet S.A., all owned by members of the Lopez family, including Claudio Pablo Lopez, Navios Logistics’ Chief Executive Officer and Vice Chairman and Carlos Augusto Lopez, Navios Logistics’ Chief Commercial Officer—Shipping Division, each of whom has no controlling interest in those companies. Total charges were nil for the each of three month periods ended March 31, 2022 and 2021 and amounts payable amounted to nil as of ~~September~~March 3031, 2022 and December 31, 2021:.

	Less than ayear		1-2 years		2-3 years		3-4 years		More than5 years		Total
Interest-bearing loans and borrowings (excluding items below)	$	88.9	$	67.7	$	66.2	$	543.8	$	0.6	$	767.2
Lease liabilities(1)		1.1		1.0		0.8		0.6		23.8		27.3
Trade and other payables		49.5		—		—		—		—		49.5
Promissory note		5.0		10.0		—		—		—		15.0
Total	$	144.5	$	78.7	$	67.0	$	544.4	$	24.4	$	859.0

Promissory note: On July 30, 2021, the Company issued a $20.0 million 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. On August 15, 2021, the first installment was paid.

~~(1)~~Quantitative Weand ~~have~~Qualitative ~~several~~Disclosures ~~lease~~about ~~agreements~~Market ~~with~~Risks ~~respect to our operating port terminals and various offices.~~

18We are exposed to certain risks related to interest rate, foreign currency, fuel price inflation and time charter hire rate fluctuation. Risk management is carried out under policies approved by executive management.

~~Working~~Interest ~~Capital~~Rate ~~Position~~Risk:

OnDebt ~~September~~Instruments— As of March 3031, 2022 and December 31, 2021, ~~Navios~~the ~~Logistics’~~Company ~~current~~had ~~assets~~a ~~totaled~~total of $89565.17 million, ~~while current liabilities totaled~~and $88558.84 million, ~~resulting~~respectively, in along-term ~~positive working capital position of $0~~indebtedness.~~3 million.~~ ~~Navios~~The ~~Logistics’~~debt ~~cash~~is ~~forecast~~dollar ~~indicates~~denominated ~~that~~and ~~Navios~~bears ~~Logistics~~interest ~~will generate sufficient cash for~~ at ~~least~~a ~~the~~fixed ~~next~~rate 12except ~~months to make the required principal and interest payments on Navios Logistics’ indebtedness, provide~~ for the ~~normal~~Notes ~~working~~Payable ~~capital requirements of the business~~ and ~~remain in a positive cash position. In December 2021,~~ the ~~Company agreed to amend the~~ Term Bank ~~Loan, extending~~loan ~~its~~that ~~balloon~~bear ~~payment~~interest ~~for~~at ~~three~~a ~~years~~floating ~~which is currently classified under current liabilities in the Company’s unaudited condensed consolidated statement of financial position (see “Interest-Bearing Loans and Borrowings”)~~rate.

~~Capital~~Interest ~~Expenditures~~rates on the 2022 BBVA Facility, the Santander Facility, the 2025 Notes, the seller’s credit for the construction of six liquid barges and the credit agreement for the acquisition of the 2020 Fleet are fixed, and, therefore, changes in interest rates affect their fair value, which as of March 31, 2022 was $17.0 million, $5.0 million, $525.5 million, $10.6 million and $14.0 million, respectively, but do not affect the related finance cost. The interest on the Notes Payable and the Term Bank loan is at a floating rate and, therefore, changes in interest rates would affect their interest rate and related finance cost. As of March 31, 2022, the amount outstanding under the Company’s floating rate loan facilities was $19.1 million. A change in the LIBOR rate of 100 basis points would increase finance cost for the three month period ended March 31, 2022 by $0.2 million.

~~During the~~For ~~first~~a ~~quarter~~detailed discussion of ~~2021,~~ Navios Logistics’ ~~completed~~debt ~~the~~instruments ~~construction~~refer ofto ~~six~~section “Interest-Bearing ~~liquid~~Loans ~~barges~~ and aBorrowings” ~~total of $19.5 million was~~ included ~~under~~elsewhere ~~“Tangible assets”~~ in ~~its~~this ~~unaudited condensed consolidated statement of financial position~~document.

~~During~~Foreign ~~the~~Currency ~~first~~Transactions: quarter of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal and a total of $1.8 million was transferred to “Tangible assets” in its unaudited condensed consolidated statement of financial position.

~~Since~~We ~~2018,~~are ~~Navios~~exposed ~~Logistics~~to ~~acquired~~foreign currency exchange transaction risk related to funding our operations. For the three month period ended March 31, 2022 and 2021 approximately 656.65%, ~~hectares~~and 50.3%, respectively, of ~~undeveloped~~our ~~land~~expenses ~~located~~were incurred in ~~the~~currencies ~~Port~~other ~~Murtinho~~than ~~region~~U.S. ofdollars. ~~Brazil~~Further, ~~and~~for on the three month period ended March 2431, 2021, ~~the~~approximately ~~Company~~28%, ~~acquired~~18% ~~2.3~~and ~~additional~~10% ~~hectares.~~of ~~The~~the Company’s ~~plans~~$33.8 million of tocombined ~~develop~~costs ~~this~~for: ~~land~~(a) time ~~for~~charter, ~~our~~voyage and port ~~operations.~~terminal Asexpenses; (b) direct vessels expenses; (c) cost of ~~September~~products; and (d) 30administrative expenses, ~~2021~~net of depreciation (together, the ~~Company~~“Combined ~~had~~Cost”), ~~paid~~was denominated in Argentinean pesos, Paraguayan guaranies and Uruguayan pesos, respectively. Comparatively, the same foreign currencies accounted for approximately 22%, 18% and 10%, respectively, of our $230.35 million of Combined Cost for the ~~land~~three ~~acquisition~~month period ended March 31, 2021. For the three month periods ended March 31, 2022 and ~~capitalized expenses~~2021, Brazilian reais accounted for ~~the~~less ~~development~~than 1% of ~~its~~our ~~port~~Combined ~~operations~~Cost.

InFor the ~~fourth~~three ~~quarter~~month ofperiod ~~2020~~ended March 31, ~~Navios~~2022, ~~Logistics~~a ~~entered~~1.00% ~~into~~change ain ~~purchase~~the ~~agreement with~~exchange anrates ~~unrelated~~between ~~third~~the ~~party~~U.S. ~~for~~dollar ~~the~~and ~~acquisition~~Argentinean pesos, Paraguayan guaranies and ofUruguayan pesos would ~~the~~change ~~2020~~our ~~Fleet,~~profit for athe ~~purchase~~year ~~price~~by of $~~30.~~0.1 million, $0.1 million ~~The~~and ~~acquisition~~less ~~was~~than ~~completed~~$0.1 million, onrespectively. ~~March 22~~Comparatively, ~~2021~~a 1.00% Aschange ofin ~~September 30,~~the ~~2021,~~same aexchange rates ~~total~~would ofchange ~~$32.0 million~~our ~~was~~profit ~~transferred~~for ~~to “Tangible~~the ~~assets”~~period inended ~~its~~March 31, ~~unaudited~~2021 ~~condensed~~by ~~consolidated~~$0.1 million, ~~statement~~$0.1 million ofand ~~financial~~less ~~position~~than $0.1 million, respectively.

~~During~~Inflation ~~the second quarter of 2021, Navios Logistics completed the construction of a crane in its grain port terminal~~ and aFuel ~~total~~Price ofIncreases ~~$3.8 million was transferred to “Tangible assets” in its unaudited condensed consolidated statement of financial position.~~

~~Dividend~~See ~~Policy~~“Factors Affecting Navios Logistics’ Results of Operations.”

~~The~~16 payment of dividends is at the discretion of Navios Logistics’ board of directors. Any determination as to dividend policy will be made by Navios Logistics’ board of directors and will depend on a number of factors, including the requirements of Marshall Islands law, Navios Logistics’ future earnings, capital requirements, financial condition and future prospects and such other factors as Navios Logistics’ board of directors may deem relevant. Marshall Islands law generally prohibits the payment of dividends other than from surplus, when a company is insolvent or if the payment of the dividend would render the company insolvent. Navios Logistics’ ability to pay dividends is also restricted by the terms of the indenture governing its 2025 Notes.

OnCritical ~~February 21,~~Accounting ~~2020,~~Policies ~~the Company declared and paid a pro rata dividend to its shareholders in the aggregate amount of $27.5 million.~~

OnThe ~~July 10,~~Navios ~~2020, the~~Logistics’ ~~Company~~unaudited ~~declared~~condensed ~~and~~consolidated ~~paid~~financial astatements ~~pro~~have ~~rata~~been ~~dividend~~prepared toin ~~its~~accordance ~~shareholders~~with inIFRS. ~~cash~~The orpreparation ~~shares~~ of these financial statements requires Navios ~~Holdings~~Logistics to make estimates in the ~~aggregate~~application ~~amount~~of its accounting policies based on the best assumptions, judgments and opinions of $6management.~~4 million.~~

OnThe ~~July 30,~~Company’s ~~2021,~~most ~~the~~critical ~~Company~~accounting ~~declared~~policies and ~~paid~~estimates aare ~~pro~~those ~~rata~~that ~~dividend~~involve tosubjective ~~its~~decisions ~~shareholders~~or assessments and are included in ~~shares~~the ofCompany’s ~~Grimaud~~2021 ~~Ventures~~Form S20-F.~~A. (“Grimaud”),~~ ~~representing~~There ~~100%~~have ofbeen ~~Navios~~no ~~Logistics’~~significant ~~equity~~changes ~~interest~~during inthe ~~Grimaud~~three months period ended March 31, 2022.

19Recent Accounting Pronouncements

~~Concentration~~The Company’s ofrecent ~~Credit~~accounting ~~Risk~~pronouncements are included in the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this report.

~~Accounts~~17 ~~Receivable~~

IfINDEX ~~one~~TO orUNAUDITED ~~more~~CONDENSED ofCONSOLIDATED ~~our~~FINANCIAL ~~customers~~STATEMENTS does not perform under one or more contracts with us and we are not able to find a replacement contract, or if a customer exercises certain rights to terminate the contract, we could suffer a loss of revenues that could materially adversely affect our business, financial condition and results of operations. See “Item 3. Key Information — D. Risk Factors — We depend on a few significant customers for a large part of our revenues, and the loss of one or more of these customers could materially and adversely affect our revenues.” in the 2020 Form 20-F.

We could lose a customer or the benefits of a contract if, among other things:


	Page
NAVIOS SOUTH AMERICAN LOGISTICS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MARCH 31, 2022 AND DECEMBER 31, 2021		F-2
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF (LOSS)/INCOME FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021		F-3
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021		F-4
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021		F-5
CONDENSED NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS		F-6

•F-1 ~~the customer fails to make payments because of its financial inability, the curtailment or cessation of its operations, its disagreements with us or otherwise;~~

•NAVIOS ~~the~~SOUTH ~~customer~~AMERICAN ~~terminates~~LOGISTICS ~~the~~INC. contract because we fail to deliver the vessel within a fixed period of time, the vessel is lost or damaged beyond repair, there are serious deficiencies in the vessel or prolonged off-hire, default under the contract; or

•UNAUDITED ~~the~~CONDENSED ~~customer~~CONSOLIDATED ~~terminates~~STATEMENT ~~the~~OF ~~contract~~FINANCIAL ~~because~~POSITION ~~the vessel has been subject to seizure for more than a specified number of days.~~

~~Cash~~(Expressed ~~Deposits~~in ~~with~~thousands ~~Financial~~of ~~Institutions~~U.S. dollars)

Cash deposits in excess of amounts covered by government-provided insurance are exposed to loss in the event of nonperformance by financial institutions. Although we maintain cash deposits in excess of government-provided insurance limits we minimize our exposure to credit risk by dealing with a diversified group of major financial institutions.


	Notes	March 31, 2022 (unaudited)			December 31, 2021
ASSETS
Non-current assets
Tangible assets	5	$	531,112		$	537,128
Assets under construction	5		718			713
Intangible assets	6		152,369			153,062
Right-of-use assets	9		8,373			8,003
Deferred tax assets			73			82
Other assets			2,609			2,873

Total non-current assets		$	695,254		$	701,861

Current Assets
Inventories			7,781			8,611
Trade receivables	4		42,823			44,026
Contract assets	4		1,932			418
Prepayments and other assets			6,711			6,176
Cash and cash equivalents			33,401			32,580

Total current assets		$	92,648		$	91,811

Total Assets		$	787,902		$	793,672

EQUITY and LIABILITIES
Equity
Issued capital	7		20			20
Share premium			233,441			233,441
Accumulated deficit			(81,734	)		(81,353	)

Total equity		$	151,727		$	152,108

Liabilities
Non-current liabilities
Interest-bearing loans and borrowings	8		527,462			516,374
Promissory note (related party)	10		—			10,000
Lease liabilities	9		8,073			7,656
Provisions			821			561
Deferred tax liabilities			9,987			10,495
Income tax payable			27			34
Other non-current liabilities			325			575

Total non-current liabilities		$	546,695		$	545,695

Current liabilities
Trade and other payables			46,432			62,325
Contract liabilities	4		3,808			1,473
Interest-bearing loans and borrowings	8		23,148			25,976
Promissory note (related party)	10		15,000			5,000
Lease liabilities	9		1,092			1,095

Total current liabilities		$	89,480		$	95,869

Total liabilities		$	636,175		$	641,564

Total equity and liabilities		$	787,902		$	793,672

~~Off-Balance~~The ~~Sheet~~accompanying ~~Arrangements~~notes are an integral part of these unaudited condensed consolidated financial statements.

OnF-2 July 22, 2016, the Company guaranteed the compliance of certain obligations related to Edolmix S.A. and Enresur (entities wholly owned by the Company) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $0.8 million and $0.5 million, respectively.

~~Legal~~NAVIOS ~~Proceedings~~SOUTH ~~and~~AMERICAN ~~Commitments~~LOGISTICS ~~and Contingencies~~INC.

~~The~~UNAUDITED ~~Company~~CONDENSED isCONSOLIDATED ~~subject~~STATEMENT toOF ~~legal~~(LOSS)/INCOME proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability. While the ultimate outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not believe the costs, individually or in aggregate, of such actions will have a material effect on our consolidated financial position, results of operations or cash flows.

20(Expressed in thousands of U.S. dollars)

In September 2020, the Company agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount to be paid to the Company as a result of the settlement of $4.1 million, which will be collected in three equal installments of $1.4 million on June 1, 2021, 2022 and 2023. In June 2021, the Company collected the first installment.


	Note	Three month period ended March 31, 2022 (unaudited)			Three month period ended March 31, 2021 (unaudited)
Revenue	4	$	58,847		$	53,036
Cost of sales	4		(39,070	)		(35,371	)

Gross profit		$	19,777		$	17,665
Administrative expenses	4		(3,586	)		(3,368	)
Other operating income			153			707
Other operating expenses			(1,162	)		(899	)
Allowance for expected credit losses on financial assets	4		(146	)		(145	)

Operating profit		$	15,036		$	13,960
Finance income			16			1,806
Finance costs			(15,540	)		(14,556	)
Foreign exchange differences, net			49			1,077

(Loss)/Profit before tax		$	(439	)	$	2,287
Income tax benefit			58			220

(Loss)/Profit for the period		$	(381	)	$	2,507

~~Related~~The ~~Party~~accompanying ~~Transactions~~notes are an integral part of these unaudited condensed consolidated financial statements.

AsF-3 ~~of September 30, 2021 and December 31, 2020, amounts due (to)/from affiliate companies were as follows:~~

	September 30,2021			December 31,2020
Navios Holdings (Parent)	$	—		$	75.1
Grimaud (Other related party)		(15.0	)		—
Navios Shipmanagement Inc. (Other related party)		(0.1	)		0.3
Total	$	(15.1	)	$	75.4

~~Amounts~~NAVIOS ~~due~~SOUTH ~~from~~AMERICAN ~~affiliate~~LOGISTICS ~~companies do not accrue interest and do not have a specific due date for their settlement apart from the Navios Holdings Loan Agreement (as defined below) which was repaid as of September 30, 2021~~INC.

~~The~~UNAUDITED ~~Navios Holdings~~CONDENSED ~~Loan~~CONSOLIDATED ~~Agreement:~~STATEMENT OnOF ~~April 25,~~CHANGES ~~2019,~~IN ~~Navios~~EQUITY Logistics agreed to lend Navios Holdings $50.0 million on a secured basis (the “Navios Holdings Loan Agreement”) to be used for general corporate purposes, including the repurchase of Navios Holdings’ 7.375% First Priority Ship Mortgage Notes due 2022 (the “Navios Holdings 2022 Notes”). The secured credit facility was secured by Navios Holdings 2022 Notes purchased with funds borrowed under the Navios Holdings Loan Agreement. The secured credit facility included an arrangement fee of $0.5 million and initially bore fixed interest of 12.75% for the first year and 14.75% for the second year. On December 2, 2019, Navios Logistics agreed to increase the amount available under the Navios Holdings Loan Agreement by $20.0 million. Following this amendment, as a result of the redemption of the 2022 Notes, repayment of the Term Loan B Facility and the issuance of 2025 Notes, (a) the interest rate on the Navios Holdings Loan Agreement decreased to 10.0%, and (b) the maturity of the Navios Holdings Loan Agreement was extended to December 2024.

On(Expressed ~~June 24, 2020, we entered into a deed of assignment and assumption with our wholly-owned subsidiary, Grimaud and Anemos Maritime Holdings Inc.~~ in ~~respect~~thousands of ~~the Navios Holdings Loan Agreement, in which we assigned its legal and beneficial right, title and interest in the Navios Holdings Loan to Grimaud~~U. On June 25, 2020, Grimaud agreed to amend the Navios Holdings Loan Agreement to amend the interest payment date in respect of the Navios Holdings Loan and to allow a portion of the total interest payable in respect of the Navios Holdings Loan to be effected in common shares of Navios HoldingsS. Ondollars) July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Grimaud and paid Grimaud $6.4 million in satisfaction of the interest payable in respect of the Navios Holdings Loan Agreement as of that date.

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


	Issued capital		Share premium		(Accumulated Deficit)/ Retained Earnings			Total Equity
Balance as at January 1, 2022	$	20	$	233,441	$	(81,353	)	$	152,108

Loss for the period		—		—		(381	)		(381	)

Balance as at March 31, 2022 (unaudited)	$	20	$	233,441		(81,734	)	$	151,727

Balance as at January 1, 2021	$	20	$	233,441	$	60,331		$	293,792

Profit for the period		—		—		2,507			2,507

Balance as at March 31, 2021 (unaudited)	$	20	$	233,441	$	62,838		$	296,299

On June 30, 2021, Grimaud entered into a supplemental agreement (the “Supplemental Navios Holdings Loan Agreement”) to the Navios Holdings Loan Agreement, whereby Grimaud and Navios Holdings agreed to amend the Navios Holdings Loan Agreement so that the Navios Holdings Loan Agreement could be repaid or prepaid in full through the issuance of shares of common stock of Navios Holdings (the “Shares”) to Grimaud. The ~~effectiveness~~accompanying ofnotes ~~the~~are ~~Supplemental~~an ~~Navios~~integral ~~Holdings~~part ~~Loan Agreement was subject to, and contingent upon, a prepayment by Navios Holdings~~ of ~~the~~these Navios Holdings Loan Agreement in the amount of $7.5 million in cash and the effectiveness of a registration statement of Navios Holdings registering the resale of 9,301,542 Shares, among other conditions. On July 13, 2021 following the completion of all conditions precedent, the Shares were transferred to Grimaud and the Navios Holdings Loan Agreement was repaid in full. Subsequently, Grimaud entered into a 10b-5 sales agreement for the sale of the Shares. As of July 30, 2021, the date on which the shares of Grimaud were distributed as dividend to the shareholders of the Company, Grimaud had sold 752,000 shares of common stock of Navios Holdings and generated net proceeds of $3.7 million. Following the July 30, 2021 dividend, the Company recognized a loss of $24.1 million in its unaudited condensed consolidated ~~statement of income for the period ended September 30, 2021 under “Loss from mark to market and disposal of~~ financial ~~asset”~~statements.

As of September 30, 2021, the full amount was repaid. For the three and nine month periods ended September 30, 2021, interest income related to Navios Holdings Loan Agreement amounted to $0.3 million and $F-4~~.2 million,~~ respectively ($1.8 million and $6.5 million, respectively, for the three and nine month periods ended September 30, 2020). As of December 31, 2020, an amount of $5.2 million was included under “Financial assets at amortized cost (related party)” in Navios Logistics’ consolidated statement of financial position related to accrued interest to be collected from Navios Holdings.

~~Administrative~~NAVIOS ~~expenses: On~~SOUTH ~~August 29,~~AMERICAN ~~2019~~LOGISTICS ~~Navios Logistics entered into an assignment agreement with Navios Corporation (“NC”) and Navios Shipmanagement Inc~~INC. (“NSM”), whereby the administrative services agreement originally entered into between Navios Logistics and Navios Holdings on April 12, 2011, first assigned to NC on May 28, 2014 and subsequently amended on April 6, 2016 (extending the duration of the agreement until December 2021), was assigned from NC to NSM. Thereafter NSM will continue to provide certain administrative management services to Navios Logistics. NSM will be reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total administrative expenses charged for the three and nine month periods ended September 30, 2021 amounted to $0.3 million and $0.9 million, respectively ($0.3 million and $0.9 million for the three and nine month periods ended September 30, 2020, respectively).

~~Lodging~~UNAUDITED ~~and~~CONDENSED ~~travel~~CONSOLIDATED ~~services:~~STATEMENT ~~Navios~~OF ~~Logistics~~CASH ~~obtains~~FLOWS lodging and travel services from Empresa Hotelera Argentina S.A./(NH Lancaster), Divijet S.A., Trace Capital and Pit Jet S.A., all owned by members of the Lopez family, including Claudio Pablo Lopez, Navios Logistics’ Chief Executive Officer and Vice Chairman and Carlos Augusto Lopez, Navios Logistics’ Chief Commercial Officer—Shipping Division, each of whom has no controlling interest in those companies. Total charges were nil for each of the three and nine month periods ended September 30, 2021 (nil and less than $0.1 million for the three and nine month periods ended September 30, 2020, respectively), and amounts payable amounted to less than $0.1 million as of September 30, 2021 and December 31, 2020.

~~Promissory~~(Expressed ~~note: On July 30, 2021, Navios Logistics issued a $20.0 million promissory note to Grimaud. The promissory note is payable~~ in ~~four~~thousands ~~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~~U. ~~On August 15, 2021, the first installment was paid~~S. dollars)

Quantitative and Qualitative Disclosures about Market Risks


	Notes	Three month period ended March 31, 2022 (unaudited)			Three month period ended March 31, 2021 (unaudited)
Operating activities
(Loss)/Profit before tax		$	(439	)	$	2,287
Adjustments to reconcile (loss)/profit before tax to net cash flows:
Depreciation of tangible assets	5		8,263			7,684
Amortization of intangible assets	6		693			693
Amortization of right-of-use assets	9		169			197
Movements in provisions			406			190
Finance income			(16	)		(1,806	)
Finance costs			15,540			14,556
Working capital movements			(81	)		(1,328	)
Decrease/(increase) in other assets			264			(1,647	)
(Decrease)/increase in other non-current liabilities			(250	)		128

		$	24,549		$	20,954
Interest received			16			40
Interest paid			(28,639	)		(30,751	)
Income tax paid			(7	)		(9	)

Net cash flows used in operating activities		$	(4,081	)	$	(9,766	)

Investing activities
Acquisition of tangible assets	5		(2,247	)		(1,861	)
Acquisition of assets under construction	5		(5	)		(17,532	)

Net cash flows used in investing activities		$	(2,252	)	$	(19,393	)

Financing activities
Proceeds from long term debt	8		22,000			—
Payment of principal portion of lease liabilities	9		(125	)		(176	)
Repayment of long-term debt and payment of principal	8		(13,946	)		(3,919	)
Repayment of notes payable	8		(775	)		(1,311	)

Net cash flows provided by/(used in) financing activities		$	7,154		$	(5,406	)

Net increase/(decrease) in cash and cash equivalents			821			(34,565	)

Cash and cash equivalents at January 1			32,580			74,870

Cash and cash equivalents at March 31		$	33,401		$	40,305

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Non-cash investing and financing activities:
Transfers from assets under construction		$	—		$	21,344
Seller’s credit agreement for the construction of six liquid barges	8	$	—		$	2,246
Seller’s credit agreement for the acquisition of the 2020 Fleet	8	$	—		$	15,000
Assets under construction		$	—		$	(870	)

WeThe ~~are~~accompanying ~~exposed~~notes toare ~~certain~~an ~~risks~~integral ~~related~~part toof ~~interest~~these ~~rate,~~unaudited ~~foreign~~condensed ~~currency,~~consolidated ~~fuel~~financial ~~price inflation and time charter hire rate fluctuation~~statements. ~~Risk~~ ~~management is carried out under policies approved by executive management.~~

~~Interest~~F-5 ~~Rate Risk:~~

~~Interest~~NAVIOS ~~rates~~SOUTH onAMERICAN ~~the~~LOGISTICS seller’s credit for the construction of six liquid barges, the 2025 Notes and the credit agreement for the acquisition of the 2020 Fleet are fixed and, therefore, changes in interest rates affect their fair value, which as of September 30, 2021 was $11INC.~~8 million,~~ $542.1 million and $15.0 million, respectively, but do not affect the related finance cost. The interest on the Notes Payable, the New BBVA Facility and the Term Bank loan is at a floating rate and, therefore, changes in interest rates would affect their interest rate and related finance cost. As of September 30, 2021, the amount outstanding under the Company’s floating rate loan facilities was $34.2 million. A change in the LIBOR rate of 100 basis points would increase finance costs for the nine month period ended September 30, 2021 by $0.4 million.

~~For~~NOTES aTO ~~detailed discussion~~THE ofUNAUDITED ~~Navios~~CONDENSED ~~Logistics’~~CONSOLIDATED ~~debt~~FINANCIAL ~~instruments~~STATEMENTS ~~refer to section “Interest-Bearing Loans and Borrowings” included elsewhere in this document.~~

~~Foreign~~(Expressed ~~Currency~~in ~~Transactions:~~thousands of U.S. dollars)

~~We are~~NOTE ~~exposed to foreign currency exchange transaction risk related to funding our operations~~1. ~~For~~CORPORATE ~~the~~INFORMATION nine month periods ended September 30, 2021 and 2020 approximately 51.7%, and 46.5%, respectively, of our expenses were incurred in currencies other than U.S. dollars. Further, for the nine month period ended September, 2021, approximately 25%, 17% and 10% of the Company’s $106.2 million of combined cost of (a) time charter, voyage and port terminal expenses, (b) direct vessels expenses, (c) cost of products and (d) administrative expenses, net of depreciation (“Combined Cost”), were denominated in Argentinean pesos, Paraguayan guaranies and Uruguayan pesos, respectively. Comparatively, the same foreign currencies accounted for approximately 20%, 16% and 10%, respectively, of our $97.2 million of Combined Cost for the nine month period ended September 30, 2020. For the nine month periods ended September 30, 2021 and 2020, Brazilian reais accounted for less than 1% of our Combined Cost.

~~For~~Navios South American Logistics Inc. (“Navios Logistics” or the ~~nine~~“Company”) ~~month~~was ~~period~~incorporated ~~ended~~under ~~September~~the laws of the Republic of the Marshall Islands on December 3017, ~~2021,~~2007. aNavios ~~1.00%~~Logistics ~~change~~believes it is one of the largest infrastructure and logistics companies in the ~~exchange~~Hidrovia ~~rates~~region ~~between~~of South America, focusing on the ~~U.S.~~Hidrovia ~~dollar~~river ~~and~~system, the main navigable river system in the ~~Argentinean pesos~~region, ~~Paraguayan guaranies~~ and ~~Uruguayan pesos would~~on ~~change~~the ~~our~~cabotage ~~profit~~trades ~~for~~along the ~~year~~south-eastern bycoast $0of South America.~~3 million~~ Navios Logistics is focused on providing its customers integrated transportation, ~~$0.2 million~~storage and ~~$0.1 million,~~related ~~respectively.~~services ~~Comparatively~~through its port facilities, aits ~~1.00%~~large, ~~change~~versatile fleet inof ~~the~~dry ~~same~~and ~~exchange~~liquid ~~rates~~cargo ~~would~~barges ~~change~~and ~~our~~its ~~profit~~product ~~for~~tankers. Navios Logistics serves the ~~period~~needs ~~ended~~of ~~September 30~~a number of growing South American industries, ~~2020~~including bymineral $0and grain commodity providers as well as users of refined petroleum products.2 As of March ~~million~~31, $02022, Navios Maritime Holdings Inc.~~2 million~~ ~~and~~(“Navios $0Holdings”) owned 63.~~1 million,~~8% ~~respectively~~of Navios Logistics’ stock.

22NOTE 2: BASIS OF PREPARATION, ACCOUNTING POLICIES AND SIGNIFICANT FACTORS AFFECTING UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~Inflation~~(a) ~~and~~Basis ~~Fuel~~of ~~Price Increases~~ Preparation

~~See~~The ~~“Factors~~unaudited ~~Affecting~~condensed consolidated financial statements of Navios Logistics’ ~~Results~~have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”), and present the financial position, results of ~~Operations~~operations and cash flows of the Company on a going concern basis.”

~~Critical~~These ~~Accounting~~unaudited ~~Policies~~condensed consolidated financial statements do not include all information and disclosures required for the annual consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019.

The ~~Navios Logistics’~~ unaudited condensed consolidated financial statements have been prepared inon ~~accordance~~a ~~with~~historical cost basis, except where fair value accounting is specifically required by IFRS, as explained in the accounting policies below. The ~~preparation~~unaudited ofcondensed ~~these~~consolidated financial statements ~~requires~~are ~~Navios~~presented ~~Logistics~~in toU.S. ~~make~~dollars ~~estimates~~which inis also the ~~application~~currency of ~~its~~the ~~accounting~~Company’s ~~policies based~~primary oneconomic environment and the ~~best~~functional currency ~~assumptions,~~of ~~judgments~~the major and ~~opinions~~majority of ~~management~~the Company’s subsidiaries. All values are rounded to the nearest thousand (U.S.D. 000), except when otherwise indicated.

~~The~~On ~~Company’s~~May 25, ~~most~~2022, ~~critical~~the ~~accounting~~unaudited ~~policies~~condensed ~~and~~consolidated ~~estimates are~~financial ~~those~~statements ~~that~~for ~~involve~~the ~~subjective~~three-month ~~decisions~~period orended ~~assessments~~March 31, ~~and~~2022 ~~are~~have ~~included~~been inauthorized ~~the~~for issue ~~Company’s~~by ~~2020~~the ~~Form~~Board ~~20-F~~of Directors.

~~Recent~~(b) ~~Accounting~~Going ~~Pronouncements~~concern

~~The~~ In considering going concern basis, management has reviewed the Company’s ~~recent~~future ~~accounting~~cash ~~pronouncements~~requirements, ~~are~~covenant ~~included~~compliance inand ~~the~~earnings ~~accompanying~~projections. ~~notes~~As toof March 31, 2022, the ~~unaudited~~Company’s ~~condensed~~current ~~consolidated~~assets ~~financial~~totaled ~~statements~~$92,648, ~~included~~while ~~elsewhere~~current liabilities totaled $89,480, resulting in ~~this~~a ~~report~~positive working capital position of $3,168.

23Management anticipates that the Company’s primary sources of funds will be available cash, cash from operations and borrowings under existing and new loan agreements. Management believes that these sources of funds will be sufficient for the Company to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end of the reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis.

~~INDEX~~(c) TOBasis ~~UNAUDITED~~of ~~CONDENSED~~Consolidation ~~CONSOLIDATED FINANCIAL STATEMENTS~~

	Page
NAVIOS SOUTH AMERICAN LOGISTICS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020		F-2
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020		F-3
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020		F-4
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020		F-5
CONDENSED NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS		F-6

The unaudited condensed consolidated financial statements comprise the financial statements of Navios Logistics and its subsidiaries. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

F-16

~~UNAUDITED~~NAVIOS ~~CONDENSED~~SOUTH ~~CONSOLIDATED~~AMERICAN ~~STATEMENT~~LOGISTICS OFINC. ~~FINANCIAL POSITION~~

~~(Expressed~~NOTES inTO ~~thousands~~THE ofUNAUDITED ~~U.S.~~CONDENSED ~~dollars)~~CONSOLIDATED FINANCIAL STATEMENTS

	Notes		September 30,2021(unaudited)			December 31,2020
ASSETS
Non-current assets
Tangible assets		5	$	562,517		$	520,811
Assets under construction		5		698			20,886
Intangible assets		6		153,755			155,834
Right-of-use assets		9		8,122			7,275
Net investment in the lease		9		158			190
Deferred tax assets				81			691
Intercompany receivable loan from parent (related party), net		10		—			69,833
Other assets				6,516			5,082
Total non-current assets			$	731,847		$	780,602
Current Assets
Inventories				10,261			9,901
Trade receivables		4		36,445			34,190
Contract assets		4		921			906
Prepayments and other assets				9,423			6,700
Cash and cash equivalents				31,931			74,870
Financial assets at amortized cost (related party)		10		—			5,244
Net investment in the lease		9		156			110
Total current assets			$	89,137		$	131,921
Total Assets			$	820,984		$	912,523
EQUITY and LIABILITIES
Equity
Issued capital				20			20
Share premium				233,441			233,441
(Accumulated deficit)/ retained earnings				(41,745	)		60,331
Total equity			$	191,716		$	293,792
Liabilities
Non-current liabilities
Interest-bearing loans and borrowings		8		511,424			517,791
Promissory note (related party)		13		10,000			—
Lease liabilities		9		7,731			6,945
Provisions				511			451
Deferred tax liabilities				10,394			8,583
Income tax payable				40			61
Other non-current liabilities				375			289
Total non-current liabilities			$	540,475		$	534,120
Current liabilities
Trade and other payables		8		49,486			58,889
Contract liabilities		4		486			2,011
Interest-bearing loans and borrowings		8		32,730			22,800
Promissory note (related party)		13		5,000			—
Lease liabilities		9		1,091			911
Total current liabilities			$	88,793		$	84,611
Total liabilities			$	629,268		$	618,731
Total equity and liabilities			$	820,984		$	912,523

(Expressed in thousands of U.S. dollars)

~~The~~Subsidiaries ~~accompanying~~included ~~notes~~in ~~are~~the anConsolidation: ~~integral part of these unaudited condensed consolidated financial statements.~~

~~F-2~~The unaudited condensed consolidated financial statements of the Company include:

NAVIOS SOUTH AMERICAN LOGISTICS INC.

Company Name

Country of
Incorporation

Nature

Percentage of
Ownership

Statement of income

2022

2021

Corporacion Navios S.A.

Uruguay

Port-Facility Owning Company

100%

1/1-3/31

Energias Renovables del Sur S.A.

Uruguay

Land Owning Company

100%

1/1-3/31

Nauticler S.A.

Uruguay

Sub-Holding Company

100%

1/1-3/31

Compania Naviera Horamar S.A.

Argentina

Vessel-Operating Management Company

100%

1/1-3/31

Compania de Transporte Fluvial International S.A.

Uruguay

Sub-Holding Company

100%

1/1-3/31

Ponte Rio S.A.

Uruguay

Operating Company

100%

1/1-3/31

HS Tankers Inc.

Panama

Tanker-Owning Company

100%

1/1-3/31

HS Navigation Inc.

Panama

Tanker-Owning Company

100%

1/1-3/31

HS Shipping Ltd. Inc.

Panama

Tanker-Owning Company

100%

1/1-3/31

HS South Inc.

Panama

Tanker-Owning Company

100%

1/1-3/31

Petrovia Internacional S.A.

Uruguay

Land-Owning Company

100%

1/1-3/31

Mercopar S.A.

Paraguay

Operating/Barge-Owning Company

100%

1/1-3/31

Petrolera San Antonio S.A.

Paraguay

Port Facility-Owning Company

100%

1/1-3/31

Stability Oceanways S.A.

Panama

Barge and Pushboat-Owning Operating Company

100%

1/1-3/31

Hidronave South American Logistics S.A.

Brazil

Pushboat-Owning Company

100%

1/1-3/31

Horamar do Brasil Navegação Ltda

Brazil

Non-Operating Company

100%

1/1-3/31

Navarra Shipping Corporation

Marshall Is.

Tanker-Owning Company

100%

1/1-3/31

Pelayo Shipping Corporation

Marshall Is.

Tanker-Owning Company

100%

1/1-3/31

Navios Logistics Finance (US) Inc.

Delaware

Operating Company

100%

1/1-3/31

Varena Maritime Services S.A.

Panama

Barge and Pushboat-Owning Operating Company

100%

1/1-3/31

Honey Bunkering S.A.

Panama

Tanker-Owning Company

100%

1/1-3/31

Naviera Alto Parana S.A.

Paraguay

Operating Company

100%

1/1-3/31

Edolmix S.A.

Uruguay

Port-Terminal Rights Owning Company

100%

1/1-3/31

Cartisur S.A.

Uruguay

Non-Operating Company

100%

1/1-3/31

NP Trading S.A.

British Virgin Islands

Sub-Holding Company

100%

1/1-3/31

Ruswe International S.A.

Uruguay

Barge-Operating Company

100%

1/1-3/31

Delta Naval Trade S.A.

Panama

Tanker-Owning Company

100%

1/1-3/31

Terra Norte Group S.A.

Paraguay

Non-Operating Company

100%

1/1-3/31

Corporacion Navios Granos S.A.

Uruguay

Port-Facility Owning Company

100%

1/1-3/31

Docas Fluvial do Porto Murtinho S.A.

Brazil

Land Owning Company

95%

1/1-3/31

Siriande S.A.

Uruguay

Non-Operating Company

100%

1/1-3/31

Grimaud Ventures S.A. (1)

Marshall Is.

Financial Asset Holder Company

100%

—

1/21-3/31

Brundir S.A. (2)

Uruguay

Non-Operating Company

100%

1/1-3/31

—

~~UNAUDITED~~(1) ~~CONDENSED~~On ~~CONSOLIDATED~~July ~~STATEMENT~~30, OF2021, ~~INCOME~~the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud (as defined herein), representing 100% of Navios Logistics’ equity interest in Grimaud.

(~~Expressed~~2) inOn ~~thousands~~October 21, 2021, the Company acquired 100% of Uthe Brundir S.A. common shares. Brundir S.A. ~~dollars)~~is a non-operating company.

	Note	Nine monthperiod endedSeptember 30,2021(unaudited)			Nine monthperiod endedSeptember 30,2020(unaudited)			Three monthperiod endedSeptember 30,2021(unaudited)			Three monthperiod endedSeptember 30,2020(unaudited)
Revenue	4	$	173,660		$	173,686		$	63,281		$	58,527
Cost of sales	4		(121,147	)		(110,907	)		(44,928	)		(37,211	)
Gross profit		$	52,513		$	62,779		$	18,353		$	21,316
Administrative expenses	4		(10,783	)		(10,428	)		(3,754	)		(3,616	)
Other operating income			1,159			4,797			85			4,351
Other operating expenses			(3,148	)		(3,127	)		(1,300	)		(1,596	)
Allowance for expected credit losses on financial assets	4		(341	)		(541	)		(193	)		34
Operating profit		$	39,400		$	53,480		$	13,191		$	20,489
Finance income			4,596			6,844			570			1,978
Finance costs			(45,212	)		(34,042	)		(15,283	)		(15,098	)
Foreign exchange differences, net			2,602			(455	)		907			(181	)
Loss on debt extinguishment	8		—			(4,157	)		—			(4,157	)
Loss from mark to market and disposal of financial asset	10		(24,149	)		—			(24,149	)		—
(Loss)/profit before tax		$	(22,763	)	$	21,670		$	(24,764	)	$	3,031
Income tax expense			(4,008	)		(202	)		(3,670	)		(405	)
(Loss)/profit for the period		$	(26,771	)	$	21,468		$	(28,434	)	$	2,626

F-7

~~F-3~~NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~NAVIOS~~NOTES ~~SOUTH~~TO ~~AMERICAN~~THE ~~LOGISTICS~~UNAUDITED ~~INC.~~CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~UNAUDITED~~(Expressed ~~CONDENSED~~in ~~CONSOLIDATED~~thousands ~~STATEMENT~~of OFU.S. ~~CHANGES~~dollars) ~~IN EQUITY~~

(~~Expressed~~d) inNew ~~thousands~~standards, ofinterpretations ~~U.S.~~and ~~dollars)~~amendments adopted by the Company

	Issuedcapital		Sharepremium		(AccumulatedDeficit)/ RetainedEarnings			TotalEquity
Balance as at January 1, 2021	$	20	$	233,441	$	60,331		$	293,792
Loss for the period		—		—		(26,771	)		(26,771	)
Dividends (Note 7)		—		—		(75,305	)		(75,305	)
Balance as at September 30, 2021 (unaudited)	$	20	$	233,441	$	(41,745	)	$	191,716
Balance as at January 1, 2020	$	20	$	233,441	$	82,543		$	316,004
Profit for the period		—		—		21,468			21,468
Dividends paid (Note 7)		—		—		(33,881	)		(33,881	)
Balance as at September 30, 2020 (unaudited)	$	20	$	233,441	$	70,130		$	303,591

The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2021 and have been consistently applied in all periods presented in this report except for the following IFRSs which have been adopted by the Company as of January 1, 2022. Amendments and interpretations that apply for the first time in 2022 do not have a significant impact on the unaudited condensed consolidated financial statements of the Company for the three-month period ended March 31, 2022. These are also disclosed below.

~~The~~• ~~accompanying~~IFRS ~~notes~~3: ~~are~~Business anCombinations ~~integral part of these unaudited condensed consolidated financial statements.~~ (Amendments)

~~F-4~~Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and to add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. The Amendments were effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2022.

~~NAVIOS~~• ~~SOUTH~~Annual ~~AMERICAN~~Improvements ~~LOGISTICS~~to ~~INC.~~IFRS Standards – 2018-2020 Cycle

~~UNAUDITED~~The ~~CONDENSED~~amendment ~~CONSOLIDATED~~was ~~STATEMENT~~issued OFin ~~CASH~~May ~~FLOW~~2020 and are applicable to annual periods starting as from January 1, 2022.

~~(Expressed~~• inIAS ~~thousands~~16 ofProperty, ~~U.S.~~Plant ~~dollars)~~and Equipment

	Note	Nine monthperiod endedSeptember 30,2021(unaudited)			Nine monthperiod endedSeptember 30,2020(unaudited)
Operating activities
(Loss)/profit before tax		$	(22,763	)	$	21,670
Adjustments to reconcile profit before tax to net cash flows:
Depreciation of tangible assets	5		23,990			22,693
Amortization of intangible assets	6		2,079			2,079
Amortization of right-of-use assets	9		568			594
Loss on debt extinguishment	8		—			4,157
Loss from mark to market and disposal of financial asset	10		24,149			—
Movements in provisions			401			580
Finance income			(4,596	)		(6,844	)
Finance costs			45,212			34,042
Working capital movements			(3,058	)		2,276
Increase in other assets			(684	)		(2,735	)
Increase/(decrease) in other non-current liabilities			86			(27	)
		$	65,384		$	78,485
Interest received			8,147			6,551
Interest paid			(59,316	)		(25,059	)
Income tax paid			(21	)		(36	)
Net cash flows from operating activities		$	14,194		$	59,941
Investing activities
Acquisition of tangible assets	5		(8,203	)		(5,184	)
Acquisition of assets under construction			(19,317	)		(1,999	)
Partial collection of parent Company loan agreement (related party)	10		7,500			—
Loan to parent Company (related party)	10		—			(705	)
Proceeds from the sale of shares (related party)	10		3,704			—
Proceeds from net investment in the lease	9		—			114
Net cash flows used in investing activities		$	(16,316	)	$	(7,774	)
Financing activities
Payment of principal portion of lease liabilities	9		(449	)		(526	)
Proceeds from 2025 Notes	8		—			487,504
Repayment of 2022 Notes	8		—			(375,000	)
Proceeds from long term debt, net of deferred finance costs	8		—			13,625
Repayment of long-term debt and payment of principal	8		(12,592	)		(102,002	)
Repayment of notes payable	8		(3,630	)		(3,499	)
Dividends paid	7, 13		(24,146	)		(33,881	)
Net cash flows used in financing activities		$	(40,817	)	$	(13,779	)
Net (decrease)/increase in cash and cash equivalents			(42,939	)		38,388
Cash and cash equivalents at January 1			74,870			45,605
Cash and cash equivalents at September 30		$	31,931		$	83,993
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Non-cash investing and financing activities:
Transfers from assets under construction	5	$	57,107		$	—
Seller’s credit agreement for the construction of six liquid barges	8	$	2,246		$	—
Seller’s credit agreement for the acquisition of the 2020 Fleet	8	$	15,000		$	—
Assets under construction		$	(356	)	$	—
Collection of parent Company loan agreement (related party)	10	$	62,500		$	—
Dividend in kind	7	$	(36,159	)	$	—
Dividend payable -promissory note	13	$	15,000		$	—
Tangible assets unpaid as of September 30, 2021		$	(386	)	$	—

The amendment was issued in May 2020. The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Entities must disclose separately the amounts of proceeds and costs relating to items produced that are not an output of the entity’s ordinary activities. Amendments were applicable to fiscal years starting on or after January 1, 2022.

~~The~~• ~~accompanying~~IAS ~~notes~~37 ~~are~~Provisions, anContingent ~~integral~~Liabilities ~~part~~and ofContingent ~~these unaudited condensed consolidated financial statements.~~ Assets

~~F-5~~The amendment was issued in May 2020. It clarifies the scope of the concept of fulfillment cost of an onerous contract. Amendments were applicable to fiscal years starting on or after January 1, 2022.

~~NAVIOS~~(e) ~~SOUTH~~Impact ~~AMERICAN~~of ~~LOGISTICS~~Standards ~~INC.~~issued but not yet effective and not early adopted by the Company

~~NOTES~~The TOCompany ~~THE~~has ~~UNAUDITED~~not ~~CONDENSED~~early ~~CONSOLIDATED~~adopted ~~FINANCIAL~~any ~~STATEMENTS~~of the following standards, interpretations or amendments that have been issued but are not yet effective. In addition, the Company assessed all standards, interpretations and amendments issued but not yet effective, and concluded that they will not have any significant impact on the unaudited condensed consolidated financial statements.

~~(Expressed~~• inIFRS ~~thousands~~17 ofInsurance ~~U.S. dollars)~~ Contracts

~~NOTE~~The amendment was issued in May 2017 and modified in June 2020. It supersedes IFRS 4, introduced in 2004 as an interim standard, which gave companies dispensation to carry on accounting for insurance contracts using national accounting standards, thus resulting in several application approaches. IFRS 17 sets the principles for the recognition, measurement, presentation and disclosure of information associated with insurance contracts and is applicable as from January 1:, ~~CORPORATE~~2023, ~~INFORMATION~~allowing for its early adoption for entities already applying IFRS 9 and IFRS 15. The Company estimates that its application will not have a significant impact on the Company’s unaudited condensed consolidated financial statements.

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

~~(a)~~NAVIOS ~~Basis~~SOUTH ofAMERICAN ~~Preparation~~LOGISTICS INC.

~~The~~NOTES ~~unaudited~~TO ~~condensed~~THE ~~consolidated~~UNAUDITED ~~financial~~CONDENSED ~~statements~~CONSOLIDATED ofFINANCIAL ~~Navios~~STATEMENTS Logistics have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”), and present the financial position, results of operations and cash flows of the Company on a going concern basis.

~~These~~(Expressed ~~unaudited condensed consolidated financial statements do not include all information and disclosures required for the annual consolidated financial statements and should be read~~ in ~~conjunction~~thousands ~~with the Company’s audited consolidated financial statements and notes as~~ of ~~December 31, 2020, 2019 and 2018 and for the years ended December 31, 2020, 2019 and 2018~~U.S. dollars)

~~The~~• ~~unaudited~~IAS ~~condensed~~8 ~~consolidated~~Accounting financial statements have been prepared on a historical cost basis, except where fair value accounting is specifically required by IFRS, as explained in the accounting policies below. The unaudited condensed consolidated financial statements are presented in U.S. dollars which is also the currency of the Company’s primary economic environment and the functional currency of the major and majority of the Company’s subsidiaries. All values are rounded to the nearest thousand (U.S.D. 000), except when otherwise indicated. Policies

OnThe ~~December~~amendment ~~14,~~was issued in February 2021,. Clarifies the ~~unaudited~~treatment ~~condensed~~of ~~consolidated~~estimates ~~financial~~required ~~statements~~in ~~for~~ the ~~nine-month~~application ~~period~~of ~~ended~~accounting ~~September 30,~~policies. ~~2021~~Amendments ~~have~~are applicable ~~been~~to ~~authorized~~fiscal years beginning on or after January 1, 2023, allowing for ~~issuance~~early byadoption. Their application will not have an impact on the ~~Board~~Company’s ofunaudited ~~Directors~~condensed consolidated financial statements.

~~(b)~~• ~~Going~~IAS ~~concern~~12 Income Taxes

InThe ~~considering~~amendment ~~going~~was ~~concern~~issued ~~basis,~~in ~~management~~February ~~has~~2021. ~~reviewed~~It incorporates modifications regarding the ~~Company’s~~recognition ~~future~~of ~~cash~~deferred ~~requirements,~~tax ~~covenant~~related ~~compliance~~to assets and ~~earnings~~liabilities that ~~projections.~~arise Asfrom ofa ~~September 30,~~single ~~2021~~transaction, ~~the~~giving ~~Company’s~~rise ~~current~~to ~~assets~~equal ~~totaled~~taxable ~~$89,137,~~and ~~while~~deductible ~~current~~temporary ~~liabilities~~differences. ~~totaled~~Amendments ~~$88~~are applicable to fiscal years beginning on or after January 1,~~793~~ 2023, ~~resulting~~allowing infor aearly ~~positive~~adoption. ~~working~~Their ~~capital~~application ~~position~~will ofnot ~~$344~~have an impact on the Company’s unaudited condensed consolidated financial statements.

~~Management~~(f) ~~anticipates~~Accounting ~~that~~policies ~~the Company’s primary sources of funds will be available cash, cash from operations~~ and ~~borrowings under existing and new loan agreements. Management believes that these sources of funds will be sufficient for~~ the ~~Company~~use ~~to meet its liquidity needs and comply with its banking covenants for at least twelve months from the end~~ of ~~the~~estimates reporting period and therefore it is appropriate to prepare the financial statements on a going concern basis. In December 2021, the Company agreed to amend the Term Bank Loan, extending its balloon payment for three years which is currently classified under current liabilities in the Company’s unaudited condensed consolidated statement of financial position (see Note 8).

~~F-6~~The preparation of the unaudited condensed consolidated financial statements, in accordance with IFRS, requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated financial statements are disclosed where considered necessary. Estimates and judgements are discussed in detail in Note 2(y) in the annual consolidated financial statements for the year ended December 31, 2021. Such estimates and judgments are continuously evaluated and are based on historical experience and other factors, including expectations of future events as assessed to be reasonable under the present circumstances.

~~NAVIOS~~(g) ~~SOUTH~~Seasonality ~~AMERICAN LOGISTICS INC.~~

~~NOTES~~Certain TOof ~~THE~~the Navios ~~UNAUDITED~~Logistics’ ~~CONDENSED~~businesses ~~CONSOLIDATED~~have ~~FINANCIAL~~seasonality ~~STATEMENTS~~aspects, and seasonality affects the results of Navios Logistics’ operations and revenues, particularly in the first and last quarters of each year. Generally, the high season for the Barge Business is the period between February and July as a result of the South American harvest and higher river levels. Any growth in production and transportation of commodities may offset part of this seasonality. Extremely low water levels can adversely affect volumes transported to the extent that water levels are not high enough to accommodate the draft of a heavily laden vessel, in which case a vessel may be only partially loaded, generating lower revenue under agreements where revenue is based on volume of cargo loaded. Depending on water levels, such vessels could be prevented entirely from loading and navigating. In addition, low water levels create difficult navigation conditions, causing voyages to last longer and to incur increased voyage expenses. Such circumstances reduce the effective available carrying capacity of the vessel for the year. During the South American late spring and summer, mainly from November to January, the low level of water in the northern Hidrovia Waterway could adversely affect Navios Logistics’ operations because the water level is not high enough to accommodate the draft of a heavily laden vessel. Such low levels also adversely impact Navios Logistics’ ability to employ convoys as the water level towards the banks of the river may be too low to permit vessel traffic even if the middle of the river is deep enough to permit passage. With respect to the Dry Port Terminal operations in Uruguay, the high season is mainly from April to September, linked to the arrival of the first barges down the river and with certain vessels’ logistics operations. Navios Logistics’ Liquid Port Terminal operations in Paraguay and its Cabotage Business are not significantly affected by seasonality as the operations of the Liquid Port Terminal and Cabotage Business are primarily linked to refined petroleum products.

~~(Expressed~~F-9 ~~in thousands of U.S. dollars)~~

~~The~~NAVIOS ~~unaudited~~SOUTH ~~consolidated~~AMERICAN ~~financial~~LOGISTICS ~~statements comprise the financial statements of Navios Logistics and its subsidiaries~~INC. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

~~Subsidiaries~~NOTES ~~included~~TO inTHE ~~the~~UNAUDITED ~~Consolidation:~~CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~The~~(Expressed ~~unaudited~~in ~~condensed~~thousands ~~consolidated financial statements~~ of ~~the~~U.S. ~~Company~~dollars) ~~include:~~

Company Name (1)	Country ofIncorporation	Nature	Percentage ofOwnership	Statement of Income
				2021	2020
Corporacion Navios S.A.	Uruguay	Port-Facility Owning Company	100%	1/1-9/30	1/1-9/30
Energías Renovables del Sur S.A.	Uruguay	Land Owning Company	100%	1/1-9/30	1/1-9/30
Nauticler S.A.	Uruguay	Sub-Holding Company	100%	1/1-9/30	1/1-9/30
Compania Naviera Horamar S.A.	Argentina	Vessel-Operating Management Company	100%	1/1-9/30	1/1-9/30
Compania de Transporte Fluvial International S.A.	Uruguay	Sub-Holding Company	100%	1/1-9/30	1/1-9/30
Ponte Rio S.A.	Uruguay	Operating Company	100%	1/1-9/30	1/1-9/30
HS Tankers Inc.	Panama	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
HS Navigation Inc.	Panama	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
HS Shipping Ltd. Inc.	Panama	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
HS South Inc.	Panama	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
Petrovia Internacional S.A.	Uruguay	Land-Owning Company	100%	1/1-9/30	1/1-9/30
Mercopar S.A.	Paraguay	Operating/Barge-Owning Company	100%	1/1-9/30	1/1-9/30
Petrolera San Antonio S.A.	Paraguay	Port Facility-Owning Company	100%	1/1-9/30	1/1-9/30
Stability Oceanways S.A.	Panama	Barge and Pushboat-Owning Operating Company	100%	1/1-9/30	1/1-9/30
Hidronave South American Logistics S.A.	Brazil	Pushboat-Owning Company	100%	1/1-9/30	1/1-9/30
Horamar do Brasil Navegação Ltda	Brazil	Non-Operating Company	100%	1/1-9/30	1/1-9/30
Navarra Shipping Corporation	Marshall Is.	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
Pelayo Shipping Corporation	Marshall Is.	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
Navios Logistics Finance (US) Inc.	Delaware	Operating Company	100%	1/1-9/30	1/1-9/30
Varena Maritime Services S.A.	Panama	Barge and Pushboat-OwningOperating Company	100%	1/1-9/30	1/1-9/30
Honey Bunkering S.A.	Panama	Tanker-Owning Company	100%	1/1-9/30	1/1-9/30
Naviera Alto Parana S.A.	Paraguay	Operating Company	100%	1/1-9/30	1/1-9/30
Edolmix S.A.	Uruguay	Port-Terminal Rights Owning Company	100%	1/1-9/30	1/1-9/30
Cartisur S.A.	Uruguay	Non-Operating Company	100%	1/1-9/30	1/1-9/30
NP Trading S.A.	British VirginIslands	Sub-Holding Company	100%	1/1-9/30	1/1-9/30
Ruswe International S.A.	Uruguay	Barge-Operating Company	100%	1/1-9/30	1/1-9/30
Delta Naval Trade S.A.	Panama	Non-Operating Company	100%	1/1-9/30	1/1-9/30
Terra Norte Group S.A.	Paraguay	Non-Operating Company	100%	1/1-9/30	1/1-9/30
Corporacion Navios Granos S.A.	Uruguay	Port-Facility Owning Company	100%	1/1-9/30	1/1-9/30
Docas Fluvial do Porto Murtinho S.A.	Brazil	Land Owning Company	95%	1/1-9/30	1/1-9/30
Siriande S.A.	Uruguay	Non-Operating Company	100%	1/1-9/30	1/1-9/30
Grimaud Ventures S.A. (2)	Marshall Is.	Financial Asset Holder Company	100%	1/21-7/30	1/21-9/30

NOTE 3: SEGMENT INFORMATION

~~(1)~~Current Onaccounting ~~October~~guidance ~~21,~~establishes ~~2021,~~standards ~~the~~for ~~Company~~reporting ~~acquired~~information ~~the~~about ~~100%~~operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial reports issued to shareholders. Operating segments are components of a company of which separate financial information is available that is regularly evaluated by the ~~Brundir~~chief Soperating decision makers in deciding how to allocate resources and assess performance.A Chief operating decision makers use profit to evaluate operating performance of each segment. ~~common~~The ~~shares~~guidance also establishes standards for related disclosures about a company’s products and services, geographical areas and major customers. ~~Brundir~~The SCompany has determined that its reportable segments are those that are based on the Company’s method of internal reporting.A Navios Logistics has three reportable segments: Port Terminal Business, Barge Business and Cabotage Business. isThe aPort ~~non-operating~~Terminal ~~company~~Business includes the dry port terminal operations and the liquid port terminal operations. A general description of each segment follows:

~~F-7~~The Port Terminal Business segment

~~NAVIOS~~This ~~SOUTH~~segment ~~AMERICAN~~includes the ~~LOGISTICS~~operating ~~INC~~results of Navios Logistics’ dry port terminal and liquid port terminal operations.

~~NOTES~~(i) TODry ~~THE~~port ~~UNAUDITED~~terminal ~~CONDENSED~~operations ~~CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Expressed~~Navios Logistics owns and operates the largest independent bulk transfer and storage port terminal facilities in ~~thousands~~Uruguay ofbased Uon throughputs.S. ~~dollars)~~Its dry port terminal operations are comprised of two port terminals, one for agricultural and forest-related exports and one for mineral-related exports which are located in an international tax-free trade zone in the port of Nueva Palmira, Uruguay, at the convergence of the Parana and Uruguay rivers.

(2ii) ~~This~~Liquid ~~company~~port ~~was~~terminal ~~established~~operations during the nine-month period ended September 30, 2020. On July 30, 2021, the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud (as defined herein), representing 100% of Navios Logistics’ equity interest in Grimaud.

~~(d)~~Navios ~~New~~Logistics ~~standards~~owns and operates an up-river port terminal with tank storage for refined petroleum products, ~~interpretations~~oil and ~~amendments~~gas ~~adopted~~in San Antonio, Paraguay, approximately 17 miles by river from the ~~Company~~capital of Asuncion. Its port terminal is one of the largest independent storage facilities for crude and petroleum products in Paraguay based on storage capacity.

The ~~accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements are~~Barge ~~consistent~~Business ~~with~~segment those applied in the preparation of the consolidated financial statements for the year ended December 31, 2020 and have been consistently applied in all periods presented in this report except for the following IFRSs which have been adopted by the Company as of January 1, 2021. Amendments and interpretations that apply for the first time in 2021 do not have a significant impact on the unaudited condensed consolidated financial statements of the Company for the nine month period ended September 30, 2021. These are also disclosed below.

•Navios ~~Conceptual~~Logistics ~~Framework~~services the Argentine, Bolivian, Brazilian, Paraguayan and Uruguayan river transportation markets through its fleet. Navios Logistics operates different types of pushboats and wet and dry barges for delivering a wide range of dry and liquid products between ports in ~~IFRS~~the ~~standards:~~Parana, Paraguay and Uruguay River systems in South America (the Hidrovia or the “waterway”). Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis.

The ~~IASB~~Cabotage ~~issued~~Business ~~the~~segment revised Conceptual Framework for Financial Reporting on March 29, 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support the transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction.

•Navios ~~IAS~~Logistics 1owns ~~Presentation~~and operates ocean-going vessels to support the transportation needs of ~~Financial~~its ~~Statements~~customers ~~and~~in ~~IAS~~the 8South ~~Accounting~~American ~~Policies~~coastal trade business. Its fleet consists of six ocean-going product tanker vessels, ~~Changes~~a inriver ~~Accounting~~and ~~Estimates~~estuary tanker vessel and ~~Errors:~~a ~~Definition~~bunker ofvessel. ~~‘material’~~Navios ~~(Amendments)~~Logistics contracts its vessels either on a time charter basis or on a CoA basis.

~~The~~Inter-segment ~~Amendments clarify the definition of ‘material’ and how it should be applied. The new definition states that~~transactions, ~~‘Information is material~~ if ~~omitting~~any, ~~misstating~~are oraccounted ~~obscuring~~for itat ~~could~~current ~~reasonably~~market be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity’prices. ~~In addition, the explanations accompanying the definition have been improved. The Amendments also ensure that the definition of material is consistent across all IFRS Standards.~~

•F-10 ~~IFRS 9, IAS 39 and IFRS 7 (Amendments) “Interest rate benchmark reform”:~~

~~F-8~~NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~NAVIOS~~NOTES ~~SOUTH~~TO ~~AMERICAN~~THE ~~LOGISTICS~~UNAUDITED ~~INC.~~CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~NOTES~~(Expressed TOin ~~THE~~thousands ~~UNAUDITED~~of ~~CONDENSED~~U.S. ~~CONSOLIDATED~~dollars) ~~FINANCIAL STATEMENTS~~

~~(Expressed~~The infollowing ~~thousands~~table describes the results of ~~U.S.~~operations ~~dollars)~~of the three segments, the Port Terminal Business segment, the Cabotage Business segment and the Barge Business segment for the three month periods ended March 31, 2022 and 2021:

• IFRS 3: Business Combinations (Amendments)


	Three month period ended March 31, 2022
	Port Terminal Business			Cabotage Business			Barge Business			Total
Revenue	$	27,954		$	11,377		$	19,516		$	58,847
Cost of sales		(8,269	)		(9,917	)		(20,884	)		(39,070	)

Gross profit/(loss)	$	19,685		$	1,460		$	(1,368	)	$	19,777

Administrative expenses		(875	)		(557	)		(2,154	)		(3,586	)
Other operating income		—			—			153			153
Other operating expenses		(10	)		(406	)		(746	)		(1,162	)
Expected credit losses on financial assets		—			—			(146	)		(146	)

Operating profit/(loss)	$	18,800		$	497		$	(4,261	)	$	15,036

Finance income		6			3			7			16
Finance costs		(5,929	)		(2,509	)		(7,102	)		(15,540	)
Foreign exchange differences, net		(196	)		128			117			49

Profit/(loss) before tax	$	12,681		$	(1,881	)	$	(11,239	)	$	(439	)

Income tax (expense)/benefit		—			(70	)		128			58

Profit/(loss) for the period	$	12,681		$	(1,951	)	$	(11,111	)	$	(381	)

The IASB issued amendments to the Definition of a Business (Amendments to IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The Amendments are effective for business combinations for which the acquisition date is in the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period, with earlier application permitted.


	Three month period ended March 31, 2021
	Port Terminal Business			Cabotage Business			Barge Business			Total
Revenue	$	24,772		$	9,477		$	18,787		$	53,036
Cost of sales		(9,300	)		(8,087	)		(17,984	)		(35,371	)

Gross profit	$	15,472		$	1,390		$	803		$	17,665

Administrative expenses		(797	)		(524	)		(2,047	)		(3,368	)
Other operating income		636			1			70			707
Other operating expenses		(1	)		(435	)		(463	)		(899	)
Expected credit losses on financial assets		(73	)		—			(72	)		(145	)

Operating profit/(loss)	$	15,237		$	432		$	(1,709	)	$	13,960

Finance income		655			355			796			1,806
Finance costs		(5,606	)		(2,857	)		(6,093	)		(14,556	)
Foreign exchange differences, net		374			(56	)		759			1,077

Profit/(Loss) before tax	$	10,660		$	(2,126	)	$	(6,247	)	$	2,287

Income tax (expense)/benefit		—			(1,055	)		1,275			220

Profit/(loss) for the period	$	10,660		$	(3,181	)	$	(4,972	)	$	2,507

~~(e)~~For ~~Impact~~the ofBarge ~~Standards~~Business ~~issued~~segment ~~but~~and ~~not~~for ~~yet~~the ~~effective~~Cabotage Business segment, the Company’s vessels operate on a regional basis and are not ~~early~~restricted ~~adopted~~to specific locations. Accordingly, it is not practicable to allocate the assets of these operations to specific locations. The total net book value of long-lived assets for vessels, including constructions in progress, amounted to $329,888 and $334,329, as of March 31, 2022 and December 31, 2021, respectively.

~~The~~F-11 Company has not early adopted any other of the following standards, interpretations or amendments that have been issued but are not yet effective. In addition, the Company assessed all standards, interpretations and amendments issued but not yet effective, and concluded that they will not have any significant impact on the consolidated financial statements.

~~The~~NAVIOS ~~amendments address~~SOUTH anAMERICAN ~~acknowledged~~LOGISTICS ~~inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture~~INC. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015, the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.

~~IAS~~NOTES 1TO ~~Presentation~~THE ofUNAUDITED ~~Financial~~CONDENSED ~~Statements:~~CONSOLIDATED ~~Classification~~FINANCIAL ofSTATEMENTS ~~Liabilities as Current or Non-current (Amendments)~~

~~The~~(Expressed ~~amendments are effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. The amendments aim to promote consistency~~ in ~~applying~~thousands ~~the requirements by helping companies determine whether, in the consolidated statement~~ of ~~financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current~~U. The amendments affect the presentation of liabilities in the consolidated statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those itemsS. ~~Also,~~dollars) ~~the amendments clarify the classification requirements for debt which may be settled by the company issuing its own equity instruments.~~

~~IFRS~~All 3the assets related to the Port Terminal Business ~~Combinations;~~segment ~~IAS~~are 16located ~~Property,~~in ~~Plant~~Uruguay and ~~Equipment;~~in ~~IAS~~Paraguay. ~~37 Provisions,~~The ~~Contingent~~total ~~Liabilities~~net ~~and~~book ~~Contingent~~value ~~Assets~~of astangible ~~well~~assets for the Port Terminal Business segment amounted to $199,477 and $200,932 as ~~Annual~~of ~~Improvements~~March 31, ~~(Amendments)~~2022 and December 31, 2021, respectively.

~~These~~In ~~amendments~~addition, ~~are~~the ~~effective~~net ~~for~~book ~~annual~~value of intangible assets other than goodwill allocated to the Barge Business segment and to the Cabotage Business segment, ~~periods~~collectively, ~~beginning~~amounted onto or$10,204 ~~after~~and ~~January~~$10,648 as of March 131, 2022 ~~with~~and ~~earlier~~December 31, ~~application~~2021, ~~permitted.~~respectively, ~~The~~while ~~IASB~~the ~~has~~net ~~issued~~book ~~narrow-scope~~value ~~amendments~~of intangible assets allocated to the ~~IFRS~~Port ~~Standards~~Terminal segment amounted to $38,069 and $38,318 as ~~follows:~~of March 31, 2022 and December 31, 2021, respectively.

•Goodwill ~~IFRS~~totaling 3to ~~Business~~$22,142, ~~Combinations~~$40,868 ~~(Amendments)~~and ~~update~~$41,086 ahas ~~reference~~been inallocated ~~IFRS~~to 3the tothree segments, the ~~Conceptual~~Port ~~Framework~~Terminal ~~for~~Business, ~~Financial~~the ~~Reporting~~Barge ~~without~~Business ~~changing~~and the ~~accounting~~Cabotage ~~requirements~~Business, respectively, for ~~business~~all ~~combinations~~periods presented.

•NOTE ~~IAS~~4: ~~16 Property~~REVENUE, ~~Plant~~COST ~~and~~OF ~~Equipment~~SALES ~~(Amendments)~~AND ADMINISTRATIVE ~~prohibit~~EXPENSES a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.

•4.1 ~~IAS~~Disaggregated 37revenue ~~Provisions,~~information Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.

•An ~~Annual~~analysis ~~Improvements make minor amendments to IFRS 1 First-time Adoption~~ of ~~International~~the ~~Financial~~Company’s ~~Reporting~~revenues ~~Standards,~~from ~~IFRS~~contracts 9with ~~Financial~~customers ~~Instruments,~~by ~~IAS~~stream 41of ~~Agriculture~~revenue ~~and~~is ~~the~~presented ~~Illustrative~~below: ~~Examples accompanying IFRS 16 Leases.~~

F-9


	Three month period ended March 31, 2022			Three month period ended March 31, 2021


COA/Voyage revenues	$	19,807		$	17,585
Time chartering revenues non-lease component		4,735			4,516
Dry port terminal revenues		22,817			19,583
Storage fees (dry port) revenues		361			108
Dockage revenues		1,362			598
Sale of products revenues-liquid port terminal		1,894			3,180
Liquid port terminal revenues		1,461			1,232
Other dry port terminal revenue		59			71
Turnover tax-non lease component		(128	)		(78	)

Revenue from contracts with customers	$	52,368		$	46,795
Time chartering revenues lease component	$	6,658		$	6,351
Turnover tax-lease component		(179	)		(110	)

Total revenue	$	58,847		$	53,036

~~NAVIOS~~4.2 ~~SOUTH~~Contract ~~AMERICAN~~balances ~~LOGISTICS INC.~~

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


	March 31, 2022		December 31, 2021
Trade receivable from contract with customers	$	42,823	$	44,026
Contract assets	$	1,932	$	418
Contract liabilities	$	3,808	$	1,473

~~(Expressed~~F-12 ~~in thousands of U.S. dollars)~~

~~The~~NAVIOS ~~amendment~~SOUTH ~~applies,~~AMERICAN ~~retrospectively,~~LOGISTICS ~~to annual reporting periods beginning on or after June 1, 2020~~INC. Earlier application is permitted, including in financial statements not yet authorized for issue at May 28, 2020. IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID-19 pandemic. The amendment provides a practical expedient for the lessee to account for any change in lease payments resulting from the COVID-19 related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification, only if all of the following conditions are met:

•NOTES ~~The~~TO ~~change~~THE inUNAUDITED ~~lease~~CONDENSED ~~payments~~CONSOLIDATED ~~results~~FINANCIAL inSTATEMENTS ~~revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.~~

•(Expressed ~~Any reduction~~ in ~~lease~~thousands ~~payments~~of ~~affects~~U.S. ~~only~~dollars) ~~payments originally due on or before September 30, 2021.~~

•Trade ~~There~~receivables isfrom nocontracts ~~substantive~~with ~~change~~customers torepresent ~~other~~net ~~terms~~amounts receivable from customers in respect of voyage charters, port terminals and ~~conditions~~in respect of time charters for the non-lease (service component) of the receivable. Trade receivable consisted of the following:

(f) Accounting policies and the use of estimates


	March 31, 2022			December 31, 2021
Receivables from third party customers	$	46,244		$	47,301

	46,244			47,301
Allowance for expected credit losses		(3,421	)		(3,275	)

Total trade receivables	$	42,823		$	44,026

~~The~~Movement ~~preparation of the unaudited condensed consolidated financial statements,~~ in ~~accordance with IFRS, requires~~ the ~~use~~allowance offor ~~certain~~expected ~~critical accounting~~credit ~~estimates~~losses ~~and assumptions. It also requires management to exercise its judgment in the process~~ of ~~applying~~trade ~~the~~receivables ~~Company’s~~is ~~accounting~~analyzed policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated financial statements are disclosed where considered necessary. Estimates and judgements are discussed in detail in Note 2(y) in the annual consolidated financial statements for the year ended December 31, 2020. Such estimates and judgments are continuously evaluated and are based on historical experience and other factors, including expectations of future events as ~~assessed~~follows: ~~to be reasonable under the present circumstances.~~

(g) Seasonality




Balance as at January 1, 2022	$	(3,275	)

Allowance for expected credit losses		(146	)

Balance as at March 31, 2022	$	(3,421	)

Certain of the Navios Logistics’ businesses have seasonality aspects, and seasonality affects the results of Navios Logistics’ operations and revenue, particularly in the first and last quarters of each year. Generally, the high season for the Barge Business is the period between February and July as a result of the South American harvest and higher river levels. Any growth in production and transportation of commodities may offset part of this seasonality. Extremely low water levels can adversely affect volumes transported to the extent that water levels are not high enough to accommodate the draft of a heavily laden vessel, in which case a vessel may be only partially loaded, generating lower revenue under agreements where revenue is based on volume of cargo loaded, or such vessels may be prevented entirely from loading and navigating. In addition, low water levels create difficult navigation conditions, causing voyages to last longer, incur increased voyage expenses and reducing the effective available carrying capacity of the vessel for the year. During the South American late spring and summer, mainly from November to January, the low level of water in the northern Hidrovia Waterway could adversely affect Navios Logistics’ operations because the water level is not high enough to accommodate the draft of a heavily laden vessel. Such low levels also adversely impact Navios Logistics’ ability to employ convoys as the water level towards the banks of the river may be too low to permit vessel traffic even if the middle of the river is deep enough to permit passage. With respect to the Dry Port Terminal operations in Uruguay, the high season is mainly from April to September, linked to the arrival of the first barges down the river and with certain vessels’ logistics operations. Navios Logistics’ Liquid Port Terminal operations in Paraguay and its Cabotage Business are not significantly affected by seasonality as the operations of the Liquid Port and Cabotage Business are primarily linked to refined petroleum products.



Balance as at January 1, 2021	$	(2,884	)

Allowance for expected credit losses		(145	)

Balance as at March 31, 2021	$	(3,029	)

~~(h)~~Contract ~~The~~assets ~~recent~~represent ~~global~~amounts ~~outbreak~~from contracts with customers that reflect services transferred to customers for before payment or consideration is due. Specifically, contract assets represent the freight, demurrage, deviation and other amounts receivable from charterers for the completed voyage performance as at the period end. The balances of ~~novel~~contract ~~coronavirus~~assets ~~disease~~vary and ~~(COVID-19)~~depend on ongoing voyage charters at period end.

~~The~~Contract ~~coronavirus~~liabilities orrepresent ~~other~~the ~~epidemics~~performance ordue ~~pandemics~~to ~~could~~a ~~potentially~~customer ~~result~~for inthe ~~delayed~~remaining ~~deliveries~~voyage ofas ~~vessels~~at ~~or port~~the ~~facilities~~period ~~that~~end. ~~the~~This ~~Company~~ may ~~have~~happen ~~under~~in ~~construction, disrupt~~ the ~~Company’s~~case ~~operations~~where ~~and~~the ~~significantly~~customer ~~affect~~has ~~global~~made ~~markets,~~an ~~affecting~~advance ~~the~~payment ~~demand~~before ~~for~~ the ~~Company’s~~completion ~~services,~~of ~~including~~ the ~~demand~~voyage ~~for~~as ~~transportation~~ of ~~petroleum products,~~ the ~~operation~~period ofend ~~its~~date. ~~port~~The ~~terminal~~balances ~~facilities, global demand for commodities, as well as the price~~ of ~~regional~~contract ~~freights~~liabilities ~~and~~vary ~~hires, the Company’s port tariffs,~~ and ~~otherwise~~depend ~~disrupt~~on ~~the~~advance ~~operations~~payments ofreceived ~~the~~at ~~Company’s~~period ~~customers and suppliers~~end.

~~F-10~~4.3 Cost of Sales

~~NAVIOS~~Cost ~~SOUTH~~of ~~AMERICAN~~sales ~~LOGISTICS~~for ~~INC.~~the three month periods ended March 31, 2022 and 2021 were as follows:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


	Three month period ended March 31, 2022		Three month period ended March 31, 2021
Time charter, voyage and port terminal expenses	$	12,594	$	11,337
Direct vessel expenses		15,917		12,705
Cost of products sold-liquid port terminal		1,691		3,041
Depreciation and amortization		8,868		8,288

Total cost of sales	$	39,070	$	35,371

~~(Expressed~~F-13 ~~in thousands of U.S. dollars)~~

~~Any~~NAVIOS ~~prolonged~~SOUTH ~~restrictive~~AMERICAN ~~measures~~LOGISTICS ~~to control the novel coronavirus or other adverse global public health developments may affect the Company’s normal operations~~INC. Many of these measures have further affected the process of construction and repair of vessels, as well as the presence of workers in shipyards, of administrative personnel in their offices, and of seafarers on vessels. Any such measures may have a material and adverse effect on the Company’s business operations and demand for its services generally.

~~NOTE~~NOTES 3:TO ~~SEGMENT~~THE ~~INFORMATION~~UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~Current~~(Expressed ~~accounting guidance establishes standards for reporting information about operating segments~~ in ~~annual~~thousands ~~financial statements and requires reporting~~ of ~~selected information about operating segments in interim financial reports issued to shareholders~~U. Operating segments are components of a company of which separate financial information is available that is regularly evaluated by the chief operating decision makers in deciding how to allocate resources and assess performanceS. ~~Chief~~dollars) operating decision makers use profit to evaluate operating performance of each segment. The guidance also establishes standards for related disclosures about a company’s products and services, geographical areas and major customers. The Company has determined that its reportable segments are those that are based on the Company’s method of internal reporting. Navios Logistics has three reportable segments: Port Terminal Business, Barge Business and Cabotage Business. The Port Terminal Business includes the dry port terminal operations and the liquid port terminal operations. A general description of each segment follows:

~~The~~4.4 ~~Port~~Administrative ~~Terminal~~expenses ~~Business segment~~

~~This~~General ~~segment~~and ~~includes~~administrative ~~the~~expenses ~~operating~~for ~~results~~the ofthree ~~Navios~~month ~~Logistics’~~periods ~~dry~~ended ~~port~~March 31, ~~terminal~~2022 and ~~liquid~~2021 ~~port~~were ~~terminal~~as ~~operations.~~follows:

(i) Dry port terminal operations


	Three month period ended March 31, 2022		Three month period ended March 31, 2021
Payroll and related costs	$	1,398	$	1,375
Professional fees		1,114		1,028
Other expenses		817		679
Depreciation of RoU asset		127		158
Depreciation of tangible assets		130		128

Total	$	3,586	$	3,368

~~Navios~~NOTE ~~Logistics~~5: ~~owns~~TANGIBLE ~~and~~FIXED ~~operates~~ASSETS ~~the~~AND ~~largest~~ASSETS ~~independent~~UNDER ~~bulk~~CONSTRUCTION transfer and storage port terminal facilities in Uruguay based on throughputs. Its dry port terminal operations are comprised of two port terminals, one for agricultural and forest-related exports and one for mineral-related exports which are located in an international tax-free trade zone in the port of Nueva Palmira, Uruguay, at the convergence of the Parana and Uruguay rivers.

~~(ii)~~Tangible ~~Liquid~~assets ~~port terminal operations~~

~~Navios~~Vessels, ~~Logistics~~port ~~owns~~terminals and ~~operates~~other ~~an up-river port terminal with tank storage for refined~~fixed ~~petroleum products~~assets, ~~oil~~net ~~and~~consist ~~gas in San Antonio, Paraguay, approximately 17 miles by river from the capital~~ of ~~Asuncion. Its port terminal is one of~~ the ~~largest~~following: ~~independent storage facilities for crude and petroleum products in Paraguay based on storage capacity.~~

The Barge Business segment


Tanker vessels, barges and pushboats	Cost		Accumulated Depreciation			Net Book Value
Balance January 1, 2022	$	552,135	$	(231,925	)	$	320,210

Additions		1,267		(5,229	)		(3,962	)

Balance March 31, 2022	$	553,402	$	(237,154	)	$	316,248


Deferred dry dock and special survey costs	Cost		Accumulated Depreciation			Net Book Value
Balance January 1, 2022	$	62,255	$	(48,136	)	$	14,119

Additions		531		(1,010	)		(479	)

Balance March 31, 2022	$	62,786	$	(49,146	)	$	13,640


Dry port terminals	Cost		Accumulated Depreciation			Net Book Value
Balance January 1, 2022	$	230,737	$	(48,128	)	$	182,609

Additions		394		(1,809	)		(1,415	)

Balance March 31, 2022	$	231,131	$	(49,937	)	$	181,194


Oil storage plant and port facilities for liquid cargoes	Cost		Accumulated Depreciation			Net Book Value
Balance January 1, 2022	$	31,043	$	(13,433	)	$	17,610

Additions		50		(95	)		(45	)

Balance March 31, 2022	$	31,093	$	(13,528	)	$	17,565


Other fixed assets	Cost		Accumulated Depreciation			Net Book Value
Balance January 1, 2022	$	8,703	$	(6,123	)	$	2,580

Additions		5		(120	)		(115	)

Balance March 31, 2022	$	8,708	$	(6,243	)	$	2,465


Total	Cost		Accumulated Depreciation			Net Book Value
Balance January 1, 2022	$	884,873	$	(347,745	)	$	537,128

Additions		2,247		(8,263	)		(6,016	)

Balance March 31, 2022	$	887,120	$	(356,008	)	$	531,112

~~Navios~~F-14 Logistics services the Argentine, Bolivian, Brazilian, Paraguayan and Uruguayan river transportation markets through its fleet. Navios Logistics operates different types of pushboats and wet and dry barges for delivering a wide range of dry and liquid products between ports in the Parana, Paraguay and Uruguay River systems in South America (the Hidrovia or the “waterway”). Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis.

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

~~The~~Certain ~~Cabotage~~assets ~~Business~~of ~~segment~~the Company have been pledged as collateral for loan facilities. As of March 31, 2022 and December 31, 2021, the net book value of such assets was $115,786 and $118,438, respectively.

Since 2018, Navios Logistics ~~owns~~acquired ~~and~~approximately 9.0 ~~operates~~hectares ~~ocean-going vessels to support the transportation needs~~ of ~~its~~undeveloped ~~customers~~land located in the ~~South~~Port ~~American~~Murtinho ~~coastal~~region ~~trade business. Its fleet consists~~ of ~~six ocean-going product tanker vessels, a river and estuary tanker vessel and a bunker vessel~~Brazil. Navios Logistics ~~contracts~~plans ~~its~~to ~~vessels~~develop ~~either~~this onland afor ~~time~~its ~~charter~~port ~~basis~~operations, orfor on a ~~CoA~~total ~~basis~~cost of $1,580.

~~Inter-segment~~Assets ~~transactions,~~under ifconstruction ~~any, are accounted for at current market prices.~~

~~The~~As ~~following~~of ~~table~~March 31, ~~describes~~2022 ~~the~~and December 31, ~~results~~2021, ofNavios ~~operations~~Logistics ofhad ~~the~~paid ~~three~~$718 ~~segments~~and $713, ~~the~~respectively, ~~Port~~for ~~Terminal~~capitalized ~~Business~~expenses ~~segment,~~for the ~~Barge~~development ~~Business~~of ~~segment and~~its ~~the~~port ~~Cabotage~~operations ~~Business~~in ~~segment~~the ~~for~~Port ~~the~~Murtinho ~~nine~~region of Brazil and ~~three~~is ~~months~~included ~~period~~in ~~ended~~“Assets ~~September 30,~~under ~~2021~~construction” ~~and~~in ~~2020:~~its consolidated statement of financial position.

	Nine month period ended September 30, 2021
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Revenue	$	79,727		$	28,085		$	65,848		$	173,660
Cost of sales		(28,523	)		(26,181	)		(66,443	)		(121,147	)
Gross profit/(loss)	$	51,204		$	1,904		$	(595	)	$	52,513
Administrative expenses		(2,526	)		(1,664	)		(6,593	)		(10,783	)
Other operating income		597			—			562			1,159
Other operating expenses		(2	)		(1,021	)		(2,125	)		(3,148	)
Allowance for expected credit losses on financial assets		(73	)		—			(268	)		(341	)
Operating profit/(loss)	$	49,200		$	(781	)	$	(9,019	)	$	39,400
Finance income		1,690			909			1,997			4,596
Finance costs		(17,020	)		(8,671	)		(19,521	)		(45,212	)
Loss from mark to market and disposal of financial asset		(8,868	)		(4,767	)		(10,514	)		(24,149	)
Foreign exchange differences, net		(60	)		(290	)		2,952			2,602
Profit/(loss) before tax	$	24,942		$	(13,600	)	$	(34,105	)	$	(22,763	)
Income tax expense		—			(3,484	)		(524	)		(4,008	)
Profit/(loss) for the period	$	24,942		$	(17,084	)	$	(34,629	)	$	(26,771	)

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 was transferred to “Tangible assets” in its consolidated statement of financial position of which capitalized interest amounted to $1,062.

	Nine month period ended September 30, 2020
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Revenue	$	81,445		$	36,203		$	56,038		$	173,686
Cost of sales		(34,345	)		(23,348	)		(53,214	)		(110,907	)
Gross profit	$	47,100		$	12,855		$	2,824		$	62,779
Administrative expenses		(2,367	)		(1,558	)		(6,503	)		(10,428	)
Other operating income		4,154			—			643			4,797
Other operating expenses		—			(1,629	)		(1,498	)		(3,127	)
Allowance for expected credit losses on financial assets		(103	)		(164	)		(274	)		(541	)
Operating profit/(loss)	$	48,784		$	9,504		$	(4,808	)	$	53,480
Finance income		2,665			1,469			2,710			6,844
Finance costs		(14,087	)		(5,067	)		(14,888	)		(34,042	)
Foreign exchange differences, net		(362	)		(177	)		84			(455	)
Loss on debt extinguishment		(1,619	)		(892	)		(1,646	)		(4,157	)
Profit/(loss) before tax	$	35,381		$	4,837		$	(18,548	)	$	21,670
Income tax (expense)/benefit		—			(1,724	)		1,522			(202	)
Profit/(loss) for the period	$	35,381		$	3,113		$	(17,026	)	$	21,468

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 was transferred to “Tangible assets” in its consolidated statement of financial position.

~~F-12~~On March 22, 2021, Navios Logistics completed the acquisition of a purchase agreement with an unrelated third party for the acquisition of three pushboats and 18 tank barges (the “2020 Fleet”), for a purchase price of $30,000. As of December 31, 2021, a total of $31,960 was transferred to “Tangible assets” in Navios Logistics’ consolidated statement of financial position.

~~NAVIOS~~During ~~SOUTH~~the ~~AMERICAN~~second quarter ~~LOGISTICS~~of ~~INC~~2021, Navios Logistics completed the installation of a crane in its Grain Port Terminal. As of December 31, 2021, a total of $3,803 was transferred to “Tangible assets” in its consolidated statement of financial position.

~~NOTES~~NOTE TO6: ~~THE~~INTANGIBLES ~~UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Expressed~~Intangible inassets ~~thousands~~other ofthan goodwill ~~U.S. dollars)~~

	Three month period ended September 30, 2021
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Revenue	$	30,388		$	10,504		$	22,389		$	63,281
Cost of sales		(11,894	)		(9,327	)		(23,707	)		(44,928	)
Gross profit/(loss)	$	18,494		$	1,177		$	(1,318	)	$	18,353
Administrative expenses		(882	)		(581	)		(2,291	)		(3,754	)
Other operating income		—			—			85			85
Other operating expenses		(56	)		(381	)		(863	)		(1,300	)
Allowance for expected credit losses on financial assets		—			—			(193	)		(193	)
Operating profit/(loss)	$	17,556		$	215		$	(4,580	)	$	13,191
Finance income		220			117			233			570
Finance costs		(5,719	)		(2,925	)		(6,639	)		(15,283	)
Loss from mark to market and disposal of financial asset		(8,868	)		(4,767	)		(10,514	)		(24,149	)
Foreign exchange differences, net		(127	)		142			892			907
Profit/(loss) before tax	$	3,062		$	(7,218	)	$	(20,608	)	$	(24,764	)
Income tax expense		—			(2,270	)		(1,400	)		(3,670	)
Profit/(loss) for the period	$	3,062		$	(9,488	)	$	(22,008	)	$	(28,434	)

Intangible assets as of March 31, 2022 and December 31, 2021 consisted of the following:

	Three month period ended September 30, 2020
	Acquisition			Accumulated			Net book
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
March 31, 2022	Cost			Amortization			Value
Revenue	$	27,055		$	12,322		$	19,150		$	58,527
Port terminal operating rights	$	53,152		$	(15,083	)	$	38,069
Cost of sales		(10,490	)		(8,017	)		(18,704	)		(37,211	)
Customer relationships		36,120			(25,916	)		10,204
Gross profit	$	16,565		$	4,305		$	446		$	21,316
Total intangible assets	$	89,272		$	(40,999	)	$	48,273
Administrative expenses		(808	)		(526	)		(2,282	)		(3,616	)
Other operating income		4,086			—			265			4,351
Other operating expenses		—			(560	)		(1,036	)		(1,596	)
Allowance for expected credit losses on financial assets		—			—			34			34
Operating profit/(loss)	$	19,843		$	3,219		$	(2,573	)	$	20,489
Finance income		638			1,001			339			1,978
Finance costs		(6,153	)		(2,989	)		(5,956	)		(15,098	)
Foreign exchange differences, net		(104	)		(38	)		(39	)		(181	)
Loss on debt extinguishment		(1,619	)		(892	)		(1,646	)		(4,157	)
Profit/(loss) before tax	$	12,605		$	301		$	(9,875	)	$	3,031
Income tax (expense)/benefit		—			(885	)		480			(405	)
Profit/(loss) for the period	$	12,605		$	(584	)	$	(9,395	)	$	2,626

For the Barge Business segment and for the Cabotage Business segment, the Company’s vessels operate on a regional basis and are not restricted to specific locations. Accordingly, it is not practicable to allocate the assets of these operations to specific locations. The total net book value of long-lived assets for vessels, including constructions in progress, amounted to $358,009 and $335,729, as of September 30, 2021 and December 31, 2020, respectively.


	Acquisition		Accumulated			Net Book
December 31, 2021	Cost		Amortization			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

~~All~~F-15 the assets related to the Port Terminal Business segment are located in Uruguay, Paraguay and Brazil. The total net book value of tangible assets for the Port Terminal Business segment amounted to $202,613 and $203,282 as of September 30, 2021 and December 31, 2020, respectively.

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

InAmortization ~~addition,~~expense ~~the~~for ~~net book value of intangible assets other than goodwill allocated to~~ the ~~Barge~~ ~~Business~~three ~~segment~~month ~~and~~period toended ~~the Cabotage Business segment~~March 31, ~~collectively,~~2022 amounted to $~~11,091~~693 ~~and~~ ($~~12,421~~693 asfor ~~of September 30, 2021 and December 31, 2020, respectively, while~~ the ~~net book value of intangible assets allocated to the Port~~ ~~Terminal~~three ~~segment~~month ~~amounted~~period toended ~~$38,568 and $39,317 as of September~~March ~~30, 2021 and December~~ 31, ~~2020, respectively~~2021).

~~Goodwill~~The ~~totaling to~~aggregate ~~$22,142,~~amortization ~~$40,868~~of ~~and~~acquired ~~$41,086~~intangibles ~~has~~will ~~been~~be ~~allocated~~as tofollows: ~~the three segments, the Port Terminal Business, the Barge Business and the Cabotage Business, respectively, for all periods presented.~~

NOTE 4: REVENUE, COST OF SALES AND ADMINISTRATIVE EXPENSES


Description	Within One Year		Year Two		Year Three		Year Four		Year Five		Thereafter		Total
Port terminal operating rights	$	995	$	995	$	995	$	995	$	995	$	33,094	$	38,069
Customer relationships		1,775		1,775		1,775		1,775		1,775		1,329		10,204

Total	$	2,770	$	2,770	$	2,770	$	2,770	$	2,770	$	34,423	$	48,273

~~4.1~~Goodwill ~~Disaggregated revenue information~~

AnGoodwill resulted ~~analysis~~from ofcertain ~~the~~transactions ~~Company’s~~involving ~~revenue~~Navios ~~from~~Logistics ~~contracts~~and ~~with~~its ~~customers~~Parent. byAs ~~stream~~ of ~~revenue~~March 31, is2022 ~~presented~~and ~~below:~~December 31, 2021, goodwill amounted to $104,096.

	Nine monthperiod endedSeptember 30,2021			Nine monthperiod endedSeptember 30,2020			Three monthperiod endedSeptember 30,2021			Three monthperiod endedSeptember 30,2020
COA/Voyage revenue	$	61,651		$	43,146		$	22,169		$	17,200
Time chartering revenues non-lease component		13,689			20,701			4,557			6,026
Dry port terminal revenue		63,026			55,961			22,101			20,133
Storage fees (dry port) revenue		186			3,029			62			187
Dockage revenue		3,359			3,172			1,479			1,263
Sale of products revenue		8,450			15,425			4,955			4,168
Liquid port terminal revenue		3,944			3,424			1,496			1,157
Other dry port terminal revenue		762			434			295			147
Turnover tax-non lease component		(273	)		(299	)		(100	)		(96	)
Revenue from contracts with customers	$	154,794		$	144,993		$	57,014		$	50,185
Time chartering revenues lease component		19,251		$	29,112			6,410			8,475
Turnover tax-lease component		(385	)		(419	)		(143	)		(133	)
Total revenue	$	173,660		$	173,686		$	63,281		$	58,527

NOTE 7: ISSUED CAPITAL AND RESERVES

~~4.2~~Share ~~Contract balances~~ capital

	September30, 2021		December 31,2020
Trade receivable from contract with customers	$	36,445	$	34,190
Contract assets	$	921	$	906
Contract liabilities	$	486	$	2,011

As of March 31, 2022 and December 31, 2021, the Company has issued 20,000 shares of common stock, with a par value of $1.00.

~~Trade~~Holders ~~receivables~~of ~~from~~each ~~contracts~~share ~~with~~of ~~customers~~common ~~represent~~stock ~~net~~have ~~amounts~~one ~~receivable~~vote ~~from~~for ~~customers~~each inshare ~~respect~~held of ~~voyage~~ ~~charters,~~record ~~port~~on ~~terminals~~all ~~and~~matters insubmitted ~~respect~~to ofa ~~time~~vote ~~charters~~of ~~for~~shareholders. ~~the non-lease (service~~Dividends ~~component)~~on shares of common ~~the~~stock ~~receivable.~~may ~~Trade~~be ~~receivable~~declared ~~consisted~~and ofpaid from funds available to the ~~following:~~Company.

	September30, 2021			December 31,2020
Receivables from other related parties (Note 10)	$	—		$	282
Receivables from third party customers		39,670			36,792
		39,670			37,074
Allowance for expected credit losses		(3,225	)		(2,884	)
Total trade receivables	$	36,445		$	34,190

NOTE 8: INTEREST-BEARING LOANS AND BORROWINGS

FInterest-14bearing loans and borrowings consist of the following:

NAVIOS SOUTH AMERICAN LOGISTICS INC.

March 31,
2022

December 31,
2021

Interest Rate

Maturity

Notes Payable

5,146

4,927

Six-month LIBOR

November 2, 2024 ⁽¹⁾

Seller’s credit for the construction of six liquid barges

2,733

2,676

Fixed rate of 8.5%

November 16, 2025 ⁽²⁾

2022 BBVA Facility

3,724

—

Fixed rate of 4.25%

July 1, 2025

2020 BBVA Facility

—

12,000

Six-month LIBOR plus
3.25%

March 31, 2022

Term Bank loan

1,400

Three-month LIBOR
plus 3.15%

May 18, 2025

Seller’s credit agreement for the acquisition of the 2020 Fleet

9,000

5,000

Fixed rate of 5.00%

March 22, 2024

Santander Facility

1,174

—

Fixed rate of 4.20%

March 7, 2026

Current portion of interest-bearing loans and borrowings

23,177

26,003

2025 Notes

500,000

Fixed rate of 10.75%

July 1, 2025

Notes Payable

6,588

7,536

Six-month LIBOR

November 2, 2024 ⁽¹⁾

Seller’s credit for the construction of six liquid barges

7,885

8,537

Fixed rate of 8.5%

November 16, 2025 ⁽²⁾

2022 BBVA Facility

13,276

—

Fixed rate of 4.25%

July 1, 2025

Term Bank loan

5,950

6,300

Three-month LIBOR
plus 3.15%

May 18, 2025

~~NOTES~~F-16 ~~TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~

~~Movement~~NAVIOS inSOUTH ~~the~~AMERICAN ~~allowance~~LOGISTICS ~~for~~INC. ~~expected credit losses of trade receivables is analyzed as follows:~~

Balance as at January 1, 2021	$	(2,884	)
Allowance for expected credit losses	$	(341	)
Utilized provision	$	—
Balance as at September 30, 2021	$	(3,225	)

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Balance as at January 1, 2020	$	(2,490	)
Allowance for expected credit losses	$	(541	)
Utilized provision	$	345
Balance as at September 30, 2020	$	(2,686	)

(Expressed in thousands of U.S. dollars)

Contract assets represent amounts from contracts with customers that reflect services transferred to customers for before payment or consideration is due. Specifically, contract assets represent the freight, demurrage, deviation and other amounts receivable from charterers for the completed voyage performance as at the period end. The balances of contract assets vary and depend on ongoing voyage charters at period end.


Seller’s credit agreement for the acquisition of the 2020 Fleet		5,000			10,000		Fixed rate of 5.00%	March 22, 2024
Santander Facility		3,826			—		Fixed rate of 4.20%	March 7, 2026

Non-current portion of interest-bearing loans and borrowings		542,525			532,373

Less: deferred finance costs		(15,092	)		(16,026	)

Total interest-bearing loans and borrowings, net	$	550,610		$	542,350

~~Contract~~(1) ~~liabilities~~Includes ~~represent~~32 ~~the~~different ~~performance~~drawdown ~~due~~events toand amaturity ~~customer~~dates ~~for~~are ~~the~~scheduled ~~remaining~~on ~~voyage as at~~ the ~~period~~ ~~end.~~16th ~~This~~and ~~may~~last ~~happen~~semi-annual ininstallments ~~the~~after ~~case where~~ the ~~customer has made an advance payment before the~~ completion of ~~the~~each ~~voyage~~Drawdown ~~as of the period end date~~Event. ~~The balances of contract liabilities vary and depend on advance payments received at period end.~~

~~4.3~~(2) ~~Cost~~Includes six different drawdown events and maturity dates are scheduled on the 20th and last quarterly installments from the drawdown date of ~~Sales~~each individual barge based on the barge’s delivery date.

~~Cost~~2025 ofNotes ~~sales for the three and nine month periods ended September 30, 2021 and 2020 were as follows:~~

	Nine monthperiod endedSeptember 30,2021		Nine monthperiod endedSeptember 30,2020		Three monthperiod endedSeptember 30,2021		Three monthperiod endedSeptember 30,2020
Time charter, voyage and port terminal expenses	$	42,567	$	35,722	$	15,746	$	12,392
Direct vessel expenses		44,638		36,472		15,352		13,303
Cost of products sold - liquid port terminal		8,200		14,614		4,854		3,695
Depreciation and amortization		25,742		24,099		8,976		7,821
Total cost of sales	$	121,147	$	110,907	$	44,928	$	37,211

On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Co-Issuers”) issued $500,000 in aggregate principal amount of senior secured notes due 2025 (“the 2025 Notes”), at a fixed rate of 10.75%. The net proceeds from the offering of the 2025 Notes were used to satisfy and discharge the indenture governing the notes issued on April 22, 2014, and due on May 1, 2022, (the “2022 Notes”), to repay all amounts outstanding under the term loan B facility issued on November 3, 2017, (the “Term Loan B Facility”) and to pay certain fees and expenses related to the offering, with the balance used for general corporate purposes.

4On or after August 1, 2022, the Co-Issuers may redeem some or all of the 2025 Notes at the redemption prices set forth in the indenture governing the 2025 Notes.4 ~~Administrative~~In ~~expenses~~addition, before August 1, 2022, the Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Notes at a price equal to 110.750% of the principal amount of the 2025 Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Notes remains outstanding. Prior to August 1, 2022, the Co-Issuers may also redeem all or a part of the 2025 Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Notes to be redeemed; plus (b) the applicable “make- whole” premium described in the indenture governing the 2025 Notes; plus (c) accrued and unpaid interest, if any, on the 2025 Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of the 2025 Notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Co-Issuers may also redeem all, but not less than all, of the 2025 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 Co-Issuers may be required to offer to purchase 2025 Notes from holders at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any.

~~Administrative~~The ~~expenses~~2025 ~~for~~Notes are senior secured obligations of the Co-Issuers ~~three~~and rank equal in right of payment to all of their existing and ~~nine~~future ~~month~~senior ~~periods~~indebtedness ~~ended~~and ~~September 30~~senior in right of payment to all of their future subordinated indebtedness. The 2025 Notes are fully and unconditionally guaranteed, ~~2021~~jointly and ~~2020~~severally, ~~were~~by asall ~~follows~~of the Company’s direct and indirect subsidiaries, other than Logistics Finance. The 2025 Notes are secured by: (i) first priority ship mortgages on four tanker vessels servicing the Company’s 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 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 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.

	Nine monthperiod endedSeptember 30,2021		Nine monthperiod endedSeptember 30,2020		Three monthperiod endedSeptember 30,2021		Three monthperiod endedSeptember 30,2020
Payroll and related costs	$	4,428	$	3,858	$	1,572	$	1,328
Professional fees		3,275		2,820		1,181		1,029
Other expenses		2,185		2,483		743		744
Depreciation		895		1,267		258		515
Total	$	10,783	$	10,428	$	3,754	$	3,616

F-17

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

~~NOTE~~The 5:indenture ~~TANGIBLE~~governing ~~FIXED~~the ~~ASSETS~~2025 ~~AND~~Notes ~~ASSETS~~contains ~~UNDER~~restrictive ~~CONSTRUCTION~~covenants that limit, among other things, the ability of the 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 affiliates, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Notes also contains customary events of default.

~~Tangible~~As ~~assets~~of March 31, 2022 and December 31, 2021, deferred finance costs associated with the 2025 Notes amounted to $14,998 and $15,927, respectively. Finance costs associated with the 2025 Notes amounted to $13,438 and $13,288 for the three month periods ended March 31, 2022 and 2021, respectively.

~~Vessels, port~~Notes ~~terminals~~Payable ~~and other fixed assets, net consist of the following:~~

Tanker vessels, barges and pushboats	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	522,998	$	(216,983	)	$	306,015
Additions		2,097		(14,897	)		(12,800	)
Transfer from assets under construction		51,461		—			51,461
Balance September 30, 2021	$	576,556	$	(231,880	)	$	344,676
Deferred dry dock and special survey costs	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	55,481	$	(44,014	)	$	11,467
Additions		4,825		(2,959	)		1,866
Balance September 30, 2021	$	60,306	$	(46,973	)	$	13,333
Dry port terminals	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	225,554	$	(41,023	)	$	184,531
Additions		1,334		(5,458	)		(4,124	)
Transfers from assets under construction		3,803		—			3,803
Balance September 30, 2021	$	230,691	$	(46,481	)	$	184,210
Oil storage plant and port facilities for liquid cargoes	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	29,190	$	(13,078	)	$	16,112
Additions		10		(260	)		(250	)
Transfer from assets under construction		1,843		—			1,843
Balance September 30, 2021	$	31,043	$	(13,338	)	$	17,705
Other fixed assets	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	8,318	$	(5,632	)	$	2,686
Additions		323		(416	)		(93	)
Balance September 30, 2021	$	8,641	$	(6,048	)	$	2,593
Total	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	841,541	$	(320,730	)	$	520,811
Additions		8,589		(23,990	)		(15,401	)
Transfer from assets under construction		57,107		—			57,107
Balance September 30, 2021	$	907,237	$	(344,720	)	$	562,517

In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, the Company entered into an unsecured export financing line of credit for a total amount of $41,964, including all related fixed finance costs of $5,949, available in multiple drawings upon the completion of certain milestones (“Drawdown Events”). The Company incurs the obligation for the respective amount drawn by signing promissory notes (“Notes Payable”). Each drawdown is repayable in 16 consecutive semi-annual installments, starting six months after the completion of each Drawdown Event. Together with each Note Payable, the Company shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A. As of March 31, 2022, the Company had drawn the total available amount and the outstanding balance of Notes Payable was $11,734.

~~Certain~~Finance ~~assets~~costs ofassociated with the ~~Company~~Notes ~~have~~Payable ~~been~~amounted ~~pledged~~to as$128 ~~collateral~~and $168 for ~~loan~~the ~~facilities.~~three Asmonth ofperiods ~~September 30, 2021~~ended ~~and December~~March 31, ~~2020,~~2022 ~~the net book value of such assets was $133,042~~ and ~~$101~~2021,~~145,~~ respectively.

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

~~F-16~~On March 25, 2022, the Company entered into a $5,000 loan facility with Banco Santander S.A. (the “Santander Facility”) for general corporate purposes. The 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 March 31, 2022, the Company had drawn the total available amount and the outstanding balance was $5,000.

~~NAVIOS~~On ~~SOUTH~~February 28, ~~AMERICAN~~2020, ~~LOGISTICS~~the ~~INC~~Company entered into a $25,000 loan facility (the “2020 BBVA Facility”) with Banco Bilbao Vizcaya Argentaria (“BBVA”) which was drawn on July 8, 2020. The 2020 BBVA Facility was used to repay existing debt with BBVA, and for general corporate purposes. The 2020 BBVA Facility bore interest at a rate of LIBOR (180 days) plus 325 basis points, was repayable in quarterly installments with final maturity on March 31, 2022 and was secured by assignments of certain receivables.

~~NOTES~~On TOMarch 23, ~~THE~~2022, ~~UNAUDITED~~the ~~CONDENSED~~Company ~~CONSOLIDATED~~entered ~~FINANCIAL~~into ~~STATEMENTS~~a $25,000 loan facility (the “2022 BBVA Facility”) with BBVA. The 2022 BBVA Facility was used to repay existing debt under the 2020 BBVA Facility and for general corporate purposes. The 2022 BBVA Facility bears interest at a rate of 4.25% per annum, is repayable in quarterly installments with final maturity on July 1, 2025 and is secured by assignments of certain receivables. As of March 31, 2022, the Company had drawn a total of $17,000 on the 2022 BBVA Facility and the outstanding balance was $17,000.

On May 18, 2017, the Company entered into a $14,000 term loan facility (~~Expressed~~the “Term Bank Loan”) in ~~thousands~~order to finance the acquisition of Utwo product tankers.S. ~~dollars~~The Term Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and is repayable in twenty quarterly installments with a final balloon payment of $7,000 on the last repayment date. As of March 31, 2022, the outstanding amount of the Term Bank Loan was $7,350. As of March 31, 2022 and December 31, 2021, unamortized deferred finance costs associated with the Term Bank Loan amounted to $94 and $99, respectively. On May 18, 2022, the Company repaid the outstanding balance of the loan.

~~Assets~~F-18 ~~under construction~~

~~During~~NAVIOS ~~the~~SOUTH ~~first~~AMERICAN ~~quarter~~LOGISTICS of 2021, Navios Logistics completed the construction of two new tanks in its liquid port terminal and a total of $1,843 was transferred to “Tangible assets” in its unaudited condensed consolidated statement of financial positionINC. ~~As of December 31, 2020, Navios Logistics had paid $1,285 for the construction of two new tanks in its liquid port terminal.~~

AsNOTES ofTO ~~September 30,~~THE ~~2021,~~UNAUDITED ~~Navios~~CONDENSED ~~Logistics~~CONSOLIDATED ~~had~~FINANCIAL ~~paid~~STATEMENTS ~~$698 for capitalized expenses for the development of its port operations in the Port Murtinho region of Brazil.~~

~~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~~Expressed ~~“2020~~in ~~Fleet”),~~thousands ~~for a purchase price~~ of ~~$30,000~~U. ~~The acquisition was completed on March 22, 2021~~S. Asdollars) ~~of September 30, 2021, a total of $31,960 was transferred to “Tangible assets” in Navios Logistics’ unaudited condensed consolidated statement of financial position.~~

~~During~~On February 28, 2022, the ~~second~~Company ~~quarter~~entered ofinto ~~2021~~a $7,000 ~~Navios~~loan ~~Logistics~~facility ~~completed~~(the “2022 Term Bank Loan”) in order to repay the ~~construction~~Term ofBank aLoan. ~~crane~~The in2022 ~~its~~Term ~~grain~~Bank ~~port~~Loan ~~terminal~~bears ~~and~~interest at a ~~total~~rate of ~~$3,803~~SOFR ~~was transferred~~plus to315 ~~“Tangible~~basis ~~assets”~~points. inThe ~~its~~2022 ~~consolidated~~Term ~~statement~~Bank ofLoan ~~financial~~is ~~position.~~repayable Asin oftwelve ~~December~~quarterly installments beginning on August 3118, ~~2020~~2022, ~~Navios~~with ~~Logistics~~a ~~had~~final balloon ~~paid~~payment of $~~723~~2,800 ~~for~~on the ~~construction~~last ofrepayment adate. ~~crane~~On inMay 18, ~~its~~2022, ~~grain~~the ~~port~~amount ~~terminal~~under this facility was fully drawn.

~~NOTE~~In 6:December ~~INTANGIBLES~~2020, the Company 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 March 31, 2022, the Company had drawn the total available amount and the outstanding balance was $10,618. Finance costs associated with the seller’s credit agreement for the construction of six liquid barges amounted to $229 and $309 for the three month periods ended March 31, 2022 and 2021, respectively.

~~Intangible~~In ~~assets~~the ~~other~~fourth ~~than~~quarter ~~goodwill~~of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of the 2020 Fleet. Navios Logistics completed the acquisition on March 22, 2021, which included a $15,000 seller’s credit agreement. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum. As at March 31, 2022, the outstanding balance was $14,000. Finance cost associated with the seller’s credit agreement for the acquisition of the 2020 Fleet amounted to $109 and $18 for the three month periods ended March 31, 2022 and 2021, respectively.

~~Intangible~~On ~~assets~~April 28, as2022, the Company entered into a five year finance leasing contract for eight liquid barges to be delivered from the fourth quarter of ~~September 30~~2022 till the second quarter of 2023. The finance lease contract is payable by 60 consecutive monthly payments of $26 each, ~~2021~~commencing ~~and~~from ~~December 31~~the delivery of each barge. At expiration, ~~2020~~the ~~consisted~~Company will have the ability to exercise the purchase option of these barges or extend the ~~following:~~finance leasing contract duration.

September 30, 2021	AcquisitionCost		AccumulatedAmortization			Net BookValue
Port terminal operating rights	$	53,152	$	(14,584	)	$	38,568
Customer relationships		36,120		(25,029	)		11,091
Total intangible assets	$	89,272	$	(39,613	)	$	49,659
December 31, 2020	AcquisitionCost		AccumulatedAmortization			Net bookValue
Port terminal operating rights	$	53,152	$	(13,835	)	$	39,317
Customer relationships		36,120		(23,699	)		12,421
Total intangible assets	$	89,272	$	(37,534	)	$	51,738

In connection with the loan obligations described herein and other long-term liabilities, the Company is subject to certain covenants, commitments, limitations and restrictions.

~~Amortization~~The ~~expense~~Company ~~for~~was ~~the~~in ~~three~~compliance ~~and~~with ~~nine~~all ~~month~~covenants ~~periods~~as ~~ended September 30, 2021 amounted to $693 and~~of ~~$2,079, respectively ($693 and $2,079 for the three and nine month periods ended September~~March 3031, ~~2020, respectively)~~2022.

FThe annualized weighted average interest rates of the Company’s total interest-bearing loans and borrowings were 10.17% and 10.05% for the three month periods ended March 31, 2022 and 2021, respectively.

~~NAVIOS~~As ~~SOUTH~~of ~~AMERICAN~~March 31, ~~LOGISTICS~~2022, ~~INC~~an amount of $9,194 ($23,277 as of December 31, 2021) was included under “Trade and other payables” in the Company’s unaudited condensed statement of financial position related to accrued interest from its interest-bearing loans and borrowings.

~~NOTES~~The TOmaturity ~~THE~~table ~~UNAUDITED~~below ~~CONDENSED~~reflects ~~CONSOLIDATED~~future ~~FINANCIAL~~payments ~~STATEMENTS~~of the long-term interest-bearing loans and borrowings and interest outstanding as of March 31, 2022, for the next five years and thereafter, based on the repayment schedule of the respective loan facilities (as described above).

(Expressed in thousands of U.S. dollars)


Year	Amount in thousands of U.S. dollars
March 31, 2023	$	79,811
March 31, 2024		76,060
March 31, 2025		67,081
March 31, 2026		522,947

Total	$	745,899

~~The~~F-19 ~~aggregate amortization of acquired intangibles will be as follows:~~

Description	WithinOneYear		YearTwo		YearThree		YearFour		YearFive		Thereafter		Total
Port terminal operating rights	$	995	$	995	$	995	$	995	$	995	$	33,593	$	38,568
Customer relationships		1,775		1,775		1,775		1,775		1,775		2,216		11,091
Total	$	2,770	$	2,770	$	2,770	$	2,770	$	2,770	$	35,809	$	49,659

~~Goodwill~~NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~Goodwill~~NOTES ~~resulted~~TO ~~from~~THE ~~certain~~UNAUDITED ~~transactions~~CONDENSED ~~during~~CONSOLIDATED ~~the~~FINANCIAL ~~past~~STATEMENTS ~~of Navios Logistics and its Parent. As of September 30, 2021 and December 31, 2020, goodwill amounted to $104,096.~~

~~NOTE~~(Expressed 7:in ~~ISSUED~~thousands ~~CAPITAL~~of ~~AND~~U.S. ~~RESERVES~~dollars)

~~Share~~NOTE ~~capital~~9: LEASES

~~As of September 30, 2021 and December 31, 2020, the~~ Company ~~has~~as ~~issued 20,000 shares of common stock, with~~ a ~~par~~lessee ~~value of $1.00.~~

~~Holders~~The ofCompany ~~each~~has ~~share~~lease ofcontracts ~~common~~for land ~~stock~~and ~~have~~offices ~~one~~used ~~vote~~in ~~for~~its ~~each~~operations. ~~share~~Leases ~~held~~ of ~~record~~land ongenerally ~~all~~have ~~matters~~an ~~submitted~~average tolease aterm ~~vote~~ of ~~shareholders.~~44 ~~Dividends on~~years ~~shares~~with ofextension ~~common~~option ~~stock~~attached, ~~may~~while beoffice ~~declared~~lease ~~and~~agreements ~~paid~~generally ~~from~~have ~~funds~~lease ~~available~~terms tobetween ~~the~~0.2 ~~Company~~and 4.6 years.

~~Distributions~~The Company also has certain leases of offices with lease terms of 12 months or less and leases of photo copy machines with low value. The Company applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

OnSet ~~February 21,~~out ~~2020,~~below are the ~~Company~~carrying ~~declared~~amounts ~~and~~of ~~paid~~right-of-use aassets ~~pro~~recognized ~~rata~~and the ~~dividend~~movements toduring ~~its shareholders in~~ the ~~aggregate~~period: ~~amount of $27,500.~~

On July 10, 2020, the Company declared and paid a pro rata dividend to its shareholders in cash or shares of Navios Holdings in the aggregate amount of $6,381.


	Land			Office buildings			Total right of use assets
Balance as at January 1, 2022	$	6,992		$	1,011		$	8,003

Lease reassessment		539			—			539
Depreciation expense		(42	)		(127	)		(169	)

Balance as at March 31, 2022	$	7,489		$	884		$	8,373

OnAn ~~July 30,~~analysis ~~2021,~~of the ~~Company~~lease ~~declared~~liabilities ~~and~~is ~~paid~~as afollows: ~~pro rata dividend to its shareholders in shares of Grimaud, representing 100% of Navios Logistics’ equity interest in Grimaud.~~

F-18


	2022
At January 1,	$	8,751
Lease reassessment		539
Accretion of interest		181
Payments		(306	)

At March 31,	$	9,165

Current		1,092
Non-current		8,073

~~NAVIOS~~The ~~SOUTH~~maturity ~~AMERICAN~~table ~~LOGISTICS~~of ~~INC.~~the undiscounted cash flows of the lease liabilities is presented below:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Less than 1 year	Between 1 and 5 years		Over 5 years		Total
$ 1,092	$	3,088	$	24,458	$	28,638

~~(Expressed~~The intable ~~thousands~~below presents the components of ~~U.S.~~the ~~dollars)~~Company’s lease expense for the three month periods ended March 31, 2022 and 2021:

NOTE 8: INTEREST-BEARING LOANS AND BORROWINGS


	Three month period ended March 31, 2022		Three month period ended March 31, 2021
Depreciation expense of right-of-use assets	$	169	$	197
Interest expense on lease liabilities		181		161
Expense relating to short-term leases		1,008		1,538

Total	$	1,358	$	1,896

~~Interest~~F-~~bearing~~20 ~~loans and borrowings consist of the following:~~

	September 30,2021			December 31,2020			Interest Rate		Maturity
Notes Payable	$	5,073		$	5,475			Six-month LIBOR		November 2, 2024 (1)
Seller’s credit for the construction of six liquid barges		2,620			1,901			Fixed rate of 8.5%		November 16, 2025 (2)
New BBVA Facility		12,000			14,000			Six-month LIBORplus 3.25%		March 31, 2022
Term Bank loan		8,050			1,400			Three-month LIBORplus 3.15%		May 18, 2022
Seller’s credit agreement for the acquisition of the 2020 Fleet		5,000			—			Fixed rate of 5.00%		March 22, 2024
Loan for Nazira		—			46			Fixed rate of 6.00%		August 10, 2021
Current portion of interest-bearing loans and borrowings		32,743			22,822
2025 Notes		500,000			500,000			Fixed rate of 10.75%		July 1, 2025
Notes Payable		9,080			12,367			Six-month LIBOR		November 2, 2024 (1)
Seller’s credit for the construction of six liquid barges		9,177			9,146			Fixed rate of 8.5%		November 16, 2025 (2)
New BBVA Facility		—			8,000			Six-month LIBORplus 3.25%		March 31, 2022
Term Bank loan		—			7,700			Three-month LIBORplus 3.15%		May 18, 2022
Seller’s credit agreement for the acquisition of the 2020 Fleet		10,000			—			Fixed rate of 5.00%		March 22, 2024
Non-current portion of interest-bearing loans and borrowings		528,257			537,213
Less: deferred finance costs		(16,846	)		(19,444	)
Total interest-bearing loans and borrowings, net	$	544,154		$	540,591

~~(1)~~NAVIOS ~~Includes~~SOUTH 32AMERICAN ~~different~~LOGISTICS ~~drawdown events and maturity dates are scheduled on the 16th and last semi-annual installments after the completion of each Drawdown Event~~INC.

~~(2)~~NOTES ~~Includes~~TO ~~six~~THE ~~different~~UNAUDITED ~~drawdown~~CONDENSED ~~events~~CONSOLIDATED ~~and~~FINANCIAL ~~maturity~~STATEMENTS ~~dates are scheduled on the 20th and last quarterly installments from the drawdown date of each individual barge based on the barge’s delivery date.~~

~~F-19~~(Expressed in thousands of U.S. dollars)

~~NAVIOS~~Company ~~SOUTH~~as ~~AMERICAN~~a ~~LOGISTICS~~lessor ~~INC.~~

~~NOTES~~The TOCompany ~~THE~~through ~~UNAUDITED~~its ~~CONDENSED~~subsidiaries ~~CONSOLIDATED~~entered ~~FINANCIAL~~into ~~STATEMENTS~~time charter agreements with aggregate hire receivables (contracted revenues), comprising lease revenue and service revenue (see Note 4.1). There are no significant variable lease payments in relation to these agreements.

~~(Expressed~~In February 2017, two self-propelled barges of the Company’s fleet, Formosa and San Lorenzo, were sold for a total amount of $1,109, to be paid in ~~thousands~~cash. The sale price will be received in installments in the form of Ulease payments through 2023.S The barges may be transferred at the lessee’s option, at no cost, at the end of the lease period. ~~dollars)~~In October 2021 and November 2021, the Company received the final installments of San Lorenzo and Formosa.

~~2025~~NOTE ~~Notes~~10: RELATED PARTY DISCLOSURES

OnAs July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (“Logistics Finance” and, together with Navios Logistics, the “Co-Issuers”) issued $500,000 in aggregate principal amount of ~~senior secured notes due 2025 (“the 2025 Notes”)~~March 31, ~~at a fixed rate of 10.75%. The net~~ ~~proceeds from the offering of the 2025 Notes were used to satisfy and discharge the indenture governing the~~ 2022 ~~Notes, to repay all amounts outstanding under the Term Loan B Facility~~ and ~~to pay certain fees and expenses related to the offering~~December 31, ~~with~~ ~~the balance used for general corporate purposes. The effect of this transaction was the recognition of a loss of $4~~2021,~~157~~ in the ~~statement~~amounts ofdue ~~income under “Loss on debt extinguishment,” relating~~ to ~~the~~affiliate ~~accelerated~~companies ~~amortization~~were ~~of unamortized~~as ~~deferred~~follows: ~~finance costs.~~

On or after August 1, 2022, the Co-Issuers may redeem some or all of the 2025 Notes at the redemption prices set forth in the indenture governing the 2025 Notes. In addition, before August 1, 2022, the Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Notes at a price equal to 110.750% of the principal amount of the 2025 Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Notes remains outstanding. Prior to August 1, 2022, the Co-Issuers may also redeem all or a part of the 2025 Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Notes to be redeemed; plus (b) the applicable “make-whole” premium described in the indenture governing the 2025 Notes, plus (c) accrued and unpaid interest, if any, on the 2025 Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment dates. The Co-Issuers may also redeem all, but not less than all, of the 2025 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 Co-Issuers may be required to offer to purchase 2025 Notes from holders at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any.


	March 31, 2022			December 31, 2021
Peers Business Inc. (Other related party)	$	(15,000	)	$	(15,000	)
Navios Shipmanagement Inc. (Other related party)		(674	)		(384	)

Total	$	(15,674	)	$	(15,384	)

~~The~~Amounts ~~2025~~due ~~Notes are senior secured obligations of the Co-Issuers and rank equal in right of payment~~ to ~~all~~affiliate ofcompanies ~~their~~do ~~existing~~not ~~and~~accrue ~~future~~interest ~~senior indebtedness~~ and ~~senior~~do innot ~~right~~have ofa ~~payment~~specific todue ~~all~~date offor their ~~future subordinated indebtedness~~settlement. The 2025 Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Company’s direct and indirect subsidiaries, other than Logistics Finance. The 2025 Notes are secured by (i) first priority ship mortgages on four tanker vessels servicing the Company’s 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 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 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~~Navios ~~governing~~Holdings ~~the~~Loan ~~2025~~Agreement: ~~Notes~~On ~~contains~~April 25, ~~restrictive~~2019, ~~covenants~~Navios ~~that~~Logistics ~~limit,~~agreed ~~among~~to ~~other~~lend ~~things~~Navios Holdings $50,000 ~~the~~on ~~ability~~a ofsecured basis (the ~~Co-Issuers and~~ ~~their~~“Navios Holdings ~~restricted~~Loan ~~subsidiaries~~Agreement”) to ~~incur~~be ~~additional~~used ~~indebtedness~~for general corporate purposes, ~~pay~~including ~~dividends~~the ~~and~~repurchase ~~make~~of ~~distributions~~Navios onHoldings’ ~~common~~7.375% ~~and~~First ~~preferred~~Priority ~~stock,~~Ship ~~make~~Mortgage ~~other~~Notes ~~restricted~~due ~~payments,~~2022 ~~make~~(the ~~investments,~~“Navios Holdings 2022 Notes”). The secured credit facility ~~incur~~was ~~liens,~~secured ~~consolidate,~~by ~~merge,~~Navios ~~sell~~Holdings or2022 ~~otherwise~~Notes ~~dispose~~purchased with funds borrowed under the Navios Holdings Loan Agreement. The secured credit facility included an arrangement fee of ~~all~~$500 orand ~~substantially~~initially ~~all~~bore fixed interest of ~~their~~12.75% ~~assets~~for the first year and 14.75% ~~enter~~for ~~into~~the ~~certain~~second ~~transactions~~year. ~~with~~On ~~affiliates~~December 2, in2019, ~~each~~Navios ~~case,~~Logistics ~~subject~~agreed to ~~exclusions,~~increase ~~and~~the ~~other~~amount ~~customary~~available ~~covenants~~under the Navios Holdings Loan Agreement by $20,000. ~~The~~Following ~~indenture~~this ~~governing~~amendment, as a result of the redemption of the 2022 Notes, repayment of the Term Loan B Facility and the issuance of 2025 Notes, ~~also~~(a) the ~~contains~~interest ~~customary~~rate ~~events~~on the Navios Holdings Loan Agreement decreased to 10.0%, and (b) the maturity of ~~default~~the Navios Holdings Loan Agreement was extended to December 2024.

AsOn ofJune ~~September 30~~24, ~~2021~~2020, Navios Logistics entered into a deed of assignment and ~~December 31~~assumption with its wholly owned subsidiary, ~~2020~~Grimaud, ~~deferred~~and ~~finance~~Anemos ~~costs~~Maritime Holdings ~~associated~~Inc. ~~with~~in ~~the~~respect ~~2025~~of ~~Notes~~the ~~amounted~~Navios toHoldings ~~$16~~Loan Agreement,~~832~~ in which Navios Logistics assigned its legal and ~~$19~~beneficial right,~~414,~~ ~~respectively~~title and interest in the Navios Holdings Loan to Grimaud. ~~Finance~~On ~~costs~~June ~~associated~~25, ~~with~~2020, Grimaud agreed to amend the ~~2025~~Navios ~~Notes~~Holdings ~~amounted~~Loan Agreement to ~~$13,438~~amend ~~and~~the ~~$40,163~~interest ~~for~~payment date in respect of the ~~three~~Navios Holdings Loan and ~~nine~~to ~~month~~allow ~~periods~~a ~~ended~~portion ~~September 30~~of the total interest payable in respect of the Navios Holdings Loan to be effected in common shares of Navios Holdings. On July 10, ~~2021~~2020, Navios ~~respectively~~Holdings issued 2,414,263 (shares of common stock to Grimaud and paid Grimaud $126,~~542~~381 ~~for each~~in satisfaction of the ~~three~~interest ~~and~~payable ~~nine~~in ~~month~~respect ~~periods~~of ~~ended~~the ~~September 30,~~Navios ~~2020)~~Holdings Loan Agreement as of that date.

~~F-20~~Effective as of May 2021, and upon the release of certain collateral, the facility bore interest of 13.0% per annum.

~~NAVIOS~~On ~~SOUTH~~June ~~AMERICAN~~30, ~~LOGISTICS~~2021, ~~INC~~Grimaud entered into a supplemental agreement (the “Supplemental Navios Holdings Loan Agreement”) to the Navios Holdings Loan Agreement, whereby Grimaud and Navios Holdings agreed to amend the Navios Holdings Loan Agreement so that the Navios Holdings Loan Agreement could be repaid or prepaid in full through the issuance of shares of common stock of Navios Holdings (the “Shares”) to Grimaud. The effectiveness of the Supplemental Navios Holdings Loan Agreement was subject to, and contingent upon, a prepayment by Navios Holdings of the Navios Holdings Loan Agreement in the amount of $7,500 in cash and the effectiveness of a registration statement of Navios Holdings registering the resale of 9,301,542 Shares, among other conditions. On July 13, 2021, following the

~~NOTES~~F-21 ~~TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~

~~2022~~NAVIOS ~~Notes~~SOUTH AMERICAN LOGISTICS INC.

OnNOTES ~~April 22,~~TO ~~2014,~~THE ~~the Co-Issuers issued~~UNAUDITED ~~$375,000~~CONDENSED inCONSOLIDATED ~~aggregate~~FINANCIAL ~~principal~~STATEMENTS amount of Senior Notes due May 1, 2022 (the “2022 Notes”), at a fixed rate of 7.25%. The 2022 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 Co-Issuers’ 2025 Notes. Following this transaction, the Company recognized a loss of $2,661 in its unaudited condensed consolidated statement of income for the three and nine month periods ended September 30, 2020 under “Loss on debt extinguishment” relating to the accelerated amortization of the unamortized deferred financing costs.

~~Finance~~(Expressed ~~costs~~in ~~associated~~thousands ~~with the 2022 Notes amounted to nil for each~~ of ~~the~~U.S. ~~three and nine month periods ended September 30, 2021, respectively, ($1,133 and $14,727 for the three and nine month periods ended September 30, 2020, respectively~~dollars).

~~Term~~ completion of all conditions precedent, the Shares were transferred to Grimaud and the Navios Holdings Loan BAgreement was repaid in full. Subsequently, Grimaud entered into a 10b-5 sales agreement for the sale of the Shares. As of July 30, 2021, the date on which the shares of Grimaud were distributed as dividend to the shareholders of the Company, Grimaud had sold 752,000 shares of ~~Facility~~common stock of Navios Holdings and generated net proceeds of $3,704.

OnAs ~~November~~of December 331, ~~2017~~2021, ~~Navios Logistics and Logistics Finance, as co-borrowers, completed~~ the ~~issuance of a~~ ~~$100,000~~full ~~Term~~amount ~~Loan~~outstanding Bunder ~~Facility (~~the ~~“Term~~Navios ~~Loan B Facility”). The Term~~Holdings Loan BAgreement ~~Facility~~was ~~bore an interest rate of LIBOR plus 475 basis points and had a four-year term with 1~~repaid.0% ~~amortization~~For ~~per~~the ~~annum.~~three ~~The~~month ~~Term~~period ~~Loan~~ended ~~B Facility was repaid in full on July~~March 831, ~~2020~~2021, atinterest ~~par~~income ~~plus~~related ~~accrued and unpaid interest~~ to the ~~repayment date~~Navios ~~with~~Holdings ~~the~~Loan ~~proceeds of the Co-Issuers’ 2025 Notes.~~Agreement ~~Following~~amounted ~~this~~to ~~transaction, the Company recognized a loss of~~ $1,~~496~~750, inwhich ~~its~~is ~~unaudited~~included ~~condensed consolidated statement of income for the three and nine month periods ended September 30, 2020~~ under “~~Loss~~Finance ~~on debt extinguishment~~income” ~~relating~~in to the ~~accelerated~~unaudited ~~amortization~~condensed statement of ~~the unamortized deferred financing costs~~(loss)/income.

~~Finance~~Administrative ~~costs~~expenses: On ~~associated~~August 29, 2019 Navios Logistics entered into an assignment agreement with Navios Corporation (“NC”) and Navios Shipmanagement Inc. (“NSM”), whereby the ~~Term~~administrative ~~Loan~~services Bagreement ~~Facility~~originally ~~amounted~~entered into between Navios Logistics and Navios Holdings on April 12, 2011, first assigned to ~~nil~~NC ~~for~~on May 28, ~~each~~2014 and subsequently amended on April 6, 2016 and January 1, 2022 (extending the term of the ~~three~~agreement to January 1, 2027), was assigned from NC to NSM. Thereafter NSM will continue to provide certain administrative management services to Navios Logistics. NSM will be reimbursed for reasonable costs and ~~nine~~expenses incurred in connection with the provision of these services. Total administrative expenses charged for the three month ~~periods~~period ended ~~September~~March 3031, 2022 ~~2021,~~amounted ~~respectively~~to ($78286 ~~and~~ ($~~3,162~~286 for the three ~~and nine~~ month ~~periods~~period ended ~~September~~March 3031, ~~2020, respectively~~2021).

~~Notes~~Lodging ~~Payable~~and travel services: Navios Logistics obtains lodging and travel services from Empresa Hotelera Argentina S.A./(NH Lancaster), Divijet S.A., Trace Capital and Pit Jet S.A., all owned by members of the Lopez family, including Claudio Pablo Lopez, Navios Logistics’ Chief Executive Officer and Vice Chairman and Carlos Augusto Lopez, Navios Logistics’ Chief Commercial Officer—Shipping Division, each of whom has no controlling interest in those companies. Total charges were nil for the each of three month periods ended March 31, 2022 and 2021 and amounts payable amounted to nil as of March 31, 2022 and December 31, 2021.

InPromissory ~~connection~~note: ~~with~~On July 30, ~~the purchase of mechanical equipment for the expansion of its dry port terminal~~2021, the Company ~~entered~~issued ~~into an unsecured export financing line of credit for~~ a ~~total amount of~~ $4120,~~964,~~000 ~~including~~promissory ~~all~~note ~~related~~to ~~fixed~~Grimaud. ~~finance~~The ~~costs~~promissory ofnote ~~$5,949,~~is ~~available~~payable in ~~multiple~~four ~~drawings~~semi-annual ~~upon~~equal ~~the~~installments ~~completion~~commencing ofon ~~certain~~August 15, ~~milestones (“Drawdown Events”)~~2021. The Company ~~incurs the~~has ~~obligation for~~ the ~~respective~~ability ~~amount~~to ~~drawn~~defer bypayment ~~signing~~of ~~promissory~~one ~~notes~~of ~~(“Notes~~the ~~Payable”).~~first three ~~Each~~installments ~~drawdown~~subject isto ~~repayable~~certain inconditions. 16On ~~consecutive~~July 30, ~~semi-annual installments~~2021, ~~starting~~Grimaud ~~six~~entered ~~months~~into ~~after~~an ~~the~~assignment ~~completion~~agreement ofwith ~~each~~Peers ~~Drawdown~~Business ~~Event~~Inc. ~~Together with each Note Payable~~(“Peers”), whereby the ~~Company~~promissory ~~shall~~note ~~pay~~was ~~interest~~assigned ~~equal~~ to ~~six-month LIBOR~~Peers. ~~The~~On ~~unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A. As of September~~August 3015, 2021, the first ~~Company~~installment ~~had drawn the total available amount and the outstanding balance of Notes Payable~~ was ~~$14,153~~paid.

~~Finance~~Employment ~~costs~~Agreements—Compensation ~~associated~~of ~~with~~key ~~the Notes~~management ~~Payable~~personnel ~~amounted to $146 and $472 for the three and nine month periods ended September 30, 2021, respectively ($221 and $815 for the three and nine month periods ended September 30, 2020, respectively).~~

~~Other~~The ~~Indebtedness~~Company has executed employment agreements with three key management employees who are noncontrolling shareholders of the Company. These agreements stipulate, among other things, severance and benefit arrangements in the event of termination. In addition, the agreements include confidentiality provisions and covenants not to compete. The employment agreements initially expired in December 31, 2009, but are being renewed automatically for successive one-year periods until either party gives 90 days written notice of its intention to terminate the agreement. Generally, the agreements call for a base salary ranging from $280 to $340 per year, annual bonuses and other incentives, provided certain performance targets are achieved. Under the agreements, the Company accrued compensation of its key management employees totaling $225 and $225 for the three month periods ended March 31, 2022 and 2021, respectively.

OnPursuant ~~February 28,~~to ~~2020,~~ the ~~Company~~assignment agreement ~~entered~~with ~~into~~NC aand ~~$25~~NSM,~~000~~ ~~loan facility (~~the ~~“BBVA~~latter ~~Facility”)~~provides ~~with~~certain ~~BBVA,~~administrative ~~which~~management ~~was~~services ~~drawn~~to ~~on July 8,~~Navios ~~2020.~~Logistics ~~The~~including ~~BBVA~~the ~~Facility~~compensation ~~was~~of ~~used~~its todirectors ~~repay~~and ~~existing~~members ~~debt~~of ~~with~~our ~~BBVA,~~senior ~~and~~management ~~for~~who ~~general~~are ~~corporate~~not ~~purposes.~~employees ~~The~~of ~~BBVA~~the ~~Facility~~Company. ~~bears~~This ~~interest~~compensation atis included ain ~~rate~~the ofgeneral ~~LIBOR~~and ~~(180~~administrative ~~days)~~fees ~~plus~~charged ~~325~~which ~~basis~~amounted ~~points,~~to is$286 ~~repayable~~for inboth ~~quarterly~~three ~~installments~~month ~~with final~~periods ~~maturity~~ended on March 31, 2022 and ~~is secured by assignments of certain receivables. As at September 30,~~ 2021~~, the outstanding balance was $12,000~~.

F-2122

~~NOTES~~NAVIOS TOSOUTH ~~THE~~AMERICAN ~~UNAUDITED~~LOGISTICS ~~CONDENSED~~INC. ~~CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Expressed~~NOTES inTO ~~thousands~~THE ofUNAUDITED ~~U.S.~~CONDENSED ~~dollars)~~CONSOLIDATED FINANCIAL STATEMENTS

~~On May 18, 2017, the Company entered into a $14,000 term loan facility~~ (~~the~~Expressed ~~“Term Bank Loan”)~~ in ~~order~~thousands ~~to finance the acquisition~~ of ~~two product tankers~~U.S. ~~The Term Bank Loan bears interest at a rate of LIBOR (90 days~~dollars) plus 315 basis points and is repayable in twenty quarterly installments with a final balloon payment of $7,000 on the last repayment date. As of September 30, 2021, the outstanding amount of the Term Bank Loan was $8,050. As of September 30, 2021 and December 31, 2020, unamortized deferred financing costs associated with the Term Bank Loan amounted to $14 and $30, respectively. In December 2021, the Company agreed to amend the Term Bank Loan, extending its maturity and amending the repayment schedule. Following the amendment, the $7,000 final balloon payment of the Term Bank Loan which was due on May 18, 2022 is repayable in twelve quarterly installments, beginning on August 18, 2022, with a final balloon payment of $2,800.

InNOTE December 2020, the Company 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 September 30, 2021, the Company had drawn the total available amount and the outstanding balance was $11~~,797.~~: ~~Finance~~FAIR ~~costs~~VALUE ~~associated~~MEASUREMENT with the seller’s credit agreement for the construction of six liquid barges amounted to $254 and $829 for the three and nine month periods ended September 30, 2021, (nil for each of the three and nine month periods ended September 30, 2020).

~~In the fourth quarter of 2020, Navios Logistics entered into a purchase agreement with an unrelated third party for the acquisition of the 2020 Fleet.~~ The ~~acquisition~~following ~~was~~methods ~~completed on March 22, 2021,~~ and ~~the~~assumptions ~~Company~~were ~~entered~~used ~~into~~to aestimate ~~$15,000 seller’s credit agreement for~~ the ~~acquisition~~fair ofvalue ~~the 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate~~ of ~~5.0%~~each ~~per annum~~class ~~and is payable in three equal annual installments~~ of ~~$5,000.~~financial ~~Finance~~instrument: costs associated with the seller’s credit agreement for the acquisition of the 2020 Fleet amounted to $189 and $395 for the three and nine month periods ended September 30, 2021 (nil for each of the three and nine month periods ended September 30, 2020).

InCash ~~connection~~and ~~with~~cash ~~the acquisition~~equivalents: ofThe ~~Hidronave~~carrying ~~S.A.~~amounts onreported ~~October 29,~~in ~~2009,~~ the ~~Company~~consolidated ~~assumed~~balance asheets ~~$817~~for ~~loan~~interest ~~facility~~bearing ~~that~~deposits ~~was~~approximate ~~entered~~their ~~into~~fair byvalue because ~~Hidronave S.A. in 2001, in order to finance the construction~~ of the ~~pushboat~~short ~~Nazira.~~maturity ~~The loan facility bore interest at a fixed rate~~ of ~~600~~these ~~basis points~~investments. ~~In September 2021, this loan was repaid in full.~~

InNotes ~~connection~~Payable: The ~~with~~Notes ~~its~~Payable ~~loan~~are floating rate obligations and ~~other~~their ~~long term~~carrying ~~liabilities,~~amounts ~~the~~approximate ~~Company~~their isfair ~~subject~~value toas ~~certain~~indicated ~~covenants,~~in ~~commitments,~~the ~~limitations~~table ~~and restrictions~~below.

Interest-bearing loans and borrowings: The ~~Company~~book ~~was~~value inhas ~~compliance~~been ~~with~~adjusted to ~~all~~reflect ~~such~~the ~~covenants~~net aspresentation of ~~September 30~~deferred financing costs. The outstanding balance of the floating rate loans continues to approximate their fair value, ~~2021~~excluding the effect of any deferred finance costs. The 2025 Notes, the 2022 BBVA Facility, the Santander Facility, the seller’s credit for the construction of six liquid barges and the 2020 Fleet are fixed rate borrowings and their fair value was determined based on quoted market prices.

The ~~annualized~~estimated ~~weighted~~fair ~~average~~values ~~interest rates~~ of the Company’s ~~total interest-bearing~~financial ~~loans~~instruments ~~and~~are ~~borrowings~~as ~~were~~follows: ~~9.91% and 9.97% for the three and nine month periods ended September 30, 2021, respectively (9.81% and 7.92% for the three and nine month periods ended September 30, 2020, respectively).~~

As of September 30, 2021, an amount of $9,642 million ($26,270 million as of December 31, 2020) was included under “Trade and other payables” in the Company’s statement of financial position related to accrued interest from our interest-bearing loans and borrowings.


	March 31, 2022						December 31, 2021
	Book Value			Fair Value			Book Value			Fair Value
Cash and cash equivalents	$	33,401		$	33,401		$	32,580		$	32,580
2025 Notes	$	(485,002	)	$	(525,520	)	$	(484,073	)	$	(526,710	)
Notes payable, including current portion	$	(11,734	)	$	(11,734	)	$	(12,463	)	$	(12,463	)
Other long-term indebtedness, including current portion	$	(53,874	)	$	(53,874	)	$	(45,814	)	$	(45,814	)

~~F-22~~Fair Value Measurements

~~NAVIOS~~The ~~SOUTH~~estimated ~~AMERICAN~~fair ~~LOGISTICS~~value ~~INC.~~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:

~~NOTES~~Level TOI: ~~THE~~Inputs ~~UNAUDITED~~are ~~CONDENSED~~unadjusted, ~~CONSOLIDATED~~quoted ~~FINANCIAL~~prices ~~STATEMENTS~~for identical assets or liabilities in active markets that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

~~(Expressed~~Level II: Inputs other than quoted prices included in ~~thousands~~Level ofI ~~U.S.~~that ~~dollars)~~are observable for the asset or liability through corroboration with market data at the measurement date.

~~The~~Level ~~maturity~~III: ~~table~~Inputs ~~below~~that ~~reflects~~are ~~future payments of the long-term interest-bearing loans and borrowings and interest outstanding as of September 30, 2021, for the next five years and thereafter~~unobservable.

Year	Amount inthousands ofU.S. dollars
	Fair Value Measurements at March 31, 2022
September 30, 2022	$	88,905
	Total			Level I			Level II			Level III
September 30, 2023		67,677
Cash and cash equivalents	$	33,401		$	33,401		$	—		$	—
September 30, 2024		66,187
2025 Notes	$	(525,520	)	$	(525,520	)	$	—		$	—
September 30, 2025		543,770
Notes payable, including current portion(1)	$	(11,734	)	$	—		$	(11,734	)	$	—
September 30, 2026		550
Other long-term indebtedness, including current portion (1)	$	(53,874	)	$	—		$	(53,874	)	$	—
September 30, 2027 and thereafter		—
Total	$	767,089

~~NOTE~~F-23 ~~9: LEASES~~

~~The Company~~NAVIOS ~~has~~SOUTH ~~lease~~AMERICAN ~~contracts~~LOGISTICS ~~for land and offices used in its operations~~INC. ~~Leases of land generally have an average lease term of 45 years with extension option attached, while office lease agreements generally have lease terms between 0.7 and 5.1 years.~~

~~The~~NOTES ~~Company~~TO ~~also~~THE ~~has~~UNAUDITED ~~certain~~CONDENSED ~~leases~~CONSOLIDATED ofFINANCIAL ~~offices~~STATEMENTS with lease terms of 12 months or less and leases of photo copy machines with low value. The Company applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

~~Set~~(Expressed ~~out~~in ~~below~~thousands ~~are the carrying amounts~~ of ~~right-of-use~~U.S. ~~assets recognized~~dollars) ~~and the movements during the period:~~

	Land			Office buildings			Total right of useassets
	Fair Value Measurements at December 31, 2021
Balance as at January 1, 2021	$	6,780		$	495		$	7,275
	Total			Level I			Level II			Level III
Lease reassessment		369			—			369
Cash and cash equivalents	$	32,580		$	32,580		$	—		$	—
Additions		—			1,046			1,046
2025 Notes	$	(526,710	)	$	(526,710	)	$	—		$	—
Depreciation expense		(118	)		(450	)		(568	)
Notes payable, including current portion(1)	$	(12,463	)	$	—		$	(12,463	)	$	—
Balance as at September 30, 2021	$	7,031		$	1,091		$	8,122
Other long-term indebtedness, including current portion (1)	$	(45,814	)	$	—		$	(45,814	)	$	—

An(1) ~~analysis~~The fair value of the ~~lease~~Company’s ~~liabilities~~debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities as ~~follows:~~well as taking into account our creditworthiness.

	2021
At January 1,	$	7,856
Additions		1,046
Lease reassement		369
Accretion of interest		500
Payments		(949	)
At September 30,	$	8,822
Current	$	1,091
Non-current	$	7,731

There were no changes in valuation techniques during the reporting periods presented, neither there were transfers between levels.

~~F-23~~NOTE 12: (LOSS)/EARNINGS PER SHARE (EPS)

~~NAVIOS~~Basic ~~SOUTH~~and ~~AMERICAN~~diluted ~~LOGISTICS~~net ~~INC~~(loss)/earnings per share are computed using the weighted-average number of common shares outstanding. The computations of basic and diluted (loss)/earnings per share for the periods ended March 31, 2022 and 2021 respectively, are as follows:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


	Three month period ended March 31, 2022			Three month period ended March 31, 2021
(Loss)/Profit attributable to Navios Logistics’ stockholders	$	(381	)	$	2,507

Weighted average number of shares, basic and diluted		20,000			20,000

Net (loss)/earnings per share from continuing operations: Basic and diluted	$	(0.02	)	$	0.13

~~(Expressed~~At inMarch 31, ~~thousands~~2022 ofand ~~U.S.~~2021, ~~dollars~~the Company had no dilutive or potentially dilutive securities, accordingly there is no difference between basic and diluted net (loss)/earnings per share.

~~The~~NOTE ~~maturity~~13: ~~table~~COMMITMENTS ofAND ~~the~~CONTINGENCIES ~~undiscounted cash flows of the lease liabilities is presented below:~~

Less than 1 year		Between 1 and 5 years				Over 5 years				Total
$ 1,092		$	3,125			$	23,150			$	27,367

Legal

~~The~~Navios ~~table~~Logistics ~~below~~has ~~presents~~issued ~~the~~a ~~components~~guarantee ofand indemnity letter that guarantees the ~~Company’s~~performance ~~lease~~by ~~expense~~Petrolera ~~for~~San ~~the~~Antonio ~~three~~S.A. ~~and~~(a ~~nine~~consolidated ~~month periods~~subsidiary) ~~ended~~of ~~September 30~~all its obligations to Vitol S.A. up to $12,000. ~~2021~~This ~~and~~guarantee ~~2020:~~expires on March 1, 2023.

	Nine monthperiod endedSeptember 30,2021		Nine monthperiod endedSeptember 30,2020		Three monthperiod endedSeptember 30,2021		Three monthperiod endedSeptember 30,2020
Depreciation expense of right-of-use assets	$	568	$	594	$	159	$	196
Interest expense on lease liabilities		500		459		178		149
Expense related to short-term leases		4,759		4,979		1,591		1,991
Total	$	5,827	$	6,032	$	1,928	$	2,336

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

In September 2020, the Company agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount to be paid to the Company as a ~~lessor~~result of the settlement of $4,140, which will be collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023. In June 2021, the Company collected the first installment.

~~The~~F-24 Company through its subsidiaries entered into time charter agreements with aggregate hire receivables (contracted revenue), comprising lease revenue and service revenue (see Note 4.1). There are no significant variable lease payments in relation to these agreements.

~~Future~~NAVIOS ~~minimum~~SOUTH ~~collections~~AMERICAN ofLOGISTICS ~~net investment~~INC. ~~in the lease as of September 30, 2021, are as follows:~~

Collections Due by Period	September 30,2021
September 30, 2022	$	167
September 30, 2023		38
September 30, 2024		132
Total future minimum net investment in lease collections		337
Less: amount representing interest		(23	)
Present value of future minimum net investment in lease collections (1)	$	314

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)Expressed ~~Reflected~~ in ~~the~~thousands ~~balance~~of ~~sheet~~U.S. asdollars) ~~net investment in the lease current and non-current.~~

In April 2022, Vale S.A. announced 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 sale includes the full assumption by the buyer of the take-24or-pay logistics contracts, which remain subject to the consent of the applicable counterparties. The Vale port contract entered into between Corporacion Navios S.A., a company controlled by Navios Logistics, and Vale, dated September 27, 2013 remains in full force and effect. Any 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.

~~NAVIOS~~The ~~SOUTH~~Company ~~AMERICAN~~is ~~LOGISTICS~~subject ~~INC~~to legal proceedings, claims and contingencies arising in the ordinary course of business. When such amounts can be estimated and the contingency is probable, management accrues the corresponding liability. While the ultimate outcome of lawsuits or other proceedings against the Company cannot be predicted with certainty, management does not believe the costs, individually or in aggregate of such actions will have a material effect on the Company’s unaudited condensed consolidated financial position, results of operations or cash flows.

~~NOTES~~F-25 ~~TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~

~~NOTE~~SIGNATURES ~~10: RELATED PARTY DISCLOSURES~~

AsPursuant to the requirements of ~~September 30,~~the ~~2021~~Securities ~~and~~Exchange ~~December 31,~~Act ~~2020~~of 1934, ~~amounts~~the ~~due~~registrant (has duly caused this report to~~)/from~~ ~~affiliate~~be ~~companies~~signed ~~were~~on asits ~~follows:~~behalf by the undersigned, thereunto duly authorized.

	September 30,2021			December 31,2020
Date: May 25, 2022			NAVIOS SOUTH AMERICAN LOGISTICS INC.
Navios Holdings (Parent)	$	—		$	75,077
			By:	/s/ Claudio Pablo Lopez
Grimaud (Other related party)		(15,000	)		—
				Claudio Pablo Lopez
Navios Shipmanagement Inc. (Other related party)		(81	)		282
				Chief Executive Officer
Total	$	(15,081	)	$	75,359

Date: December 14, 2021

NAVIOS SOUTH AMERICAN LOGISTICS INC.

/s/ Claudio Pablo Lopez

Claudio Pablo Lopez

Chief Executive Officer

~~The~~EXHIBIT ~~Navios Holdings~~INDEX Loan Agreement: On April 25, 2019, Navios Logistics agreed to lend Navios Holdings $50,000 on a secured basis (the “Navios Holdings Loan Agreement”) to be used for general corporate purposes, including the repurchase of Navios Holdings’ 7.375% First Priority Ship Mortgage Notes due 2022 (the “Navios Holdings 2022 Notes”). The secured credit facility was secured by Navios Holdings 2022 Notes purchased with funds borrowed under the Navios Holdings Loan Agreement. The secured credit facility included an arrangement fee of $500 and initially bore fixed interest of 12.75% for the first year and 14.75% for the second year. On December 2, 2019, Navios Logistics agreed to increase the amount available under the Navios Holdings Loan Agreement by $20,000. Following this amendment, as a result of the redemption of the 2022 Notes, repayment of the Term Loan B Facility and the issuance of 2025 Notes, (a) the interest rate on the Navios Holdings Loan Agreement decreased to 10.0%, and (b) the maturity of the Navios Holdings Loan Agreement was extended to December 2024.

On June 24, 2020, Navios Logistics entered into a deed of assignment and assumption with its wholly-owned subsidiary, Grimaud, and Anemos Maritime Holdings Inc. in respect of the Navios Holdings Loan Agreement, in which Navios Logistics assigned its legal and beneficial right, title and interest in the Navios Holdings Loan to Grimaud. On June 25, 2020, Grimaud agreed to amend the Navios Holdings Loan Agreement to amend the interest payment date in respect of the Navios Holdings Loan and to allow a portion of the total interest payable in respect of the Navios Holdings Loan to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Grimaud and paid Grimaud $6,381 in satisfaction of the interest payable in respect of the Navios Holdings Loan Agreement as of that date.


Exhibit No.		Exhibit

99.1		Supplemental Agreement, dated May 17, 2022, between Navarra Shipping Corporation and Pelayo Shipping Corporation, as borrowers, and Alpha Bank S.A. as the lending bank, in relation to the Loan Agreement dated February 28, 2022 between Navarra Shipping Corporation and Pelayo Shipping Corporation, as borrowers, and Alpha Bank S.A., as the lending bank, for a loan facility of up to $7.0 million.

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, Grimaud entered into a supplemental agreement (the “Supplemental Navios Holdings Loan Agreement”) to the Navios Holdings Loan Agreement, whereby Grimaud and Navios Holdings agreed to amend the Navios Holdings Loan Agreement so that the Navios Holdings Loan Agreement could be repaid or prepaid in full through the issuance of shares of common stock of Navios Holdings (the “Shares”) to Grimaud. The effectiveness of the Supplemental Navios Holdings Loan Agreement was subject to, and contingent upon, a prepayment by Navios Holdings of the Navios Holdings Loan Agreement in the amount of $7,500 in cash and the effectiveness of a registration statement of Navios Holdings registering the resale of 9,301,542 Shares, among other conditions. On July 13, 2021, following the completion of all conditions precedent, the Shares were transferred to Grimaud and the Navios Holdings Loan Agreement was repaid in full. Subsequently, Grimaud entered into a 10b-5 sales agreement for the sale of the Shares. As of July 30, 2021, the date on which the shares of Grimaud were distributed as dividend to the shareholders of the Company, Grimaud had sold 752,000 shares of common stock of Navios Holdings and generated net proceeds of $3,704. Following the July 30, 2021 dividend, the Company recognized a loss of $24,149 in its unaudited condensed consolidated statement of income for the period ended September 30, 2021 under “Loss from mark to market and disposal of financial asset”.

As of September 30, 2021, the full amount was repaid. For the three and nine month periods ended September 30, 2021, interest income related to Navios Holdings Loan Agreement amounted to $329 and $4,230, respectively, ($1,848 and $6,487, respectively, for the three and nine month periods ended September 30, 2020). As of December 31, 2020, an amount of $5,244 was included under “Financial assets at amortized cost (related party)” in Navios Logistics’ consolidated statement of financial position related to accrued interest to be collected from Navios Holdings.

F-25

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

Administrative expenses: On August 29, 2019 Navios Logistics entered into an assignment agreement with Navios Corporation (“NC”) and Navios Shipmanagement Inc. (“NSM”), whereby the administrative services agreement originally entered into between Navios Logistics and Navios Holdings on April 12, 2011, first assigned to NC on May 28, 2014 and subsequently amended on April 6, 2016 (extending the duration of the agreement until December 2021), was assigned from NC to NSM. Thereafter NSM will continue to provide certain administrative management services to Navios Logistics. NSM will be reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Total administrative expenses charged for the three and nine month periods ended September 30, 2021 amounted to $286 and $858, respectively ($286 and $858 for the three and nine month periods ended September 30, 2020, respectively).

Lodging and travel services: Navios Logistics obtains lodging and travel services from Empresa Hotelera Argentina S.A./(NH Lancaster), Divijet S.A., Trace Capital and Pit Jet S.A., all owned by members of the Lopez family, including Claudio Pablo Lopez, Navios Logistics’ Chief Executive Officer and Vice Chairman and Carlos Augusto Lopez, Navios Logistics’ Chief Commercial Officer—Shipping Division, each of whom has no controlling interest in those companies. Total charges were nil for each of the three and nine month periods ended September 30, 2021 (nil and $7 for the three and nine month periods ended September 30, 2020, respectively), and amounts payable amounted to $1 as of September 30, 2021 and less than $1 as of December 31, 2020.

Promissory note: On July 30, 2021, the Company issued a $20,000 promissory note to Grimaud. The promissory note is payable in four semi-annual equal installments commencing on August 15, 2021. The Company has the ability to defer payment of one of the first three installments subject to certain conditions. On August 15, 2021, the first installment was paid.

Employment Agreements - Compensation of key management personnel

The Company has executed employment agreements with three key management employees who are noncontrolling shareholders of the Company. These agreements stipulate, among other things, severance and benefit arrangements in the event of termination. In addition, the agreements include confidentiality provisions and covenants not to compete. The employment agreements initially expired in December 31, 2009, but are being renewed automatically for successive one-year periods until either party gives 90 days written notice of its intention to terminate the agreement. Generally, the agreements call for a base salary ranging from $280 to $340 per year, annual bonuses and other incentives, provided certain performance targets are achieved. Under the agreements, the Company accrued compensation expense relating to its key management employees totaling $225 and $675 for the three and nine month periods ended September 30, 2021 and 2020, respectively.

Pursuant to the assignment agreement with NC and NSM, the latter provides certain administrative management services to Navios Logistics including the compensation of its directors and members of the Company’s senior management who are not employees of the Company. This compensation is included in the administrative expenses charged which amounted to $286 and $858 for both three and nine month periods ended September 30, 2021 and 2020.

F-26

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

NOTE 11: FAIR VALUE MEASUREMENT

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

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

Net Investment in the Lease: The carrying amount of the net investment in the Lease approximates its fair value.

Intercompany receivable loan from parent (related party), net: The carrying amount of the intercompany receivable loan from parent (related party), net, approximates its fair value, excluding the effect of any deferred finance income.

Notes Payable: The Notes Payable are floating rate obligations and their carrying amounts approximate their fair value as indicated in the table below

Interest-bearing loans and borrowings: The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate their fair value, excluding the effect of any deferred finance costs. The 2025 Notes, the seller’s credit for the construction of six liquid barges and the 2020 Fleet are fixed rate borrowings and their fair value was determined based on quoted market prices.

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

	September 30, 2021						December 31, 2020
	Book Value			Fair Value			Book Value			Fair Value
Cash and cash equivalents	$	31,931		$	31,931		$	74,870		$	74,870
Net investment in the lease	$	314		$	314		$	300		$	300
Intercompany receivable loan from parent (related party), net	$	—		$	—		$	69,833		$	69,833
2025 Notes	$	(483,168	)	$	(542,070	)	$	(480,586	)	$	(542,380	)
Notes payable, including current portion	$	(14,153	)	$	(14,153	)	$	(17,842	)	$	(17,842	)
Other long-term indebtedness, including current portion	$	(46,833	)	$	(46,833	)	$	(42,163	)	$	(42,163	)

Fair Value Measurements

The estimated fair value of the Company’s 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.

F-27

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

	Fair Value Measurements at September 30, 2021
	Total			Level I			Level II			Level III
Cash and cash equivalents	$	31,931		$	31,931		$	—		$	—
Net investment in the lease	$	314		$	314		$	—		$	—
2025 Notes	$	(542,070	)	$	(542,070	)	$	—		$	—
Notes payable, including current portion(1)	$	(14,153	)	$	—		$	(14,153	)	$	—
Other long-term indebtedness, including current portion (1)	$	(46,833	)	$	—		$	(46,833	)	$	—

	Fair Value Measurements at December 31, 2020
	Total			Level I			Level II			Level III
Cash and cash equivalents	$	74,870		$	74,870		$	—		$	—
Net investment in the lease	$	300		$	300		$	—		$	—
Intercompany receivable loan from parent (related party), net	$	69,833		$	—		$	69,833		$	—
2025 Notes	$	(542,380	)	$	(542,380	)	$	—		$	—
Notes payable, including current portion(1)	$	(17,842	)	$	—		$	(17,842	)	$	—
Other long-term indebtedness, including current portion (1)	$	(42,163	)	$	—		$	(42,163	)	$	—

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

Fair value of collaterals under intercompany receivable loan from parent (related party):

The fair value of the collateral under intercompany receivable loan from parent (related party) was determined based on quoted market prices for Navios Holding 2020 notes (Level I under fair value hierarchy) and third parties valuation reports (Level II under fair value hierarchy) resulting in a total amount of $99,854 as of December 31, 2020. As of September 30, 2021, the Navios Holdings Loan Agreement was repaid in full.

There were no changes in valuation techniques during the reporting periods presented, neither there were transfers between levels.

NOTE 12: EARNINGS PER SHARE (EPS)

Basic and diluted net earnings per share are computed using the weighted-average number of common shares outstanding. The computations of basic and diluted earnings per share for the periods ended September 30, 2021 and 2020 respectively, are as follows:

	Nine monthperiod endedSeptember 30,2021			Nine monthperiod endedSeptember 31,2020
(Loss)/profit attributable to Navios Logistics’ stockholders	$	(26,771	)	$	21,468
Weighted average number of shares, basic and diluted		20,000			20,000
Net (loss)/earnings per share from continuing operations: Basic and diluted	$	(1.34	)	$	1.07

F-28

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

At September 30, 2021 and 2020, the Company had no dilutive or potentially dilutive securities, accordingly there is no difference between basic and diluted net earnings per share.

NOTE 13: COMMITMENTS AND CONTINGENCIES

Legal

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

In September 2020, the Company agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount to be paid to the Company as a result of the settlement of $4,140, which will be collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023. In June 2021, the Company collected the first installment.

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

F-29

NAVIOS SOUTH AMERICAN LOGISTICS INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Filing Compare · Navios South American Logistics Inc.