And then separately, can you just share generally the front and center. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. The current average contracted net rate of the four vessels is approximately $2,600 per day. 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. 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. Yes, no that's fair. 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. We'll go next to Omar Nokta, Clarksons Securities. NMM is differentiated by its industry-leading scale and diversified sector exposure. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. For more information about Navios Holdings please visit our website: www.navios.com. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. These together with near record low orderbook could boost crude and product tanker rates in the near term. 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. click here. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. Founder of Maritime Enterprises Management SA, Angeliki N. Frangou is a businessperson who has been at the helm of 14 different companies and currently occupies the position of Chairman at IRF European Finance Investments Ltd., Chairman & Chief Executive Officer at Navios Maritime Partners LP, Chairman & Chief Executive . And then now that, obviously, the dry bulk and containership markets are both extremely strong. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. And then you mentioned the word replacement, right. 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. And to capture the spot market and wait for the period market to come. And lastly, we'll open the call to take questions. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. The merger is a week away now, right, so congrats on that. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. We believe the sum is significantly more resilient than the individual parts. But most important is we need to have the right conditions. We have been taking advantage of robust market. Our office had to remain open. 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. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. Thank you. 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. Read more about DN Media Group here. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. In 2017-18, Ms Frangou took advantage of lower asset prices to acquire 12 bulkers for mother company Navios Maritime Holdings and another 12 for Navios Partners. We have historically low break-even gives us on a 47,000 days. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. [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. Our balanced exposure across the drybulk, containership and tanker segments allow us to mitigate normal industry cyclicality and leverage fundamentals on offering across all sectors through our chartering and capital allocation and financing strategy. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. 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. 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. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . This completes our Q4 results. Please turn to Slide 23. 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. In addition, lender Navios Shipmanagement Holdings Corporation or "NSM" received an upfront structuring fee of $24.0 million and an undisclosed amount of accrued interest and prepayments fees also in the form of Convertible Debentures. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. His daughter. Yes, totally understand the benefits to sort of the market capacity and rates. All grain production this year will reach a record according to the international gains counting and the USDA. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. Conditions are not as favorable elsewhere. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. 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. Indeed, in the US, air travel is at 2019 levels, she explained. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. 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. In 2021 we've completed two mergers. The vessel we expected to be delivered in the second half of 2022. 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. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Lastly within our Tanker segment, our long-term contracts provide protection and 65% of our 2022 available days remain open to capture the ongoing market recovery. Eri? Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. In the West, the worst impacts of Covid appear to be fading. You can read more about how we handle your information in our privacy policy. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. But also, would like to also use the excess in deleveraging. What does the liquidity look like across the one year to three year time-frame? The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. 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. Slide 7 sets forth key strength of the compliance entity. In the East China is struggling with its zero Covid strategy.. 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. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. Slide 6 details our Company highlights. 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. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. In this limited sphere we are optimistic. And do you have a maybe preference there in terms of repurchases or distribution increase? This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. 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. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. According to our Database, She has no children. Basically, I mean, we see a lot of value on both segments. 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. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. Navios Partners does not assume any obligation to update the information contained in this conference call. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. Cash and cash equivalents were $141 million. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. And NMM already has more than that contracted for 2021. Definitely sounds like you have the flexibility across the board with that. 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. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. The information set forth herein should be understood in light of such risks. 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. In Slide 11, you can see the strength and stability of our balance sheet. 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. 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. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown 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. The event was held during . Through this S&P activities we increased our fleet size and reduced average age for our existing segments. 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. Also we have strength and stability in our balance sheet. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. 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. Thank you. 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 currently fixed 66% of our 29,526 available days for 2021. 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. 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. Turning to Slide 25. Please. Navios is a socially conscious group with core values include diversity, inclusion, and safety. 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. So this is something that we are focusing very much. 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. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Thank you, George. So, how much is Angeliki Frangou worth at the age of 56 years old? 2021 2023 Navios South American Logistics Inc. All rights reserved. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. So a few questions around this. 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. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Post-merger NMM will have approximately 19.7 million units outstanding. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. You can read more about how we handle your information in our privacy policy. She is currently single. Stratos? 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. 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. The financial information is included in the press release and is summarized in the slide presentation on the company's website. And then going forward, which subsector would you maybe look to grow? Forward-looking statements are statements that are not historical facts. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. The battle follows four legal notices filed by Frangos in. 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. Adjusted net income for the quarter amounted to $12.8 million. Its been four years since the last Posidonia. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. 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. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. 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. 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. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Actually, what we are doing is repositioning a fleet. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Our office had to remain open. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. In Slide 15, you can see our target strategy for 2021. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. Turning to Slide 15, you can our ESG initiatives. Churchs Annual Stewardship & Mistletoe Gala. 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. TradeWinds is part of DN Media Group AS. This completes our formal presentation, and we open the call to questions. The realities we see our service as a growth platform that we're in the right part of the cycle, meaning we see great upside potential with our fleet. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. So you are actually creating this cash flow when the market is right. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. 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. On Slide 8, we lay out global GDP growth since 1970. 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. 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. Trial in London this week will aim to settle the siblings' complicated business arrangements. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. 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. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. I'll turn the call back over to Angeliki for any closing remarks. First, the pandemic highlighted the weakness of just in time manufacturing. 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. We have - we see the potential, but we see - we need to see it materialize. Turning to Slide 12, you can see some fleet and debt updates. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. 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. Just trying to understand how you're thinking about the work to be done on that side? I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. The increase was mainly due to the 32.3% increase in available days of 2020. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. 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. 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 just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. Just to remind you, for your modeling purpose, so just to remind you that Navios containers the full results will be included in our results from first April as the measure is expected to close on March 31. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. Demand is forecast to outpace net sales growth in both 2021 and '22. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. Angeliki? Yes, the essence of the diversified fleet. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. At Navios, the pandemic galvanized us. About one-third of our fleet will be in each of the dry . We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. I think a low leverage is a big driver to our model. But the reality is just to go back to your question is, is the following thing, I mean, the capacity of the ship - the shipyard capacities has been full, and also we see that materials maybe going up. Not only does diversification provide strength but it also brings opportunity. If you have an ad-blocker enabled you may be blocked from proceeding. Angeliki Frangou. At Navios, the pandemic galvanized us. So, starting off with the merger, your fleet is clearly massive, it's diverse. 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. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. 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. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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.