In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. click here. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007.Ms. The remaining 34% of available base that are open all on indexing chargers provided with more upside. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. We have majority independent directors and independent committees, not to say our management operations. Capital Link Forum We are also constantly working on refinancing and extending maturities. Angeliki Frangou steers Navios towards emerging economies Net debt to book capitalization was 40% at the end of the year. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. And lastly, we'll open the call to take questions. Moving from strength to strength in our drybulk segment, we continue to benefit from a strong spot market with 87% of our 2022 available days exposed to market rate and we remain positioned to fix vessels on attractive period charters are available. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. In concluding our drybulk sector review, demand is forecast to outpace net fleet growth in both 2021 and '22, a strong demand for natural resources combined with continuing COVID-related logistical disruptions and a slowing pace of new building deliveries, all support healthy levels of current and future freight rates. The structure provides for an effective purchase price of $41.5 million and an effective interest rate fixed for a festive period of 4.4%. The financial information is included in the press release and is summarized in the slide presentation on the company's website. We - the announcement we did between the six new buildings that we did for five years and the four other vessels, we did quite significant number of what we say, 600 and $690 million of contracted revenue. Widely-respected Fortune magazine included Greek shipowner and businesswoman Angeliki Frangou in the list with the 25 most powerful women in the world for 2014. The pandemic changed everything. The net book is expected to close on March 31, 2021. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. And then you mentioned the word replacement, right. 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. Well, thanks, Angeliki for your comments. We have a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Please turn to Slide 23. For 2022 we have fixed approximately 42% of our open days at $29,350 per day and our contracted revenue provides for a break-even of $2,469 per open day. The information set forth herein should be understood in light of such risks. So we need to wait for the drybulk, we enjoy the - we have the luxury because of our balance sheet and a low break-even to really to have the luxury to be open. I am not receiving compensation for it (other than from Seeking Alpha). The current orderbook is 8.3% of the fleet. Is that a repeatable opportunity you think? Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. Forward-looking statements are statements that are not historical facts. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. So what you should expect from us is a replacement of assets, the new and of fleet, which is part of our ongoing process and strong cash generation with a deleveraging effect. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Please turn to Slide 17 for the review of the drybulk industry. While we are positioned to capture the market upside, through our forward available days, our diversified chartering strategy has enabled to secure a pipeline of over $2.2 billion of contracted revenue. And we have market exposure of 53.5% of our days for this year. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. If you have an ad-blocker enabled you may be blocked from proceeding. Angeliki? Yes, no that's fair. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. Consequently, they see magnitudes of today's global GDP made to [indiscernible] the economic impact of a particular percentage point growth when compared to 1970. However, we do not take that for granted. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Cash and cash equivalents was $30.7 million. We did see one thing that we showed as a great opportunity on the container segment, we show that the smaller vessels and this is a widebody, the 5,500 TEU. 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. In the long run, she adder, Navios people believe that their re-imagined business will provide reasonably stable returns as the financial results of stronger sectors offset the financial results of sectors performing less well. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. Roberts v. Navios Maritime Holdings, Inc. et al Please turn to Slide 21 focusing on the container industry. If everyone dies, it is not anymore existing. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. So this portfolio in order to be kept on the same age below industry average, and create, you will always have a 10, 15 vessel. But those of us in shipping will try to understand the impact of all these things based on a simple metric on ton miles the cost of shipping one ton of freight for one mile. His daughter. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. hen she referred to the Russian invasion of Ukraine and emphasized that the consequences of this war and the related sanctions are accelerating inflation and rising interest rates. With us today from the company are Chairman and CEO, Angeliki Frangou; Chief Financial Officer, Mr. Stratos Desypris; and Executive Vice President of Business Development, Mr. Georgios Achniotis. While also allowing us to leverage each independent sectors fundamentals. Turn to Slide 18. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. First, the pandemic highlighted the weakness of just in time manufacturing. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. Angeliki Frangou, Chairman and CEO of the Navios Group of - Yahoo! Thank you. Maybe just, I know, one final one I did want to ask. Please turn to Slide 4. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. Please turn to Slide 27. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. To date, the Navios Group has paid about $535.8 million in uninterrupted dividends since the first public listing of Navios Maritime Holdings in 2005. You may disconnect at any time. Ms. Frangou received a bachelors degree in mechanical engineering, summa cum laude, from Fairleigh Dickinson University and a masters degree in mechanical engineering from Columbia University. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. Navios' Angeliki Frangou: "The Pandemic Galvanized Us"! - Neo Adjusted net income for 2020 amounted to $12.8 million. 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. TradeWinds is part of DN Media Group AS. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Our merger with Navios Containers increased our containerships by 29 vessels. I have no business relationship with any company whose stock is mentioned in this article. I'll turn the call back over to Angeliki for any closing remarks. 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. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Purely from a point of the market, I'll say that today, you may have some more opportunities to pick up attractive dry bulk vessels because you still have some recovery. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 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. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. The company reworked its operations in offices and on board the vessels and hired a new medical team to monitor the health of all employees and crew. We stand at the crossroads, perhaps the crossroads of history. Fleet utilization was approximately 99%. As a result, the balance sheet of Navios Acquisition together with the respective purchase price allocation adjustments are included in Navios Partners balance sheet as at the end of the quarter. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. in Stamford Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the. 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. Sure. Our office had to remain open. 12 Ultra Rich Greeks Who Should Have Bailed Out Greece Themselves Please turn to Slide 26, focusing on the container industry. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. I have no business relationship with any company whose stock is mentioned in this article. Greek authorities freeze bank accounts belonging to Angeliki Frangrou Please. Angeliki Frangou and her brother John square up at trial in London Read more about DN Media Group here. Turning to Slide 12. 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. This has led the IEA to project Q4, 2021 oil demand to return close to 2019 levels, which is shown on the graph on the lower left. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Angeliki Frangou, chief executive of Navios Maritime Holdings, is being sued in New York federal court, alleging she tried to force out preferred shareholders to enrich herself. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Other than envisioned by me, the Navios Group's largest and financially strongest publicly-listed entity, Navios Maritime Partners (NYSE:NMM) or "Navios Partners" won't be part of the bail-out, at least not at this time. Definitely sounds like you have the flexibility across the board with that. The benefits of diversification are reflected in recent market activity. Slide 10 shows our combined liquidity as of December 31, 2020, we had total cash of $38.3 million and total borrowings of $719 million. On October 15, 2021 we completed a transformative merger with Navios Acquisition. I think that will give us a long-term view on the right. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. The increase was mainly due to the 39.3% increase in available days in Q4 2020. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. More recently the freight market has corrected on the back of Chinese winter steel production limits and power shortages due to unavailability of gas and coal. On Slide 8, we lay out global GDP growth since 1970. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Slide 6 goes through recent developments. 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. And this is the strategy going forward. Thank you. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. In Slide 11, you can see the strength and stability of our balance sheet. Bank accounts of leading Greek shipowner Angeliki Frangou have been frozen by Greek judicial authorities investigating lending by Marfin Bank, which is now under the control of Piraeus Bank,. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. And this is something that actually has benefited quite significant on these market, especially on the container. 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. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. 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. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown We'll go next to Omar Nokta, Clarksons Securities. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. 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. The benefits of diversification are reflected in recent market activity. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. A couple of questions. Chinese steel production surpassed the 1-billion tons mark in 2020. And then separately, can you just share generally the front and center. The transaction based scale through a larger diversified asset base with an increased earning capacity. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. Adjusted net income for the first nine months of 2021 amounted to $242 million compared to a $2.9 million loss for the same period last year. Global iron ore demand is expected to increase by 2.7% in this year and the additional availability of iron ore shipments to China are expected to increase as still masterplan stockpile, driving demand for Capesize vessels. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. We believe that the overall tanker orderbook and fleet are well-balanced as the IMO 2023 and ballast water management regulations will lead to some vessel retirements in the coming months. The Greek company's chief executive Angeliki Frangou said she was. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. We can be very comfortable watching the drybulk market develop, we have 86% of our available days in the drybulk open to the market exposure because we are bullish on that. Navios Maritime: Bail-Out To Result In Frangou Regaining Control 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 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 floor is now open for questions. Our office had to remain open. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). And that's likely to grow here as we look ahead with the time charters you just announced on the containers. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. 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 . But also to, you know, a recovery on the tanker segment. Churchs Annual Stewardship & Mistletoe Gala. 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" ). The increase was mainly due to the 32.3% increase in available days of 2020. Thank you, Daniella, and good morning to all of you joining us on today's call. In 2021 we've completed two mergers. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. How Angeliki Frangou became the leading Greek shipping Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). TradeWinds is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. Angeliki? Lawsuit claims Frangou and board sought to push out shareholders 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. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. Navios Partners does not assume any obligation to update the information contained in this conference call. You can read more about how we handle your information in our privacy policy. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. So this is an ongoing process that will be going over and over again depending on - and you have seen us doing that even in the top every market, in the bottom and the top, it is a continuous process that we'll do replacement. Navios Forcing Investors To Forgo Dividends, Suit Says - Law360 Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. So you are actually creating this cash flow when the market is right. And you need to be always running the different scenarios. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential merger with Navios Maritime Partners to the detriment of the partnership's outside common unitholders. Then Mr. Achniotis will provide an operational update and an industry overview. So a few questions around this. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. By continuing to use this website, you agree to the use of cookies as set out in our full policy. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. Is this happening to you frequently? Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. 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. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. And then going forward, which subsector would you maybe look to grow? Navios Maritime Partners L.P. Secures Unitholder Approval and Completes 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. Angeliki Frangou. Forward-looking statements are statements that are not historical facts. Angeliki N. Frangou - Biography - MarketScreener.com 2021 2023 Navios South American Logistics Inc. All rights reserved. I am pleased with the results for the full year and fourth quarter of 2020. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). We continue to renew our fleet and improve average profile. I think a low leverage is a big driver to our model. Partners financial results. It is a matter of level, and I want to remind that, and this is something in the back of our mind. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. Sure. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which would cause actual results to differ materially from the forward-looking statements. 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. 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. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. Turning to Slide 20. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser.