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The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. Nikos Fragos and daughter Angeliki Frangou Greek Shipping Awards and TradeWinds Wealth: $192 million (151 million) Industry: Shipping Nikos started Good Faith Shipping Co in 1966. So basically we can fix and you have seen in the container segment we fix multi-year contracts. Going forward, a merger between the company and Navios Maritime Partners is still likely with Ms. Frangou grabbing a large stake in the combined entity. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Vietnam and other Southeast Asian countries, increased coal imports by 13%. The transaction based scale through a larger diversified asset base with an increased earning capacity. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. Angeliki Frangou. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q2 2021 Earnings Conference Call July 27, 2021 8:30 AM ET Company Participants Angeliki Frangou - Chairman and Chief Executive Officer. The net result is that we should have more predictable entity level return. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. At this time, I'm showing no further questions. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Yet we still have 2,473 open or index-linked days. And this is something that actually has benefited quite significant on these market, especially on the container. What will it take to increase the distribution? In addition, lender Navios Shipmanagement Holdings Corporation or "NSM" received an upfront structuring fee of $24.0 million and an undisclosed amount of accrued interest and prepayments fees also in the form of Convertible Debentures. I think this is something that we are very [technical difficulty]. We'll take the next question from James with Citigroup. You may disconnect at any time. In the East China is struggling with its zero Covid strategy.. Thank you, Stratos. Thank you, Angeliki, and good morning. Holders of the company's preferred shares (NYSE:NM.PG and NYSE:NM.PH) will have to hope for a Navios Maritime Holdings / Navios Partners merger as otherwise there's no reasonable chance for these securities to recover. Conditions are not as favorable elsewhere. If you have an ad-blocker enabled you may be blocked from proceeding. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Excluding these items, adjusted EBITDA for the nine months of 2021 amounted about $270 million compared to $64 million for the same period last year. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. What is unique - what we like about this is vessel is about in the [indiscernible] flexible vessel at 260 meters, very nice dimensions, you can actually take advantage of the point to point transportation that is now developing the difference on the supply chains and from - and all these, you know just in time to just in case. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. We remain disciplined. Turning to Slide 20. Approximately half of the fleet will be drived by vessels, and the other half will be container ships when measured by the number of vessels. And then separately, can you just share generally the front and center. The merger is a week away now, right, so congrats on that. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. When it comes to philanthropy, Greeks invented the word, but by Chris Salboudis On Saturday December 3, 2022, after a Navios Angeliki Frangou: The Pandemic Galvanized Us! She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. I think we are evolving from a world of just in time manufacturing to just in case where countries and companies purposefully build redundant systems. As a result, we re-imagined the modern shipping company. Is this happening to you frequently? Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, "We are pleased with this transformative transaction through which we created the largest U.S. publicly-listed shipping company with 15 vessel types diversified across three segments, servicing more than 10 end markets. NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. We don't have much information about She's past relationship and any previous engaged. Slide 9 details our operating cash flow potential for 2021, 66% of our available base as fixed -- at an average rate of $18,612 net per day. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Our office had to remain open. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. We show some vessels that were older and smaller to more commercially attractive vessels. Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. Navios uses cookies on this website. Fleet utilization for the fourth quarter of 2020 was almost 100%. Angeliki Frangou led the creation of approximately $4 billion in total value at the Navios Group, comprised of four global maritime shipping and logistics companies, three of which trade on the New York Stock Exchange, including Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Acquisition Corporation (NYSE: NNA). And I did want to also just ask about the containership charters, which I thought were, you know, you ordered thus four plus two shifts, if I recall. This completes our quarterly result for NMM. I mean, you have much larger asset base. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. And we have seen it. Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. At the same time, being active in multiple sectors reveals opportunities. 67 WALL STREET, New York - September 27, 2012 - The Wall Street Transcript has just published its Transportation and Logistics Report offering a timely review of the sector to serious investors and industry . Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Fleet utilization was approximately 99%. Our combined net debt to book capitalization is 43.5%, about 90% of our debt is covered by the scrap value of our vessels alone. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For Q4 of 2021, our contracted revenue exceeds total expenses by approximately $57 million and we have around 2,500 days with market exposure that will provide additional operating free cash. Please turn to Slide 18. The . The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. In addition to the Leading Women Series, Becky Anderson also hosts the network's flagship news and current affairs program Connect the World, which takes viewers on a journey across continents, beyond headlines and into histories of the stories that are changing our world. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. Okay. Please disable your ad-blocker and refresh. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. When talking about ESG, I think it's important to remind people that Transocean exiting is the most environmentally friendly means of transportation as it is the most carbon efficient mobile transport. This decline can be partially attributed to owners hesitance towards the long-lived assets in light of macroeconomic uncertainty and engine technology concerns due to upcoming CO2 restrictions. But the reality is just to go back to your question is, is the following thing, I mean, the capacity of the ship - the shipyard capacities has been full, and also we see that materials maybe going up. Vessels over 20 years of age are about 7.6% of the total fleet, which compares favorably with the previously mentioned record low order book. The information set forth herein should be understood in light of such risks. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. On August 25, 2021 Navios Partners acquired 62.4% of the equity interest in Navios Acquisition through the acquisition of 44.1 million Navios Acquisition's common shares for an aggregate investment of $150 million. Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . As to our balance sheet update, we are in advanced discussions to finalize a $116 million loan to refinance in upcoming months and upcoming maturities in the third quarter of 2021. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. We actively renew and expand our fleet. Big picture just, you should understand that all the inefficiency is net positive for our business. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. And overall we like to have a low leverage. As a reminder, this conference call is being webcast. Turning to Slide 22. And then going forward, which subsector would you maybe look to grow? Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. The increase was mainly due to the 39.3% increase in available days in Q4 2020. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. Building us a significant base of collateral value. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. This completes our Q4 results. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Angeliki? Now is the important or something like an unsecured pieces that might make sense, something that basically might be a little bit more permanent piece of the capital. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown Thank you. We have capitalized on the strength of the Container Ship market and fixed almost 90% of our available container days for 2021, enjoying healthy rates. And to capture the spot market and wait for the period market to come. Actually, what we are doing is repositioning a fleet. For containerships, we increased fleet size by 330% and reduced average age by 24%. Is this happening to you frequently? The graph on the left shows that for '21, we have to demand for the 3 major cargoes of iron ore, coal and grain is focused on increased by over 3% compared to 2020. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. So you have 140 vessels to 150 vessels, is that the kind of range you want to stay with or with those kind of asset sales kind of bring down the fleet levels from these numbers? But most important is we need to have the right conditions. Forward-looking statements are statements that are not historical facts. To read more about DN Media Group, This will be the highest digital rate in the past 50 years. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. We have question from the line of Randall Giveans of Jefferies. Churchs Annual Stewardship & Mistletoe Gala. Read more about DN Media Group here. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. And this is the strategy going forward. Net fleet growth for 2021 is expected at 3.5% and only 1.5% for '22 below the projected increase in drybulk demand for both years. own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. Slide 7 sets forth key strength of the compliance entity. I am pleased with our results for the third quarter of 2021. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. In Slide 15, you can see our target strategy for 2021. Thank you, Doris, and good morning to all of you joining us on today's call. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. EBITDA and net income for the first nine months of 2021 include an $80.8 million gain from equity in net earnings of affiliated companies, a $48 million bargain purchase gain upon obtaining control of Navios Containers and Navios Acquisition, a $30.3 million gain related to the sale of seven of our vessels, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. We aspire to have zero emissions by 2050. Obviously it's been a large factor in the market, but has that lack of visibility to sort of the core demand created any sort of headwind to getting business done on the container shipping - just this is actually more pertinent to the container shipping side. Part 3 recaps Angeliki Frangou's career and the Navios Group. For 2022 we expect a historically low break-even of $2,459 per open day with 20 - with - our busy acquisition calendar has not distracted us from our balance sheet, we remain disciplined. And in terms of those sort of three, are you willing to rank at the moment of those three, which is the most appealing or if one outranks the other two or any sort of color you can give on how you are thinking strategically about whether you decide to pay down debt, pay back shareholders or grow the company. First, Ms. Frangou will offer opening remarks. Please turn to Slide 27. Yes, thank you. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. Yes, we have put out some details also in our press release today. We have currently fixed 66% of our 29,526 available days for 2021. Net debt to book capitalization was 40% at the end of the year. She is currently single. Please. We agreed to acquire 6 dry bulk vessels with an average age of about 2 years and sold 4 vessels with an average of about 13 years. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. Now I will review the safe harbor statement. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. I think the number one is that, what we see is a good positioning on the company. Navios Partners does not assume any obligation to update the information contained in this conference call. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. This increase in demand has led to a decline in OECD crude oil inventories, which had fallen below their five year average since February, with the largest decline coming in September as shown on the graph on the lower right. I am not receiving compensation for it (other than from Seeking Alpha). Just wanted to actually ask about how you're thinking about the capital structure from here. And we always get - we get advantage of this on the long-term period because they need of turner. Year-to-date we expanded our drybulk fleet by 10 vessels increasing drybulk capacity by 36% and reducing its average age by 18% pre-acquisition calendar does not distract us from our balance sheet. I'll turn it over. That is - there is no one formula to this. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. TradeWinds is part of DN Media Group AS. Stratos? The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. The loan terms also provide for prepayment premiums ranging from 5%-10% during the first 36 months which would also be payable in the form of Convertible Debentures. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. Ladies and gentlemen, this does conclude today's conference call. CEO and Chairwoman Angeliki Frangou recently disclosed a 40.8% ownership stake on an as-converted basis and indicated her intention to purchase additional common shares for up to $20 million. We continue to renew our fleet and improve average profile. NMM has a strong balance sheet with low leverage, 43.5% in combined net-debt-to-book capitalization and man has diversification and scale with an 85 vessel fleet we ranked in the top-10 among the publicly incited cargo fleet, about 66% of our available base assets at an average charter rate of $18,612 net per day and 34% of our fleet available days are open or the index link. quarter of 2020. If everyone dies, it is not anymore existing. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. What does the liquidity look like across the one year to three year time-frame? convertible debentures (the "Convertible Debentures"). This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? NMM has a solid balance sheet and a modest leverage, a healthy income statement and a pipeline of about $2.2 billion in contracted revenue. The current average contracted net rate of the four vessels is approximately $2,600 per day. We have also chartered out 4,250 TEU containerships for periods between 3.5 years and 4.5 years, generating revenues of approximately $270 million. Becky Anderson, one of CNN International's highest profile anchors, interviewed Angeliki Frangou at Navios' offices in Piraeus, Greece to discuss the global rise of the Navios Group of Companies and her career achievements. Our cost of debt has been significantly reduced as a result of the refinancing with the term loyalty as well as the decrease in LIBOR rates. In the West, the worst impacts of Covid appear to be fading. And also we have to see that target, which we also see a good potential to actually happen. We have majority independent directors and independent committees, not to say our management operations. Thank you, George. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. Thank you, George. The vessel we expected to be delivered in the second half of 2022. This has led the IMF to increase its 2021 GDP growth projection to 5.5%, the highest in 50 years and 4.2% in '22. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. We also continued to renew and expand our fleet. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. That makes sense. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Containers $22,418 per day, and Tankers $15,066 per day. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. The decrease is primarily due to a $25.5 million increase in vessel operating expenses, mainly due to the increased split, a $3 million increase in general revenue of tax expenses, mainly due to the increased fleet and a $1.4 million decrease in equity net earnings of affiliate companies. Then Mr. Achniotis will provide an operational update and an industry overview. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. Lastly within our Tanker segment, our long-term contracts provide protection and 65% of our 2022 available days remain open to capture the ongoing market recovery. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. Please disable your ad-blocker and refresh. She is the Chairman, Chief Executive Officer and Director of Navios Maritime Holdings., of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Now 30,000 is a very good level. If we find opportunities, we can always expand. Governments having put in place emergency monitor and fiscal plans to support the economies have kick-started faster than expected the recovery in the world economy. You have a huge fleet, and you have a break-even per open day of 2,460. Please move to Slide 9 which provide some selected segment data. She is not dating anyone. The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. At this point, I would like to turn the call over to Mr. Stratos Desypris, Navios Partners' CFO, who will take you through the results of the Fourth Quarter and Full Year of 2020. PIRAEUS, GREECE--(Marketwire - Feb 27, 2013) - Angeliki Frangou, Chairman and CEO of the Navios Group of Companies, is featured on CNN International's Leading Women with Becky Anderson in a three Part Series airing this month. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. The Leading Women with Becky Anderson program profiles professional women who have made it to the top in all areas of business, the arts, sport, culture, science and more. So basically, we have a fortress balance sheet. The bailout terms will likely result in Angeliki Frangou regaining full control of her shipping empire over the next 18 months with the ultimate outcome likely a merger between Navios Maritime Holdings and Navios Partners with Ms. Frangou grabbing a large stake in the combined company. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. So, on that, what - after these two conditions, we are seeing as a return, a total return to our investor is an important part of our strategy. Navios is a socially conscious group with core values include diversity, inclusion, and safety. Also - good afternoon and also congratulations on there, your first call here post-merger. That said, I would still expect Ms. Frangou to reunite both companies at an opportune time in order to grab a very substantial stake in Navios Partners as laid out in detail in my previous article. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. Angeliki Frangou biography. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. How Angeliki Frangou became the leading Greek shipping . It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021.
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