Got it. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. This factor stimulus has led to historic turnaround in global container trade. own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. Then Mr. Achniotis will provide an operational update and an industry overview. Chinese steel production surpassed the 1-billion tons mark in 2020. Adjusted net income for the quarter amounted to $12.8 million. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Read more about DN Media Group here. Thanks, Angeliki. 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). We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. However, the results of Navios Acquisition included in the Q3 Navios Partners results are only for the period from August 26,; through September 30, 2021. Thank you. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. Definitely sounds like you have the flexibility across the board with that. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. 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. 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? So this is a big investment for Q3. Angeliki Frangou tightens grip on Navios Holdings after major 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. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . As a reminder, this conference call is being webcast. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Containers $22,418 per day, and Tankers $15,066 per day. The information set forth herein should be understood in light of such risks. Fleet utilization was approximately 99%. Please move to Slide 9 which provide some selected segment data. If you have an ad-blocker enabled you may be blocked from proceeding. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. 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. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. This completes our formal presentation, and we open the call to questions. At Navios, the pandemic galvanized us. 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. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. Ladies and gentlemen, this does conclude today's conference call. 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. 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. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. Thank you. Angeliki Frangou | Management | Navios Maritime Acquisition Corporation First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. Roberts v. Navios Maritime Holdings, Inc. et al Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. I think that will give us a long-term view on the right. About 91% of our debt is covered by the scrap value of our vessels alone. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. What does the liquidity look like across the one year to three year time-frame? Of course we also entered into the crude and product tanker segment. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. How Angeliki Frangou became the leading Greek shipping Next, Mr. Desypris, will give an overview of Navios Partner's financial results. 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. Excluding these items, adjusted EBITDA for the nine months of 2021 amounted about $270 million compared to $64 million for the same period last year. You need to wait and see that market develop. We have majority independent directors and independent committees, not to say our management operations. 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. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 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 . 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 large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. But don't forget, we are 86% of our available days open on drybulk. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. The vessel we expected to be delivered in the second half of 2022. Just curious there. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. The transaction based scale through a larger diversified asset base with an increased earning capacity. First, the pandemic highlighted the weakness of just in time manufacturing. 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). Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. 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. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. On Slide 8, we lay out global GDP growth since 1970. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. Today NMM is one of the largest U.S. publicly listed shipping companies with 15 vessel types diversified across three segment and servicing more than 10 end markets. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. 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 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). Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. That is - there is no one formula to this. Navios Maritime Partners L.P. Secures Unitholder Approval and Completes The approved merger with Navios Container is expected to close on March 31. Angeliki Frangou sees optimism amid chaos :: Lloyd's List I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. If these conditions happen, the next thing on the market, on the debt, I think we are in a - we can both allocate on reduction of our debt and also on actually providing to our investors. Both related-party loans have a term of four years and won't require cash interest or amortization payments for an initial 18-month period (the "PIK Period"). This concludes my presentation. We show some vessels that were older and smaller to more commercially attractive vessels. And we have market exposure of 53.5% of our days for this year. We stand at the crossroads, perhaps the crossroads of history. Thank you, George. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. She is the Chairman, Chief Executive Officer and Director of Navios Maritime Holdings., of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. NMM is differentiated by its industry-leading scale and diversified sector exposure. Read more about DN Media Group here. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. Demand is forecast to outpace net sales growth in both 2021 and '22. At the same time, but there is increasing industrial production and economic growth in China. Finally, we have very strong corporate covenants at corded efforts. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. 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 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. 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. NMM has $2.2 billion of contracted revenue. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Navios Partners does not assume any obligation to update the information contained in this conference call. The merger is a week away now, right, so congrats on that. So we're creating this with this different two tier financing. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. Fortune: Greek Businesswoman Among 25 World's Most Powerful Slide 6 goes through recent developments. 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. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. And we always get - we get advantage of this on the long-term period because they need of turner. 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. And this is the strategy going forward. Trial in London this week will aim to settle the siblings' complicated business arrangements. And today we fix over four years, and you know with 2.5 times the rate. To read more about DN Media Group, 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. This increase in demand has led to a decline in OECD crude oil inventories, which had fallen below their five year average since February, with the largest decline coming in September as shown on the graph on the lower right. Cash and cash equivalents was $30.7 million. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki Frangou biography. Please turn to Slide 26, focusing on the container industry. 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. Navios' Angeliki Frangou: "The Pandemic Galvanized Us"! - Neo I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. Also - good afternoon and also congratulations on there, your first call here post-merger. For drybulk, we increased capacity by 36% and reduced average age by 18%. 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. Slide 10, details our strong operating free cash flow potential. Definitely looks well-timed and a good overall return. Thanks you Angeliki and good morning all. Angeliki Frangou. 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. Forward-looking statements are statements that are not historical facts. On October 15, 2021 we completed a transformative merger with Navios Acquisition. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson.