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That is - there is no one formula to this. 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. We believe the sum is significantly more resilient than the individual parts. convertible debentures (the "Convertible Debentures"). You know, it's like as we die. Importantly, the precent of decrease perhaps understates the impact. Now I will review the safe harbor statement. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. We have very strong corporate governance and clear code of ethics. We see good - we see a good market potential, but we have to see it realize. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. This completes our Q4 results. Angeliki Frangou biography. Today, the BDI stands at 2,271 with a year-to-date average more than double its level at the start of 2020, and the highest it has been in 11 years. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. About 91% of our debt is covered by the scrap value of our vessels alone. So, it's not that we are basically - it's not a number, but you will need to do, you know, sell and manage the technology. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. 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. Navios' fourth company, Navios South American Logistics Inc., owns and operates the largest independent dry port in the Hidrovia region of South America and one of the largest independent liquid ports in Paraguay. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. 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. Next, Ms. Tsironi will give an overview of Navios Partners financial results. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. For drybulk, we increased capacity by 36% and reduced average age by 18%. This does conclude today's program. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. Then Mr. Achniotis will provide an operational update and an industry overview. 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 . 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. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. The benefits of diversification are reflected in recent market activity. $690 million of contracted revenue. 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. That makes sense. 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. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. A couple of questions. You'll see the webcast link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. The financial potency of this combination can be measured through the pro forma combined results of 2020. 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. In this process we have been pioneering and are adopting certain environmental regulations up to two years in advance, aiming to be one of the first fleets to achieve full compliance. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. You have a huge fleet, and you have a break-even per open day of 2,460. 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. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. And lastly, we'll open the call to take questions. 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. So this is a net benefit, the inefficiency. And you need to be always running the different scenarios. Navios uses cookies on this website. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. Post pandemic stimulus measures in the advanced economies and increasing industrial production has fueled demand for the three major bulk cargos, specifically the iron ore global trade is expected to grow by 3.4% in 2021 and 2.4% in '22. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Thank you, George. So you always have to be very alert to see what is the best area where the opportunity lies. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. Cash and cash equivalents was $30.7 million. We aspire to have zero emissions by 2050. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Asian coal imports, which account for over 80% of the world's imports trade, are expected to increase by 4.3% in 2021, following a decline of 6.8% in 2020. 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. click here. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. And we always get - we get advantage of this on the long-term period because they need of turner. We show some vessels that were older and smaller to more commercially attractive vessels. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. Please. She is currently single. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. The battle follows four legal notices filed by Frangos in Greece late last year, containing a raft of accusations against his sister and two companies she controls. So, how much is Angeliki Frangou worth at the age of 56 years old? 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. You building contracting was down 56% in 2020 compared to '19. 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. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. 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. Thank you, Daniella, and good morning to all of you joining us on today's call. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. 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. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. And this is something that actually has benefited quite significant on these market, especially on the container. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. You can read more about how we handle your information in our privacy policy. EBITDA and net income for Q3, 2021 includes a $30.9 million gain related to the sale of three vessel, Navios Dedication, Navios [Verde] and Harmony N, a $4 million bargain purchase gain upon obtaining control of the Navios Acquisition, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. I think the - you can find one year versus three year, you have basically today discovering hugely. In conclusion, positive demand fundamentals, mainly due to the start of economic activity around the world, along with reduced fleet availability, should continue to support both the dry bulk and containerized shipping industries in their continuing effort to mitigate through raising pandemic stall. 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. 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 . 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. All vessels are expected to be delivered in the second half of 2022. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. Angeliki N. Frangou. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. In this limited sphere we are optimistic. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. 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. The pandemic changed everything. Now 30,000 is a very good level. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. 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. 2021 2023 Navios South American Logistics Inc. All rights reserved. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. On October 15, 2021 we completed a transformative merger with Navios Acquisition. 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. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. However, it should be noted that current rates are still above two times the 10-year averages. But on this containership opportunity, how repeatable could you say that deal is? Just trying to understand how the fee through there. Conditions are not as favorable elsewhere. The battle follows four legal notices filed by Frangos in. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. So basically, we have a fortress balance sheet. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. This concludes my presentation. The event was held during . I am pleased with the results for the full year and fourth quarter of 2020. I think a low leverage is a big driver to our model. NMM has $2.2 billion of contracted revenue. And basically by ordering these vessels, you go away from the basic Panamax that used to be the vessel that was designed at that time for passing through Panama Canal, but we saw that had a good life afterwards to something that is particularly great for the necessities of the inter-Asia trade. Service was accepted by Israel David. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. And you don't see the 3-year market developing. Thank you, Stratos, and good morning all. Ladies and gentlemen, this does conclude today's conference call. However, we do not take that for granted. Document filed by Norman Roberts. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. Demand is forecast to outpace net sales growth in both 2021 and '22. Here you fix them for the 37,000 a day, which, as I run the numbers, it looks like a 5-year payback, which sounds pretty substantial given these are new buildings. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. The proceeds of these new financing agreements together with available cash will be used to repay all outstanding Ship Mortgage Notes and redeem an additional $50.0 million of Senior Secured Notes (after which $105.0 million will remain outstanding). The displacement of established suppliers not only increases price, but increases ton miles as countries and people are forced to source their needs from places further away. If you look at the graph on the right, net fleet growth is focused to be 2.6% this year and only 0.7% for '22. We are also constantly working on refinancing and extending maturities. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. 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. Turning to Slide 15, you can our ESG initiatives. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. All grain production this year will reach a record according to the international gains counting and the USDA. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. Please. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David Eri? So, starting off with the merger, your fleet is clearly massive, it's diverse. 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! Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. So we're creating this with this different two tier financing. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. Excellent. But on the other side, we are very exposed to the market. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Thank you, George. Net debt to book capitalization was 40% at the end of the year. And also we have to see that target, which we also see a good potential to actually happen. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Lastly, we have a strong balance sheet with low leverage. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. In addition 10.4% of the fleet is currently 20 years of age or older. Stratos? This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. But could there be any sort of headwind getting, any sort of incremental business done or extending - for or extending any particular charges to vessels. At the same time, being active in multiple sectors reveals opportunities. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. I have no business relationship with any company whose stock is mentioned in this article. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. 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. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. Please disable your ad-blocker and refresh. 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. In particular, the extremely tight availability of Panamaxes, combined with poor congestion, increasing trade and lack of new buildings has proper period time charter rates to keep 13-year highs of $37,000 per day for periods after a year. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. 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. Please move to Slide 9 which provide some selected segment data. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. Thank you. These vessels were acquired for an aggregate purchase price of $370 million.