Capital Link Forum $690 million of contracted revenue. Additionally, we have a staggered maturity profile with no significant maturities through 2023. If you have an ad-blocker enabled you may be blocked from proceeding. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. This concludes my presentation. First, the pandemic highlighted the weakness of just in time manufacturing. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. We continue to renew our fleet and improve average profile. As a reminder, this conference call is being webcast. 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. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. 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. Our available days increased by 63% to 20,421, while the average nine month 2021 combined time charter equivalent rate increased by 76% to 20,991. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. As a result, we re-imagined the modern shipping company. 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. Angeliki Frangou. 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. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Vessels over 20 years of age are about 7.6% of the total fleet, which compares favorably with the previously mentioned record low order book. I think a low leverage is a big driver to our model. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. In Slide 15, you can see our target strategy for 2021. 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. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? 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. Read more about DN Media Group here. The decrease is primarily due to a $25.5 million increase in vessel operating expenses, mainly due to the increased split, a $3 million increase in general revenue of tax expenses, mainly due to the increased fleet and a $1.4 million decrease in equity net earnings of affiliate companies. Indeed, in the US, air travel is at 2019 levels, she explained. In the East China is struggling with its zero Covid strategy.. If you have seen in container segment what we did, we - and is the example that you see on the charters we just announced, we were fixing one year. 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. NMM is well positioned to benefit from the different sector fundamentals. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). Angeliki Frangou and her brother John square up at trial in London [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. 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. These together with near record low orderbook could boost crude and product tanker rates in the near term. And that one other thing we have done is we have about $1.5 billion in, I mean, Eri will give the exact numbers, but $1.5 billion on debt. Not only does diversification provide strength but it also brings opportunity. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. Thank you, Stratos, and good morning all. 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. You can read more about how we handle your information in our privacy policy. And we always get - we get advantage of this on the long-term period because they need of turner. At the same time, being active in multiple sectors reveals opportunities. The financial information is included in the press release and is summarized in the slide presentation on the company's website. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. Angeliki Frangou - Wikipedia I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. 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. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. Trial in London this week will aim to settle the siblings' complicated business arrangements. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential future merger with Navios Partners to the detriment of the partnership's outside common unitholders. For drybulk, we increased capacity by 36% and reduced average age by 18%. Cash and cash equivalents was $30.7 million. And overall we like to have a low leverage. We don't have much information about She's past relationship and any previous engaged. We - the announcement we did between the six new buildings that we did for five years and the four other vessels, we did quite significant number of what we say, 600 and $690 million of contracted revenue. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). The agenda for today's call is as follows. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. The current orderbook stands at 6.8% of the fleet. So the target is always to bring down the debt and that is to about 20%. Is this happening to you frequently? Our 2021 contracted revenue exceeded our total fleet expenses by $12.6 million, with more than 1/3 of our available base open and index linked, there is an ample opportunity to provide further free cash flow. 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. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. click here. This is unique. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. Demand is forecast to outpace net sales growth in both 2021 and '22. Yes, we have put out some details also in our press release today. So this is a net benefit, the inefficiency. You may disconnect at any time. 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. So this is something that we are focusing very much. Containership demand growth of 5.7% in 2021 and 3.7% in '22 is expected to exceed supply a pent-up demand for congestion, restocking and increases in consumer demand for goods all support increasing Connie volumes. You have this low break-even, 2,400, historically the lowest. 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. 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. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. We actively renew and expand our fleet. 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. Turning to Slide 25. 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. 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. Slide 6 details our Company highlights. But also, would like to also use the excess in deleveraging. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. 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. So, starting off with the merger, your fleet is clearly massive, it's diverse. Importantly, the precent of decrease perhaps understates the impact. Please turn to Slide 21. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. However, it should be noted that current rates are still above two times the 10-year averages. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. You need to wait and see that market develop. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. 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. I wrote this article myself, and it expresses my own opinions. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. 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. By continuing to use this website, you agree to the use of cookies as set out in our full policy. 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. The increase was mainly due to the 39.3% increase in available days in Q4 2020. If you have an ad-blocker enabled you may be blocked from proceeding. And this is something that actually has benefited quite significant on these market, especially on the container. Next, Ms. Tsironi will give an overview of Navios Partners financial results. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. We have - we see the potential, but we see - we need to see it materialize. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. And then separately, can you just share generally the front and center. 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. 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 battle follows four legal notices filed by Frangos in. 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. 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. The Greek company's chief executive Angeliki Frangou said she was. The event was held during . 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. LEADERS Interview with Angeliki Frangou, Chairman and Chief Executive During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. 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 . Moving to the 12-month operations. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. 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. 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. So you are actually creating this cash flow when the market is right. On Slide 16, you can see with our ESG initiatives. 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. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. TradeWinds is part of DN Media Group AS. Additionally, we have agreed a new $52.7 million bareboat financing for two Kamsarmax vessels to be delivered in the second half of 2022 and Q1 of 2023. FRANGOU ANGELIKI SC 13D Filing Concerning NNA on 2021-10-15 From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Please disable your ad-blocker and refresh. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. You can read more about how we handle your information in our privacy policy. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. And also we have to see that target, which we also see a good potential to actually happen. And we have market exposure of 53.5% of our days for this year. click here. Navios uses cookies on this website. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. What will it take to increase the distribution? It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. The financial potency of this combination can be measured through the pro forma combined results of 2020. 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. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. Obviously it's been a large factor in the market, but has that lack of visibility to sort of the core demand created any sort of headwind to getting business done on the container shipping - just this is actually more pertinent to the container shipping side. In Slide 14, you can see the latest update on our fleet. As to our balance sheet update, we are in advanced discussions to finalize a $116 million loan to refinance in upcoming months and upcoming maturities in the third quarter of 2021. Conditions are not as favorable elsewhere. These vessels were acquired for an aggregate purchase price of $370 million. George? In addition 10.4% of the fleet is currently 20 years of age or older. And lastly, we'll open the call to take questions. Net debt/book capitalization was at a comfortable level of 41.7%. Please turn to Slide 21 focusing on the container industry. I am not receiving compensation for it (other than from Seeking Alpha). 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. NMM is differentiated by its industry-leading scale and diversified sector exposure. We have historically low break-even gives us on a 47,000 days. 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. We have a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki Frangou Net Worth (2023) | wallmine We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. Greek authorities freeze bank accounts belonging to Angeliki Frangrou Navios Partners does not assume any obligation to update the information contained in this conference call. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. As a result, the balance sheet of Navios Acquisition together with the respective purchase price allocation adjustments are included in Navios Partners balance sheet as at the end of the quarter. On Slide 8, we lay out global GDP growth since 1970. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. The round up show premieres on the 4th Wednesday of every month. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Slide 7 reviews our recent development. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. Thank you. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Angeliki Frangou | Management | Navios Maritime Holdings Net debt to book capitalization was 40% at the end of the year. In Slide 11, you can see the strength and stability of our balance sheet. 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. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Please turn to Slide 26, focusing on the container industry. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. Turning to Slide 19. 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. How Angeliki Frangou became the leading Greek shipping 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. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 08:30 AM ET Company Participants Angeliki Frangou - Chairman & CEO Stratios Desypris - CFO. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. 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 container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. A couple of questions. 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,. Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Fleet utilization was approximately 99%. Please. 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. Lawsuit claims Frangou and board sought to push out shareholders