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. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. click here. But just trying to understand, basically the lack of visibility has been sort of discouraged, sort of incremental ordering or sort of any commitments under customers' part. And we have the tanker sector that we are watching as establish. Of course we also entered into the crude and product tanker segment. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. [1] She is the chairman, chief executive officer and Director of Navios Maritime Holdings ., [2] of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. According to our Database, She has no children. 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. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. You building contracting was down 56% in 2020 compared to '19. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. That is - there is no one formula to this. Our office had to remain open. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 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. 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 use your data to ensure you have a secure and enjoyable user experience when visiting our site. We have majority independent directors and independent committees, not to say our management operations. 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. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. In the East China is struggling with its zero Covid strategy.. 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. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. But also to, you know, a recovery on the tanker segment. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. 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. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. As CFI box rates have climbed 222% from April 2020 to March '21, spread by the earlier start of the Chinese equality and from continuing demand for consumables and pandemic related supplies worldwide. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. So this is a net benefit, the inefficiency. One of the lowest on record. 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. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. Sure. Basically, I mean, we see a lot of value on both segments. 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. I mean, you have much larger asset base. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Yes, we have put out some details also in our press release today. Slide 6 details our Company highlights. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. 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. 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. 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 do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Its been four years since the last Posidonia. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. I am not receiving compensation for it (other than from Seeking Alpha). 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. 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. 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. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . And do you have a maybe preference there in terms of repurchases or distribution increase? 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. 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. You may now disconnect. 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. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. $690 million of contracted revenue. About one-third of our fleet will be in each of the dry . Building us a significant base of collateral value. Angeliki Frangou forced Navios Maritime Holdings' preferred shareholders into a "prisoner's dilemma" in an attempt to push them out and fatten her own bank account, a lawsuit alleges. Thank you, George. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. 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. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Is this a view on those respective markets? Thereby accumulating significant scale in a short period of time. Angeliki Frangou biography. I think the number one is that, what we see is a good positioning on the company. All grain production this year will reach a record according to the international gains counting and the USDA. All right, second question, looking at Slides 11 and 14, clearly showing the strength of your balance sheet, you mentioned earlier in the call, your fixed charter backlog is giving you pretty substantial cash flow visibility, very low spot day break-evens. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. 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 . You can read more about how we handle your information in our privacy policy. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. 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. In addition 10.4% of the fleet is currently 20 years of age or older. 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. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. 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! And I think on a - it seems to be that Q3 was the low part of the tanker segment, and we are seeing the market slowly recovering. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. As a reminder, this conference call is being webcast. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. In the West, the worst impacts of Covid appear to be fading. As a reminder, this conference call is being webcast. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Yes, no that's fair. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Angeliki? For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Governments having put in place emergency monetary and fiscal plans to support their economies has kick-started faster than expected recovery in the world economy. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. 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. Read more about DN Media Group here. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. We are about two years below industry average. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. The benefits of diversification are reflected in recent market activity. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. But most important is we need to have the right conditions. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. This will be the highest digital rate in the past 50 years. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. We have been profitable in Q4 as contracted revenue exceeds total expenses by $57 million, yet we still have about 2,473 open and index-linked days. Please turn now to Slide 24 for the review of the tanker industry. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Angeliki Frangou, chief executive of Navios Maritime Holdings and Navios Maritime Partners speaks at a company dinner at the National Gallery in Athens in June 2022. 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. Next, Ms. Tsironi will give an overview of Navios Partners financial results. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. The vessel we expected to be delivered in the second half of 2022. So this is a big investment for Q3. At this time, I'm showing no further questions. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. And then now that, obviously, the dry bulk and containership markets are both extremely strong. 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. And we always get - we get advantage of this on the long-term period because they need of turner. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. Angeliki? 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. If you have an ad-blocker enabled you may be blocked from proceeding. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. NMM is differentiated by its industry-leading scale and diversified sector exposure. More specifically, we have contracted our six newbuilding containerships delivering in 2023 and 2024 for five years at an average rate of $37,050 net per day generating about $420 million of contracted revenue. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. 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. And what we are looking is how this investment we did will play. Our office had to remain open. In Slide 14, you can see the latest update on our fleet. 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. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. If you have an ad-blocker enabled you may be blocked from proceeding. Read more about DN Media Group here. Big picture just, you should understand that all the inefficiency is net positive for our business. We aspire to have zero emissions by 2050. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. For returning coal high gas prices have driven power plants to switch back to coal-fired power generation, and the IEA estimates that global coal-fired electricity generation is expected to rise by nearly 5% this year and exceed pre-pandemic levels before increasing a further 3% to an all-time high in 2022. The current orderbook stands at 6.8% of the fleet. 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. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Please turn to Slide 5. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. So you will see the effect of the results in April 1 and going forward. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. So you always have to be very alert to see what is the best area where the opportunity lies. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. The current order book stands at a record low of 5.7% of the fleet. 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 . Conditions are not as favorable elsewhere. We have - we see the potential, but we see - we need to see it materialize. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Now 30,000 is a very good level. 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. I have no business relationship with any company whose stock is mentioned in this article. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). 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. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . 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. 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. 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 holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. The information set forth herein should be understood in light of such risks. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. And lastly, we'll open the call to take questions. Definitely looks well-timed and a good overall return. This is unique. This concludes my presentation. Vietnam and other Southeast Asian countries, increased coal imports by 13%. The benefits of diversification are reflected in recent market activity. And then I guess on the other hand, any plans for further growth in either of the three sectors that you now have exposure to? First, Ms. Frangou will offer opening remarks. The . I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. We don't have much information about She's past relationship and any previous engaged. Angeliki? I think the - you can find one year versus three year, you have basically today discovering hugely. In that context, and thinking of deploying capital in the future, we've talked about how maybe tankers is an appealing asset class to go after because it's the bottom of the market to an extent. NMM has $2.2 billion of contracted revenue. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Moving to the earnings highlight in Slide 13. I wrote this article myself, and it expresses my own opinions. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. So this is a net benefit, the inefficiency. Turning to Slide 25. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. 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. 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. Please. Post-merger NMM will have approximately 19.7 million units outstanding. Is this happening to you frequently? You have this low break-even, 2,400, historically the lowest. Our three pillars are now working well, both drybulk and containership sectors are performing and the tanker sector has improved materially in the past few months with more improvement expected. 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. We continue to renew our fleet and improve average profile. Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. Please turn to Slide 23. You can read more about how we handle your information in our privacy policy. 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. 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. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. Over the PIK Period, I would estimate the amount of Convertible Debentures held by NSM to increase to almost $100 million, sufficient for Angeliki Frangou to regain full control of Navios Maritime Holdings. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. The rate for 2021 is the highest in almost 50 years, and it is led by a 7.2% expansion in China, India and developing Asia. Indeed, in the US, air travel is at 2019 levels, she explained. 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. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown We have question from the line of Randall Giveans of Jefferies. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. About 91% of our debt is covered by the scrap value of our vessels alone. Not only does diversification provide strength but it also brings opportunity. To read more about DN Media Group, Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. 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. 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. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. That makes sense. At the same time, being active in multiple sectors reveals opportunities. The terms of the loan includes an interest rate of 3% above LIBOR and depreciation profile of about 9 years and maturity in the first quarter of 2026. Lastly, we have a strong balance sheet with low leverage. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Demand is forecast to outpace net sales growth in both 2021 and '22. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. I will briefly discuss on key balance sheet data as of December 31, 2020. 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.