The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. 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. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. And this is something that actually has benefited quite significant on these market, especially on the container. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. I think the number one is that, what we see is a good positioning on the company. Eri? Thank you. It is a matter of level, and I want to remind that, and this is something in the back of our mind. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. The new loan will have an interest of 3% above LIBOR and amortization profile of about 5 years and maturity in the second quarter of 2025. So you are actually creating this cash flow when the market is right. She is not dating anyone. 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. Finally, we have very strong corporate covenants at corded efforts. 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. 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. 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. We have currently fixed 66% of our 29,526 available days for 2021. First, the pandemic highlighted the weakness of just in time manufacturing. 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" ). 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. 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. And you need to be always running the different scenarios. I think that will give us a long-term view on the right. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. I think this is something that we are very [technical difficulty]. 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. 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22. Now I will review the safe harbor statement. 2021 2023 Navios South American Logistics Inc. All rights reserved. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. 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. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. In Slide 14, you can see the latest update on our fleet. 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. I am pleased with our results for the third quarter of 2021. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. 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. Please turn to Slide 21 focusing on the container industry. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. Navios is a socially conscious group with core values include diversity, inclusion, and safety. Meanwhile, she launched Navios Maritime Containers with a listing on the Norwegian over-the-counter market, followed up by a 2018 listing in New York, building up a fleet of 29 . Excellent. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. 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. I noticed in the release, and you mentioned it also in your comments, just about securing drybulk charters in the period market when the time makes sense. Let's not forget that the containership sector has been -- the container sector has recovered from second half of last year versus dry bulk as more this year that we are experiencing a much a different potential. 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. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. 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. At the same time, but there is increasing industrial production and economic growth in China. Chinese steel production surpassed the 1-billion tons mark in 2020. No, yes, that makes sense. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. 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,. And some are shown on the chart on the bottom of the slide, we have increased available days by 171% to 47,268 available days. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. Add a meaning Wiki content for Angeliki Frangou Angeliki Frangou Add Angeliki Frangou details Phonetic spelling of Angeliki Frangou Add phonetic spelling Synonyms for Angeliki Frangou Add synonyms 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 . The battle follows four legal notices filed by Frangos in. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. His daughter. 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. The net result is that we should have more predictable entity level return. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. 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. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. 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. If you have an ad-blocker enabled you may be blocked from proceeding. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. Just trying to understand how you're thinking about the work to be done on that side? Slide 7 reviews our recent development. 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. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. The benefits of diversification are reflected in recent market activity. There's always a replacement to give, you know, one of the things that we said from, and I think, Stratos also mentioned, we have an average age. We have been taking advantage of robust market. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Please turn to Slide 23. 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. I'll turn the call back over to Angeliki for any closing remarks. Please turn to Slide 26, focusing on the container industry. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. The big thing is about - we're looking at reducing further. Thereby accumulating significant scale in a short period of time. By continuing to use this website, you agree to the use of cookies as set out in our full policy. This concludes my presentation. Thank you, Daniella, and good morning to all of you joining us on today's call. 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. Turn to Slide 18. I'll turn it over. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Fleet utilization was approximately 99%. 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. What will it take to increase the distribution? 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. Got it. And we always get - we get advantage of this on the long-term period because they need of turner. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Angeliki? For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. 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. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. The financial information is included in the press release and is summarized in the slide presentation on the company's website. 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. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. But on the other side, we are very exposed to the market. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. It will take some time, I mean, there is good, I mean, we show volatility, we went to gates from 80,000, we are down to around 30,000. If we find opportunities, we can always expand. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. The information set forth herein should be understood in light of such risks. 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. In addition 10.4% of the fleet is currently 20 years of age or older. And do you have a maybe preference there in terms of repurchases or distribution increase? Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. 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. I would now like to turn the call over to Angeliki for her final comments. 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. 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 . 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. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. In Slide 11, you can see the strength and stability of our 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. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. Disclosure: 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. 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. 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. This completes our quarterly result for NMM. Please turn to Slide 21. Angeliki? It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Then Mr. Achniotis will provide an operational update and an industry overview. 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. So this is something that we are focusing very much. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Navios Maritime Partners L.P. (NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 8:30 AM ET, Georgios Achniotis - EVP of Business Development. And today we fix over four years, and you know with 2.5 times the rate. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 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. And lastly, we'll open the call to take questions. 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. We are about two years below industry average. quarter of 2020. All grain production this year will reach a record according to the international gains counting and the USDA. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. Turning to Slide 12, you can see some fleet and debt updates. 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. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. Thank you, Angeliki, and good morning. Basically, I mean, we see a lot of value on both segments. Forward-looking statements are statements that are not historical facts. Please. Turning to Slide 25. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . 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. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. 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? Moving to the 12-month operations. Cash and cash equivalents was $30.7 million. At the same time, being active in multiple sectors reveals opportunities. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. We remain disciplined. So you always have to be very alert to see what is the best area where the opportunity lies. 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. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. The increase was mainly due to the 32.3% increase in available days of 2020. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. Demand is forecast to outpace net sales growth in both 2021 and '22. However, we do not take that for granted. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. For more information about Navios Holdings please visit our website: www.navios.com. I think the - you can find one year versus three year, you have basically today discovering hugely. Then Mr. Achniotis will provide an operational update and an industry overview. As a result we fixed 88.1% of our available containership days for 2022 and have $1.6 billion in total contracted revenue on charters extending through 2030.
