Read more about DN Media Group here. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. If everyone dies, it is not anymore existing. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. We see that it is a different set of fundamentals important. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. I'll turn it over. And we always get - we get advantage of this on the long-term period because they need of turner. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. 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. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Navios Partners does not assume any obligation to update the information contained in this conference call. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. We have been profitable in Q4 as contracted revenue exceeds total expenses by $57 million, yet we still have about 2,473 open and index-linked days. Well, thanks, Angeliki for your comments. Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. We have - we see the potential, but we see - we need to see it materialize. In Slide 11, you can see the strength and stability of our balance sheet. 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 . More recently the freight market has corrected on the back of Chinese winter steel production limits and power shortages due to unavailability of gas and coal. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. As a reminder, this conference call is being webcast. You have this low break-even, 2,400, historically the lowest. quarter of 2020. 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. 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. Containers $22,418 per day, and Tankers $15,066 per day. Ladies and gentlemen, this does conclude today's conference call. Sure. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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 New York Stock Exchange, including Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Acquisition Corporation (NYSE: NNA). All vessels are expected to be delivered in the second half of 2022. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. 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. Big picture just, you should understand that all the inefficiency is net positive for our business. Thanks you Angeliki and good morning all. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. convertible debentures (the "Convertible Debentures"). Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. At this time, I'm showing no further questions. 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. Is this happening to you frequently? 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. 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. 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. You can read more about how we handle your information in our privacy policy. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Chinese steel production surpassed the 1-billion tons mark in 2020. TradeWinds is part of DN Media Group AS. Finally, we have very strong corporate covenants at corded efforts. $690 million of contracted revenue. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. 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. Slide 6 details our Company highlights. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. We have been taking advantage of robust market. Also - good afternoon and also congratulations on there, your first call here post-merger. These together with near record low orderbook could boost crude and product tanker rates in the near term. 2021 2023 Navios South American Logistics Inc. All rights reserved. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. Read more about DN Media Group here. 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. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. The battle follows four legal notices filed by Frangos in. This will be the highest digital rate in the past 50 years. I have no business relationship with any company whose stock is mentioned in this article. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. Please disable your ad-blocker and refresh. 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. And this is the strategy going forward. 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. Cash and cash equivalents was $30.7 million. Just wanted to actually ask about how you're thinking about the capital structure from here. Please turn to Slide 26, focusing on the container industry. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. Please turn to Slide 21. This completes our formal presentation, and we open the call to questions. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Before I start discussing our financial highlights, I would like to draw your attention to see one-off items that are listed in Slide 11. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Turning to Slide 12, you can see some fleet and debt updates. 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. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. 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. 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. Maybe just, I know, one final one I did want to ask. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. 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. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. We actively renew and expand our fleet. And what we are looking is how this investment we did will play. About 91% of our debt is covered by the scrap value of our vessels alone. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. We have currently fixed 66% of our 29,526 available days for 2021. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. 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. 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. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. 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. I am not receiving compensation for it (other than from Seeking Alpha). The increase was mainly due to the 32.3% increase in available days of 2020. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). Total adjusted net income was $130 million compared to $8.8 million for the same period last year. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. Please turn to Slide 19. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. 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. Please disable your ad-blocker and refresh. Adjusted net income for the quarter amounted to $12.8 million. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. Net debt/book capitalization was at a comfortable level of 41.7%. What is unique - what we like about this is vessel is about in the [indiscernible] flexible vessel at 260 meters, very nice dimensions, you can actually take advantage of the point to point transportation that is now developing the difference on the supply chains and from - and all these, you know just in time to just in case. It is a matter of level, and I want to remind that, and this is something in the back of our mind. 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. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. The net book is expected to close on March 31, 2021. click here. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. The loan terms also provide for prepayment premiums ranging from 5%-10% during the first 36 months which would also be payable in the form of Convertible Debentures. 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. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. Slide 6 goes through recent developments. Please disable your ad-blocker and refresh. That said, I would still expect Ms. Frangou to reunite both companies at an opportune time in order to grab a very substantial stake in Navios Partners as laid out in detail in my previous article. At the same time, being active in multiple sectors reveals opportunities. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. Frangou, originating from the island of Chios, Greece, is considered one of the world's shipping magnate.The powerful Greek shipowner obtained a bachelor's degree in Mechanical Engineering from Fairleigh Dickinson University and a . 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. I am pleased with the results for the full year and fourth quarter of 2020. And in terms of those sort of three, are you willing to rank at the moment of those three, which is the most appealing or if one outranks the other two or any sort of color you can give on how you are thinking strategically about whether you decide to pay down debt, pay back shareholders or grow the company. Is that a repeatable opportunity you think? Definitely looks well-timed and a good overall return. 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. 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 . I think this is something that we are very [technical difficulty]. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Turning to Slide 25. Angeliki Frangou biography. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 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. Please. Could you just give a flavor of sort of what the liquidity looks like from your perspective in terms of deploying the drybulk fleet away from spot on to time charters. Definitely sounds like you have the flexibility across the board with that. 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. Turning to Slide 12. But on this containership opportunity, how repeatable could you say that deal is? So this is a big investment for Q3. The pandemic changed everything. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. So you have 140 vessels to 150 vessels, is that the kind of range you want to stay with or with those kind of asset sales kind of bring down the fleet levels from these numbers? The current orderbook stands at 6.8% of the fleet. But most important is we need to have the right conditions. In Slide 14, you can see the latest update on our fleet. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. This is unique. Slide 7 reviews our recent development. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. 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. And then lastly, just quickly, can you provide any quarter-to-date rates for the first quarter now that we're a week away from that being concluded for the dry bulk vessels? We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. 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. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Please turn to Slide 23. Our office had to remain open. The net result is that we should have more predictable entity level return. 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. NMM has an enhanced base to generate free cash flow. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. So all these unique things that we see on the supply chain happening, these vessels we think is a good match.
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