~~Table~~UNITED ofSTATES ~~Contents~~

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

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

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

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

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

~~PURSUANT~~OF TOTHE ~~RULE~~SECURITIES ~~13a-16~~EXCHANGE ~~OR 15d-16~~ACT OF 1934

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

~~Dated:~~Commission ~~September~~File No. ~~10,~~333-179250 ~~2021~~

~~Commission~~NAVIOS ~~File~~SOUTH NoAMERICAN LOGISTICS INC. ~~333-179250~~

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

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

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

~~Montevideo,~~(Address ~~Uruguay~~of Principal Executive Offices)

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

~~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 20 6-~~F ☒ Form~~K 40in paper as permitted by Regulation S-~~F ☐~~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)(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)(7):

~~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 ☒~~ Operating and Financial Review and Prospects

~~Table~~The following is a discussion of ~~Contents~~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.

~~Operating~~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 ~~Financial~~industry ~~Review~~prospects or future results of operations or financial position, and ~~Prospects~~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) 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.

~~The~~Overview 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 six month periods ended June 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.

~~This~~General 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; and (v) 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.

~~Recent~~Navios ~~Developments~~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”).

OnPorts July 30, 2021, Navios Logistics 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.

~~Overview~~We own three port storage and transfer facilities, one grain terminal, which supports agricultural and forest-related exports (the “Grain Terminal”), one iron ore terminal, which supports mineral-related exports both located in Nueva Palmira Free Zone, Uruguay (the “Iron Ore Terminal” and together with the Grain Terminal, the “Dry Port Terminals”) and one liquid port terminal, with tank storage for refined petroleum products in San Antonio, Paraguay (the “Liquid Port Terminal”). Our port facilities in Nueva Palmira have a total static storage capacity for grains of 460,000 metric tons, and a stockpile capacity of 700,000 tons for mineral ores. Our port facility in San Antonio has a total static storage capacity of 65,660 cubic meters.

~~General~~1

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

WeThe ~~own~~following ~~three~~is ~~port storage and transfer facilities, one grain terminal, which supports agricultural and forest-related exports (~~the ~~“Grain~~current ~~Terminal”),~~core ~~one~~fleet ~~iron~~as ore terminal, which supports mineral-related exports both located in Nueva Palmira Free Zone, Uruguay (the “Iron Ore Terminal” and together with the Grain Terminal, the “Dry Port Terminals”) and one liquid port terminal, with tank storage for refined petroleum products in San Antonio, Paraguay (the “Liquid Port Terminal”). Our port facilities in Nueva Palmira have a total static storage capacity for grains of ~~460~~December 14,~~000~~ ~~metric~~2021: ~~tons, and a stockpile capacity of 700,000 tons for mineral ores. Our port facility in San Antonio has a total static storage capacity of 65,660 cubic meters.~~

1Navios Logistics Fleet Summary (owned)


Pushboats/ Barges/ Inland Oil Tankers Fleet	Number of Vessels		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

Fleet


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

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

~~The~~We ~~following~~continually ismonitor developments in the ~~current~~shipping ~~core~~industry ~~fleet~~and make decisions based on an individual vessel and segment basis, as well as on our view of ~~September 10~~overall market conditions, ~~2021:~~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.

Factors Affecting Navios Logistics’ ~~Fleet~~Results ~~Summary~~of ~~(owned)~~Operations

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

For further 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.

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

Contract Rates

~~Chartering~~The ~~Arrangements~~shipping and logistics industry has been highly volatile in the recent past. In order to maximize the utilization of our 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.

We2 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.

~~Factors~~Weather ~~Affecting~~Conditions ~~Navios Logistics’ Results of Operations~~

~~For~~As ~~further~~we ~~discussion~~specialize onin ~~factors~~the ~~affecting~~transportation ~~our~~and ~~results~~storage of ~~operations,~~liquid ~~see~~cargoes ~~also~~and ~~“Item~~dry 3.bulk ~~Key~~cargoes ~~Information~~along —the ~~D. Risk~~Hidrovia, ~~Factors” included~~any inchanges adversely affecting the ~~2020~~region, ~~Form~~such ~~20-F~~as low water levels, could reduce or limit our ability to effectively transport cargo. ~~For~~In ~~information~~2020 ~~regarding~~and ~~governmental~~2021, ~~economic,~~navigation ~~fiscal,~~conditions ~~monetary~~in orthe ~~political~~Hidrovia ~~policies~~have ~~that~~been ~~could~~difficult ~~materially~~due ~~affect~~to ~~our~~low ~~operations~~water levels, ~~see~~adversely ~~“Item~~affecting 3.our ~~Key~~performance ~~Information —~~as ~~D. Risk~~barges ~~Factors~~have —limited ~~Risks~~capacity ~~Relating~~in reduced drafts and trips are taking longer to ~~Argentina”~~be completed, ~~“Item~~increasing 3voyage expenses. ~~Key~~Droughts ~~Information~~and —other ~~D. Risk~~adverse ~~Factors~~weather —conditions, ~~Risks~~including ~~Relating~~any topossible ~~Uruguayan~~effects ~~Free~~of ~~Zone~~climate ~~Regulation”~~change, ~~and~~could ~~“Item~~result 3.in ~~Key~~a ~~Information~~decline —in production ~~D. Risk~~of ~~Factors —~~the ~~Other~~agricultural ~~Risks~~products ~~Relating~~Navios toLogistics ~~the~~transports ~~Countries~~and instores, ~~which~~and Wethis ~~Operate”~~could result in ~~the~~a ~~2020~~reduction ~~Form~~in ~~20-F~~demand for its services.

2Foreign Currency Transactions

~~Table~~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 pesos, Argentine pesos, Brazilian reais and Paraguayan guaranies. 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 ~~Contents~~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.

~~Contract~~Our ~~Rates~~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~~Inflation ~~shipping~~ and ~~logistics industry has been highly volatile in the recent past. In order to maximize the utilization of our fleet and storage~~Fuel ~~capacity,~~Price weIncreases 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.

~~Weather~~The ~~Conditions~~impact of 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.

AsSeasonality we specialize in the transportation and storage of liquid cargoes and dry bulk cargoes along the Hidrovia, any changes adversely affecting the region, such as low water levels, could reduce or limit our ability to effectively transport cargo. In 2020 and 2021, navigation conditions in the Hidrovia have been difficult due to low water levels, adversely affecting our performance as barges have limited capacity in reduced drafts and trips are taking longer to be completed, increasing voyage expenses. Droughts and other adverse weather conditions, including any possible effects of climate change, could result in a decline in production of the agricultural products Navios Logistics transports and stores, and this could result in a reduction in demand for its services.

~~Foreign~~Certain ~~Currency~~of ~~Transactions~~our 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. During the South American late spring and summer, mainly from November to January, the low level of water in the northern Hidrovia 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 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 and with the oceangoing vessels’ logistics operations. 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.

~~Our~~Statement ~~operating~~of Operations ~~results,~~Breakdown ~~which are reported in U.S. dollars, may be affected~~ by ~~fluctuations~~Segments in the exchange rate between the U.S. dollar and the Uruguayan pesos, Argentine pesos, Brazilian reais and Paraguayan guaranies. 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.

~~Our~~We ~~subsidiaries~~report inour ~~Uruguay,~~operations ~~Argentina~~based on three reportable segments: Port Terminal Business, ~~Brazil~~Barge Business and ~~Paraguay~~Cabotage ~~transact~~Business. ~~their~~The ~~operations~~Port inTerminal ~~either~~Business ~~U.S.~~segment ~~dollars~~includes ~~or Uruguayan pesos,~~the ~~Argentine pesos,~~operating ~~Brazilian reais~~ results of our Dry Port Terminals and ~~Paraguayan guaranies,~~Liquid ~~respectively;~~Port ~~however,~~Terminal ~~the~~operations. ~~subsidiaries’~~Our ~~primary~~Dry ~~cash~~Port ~~flows~~Terminals are incomprised ~~U.S.~~of ~~dollars. Transactions~~our inGrain ~~currencies~~Terminal ~~other~~and ~~than~~our ~~the~~Iron ~~functional~~Ore ~~currency~~Terminal, each of which are ~~translated~~located atin ~~the~~an ~~exchange~~international tax-free trade ~~rate~~zone in ~~effect~~the port of Nueva Palmira, Uruguay, at the ~~date~~convergence of ~~each~~the ~~transaction.~~Parana ~~Differences~~and inUruguay ~~exchange~~rivers. ~~rates~~Our ~~during~~Liquid ~~the~~Port ~~period~~Terminal ~~between~~is ~~the~~an up-river port ~~date~~terminal awith ~~transaction~~tank ~~denominated~~storage infor arefined ~~foreign currency~~petroleum isproducts ~~consummated~~ and ~~the~~oil ~~date~~and ongas ~~which~~in itSan isAntonio, ~~either~~Paraguay, ~~settled~~approximately or17 ~~translated~~miles ~~are~~by ~~recognized~~river infrom the ~~statement~~capital, ~~of income~~Asunción.

~~Inflation~~3 ~~and Fuel Price Increases~~

~~The~~Period ~~impact~~over ofPeriod ~~inflation~~Comparisons 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~~The following table presents consolidated revenue 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.

Certain of our 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. During the South American late spring and summer, mainly from November to January, the low level of water in the northern Hidrovia 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 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 and with the oceangoing vessels’ logistics operations. 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.


*(Expressed in thousands of U.S. dollars-except other operating data)*	Three month period ended September 30, 2021 (unaudited)			Three month period ended September 30, 2020 (unaudited)			Nine month period ended September 30, 2021 (unaudited)			Nine month period ended September 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

~~Statement~~4 ~~of Operations Breakdown by Segments~~

WeFor ~~report~~the ~~our operations based on~~ three ~~reportable~~month ~~segments:~~period ~~Port~~ended ~~Terminal Business~~September 30, ~~Barge~~2021 ~~Business and~~compared ~~Cabotage~~to ~~Business. The Port Terminal Business segment includes~~ the ~~operating~~three ~~results~~month ofperiod ~~our Dry Port Terminals and Liquid Port Terminal operations. Our Dry Port Terminals are comprised of our Grain Terminal and our Iron Ore Terminal, each of~~ended ~~which are located in an international~~September ~~tax-free trade zone in the port of Nueva Palmira~~30, ~~Uruguay,~~2020 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.

3Revenue

~~Table~~The offollowing ~~Contents~~table presents our revenues for the three month periods ended September 30, 2021 and 2020:

Period over Period Comparisons


	Three month period ended September 30, 2021											Three month period ended September 30, 2020
	Port Terminal Business (unaudited)		Cabotage Business (unaudited)			Barge Business (unaudited)			Total			Port Terminal Business (unaudited)		Cabotage Business (unaudited)			Barge Business (unaudited)			Total
Time chartering revenue	$	—	$	8,632		$	2,335		$	10,967		$	—	$	12,525		$	1,976		$	14,501
CoA/Voyage revenue		—		2,047			20,122			22,169			—		—			17,200			17,200
Port terminal revenue		25,433		—			—			25,433			22,887		—			—			22,887
Turnover tax		—		(175	)		(68	)		(243	)		—		(203	)		(26	)		(229	)

Time charter, voyage and port terminal revenues	$	25,433	$	10,504		$	22,389		$	58,326		$	22,887	$	12,322		$	19,150		$	54,359

Sale of Products-Liquid Port Terminal	$	4,955		—			—		$	4,955		$	4,168		—			—		$	4,168

Total Revenue	$	30,388	$	10,504		$	22,389		$	63,281		$	27,055	$	12,322		$	19,150		$	58,527

~~The~~Time ~~following~~Charter, ~~table~~Voyage ~~presents~~and ~~consolidated~~Port ~~revenue~~Terminal Revenues: For the three month period ended September 30, 2021, Navios Logistics’ time charter, voyage and ~~expense~~port ~~information~~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 ~~and~~month ~~six~~period ended September 30, 2021, as compared to $19.2 million for the same period during 2020. For the three month ~~periods~~period ended ~~June~~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. ~~This~~Revenue ~~information~~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 ~~derived~~mainly attributable to revenues from ~~Navios~~minimum ~~Logistics’~~guarantee ~~unaudited~~contracts ~~condensed~~in ~~consolidated~~the ~~financial~~grain ~~statements~~port terminal. Revenue from the Cabotage Business decreased by $1.8 million or 14.8% to $10.5 million for the ~~respective~~three ~~periods~~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.

(Expressed in thousands of U.S. dollars-except other operating data)	Three monthperiod endedJune 30, 2021(unaudited)			Three monthperiod endedJune 30, 2020(unaudited)			Six monthperiod endedJune 30, 2021(unaudited)			Six monthperiod endedJune 30, 2020(unaudited)
Revenue	$	57,343		$	58,605		$	110,378		$	115,159
Cost of sales		(40,847	)		(35,669	)		(76,218	)		(73,696	)
Gross profit		16,496			22,936			34,160			41,463
Administrative expenses		(3,662	)		(3,444	)		(7,030	)		(6,812	)
Other operating income		430			165			1,137			446
Other operating expenses		(1,013	)		(369	)		(1,912	)		(1,531	)
Allowance for expected credit losses on financial assets		(3	)		(167	)		(148	)		(575	)
Operating profit		12,248			19,121			26,207			32,991
Finance income		2,220			2,547			4,026			4,866
Finance costs		(15,372	)		(9,498	)		(29,928	)		(18,944	)
Foreign exchange differences, net		618			(321	)		1,695			(274	)
(Loss)/Profit before tax		(286	)		11,849			2,000			18,639
Income tax (expense)/benefit		(557	)		80			(337	)		203
(Loss)/Profit for the period	$	(843	)	$	11,929		$	1,663		$	18,842
Other Operating Data
Grain Port-tons of cargo moved		797,988			947,029			1,380,889			1,141,057
Iron ore Port-tons of cargo moved		349,104			475,144			465,446			767,671
Liquid Port—cubic meters of stored liquid cargos		128,969			92,497			237,006			194,339
Liquid Port—cubic meters of sales of products		500			6,688			5,064			18,588
Barge—cubic meters of liquid cargos		167,397			91,205			279,688			169,615
Barge—dry cargo tons		371,385			521,783			765,853			980,550
Cabotage—cubic meters of liquid cargos		409,061			418,635			900,600			938,717
Cabotage—available days		728			728			1,448			1,430
Cabotage—operating days		518			696			1,045			1,315
Revenues per Segment
Port Business	$	24,567		$	28,043		$	49,339		$	54,390
Revenue—grain port	$	8,932		$	10,420		$	16,002		$	12,631
Revenue—iron ore port	$	14,104		$	12,943		$	27,394		$	28,235
Revenue—liquid port	$	1,216		$	1,271		$	2,448		$	2,267
Sales of products—liquid port	$	315		$	3,409		$	3,495		$	11,257
Barge Business	$	24,672		$	18,048		$	43,458		$	36,888
Cabotage Business	$	8,104		$	12,514		$	17,581		$	23,881

Sales 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.

4Cost of Sales

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

For the three month period ended June 30, 2021 compared to the three month period ended June 30, 2020


	Three month period ended September 30, 2021								Three month period ended September 30, 2020
	Port Terminal Business (unaudited)		Cabotage Business (unaudited)		Barge Business (unaudited)		Total		Port Terminal Business (unaudited)		Cabotage Business (unaudited)		Barge Business (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

~~Revenue~~5

~~The~~Time ~~following~~Charter, ~~table~~Voyage ~~presents~~and ~~our~~Port ~~revenues~~Terminal Expenses: Time charter, voyage and port terminal expenses increased by $3.3 million or 27.1% to $15.7 million for the three month ~~periods~~period ended ~~June~~September 30, 2021, as compared to $12.4 million for the same period during 2020. Time charter and voyage expenses of the Barge Business increased by $2.7 million or 36.5% to $10.0 million for the three month period ended September 30, 2021, as compared to $7.3 million for the same period during 2020:, mainly due to more spot voyages performed for liquid cargo. Time charter and voyage expenses of the Cabotage Business increased by $0.5 million to $0.9 million for the three month period ended September 30, 2021, as compared to $0.4 million for the same period during 2020. Port terminal expenses increased by $0.2 million or 3.4% to $4.9 million for the three month period ended September 30, 2021, as compared to $4.7 million for the same period during 2020.

	Three month period ended June 30, 2021											Three month period ended June 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total(unaudited)			PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total(unaudited)
Time chartering revenue	$	—	$	8,115		$	2,991		$	11,106		$	—	$	12,207		$	4,079		$	16,286
CoA/Voyage revenue		—		138			21,759			21,897			—		518			13,978			14,496
Port terminal revenue		24,252		—			—			24,252			24,634		—			—			24,634
Turnover tax		—		(149	)		(78	)		(227	)		—		(211	)		(9	)		(220	)
Time charter, voyage and port terminal revenues	$	24,252	$	8,104		$	24,672		$	57,028		$	24,634	$	12,514		$	18,048		$	55,196
Sale of Products-Liquid Port Terminal	$	315		—			—		$	315		$	3,409		—			—		$	3,409
Total Revenue	$	24,567	$	8,104		$	24,672		$	57,343		$	28,043	$	12,514		$	18,048		$	58,605

Direct Vessel Expenses: Direct vessel expenses increased by $2.1 million or 15.4% to $15.4 million for the three month period ended September 30, 2021, as compared to $13.3 million for the same period during 2020. Direct vessel expenses of the Barge Business increased by $1.3 million or 18.6% to $8.3 million for the three month period ended September 30, 2021, as compared to $7.0 million for the same period during 2020. The increase was mainly attributable to the increased utilization of our convoys to service the demand of the COA/voyage market. Direct vessel expenses of the Cabotage Business increased by $0.7 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.

~~Time~~Cost ~~Charter,~~of ~~Voyage~~Products ~~and~~Sold- Liquid Port Terminal ~~Revenues~~: For the three month period ended ~~June~~September 30, 2021, Navios Logistics’ ~~time~~cost ~~charter,~~of ~~voyage~~products ~~and~~sold ~~port terminal revenues~~ increased by $1.~~8 million or 3.3% to $57.0 million, as compared to $55.~~2 million ~~for the same period during 2020. Revenue from the Barge Business increased by $6.7 million~~ or 3631.74% to $244.79 million ~~for the three month period ended June 30~~, ~~2021,~~ as compared to $183.~~0 million for the same period during 2020. For the three month period ended June 30, 2021, CoA/voyage revenues increased by $~~7.8 million ~~to $21.8 million, as compared to $14.0 million~~ for the ~~same period in 2020, related to higher liquid cargo moved, partially mitigated by a $1.1 million or 26.7% decreased in time charter revenues to~~ ~~$3.0 million, as compared to $4.1 million for the~~ same period in 2020, mainly due to a decrease in time charter rates. Revenue from the Port Terminal Business decreased by $0.3 million or 1.6% to $24.3 million for the three month period ended June 30, 2021, as compared to $24.6 million for the same period during 2020. ~~The~~This ~~decrease~~increase was mainly attributable to ~~lower~~the ~~volumes~~increase ~~transshipped~~ in the ~~grain~~Paraguayan liquid port terminal.’s ~~Revenue~~volumes ~~from~~of ~~the~~products ~~Cabotage Business decreased by $4~~sold.~~4 million~~ ~~or 35.2% to $8.1 million for the three month period ended June 30, 2021, as compared to $12.5 million for the same period during 2020. The decrease was mainly attributable to fewer operating days.~~

~~Sales~~Depreciation ofand ~~Products- Liquid Port Terminal~~Amortization: For the three month period ended ~~June~~September 30, 2021, Navios Logistics’ ~~sales of~~depreciation ~~products~~and ~~decreased~~amortization increased by $3.1.2 million or 9014.8% to $09.30 million, as compared to $37.48 million for the same period during 2020. ~~This~~Depreciation ~~decrease~~and ~~was~~amortization ~~mainly~~in ~~attributable~~the Barge Business increased by $1.0 million or 23.5% to $5.4 million for the three ~~decrease~~month period ended September 30, 2021, as compared to $4.4 million for the same period in 2020, mainly due to the ~~Paraguayan~~delivery of each of the six liquid ~~port’s~~barges ~~volume~~completed in the first quarter of ~~products~~2021 and the three pushboats and 18 tank ~~sold~~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 ended September 30, 2021, as 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.

~~Cost~~Administrative ofExpenses ~~Sales~~

~~The~~Administrative expenses increased by $0.2 million or 3.8% to $3.8 million for the three month period ended September 30, 2021, ~~following~~as ~~table~~compared ~~presents~~to ~~our~~$3.6 million ~~cost~~for ofthe ~~sales~~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 ~~June~~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.

	Three month period ended June 30, 2021								Three month period ended June 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total(unaudited)		PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total(unaudited)
Time charter, voyage and port terminal expenses	$	4,876	$	495	$	10,112	$	15,483	$	4,804	$	377	$	7,277	$	12,458
Direct vessel expenses		—		6,955		9,626		16,581		—		5,894		6,074		11,968
Cost of products sold-Liquid Port Terminal		305		—		—		305		3,162		—		—		3,162
Depreciation and amortization		2,148		1,317		5,013		8,478		2,111		1,415		4,555		8,081
Total cost of sales	$	7,329	$	8,767	$	24,751	$	40,847	$	10,077	$	7,686	$	17,906	$	35,669

Other Operating Income

5Other operating income decreased by $4.3 million or 98.0% to less than $0.1 million for the three month period ended September 30, 2021, as compared to $4.4 million for the same period in 2020. Other operating income in the Port Terminal Business decreased by $4.1 million or 100.0% to nil for the three month period ended September 30, 2021, as compared to $4.1 million for the same period of 2020. This decrease was 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 three month period ended September 30, 2020. Other operating income in the Barge Business decreased by $0.2 million or 67.9% to less than $0.1 million for the three month period ended September 30, 2021, as compared to $0.3 million for the same period of 2020. Other operating income in the Cabotage Business was nil for both the three month periods ended September 30, 2021 and 2020.

~~Table~~Other ofOperating ~~Contents~~Expenses

~~Time Charter, Voyage and Port Terminal Expenses: Time charter, voyage and port terminal~~Other operating expenses ~~increased~~decreased by $3.0 ~~million or 24~~.3~~% to $15.5~~ million ~~for the three month period ended June 30, 2021, as compared to $12.5 million for the same period during 2020. Time charter and voyage expenses of the Barge Business increased by $2.8 million~~ or 3818.95% to $~~10.~~1.3 million for the three month period ended ~~June~~September 30, 2021, as compared to $71.36 million for the same period ~~during~~in 2020~~, mainly due to more spot voyages performed~~. ~~Time~~Other ~~charter~~operating ~~and voyage~~ expenses ofin the Cabotage Business decreased ~~increased~~ by $0.12 million or 3132.30% to $0.54 million for the three month period ended ~~June~~September 30, 2021, as compared to $0.46 million ~~for~~ the same period during 2020. ~~Port~~This ~~terminal~~decrease ~~expenses~~was ~~increased~~mainly ~~by $0.1 million~~due ~~or 1.5%~~ to ~~$4.9 million for~~ the ~~three~~decreased ~~month~~taxes ~~period~~other ~~ended~~than income ~~June 30~~taxes, ~~2021,~~derived asfrom ~~compared~~a todecrease ~~$4.8 million~~in ~~for~~revenues in the ~~same period during 2020.~~

~~Direct Vessel Expenses: Direct vessel expenses increased by $4.~~6 ~~million~~ or 38.5% to $16.6 million for the three month period ended June 30, 2021, as compared to $12.0 million for the same period during 2020. Direct vessel expenses of the Barge Business increased by $3.5 million or 58.5% to $9.6 million for the three month period ended June 30, 2021, as compared to $6.1 million for the same period during 2020. The increase was mainly attributable to the increased utilization of our convoys to service the demand of the COA/voyage market. Direct vessel expenses of the Cabotage Business increased by $1.1 million or 18.0% to $7.0 million for the three month period ended June 30, 2021, as compared to $5.9 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 Sold- Liquid Port~~ ~~Terminal:~~Cabotage ~~For~~Business during the ~~three~~same ~~month~~ period. ~~ended~~Other ~~June 30,~~operating ~~2021,~~expenses ~~Navios~~in ~~Logistics’~~the ~~cost~~Barge ofBusiness ~~products sold~~ decreased by $20.91 million or 9016.47% to $0.39 million for three month period ended September 30, 2021, as compared to $31.20 million income for the same period ~~during~~of 2020. This decrease was mainly ~~attributable~~due to the ~~decrease~~decreased taxes other than income taxes derived from an increase in CoA/Voyage revenues in the ~~Paraguayan~~Barge ~~liquid~~Business ~~port~~during the ~~terminal’s~~same ~~volumes~~period. ofOther ~~products~~operating ~~sold~~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.

~~Depreciation~~Allowance ~~and Amortization: For the three month period ended June 30, 2021, Navios Logistics’ depreciation and amortization increased by $0.4 million or 4.9% to $8.5 million, as compared to $8.1 million~~ for ~~the~~Expected ~~same~~Credit ~~period~~Losses ~~during 2020.~~on ~~Depreciation~~Financial ~~and~~Assets amortization in the Barge Business increased by $0.4 million or 10.1% to $5.0 million for the three month period ended June 30, 2021, as compared to $4.6 million for the same period in 2020, mainly due to the delivery of each 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 Cabotage Business decreased by $0.1 million or 6.9% to $1.3 million for the three month period ended June 30, 2021, as compared to $1.4 million for the same period during 2020, mainly due to reduced amortization of dry dock expenses. Depreciation and amortization in the Port Terminal Business remained stable at $2.1 million for both of the three month periods ended June 30, 2021 and 2020.

~~Administrative~~Allowance ~~Expenses~~for expected 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.

~~Administrative~~Operating ~~expenses~~Profit/(Loss) increased by $0.3 million or 6.3% to $3.7 million for the three month period ended June 30, 2021, as compared to $3.4 million for the same period during 2020. Administrative expenses in the Cabotage Business increased by $0.1 million or 8.3% to $0.6 million for the three month period ended June 30, 2021, as compared to $0.5 million for the same period during 2020. Administrative expenses in the Barge Business increased by $0.1 million or 4.8% to $2.3 million for the three month period ended June 30, 2021, as compared to $2.2 million for the same period during 2020. Administrative expenses in the Port Terminal Business remained stable at $0.8 million for both of the three month periods ended June 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~~Operating profit 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 ~~Income~~profit 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.

~~Other~~Finance ~~operating~~Income income increased by $0.2 million or 160.6% to $0.4 million for the three month period ended June 30, 2021, as compared to $0.2 million for the same period in 2020. Other operating income in the Barge Business increased by $0.3 million to $0.4 million for the three month period ended June 30, 2021, as compared to $0.1 million for the same period of 2020. Other operating income in the Port Terminal Business decreased by $0.1 million or 76.5% to nil for the three month period ended June 30, 2021, as compared to $0.1 for the same period of 2020. Other operating income in the Cabotage Business was nil for both the three month periods ended June 30, 2021 and June 30, 2020.

~~Other~~Finance ~~Operating~~income ~~Expenses~~decreased by $1.4 million or 71.2% to $0.6 million for the three month 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, 2021 (refer below). Finance income is allocated into our segments pro rata to the book value of our tangible assets.

~~Other~~Finance ~~operating~~Costs expenses increased by $0.6 million or 174.5% to $1.0 million for the three month period ended June 30, 2021, as compared to $0.4 million for the same period in 2020. Other operating expenses in the Barge Business increased by $0.9 million to $0.8 million for three month period ended June 30, 2021, as compared to $0.1 million income for the same period of 2020. This increase was mainly due to the increased 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 Cabotage Business decreased by $0.3 million or 57.5% to $0.2 million for the three month period ended June 30, 2021, as compared to $0.5 million for the same period during 2020. This decrease was mainly due to the decreased taxes other than income taxes, derived from a decrease in revenues in the Cabotage Business during the same period. Other operating expenses in the Port Terminal Business was nil for both the three month period ended June 30, 2021 and June 30, 2020.

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.

~~Table~~7 ~~of Contents~~

~~Allowance~~Foreign ~~for~~Exchange ~~Expected~~Differences, ~~Credit~~Net ~~Losses on Financial Assets~~

~~Allowance~~Gain ~~for~~from ~~expected~~foreign ~~credit~~exchange ~~losses~~differences onincreased ~~financial assets decreased~~ by $01.21 million to ~~nil~~$0.9 million for the three month period ended ~~June~~ September 30, 2021, as compared to $0.2 million loss for the same period in 2020. ~~Allowance~~Gain ~~for~~from ~~expected~~foreign ~~credit~~exchange ~~losses~~differences ~~on financial assets~~ in the Barge Business ~~decreased~~increased by $0.19 million to ~~nil~~$0.9 million for the three month period ended ~~June~~September 30, 2021, as compared to less than $0.1 million loss for the same period in 2020. ~~Allowance~~Gain ~~for~~from ~~expected~~foreign ~~credit~~exchange ~~losses~~differences ~~on financial assets~~ in the ~~Port~~Cabotage ~~Terminal~~ Business ~~decreased~~increased by $0.1 million to ~~nil~~$0.1 million for the three month period ended ~~June~~September 30, 2021, as as compared to less than $0.1 million loss for the same period in 2020. ~~Allowance~~Loss ~~for~~from ~~expected~~foreign ~~credit~~exchange ~~losses~~differences ~~on financial assets~~ in the ~~Cabotage~~Port Terminal Business ~~was~~remained ~~nil~~stable at $0.1 million for both the three month periods ended ~~June~~September 30, 2021 and 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.

~~Operating Profit/(~~Loss) on debt extinguishment

~~Operating~~Loss ~~profit~~on debt extinguishment decreased by $64.92 million ~~or 35.9%~~ to ~~$12.2 million~~nil for the three month period ended ~~June~~September 30, 2021, as compared to $194.12 million for the same period in 2020. ~~Operating~~On ~~loss in the Cabotage Business increased by $5.2~~July ~~million or 137.5% to $1.4 million for the three month period ended June 30~~8, ~~2021~~2020, the Co-Issuers (as ~~compared~~defined toherein) issued $3500.80 million ~~operating profit for the same period~~ in ~~2020.~~aggregate ~~The~~principal ~~increase~~amount ~~was~~of ~~mainly~~senior ~~attributable~~secured tonotes ~~(a) lower~~due ~~revenue, (b) higher~~2025 ~~direct vessel expenses,~~ (~~c) higher~~“the ~~time~~2025 ~~charter, voyage and port terminal expenses and (d~~Notes”) ~~higher administrative expenses~~, ~~partially~~at ~~offset by (~~a~~) lower~~ ~~other~~fixed ~~operating~~rate ~~expenses~~of ~~and~~10.75%. ~~(b) lower~~The ~~depreciation~~net ~~and~~proceeds ~~amortization.~~from ~~Operating~~the ~~loss~~offering inof the ~~Barge~~2025 ~~Business~~Notes ~~increased~~were byused ~~$0.9 million or 48.1%~~ to ~~$2.7 million~~satisfy ~~for~~and discharge the ~~three~~indenture ~~month~~governing ~~period~~the ~~ended~~2022 ~~June 30~~Notes, ~~2021~~to asrepay ~~compared~~all toamounts ~~$1.8 million~~outstanding ~~for~~under the ~~same~~Term ~~period~~Loan inB ~~2020.~~Facility ~~The~~and ~~increase was mainly attributable~~ to ~~(a) higher~~pay ~~direct~~certain ~~vessel~~fees ~~expenses, (b) higher time charter, voyage~~ and ~~port terminal~~ expenses, ~~(c) higher~~related ~~other~~to ~~operating~~the ~~expenses~~offering, ~~(d) higher~~with ~~depreciation~~the balance ~~and~~to ~~amortization~~be ~~and~~used ~~(c) higher~~for ~~administrative expenses,~~general ~~partially~~corporate ~~offset~~purposes by (~~a) higher~~see ~~revenues,~~“Interest-Bearing ~~(b) higher~~Loans ~~other operating income~~ and (cBorrowings”) ~~lower~~. ~~allowance~~The ~~for~~effect ~~expected~~of ~~credit~~this ~~losses~~transaction onwas ~~financial assets. Operating profit in~~ the ~~Port~~recognition ~~Terminal~~of ~~Business~~a ~~decreased~~loss byof $~~0.8 million or~~ 4.~~4% to $16.4~~2 million for the three month period ended ~~June~~September 30, ~~2021~~2020, relating ~~as compared~~ to ~~$17.2 million for~~ the ~~same~~accelerated ~~period~~amortization inof ~~2020.~~unamortized ~~The~~deferred ~~decrease~~finance ~~was~~costs. ~~mainly~~Loss ~~attributable~~on todebt ~~(a) lower~~extinguishment ~~revenue,~~has ~~(b) higher~~been ~~port~~allocated ~~terminal~~into ~~expenses, and~~our ~~(c) lower~~segments ~~other~~pro ~~operating~~rata ~~income,~~to ~~partially~~the ~~mitigated~~book byvalue ~~lower~~of ~~allowance~~our ~~for~~tangible ~~expected credit losses on financial~~ assets.

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

~~Finance~~Following ~~income~~the ~~decreased~~repayment byof ~~$0.3 million or 12.8% to $2.2 million for~~ the ~~three~~Navios ~~month~~Holdings ~~period~~Loan ~~ended~~Agreement ~~June 30, 2021,~~ (as ~~compared~~defined tobelow) ~~$2.5 million~~and ~~for~~ the ~~same~~sale ~~period~~of ~~in 2020. Finance income in~~ the ~~Port~~Shares ~~Terminal~~(as ~~Business~~defined ~~decreased by $0.3 million or 22.7% to $0.8 million for the three month period ended June 30~~below), ~~2021,~~a asloss ~~compared to~~of $124.1 million ~~for~~was ~~the~~recognized ~~same period~~ in ~~2021.~~the ~~Finance~~statement of income inunder ~~the~~“Loss ~~Barge~~from ~~Business~~mark ~~decreased~~to bymarket ~~$0.2 million~~and ordisposal ~~22.4%~~of tofinancial ~~$1.0 million~~asset” for the three month period ended ~~June~~September 30, 2021~~, as compared to $1~~.~~2 million~~ ~~for~~No ~~the~~loss ~~same period~~from inmark ~~2020. These decreases were partially offset by a $0.2 million increase in Finance income in the Cabotage Business,~~ to ~~$0.4 million~~market orand ~~78.4%~~disposal ~~for~~of ~~the three month period ended June 30, 2021, as compared to $0.2 million for~~financial ~~the~~asset ~~same period in 2020. The overall decrease~~ was ~~mainly~~recorded ~~due~~for to the ~~lower finance income rate from the Navios Holdings Loan Agreement during the three month period ended June 30, 2021 as compared to the~~ same period in 2020. ~~Following~~Loss ~~the amendment~~from ofmark the Navios Holdings Loan Agreement during December 2019, and as a result of the redemption of the 2022 Notes and Term Loan B Facility in July 2020 and the issuance of 2025 Notes (as defined below), the interest rate on the secured credit facility decreased to ~~10.0%~~market ~~from 12.75%. Effective as of May 2021,~~ and ~~upon~~disposal ~~the release~~ of ~~certain~~financial ~~collateral,~~asset ~~the~~has ~~facility~~been ~~bears interest of 13.0% per annum. For the three month period ended June 30, 2021, finance income is~~ allocated into our segments pro rata to the book value of our tangible assets. ~~For the three month period ended June 30, 2020, finance income was allocated into our segments pro rata to the book value of our interest-bearing loans and borrowings.~~

~~Finance~~Income ~~Costs~~Tax Expense

~~Finance~~Income ~~costs~~tax expense increased by $53.93 million ~~or 61.8%~~ to $153.47 million for the three month period ended ~~June~~September 30, 2021, as compared to $90.54 million for the same period induring 2020. ~~Finance~~Income ~~costs~~tax inexpense of the Barge Business increased by $21.39 million ~~or 49.7%~~ to $61.84 million for the three month period ended ~~June~~September 30, 2021, as compared to $40.5 ~~million~~ ~~for the same period in 2021. Finance costs in the Cabotage Business increased by $1.9~~ million ~~or 178.3% to $2.9~~ ~~million~~income ~~for the~~tax ~~three~~income ~~month period ended June 30, 2021, as compared to $1.0 million~~ for the same period induring 2020. ~~Finance~~Income ~~costs~~tax inexpense of the ~~Port~~Cabotage ~~Terminal~~ Business increased by $1.84 million ~~or 45.1%~~ to $52.73 million for the three month period ended ~~June~~ September 30, 2021, as compared to $30.9 ~~million~~ million for the same period induring 2020. ~~These~~The ~~increases~~overall ~~were~~increase was mainly ~~attributable to the higher weighted average interest rate for the three month period ended June 30, 2021,~~ due to the ~~issuance~~recalculation of the ~~2025~~ ~~Notes~~deferred ~~(as~~tax defined below). The annualized weighted average interest rates of the Company’s total borrowings were 9.96% and 6.83% for the three month periods ended June 30, 2021 and 2020, respectively. Finance costs for the 2025 Notesliability ~~are~~resulting ~~allocated~~from ~~into~~an ~~our~~increase ~~segments~~in ~~pro~~income ~~rata~~tax ~~to the book value of our tangible assets~~rate.

7(Loss)/profit for the Period

~~Table~~Loss for the period increased by $31.0 million to $28.4 million for the three month period ended September 30, 2021, as compared to $2.6 million profit for the same period in 2020. Loss for the period in the Barge Business increased by $12.6 million to $22.0 million for the three month period ended September 30, 2021, as compared to $9.4 million for the same period in 2020. The increase was mainly attributable to (a) higher loss from mark to market and disposal of ~~Contents~~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 in the Port Terminal Business decreased by $9.5 million or 75.7% to $3.1 million for the three month period ended September 30, 2021, as compared to $12.6 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.

~~Foreign~~8 ~~Exchange Differences, Net~~

~~Gain~~For ~~from foreign exchange differences increased by $0.9 million to $0.6 million for~~ the ~~three~~nine month period ended ~~June~~September 30, 2021~~, as~~ compared to ~~$0.3 million loss for~~ the ~~same~~nine ~~period in 2020. Gain from foreign exchange differences in the Barge Business increased by $1.3 million to $1.3 million for the three~~ month period ended ~~June 30, 2021, as compared to~~ ~~less than $0.1~~September ~~million for the same period in 2020. Loss from foreign exchange differences in the Cabotage Business increased by $0.3 million to $0.4 million for the three month period ended June~~ 30, ~~2021, as compared to $0.1 million for the same period in~~ 2020. Loss from foreign exchange differences in the Port Terminal Business increased by $0.1 million to $0.3 million for the three month period ended June 30, 2021, as compared to a $0.2 million loss 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.

~~Income~~Revenue ~~Tax Benefit/(Expense)~~

~~Income~~The ~~tax~~following ~~expense~~table ~~increased~~presents byour ~~$0.7 million~~revenues ~~to $0.6 million~~ for the ~~three~~nine month ~~period~~periods ended ~~June~~September 30, 2021, asand ~~compared to $0.1 million income tax benefit for the same period during~~ 2020.: Income tax expense of the Barge Business increased by $0.9 million to $0.4 million for the three month period ended June 30, 2021, as compared to $0.5 million income tax benefit for the same period during 2020, mainly due to the impact of local foreign exchange differences for the three month period ended June 30, 2021. Income tax expense of the Cabotage Business decreased by $0.3 million to $0.2 million for the three month period ended June 30, 2021, as compared to $0.5 million for the same period during 2020.

Profit/(Loss) for the Period


	Nine month period ended September 30, 2021											Nine month period ended September 30, 2020
	Port Terminal Business (unaudited)		Cabotage Business (unaudited)			Barge Business (unaudited)			Total			Port Terminal Business (unaudited)		Cabotage Business (unaudited)			Barge Business (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

~~Loss for~~Time Charter, 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 $126.79 million or ~~107~~4.14% to $0165.82 million ~~for the three month period ended June 30~~, ~~2021,~~ as compared to $11158.93 million ~~profit~~ for the same period induring 2020. ~~Loss~~Revenue ~~for~~from the ~~period~~Barge ~~in the Cabotage~~ Business increased by $69.8 million or 17.5% to $465.48 million for the ~~three~~nine month period ended ~~June~~September 30, 2021, as compared to a $256.40 million ~~profit~~ for the same period induring 2020. ~~The~~For ~~increase~~the ~~was~~nine ~~mainly~~month ~~attributable~~period toended ~~(a)~~September ~~lower~~30, ~~operating profit~~2021, CoA/voyage revenues ~~(b)~~increased by $16.7 ~~higher~~million ~~finance~~or ~~costs~~39.9% ~~and~~to ~~(c)~~$58.7 million, as compared to $41.9 million for the same period in 2020, related to higher ~~loss~~CoA/voyage ~~from~~revenues ~~foreign~~of ~~exchange~~convoys ~~differences~~previously under time charter contracts, partially ~~offset~~mitigated by (a) $6.8 ~~lower~~million ~~income~~or ~~tax~~47.9% ~~expense~~decrease ~~and~~in ~~(b) higher~~time ~~finance~~charter ~~income~~revenues to $7.4 million, ~~Loss~~as compared to $14.2 million for the same period in 2020, mainly due to the ~~Barge~~expiration of certain legacy time charter contracts. Revenue from the Port Terminal Business increased by $35.03 million or 678.20% to $771.63 million for the ~~three~~nine month period ended ~~June~~September 30, 2021, as compared to $466.60 million for the same period induring 2020. The increase was mainly attributable to ~~(a)~~ higher ~~finance costs, (b) lower~~volumes ~~operating~~transshipped ~~profit,~~in ~~(c) higher~~the ~~income~~grain ~~tax~~port ~~expense~~terminal. ~~and~~Revenue ~~(d) lower finance income, partially offset by higher gain~~ from ~~foreign exchange differences. Profit for~~ the ~~period~~Cabotage ~~in the Port Terminal~~ Business decreased by $28.91 million or 2022.34% to $1128.21 million for the ~~three~~nine month period ended ~~June~~September 30, 2021, as compared to $1436.12 million for the same period during in 2020., ~~The increase was~~ mainly ~~attributable~~due to ~~(a) higher~~fewer ~~finance costs, (b) lower~~ operating ~~profit, (c) lower finance income and (d) higher loss from foreign exchange differences~~days.

Sales of Products- Liquid Port Terminal: For the ~~six~~nine month period ended ~~June~~September 30, 2021, ~~compared to~~Navios ~~the~~Logistics’ ~~six~~sales ~~month~~of ~~period~~products ~~ended~~decreased ~~June~~by $6.9 30million or 45.2% to $8.5 million, as compared to $15.4 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.

~~Revenue~~Cost of Sales

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

	Six month period ended June 30, 2021											Six month period ended June 30, 2020
	Nine month period ended September 30, 2021											Nine month period ended September 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total~~(unaudited)~~			PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)			BargeBusiness(unaudited)			Total~~(unaudited)~~
Time chartering revenue	$	—	$	16,925		$	5,048		$	21,973		$	—	$	23,122		$	12,190		$	35,312
Time charter, voyage and port terminal expenses	$	13,809	$	2,560		$	26,198		$	42,567		$	13,485	$	1,313		$	20,924		$	35,722
CoA/Voyage revenue		—		954			38,528			39,482			—		1,218			24,728			25,946
Direct vessel expenses		—		19,523			25,115			44,638			—		17,729			18,743			36,472
Port terminal revenue		45,844		—			—			45,844			43,133		—			—			43,133
Cost of products sold-Liquid Port Terminal		8,200		—			—			8,200			14,614		—			—			14,614
Turnover tax		—		(298	)		(118	)		(416	)		—		(459	)		(30	)		(489	)
Depreciation and amortization		6,514		4,098			15,130			25,742			6,246		4,306			13,547			24,099
Time charter, voyage and port terminal revenues	$	45,844	$	17,581		$	43,458		$	106,883		$	43,133	$	23,881		$	36,888		$	103,902
Total cost of sales	$	28,523	$	26,181		$	66,443		$	121,147		$	34,345	$	23,348		$	53,214		$	110,907
Sale of Products-Liquid Port Terminal	$	3,495		—			—		$	3,495		$	11,257		—			—		$	11,257
Total Revenue	$	49,339	$	17,581		$	43,458		$	110,378		$	54,390	$	23,881		$	36,888		$	115,159

~~Table~~Time Charter, Voyage and Port Terminal 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 ~~Contents~~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.

~~Time~~Direct ~~Charter,~~Vessel ~~Voyage and Port Terminal Revenues~~Expenses: ~~For~~Direct ~~the~~vessel ~~six~~expenses ~~month period ended June 30, 2021, Navios Logistics’ time charter, voyage and port terminal revenues~~ increased by $38.01 million or 222.94% to $~~106~~44.~~9 million, as compared to $103.9 million for the same period during 2020. Revenue from the Barge Business increased by $~~6.6 million ~~or 17.8% to $43.5 million~~ for the ~~six~~nine month period ended ~~June~~ September 30, 2021, as compared to $36.95 million for the same period during 2020. ~~For~~Direct ~~the~~vessel ~~six~~expenses month period ended June 30, 2021, CoA/voyage revenues increased by $13.8 million or 55.8% to $38.5 million, as compared to $24.7 million for the same period in 2020, related to higher CoA/voyage revenues of ~~convoys previously under time charter contracts, partially mitigated by a $7.2 million or 58.6% decrease in time charter revenues to $5.0 million, as compared to $12.2 million for~~ the ~~same~~Barge ~~period in 2020, mainly due to the expiration of certain legacy time charter contracts. Revenue from the Port Terminal~~ Business increased by $26.74 million or 634.30% to $4525.81 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $4318.17 million for the same period during 2020. The increase was mainly attributable to ~~higher~~the ~~volumes transshipped~~increased inutilization of our convoys to service the ~~grain~~demand ~~port~~of ~~terminal~~the COA/voyage market. ~~Revenue~~Direct ~~from~~vessel expenses of the Cabotage Business increased ~~decreased~~ by $61.38 million or 2610.41% to $1719.65 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $2317.97 million for the same period during 2020, mainly due to ~~lower~~increased ~~time~~crew ~~charter~~costs. ~~rates~~Direct ~~affected~~vessel byexpenses include ~~market~~crew ~~conditions~~costs, ~~and~~victual ~~fewer~~costs, ~~operating~~dockage ~~days~~expenses, lubricants, spares, insurance, maintenance and repairs.

~~Sales~~Cost of Products- ~~Liquid~~Sold- Liquid Port Terminal: For the ~~six~~nine month period ended ~~June~~September 30, 2021, Navios Logistics’ ~~sales~~cost of products sold decreased by $76.84 million or 6943.09%, to $38.52 million, as compared to $1114.36 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.

~~Cost~~Depreciation 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 ~~Sales~~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.

~~The~~Administrative ~~following~~Expenses ~~table presents our costs of sales for the six month periods ended June 30, 2021 and 2020:~~

	Six month period ended June 30, 2021								Six month period ended June 30, 2020
	PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total(unaudited)		PortTerminalBusiness(unaudited)		CabotageBusiness(unaudited)		BargeBusiness(unaudited)		Total(unaudited)
Time charter, voyage and port terminal expenses	$	8,923	$	1,680	$	16,217	$	26,820	$	8,759	$	957	$	13,614	$	23,330
Direct vessel expenses		—		12,483		16,803		29,286		—		11,434		11,735		23,169
Cost of products sold-Liquid Port Terminal		3,346		—		—		3,346		10,919		—		—		10,919
Depreciation and amortization		4,360		2,691		9,715		16,766		4,177		2,940		9,161		16,278
Total cost of sales	$	16,629	$	16,854	$	42,735	$	76,218	$	$23,855	$	15,331	$	34,510	$	73,696

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.

~~Time~~Other ~~Charter,~~Operating ~~Voyage~~Income and Port Terminal Expenses: Time charter, voyage and port terminal expenses increased by $3.5 million or 15.0% to $26.8 million for the six month period ended June 30, 2021, as compared to $23.3 million for the same period during 2020. Time charter and voyage expenses of the Barge Business increased by $2.6 million or 19.1% to $16.2 million for the six month period ended June 30, 2021, as compared to $13.6 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 $0.7 million or 75.5% to $1.7 million for the six month period ended June 30, 2021, as compared to $1.0 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 $0.1 million or 1.9% to $8.9 million for the six month period ended June 30, 2021, as compared to $8.8 million for the same period during 2020, mainly due to higher volumes transshipped in the Grain Port terminal.

~~Direct Vessel~~Other ~~Expenses:~~operating ~~Direct~~income ~~vessel~~decreased ~~expenses increased~~ by $63.16 million or 2675.48% to $291.32 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $234.28 million for the same period ~~during~~in 2020. ~~Direct~~Other ~~vessel~~operating ~~expenses~~income, of in the ~~Barge~~Port Terminal Business ~~increased~~decreased by $53.16 million ~~or 43.2%~~ to $160.86 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $114.72 million for the same period ~~during~~of 2020., ~~The~~mainly ~~increase~~due ~~was~~to ~~mainly~~income ~~attributable~~recorded tofrom ~~the~~a settled claim with a customer ~~increased~~regarding ~~utilization~~a ofstorage ~~our~~and ~~convoys~~transshipment tocontract ~~service~~in the ~~demand~~Grain ofPort Terminal during the ~~COA/voyage~~nine ~~market.~~month ~~Direct~~period ~~vessel~~ended ~~expenses~~September 30, of2020. ~~the~~Other ~~Cabotage~~operating ~~Business~~income, ~~increased~~in bythe ~~$1.1 million~~Barge orBusiness ~~9.2%~~remained tostable at $120.56 million for both the ~~six~~nine month ~~period~~ periods ended ~~June~~September 30, 2021, ~~as compared~~and ~~to $11~~2020.~~4 million~~ ~~for~~Other ~~the~~operating ~~same~~income ~~period~~in ~~during~~the ~~2020,~~Cabotage ~~mainly~~Business ~~due~~was tonil ~~increased~~for ~~crew~~each ~~costs.~~of ~~Direct~~the ~~vessel~~nine ~~expenses~~month ~~include~~periods ~~crew~~ended ~~costs~~September 30, ~~victual~~2021 ~~costs, dockage expenses, lubricants, spares, insurance, maintenance~~ and ~~repairs~~2020.

~~Cost~~Other ofOperating ~~Products~~Expenses Sold- Liquid Port Terminal: For the six month period ended June 30, 2021, Navios Logistics’ cost of products sold decreased by $7.6 million or 69.4%, to $3.3 million, as compared to $10.9 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.

Other operating expenses remained stable at $3.1 million for both the nine month periods ended September 30, 2021 and 2020. Other operating expenses in the Barge Business increased by $0.6 million or 41.9% to $2.1 million for nine month period ended September 30, 2021, as compared to $1.5 million for the same period of 2020. This increase was mainly due to the increased taxes

~~Table~~10 ~~of Contents~~

~~Depreciation~~ other ~~and~~than ~~Amortization:~~income ~~For the six month period ended June 30~~taxes, ~~2021,~~derived ~~Navios Logistics’~~from ~~depreciation~~an ~~and~~increase ~~amortization~~in ~~increased~~CoA/Voyage byrevenues ~~$0.5 million~~in orthe ~~3.0%~~Barge toBusiness ~~$16.8 million,~~during ~~as compared to $16.3 million for~~ the same period ~~during 2020~~. ~~Depreciation~~Other ~~and~~operating ~~amortization~~expenses in the ~~Barge~~Cabotage Business ~~increased~~decreased by $0.56 million or 637.13% to $91.70 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $91.26 million ~~for~~ the same period during 2020,. This decrease was mainly due to the ~~delivery~~decreased oftaxes ~~each~~other ofthan ~~the~~income ~~six~~taxes, derived ~~liquid~~from ~~barges~~a ~~completed~~decrease in ~~the~~revenues ~~first quarter~~in ~~of 2021 and~~ the ~~2020~~Cabotage ~~Fleet~~Business ~~acquired~~during in the ~~first~~same ~~quarter of 2021~~period. ~~Depreciation~~Other ~~and~~operating ~~amortization~~expenses in the Port Terminal Business ~~increased~~was bynil ~~$0.2 million or 4.4% to $4.4 million~~ for ~~the~~both ~~six month period ended June 30, 2021, as compared to $4.2 million for the same period during 2020, mainly due to increased depreciation expense~~ of ~~tangible assets. Depreciation and amortization in~~ the ~~Cabotage~~nine ~~Business decreased by $0.2 million or 8.5% to $2.7 million for the six~~ month ~~period~~periods ended ~~June~~September 30, 2021, asand ~~compared to $2.9 million for the same period during~~ 2020~~, mainly due to reduced amortization of dry dock expenses~~.

~~Administrative~~Allowance ~~Expenses~~for Expected Credit Losses on Financial Assets

~~Administrative~~Allowance ~~expenses~~for ~~increased~~expected credit losses on financial assets decreased by $0.2 million or 337.20% to $7.0.3 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $60.85 million for the same period ~~during~~in 2020. ~~Administrative~~Allowance ~~expenses~~for expected credit losses on financial assets in the ~~Barge~~Cabotage Business ~~increased~~decreased by $0.12 million ~~or 1.9%~~ to ~~$4.3 million~~nil for the ~~six~~nine month period ended ~~June~~ September 30, 2021, as compared to $40.2 million for the same period ~~during~~in 2020. ~~Administrative~~Allowance ~~expenses~~for expected credit losses on financial assets in the ~~Cabotage~~Barge Business ~~increased~~remained bystable at $0.13 million orfor ~~4.9%~~each toof ~~$1.1 million for~~ the ~~six~~nine month ~~period~~periods ended ~~June~~ September 30, 2021, asand ~~compared to $1~~2020.~~0 million~~ Allowance for ~~the~~ ~~same~~expected ~~period~~credit ~~during~~losses ~~2020.~~on ~~Administrative~~financial ~~expenses~~assets in the Port Terminal Business remained stable at $10.6 1 million for both of the ~~six~~nine month periods ended ~~June~~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~~ Operating ~~Income~~Profit/(Loss)

~~Other~~Operating profit ~~operating~~decreased ~~income increased~~ by $014.71 million or ~~154~~26.93% to $139.14 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $053.45 million for the same period in 2020. ~~Other~~Operating ~~operating~~loss ~~income,~~ in the ~~Port~~Cabotage ~~Terminal~~ Business increased by $010.63 million or 108.2% to $0.78 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $09.1 5 million profit for the same period ofin 2020,. The decrease was mainly ~~due~~attributable to an(a) lower ~~insurance~~revenue, (b) higher ~~claim~~direct ~~settlement.~~vessel ~~Other~~expenses, (c) higher time charter, voyage and port terminal expenses and (d) higher administrative expenses, partially offset by (a) lower other operating ~~income~~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 $04.12 million or 2587.95% million to $09.50 million for the ~~six~~nine month period ended ~~June~~ September 30, 2021, as compared to $0.4 .8 million for the same period ofin 2020. ~~Other~~The increase was mainly attributable to (a) higher direct vessel expenses, (b) higher time charter, voyage and port terminal expenses, (c) higher depreciation and amortization (d) higher other operating ~~income~~expenses and (e) higher administrative expense, partially offset by higher revenue. Operating profit in the ~~Cabotage~~Port Terminal Business ~~was~~increased ~~nil~~by ~~for~~$0.4 million ~~both~~or of0.8% to $49.2 million for the ~~six~~nine month ~~periods~~period ended ~~June~~September 30, 2021, ~~and~~as ~~June~~compared to $48.8 ~~30,~~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.

~~Other~~Finance ~~Operating~~Income ~~Expenses~~

~~Other~~Finance income ~~operating~~decreased ~~expenses increased~~ by $02.42 million or 2432.98% to $14.96 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $16.58 million for the same period in 2020. ~~Other~~The ~~operating~~overall ~~expenses~~decrease ~~in the Barge Business increased by $0.8 million or 173.2% to $1.3 million for six month period ended June 30, 2021, as compared to $0.5 million for the same period of 2020. This increase~~ was mainly due to the ~~increased~~repayment ~~taxes other than income taxes, derived from an increase~~ in ~~CoA/Voyage~~full ~~revenues~~of in the Navios ~~Barge~~Holdings ~~Business~~Loan ~~during~~Agreement ~~the~~on ~~same period. Other operating expenses in the Cabotage Business decreased by $0.5~~July ~~million or 39.3% to $0.6 million for the six month period ended June~~ 30, 2021, ~~as compared~~(refer ~~to $1~~below).1 ~~million~~Finance ~~the~~income ~~same~~is ~~period~~allocated ~~during~~into ~~2020.~~our ~~This~~segments ~~decrease~~pro ~~was~~rata ~~mainly due~~ to the ~~decreased~~book ~~taxes~~value ~~other than income taxes, derived from a decrease in revenues in the Cabotage Business during the same period. Other operating expenses in the Port Terminal Business was nil for both~~ of ~~the~~our ~~six~~tangible ~~month period ended June 30, 2021 and June 30, 2020~~assets.

~~Allowance~~Finance ~~for~~Costs ~~Expected Credit Losses on Financial Assets~~

~~Allowance~~Finance ~~for~~costs increased ~~expected credit losses on financial assets decreased~~ by $011.52 million or 7432.38% to $045.12 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $034.60 million for the same period in 2020. ~~Allowance~~This increase was mainly attributable to the higher weighted average interest rate for ~~expected~~the ~~credit~~nine ~~losses~~month onperiod ~~financial~~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 ~~Cabotage~~Barge Business ~~decreased~~increased by $04.26 million or 31.1% to ~~nil~~ $19.5 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $014.29 million for the same period in 2020. ~~Allowance~~Finance ~~for~~costs ~~expected credit losses on financial assets~~ in the ~~Barge~~Cabotage Business ~~decreased~~increased by $03.26 million or 7571.61% to to $08.17 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $05.31 million for the same period in 2020. ~~Allowance~~Finance ~~for~~costs ~~expected credit losses on financial assets~~ in the Port Terminal Business ~~remained~~increased ~~stable~~by at $02.19 million ~~for~~or ~~both~~20.8% ofto $17.0 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, ~~and~~as compared to $14.1 million for the same period in 2020.

~~Operating~~11 ~~Profit/(Loss)~~

~~Operating~~Foreign ~~profit~~Exchange ~~decreased by $6.8 million or 20.6% to $26.2 million for the six month period ended June 30~~Differences, ~~2021,~~Net as compared to $33.0 million for the same period in 2021. Operating loss in the Cabotage Business increased by $7.3 million or 115.8% to $1.0 million for the six month period ended June 30, 2021, as compared to $6.3 million profit 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 (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 $2.2 million or 98.7% million to $4.4 million for the six month period ended June 30, 2021 as compared to $2.2 million for the same period in 2020. The increase was mainly attributable to (a) higher direct vessel expenses, (b) lower time charter, voyage

10Gain from foreign exchange 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.

~~Table~~Loss ofon ~~Contents~~debt extinguishment

~~and~~Loss ~~port~~on ~~terminal~~debt ~~expenses,~~extinguishment ~~(c)~~decreased by $4.2 ~~higher~~million ~~other~~to ~~operating~~nil ~~expenses,~~for ~~(d) higher~~the ~~depreciation~~nine ~~and~~month ~~amortization~~period ~~and~~ended ~~(e)~~September ~~higher~~30, ~~administrative expense~~2021, ~~partially~~as ~~offset~~compared byto $4.2 million ~~(a)~~for the same period in 2020. On July ~~higher revenue~~8, ~~(b)~~2020, the ~~lower~~Co-Issuers issued ~~allowance~~$500.0 million ~~for~~of ~~expected~~the ~~credit~~2025 ~~losses~~Notes, onat ~~financial~~a ~~assets~~fixed ~~and~~rate ~~(c) higher~~of ~~other~~10.75%. ~~operating~~The ~~income.~~net ~~Operating~~proceeds ~~profit~~from inthe offering of the 2025 ~~Port~~Notes ~~Terminal~~were ~~Business~~used ~~increased~~to bysatisfy ~~$2.7 million~~and ordischarge ~~9.3%~~the indenture governing the 2022 Notes, to ~~$31.6 million~~repay ~~for~~all amounts outstanding under the ~~six month~~Term ~~period~~Loan ~~ended~~B ~~June 30,~~Facility ~~2021~~and to pay certain fees and expenses related to the offering, aswith ~~compared~~the balance to ~~$28.9 million~~be used for general ~~the~~corporate ~~same~~purposes ~~period~~(see in“Interest-Bearing ~~2020~~Loans and Borrowings”). The ~~increase~~effect of this transaction was ~~mainly~~the ~~attributable~~recognition toof (a~~) higher~~ ~~revenue~~loss ~~and~~of ~~(b)~~$4.2 ~~higher~~million ~~other~~for ~~operating~~the ~~income,~~nine ~~partially~~month ~~mitigated~~period byended ~~(a)~~September ~~higher time~~30, ~~charter~~2020, ~~voyage~~relating ~~and~~to ~~port~~the accelerated ~~terminal~~amortization ~~expenses~~of ~~and~~unamortized ~~(b) higher~~deferred ~~depreciation~~finance ~~and~~costs. ~~amortization~~Loss on debt extinguishment has been allocated into our segments pro rata to the book value of our tangible assets.

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

~~Finance~~Following ~~income decreased by $0.9 million or 17.3% to $4.0 million for~~ the ~~six~~repayment ~~month~~of ~~period ended June 30, 2021, as compared to $4.9 million for~~ the ~~same~~Navios ~~period~~Holdings inLoan ~~2020.~~Agreement ~~Finance~~and ~~income in~~ the ~~Barge~~sale ~~Business~~of ~~decreased by $0.6 million or 25.6% to $1.8 million for~~ the ~~six month period ended June 30~~Shares, ~~2021,~~a asloss ~~compared~~of to $224.41 million ~~for~~was ~~the~~recognized ~~same~~in ~~period~~the instatement ~~2020.~~of ~~Finance~~ income inunder ~~the~~“Loss ~~Port~~from ~~Terminal~~mark ~~Business~~to ~~decreased~~market byand ~~$0.5 million~~disposal orof ~~27.5%~~financial toasset” ~~$1.5 million~~ for the ~~six~~nine month period ended ~~June~~September 30, 2021~~, as compared to $2~~.~~0 million~~ ~~for~~No ~~the~~loss ~~same~~from ~~period~~mark ~~in 2020. These decreases were partially offset by a $0.3 million or 69.2% increase in Finance income in the Cabotage Business,~~ to ~~$0.8 million~~market ~~for~~and ~~the~~disposal ~~six~~of ~~month~~financial ~~period~~asset ~~ended~~was ~~June 30,~~recorded ~~2021, as compared to $0.5 million~~ for the same period in 2020. ~~The~~Loss ~~overall decrease was mainly due to the lower finance income rate~~ from ~~the~~mark ~~Navios Holdings Loan Agreement during the six month period ended June, 2021 as compared~~ to ~~the~~market ~~same period in 2020. Following the amendment of the Navios Holdings Loan Agreement during December 2019,~~ and asdisposal ~~a result~~ of ~~the~~financial ~~redemption~~asset ofhas ~~the~~been 2022 Notes and Term Loan B Facility in July 2020 and the issuance of 2025 Notes (as defined below), the interest rate on the secured credit facility decreased to 10.0% from 12.75%. Effective as of May 2021, and upon the release of certain collateral, the facility bears interest of 13.0% per annum. For the six month period ended June, 2021, finance income is allocated into our segments pro rata to the book value of our tangible assets. ~~For the six month period ended June 30, 2020, finance income was allocated into our segments pro rata to the book value of our interest-bearing loans and borrowings.~~

~~Finance~~Income ~~Costs~~Tax Expense

~~Finance~~Income ~~costs~~tax expense increased by $113.08 million ~~or 58.0%~~ to $294.90 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $180.92 million income tax expense for the same period in 2020. ~~Finance~~Income ~~costs~~tax inexpense from the Barge Business increased by $42.0 million ~~or 44.2%~~ to $120.95 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $81.~~9 million for the same period in 2020. Finance costs in the Cabotage Business increased by $3.6 million or 176.~~5~~% to $5.7~~ million ~~for~~income ~~the six~~tax ~~month~~benefit ~~period ended June 30, 2021, as compared to $2.1 million~~ for the same period in 2020. ~~Finance~~Income ~~costs~~tax inexpense from the ~~Port~~Cabotage ~~Terminal~~ Business increased by $31.48 million ~~or 42.4%~~ to $~~11.~~3.5 million for the ~~six~~nine month period ended ~~June~~ September 30, 2021, as compared to $71.97 million for the same period in 2020. ~~These~~The ~~increases~~overall ~~were~~increase was mainly ~~attributable to the higher weighted average interest rate for the six month period ended June 30, 2021,~~ due to the ~~issuance~~recalculation of the ~~2025~~ ~~Notes~~deferred ~~(as~~tax defined below). The annualized weighted average interest rates of the Company’s total borrowings were 10.00% and 6.85% for the six month periods ended June, 2021 and 2020, respectively. Finance costs for the 2025 Notes areliability ~~allocated~~resulting ~~into~~from ~~our~~an ~~segments~~increase ~~pro~~in ~~rata~~income totax ~~the book value of our tangible assets~~rate.

~~Foreign~~(Loss)/profit ~~Exchange~~for ~~Differences,~~the ~~Net~~Period

~~Gain~~Loss ~~from~~for ~~foreign~~the ~~exchange~~period ~~differences~~ increased by $248.03 million to $126.78 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $021.35 million ~~loss~~profit for the same period in 2020. ~~Gain~~Loss ~~from~~for ~~foreign~~the ~~exchange~~period ~~differences~~ in the ~~Barge~~Cabotage Business increased by $220.02 million to $217.1 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $03.1 million profit for the same period in 2020. ~~Gain~~The increase was mainly attributable to (a) lower operating profit, (b) higher loss from mark to market and disposal of financial asset, (c) higher finance costs, (d) higher income tax expense, (e) lower finance income and (f) higher loss from foreign exchange differences, inpartially offset by lower loss from debt extinguishment. Loss for the ~~Port~~period ~~Terminal~~in the Barge Business increased by $017.46 million to ~~less than~~ $034.16 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to a $017.30 million ~~loss~~ for the same period in 2020. ~~Loss~~The increase was mainly attributable to (a) higher loss from mark to market and disposal of financial asset, (b) higher operating loss, (c) higher finance costs, (d) lower income tax income and (e) lower finance income, partially offset by (a) higher gain from foreign exchange differences and (b) lower loss on debt extinguishment. Profit for the period in the ~~Cabotage~~Port Terminal Business ~~increased~~decreased by $010.35 million or 29.5% to $024.49 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, as compared to $035.14 million for the same period in 2020. The ~~overall~~increase ~~gain~~ was mainly attributable to ~~the~~(a) higher ~~favorable~~loss ~~impact~~from ofmark ~~the~~to ~~fluctuation~~market and disposal of ~~the~~financial ~~U.S.~~asset, ~~dollar~~(b) higher ~~exchange~~finance ~~rate~~costs ~~against~~and ~~the~~(c) lower ~~local~~finance ~~currencies~~income, inpartially ~~the~~offset ~~different~~by ~~countries~~(a) lower ~~where~~loss weon ~~conduct~~debt ~~our~~extinguishment, (b) higher operating ~~operations~~profit and (b) lower loss from foreign exchange differences.

~~Income~~12 ~~Tax Benefit/ (Expense):~~

~~Income~~EBITDA ~~tax~~and ~~expense~~Adjusted ~~increased~~EBITDA byReconciliation ~~$0.5 million~~ to ~~$0.3 million~~Profit/(Loss) for the six month period ended June 30, 2021, as compared to $0.2 million income tax benefit for the same period in 2020. Income tax expense from the Cabotage Business increased by $0.4 million to $1.2 million for the six month period ended June 30, 2021, as compared to $0.8 million for the same period in 2020, mainly due to the reversal of the deferred tax asset recorded for the year ended December 31, 2019, related to impairment losses of the Cabotage Business. Income tax benefit from the Barge Business decreased by $0.1 million to $0.9 million for the six month period ended June 30, 2021, as compared to $1.0 million for the same period in 2020, mainly due to the impact of local foreign exchange differences for the six month period ended June 30, 2021.

11EBITDA represents profit/(loss) before finance cost, net, depreciation 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. 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 “non-IFRS financial 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. 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) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA and Adjusted EBITDA do not reflect the amounts necessary to service interest on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of our performance.

~~Table~~Three ofMonth ~~Contents~~Period Ended September 30, 2021

Profit/(Loss) for the Period


	Three month period ended September 30, 2021
(Expressed in thousands of U.S. dollars)	Port Terminal Business (unaudited)			Cabotage Business (unaudited)			Barge Business (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

~~Profit~~Three ~~for~~Month ~~the~~Period ~~period~~Ended ~~decreased by $17.1~~September ~~million or 91.2% to $1.7 million for the six month period ended June~~ 30, ~~2021, as compared to $18.8 million for the same period in~~ 2020. Loss for the period in the Cabotage Business increased by $11.3 million to $7.6 million for the six month period ended June 30, 2021, as compared to a $3.7 million profit for the same period in 2020. The increase was mainly attributable to (a) lower operating profit, (b) higher finance costs, (c) higher income tax benefit and (d) higher loss from foreign exchange differences, partially offset by higher finance income. Loss for the period in the Barge Business increased by $5.0 million or 65.4% to $12.6 million for the six month period ended June 30, 2021, as compared to $7.6 million for the same period in 2020. The increase was mainly attributable to (a) higher finance costs, (b) higher operating loss, (c) lower finance income and (d) lower income tax benefit, partially offset by higher gain from foreign exchange differences. Profit for the period in the Port Terminal Business decreased by $0.9 million or 3.9% to $21.9 million for the six month period ended June 30, 2021, as compared to $22.8 million for the same period in 2020. The increase was mainly attributable to (a) higher finance costs and (b) lower finance income, partially offset by (a) higher operating profit and (b) higher gain from foreign exchange differences.

EBITDA Reconciliation to Profit/(Loss)


	Three month period ended September 30, 2020
(Expressed in thousands of U.S. dollars)	Port Terminal Business (unaudited)			Cabotage Business (unaudited)			Barge Business (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

~~EBITDA~~For represents profit/(loss) before finance costs, net, depreciation and amortization and income taxes. EBITDA is presented because it is used by certain investors to measure a company’s operating performance. EBITDA is a “non-IFRS financial measure” and should not be considered a substitute 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. While EBITDA is frequently used as a measure of operating performance, the ~~definition~~nine ofmonth ~~EBITDA used~~period ~~here~~ended ~~may not be comparable to that used by other companies due to differences in methods of calculation. Some of these limitations are: (i)~~September ~~EBITDA does not reflect changes in~~30, or2021 cash requirements for, working capital needs; (ii) EBITDA does not reflect the amounts necessary to service interest on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA should not be considered as a principal indicator of our performance.

Three Month Period Ended June 30, 2021


	Nine month period ended September 30, 2021
(Expressed in thousands of U.S. dollars)	Port Terminal Business (unaudited)			Cabotage Business (unaudited)			Barge Business (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

	Three month period ended June 30, 2021
(Expressed in thousands of U.S. dollars)	Port TerminalBusiness(unaudited)			CabotageBusiness(unaudited)			Barge Business(unaudited)			Total(unaudited)
Profit/(Loss) for the year	$	11,220		$	(4,415	)	$	(7,648	)	$	(843	)
Finance income		(815	)		(437	)		(968	)		(2,220	)
Finance costs		5,695			2,889			6,788			15,372
Depreciation and amortization		2,158			1,317			5,354			8,829
Income tax expense		—			159			398			557
EBITDA	$	18,258		$	(487)		$	3,924		$	21,695

~~Three~~For ~~Month~~the ~~Period~~nine ~~Ended~~month ~~June~~period ended September 30, 2020

	Three month period ended June 30, 2020
	Nine month period ended September 30, 2020
(Expressed in thousands of U.S. dollars)	Port TerminalBusiness(unaudited)			CabotageBusiness(unaudited)			Barge Business(unaudited)			Total~~(unaudited)~~
Profit/(Loss) for the year	$	1435,~~078~~381		$	23,~~425~~113		$	(417,~~574~~026	)	$	1121,~~929~~468
Finance income		(12,~~055~~665	)		(~~245~~1,469	)		(12,~~247~~710	)		(26,~~547~~844	)
Finance costs		314,~~925~~087			15,~~038~~067			414,~~535~~888			934,~~498~~042
Depreciation and amortization		26,~~121~~276			14,~~415~~306			414,~~949~~784			825,~~485~~366
Income tax expense/(benefit)		—			~~453~~1,724			(~~533~~1,522	)		~~(80~~202	)
EBITDA	$	1953,~~069~~079		$	512,~~086~~741		$	38,~~130~~414		$	2774,~~285~~234
Loss on debt extinguishment		1,619			892			1,646			4,157
Adjusted EBITDA	$	54,698		$	13,633		$	10,060		$	78,391

12Liquidity and Capital Resources

~~Table~~We have historically financed our capital requirements with cash flows from operations, equity contributions from stockholders, borrowings under our credit facilities and issuances of ~~Contents~~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.

~~For~~The following table presents cash flow information derived from the ~~six~~unaudited condensed consolidated statements of cash flows of Navios Logistics for the nine month ~~period~~periods ended ~~June~~September 30, 2021 and 2020.

	Six month period ended June 30, 2021
(Expressed in thousands of U.S. dollars)	Nine Month PeriodEnded September 30,2021(unaudited)			Nine Month PeriodEnded September 30,2020(unaudited)
(Expressed in thousands of U.S. dollars)	Port TerminalBusiness(unaudited)			CabotageBusiness(unaudited)			Barge Business(unaudited)			Total(unaudited)
Net cash provided by operating activities	$	14,194		$	59,941
Profit/(Loss) for the year	$	21,880		$	(7,596	)	$	(12,621	)	$	1,663
Net cash used in investing activities		(16,316	)		(7,774	)
Finance income		(1,470	)		(792	)		(1,764	)		(4,026	)
Net cash used in financing activities		(40,817	)		(13,779	)
Finance costs		11,301			5,746			12,881			29,928
(Decrease)/increase in cash and cash equivalents		(42,939	)		38,388
Depreciation and amortization		4,380			2,691			10,332			17,403
Cash and cash equivalents, beginning of the period		74,870			45,605
Income tax expense/(benefit)		—			1,214			(877	)		337
Cash and cash equivalents, end of period	$	31,931		$	83,993
EBITDA	$	36,091		$	1,263		$	7,951		$	45,305

~~For~~14 ~~the six month period ended June 30, 2020~~

	Six month period ended June 30, 2020
(Expressed in thousands of U.S. dollars)	Port TerminalBusiness(unaudited)			CabotageBusiness(unaudited)			Barge Business(unaudited)			Total(unaudited)
Profit/(Loss) for the year	$	22,776		$	3,697		$	(7,631	)	$	18,842
Finance income		(2,027	)		(468	)		(2,371	)		(4,866	)
Finance costs		7,934			2,078			8,932			18,944
Depreciation and amortization		4,197			2,940			9,894			17,031
Income tax expense/(benefit)		—			839			(1,042	)		(203	)
EBITDA	$	32,880		$	9,086		$	7,782		$	49,748

Cash provided by operating activities for the nine month period ended September 30, 2021 as compared to cash provided by operating activities for the nine month period ended September 30, 2020:

~~Liquidity~~Net ~~and~~cash ~~Capital~~provided ~~Resources~~by operating activities decreased by $45.7 million to $14.2 million for the nine month period ended September 30, 2021, as compared to $59.9 million for the same period during 2020.

WeIn ~~have~~determining ~~historically~~net ~~financed our capital requirements with~~ cash ~~flows~~ from ~~operations,~~operating ~~equity contributions from stockholders~~activities, ~~borrowings under~~profit ~~our~~is ~~credit~~adjusted ~~facilities and issuance of other debt. Our main uses of funds have been capital expenditures~~ for the ~~acquisition~~effect of certain non-cash items ~~new~~including ~~vessels,~~depreciation ~~new construction~~ and ~~upgrades~~amortization atwhich ~~the~~are ~~port~~analyzed ~~terminals,~~in ~~expenditures~~detail ~~incurred~~ in ~~connection with ensuring that~~ our ~~owned~~unaudited ~~vessels~~condensed ~~comply~~Consolidated ~~with~~Statement ~~international and regulatory standards, repayments~~ of ~~debt~~Cash ~~and~~Flows 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~~Nine ~~our~~Month ~~debt~~Period ~~agreements~~Ended September 30, ~~and~~2021 ~~other factors management deems relevant. In addition, we regularly review opportunities for acquisitions of businesses~~ and ~~additional vessels~~2020, ~~development~~included ofelsewhere ~~new~~in 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~~report.

~~The~~Profit ~~following~~is ~~table~~adjusted ~~presents~~for ~~cash~~changes ~~flow~~in ~~information~~working ~~derived~~capital ~~from~~in ~~the~~order ~~unaudited~~to determine ~~condensed~~net ~~consolidated statements of~~ cash ~~flows~~provided ofby ~~Navios Logistics~~operating ~~for the six month periods ended June 30, 2021 and 2020~~activities.

(Expressed in thousands of U.S. dollars)	Six Month PeriodEnded June 30,2021(unaudited)			Six Month PeriodEnded June 30,2020(unaudited)
Net cash provided by operating activities	$	7,956		$	28,003
Net cash used in investing activities		(24,559	)		(5,927	)
Net cash used in financing activities		(10,797	)		(34,192	)
Decrease in cash and cash equivalents		(27,400	)		(12,116	)
Cash and cash equivalents, beginning of the period		74,870			45,605
Cash and cash equivalents, end of period	$	47,470		$	33,489

The negative change in working capital of $3.1 million for the nine month period ended September 30, 2021 resulted from a $2.7 million increase in prepayments and other assets, $2.6 million increase in trade receivables and contract assets, a $0.4 million increase in inventories, partially offset by a $2.6 million increase in trade and other payables and contract liabilities.

13Interest paid increased by $34.3 million to $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.

~~Table~~The positive change in working capital of ~~Contents~~$2.3 million for the nine month period ended September 30, 2020 resulted from a $5.5 million decrease trade receivables and contract assets and a $1.2 million increase in trade and other payables and contract liabilities, partially offset by a $2.5 million increase in prepayments and other assets and a $1.9 million increase in inventories.

Cash ~~provided~~used byin ~~operating~~investing activities for the ~~six~~nine month period ended ~~June~~September 30, 2021 as compared to ~~cash provided by operating activities for~~ the ~~six~~nine month period ended ~~June~~September 30, 2020:

Net cash ~~provided~~used byin ~~operating~~investing activities ~~decreased~~ increased by $208.05 million to $816.03 million for the ~~six~~nine month period ended ~~June~~September 30, 2021, asfrom ~~compared to~~ $287.08 million for the same period during 2020.

InCash used ~~determining~~in ~~net~~investing ~~cash~~activities ~~from~~for ~~operating~~the ~~activities~~nine month period ended September 30, ~~profit~~2021 iswas ~~adjusted~~mainly the result of (a) $17.0 million in payments for the ~~effect~~acquisition of ~~certain non-cash items~~ ~~including~~three ~~depreciation~~pushboats and ~~amortization~~18 ~~which~~liquid ~~are~~barges, ~~analyzed~~(b) $5.9 million in ~~detail~~payments for the purchase of tangible assets, (c) $3.1 million for the construction of a crane, (d) $1.2 million in ~~our~~payments ~~Consolidated~~for ~~Statement~~the construction of ~~Cash~~our ~~Flows~~six new liquid barges, (e) $0.2 million in payments for the ~~Six~~construction ~~Month~~of ~~Period~~our ~~Ended~~two ~~June~~new tanks and (f) $0.1 30million in payments for the development of our port operations in Port Murtinho region, ~~2021~~Brazil, partially offset by (a) $7.5 million repayment by Navios Holdings of the Navios Holdings Loan Agreement and ~~2020,~~(b) $3.7 million from ~~included~~the ~~elsewhere~~disposal inof ~~this~~shares ~~report~~(related party).

~~Profit~~Cash isused ~~adjusted~~in investing activities for ~~changes~~the nine month period ended September 30, 2020 was mainly the result of (a) $5.7 million in ~~working~~payments ~~capital~~for the purchase of fixed assets, (b) $0.7 million in ~~order~~investment providing a secured credit facility to ~~determine~~our ~~net~~parent, ~~cash~~(c) ~~provided~~$0.6 million byin ~~operating~~payments for the construction of our two new ~~activities~~tanks in our Liquid Port Terminal and (d) $0.9 million in payments for the construction of our six new liquid barges, partially mitigated by $0.1 million in collections from net investment in the lease.

~~The~~Cash ~~negative~~used ~~change~~ in ~~working~~financing ~~capital~~activities ~~of $12.9 million~~ for the ~~six~~nine month period ended ~~June~~September 30, 2021 ~~resulted~~as ~~from a~~compared ~~$14.3 million~~to ~~increase~~cash inused ~~trade receivables and contract assets, a $2.7 million increase~~ in ~~prepayments~~financing ~~and~~activities ~~other~~for ~~assets,~~the anine month ~~$2.4 million~~period ~~increase~~ended ~~in inventories~~September 30, ~~partially~~2020: ~~offset by a $6.4 million increase in trade and other payables and contract liabilities.~~

~~Interest~~Net ~~paid~~cash used in financing activities increased by $1327.60 million to $3140.68 million for the ~~six~~nine month period ended ~~June~~ September 30, 2021, as compared to $1813.08 million ~~for~~cash ~~the~~used ~~same period~~ in ~~2020.~~financing ~~The~~activities ~~increase~~for ~~was mainly attributable to~~ the ~~interest~~same ~~payment~~period ofduring ~~the 2025 Notes~~2020. ~~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~~Cash ~~negative~~used ~~change~~ in ~~working~~ ~~capital~~financing ofactivities ~~$3.4 million~~ for the ~~six~~nine month period ended ~~June~~September 30, ~~2020~~2021 ~~resulted~~was ~~from~~due to (a) a $319.01 million ~~increase~~dividend paid to common shareholders, (b) $12.3 million in ~~trade~~payments ~~receivables~~made ~~and~~in ~~contract~~connection ~~assets~~with the Company’s outstanding indebtedness, a(c) $25.80 million ~~increase~~in payments made in ~~inventories,~~connection awith the promissory note (See commitments and contingencies), (d) $13.6 million ~~increase~~ in ~~prepayments~~ ~~and~~payments ~~other~~for ~~assets,~~the ~~partially~~repayment ~~offset~~of bythe aNotes Payable (as defined below) and (e) $40.14 million ~~increase~~ in ~~trade~~payment ~~and~~for ~~other~~the ~~payables~~principal ~~and~~portion ~~contract~~of our lease liabilities.

Cash used in ~~investing~~ financing activities for the ~~six~~nine month period ended ~~June~~September 30, ~~2021~~2020 was due to (a) $375.0 million in payments for the redemption of the 2022 Notes (as ~~compared~~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 ~~six~~repayment ~~month~~of ~~period~~the ~~ended~~Notes ~~June~~Payable (as defined below), partially mitigated by (a) $487.5 30million of proceeds from the 2025 Notes, ~~2020:~~(b) $13.6 million of proceeds from long term debt and (c) $0.5 million in payment of principal portion of lease liabilities.

~~Net~~15 ~~cash used in investing activities increased by $18.6 million to $24.6 million for the six month period ended June 30, 2021, from $5.9 million for the same period during 2020.~~

~~Cash~~Interest-Bearing ~~used~~Loans ~~in investing activities for the six month period ended June 30, 2021 was mainly the result of (a) $15.4 million in payments for the acquisition of three pushboats~~ and 18Borrowings liquid barges, (b) $4.6 million in payments for the purchase of tangible assets, (c) $3.1 million for the construction of a crane, (d) $1.2 million in payments for the construction of our six new liquid barges, (e) $0.2 million in payments for the construction of our two new tanks and (f) $0.1 million in payments for the development of our port operations in Port Murtinho region of Brazil.

~~Cash~~Senior ~~used~~Notes in investing activities for the six month period ended June 30, 2020 was mainly the result of (a) $4.4 million in payments for the purchase of fixed assets, (b) $0.7 million in investment providing a secured credit facility to our parent, (c) $0.5 million in payments for the construction of our two new tanks and (d) $0.4 million in payments for the construction of the Company’s six new liquid barges, partially mitigated by $0.1 million in collections from net investment in the lease.

~~Cash~~2025 ~~used~~Notes ~~in financing activities for the six month period ended June 30, 2021 as compared to cash used in financing activities for the six month period ended June 30, 2020:~~

~~Net~~On ~~cash~~July 8, ~~used~~2020, inNavios ~~financing~~Logistics ~~activities~~and ~~decreased~~its bywholly-owned ~~$23~~subsidiary Navios Logistics Finance (US) Inc.~~4 million~~ to(“Logistics Finance” and, together with Navios Logistics, the “Co-Issuers”) issued $10500.80 million ~~for~~in aggregate principal amount of senior secured notes due 2025 (“the 2025 Notes”), at a fixed rate of ~~six~~10.75%. ~~month~~The ~~period~~net ~~ended~~proceeds ~~June 30,~~from ~~2021~~the offering of the 2025 Notes were used to satisfy and discharge the indenture governing the 2022 Notes, asto ~~compared~~repay all amounts outstanding under the Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance used for general corporate purposes. The effect of this transaction was the recognition of a loss of $344.2 million ~~cash~~in ~~used~~the instatement ~~financing~~of ~~activities~~income ~~for~~under “Loss on debt extinguishment,” relating to the accelerated ~~same~~amortization ~~period~~of ~~during~~unamortized ~~2020~~deferred finance costs.

~~Cash~~On ~~used~~or after August 1, 2022, the Co-Issuers may redeem some or all of the 2025 Notes at the redemption prices set forth in ~~financing~~the ~~activities~~indenture ~~for~~governing the ~~six~~2025 ~~month~~Notes. ~~period~~In ~~ended~~addition, ~~June~~before August 301, ~~2021~~2022, ~~was~~the Co-Issuers may ~~due~~redeem up to (35% of the aggregate principal amount of the 2025 Notes at a) $8price equal to 110.~~2 million~~750% inof ~~payments~~the ~~made~~principal inamount of the 2025 Notes to be redeemed plus accrued and unpaid ~~connection~~interest, if any, to the redemption date with an amount equal to the ~~Company’s~~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. ~~indebtedness~~Prior to August 1, ~~(b)~~2022, ~~$2.3~~the ~~million~~Co-Issuers may inalso ~~payments~~redeem ~~for~~all or a part of the ~~repayment~~2025 Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Notes ~~Payable~~to be redeemed; plus (asb) the ~~defined~~applicable ~~below~~“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 (cbut excluding) $0the 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.3 The ~~million~~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 ~~for~~of withholding taxes. Furthermore, upon the ~~principal~~occurrence ~~portion~~of certain change of ~~our~~control events, ~~lease~~the Co-Issuers may ~~liabilities~~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.

~~Cash~~The ~~used~~2025 inNotes ~~financing~~are ~~activities~~senior ~~for~~secured obligations of the Co-Issuers and ~~six~~rank ~~month~~equal ~~period~~in ~~ended~~right ~~June 30,~~of payment ~~2020~~to ~~was~~all ~~due~~of their existing and future senior indebtedness and senior in right of payment to ~~(a)~~all ~~$27~~of their future subordinated indebtedness.~~5 million~~ ~~dividend~~The ~~paid~~2025 toNotes ~~common~~are fully and unconditionally guaranteed, jointly and severally, by all of the ~~shareholders~~Company’s direct and indirect subsidiaries, ~~(b)~~other $4than Logistics Finance.1 The 2025 Notes are secured by (i) ~~million~~first inpriority ~~payments~~ship ~~made~~mortgages inon ~~connection~~four ~~with~~tanker vessels servicing the Company’s ~~outstanding~~Cabotage ~~indebtedness,~~Business (cthe (1) Elena $H, (2.2) ~~million~~Makenita inH, ~~payments~~(3) Sara ~~for~~H and (4) He Man H) owned by certain subsidiary guarantors (such guarantors, the ~~repayment~~“Mortgaged Vessel Guarantors”) and related assignments of earnings and insurance together with a first priority lien on the ~~Notes~~capital ~~Payable~~stock ~~(as~~of ~~defined~~each ~~below)~~Mortgaged Vessel Guarantor and (dii) an $0assignment by way of security of the Vale Port Contract (collectively, the “Collateral”).~~4 million~~ inThe ~~payment~~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 ~~principal~~subsidiary ~~portion~~guarantors that are secured by assets other than the Collateral to the extent of ~~lease~~the ~~liabilities~~value of any assets securing such other obligations.

14The indenture governing 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.

~~Table~~As of ~~Contents~~September 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025 Notes amounted to $16.8 million and $19.4 million, respectively. Finance costs associated with the 2025 Notes amounted to $13.4 million and $40.2 million for the three and nine month periods ended September 30, 2021, respectively, ($12.5 million for each of the three and nine month periods ended September 30, 2020).

~~Interest-Bearing~~16 ~~Loans and Borrowings~~

~~Senior~~2022 Notes

On April 22, 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 of 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.

~~On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Navios Logistics~~ Finance ~~(US)~~costs ~~Inc.~~associated ~~(“Logistics Finance” and, together~~ with ~~Navios Logistics,~~ the ~~“Co-Issuers”)~~2022 ~~issued $500.0 million in aggregate principal amount of senior secured notes due 2025 (“the 2025~~ Notes~~”),~~ atamounted ato ~~fixed~~nil ~~rate~~for ofeach ~~10.75%. The net proceeds from the offering~~ of the ~~2025~~three ~~Notes were used to satisfy~~ and ~~discharge~~nine ~~the~~month ~~indenture~~periods ~~governing~~ended ~~the~~September 30, ~~2022 Notes~~2021, respectively, to($1.1 million ~~repay~~and ~~all~~$14.7 million ~~amounts~~for ~~outstanding under~~ the ~~Term~~three ~~Loan B Facility~~ and tonine ~~pay~~month ~~certain~~periods ~~fees~~ended ~~and~~September 30, ~~expenses related to the offering~~2020, ~~with the balance to be used for general corporate purposes~~respectively).

~~On or after August 1, 2022, the~~Term ~~Co-Issuers~~Loan ~~may~~B ~~redeem~~Facility 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 100% of the principal amount plus accrued and unpaid interest, if any.

~~The~~On ~~2025~~November 3, ~~Notes~~2017, ~~are~~Navios ~~senior~~Logistics ~~secured~~and ~~obligations~~Logistics ofFinance, ~~the Co~~as co-~~Issuers~~borrowers, ~~and~~completed ~~rank~~the ~~equal~~issuance ~~in right~~ of ~~payment~~a ~~to all~~$100.0 million ofTerm ~~their~~Loan ~~existing~~B ~~and~~Facility ~~future~~(the ~~senior~~“Term ~~indebtedness~~Loan ~~and~~B ~~senior in right of payment to all of their future subordinated indebtedness~~Facility”). The ~~2025~~Term ~~Notes~~Loan ~~are~~B ~~fully~~Facility ~~and~~bore ~~unconditionally~~an ~~guaranteed,~~interest ~~jointly~~rate ~~and~~of ~~severally,~~LIBOR byplus ~~all~~475 ofbasis ~~the~~points ~~Company’s~~and ~~direct~~had ~~and~~a ~~indirect~~four-year ~~subsidiaries,~~term ~~other~~with ~~than~~1.0% ~~Logistics~~amortization ~~Finance~~per ~~and Grimaud Ventures S~~annum.A. ~~(“Grimaud”).~~ The ~~2025~~Term ~~Notes~~Loan ~~are~~B ~~secured~~Facility bywas ~~(i) first~~repaid ~~priority~~in ~~ship~~full ~~mortgages~~ on ~~four tanker vessels servicing the Company’s Cabotage Business (the (1)~~July ~~Elena H~~8, ~~(2) Makenita~~2020 H,at ~~(3) Sara~~par Hplus accrued and ~~(4) He~~unpaid ~~Man~~interest H)to ~~owned by certain subsidiary guarantors (such guarantors,~~ the ~~“Mortgaged~~repayment ~~Vessel~~date ~~Guarantors”) and related assignments of earnings and insurance together~~ with ~~a first priority lien on~~ the ~~capital~~proceeds ~~stock~~ of ~~each Mortgaged Vessel Guarantor and (ii) an assignment by way of security of~~ the Co-Issuers’ ~~Vale Port Contract (collectively, the “Collateral”). The~~ 2025 Notes. ~~will~~Following bethis ~~effectively~~transaction, ~~senior~~the toCompany ~~all existing~~recognized ~~and~~a ~~future~~loss ~~obligations~~ of ~~the~~$1.5 million ~~subsidiary~~in ~~guarantors~~its ~~that~~unaudited ~~own~~condensed ~~Collateral~~consolidated tostatement ~~the extent~~ of ~~the~~income ~~value~~for of the ~~Collateral~~three ~~but effectively junior to any existing~~ and ~~future~~nine ~~secured~~month ~~obligations of the~~periods ~~Co-Issuers~~ended ~~and~~September 30, ~~the~~2020 ~~subsidiary~~under ~~guarantors~~“Loss ~~that~~on ~~are~~debt ~~secured~~extinguishment”, byrelating ~~assets other than the Collateral~~ to the ~~extent~~accelerated amortization of the ~~value~~unamortized ofdeferred ~~any~~financing ~~assets securing such other obligations~~costs.

~~The~~Finance ~~indenture~~costs ~~governing~~associated with the ~~2025~~Term ~~Notes~~Loan ~~contains~~B ~~restrictive~~Facility ~~covenants~~amounted ~~that~~to ~~limit,~~nil ~~among~~for ~~other~~each ~~things, the ability~~ of the ~~Co-Issuers~~three and ~~their~~nine ~~subsidiaries~~month toperiods ~~incur~~ended ~~additional indebtedness~~September 30, ~~pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate,~~ ~~merge~~2021, ~~sell~~respectively or(less ~~otherwise~~than ~~dispose~~$0.1 million ofand ~~all~~$3.2 million orfor ~~substantially~~the ~~all~~three ~~of their assets~~ and ~~enter~~nine ~~into~~month ~~certain~~periods ~~transactions~~ended ~~with affiliates~~September 30, ~~in each case~~2020, ~~subject to exclusions, and other customary covenants~~respectively). ~~The indenture governing the 2025 Notes also contains customary events of default.~~

~~As of June 30, 2021 and December 31, 2020, deferred finance costs associated with the 2025~~ Notes ~~amounted~~Payable to $17.7 million and $19.4 million, respectively. Finance costs associated with the 2025 Notes amounted to $13.4 million and $26.7 million for the three and six month periods ended June 30, 2021, respectively (nil for each of the three and six month periods ended June 30, 2020).

15In 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.

~~Table~~Finance ofcosts ~~Contents~~associated with the Notes Payable amounted to $0.1 million and $0.5 million for the three and nine month periods ended September 30, 2021, respectively ($0.2 million and $0.8 million for the three and nine month periods ended September 30, 2020, respectively).

~~2022~~Other ~~Notes~~Indebtedness

On ~~April~~ February 2228, ~~2014~~2020, the ~~Co-Issuers~~Company ~~issued~~entered into a $~~375~~25.0 million inloan ~~aggregate~~facility ~~principal~~(the ~~amount~~“BBVA ~~of Senior~~Facility”) ~~Notes~~with ~~due~~BBVA, ~~May~~which was drawn on July 18, ~~2022~~2020. ~~(the~~The ~~“2022~~BBVA ~~Notes”)~~Facility was used to repay existing debt with BBVA, and for general corporate purposes. The BBVA Facility bears interest at a ~~fixed~~ rate of ~~7.25%.~~LIBOR ~~The~~(180 ~~2022~~days) ~~Notes~~plus ~~were~~325 ~~redeemed~~basis inpoints, ~~full~~is onrepayable ~~July 16,~~in ~~2020~~quarterly atinstallments ~~100%~~with offinal ~~their~~maturity ~~face~~on ~~amount~~March 31, ~~plus~~2022 ~~accrued~~ and ~~unpaid~~is ~~interest~~secured toby ~~the~~assignments ~~redemption~~of ~~date~~certain ~~with~~receivables. ~~the~~As at ~~proceeds~~September 30, of2021, the ~~Co-Issuers’~~outstanding ~~2025~~balance ~~Notes~~was $12.0 million.

~~Finance~~On ~~costs~~May 18, ~~associated~~2017, ~~with~~ the ~~2022~~Company ~~Notes~~entered into a ~~amounted~~$14.0 million term loan facility (the “Term Bank Loan”) in order to ~~nil~~finance ~~for~~the ~~each~~acquisition of ~~the~~two ~~three~~product tankers. The Term Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and ~~six~~is ~~month~~repayable ~~periods~~in ~~ended~~twenty quarterly ~~June~~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 $6.8.1 million. As of September 30, 2021 and December 31, 2020, unamortized deferred financing costs associated with the Term Bank Loan amounted to less than $130.61 million ~~for~~and less than $0.1 million, respectively. In December 2021, the ~~three~~Company agreed to amend the Term Bank Loan, extending its maturity and ~~six~~amending ~~month~~the ~~periods~~repayment ~~ended~~schedule. ~~June~~Following the amendment, the $7.0 30million final balloon payment of the Term Bank Loan which was due on May 18, ~~2020~~2022 is repayable in twelve quarterly installments, ~~respectively)~~beginning on August 18, 2022, with a final balloon payment of $2.8 million.

~~Term~~17 ~~Loan B Facility~~

~~On November 3,~~In ~~2017~~December 2020, ~~Navios~~the ~~Logistics~~Company ~~and~~entered ~~Logistics~~into ~~Finance,~~a as$13.5 million ~~co-borrowers,~~seller’s ~~completed~~credit agreement for the ~~issuance~~construction of asix ~~$100~~liquid barges to be made available by way of credit in six equal tranches.~~0 million~~ ~~Term~~Each ~~Loan~~drawdown Bis ~~Facility~~repayable (in 20 quarterly installments starting from the ~~“Term~~delivery ~~Loan~~of Beach ~~Facility”)~~barge. The ~~Term~~seller’s ~~Loan~~credit Bfor the ~~Facility~~construction ~~bore~~of anthe six liquid barges bears interest at a fixed rate of ~~LIBOR~~8.5%. ~~plus~~As ~~475~~of ~~basis~~September 30, ~~points~~2021, ~~and~~the Company had adrawn ~~four-year~~the ~~term~~total ~~with~~available ~~1.0%~~amount ~~amortization~~and ~~per~~the ~~annum~~outstanding balance was $11.8 million. ~~The~~Finance ~~Term~~costs ~~Loan~~associated Bwith ~~Facility~~the seller’s ~~was~~credit ~~repaid~~agreement infor ~~full~~the onconstruction ~~July~~of six liquid barges amounted to $0.3 8,million ~~2020~~and at$0.8 million ~~par~~for ~~plus~~the ~~accrued~~three and ~~unpaid~~nine ~~interest~~month toperiods ~~the~~ended ~~repayment~~September 30, ~~date with~~2021 ~~the~~(nil ~~proceeds~~for each of the ~~Co-Issuers’~~three ~~2025~~and ~~Notes~~nine month periods ended September 30, 2020).

~~Finance~~In ~~costs~~the ~~associated~~fourth ~~with~~quarter ~~the~~of ~~Term~~2020, ~~Loan B~~Navios ~~Facility~~Logistics ~~amounted~~entered tointo ~~nil~~a purchase agreement with an unrelated third party for ~~each~~the acquisition of the ~~three~~2020 ~~and~~Fleet. ~~six~~The ~~month~~acquisition ~~periods~~was ~~ended~~completed ~~June~~on March 3022, 2021, (and the Company entered into a $115.0 million seller’s credit agreement for the acquisition of the 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum and is payable in three equal annual installments of $5.0 million. Finance costs associated with the seller’s credit agreement for the acquisition of the 2020 Fleet amounted to $0.2 million and $30.14 million, ~~respectively~~for the three and nine month periods ended September 30, 2021 (nil for each of the three and ~~six~~nine month periods ended ~~June~~September 30, 2020).

~~Notes~~In ~~Payable~~connection with the acquisition of Hidronave S.A. on October 29, 2009, the Company assumed a $0.8 million loan facility that was entered into by Hidronave S.A. in 2001, in order to finance the construction of the pushboat Nazira. The loan facility bore interest at a fixed rate of 600 basis points. In September 2021, this loan was repaid in full.

In connection with ~~the~~ ~~purchase of mechanical equipment for the expansion of~~ its ~~dry~~loan ~~port~~obligations ~~terminal,~~and ~~the~~other ~~Company~~long ~~entered~~term ~~into an unsecured export financing line of credit for a total amount of $42.0 million~~liabilities, ~~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~~subject into 16certain ~~consecutive semi-annual installments~~covenants, ~~starting six months after the completion of each Drawdown Event. Together with each Note Payable~~commitments, ~~the Company shall pay interest equal to~~limitations ~~six-month LIBOR. The unsecured export financing line is fully~~ and ~~unconditionally guaranteed by Ponte Rio S~~restrictions.~~A..~~ ~~As of June 30, 2021, the Company had drawn the total available amount and the outstanding balance of Notes Payable was $15.5 million.~~

~~Finance~~The ~~costs~~Company ~~associated~~was ~~with~~in ~~the~~compliance ~~Notes~~with ~~Payable~~all ~~amounted~~such tocovenants ~~$0.2 million~~as ~~and $0.3 million~~of ~~for the three and six month periods ended June~~September 30, 2021~~, respectively ($0~~.~~3 million~~ ~~and $0.6 million, respectively, for the three and six month periods ended June 30, 2020).~~

~~Other~~The ~~Indebtedness~~annualized weighted average interest rates of the Company’s total interest-bearing loans and borrowings were 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).

~~On December~~As of September 1530, ~~2016~~2021, ~~the~~an ~~Company~~amount ~~entered~~of ~~into~~$9.6 million a ($2526.03 million ~~facility~~as ~~with~~of ~~Banco~~December 31, ~~Bilbao~~2020) ~~Vizcaya~~was ~~Argentaria~~included ~~Uruguay~~under ~~S.A. (~~“~~BBVA”),~~Trade and ~~for~~other ~~general~~payables” ~~corporate~~in ~~purposes.~~the OnCompany’s ~~July 8,~~statement ~~2020,~~of ~~this~~financial ~~loan~~position ~~was~~related ~~repaid~~to inaccrued ~~full~~interest infrom ~~connection with~~our ~~drawing~~interest-bearing ~~the~~loans ~~New~~and ~~BBVA Facility~~borrowings.

~~On February 28, 2020, the Company entered into a $25.0 million loan facility (the “New BBVA Facility”) with BBVA, which was drawn on July 8, 2020.~~ The ~~New~~maturity ~~BBVA~~table ~~Facility~~below ~~was~~reflects ~~used~~future topayments ~~repay~~of the ~~existing~~long-term ~~loan~~interest-bearing ~~facility~~loans ~~with~~and ~~BBVA,~~borrowings and ~~for general corporate purposes. The New BBVA Facility bears~~ interest atoutstanding aas ~~rate~~ of ~~LIBOR (180~~ ~~days) plus 325 basis points, is repayable in quarterly installments with final maturity on March~~September ~~31, 2022 and is secured by assignments of certain receivables. As at June~~ 30, 2021, for the ~~outstanding~~next ~~balance~~five ~~was~~years ~~$15~~and thereafter.~~5 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 of June 30, 2021, the outstanding amount of the Term Bank Loan was $8.4 million. As of June 30, 2021 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.


Year	As of September 30, 2021 (Amounts in millions of 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

InContractual ~~December~~Obligations 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 June 30, 2021, the Company had drawn

16The following table summarizes our contractual obligations as of September 30, 2021:


	Less than a year		1-2 years		2-3 years		3-4 years		More than 5 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

~~the~~(1) ~~total~~We ~~available~~have ~~amount~~several ~~and~~lease ~~the~~agreements ~~outstanding balance was $12.4 million. Finance costs associated~~ with ~~the~~respect ~~seller’s credit agreement for the construction of six liquid barges amounted~~ to ~~$0.3 million~~our ~~and~~operating ~~$0.6 million~~port ~~for~~terminals ~~the three~~ and ~~six~~various ~~month periods ended June 30, 2021 (nil for each of the three and six month periods ended June 30, 2020)~~offices.

~~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 liquid barges (the “2020 Fleet”). The acquisition was completed on March 22, 2021, and the Company entered into a $15.0 million seller’s credit agreement for the acquisition of the 2020 Fleet. The seller’s credit agreement bears interest at a fixed rate of 5.0% per annum and is payable in three equal annual installments of $5.0 million. Finance costs associated with the seller’s credit agreement for the acquisition of the 2020 Fleet amounted to $0.2 million and $0.2 million for the three and six month periods ended June 30, 2021 (nil for each of the three and six month periods ended June 30, 2020).

InWorking ~~connection~~Capital ~~with~~Position the acquisition of Hidronave S.A. on October 29, 2009, the Company assumed a $0.8 million loan facility that was entered into by Hidronave S.A. in 2001, in order to finance the construction of the pushboat Nazira. As of June 30, 2021, the outstanding balance of the loan facility of Hidronave S.A. was less than $0.1 million. The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments and the final repayment must occur prior to August 10, 2021.

InOn ~~connection~~September 30, ~~with~~2021, ~~the~~Navios ~~loan~~Logistics’ ~~and~~current ~~other~~assets ~~long~~totaled ~~term~~$89.1 million, while current liabilities totaled $88.8 million, resulting in a positive working capital position of $0.3 million. Navios Logistics’ cash forecast indicates that Navios Logistics will generate sufficient cash for at least the ~~Company~~next is12 ~~subject~~months to ~~certain~~make ~~covenants,~~the ~~commitments~~required principal and interest payments on Navios Logistics’ indebtedness, ~~limitations~~provide for the normal working capital requirements of the business and ~~restrictions~~ remain in a positive cash position. 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 “Interest-Bearing Loans and Borrowings”).

~~The~~Capital ~~Company~~Expenditures ~~was in compliance with all such covenants as of June 30, 2021.~~

~~The~~During the ~~annualized~~first ~~weighted~~quarter ~~average interest rates~~ of ~~the~~2021, ~~Company’s~~Navios ~~total~~Logistics ~~interest-bearing~~completed ~~loans~~the ~~and~~construction ~~borrowings~~of ~~were~~six ~~9.96%~~liquid ~~and~~barges ~~10.00% for the three~~ and ~~six~~a ~~month~~total ~~periods~~of ~~ended June~~$19.5 ~~30,~~million ~~2021,~~was ~~respectively~~included ~~(6.83%~~under ~~and~~“Tangible ~~6.85%~~assets” ~~for~~in ~~the~~its ~~three~~unaudited ~~and~~condensed ~~six~~consolidated ~~month~~statement ~~periods~~of ~~ended~~financial ~~June 30, 2020, respectively)~~position.

AsDuring ofthe ~~June 30,~~first quarter of 2021, anNavios ~~amount~~Logistics ofcompleted ~~$22.9 million~~the ~~($26.3 million~~construction as of ~~December 31,~~two ~~2020)~~new ~~was~~tanks ~~included~~in ~~under~~its ~~“Trade~~liquid ~~and other~~port ~~payables”~~terminal inand ~~the~~a ~~Company’s~~total ~~statement~~ of $1.8 million ~~financial~~was ~~position~~transferred ~~related~~ to ~~accrued~~“Tangible ~~interest~~assets” ~~from~~in ~~our~~its ~~interest-bearing~~unaudited ~~loans~~condensed ~~and~~consolidated ~~borrowings~~statement of financial position.

~~The~~Since ~~maturity~~2018, ~~table~~Navios ~~below~~Logistics ~~reflects~~acquired ~~future~~approximately ~~payments~~6.6 hectares of undeveloped land located in the ~~long-term~~Port ~~interest-bearing~~Murtinho ~~loans~~region ~~and~~of ~~borrowings~~Brazil and ~~interest~~on March 24, ~~outstanding~~2021, asthe Company acquired 2.3 additional hectares. The Company plans to develop this land for our port operations. As of ~~June~~ September 30, 2021, the Company had paid $2.3 million for the ~~next~~land ~~five~~acquisition ~~years~~ and ~~thereafter~~capitalized expenses for the development of its port operations.

Year	As ofJune 30, 2021(Amounts in millionsof U.S. dollars)
June 30, 2022	$	93.5
June 30, 2023		67.7
June 30, 2024		66.9
June 30, 2025		57.6
June 30, 2026 and thereafter		501.4
Total	$	787.1

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, for a purchase price of $30.0 million. The acquisition was completed on March 22, 2021. As of September 30, 2021, a total of $32.0 million was transferred to “Tangible assets” in its unaudited condensed consolidated statement of financial position.

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

~~The~~Dividend ~~following~~Policy ~~table summarizes our contractual obligations as of June 30, 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)	$	93.5	$	67.7	$	66.9	$	57.6	$	501.4	$	787.1
Lease liabilities(1)		1.1		1.0		0.9		0.6		24.0		27.6
Trade and other payables		60.9		—		—		—		—		60.9
Total	$	155.5	$	68.7	$	67.8	$	58.2	$	525.4	$	875.6

The 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.

~~(1)~~Because WeNavios ~~have~~Logistics ~~several~~is ~~lease~~a ~~agreements~~holding company with ~~respect~~no material assets other than the stock of its subsidiaries, its ability to ~~our~~pay ~~operating~~dividends ~~port~~is ~~terminals~~dependent upon the earnings and ~~various~~cash ~~offices~~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.

17On February 21, 2020, the Company declared and paid a pro rata dividend to its shareholders in the aggregate amount of $27.5 million.

~~Table~~On July 10, 2020, the Company declared and paid a pro rata dividend to its shareholders in cash or shares of ~~Contents~~Navios Holdings in the aggregate amount of $6.4 million.

~~Working~~On ~~Capital~~July 30, ~~Position~~2021, the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud Ventures S.A. (“Grimaud”), representing 100% of Navios Logistics’ equity interest in Grimaud.

On19 June 30, 2021, Navios Logistics’ current assets totaled $189.9 million, while current liabilities totaled $102.4 million, resulting in a positive working capital position of $87.5 million. Navios Logistics’ cash forecast indicates that Navios Logistics will generate sufficient cash for at least the next 12 months to make the required principal and interest payments on Navios Logistics’ indebtedness, provide for the normal working capital requirements of the business and remain in a positive cash position.

~~Capital~~Concentration ~~Expenditures~~of Credit Risk

~~During~~Accounts ~~the first~~Receivable quarter of 2021, Navios Logistics completed the construction of six liquid barges and a total of $19.5 million was included under “Tangible assets” in our consolidated statement of financial position.

~~During~~In ~~the~~each ~~first~~of ~~quarter~~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, ~~Navios~~our ~~Logistics~~largest ~~completed~~customers, ~~the~~Vale ~~construction~~International S.A. (“Vale”), accounted for 22.2% of ~~two~~our ~~new~~revenues, ~~tanks~~and inour ~~its~~five ~~liquid~~largest ~~port~~customers ~~terminal~~accounted ~~and~~for aapproximately ~~total~~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 ~~million~~% ~~was~~of ~~transferred~~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 ~~“Tangible~~cease ~~assets”~~or inreduce the use of our ~~consolidated~~services ~~statement~~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 ~~position~~and our results of operations.

~~Since~~If ~~2018,~~one ~~we acquired~~or ~~approximately~~more ~~6.6~~of ~~hectares~~our ofcustomers ~~undeveloped~~does ~~land~~not ~~located~~perform inunder ~~the~~one ~~Port~~or ~~Murtinho~~more ~~region~~contracts ofwith ~~Brazil~~us and onwe ~~March 24,~~are not ~~2021~~able to find a replacement contract, weor ~~acquired~~if ~~2.3~~a ~~additional~~customer ~~hectares.~~exercises Wecertain ~~plan~~rights to ~~develop~~terminate ~~this~~the ~~land~~contract, ~~for~~we ~~our~~could ~~port~~suffer ~~operations.~~a Asloss of ~~June 30,~~revenues ~~2021~~that could materially adversely affect our business, ~~we had~~financial ~~paid~~condition $2and results of operations. See “Item 3. Key Information — D. Risk Factors ~~million~~— ~~for~~We ~~the~~depend ~~land~~on ~~acquisition~~a ~~and~~few ~~capitalized~~significant ~~expenses~~customers for a large part of our revenues, and the ~~development~~loss of one or more of these customers could materially and adversely affect our ~~port~~revenues.” ~~operations~~in the 2020 Form 20-F.

InWe ~~the~~could ~~fourth quarter~~lose ~~of 2020, Navios Logistics entered into~~ a ~~purchase~~customer ~~agreement~~or ~~with an unrelated third party for~~ the ~~acquisition~~benefits of ~~the 2020 Fleet, for~~ a ~~purchase~~contract ~~price of $30.0 million. The acquisition was completed on March 22~~if, ~~2021.~~among ~~As of~~other ~~June 30,~~things: ~~2021, a total of $32.0 million was transferred to “Tangible assets” in our consolidated statement of financial position.~~

~~During~~• the ~~second~~customer ~~quarter~~fails ofto ~~2021,~~make ~~Navios~~payments ~~Logistics~~because ~~completed the construction~~ of ~~a crane in~~ its ~~grain~~financial ~~port~~inability, ~~terminal~~the ~~and~~curtailment aor ~~total~~cessation of ~~$3.8 million~~ ~~was~~its ~~transferred~~operations, toits ~~“Tangible~~disagreements ~~assets”~~with inus ~~our~~or ~~consolidated statement of financial position.~~ otherwise;

~~Dividend~~• ~~Policy~~the customer terminates the contract because we fail to meet their contracted storage needs;

~~The~~• ~~payment~~the ofcustomer ~~dividends~~terminates ~~is at~~ the ~~discretion~~contract ofbecause ~~Navios~~we ~~Logistics’~~fail ~~board of directors. Any determination as~~ to ~~dividend~~deliver ~~policy~~the ~~will~~vessel ~~be made~~within bya ~~Navios~~fixed ~~Logistics’~~period ~~board~~ of ~~directors and will depend on a number of factors~~time, ~~including~~ the ~~requirements~~vessel ofis ~~Marshall~~lost ~~Islands~~or ~~law,~~damaged ~~Navios~~beyond ~~Logistics’ future earnings~~repair, ~~capital~~there ~~requirements,~~are ~~financial~~serious ~~condition~~deficiencies ~~and~~in ~~future prospects and such other factors as Navios Logistics’ board of directors may deem relevant. Marshall Islands law generally prohibits~~ the ~~payment~~vessel ofor ~~dividends~~prolonged ~~other than from surplus~~off-hire, ~~when~~default aunder ~~company is insolvent or if~~ the ~~payment~~contract; ~~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.~~ or

~~Because~~• ~~Navios~~the ~~Logistics~~customer isterminates ~~a holding company with no material assets other than~~ the ~~stock~~contract ofbecause ~~its subsidiaries, its ability to pay dividends is dependent upon~~ the ~~earnings~~vessel ~~and~~has ~~cash~~been ~~flow~~subject ~~of its subsidiaries and their ability~~ to ~~pay~~seizure ~~dividends~~for tomore ~~Navios~~than ~~Logistics. If there is~~ a ~~substantial~~specified ~~decline~~number ~~in any~~ of ~~the markets in which Navios Logistics participates, its earnings will be negatively affected, thereby limiting its ability to pay dividends~~days.

OnCash ~~February 21,~~Deposits ~~2020,~~with ~~the~~Financial ~~Company~~Institutions ~~declared and paid a pro rata dividend to its shareholders in the aggregate amount of $27.5 million.~~

OnCash ~~July 10,~~deposits ~~2020,~~in ~~the~~excess ~~Company~~of ~~declared~~amounts ~~and~~covered ~~paid~~by agovernment-provided ~~pro~~insurance ~~rata~~are ~~dividend~~ exposed to ~~its~~loss ~~shareholders~~ in the event of nonperformance by financial institutions. Although we maintain cash ordeposits ~~shares~~in excess of ~~Navios~~government-provided ~~Holdings~~insurance inlimits ~~the~~we ~~aggregate~~minimize ~~amount~~our exposure to credit risk by dealing with a diversified group of $6major financial institutions.~~4 million.~~

OnOff-Balance ~~July 30,~~Sheet ~~2021,~~Arrangements ~~the Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud, representing 100% of Navios Logistics’ equity interest in Grimaud.~~

~~Concentration~~On July 22, 2016, the Company guaranteed the compliance of ~~Credit~~certain ~~Risk~~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.

~~Accounts~~The Company issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) ~~Receivable~~of all its obligations to Vitol up to $12.0 million. This guarantee expires on March 1, 2022.

~~Concentration~~Legal ofProceedings ~~credit risk with respect to accounts receivables is limited due to our large number of customers, who are established international operators~~ and ~~have~~Commitments an appropriate credit history. Due to these factors, management believes that no additional credit risk, beyond amounts provided for collection losses, is inherent in our trade receivables. 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~~Contingencies ~~20-F.~~

18The Company is subject 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 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.

~~Table~~20 ~~of Contents~~

In ~~each~~September ~~of our businesses~~2020, wethe ~~derive~~Company aagreed ~~significant~~to ~~part of our revenues from~~ a ~~small~~settlement ~~number of~~regarding ~~customers. We expect that~~ a ~~small~~storage ~~number~~and oftransshipment contract ~~customers~~in ~~will continue to generate a substantial portion of our revenues for~~ the ~~foreseeable~~grain ~~future.~~port ~~For~~terminal ~~the six month period ended June 30, 2021, our two largest customers, Vale International S.A. (“Vale”) and YPF S.A. (“YPF”), accounted~~ for ~~23.5%~~a ~~and~~total ~~10.3%~~amount ofto ~~our~~be ~~revenues,~~paid ~~respectively,~~to ~~and~~the ~~our~~Company ~~five~~as ~~largest~~a ~~customers~~result ~~accounted for approximately 52.0%~~ of ~~our~~the ~~revenues,~~settlement ~~with no such customer (other than Vale and YPF) accounting for more than 10%~~ of ~~our revenues~~$4. ~~For the six month period ended June~~1 30million, ~~2020,~~which ~~our~~will ~~largest~~be ~~customer,~~collected ~~Vale,~~in ~~accounted~~three ~~for~~equal ~~34.4%~~installments of ~~our revenues, and our five largest customers accounted for approximately 62~~$1.5%4 million ofon ~~our revenues~~June 1, ~~with no customer (other than Vale) accounting for more than 10% of our revenues. In addition~~2021, ~~some~~2022 ~~of our customers, including many of our most significant customers, operate their own vessels~~ and~~/or~~ ~~barges as well as port terminals~~2023. ~~These customers may~~In ~~decide~~June ~~to cease or reduce the use of our services for various reasons~~2021, ~~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~~Company ofcollected the ~~contractual~~first 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 operationsinstallment.

IfRelated ~~one~~Party orTransactions more of our customers 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.

WeAs ~~could~~of ~~lose~~September 30, a2021 ~~customer~~and orDecember 31, ~~the~~2020, ~~benefits~~amounts ofdue a(to)/from ~~contract~~affiliate ~~if,~~companies ~~among~~were ~~other~~as ~~things~~follows:

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


	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 ~~the~~due ~~customer~~from ~~terminates~~affiliate ~~the~~companies ~~contract~~do ~~because~~not weaccrue ~~fail~~interest toand ~~meet~~do not have a specific due date for their settlement ~~contracted~~apart ~~storage~~from ~~needs;~~the Navios Holdings Loan Agreement (as defined below) which was repaid as of September 30, 2021.

•The ~~the~~Navios Holdings ~~customer~~Loan ~~terminates~~Agreement: On April 25, 2019, Navios Logistics agreed to lend Navios Holdings $50.0 million on a secured basis (the ~~contract~~“Navios ~~because~~Holdings weLoan ~~fail~~Agreement”) to ~~deliver~~be used for general corporate purposes, including the repurchase ~~vessel~~of ~~within~~Navios aHoldings’ 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 ~~period~~interest of ~~time~~12.75% for the first year and 14.75% for the second year. On December 2, 2019, Navios Logistics agreed to increase the ~~vessel~~amount isavailable ~~lost~~under orthe ~~damaged~~Navios ~~beyond~~Holdings ~~repair~~Loan Agreement by $20.0 million. Following this amendment, ~~there~~as ~~are~~a ~~serious~~result ~~deficiencies~~of inthe redemption of the ~~vessel~~2022 orNotes, ~~prolonged~~repayment ~~off-hire~~of the Term Loan B Facility and the issuance of 2025 Notes, (a) the ~~default~~interest ~~under~~rate on the ~~contract;~~Navios orHoldings Loan Agreement decreased to 10.0%, and (b) the maturity of the Navios Holdings Loan Agreement was extended to December 2024.

•On ~~the~~June 24, ~~customer~~2020, ~~terminates~~we entered into a deed of assignment and assumption with our wholly-owned subsidiary, Grimaud and Anemos Maritime Holdings Inc. in respect of the ~~contract~~Navios ~~because~~Holdings Loan Agreement, in which we assigned its legal and beneficial right, title and interest in the ~~vessel~~Navios ~~has~~Holdings ~~been~~Loan ~~subject~~to Grimaud. On June 25, 2020, Grimaud agreed to ~~seizure~~amend ~~for~~the ~~more~~Navios ~~than~~Holdings Loan Agreement to amend the interest payment date in respect of the Navios Holdings Loan and to allow a ~~specified~~portion ~~number~~of the total interest payable in respect of ~~days~~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 $6.4 million in satisfaction of the interest payable in respect of the Navios Holdings Loan Agreement as of that date.

~~Cash~~Effective ~~Deposits~~as ~~with~~of ~~Financial~~May ~~Institutions~~2021, and upon the release of certain collateral, the facility bore interest of 13.0% per annum.

~~Cash~~On ~~deposits~~June 30, in2021, ~~excess~~Grimaud ofentered ~~amounts~~into ~~covered~~a bysupplemental ~~government-provided~~agreement ~~insurance~~(the ~~are~~“Supplemental ~~exposed~~Navios Holdings Loan Agreement”) to ~~loss~~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 ~~event~~issuance of ~~nonperformance~~shares byof ~~financial~~common stock of ~~institutions~~Navios Holdings (the “Shares”) to Grimaud. ~~Although~~The weeffectiveness ~~maintain~~of ~~cash~~the ~~deposits~~Supplemental Navios Holdings Loan Agreement was subject to, and contingent upon, a prepayment by Navios Holdings of the Navios Holdings Loan Agreement in ~~excess~~the amount of $7.5 million ~~government~~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-~~provided~~5 ~~insurance~~sales ~~limits~~agreement wefor ~~minimize~~the ~~our~~sale ~~exposure~~of the Shares. As of July 30, 2021, the date on which the shares of Grimaud were distributed as dividend to ~~credit~~the ~~risk~~shareholders byof ~~dealing~~the ~~with~~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 ~~diversified~~loss ~~group~~of $24.1 million in its unaudited condensed consolidated statement of ~~major~~income for the period ended September 30, 2021 under “Loss from mark to market and disposal of financial ~~institutions~~asset”.

~~Off-Balance~~As ~~Sheet~~of ~~Arrangements~~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 $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.

On21 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.

~~The~~Administrative ~~Company~~expenses: On ~~issued~~August 29, a2019 ~~guarantee~~Navios Logistics entered into an assignment agreement with Navios Corporation (“NC”) and ~~indemnity~~Navios ~~letter~~Shipmanagement ~~that~~Inc. ~~guarantees~~(“NSM”), whereby the ~~performance~~administrative byservices ~~Petrolera~~agreement ~~San~~originally ~~Antonio~~entered ~~S.A.~~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 (aextending ~~consolidated~~the ~~subsidiary~~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 ~~all~~these ~~its~~services. ~~obligations~~Total toadministrative ~~Vitol~~expenses upcharged for the three and nine month periods ended September 30, 2021 amounted to $120.3 million and $0.9 million, respectively ($0.3 million ~~This~~and ~~guarantee~~$0.9 million ~~expires~~for onthe ~~March~~three and nine month periods ended September 130, ~~2022~~2020, respectively).

~~Legal~~Lodging ~~Proceedings~~and travel services: Navios Logistics obtains lodging and ~~Commitments~~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 ~~Contingencies~~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.

~~The~~Promissory ~~Company~~note: isOn ~~subject~~July 30, ~~to legal proceedings~~2021, ~~claims~~Navios ~~and~~Logistics ~~contingencies~~issued ~~arising~~a in$20.0 million ~~the~~promissory ~~ordinary~~note ~~course~~to ~~of business~~Grimaud. ~~When~~ ~~such~~The ~~amounts~~promissory ~~can~~note ~~be estimated and the contingency~~ is payable ~~probable,~~in ~~management~~four ~~accrues~~semi-annual ~~the~~equal ~~corresponding~~installments ~~liability.~~commencing ~~While~~on ~~the ultimate outcome of lawsuits or other proceedings against us cannot be predicted with certainty~~August 15, ~~management~~2021. ~~does~~The ~~not believe~~Company has the ~~costs,~~ability ~~individually~~to ordefer inpayment ~~aggregate,~~ of ~~such~~one ~~actions~~of ~~will~~the ~~have~~first athree ~~material~~installments ~~effect~~subject onto ~~our~~certain ~~consolidated~~conditions. ~~financial~~On ~~position~~August 15, ~~results~~2021, ofthe ~~operations~~first orinstallment ~~cash flows~~was paid.

InQuantitative ~~September 2020, the Company agreed to a settlement regarding a storage~~ and ~~transshipment~~Qualitative ~~contract~~Disclosures inabout ~~the~~Market ~~grain~~Risks port terminal for a total amount 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.

OnWe ~~July 30,~~are ~~2021,~~exposed ~~Navios~~to ~~Logistics~~certain ~~issued~~risks arelated ~~$20.0 million~~to ~~promissory~~interest ~~note~~rate, toforeign ~~Grimaud.~~currency, ~~The~~fuel ~~promissory~~price ~~note~~inflation isand ~~payable~~time incharter ~~four~~hire rate fluctuation. Risk ~~semiannual~~management ~~equal~~is ~~installments~~carried ~~commencing~~out onunder ~~August 15,~~policies ~~2021~~approved by executive management.

19Interest Rate Risk:

~~Table~~Debt Instruments—As of ~~Contents~~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.

~~Related~~Interest ~~Party~~rates ~~Transactions~~on the 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 $11.8 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.

AsFor a detailed discussion of ~~June 30,~~Navios ~~2021~~Logistics’ ~~and~~debt ~~December 31,~~instruments ~~2020,~~refer ~~amounts~~to ~~due~~section ~~from~~“Interest-Bearing ~~affiliate~~Loans ~~companies~~and ~~were~~Borrowings” asincluded ~~follows:~~elsewhere in this document.

	June 30,2021		December 31,2020
Navios Holdings (Parent)	$	71.4	$	75.1
Navios Shipmanagement Inc. (Other related party)		0.2		0.3
Total	$	71.6	$	75.4

Foreign Currency Transactions:

~~Amounts~~We are ~~due~~exposed ~~from~~to ~~affiliate~~foreign ~~companies~~currency doexchange ~~not~~transaction ~~accrue~~risk ~~interest~~related to funding our operations. For the nine month periods ended September 30, 2021 and do2020 ~~not~~approximately ~~have~~51.7%, aand ~~specific~~46.5%, ~~due~~respectively, ~~date~~of ~~for~~our ~~their~~expenses were incurred in currencies ~~settlement~~other ~~apart~~than ~~from~~U.S. dollars. Further, for the ~~Navios~~nine ~~Holdings~~month ~~Loan~~period ~~Agreement~~ended September, 2021, approximately 25%, 17% and 10% of the Company’s $106.2 million of combined cost of (asa) time ~~defined~~charter, ~~below~~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.

~~The~~For ~~Navios~~the ~~Holdings~~nine ~~Loan~~month ~~Agreement:~~period Onended ~~April~~September 2530, ~~2019~~ 2021, ~~Navios Logistics agreed to lend Navios Holdings up to $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~~1.~~375~~00% ~~First~~ ~~Priority~~change ~~Ship~~in ~~Mortgage~~the ~~Notes~~exchange ~~due~~rates ~~2022~~between (the ~~“Navios Holdings 2022 Notes”)~~U. ~~The secured credit facility is secured by Navios Holdings 2022 Notes purchased with secured credit facility funds~~S. ~~The~~dollar ~~secured credit facility included an~~and ~~arrangement fee of $0.5~~Argentinean ~~million~~pesos, Paraguayan guaranies and ~~bears~~Uruguayan pesos would ~~fixed~~change ~~interest~~our ofprofit ~~12.75%~~ for the ~~first~~ year ~~and~~by 14$0.~~75% for the second year. The secured credit facility also includes negative covenants substantially similar to the 2022 Notes and customary events of default. On December~~3 2million, ~~2019, Navios Logistics agreed to increase the secured credit facility by~~ $~~20.~~0.2 million. ~~Following this amendment, as a result of the redemption of the 2022 Notes~~ and ~~Term Loan B Facility in July 2020 and the issuance of 2025 Notes, (a) the interest rate on the secured credit facility decreased to 10.~~$0~~%, and (b)~~.1 ~~the maturity of the secured credit facility was extended to December 2024~~million, ~~and is repayable in four equal annual installments~~respectively. ~~Effective~~ ~~as of May 2021~~Comparatively, ~~and~~a ~~upon the release of certain collateral, the facility bears interest of 13~~1.000% ~~per annum. As of June 30, 2021, the full amount was drawn under the secured credit facility. The arrangement fee is amortized~~ change in ~~income following~~ the ~~effective~~same ~~interest~~exchange ~~rate~~rates ~~method~~would ~~over~~change ~~the~~our ~~life~~profit offor the ~~credit facility, resulting in $0.1 million deferred income as of June 30, 2021. For the three and six month~~ period ended ~~June~~September 30, ~~2021,~~2020 ~~interest~~by ~~income related to Navios Holdings Loan Agreement amounted to~~ $20.2 million ~~and $3.9 million~~, ~~respectively (~~$20.42 million and $40.61 million, respectively~~, for the three and six month periods ended June 30, 2020)~~. As of June 30, 2021, an amount of $1.5 million ($5.2 million as of December 31, 2020) was included under “Financial assets at amortized cost (related party)” in our consolidated statement of financial position related to accrued interest to be collected from Navios Holdings.

On22 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 of the Navios Holdings Loan, in which we 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 $6.4 million in satisfaction of the interest payable in respect of the Navios Holdings Loan.

OnInflation June 30, 2021, Grimaud entered into a supplemental agreement (the “Supplemental Navios Holdings Loan Agreement”) to the loan agreement dated as of April 25, 2019 with Navios Holdings (as amended, the “Navios Holdings Loan Agreement”), whereby Grimaud and ~~Navios~~Fuel ~~Holdings~~Price ~~agreed~~Increases to amend the Navios Holdings Loan Agreement so that the Navios Holdings Loan Agreement may 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 $7.5 million in cash and the effectiveness of a registration statement of Navios Holdings registering the resale of 9,301,542 Shares, among other conditions. Consequently, as of June 30, 2021, an amount of $69.9 million was included under “Intercompany receivable loan from parent (related party), current portion” in our consolidated statement of financial position. 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.

~~Administrative~~See ~~expenses: On August 29, 2019 Navios Logistics entered into an assignment agreement with Navios Corporation (~~“~~NC”)~~Factors ~~and~~Affecting Navios ~~Shipmanagement Inc. (“NSM”), whereby the administrative services agreement originally entered into between Navios~~ Logistics’ ~~and~~Results ~~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~~Operations. ~~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 six month periods ended June 30, 2021 amounted to $0.3 million and $0.6 million, respectively $0.3 million and $0.6 million for the three and six month periods ended June 30, 2020, respectively).

20Critical Accounting Policies

~~Table~~The Navios Logistics’ unaudited condensed consolidated financial statements have been prepared in accordance with IFRS. The preparation of ~~Contents~~these financial statements requires Navios Logistics to make estimates in the application of its accounting policies based on the best assumptions, judgments and opinions of management.

~~Lodging~~The 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 LogisticsCompany’s ~~Chief~~most ~~Executive~~critical ~~Officer~~accounting ~~and~~policies ~~Vice Chairman~~ and ~~Carlos~~estimates ~~Augusto~~are ~~Lopez, Navios Logistics’ Chief Commercial Officer—Shipping Division, each of whom has no controlling interest in~~ those ~~companies. Total~~that ~~charges~~involve ~~were~~subjective ~~nil~~decisions ~~for~~or ~~each~~assessments ~~of the three~~ and ~~six~~are ~~month~~included ~~periods~~in ~~ended June 30, 2021 (less than $0.1 million for~~ the ~~three~~Company’s ~~and six month periods ended June 30,~~ 2020, ~~respectively),~~Form ~~and amounts payable amounted to less than $0~~20-F.~~1 million~~ ~~as of June 30, 2021 and December 31, 2020.~~

~~Quantitative~~Recent ~~and~~Accounting ~~Qualitative~~Pronouncements ~~Disclosures about Market Risks~~

WeThe Company’s ~~are~~recent ~~exposed~~accounting topronouncements ~~certain~~are ~~risks~~included ~~related~~in tothe ~~interest~~accompanying ~~rate,~~notes ~~foreign~~to ~~currency,~~the ~~fuel~~unaudited ~~price~~condensed ~~inflation~~consolidated ~~and~~financial ~~time~~statements ~~charter~~included ~~hire~~elsewhere ~~rate~~in ~~fluctuation.~~this ~~Risk management is carried out under policies approved by executive management~~report.

~~Interest~~23 ~~Rate Risk:~~

~~Debt~~INDEX ~~Instruments—As~~TO ofUNAUDITED ~~June 30,~~CONDENSED ~~2021~~CONSOLIDATED ~~and~~FINANCIAL ~~December 31, 2020, Navios Logistics had a total of $566.8 million and~~STATEMENTS ~~$560.0 million, respectively, in long-term indebtedness. The debt is dollar denominated.~~

Interest rates on the Nazira Loan, the 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 June 30, 2021 was less than $0.1 million, $12.4 million, $554.4 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 June 30, 2021, the amount outstanding under the Company’s floating rate loan facilities was $39.4 million. A change in the LIBOR rate of 100 basis points would increase finance costs for the six month period ended June 30, 2021 by $0.4 million.


	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

~~For a detailed discussion of Navios Logistics’ debt instruments refer to section “Interest~~F-~~Bearing~~1 ~~Loans and Borrowings” included elsewhere in this document.~~

~~Foreign~~NAVIOS ~~Currency~~SOUTH ~~Transactions:~~AMERICAN LOGISTICS INC.

WeUNAUDITED ~~are~~CONDENSED ~~exposed~~CONSOLIDATED toSTATEMENT ~~foreign~~OF ~~currency~~FINANCIAL ~~exchange~~POSITION transaction risk related to funding our operations. For the six month periods ended June 30, 2021 and 2020 approximately 53.7%, and 46.1%, respectively, of our expenses were incurred in currencies other than U.S. dollars. Further, for the six month period ended June, 2021, approximately 25%, 18% and 10% of the Company’s $66.5 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 11%, respectively, of our $64.2 million of Combined Cost for the six month period ended June 30, 2020. For the six month periods ended June 30, 2021 and 2020, Brazilian reais accounted for less than 1% of our Combined Cost.

~~For~~(Expressed ~~the six month period ended June 30, 2021, a 1.00% change~~ in ~~the~~thousands ~~exchange~~of ~~rates between the~~ U.S. ~~dollar~~dollars) and Argentinean pesos, Paraguayan guaranies and Uruguayan pesos would change our profit for the year by $0.2 million, $0.1 million and less than $0.1 million, respectively. Comparatively, a 1.00% change in the same exchange rates would change our profit for the period ended June 30, 2020 by $0.1 million, less than $0.1 million and less than $0.1 million, respectively.

Inflation and Fuel Price Increases


	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

~~See~~The ~~“Factors~~accompanying ~~Affecting~~notes ~~Navios~~are ~~Logistics’~~an ~~Results~~integral part of ~~Operations.”~~these unaudited condensed consolidated financial statements.

~~Critical~~F-2 ~~Accounting Policies~~

~~The~~NAVIOS ~~Navios Logistics’~~SOUTH ~~interim~~AMERICAN ~~condensed~~LOGISTICS ~~consolidated financial statements have been prepared in accordance with IFRS~~INC. The preparation of these financial statements requires Navios Logistics to make estimates in the application of its accounting policies based on the best assumptions, judgments and opinions of management.

~~The~~UNAUDITED ~~Company’s~~CONDENSED ~~most~~CONSOLIDATED ~~critical~~STATEMENT ~~accounting~~OF ~~policies~~INCOME ~~and estimates are those that involve subjective decisions or assessments and are included in the Company’s 2020 Form 20-F.~~

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


	Note	Nine month period ended September 30, 2021 (unaudited)			Nine month period ended September 30, 2020 (unaudited)			Three month period ended September 30, 2021 (unaudited)			Three month period ended September 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

~~Recent~~The ~~Accounting~~accompanying ~~Pronouncements~~notes are an integral part of these unaudited condensed consolidated financial statements.

~~The~~F-3 ~~Company’s recent accounting pronouncements are included in the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this report.~~

22NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~Table~~UNAUDITED ofCONDENSED ~~Contents~~CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

	Page
	Issuedcapital		Sharepremium		(AccumulatedDeficit)/ RetainedEarnings			TotalEquity
NAVIOS SOUTH AMERICAN LOGISTICS INC.
Balance as at January 1, 2021	$	20	$	233,441	$	60,331		$	293,792
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2021 AND DECEMBER 31, 2020		F-2
Loss for the period		—		—		(26,771	)		(26,771	)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020		F-3
Dividends (Note 7)		—		—		(75,305	)		(75,305	)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020		F-4
Balance as at September 30, 2021 (unaudited)	$	20	$	233,441	$	(41,745	)	$	191,716
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020		F-5
Balance as at January 1, 2020	$	20	$	233,441	$	82,543		$	316,004
CONDENSED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)		F-6
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

~~F-1~~The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

~~Table~~F-4 ~~of Contents~~

NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~INTERIM~~UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF ~~FINANCIAL~~CASH ~~POSITION~~FLOW

(Expressed in thousands of U.S. dollars)

ASSETS
	Note		Nine monthperiod endedSeptember 30,2021(unaudited)				Nine monthperiod endedSeptember 30,2020(unaudited)
	Notes				June 30,2021(unaudited)				December 31,2020
Operating activities
Non-current assets
(Loss)/profit before tax			$	(22,763	)		$	21,670
Tangible assets		5			$	567,565			$	520,811
Adjustments to reconcile profit before tax to net cash flows:
Assets under construction		5				685				20,886
Depreciation of tangible assets	5			23,990				22,693
Intangible assets		6				154,448				155,834
Amortization of intangible assets	6			2,079				2,079
Right-of-use assets		9				7,910				7,275
Amortization of right-of-use assets	9			568				594
Net investment in the lease		9				155				190
Loss on debt extinguishment	8			—				4,157
Deferred tax assets						79				691
Loss from mark to market and disposal of financial asset	10			24,149				—
Intercompany receivable loan from parent (related party), net		10				—				69,833
Movements in provisions				401				580
Other assets						5,812				5,082
Finance income				(4,596	)			(6,844	)
Total non-current assets					$	736,654			$	780,602
Finance costs				45,212				34,042
Current Assets
Working capital movements				(3,058	)			2,276
Inventories						12,309				9,901
Increase in other assets				(684	)			(2,735	)
Trade receivables		4				48,296				34,190
Increase/(decrease) in other non-current liabilities				86				(27	)
Contract assets		4				924				906
			$	65,384			$	78,485
Prepayments and other assets						9,358				6,700
Interest received				8,147				6,551
Cash and cash equivalents						47,470				74,870
Interest paid				(59,316	)			(25,059	)
Intercompany receivable loan from parent (related party), net		10				69,867				—
Income tax paid				(21	)			(36	)
Financial assets at amortized cost (related party)		10				1,533				5,244
Net cash flows from operating activities			$	14,194			$	59,941
Net investment in the lease		9				154				110
Investing activities
Total current assets					$	189,911			$	131,921
Acquisition of tangible assets	5			(8,203	)			(5,184	)
Total Assets					$	926,565			$	912,523
Acquisition of assets under construction				(19,317	)			(1,999	)
EQUITY and LIABILITIES
Partial collection of parent Company loan agreement (related party)	10			7,500				—
Equity
Loan to parent Company (related party)	10			—				(705	)
Issued capital						20				20
Proceeds from the sale of shares (related party)	10			3,704				—
Share premium						233,441				233,441
Proceeds from net investment in the lease	9			—				114
Retained earnings						61,994				60,331
Net cash flows used in investing activities			$	(16,316	)		$	(7,774	)
Total equity					$	295,455			$	293,792
Financing activities
Liabilities
Payment of principal portion of lease liabilities	9			(449	)			(526	)
Non-current liabilities
Proceeds from 2025 Notes	8			—				487,504
Interest-bearing loans and borrowings		8				512,052				517,791
Repayment of 2022 Notes	8			—				(375,000	)
Lease liabilities		9				7,434				6,945
Proceeds from long term debt, net of deferred finance costs	8			—				13,625
Provisions						526				451
Repayment of long-term debt and payment of principal	8			(12,592	)			(102,002	)
Deferred tax liabilities						8,356				8,583
Repayment of notes payable	8			(3,630	)			(3,499	)
Income tax payable						46				61
Dividends paid	7, 13			(24,146	)			(33,881	)
Other non-current liabilities						287				289
Net cash flows used in financing activities			$	(40,817	)		$	(13,779	)
Total non-current liabilities					$	528,701			$	534,120
Net (decrease)/increase in cash and cash equivalents				(42,939	)			38,388
Current liabilities
Cash and cash equivalents at January 1				74,870				45,605
Trade and other payables		8				60,891				58,889
Cash and cash equivalents at September 30			$	31,931			$	83,993
Contract liabilities		4				3,393				2,011
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest-bearing loans and borrowings		8				37,002				22,800
Non-cash investing and financing activities:
Lease liabilities		9				1,123				911
Transfers from assets under construction	5		$	57,107			$	—
Total current liabilities					$	102,409			$	84,611
Seller’s credit agreement for the construction of six liquid barges	8		$	2,246			$	—
Total liabilities					$	631,110			$	618,731
Seller’s credit agreement for the acquisition of the 2020 Fleet	8		$	15,000			$	—
Total equity and liabilities					$	926,565			$	912,523
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 accompanying notes are an integral part of these unaudited ~~interim~~ condensed consolidated financial statements.

F-25

~~Table~~NAVIOS ofSOUTH ~~Contents~~AMERICAN LOGISTICS INC.

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

~~INTERIM~~(Expressed ~~CONDENSED~~in ~~CONSOLIDATED~~thousands ~~STATEMENT~~of OFU.S. ~~INCOME~~dollars)

~~(Expressed~~NOTE in1: ~~thousands~~CORPORATE ofINFORMATION ~~U.S. dollars)~~

	Note		Six monthperiod endedJune 30,2021(unaudited)			Six monthperiod endedJune 30,2020(unaudited)			Three monthperiod endedJune 30,2021(unaudited)			Three monthperiod endedJune 30,2020(unaudited)
Revenue		4	$	110,378		$	115,159		$	57,343		$	58,605
Cost of sales		4		(76,218	)		(73,696	)		(40,847	)		(35,669	)
Gross profit			$	34,160		$	41,463		$	16,496		$	22,936
Administrative expenses		4		(7,030	)		(6,812	)		(3,662	)		(3,444	)
Other operating income				1,137			446			430			165
Other operating expenses				(1,912	)		(1,531	)		(1,013	)		(369	)
Allowance for expected credit losses on financial assets		4		(148	)		(575	)		(3	)		(167	)
Operating profit			$	26,207		$	32,991		$	12,248		$	19,121
Finance income				4,026			4,866			2,220			2,547
Finance costs				(29,928	)		(18,944	)		(15,372	)		(9,498	)
Foreign exchange differences, net				1,695			(274	)		618			(321	)
Profit/(loss) before tax			$	2,000		$	18,639		$	(286	)	$	11,849
Income tax (expense)/benefit				(337	)		203			(557	)		80
Profit/(loss) for the period			$	1,663		$	18,842		$	(843	)	$	11,929

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 south-eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of September 30, 2021, Navios Maritime Holdings Inc. (“Navios Holdings”) owned 63.8% of Navios Logistics’ stock.

~~The~~NOTE ~~accompanying~~2: ~~notes~~BASIS ~~are~~OF PREPARATION, anACCOUNTING ~~integral~~POLICIES ~~part~~AND ofSIGNIFICANT ~~these~~FACTORS ~~unaudited~~AFFECTING ~~interim~~UNAUDITED ~~condensed~~CONDENSED ~~consolidated~~CONSOLIDATED ~~financial statements.~~FINANCIAL STATEMENTS

~~F-3~~(a) Basis of Preparation

~~Table~~The unaudited condensed consolidated financial statements of ~~Contents~~Navios 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.

~~NAVIOS~~These ~~SOUTH~~unaudited ~~AMERICAN~~condensed ~~LOGISTICS~~consolidated ~~INC~~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, 2020, 2019 and 2018 and for the years ended December 31, 2020, 2019 and 2018.

~~INTERIM~~The ~~CONDENSED~~unaudited ~~CONSOLIDATED~~condensed ~~STATEMENT~~consolidated OFfinancial ~~CHANGES~~statements INhave ~~EQUITY~~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.

~~(Expressed~~On inDecember ~~thousands~~14, 2021, the unaudited condensed consolidated financial statements for the nine-month period ended September 30, 2021 have been authorized for issuance by the Board of UDirectors.S. ~~dollars)~~

	Issuedcapital		Sharepremium		Retainedearnings			Total Equity
Balance as at January 1, 2021	$	20	$	233,441	$	60,331		$	293,792
Profit for the period		—		—		1,663			1,663
Balance as at June 30, 2021	$	20	$	233,441	$	61,994		$	295,455
Balance as at January 1, 2020	$	20	$	233,441	$	82,543		$	316,004
Profit for the period		—		—		18,842			18,842
Dividends paid		—		—		(27,500	)		(27,500	)
Balance as at June 30, 2020	$	20	$	233,441	$	73,885		$	307,346

(b)

Going concern

~~The~~In ~~accompanying~~considering ~~notes~~going ~~are~~concern anbasis, ~~integral~~management ~~part~~has ofreviewed ~~these~~the ~~unaudited~~Company’s ~~interim~~future ~~condensed~~cash ~~consolidated~~requirements, ~~financial~~covenant compliance and earnings ~~statements~~projections. As of September 30, 2021, the Company’s current assets totaled $89,137, while current liabilities totaled $88,793, resulting in a positive working capital position of $344.

~~F-4~~Management 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. 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).

~~Table~~F-6 ~~of Contents~~

NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~INTERIM~~NOTES ~~CONDENSED~~TO ~~CONSOLIDATED~~THE ~~STATEMENT~~UNAUDITED OFCONDENSED ~~CASH~~CONSOLIDATED ~~FLOW~~FINANCIAL STATEMENTS

(Expressed in thousands of U.S. dollars)

	Notes		Six monthperiodended June 30,2021(unaudited)			Six monthperiodended June 30,2020(unaudited)
Operating activities
Profit before tax			$	2,000		$	18,639
Adjustments to reconcile profit before tax to net cash flows:
Depreciation of tangible assets		5		15,608			15,247
Amortization of intangible assets		6		1,386			1,386
Amortization of right-of-use assets		9		409			398
Movements in provisions				223			633
Finance income				(4,026	)		(4,866	)
Finance costs				29,928			18,944
Working capital movements				(12,917	)		(3,373	)
Increase in other assets				(730	)		(1,006	)
Decrease in other non-current liabilities				(2	)		(28	)
			$	31,879		$	45,974
Interest received				7,703			103
Interest paid				(31,611	)		(18,049	)
Income tax paid				(15	)		(25	)
Net cash flows provided by operating activities			$	7,956		$	28,003
Investing activities
Acquisition of tangible assets		5		(5,255	)		(4,051	)
Acquisition of assets under construction		5		(19,304	)		(1,250	)
Loan to parent Company (related party)		10		—			(705	)
Proceeds from net investment in the lease		9		—			79
Net cash flows used in investing activities			$	(24,559	)	$	(5,927	)
Financing activities
Payment of principal portion of lease liabilities		9		(343	)		(345	)
Repayment of long-term debt and payment of principal		8		(8,159	)		(4,134	)
Repayment of notes payable		8		(2,295	)		(2,213	)
Dividends paid		7		—			(27,500	)
Net cash flows used in financing activities			$	(10,797	)	$	(34,192	)
Net decrease in cash and cash equivalents				(27,400	)		(12,116	)
Cash and cash equivalents at January 1				74,870			45,605
Cash and cash equivalents at June 30			$	47,470		$	33,489
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	)	$	—

(c)

Basis of Consolidation

The ~~accompanying~~unaudited ~~notes~~consolidated ~~are~~financial anstatements ~~integral~~comprise ~~part~~the financial statements of ~~these~~Navios ~~unaudited~~Logistics ~~interim~~and ~~condensed~~its ~~consolidated~~subsidiaries. ~~financial~~Control is achieved ~~statements~~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-5~~Subsidiaries included in the Consolidation:

~~Table~~The unaudited condensed consolidated financial statements of ~~Contents~~the Company include:

NAVIOS SOUTH AMERICAN LOGISTICS INC.


Company Name (1)	Country of Incorporation	Nature	Percentage of Ownership	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-Owning Operating 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 Virgin Islands	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

~~NOTES~~(1) TOOn ~~THE~~October ~~UNAUDITED~~21, ~~CONDENSED~~2021, ~~INTERIM~~the ~~CONSOLIDATED~~Company ~~FINANCIAL~~acquired ~~STATEMENTS~~the 100% of the Brundir S.A. common shares. Brundir S.A. is a non-operating company.

~~(Expressed~~F-7 ~~in thousands of U.S. dollars)~~

~~NOTE~~NAVIOS 1.SOUTH ~~CORPORATE~~AMERICAN ~~INFORMATION~~LOGISTICS INC.

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

~~NOTE~~(Expressed 2:in ~~BASIS~~thousands OFof ~~PREPARATION,~~U.S. ~~ACCOUNTING~~dollars) ~~POLICIES AND SIGNIFICANT FACTORS AFFECTED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS~~

(2) This company was established 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), ~~Basis~~representing 100% of ~~Preparation~~Navios Logistics’ equity interest in Grimaud.

~~The interim condensed unaudited consolidated financial statements of Navios Logistics have been prepared in accordance with International Financial Reporting Standards~~ (~~“IFRS”~~d) asNew ~~issued by the International Accounting Standards Board (the “IASB”)~~standards, ~~and~~interpretations ~~present the financial position, results of operations~~ and ~~cash~~amendments ~~flows~~adopted ofby the Company ~~on a going concern basis.~~

~~These interim~~The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements doare consistent ~~not~~with ~~include~~those ~~all~~applied ~~information~~in ~~and~~the ~~disclosures~~preparation ~~required~~of ~~for~~ the ~~annual~~ consolidated financial statements for the year ended December 31, 2020 and ~~should~~have bebeen ~~read~~consistently applied in ~~conjunction~~all ~~with~~periods presented in this report except for the ~~Company’s~~following ~~audited~~IFRSs ~~consolidated~~which ~~financial~~have ~~statements~~been ~~and~~adopted ~~notes~~by the Company as of ~~December~~January 311, ~~2020,~~2021. ~~2019~~Amendments and ~~2018~~interpretations ~~and~~that apply for the ~~years~~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 ~~December~~September 3130, ~~2020,~~2021. ~~2019~~These ~~and~~are ~~2018~~also disclosed below.

~~The consolidated~~• ~~financial~~Conceptual ~~statements~~Framework ~~have~~in ~~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 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. standards:

OnThe ~~September~~IASB ~~10,~~issued ~~2021~~the revised Conceptual Framework for Financial Reporting on March 29, ~~the~~2018. ~~interim~~The ~~condensed~~Conceptual ~~consolidated~~Framework sets out a comprehensive set of concepts for financial ~~statements~~reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the ~~six-month~~standards. ~~period~~IASB ~~ended~~also ~~June 30~~issued a separate accompanying document, ~~2021~~Amendments ~~have~~to ~~been~~References ~~authorized~~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 ~~issue~~companies bythat develop accounting policies using the ~~Board~~Conceptual ofFramework ~~Directors~~when no IFRS Standard applies to a particular transaction.

~~(b)~~• ~~Going concern~~IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of ‘material’ (Amendments).

InThe ~~considering~~Amendments ~~whether~~clarify the definition of ‘material’ and how it isshould ~~appropriate~~be toapplied. ~~prepare~~The ~~the~~new ~~financial~~definition ~~statements~~states onthat, a‘Information ~~going~~is ~~concern~~material ~~basis~~if omitting, ~~management~~misstating ~~has~~or ~~reviewed the~~obscuring ~~Company’s~~it ~~future~~could ~~cash~~reasonably ~~requirements,~~be ~~covenant~~expected ~~compliance~~to ~~and~~influence ~~earnings~~decisions ~~projections.~~that Asthe primary users of ~~June 30,~~general ~~2021,~~purpose financial statements make on the ~~Company’s~~basis ~~current~~of ~~assets~~those ~~totaled~~financial ~~$189~~statements,~~911,~~ ~~while~~which ~~current~~provide ~~liabilities~~financial ~~totaled~~information ~~$102~~about a specific reporting entity’. In addition,~~409,~~ ~~resulting~~the inexplanations aaccompanying ~~positive~~the ~~working~~definition have been improved. The Amendments also ~~capital~~ensure ~~position~~that the definition of ~~$87,502~~material is consistent across all IFRS Standards.

~~Management~~• ~~anticipates~~IFRS ~~that the Company’s primary sources of funds will be available cash~~9, ~~cash~~IAS ~~from operations~~39 and ~~borrowings~~IFRS ~~under~~7 ~~existing~~(Amendments) ~~and~~“Interest ~~new~~rate ~~loan~~benchmark 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. reform”:

The 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 (cIBOR) ~~Basis~~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 ~~Consolidation~~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.

~~The~~F-8 interim 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-6~~NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~Table~~NOTES ofTO ~~Contents~~THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~NAVIOS~~(Expressed ~~SOUTH~~in ~~AMERICAN~~thousands ~~LOGISTICS~~of ~~INC~~U.S. dollars)

~~NOTES~~• TOIFRS ~~THE~~3: ~~UNAUDITED~~Business ~~CONDENSED~~Combinations ~~INTERIM CONSOLIDATED FINANCIAL STATEMENTS~~ (Amendments)

The IASB issued amendments to the Definition of a Business (~~Expressed~~Amendments into ~~thousands~~IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of Uassets.S. ~~dollars)~~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.

~~Subsidiaries~~(e) ~~included~~Impact inof ~~the~~Standards ~~Consolidation:~~issued but not yet effective and not early adopted

The ~~interim condensed~~Company ~~consolidated~~has ~~financial~~not ~~statements~~early adopted any other of the following standards, interpretations or amendments that have been issued but are not yet effective. In addition, the Company ~~include:~~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.

Company Name

Country ofIncorporation

Nature

Percentage ofOwnership

Statement of Income

2021

2020

Corporacion Navios S.A.

Uruguay

Port-Facility Owning Company

100

1/1-6/30

Energías Renovables del Sur S.A.

Uruguay

Land Owning Company

100

1/1-6/30

Nauticler S.A.

Uruguay

Sub-Holding Company

100

1/1-6/30

Compania Naviera Horamar S.A.

Argentina

Vessel-Operating Management Company

100

1/1-6/30

Compania de Transporte Fluvial International S.A.

Uruguay

Sub-Holding Company

100

1/1-6/30

Ponte Rio S.A.

Uruguay

Operating Company

100

1/1-6/30

HS Tankers Inc.

Panama

Tanker-Owning Company

100

1/1-6/30

HS Navigation Inc.

Panama

Tanker-Owning Company

100

1/1-6/30

HS Shipping Ltd. Inc.

Panama

Tanker-Owning Company

100

1/1-6/30

HS South Inc.

Panama

Tanker-Owning Company

100

1/1-6/30

Petrovia Internacional S.A.

Uruguay

Land-Owning Company

100

1/1-6/30

Mercopar S.A.

Paraguay

Operating/Barge-Owning Company

100

1/1-6/30

Petrolera San Antonio S.A.

Paraguay

Port Facility-Owning Company

100

1/1-6/30

Stability Oceanways S.A.

Panama

Barge and Pushboat-Owning Operating Company

100

1/1-6/30

Hidronave South American Logistics S.A.

Brazil

Pushboat-Owning Company

100

1/1-6/30

Horamar do Brasil Navegação Ltda

Brazil

Non-Operating Company

100

1/1-6/30

Navarra Shipping Corporation

Marshall Is.

Tanker-Owning Company

100

1/1-6/30

Pelayo Shipping Corporation

Marshall Is.

Tanker-Owning Company

100

1/1-6/30

Navios Logistics Finance (US) Inc.

Delaware

Operating Company

100

1/1-6/30

Varena Maritime Services S.A.

Panama

Barge and Pushboat-Owning Operating Company

100

1/1-6/30

1/1-3/31

Honey Bunkering S.A.

Panama

Tanker-Owning Company

100

1/1-6/30

Naviera Alto Parana S.A.

Paraguay

Operating Company

100

1/1-6/30

Edolmix S.A.

Uruguay

Port-Terminal Rights Owning Company

100

1/1-6/30

Cartisur S.A.

Uruguay

Non-Operating Company

100

1/1-6/30

NP Trading S.A.

British Virgin Islands

Sub-Holding Company

100

1/1-6/30

Ruswe International S.A.

Uruguay

Barge-Operating Company

100

1/1-6/30

Delta Naval Trade S.A.

Panama

Non-Operating Company

100

1/1-6/30

Terra Norte Group S.A.

Paraguay

Non-Operating Company

100

1/1-6/30

Corporacion Navios Granos S.A.

Uruguay

Port-Facility Owning Company

100

1/1-6/30

Docas Fluvial do Porto Murtinho S.A.

Brazil

Land Owning Company

1/1-6/30

Siriande S.A.

Uruguay

Non-Operating Company

100

1/1-6/30

Grimaud Ventures S.A. (1)

Marshall Is.

Financial Asset Holder Company

100

1/1-6/30

1/21-3/31

•

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 Venture

~~(1)~~The ~~This~~amendments address ~~company~~an ~~was~~acknowledged ~~established~~inconsistency ~~during~~between the ~~six-month~~requirements ~~period~~in ~~ended~~IFRS ~~June~~10 ~~30,~~and ~~2020.~~those Onin ~~July~~IAS 3028, ~~2021,~~in dealing with the ~~Company~~sale ~~declared~~or ~~and~~contribution ~~paid~~of aassets ~~pro~~between ~~rata~~an ~~dividend~~investor toand its ~~shareholders~~associate inor ~~shares~~joint venture. The main consequence of ~~Grimaud~~the amendments is that a full gain or loss is recognized when a transaction involves a business (aswhether ~~defined~~it ~~below~~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, ~~representing~~even ~~100%~~if these assets are housed in a subsidiary. In December 2015, the IASB postponed the effective date of ~~Navios~~this ~~Logistics’~~amendment indefinitely pending the outcome of its research project on the equity ~~interest~~method inof ~~Grimaud~~accounting.

FIAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-7current (Amendments)

~~Table~~The 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 the requirements by helping companies determine whether, in the consolidated statement of ~~Contents~~financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. 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 items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing its own equity instruments.

~~NAVIOS~~IFRS ~~SOUTH~~3 ~~AMERICAN~~Business ~~LOGISTICS~~Combinations; ~~INC.~~IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (Amendments)

~~NOTES~~These TOamendments ~~THE~~are ~~UNAUDITED~~effective ~~CONDENSED~~for ~~INTERIM~~annual periods ~~CONSOLIDATED~~beginning ~~FINANCIAL~~on ~~STATEMENTS~~or after January 1, 2022 with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:

• IFRS 3 Business Combinations (~~Expressed~~Amendments) update a reference in ~~thousands~~IFRS of3 ~~U.S.~~to ~~dollars)~~the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.

• IAS 16 Property, Plant and Equipment (dAmendments) ~~New~~prohibit ~~standards~~a company from deducting from the cost of property, ~~interpretations~~plant and ~~amendments~~equipment ~~adopted~~amounts byreceived from selling items produced while the ~~Company~~company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.

~~The~~• ~~accounting~~IAS ~~policies~~37 ~~and~~Provisions, ~~methods~~Contingent ofLiabilities ~~computation~~and ~~used~~Contingent inAssets ~~the~~(Amendments) ~~preparation~~specify ofwhich ~~the~~costs ~~interim~~a ~~condensed~~company ~~consolidated~~includes ~~financial statements are consistent with those applied~~ in determining the ~~preparation~~cost of ~~the~~fulfilling ~~consolidated~~a ~~financial~~contract ~~statements~~ for the ~~year~~purpose ~~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,~~assessing ~~2021.~~whether ~~Amendments and interpretations that apply for the first time in 2021 do not have~~ a ~~significant~~contract ~~impact~~is ~~on the interim condensed consolidated financial statements of the Company for the six month period ended June 30, 2021~~onerous. ~~These are also disclosed below.~~

• ~~Conceptual~~Annual ~~Framework~~Improvements inmake minor amendments to IFRS ~~standards:~~1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.

~~The~~F-9 IASB issued the 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~~SOUTH 1AMERICAN ~~Presentation~~LOGISTICS ~~of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of ‘material’ (Amendments)~~INC.

~~The~~NOTES ~~Amendments~~TO ~~clarify~~THE ~~the~~UNAUDITED ~~definition~~CONDENSED ~~of ‘material’~~CONSOLIDATED ~~and~~FINANCIAL ~~how~~STATEMENTS it should be applied. The new definition states that, ‘Information is material if omitting, misstating or obscuring it could reasonably 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’. 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.

•(Expressed ~~IFRS~~in 9,thousands ~~IAS~~of 39U.S. ~~and IFRS 7 (Amendments~~dollars) ~~“Interest rate benchmark reform”:~~

~~The~~• ~~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 9,16 ~~IAS~~Leases-Covid 3919 ~~and~~Related ~~IFRS~~Rent 7,Concessions ~~which concludes phase one of its work to respond to the effects of Interbank Offered Rates~~ (~~IBOR~~Amendment) 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 reliefs, 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.

•The amendment applies, retrospectively, to annual reporting periods beginning on or after June 1, 2020. 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 3:16 ~~Business~~guidance ~~Combinations~~on ~~(Amendments)~~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:

• The ~~IASB~~change ~~issued~~in ~~amendments~~lease topayments ~~the~~results ~~Definition~~in ofrevised aconsideration ~~Business~~for ~~(Amendments to IFRS 3) aimed at resolving~~ the ~~difficulties~~lease 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 insubstantially the ~~first~~same ~~annual~~as, ~~reporting period beginning on~~ or ~~after~~less ~~January 1~~than, ~~2020~~the ~~and~~consideration tofor ~~asset acquisitions~~the ~~that~~lease ~~occur~~immediately onpreceding ~~or after~~ the ~~beginning of that period, with earlier application permitted~~change.

~~F-8~~• Any reduction in lease payments affects only payments originally due on or before September 30, 2021.

~~Table~~• There is no substantive change to other terms and conditions of ~~Contents~~the lease.

~~NAVIOS~~(f) ~~SOUTH~~Accounting ~~AMERICAN~~policies ~~LOGISTICS~~and ~~INC.~~the use of estimates

~~NOTES~~The TOpreparation ~~THE~~of ~~UNAUDITED~~the ~~CONDENSED~~unaudited ~~INTERIM~~condensed ~~CONSOLIDATED~~consolidated ~~FINANCIAL~~financial ~~STATEMENTS~~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, 2020. 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.

(~~Expressed in thousands of U.S. dollars~~g) Seasonality

~~(e)~~Certain ~~Impact~~of the Navios Logistics’ businesses have seasonality aspects, and seasonality affects the results of ~~Standards~~Navios ~~issued~~Logistics’ operations ~~but~~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 ~~yet~~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 ~~early~~high ~~adopted~~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.

(h) The ~~Company~~recent ~~has~~global ~~not~~outbreak ~~early adopted any other~~ of ~~the~~novel ~~following~~coronavirus ~~standards,~~disease 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. (COVID-19)

•The ~~Amendment~~coronavirus toor ~~IFRS~~other 10epidemics ~~Consolidated~~or ~~Financial~~pandemics ~~Statements~~could ~~and~~potentially ~~IAS~~result 28in ~~Investments~~delayed indeliveries ~~Associates~~of vessels or port facilities that the Company may have under construction, disrupt the Company’s operations and ~~Joint~~significantly ~~Ventures:~~affect ~~Sale~~global ormarkets, ~~Contribution~~affecting the demand for the Company’s services, including the demand for transportation of ~~Assets~~petroleum products, ~~between~~the anoperation ~~Investor~~of its port terminal facilities, global demand for commodities, as well as the price of regional freights and ~~its~~hires, ~~Associate~~the orCompany’s ~~Joint~~port ~~Venture~~tariffs, and otherwise disrupt the operations of the Company’s customers and suppliers.

~~The amendments address an acknowledged inconsistency between the requirements in IFRS~~ F-10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. 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~~NAVIOS 1SOUTH ~~Presentation~~AMERICAN ofLOGISTICS ~~Financial~~INC. ~~Statements: Classification of Liabilities as Current or Non-current (Amendments)~~

~~The~~NOTES ~~amendments~~TO ~~are~~THE ~~effective~~UNAUDITED ~~for~~CONDENSED ~~annual~~CONSOLIDATED ~~reporting~~FINANCIAL ~~periods~~STATEMENTS beginning on or after January 1, 2022 with earlier application permitted. The amendments aim to promote consistency in applying 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. 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 items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing its own equity instruments.

~~IFRS~~(Expressed 3in ~~Business~~thousands ~~Combinations;~~of ~~IAS~~U.S. ~~16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (Amendments~~dollars)

~~These~~If ~~amendments~~the ~~are~~impact ~~effective~~of ~~for~~coronavirus ~~annual~~continues ~~periods~~or worsens, the Company may be unable to charter its ~~beginning~~vessels onat the rates or ~~after~~for ~~January 1~~the length of time it currently expects, ~~2022~~or ~~with~~to ~~earlier~~commence ~~application~~or ~~permitted~~complete the construction of its planned port terminal facilities in Port Murtinho, Brazil and in Nueva Palmira, Uruguay. The ~~IASB~~effects ~~has~~of ~~issued~~the ~~narrow-scope~~coronavirus ~~amendments~~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 ~~IFRS~~Company ~~Standards~~could asbe adversely ~~follows:~~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.

•Any ~~IFRS~~prolonged 3restrictive ~~Business~~measures ~~Combinations~~to ~~(Amendments)~~control ~~update~~the anovel coronavirus ~~reference~~or inother ~~IFRS~~adverse 3global topublic health developments may affect the ~~Conceptual~~Company’s ~~Framework~~normal ~~for~~operations. ~~Financial~~Many ~~Reporting~~of ~~without~~these ~~changing~~measures have further affected the ~~accounting~~process ~~requirements~~of ~~for~~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 ~~combinations~~operations and demand for its services generally.

•NOTE ~~IAS~~3: 16SEGMENT ~~Property,~~INFORMATION Plant and Equipment (Amendments) prohibit 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.

•Current ~~IAS~~accounting 37guidance ~~Provisions,~~establishes ~~Contingent~~standards ~~Liabilities~~for reporting information about operating segments in annual financial statements and requires ~~Contingent~~reporting ~~Assets~~of ~~(Amendments)~~selected ~~specify~~information ~~which~~about ~~costs~~operating segments in interim financial reports issued to shareholders. Operating segments are components of a company ~~includes~~of inwhich ~~determining~~separate financial information is available that is regularly evaluated by the ~~cost~~chief operating decision makers in deciding how to allocate resources and assess performance. Chief operating decision makers use profit to evaluate operating performance of ~~fulfilling~~each asegment. ~~contract~~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 ~~purpose~~Company’s method of ~~assessing~~internal ~~whether~~reporting. aNavios ~~contract~~Logistics has isthree ~~onerous~~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 ~~Annual~~Port ~~Improvements~~Terminal ~~make~~Business ~~minor~~segment ~~amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases~~

•This ~~IFRS~~segment 16includes ~~Leases-Covid~~the 19operating ~~Related~~results ~~Rent~~of ~~Concessions~~Navios ~~(Amendment)~~Logistics’ dry port terminal and liquid port terminal operations.

~~The~~(i) ~~amendment~~Dry ~~applies,~~port ~~retrospectively,~~terminal tooperations annual reporting periods beginning on or after June 1, 2020. 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:

FNavios Logistics owns and operates the largest independent bulk 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-9related 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.

~~Table~~(ii) ofLiquid ~~Contents~~port terminal operations

~~NAVIOS~~Navios ~~SOUTH~~Logistics ~~AMERICAN~~owns ~~LOGISTICS~~and ~~INC~~operates an up-river port terminal with tank storage for refined petroleum products, oil and gas in San Antonio, Paraguay, approximately 17 miles by river from the 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.

~~NOTES~~The TOBarge ~~THE~~Business ~~UNAUDITED~~segment ~~CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Expressed~~Navios inLogistics ~~thousands~~services ofthe UArgentine, Bolivian, Brazilian, Paraguayan and Uruguayan river transportation markets through its fleet.S. ~~dollars~~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.

•F-11 ~~The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.~~

•NAVIOS ~~Any~~SOUTH ~~reduction~~AMERICAN inLOGISTICS ~~lease payments affects only payments originally due on or before June 30, 2021~~INC.

•NOTES ~~There~~TO isTHE noUNAUDITED ~~substantive~~CONDENSED ~~change~~CONSOLIDATED toFINANCIAL ~~other~~STATEMENTS ~~terms and conditions of the lease.~~

(f)Expressed ~~Accounting~~in ~~policies~~thousands ~~and the use~~ of ~~estimates~~U.S. dollars)

The ~~preparation~~Cabotage ofBusiness ~~the~~segment interim 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 interim 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 to be reasonable under the present circumstances.

~~(g)~~Navios ~~Seasonality~~Logistics owns and operates ocean-going vessels to support the transportation needs of its customers in the South American coastal trade business. Its fleet consists of six ocean-going product tanker vessels, a river and estuary tanker vessel and a bunker vessel. Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis.

~~Certain~~Inter-segment ~~of the Navios Logistics’ businesses have seasonality aspects~~transactions, ~~and~~if ~~seasonality affects the results of Navios Logistics’ operations and revenue~~any, 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~~accounted 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~~at ~~year.~~current ~~During~~market 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 vesselprices. 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.

~~(h)~~ The ~~recent~~following ~~global~~table ~~outbreak~~describes the results of ~~novel~~operations ~~coronavirus~~of ~~disease~~the ~~(COVID-19)~~three segments, the Port Terminal Business segment, the Barge Business segment and the Cabotage Business segment for the nine and three months period ended September 30, 2021 and 2020:

The coronavirus or other epidemics or pandemics could potentially result in delayed deliveries of vessels or port facilities that the Company may have under construction, disrupt the Company’s operations and significantly affect global markets, affecting the demand for the Company’s services, including the demand for transportation of petroleum products, the operation of its port terminal facilities, global demand for commodities, as well as the price of regional freights and hires, the Company’s port tariffs, and otherwise disrupt the operations of the Company’s customers and suppliers.


	Nine month period ended September 30, 2021
	Port Terminal Business			Cabotage Business			Barge Business			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	)

If 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.


	Nine month period ended September 30, 2020
	Port Terminal Business			Cabotage Business			Barge Business			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

F-1012

~~Table~~NAVIOS ofSOUTH ~~Contents~~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. ~~INTERIM~~dollars) ~~CONSOLIDATED FINANCIAL STATEMENTS~~

(Expressed in thousands of U.S. dollars)


	Three month period ended September 30, 2021
	Port Terminal Business			Cabotage Business			Barge Business			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	)

Any prolonged restrictive measures to control the novel coronavirus or other adverse global public health developments may affect the Company’s normal operations. 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.


	Three month period ended September 30, 2020
	Port Terminal Business			Cabotage Business			Barge Business			Total
Revenue	$	27,055		$	12,322		$	19,150		$	58,527
Cost of sales		(10,490	)		(8,017	)		(18,704	)		(37,211	)

Gross profit	$	16,565		$	4,305		$	446		$	21,316

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

~~NOTE~~For 3:the ~~SEGMENT~~Barge ~~INFORMATION~~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.

~~Current~~All ~~accounting~~the ~~guidance establishes standards for reporting information about operating segments in annual financial statements and~~assets ~~requires~~related ~~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 ~~chief~~Port ~~operating~~Terminal ~~decision~~Business ~~makers in deciding how to allocate resources and assess performance. Chief operating decision makers use profit to evaluate operating performance of each~~ segment. ~~The~~are ~~guidance~~located ~~also~~in ~~establishes standards for related disclosures about a company’s products and services~~Uruguay, ~~geographical~~Paraguay ~~areas~~ and ~~major customers~~Brazil. The ~~Company~~total ~~has~~net ~~determined~~book ~~that~~value ~~its~~of ~~reportable~~tangible ~~segments~~assets ~~are~~for ~~those that are based on~~ the ~~Company’s method of internal reporting. Navios Logistics has three reportable segments:~~ Port Terminal Business, ~~Barge~~segment ~~Business~~amounted ~~and~~to ~~Cabotage~~$202,613 ~~Business.~~and ~~The~~$203,282 ~~Port~~as ~~Terminal~~of ~~Business~~September 30, ~~includes~~2021 ~~the dry port terminal operations~~ and December 31, ~~the~~2020, ~~liquid port terminal operations~~respectively. ~~A general description of each segment follows:~~

~~The~~F-13 ~~Port Terminal Business segment~~

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

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

~~Navios~~(Expressed ~~Logistics owns and operates the largest independent bulk transfer and storage port terminal facilities~~ in ~~Uruguay~~thousands ~~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 riversU.S. dollars)

~~(ii)~~In ~~Liquid~~addition, ~~port~~the ~~terminal~~net ~~operations~~book value of intangible assets other than goodwill allocated to the Barge Business segment and to the Cabotage Business segment, collectively, amounted to $11,091 and $12,421 as of September 30, 2021 and December 31, 2020, respectively, while the net book value of intangible assets allocated to the Port Terminal segment amounted to $38,568 and $39,317 as of September 30, 2021 and December 31, 2020, respectively.

~~Navios~~Goodwill ~~Logistics owns and operates an up-river port terminal with tank storage for refined~~totaling ~~petroleum~~to ~~products~~$22,142, ~~oil~~$40,868 and ~~gas in San Antonio~~$41,086 ~~Paraguay,~~has ~~approximately~~been 17allocated ~~miles~~to bythe ~~river~~three ~~from~~segments, the ~~capital~~Port ofTerminal ~~Asuncion.~~Business, ~~Its~~the ~~port~~Barge ~~terminal~~Business isand ~~one of~~ the ~~largest~~Cabotage ~~independent~~Business, ~~storage~~respectively, ~~facilities~~ for ~~crude~~all ~~and~~periods ~~petroleum products in Paraguay based on storage capacity~~presented.

~~The~~NOTE ~~Barge~~4: ~~Business~~REVENUE, ~~segment~~COST OF SALES AND ADMINISTRATIVE EXPENSES

~~Navios Logistics services the Argentine, Bolivian, Brazilian, Paraguayan and Uruguayan river transportation markets through its fleet~~4.1 ~~Navios Logistics~~Disaggregated ~~operates~~revenue ~~different~~information 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.

~~The~~An ~~Cabotage~~analysis ~~Business segment~~of the Company’s revenue from contracts with customers by stream of revenue is presented below:

Navios Logistics owns and operates ocean-going vessels to support the transportation needs of its customers in the South American coastal trade business. Its fleet consists of six ocean-going product tanker vessels, a river and estuary tanker vessel and a bunker vessel. Navios Logistics contracts its vessels either on a time charter basis or on a CoA basis.


	Nine month period ended September 30, 2021			Nine month period ended September 30, 2020			Three month period ended September 30, 2021			Three month period ended September 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

~~Inter-segment~~4.2 ~~transactions,~~Contract ifbalances ~~any, are accounted for at current market prices.~~

F-11


	September 30, 2021		December 31, 2020
Trade receivable from contract with customers	$	36,445	$	34,190
Contract assets	$	921	$	906
Contract liabilities	$	486	$	2,011

~~Table~~Trade receivables from contracts with customers represent net amounts receivable from customers in respect of voyage ~~Contents~~charters, port terminals and in respect of time charters for the non-lease (service component) of the receivable. Trade receivable consisted of the following:

NAVIOS SOUTH AMERICAN LOGISTICS INC.


	September 30, 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

~~NOTES~~F-14 ~~TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Expressed~~NAVIOS inSOUTH ~~thousands~~AMERICAN ofLOGISTICS UINC.S. ~~dollars)~~

~~The~~NOTES ~~following~~TO ~~table~~THE ~~describes~~UNAUDITED ~~the~~CONDENSED ~~results~~CONSOLIDATED ofFINANCIAL ~~operations~~STATEMENTS ~~of the three segments, the Port Terminal Business segment, the Barge Business segment and the Cabotage Business segment for the three and six month periods ended June 30, 2021 and 2020:~~

	Six month period ended June 30, 2021
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Revenue	$	49,339		$	17,581		$	43,458		$	110,378
Cost of sales		(16,629	)		(16,854	)		(42,735	)		(76,218	)
Gross profit	$	32,710		$	727		$	723		$	34,160
Administrative expenses		(1,644	)		(1,083	)		(4,303	)		(7,030	)
Other operating income		652			9			476			1,137
Other operating expenses		(1	)		(649	)		(1,262	)		(1,912	)
Allowance for expected credit losses on financial assets		(73	)		—			(75	)		(148	)
Operating profit/(loss)	$	31,644		$	(996	)	$	(4,441	)	$	26,207
Finance income		1,470			792			1,764			4,026
Finance costs		(11,301	)		(5,746	)		(12,881	)		(29,928	)
Foreign exchange differences, net		67			(432	)		2,060			1,695
Profit/(Loss) before tax	$	21,880		$	(6,382	)	$	(13,498	)	$	2,000
Income tax (expense)/benefit		—			(1,214	)		877			(337	)
Profit/(loss) for the period	$	21,880		$	(7,596	)	$	(12,621	)	$	1,663

(Expressed in thousands of U.S. dollars)

	Six month period ended June 30, 2020
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Revenue	$	54,390		$	23,881		$	36,888		$	115,159
Cost of sales		(23,855	)		(15,331	)		(34,510	)		(73,696	)
Gross profit	$	30,535		$	8,550		$	2,378		$	41,463
Administrative expenses		(1,559	)		(1,032	)		(4,221	)		(6,812	)
Other operating income		68			—			378			446
Other operating expenses		—			(1,069	)		(462	)		(1,531	)
Allowance for expected credit losses on financial assets		(103	)		(164	)		(308	)		(575	)
Operating profit/(loss)	$	28,941		$	6,285		$	(2,235	)	$	32,991
Finance income		2,027			468			2,371			4,866
Finance costs		(7,934	)		(2,078	)		(8,932	)		(18,944	)
Foreign exchange differences, net		(258	)		(139	)		123			(274	)
Profit/(Loss) before tax	$	22,776		$	4,536		$	(8,673	)	$	18,639
Income tax (expense)/benefit		—			(839	)		1,042			203
Profit/(loss) for the period	$	22,776		$	3,697		$	(7,631	)	$	18,842

Movement in the allowance for expected credit losses of trade receivables is analyzed as follows:

F-12


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

Allowance for expected credit losses	$	(341	)
Utilized provision	$	—

Balance as at September 30, 2021	$	(3,225	)


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	)

~~NAVIOS~~Contract ~~SOUTH~~assets ~~AMERICAN~~represent ~~LOGISTICS~~amounts ~~INC~~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.

~~NOTES~~Contract TOliabilities ~~THE~~represent ~~UNAUDITED~~the ~~CONDENSED~~performance ~~INTERIM~~due ~~CONSOLIDATED~~to ~~FINANCIAL~~a ~~STATEMENTS~~customer for the remaining voyage as at the period end. This may happen in the case where the customer has made an advance payment before the completion of the voyage as of the period end date. The balances of contract liabilities vary and depend on advance payments received at period end.

~~(Expressed~~4.3 inCost ~~thousands~~ of ~~U.S.~~Sales ~~dollars)~~

	Three month period ended June 30, 2021
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Revenue	$	24,567		$	8,104		$	24,672		$	57,343
Cost of sales		(7,329	)		(8,767	)		(24,751	)		(40,847	)
Gross profit	$	17,238		$	(663	)	$	(79	)	$	16,496
Administrative expenses		(847	)		(559	)		(2,256	)		(3,662	)
Other operating income		16			8			406			430
Other operating expenses		—			(214	)		(799	)		(1,013	)
Allowance for expected credit losses on financial assets		—			—			(3	)		(3	)
Operating profit/(loss)	$	16,407		$	(1,428	)	$	(2,731	)	$	12,248
Finance income		815			437			968			2,220
Finance costs		(5,695	)		(2,889	)		(6,788	)		(15,372	)
Foreign exchange differences, net		(307	)		(376	)		1,301			618
Profit/(Loss) before tax	$	11,220		$	(4,256	)	$	(7,250	)	$	(286	)
Income tax (expense)/benefit		—			(159	)		(398	)		(557	)
Profit/(loss) for the period	$	11,220		$	(4,415	)	$	(7,648	)	$	(843	)

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

	Three month period ended June 30, 2020
	Nine monthperiod endedSeptember 30,2021			Nine monthperiod endedSeptember 30,2020			Three monthperiod endedSeptember 30,2021			Three monthperiod endedSeptember 30,2020
	PortTerminalBusiness			CabotageBusiness			BargeBusiness			Total
Time charter, voyage and port terminal expenses	$	42,567		$	35,722		$	15,746		$	12,392
Revenue	$	28,043		$	12,514		$	18,048		$	58,605
Direct vessel expenses		44,638			36,472			15,352			13,303
Cost of sales		(10,077	)		(7,686	)		(17,906	)		(35,669	)
Cost of products sold - liquid port terminal		8,200			14,614			4,854			3,695
Gross profit	$	17,966		$	4,828		$	142		$	22,936
Depreciation and amortization		25,742			24,099			8,976			7,821
Administrative expenses		(775	)		(516	)		(2,153	)		(3,444	)
Total cost of sales	$	121,147		$	110,907		$	44,928		$	37,211
Other operating income		68			—			97			165
Other operating expenses		—			(503	)		134			(369	)
Allowance for expected credit losses on financial assets		(103	)		—			(64	)		(167	)
Operating profit/(loss)	$	17,156		$	3,809		$	(1,844	)	$	19,121
Finance income		1,055			245			1,247			2,547
Finance costs		(3,925	)		(1,038	)		(4,535	)		(9,498	)
Foreign exchange differences, net		(208	)		(138	)		25			(321	)
Profit/(Loss) before tax	$	14,078		$	2,878		$	(5,107	)	$	11,849
Income tax (expense)/benefit		—			(453	)		533			80
Profit/(loss) for the period	$	14,078		$	2,425		$	(4,574	)	$	11,929

~~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~~4.4 ~~Accordingly,~~Administrative itexpenses 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 $361,799 and $335,729, as of June 30, 2021 and December 31, 2020, respectively.

~~F-13~~Administrative expenses for the three and nine month periods ended September 30, 2021 and 2020 were as follows:


	Nine month period ended September 30, 2021		Nine month period ended September 30, 2020		Three month period ended September 30, 2021		Three month period ended September 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

~~NAVIOS~~F-15 ~~SOUTH AMERICAN LOGISTICS INC.~~

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

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

~~All~~(Expressed ~~the assets related to the Port Terminal Business segment are located~~ in ~~Uruguay,~~thousands ~~Paraguay and Brazil. The total net book value~~ of ~~tangible assets for the Port Terminal Business segment amounted to $203,832 and $203,282 as of June 30, 2021 and December 31, 2020, respectively~~U.S. dollars)

InNOTE ~~addition,~~5: ~~the~~TANGIBLE ~~net~~FIXED ~~book~~ASSETS ~~value~~AND ofASSETS ~~intangible~~UNDER ~~assets~~CONSTRUCTION other than goodwill allocated to the Barge Business segment and to the Cabotage Business segment, collectively, amounted to $11,534 and $12,421 as of June 30, 2021 and December 31, 2020, respectively, while the net book value of intangible assets allocated to the Port Terminal segment amounted to $38,818 and $39,317 as of June 30, 2021 and December 31, 2020, respectively.

~~Goodwill~~Tangible ~~totaling~~assets ~~to $22,142, $40,868 and $41,086 has been allocated to the three segments, the Port Terminal Business, the Barge Business and the Cabotage Business, respectively, for all periods presented.~~

~~NOTE~~Vessels, port 4:terminals ~~REVENUE,~~and ~~COST~~other OFfixed ~~SALES~~assets, ~~AND~~net ~~ADMINISTRATIVE~~consist ~~EXPENSES~~of the following:

4.1 Disaggregated revenue information


Tanker vessels, barges and pushboats	Cost		Accumulated Depreciation			Net Book Value
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		Accumulated Depreciation			Net Book Value
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		Accumulated Depreciation			Net Book Value
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		Accumulated Depreciation			Net Book Value
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		Accumulated Depreciation			Net Book Value
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		Accumulated Depreciation			Net Book Value
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

AnCertain ~~analysis~~assets of the Company’s ~~revenue~~have ~~from~~been ~~contracts~~pledged ~~with~~as ~~customers~~collateral byfor ~~stream~~loan facilities. As of ~~revenue~~September 30, 2021 isand ~~presented~~December 31, ~~below:~~2020, the net book value of such assets was $133,042 and $101,145, respectively.

	Six monthperiod endedJune 30, 2021			Six monthperiod endedJune 30, 2020			Three monthperiod endedJune 30, 2021			Three monthperiod endedJune 30, 2020
COA/Voyage revenue	$	39,482		$	25,946		$	21,897		$	14,496
Time chartering revenue non-lease component		9,132			14,675			4,616			6,596
Dry port terminal revenue		40,925			35,828			21,342			21,636
Storage fees (dry port) revenue		124			2,842			16			19
Dockage revenue		1,880			1,909			1,282			1,476
Sale of products revenue		3,495			11,257			315			3,409
Liquid port terminal revenue		2,448			2,267			1,216			1,271
Other dry port terminal revenue		467			287			396			232
Turnover tax-non lease component		(173	)		(203	)		(95	)		(91	)
Revenue from contracts with customers	$	97,780		$	94,808		$	50,985		$	49,044
Time chartering revenue lease component		12,841			20,637			6,490			9,690
Turnover tax-lease component		(243	)		(286	)		(132	)		(129	)
Total revenue	$	110,378		$	115,159		$	57,343		$	58,605

Since 2018, 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.

~~4.2~~F-16 ~~Contract balances~~

	June 30,2021		December 31,2020
Trade receivable from contract with customers	$	48,296	$	34,190
Contract assets	$	924	$	906
Contract liabilities	$	3,393	$	2,011

NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~Trade~~NOTES ~~receivables~~TO ~~from~~THE ~~contracts~~UNAUDITED ~~with~~CONDENSED ~~customers~~CONSOLIDATED ~~represent~~FINANCIAL ~~net~~STATEMENTS amounts receivable from customers in respect of voyage charters, port terminals and in respect of time charters for the non-lease (service component) of the receivable. Trade receivable consisted of the following:

~~F-14~~(Expressed in thousands of U.S. dollars)

~~Table~~Assets ofunder ~~Contents~~construction

~~NAVIOS~~During ~~SOUTH~~the ~~AMERICAN~~first ~~LOGISTICS~~quarter ~~INC~~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.

~~NOTES~~During TOthe ~~THE~~first ~~UNAUDITED~~quarter ~~CONDENSED~~of ~~INTERIM~~2021, ~~CONSOLIDATED~~Navios ~~FINANCIAL~~Logistics ~~STATEMENTS~~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 position. As of December 31, 2020, Navios Logistics had paid $1,285 for the construction of two new tanks in its liquid port terminal.

~~(Expressed~~As of September 30, 2021, Navios Logistics had paid $698 for capitalized expenses for the development of its port operations in ~~thousands~~the Port Murtinho region of UBrazil.S. ~~dollars)~~

	June 30,2021			December 31,2020
Receivables from other related parties (Note 10)	$	206		$	282
Receivables from third party customers		51,122			36,792
		51,328			37,074
Allowance for expected credit losses		(3,032	)		(2,884	)
Total trade receivables	$	48,296		$	34,190

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

~~Movement~~During inthe second quarter of 2021, Navios Logistics completed the ~~allowance~~construction ~~for~~of ~~expected~~a ~~credit~~crane ~~losses~~in its grain port terminal and a total of ~~trade~~$3,803 ~~receivables~~was transferred isto ~~analyzed~~“Tangible asassets” ~~follows:~~in its consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $723 for the construction of a crane in its grain port terminal.

Balance as at January 1, 2021	$	(2,884)
Allowance for expected credit losses		(148)
Utilized provision		—
Balance as at June 30, 2021	$	(3,032)
Balance as at January 1, 2020	$	(2,490)
Allowance for expected credit losses		(575)
Utilized provision		198
Balance as at June 30, 2020	$	(2,867)

NOTE 6: INTANGIBLES

~~Contract~~Intangible 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~~than ~~receivable~~goodwill ~~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.~~

~~Contract~~Intangible ~~liabilities~~assets ~~represent the performance due to a customer for the remaining voyage~~ as atof ~~the~~September 30, ~~period~~2021 ~~end.~~and ~~This~~December 31, ~~may~~2020 ~~happen~~consisted ~~in the case where the customer has made an advance payment before the completion~~ of the ~~voyage as of the period end date. The balances of contract liabilities vary and depend on advance payments received at period end.~~ following:

4.3 Cost of Sales


September 30, 2021	Acquisition Cost		Accumulated Amortization			Net Book Value
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	Acquisition Cost		Accumulated Amortization			Net book Value
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

~~Cost~~Amortization ofexpense ~~sales~~ for the three and ~~six~~nine month periods ended ~~June~~September 30, 2021 amounted to $693 and $2,079, ~~2020~~respectively ~~were~~($693 asand ~~follows:~~$2,079 for the three and nine month periods ended September 30, 2020, respectively).

	Six monthperiod endedJune 30, 2021		Six monthperiod endedJune 30, 2020		Three monthperiod endedJune 30, 2021		Three monthperiod endedJune 30, 2020
Time charter, voyage and port terminal expenses	$	26,820	$	23,330	$	15,483	$	12,458
Direct vessel expenses		29,286		23,169		16,581		11,968
Cost of products sold		3,346		10,919		305		3,162
Depreciation and amortization		16,766		16,278		8,478		8,081
Total cost of sales	$	76,218	$	73,696	$	40,847	$	35,669

F-17

~~F-15~~NAVIOS SOUTH AMERICAN LOGISTICS INC.

~~Table~~NOTES ofTO ~~Contents~~THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~NAVIOS~~(Expressed ~~SOUTH~~in ~~AMERICAN~~thousands ~~LOGISTICS~~of ~~INC~~U.S. dollars)

~~NOTES~~The TOaggregate ~~THE~~amortization ~~UNAUDITED~~of ~~CONDENSED~~acquired ~~INTERIM~~intangibles ~~CONSOLIDATED~~will ~~FINANCIAL~~be ~~STATEMENTS~~as follows:

(Expressed in thousands of U.S. dollars)


Description	Within One Year		Year Two		Year Three		Year Four		Year Five		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

~~4.4~~Goodwill ~~Administrative expenses~~

~~Administrative~~Goodwill ~~expenses~~resulted ~~for~~from certain transactions during the ~~three~~past of Navios Logistics and ~~six~~its ~~month~~Parent. ~~periods~~As ~~ended~~of ~~June~~September 30, 2021 and December 31, 2020, ~~were~~goodwill asamounted ~~follows:~~to $104,096.

	Six monthperiod endedJune 30, 2021		Six monthperiod endedJune 30, 2020		Three monthperiod endedJune 30, 2021		Three monthperiod endedJune 30, 2020
Payroll and related costs	$	2,856	$	2,530	$	1,481	$	1,217
Professional fees		2,094		1,791		1,066		959
Other expenses		1,443		1,739		764		864
Depreciation		637		752		351		404
Total	$	7,030	$	6,812	$	3,662	$	3,444

NOTE 7: ISSUED CAPITAL AND RESERVES

~~NOTE~~Share 5:capital ~~TANGIBLE FIXED ASSETS AND ASSETS UNDER CONSTRUCTION~~

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

~~Vessels, port~~Holders ~~terminals~~of ~~and~~each ~~other~~share ~~fixed~~of ~~assets,~~common ~~net~~stock ~~consist~~have one vote for each share held of record on all matters submitted to a vote of shareholders. Dividends on shares of common stock may be declared and paid from funds available to the ~~following:~~Company.

Tanker vessels, barges and pushboats	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	522,998	$	(216,983	)	$	306,015
Additions		1,847		(9,729	)		(7,882	)
Transfer from assets under construction		51,461		—			51,461
Balance June 30, 2021	$	576,306	$	(226,712	)	$	349,594
Deferred dry dock and special survey costs	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	55,481	$	(44,014	)	$	11,467
Additions		2,526		(1,788	)		738
Balance June 30, 2021	$	58,007	$	(45,802	)	$	12,205
Dry port terminals	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	225,554	$	(41,023	)	$	184,531
Additions		662		(3,639	)		(2,977	)
Transfers from assets under construction		3,803		—			3,803
Balance June 30, 2021	$	230,019	$	(44,662	)	$	185,357
Oil storage plant and port facilities for liquid cargoes	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	29,190	$	(13,078	)	$	16,112
Additions		—		(165	)		(165	)
Transfer from assets under construction		1,843		—			1,843
Balance June 30, 2021	$	31,033	$	(13,243	)	$	17,790

Distributions

~~F-16~~On February 21, 2020, the Company declared and paid a pro rata dividend to its shareholders in the aggregate amount of $27,500.

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

~~NAVIOS~~On ~~SOUTH~~July 30, ~~AMERICAN~~2021, ~~LOGISTICS~~the ~~INC~~Company declared and paid a pro rata dividend to its shareholders in shares of Grimaud, representing 100% of Navios Logistics’ equity interest in Grimaud.

~~NOTES~~F-18 ~~TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Expressed~~NAVIOS inSOUTH ~~thousands~~AMERICAN ofLOGISTICS UINC.S. ~~dollars)~~

Other fixed assets	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	8,318	$	(5,632	)	$	2,686
Additions		220		(287	)		(67	)
Balance June 30, 2021	$	8,538	$	(5,919	)	$	2,619
Total	Cost		AccumulatedDepreciation			Net BookValue
Balance January 1, 2021	$	841,541	$	(320,730	)	$	520,811
Additions		5,255		(15,608	)		(10,353	)
Transfer from assets under construction		57,107		—			57,107
Balance June 30, 2021	$	903,903	$	(336,338	)	$	567,565

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~Certain~~(Expressed ~~assets~~in ofthousands ~~the Company have been pledged as collateral for loan facilities. As~~ of ~~June 30, 2021 and December 31, 2020, the net book value of such assets was $134,691 and $101,145, respectively~~U.S. dollars)

~~Since~~NOTE ~~2018,~~8: ~~Navios~~INTEREST-BEARING ~~Logistics acquired~~LOANS ~~approximately~~AND ~~6.6~~BORROWINGS 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.

~~Assets~~Interest-bearing ~~under~~loans ~~construction~~and borrowings consist of the following:

During 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 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.

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 LIBOR
plus 3.25%

March 31, 2022

Term Bank loan

8,050

1,400

Three-month LIBOR
plus 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

—

Fixed rate of 6.00%

August 10, 2021

Current portion of interest-bearing loans and borrowings

32,743

22,822

2025 Notes

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 LIBOR
plus 3.25%

March 31, 2022

Term Bank loan

—

7,700

Three-month LIBOR
plus 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

~~During~~(1) ~~the~~Includes ~~first~~32 ~~quarter~~different ofdrawdown ~~2021,~~events ~~Navios~~and ~~Logistics~~maturity ~~completed~~dates ~~the~~are ~~construction~~scheduled ofon ~~two~~the ~~new~~16th ~~tanks in its liquid port terminal~~ and alast ~~total~~semi-annual ~~of $1,843~~installments ~~was~~after ~~transferred to “Tangible assets” in its consolidated statement of financial position. As of December 31, 2020, Navios Logistics had paid $1,285 for~~ the ~~construction~~completion of ~~two~~each ~~new~~Drawdown ~~tanks in its liquid port terminal~~Event.

As(2) ofIncludes ~~June 30,~~six ~~2021,~~different ~~Navios~~drawdown ~~Logistics~~events ~~had~~and ~~paid~~maturity ~~$685~~dates ~~for~~are ~~capitalized~~scheduled ~~expenses~~on ~~for~~ the ~~development~~20th ofand ~~its~~last ~~port~~quarterly ~~operations~~installments infrom the ~~Port Murtinho~~drawdown ~~region~~date of ~~Brazil.~~each individual barge based on the barge’s delivery date.

InF-19 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 “2020 Fleet”), for a purchase price of $30,000. The acquisition was completed on March 22, 2021. As of June 30, 2021, a total of $31,960 was transferred to “Tangible assets” in Navios Logistics’ consolidated statement of financial position.

~~During~~NAVIOS ~~the~~SOUTH ~~second~~AMERICAN ~~quarter~~LOGISTICS of 2021, Navios Logistics completed the construction of a crane in its grain port terminal and a total of $3,803 was transferred to “Tangible assets” in its consolidated statement of financial positionINC. ~~As of December 31, 2020, Navios Logistics had paid $723 for the construction of a crane in its grain port terminal.~~

~~F-17~~NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~Table~~(Expressed in thousands of ~~Contents~~U.S. dollars)

~~NAVIOS~~2025 ~~SOUTH~~Notes ~~AMERICAN LOGISTICS INC.~~

~~NOTES~~On TOJuly 8, ~~THE~~2020, ~~UNAUDITED~~Navios ~~CONDENSED~~Logistics ~~INTERIM~~and ~~CONSOLIDATED~~its ~~FINANCIAL~~wholly-owned ~~STATEMENTS~~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 2022 Notes, to repay all amounts outstanding under the Term Loan B Facility and to pay certain fees and expenses related to the offering, with the balance used for general corporate purposes. The effect of this transaction was the recognition of a loss of $4,157 in the statement of income under “Loss on debt extinguishment,” relating to the accelerated amortization of unamortized deferred finance costs.

~~(Expressed~~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 ~~thousands~~the indenture governing the 2025 Notes. In addition, before August 1, 2022, the Co-Issuers may redeem up to 35% of Uthe aggregate principal amount of the 2025 Notes at a price equal to 110.S750% 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. ~~dollars~~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.

~~NOTE~~The 6:2025 ~~INTANGIBLES~~Notes are senior secured obligations of the Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 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.

~~Intangible~~The indenture governing 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 ~~than~~customary ~~goodwill~~covenants. The indenture governing the 2025 Notes also contains customary events of default.

~~Intangible~~As ~~assets as~~ of ~~June~~September 30, 2021 and December 31, 2020, ~~consisted~~deferred finance costs associated with the 2025 Notes amounted to $16,832 and $19,414, respectively. Finance costs associated with the 2025 Notes amounted to $13,438 and $40,163 for the three and nine month periods ended September 30, 2021, respectively, ($12,542 for each of the ~~following:~~three and nine month periods ended September 30, 2020).

June 30, 2021	AcquisitionCost		AccumulatedAmortization			Net BookValue
Port terminal operating rights	$	53,152	$	(14,334	)	$	38,818
Customer relationships		36,120		(24,586	)		11,534
Total intangible assets	$	89,272	$	(38,920	)	$	50,352
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

F-20

~~Amortization~~NAVIOS ~~expense~~SOUTH ~~for~~AMERICAN ~~the~~LOGISTICS ~~three and six month periods ended June 30, 2021 amounted to $693 and $1,386, respectively ($ 693 and $1,386 for the three and six month periods ended June 30, 2020, respectively)~~INC.

~~The~~NOTES ~~aggregate~~TO ~~amortization~~THE ofUNAUDITED ~~acquired~~CONDENSED ~~intangibles~~CONSOLIDATED ~~will~~FINANCIAL beSTATEMENTS ~~as follows:~~

Description	WithinOneYear		YearTwo		YearThree		YearFour		YearFive		Thereafter		Total
Port terminal operating rights	$	995	$	995	$	995	$	995	$	995	$	33,843	$	38,818
Customer relationships		1,775		1,775		1,775		1,775		1,775		2,659		11,534
Total	$	2,770	$	2,770	$	2,770	$	2,770	$	2,770	$	36,502	$	50,352

(Expressed in thousands of U.S. dollars)

~~Goodwill~~2022 Notes

~~Goodwill~~On April 22, 2014, the Co-Issuers issued $375,000 in aggregate principal amount of ~~resulted~~Senior ~~from~~Notes ~~certain~~due ~~transactions~~May 1, ~~involving~~2022 ~~Navios~~(the ~~Logistics~~“2022 ~~and~~Notes”), ~~its~~at ~~Parent~~a fixed rate of 7.25%. AsThe 2022 Notes were redeemed in full on July 16, 2020 at 100% of ~~June~~their face amount, plus accrued and unpaid interest to the redemption date with the proceeds of the 30Co-Issuers’ 2025 Notes. Following this transaction, ~~2021~~the Company recognized a loss of $2,661 in its unaudited condensed consolidated statement of income for the three and ~~December~~nine month periods ended September 3130, 2020, ~~goodwill~~under ~~amounted~~“Loss on debt extinguishment” relating to ~~$104,096~~the accelerated amortization of the unamortized deferred financing costs.

~~NOTE~~Finance 7:costs ~~ISSUED~~associated ~~CAPITAL~~with ~~AND~~the ~~RESERVES~~2022 Notes amounted to nil for each of the 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).

~~Share~~Term ~~capital~~Loan B Facility

AsOn ofNovember 3, ~~June~~2017, Navios Logistics 30and Logistics Finance, as co-borrowers, completed the issuance of a ~~2021~~$100,000 Term Loan B Facility (the “Term Loan B Facility”). The Term Loan B Facility bore an interest rate of LIBOR plus 475 basis points and ~~December~~had a four-year term with 1.0% amortization per annum. The Term Loan B Facility was repaid in full on July 318, 2020 at par plus accrued and unpaid interest to the repayment date with the proceeds of the Co-Issuers’ 2025 Notes. Following this transaction, the Company ~~has~~recognized ~~issued~~a 20loss of $1,~~000 shares~~496 in its unaudited condensed consolidated statement of income ~~common~~for ~~stock~~the three and nine month periods ended September 30, ~~with~~2020 aunder ~~par~~“Loss ~~value~~on debt extinguishment” relating to the accelerated amortization of $1the unamortized deferred financing costs.~~00.~~

~~Holders~~Finance ofcosts ~~each~~associated ~~share~~with ofthe ~~common~~Term ~~stock~~Loan ~~have~~B ~~one~~Facility ~~vote~~amounted to nil for each ~~share held~~ of ~~record~~the onthree ~~all~~and ~~matters~~nine ~~submitted~~month toperiods aended ~~vote~~September 30, 2021, ofrespectively ~~shareholders.~~($78 ~~Dividends~~and on$3,162 ~~shares~~for ~~of common~~the ~~stock~~three ~~may be declared~~ and ~~paid~~nine ~~from~~month ~~funds~~periods ~~available~~ended toSeptember 30, ~~the~~2020, ~~Company~~respectively).

~~Distributions~~Notes Payable

OnIn ~~February 21,~~connection ~~2020~~with the purchase of mechanical equipment for the expansion of its dry port terminal, the Company ~~declared~~entered ~~and~~into ~~paid~~an unsecured export financing line of credit for a ~~pro~~total ~~rata~~amount ~~dividend~~of to$41,964, ~~its~~including ~~shareholders~~all related fixed finance costs of $5,949, available in multiple drawings upon the ~~aggregate~~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 $2714,~~500~~153.

OnFinance ~~July 10,~~costs ~~2020,~~associated with the Notes ~~Company~~Payable ~~declared~~amounted to $146 and ~~paid~~$472 afor ~~pro~~the ~~rata~~three ~~dividend~~and tonine ~~its~~month ~~shareholders~~periods inended ~~cash~~September 30, or2021, ~~shares~~respectively of($221 ~~Navios~~and ~~Holdings~~$815 infor the ~~aggregate~~three ~~amount~~and ~~of $6~~nine month periods ended September 30,~~381~~ 2020, respectively).

~~F-18~~Other Indebtedness

~~Table~~On February 28, 2020, the Company entered into a $25,000 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 ~~Contents~~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 $12,000.

~~NAVIOS~~F-21 ~~SOUTH AMERICAN LOGISTICS INC.~~

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

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

On(Expressed ~~July 30, 2021, the Company declared and paid a pro rata dividend to its shareholders~~ in ~~shares~~thousands of ~~Grimaud,~~ ~~representing 100% of Navios Logistics’ equity interest in Grimaud~~U.S. dollars)

~~NOTE~~On May 18, 2017, the Company entered into a $14,000 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 $7,000 on the last repayment date. As of September 30, 2021, the outstanding amount of the Term Bank Loan was $8:,050.

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Filing Compare · Navios South American Logistics Inc.