Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Slide 7 sets forth key strength of the compliance entity. 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. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. We'll go next to Omar Nokta, Clarksons Securities. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. 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 . And what we are looking is how this investment we did will play. In Slide 11, you can see the strength and stability of our balance sheet. Turn to Slide 18. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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. The current product tanker orderbook is 6% of the fleet, which compares favorably with the 8.4% of the fleet, which is 20 years of age or older. Containers $22,418 per day, and Tankers $15,066 per day. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. 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. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. 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. Navios Partners does not assume any obligation to update the information contained in this conference call. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. She is not dating anyone. We agreed to acquire 6 dry bulk vessels with an average age of about 2 years and sold 4 vessels with an average of about 13 years. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. The benefits of diversification are reflected in recent market activity. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. We actively renew and expand our fleet. Additionally, we have a staggered maturity profile with no significant maturities through 2023. At the same time, being active in multiple sectors reveals opportunities. Please turn to Slide 19. As you can see in the blue box on the lower right, increases in demand for goods, port congestion and restocking will lead to container demand growth of 6.3% in 2021, and 3.9% in '22. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. 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. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David And basically by ordering these vessels, you go away from the basic Panamax that used to be the vessel that was designed at that time for passing through Panama Canal, but we saw that had a good life afterwards to something that is particularly great for the necessities of the inter-Asia trade. Thank you for your participation. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Actually, what we are doing is repositioning a fleet. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. The transaction based scale through a larger diversified asset base with an increased earning capacity. So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. 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. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. Cash and cash equivalents were $141 million. This will be the highest digital rate in the past 50 years. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. 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 Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. Thank you, George. 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? Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. 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. Thank you. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. But most important is we need to have the right conditions. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. I think that will give us a long-term view on the right. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. The floor is now open for questions. The proceeds of these new financing agreements together with available cash will be used to repay all outstanding Ship Mortgage Notes and redeem an additional $50.0 million of Senior Secured Notes (after which $105.0 million will remain outstanding). From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. These together with near record low orderbook could boost crude and product tanker rates in the near term. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. This does conclude today's program. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . 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. 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 . 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 . All grain production this year will reach a record according to the international gains counting and the USDA. The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. 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. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Forward-looking statements are statements that are not historical facts. Thank you, Doris, and good morning to all of you joining us on today's call. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. 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. Chinese steel production surpassed the 1-billion tons mark in 2020. 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. Read more about DN Media Group here. We stand at the crossroads, perhaps the crossroads of history. 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. Thank you. Slide 10, details our strong operating free cash flow potential. 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. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. Thanks you Angeliki and good morning all. 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. 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. How Angeliki Frangou became the leading Greek shipping . We believe the sum is significantly more resilient than the individual parts. 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. So you are actually creating this cash flow when the market is right. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. The merger is a week away now, right, so congrats on that. We have very strong corporate governance and clear code of ethics. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. What will it take to increase the distribution? EBITDA and net income for the first nine months of 2021 include an $80.8 million gain from equity in net earnings of affiliated companies, a $48 million bargain purchase gain upon obtaining control of Navios Containers and Navios Acquisition, a $30.3 million gain related to the sale of seven of our vessels, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. Net debt to book capitalization was 40% at the end of the year. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. The approved merger with Navios Container is expected to close on March 31. 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. 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. So you will see the effect of the results in April 1 and going forward. Is this happening to you frequently? However, it should be noted that current rates are still above two times the 10-year averages. 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. Please disable your ad-blocker and refresh. Adjusted net income for 2020 amounted to $12.8 million. 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. This concludes my presentation. Just wanted to actually ask about how you're thinking about the capital structure from here. And NMM already has more than that contracted for 2021. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. We don't have much information about She's past relationship and any previous engaged. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Turning to Slide 12, you can see some fleet and debt updates. 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. To read more about DN Media Group, And today we fix over four years, and you know with 2.5 times the rate. Its been four years since the last Posidonia. On Slide 16, you can see with our ESG initiatives. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. Please turn to Slide 27. Moreover, the large asset base will provide the entity a significant parcel of collateral value. The information set forth herein should be understood in light of such risks. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. Partners financial results. Post-merger NMM will have approximately 19.7 million units outstanding. Big picture just, you should understand that all the inefficiency is net positive for our business. 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. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. NMM has $2.2 billion of contracted revenue. 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. For more information about Navios Holdings please visit our website: www.navios.com. 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. Just curious there. In the West, the worst impacts of Covid appear to be fading. At Navios, the pandemic galvanized us. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. You know, it's like as we die. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. Angeliki? I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. The financial information is included in the press release and is summarized in the slide presentation on the company's website. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . 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. 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. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. Adjusted net income for the quarter amounted to $12.8 million. Okay. According to our Database, She has no children. Angeliki Frangou. I am pleased with the results for the full year and fourth quarter of 2020. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. 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. 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. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. 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. Early life and education [ edit] Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. Sure. We remain disciplined. 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. That is - there is no one formula to this. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. Everything works well, as long as the logistics chain is unchallenged. 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. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. I would now like to turn the call over to Angeliki for her final comments. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Shipping is always very, very profitable. Fleet utilization was approximately 99%. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. TradeWinds is part of DN Media Group AS. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million.