2022.08.24 WednesdayI have no business relationship with any company whose stock is mentioned in this article. Please disable your ad-blocker and refresh. 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. We also continued to renew and expand our fleet. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. 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. 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. 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. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. The . Angeliki Frangou biography. So think about something between five vessels to 10 vessels to a minimum per year you will have to replace, because either this is the way, or you see that vessel may have - may come in to - you see that the potential in 2023 and we have more consumption, for different technological or commercial reasons or CapEx you have to put. A Leading Women with Becky Anderson round-up show featuring Angeliki Frangou will air on Wednesday, February 27 at 11:30am CET / 10:30 am GMT / 6:30 pm HKT and 6:30 pm CET / 5:30 pm GMT / 1:30 am Thurs HKT, and at various dates and times in March. First Navios Maritime suit ended with revised offer. 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. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. I'll turn it over. Consequently, they see magnitudes of today's global GDP made to [indiscernible] the economic impact of a particular percentage point growth when compared to 1970. Thanks, Angeliki. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. 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. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. So you will see the effect of the results in April 1 and going forward. 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. 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. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Eri? Adjusted net income for 2020 amounted to $12.8 million. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Please turn to Slide 5. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). 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. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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. We have majority independent directors and independent committees, not to say our management operations. 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. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. And then you mentioned the word replacement, right. 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. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. 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. 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. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. We have been taking advantage of robust market, NMM has $2.2 billion of 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. Maybe just, I know, one final one I did want to ask. First, the pandemic highlighted the weakness of just in time manufacturing. 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. The information set forth herein should be understood in light of such risks. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Cash and cash equivalents was $30.7 million. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. Thereby accumulating significant scale in a short period of time. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. Please turn to Slide 17 for the review of the drybulk industry. Slide 6 details our Company highlights. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. 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. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. 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. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. 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. 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 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. As a result, we re-imagined the modern shipping company. Turning to Slide 12, you can see some fleet and debt updates. 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. 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. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. 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. 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. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. And overall we like to have a low leverage. The current order book stands at a record low of 5.7% of the fleet. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. And you don't see the 3-year market developing. In particular, the extremely tight availability of Panamaxes, combined with poor congestion, increasing trade and lack of new buildings has proper period time charter rates to keep 13-year highs of $37,000 per day for periods after a year. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. In Slide 14, you can see the latest update on our fleet. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. 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,. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. Please move to Slide 9 which provide some selected segment data. 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. We see good - we see a good market potential, but we have to see it realize. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Please turn to Slide 19. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. 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. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. On Slide 8, we lay out global GDP growth since 1970. TradeWinds is part of DN Media Group AS. You need to wait and see that market develop. 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 approved merger with Navios Container is expected to close on March 31. 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"). 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. Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. Lastly, we have a strong balance sheet with low leverage. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. Is that a repeatable opportunity you think? So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. The event was held during . However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. Our fleet consists of 49 dry bulk vessels and 26 Containerships. So the target is always to bring down the debt and that is to about 20%. NMM is differentiated by its industry-leading scale and diversified sector exposure. 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. 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. I am pleased with our results for the third quarter of 2021. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. Please turn now to Slide 24 for the review of the tanker industry. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. And to capture the spot market and wait for the period market to come. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. We are also constantly working on refinancing and extending maturities. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. 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. 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. So you are actually creating this cash flow when the market is right. Today, the BDI stands at 2,271 with a year-to-date average more than double its level at the start of 2020, and the highest it has been in 11 years. Another increase in world population, food security issues driven by the pandemic as well as increasing protein demand worldwide continue to support the global grain trade. 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. Thank you, George. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. 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 lastly, we'll open the call to take questions. I'll turn the call back over to Angeliki for any closing remarks. But don't forget, we are 86% of our available days open on drybulk. So this is a net benefit, the inefficiency. Sure. In this limited sphere we are optimistic. So this is a big investment for Q3. 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 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. TradeWinds is part of DN Media Group AS. For more information about Navios Holdings please visit our website: www.navios.com. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. We have historically low break-even gives us on a 47,000 days. For containerships, we increased fleet size by 330% and reduced average age by 24%. Becky Anderson, one of CNN International's highest profile anchors, interviewed Angeliki Frangou at Navios' offices in Piraeus, Greece to discuss the global rise of the Navios Group of Companies and her career achievements. click here. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. 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. Meanwhile, she launched Navios Maritime Containers with a listing on the Norwegian over-the-counter market, followed up by a 2018 listing in New York, building up a fleet of 29 . The transaction based scale through a larger diversified asset base with an increased earning capacity. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. So, how much is Angeliki Frangou worth at the age of 56 years old? Your balance sheets in great shape. Of course we also entered into the crude and product tanker segment. The structure provides for an effective purchase price of $41.5 million and an effective interest rate fixed for a festive period of 4.4%. 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. 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. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. 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. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. Yes, no that's fair. Please turn to Slide 21. The increase was mainly due to the 32.3% increase in available days of 2020. Turning to Slide 19. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. And we have the tanker sector that we are watching as establish. That makes sense. In the East China is struggling with its zero Covid strategy.. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Slide 7 reviews our recent development. I wrote this article myself, and it expresses my own opinions. We don't have much information about She's past relationship and any previous engaged. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. Let's not forget that the containership sector has been -- the container sector has recovered from second half of last year versus dry bulk as more this year that we are experiencing a much a different potential. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. Fleet utilization was approximately 99%. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. 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 terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Slide 6 goes through recent developments. One of the lowest on record. 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? 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. So we're creating this with this different two tier financing. Trial in London this week will aim to settle the siblings' complicated business arrangements. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. 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. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Slide 10, details our strong operating free cash flow potential. Our office had to remain open. 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. Despite the pandemic, China set another year record for iron ore imports in 2020 at about 1.15 billion tons which is an increase of 9.4% over '19. So this is a net benefit, the inefficiency. We believe the sum is significantly more resilient than the individual parts. Is this a view on those respective markets? Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. We stand at the crossroads, perhaps the crossroads of history. And also we have to see that target, which we also see a good potential to actually happen. These vessels were acquired for an aggregate purchase price of $370 million. 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. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. Navios Partners does not assume any obligation to update the information contained in this conference call. I think that will give us a long-term view on the right. The remaining 34% of available base that are open all on indexing chargers provided with more upside. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. 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. Fleet utilization for the fourth quarter of 2020 was almost 100%. We are not shy of actually fixing it. Or is this purely a fleet renewal play? So basically we can fix and you have seen in the container segment we fix multi-year contracts. Definitely sounds like you have the flexibility across the board with that. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). How Angeliki Frangou became the leading Greek shipping . And lastly, we'll open the call to take questions. George? The big thing is about - we're looking at reducing further.
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