over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Fleet utilization was approximately 99%. Please turn to Slide 18. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. 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. At the same time, being active in multiple sectors reveals opportunities. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Navios' fourth company, Navios South American Logistics Inc., owns and operates the largest independent dry port in the Hidrovia region of South America and one of the largest independent liquid ports in Paraguay. At this time, I'm showing no further questions. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. 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). Big picture just, you should understand that all the inefficiency is net positive for our business. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. She is not dating anyone. And then you mentioned the word replacement, right. Please turn now to Slide 24 for the review of the tanker industry. If you look at the graph on the right, net fleet growth is focused to be 2.6% this year and only 0.7% for '22. Turning to Slide 19. Is this happening to you frequently? Now 30,000 is a very good level. Is this happening to you frequently? 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. The benefits of diversification are reflected in recent market activity. 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 Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. I think a low leverage is a big driver to our model. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. 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. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007. We have currently fixed 66% of our 29,526 available days for 2021. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. We have been taking advantage of robust market, 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 . Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. Actually, what we are doing is repositioning a fleet. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Thereby accumulating significant scale in a short period of time. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. But on the other side, we are very exposed to the market. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. Building us a significant base of collateral value. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. So, on that, what - after these two conditions, we are seeing as a return, a total return to our investor is an important part of our strategy. The current average contracted net rate of the four vessels is approximately $2,600 per day. Cash and cash equivalents were $141 million. 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 you always have to be very alert to see what is the best area where the opportunity lies. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. 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. And then separately, can you just share generally the front and center. We have also chartered out 4,250 TEU containerships for periods between 3.5 years and 4.5 years, generating revenues of approximately $270 million. On October 15, 2021 we completed a transformative merger with Navios Acquisition. The net result is that we should have more predictable entity level return. All grain production this year will reach a record according to the international gains counting and the USDA. 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. 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. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. 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. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Next, Ms. Tsironi will give an overview of Navios Partners financial results. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. If you have an ad-blocker enabled you may be blocked from proceeding. I would also like to highlight that 2021 results not comparable to 2020 as in 2021 NMM acquired two companies and is expected to increase its available days by 85% in 2021 and by 171% in 2022 compared to 2020. So this is basically what we have been doing and what we are seeing developing. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. 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. 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. So, starting off with the merger, your fleet is clearly massive, it's diverse. 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 . Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. CNN International's Leading Women with Becky Anderson airs every Tuesday on News Stream at 9:00 pm HKT/ 1:00 pm GMT / 8:00 am ET and Connect the World with Becky Anderson at 5:00 am HKT / 9:00 pm GMT / 4:00 pm ET. 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. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David 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. Is this a view on those respective markets? This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. Trial in London this week will aim to settle the siblings' complicated business arrangements. 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. 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 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. So you are actually creating this cash flow when the market is right. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. Adjusted net income for 2020 amounted to $12.8 million. 2021 2023 Navios South American Logistics Inc. All rights reserved. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. [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. Slide 6 goes through recent developments. I think this is something that we are very [technical difficulty]. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Just wanted to actually ask about how you're thinking about the capital structure from here. This does conclude today's program. 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. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. We have very strong corporate governance and clear code of ethics. That makes sense. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. His daughter. We are about two years below industry average. Then, Mr. Achniotis will provide an operational update and the industry overview. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. Yes, thank you. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. I am pleased with our results for the third quarter of 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. 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. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. I am pleased with the results for the full year and fourth quarter of 2020. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. In the East China is struggling with its zero Covid strategy.. Fleet utilization was approximately 99%. As a reminder, this conference call is being webcast. 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. We see that it is a different set of fundamentals important. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. 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. 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. 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. 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. You need to wait and see that market develop. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. NMM has $2.2 billion of contracted revenue. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. On Slide 16, you can see with our ESG initiatives. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. 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 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. We have historically low break-even gives us on a 47,000 days. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. I have no business relationship with any company whose stock is mentioned in this article. Widely-respected Fortune magazine included Greek shipowner and businesswoman Angeliki Frangou in the list with the 25 most powerful women in the world for 2014. We have been taking advantage of robust market. To read more about DN Media Group, On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. At Navios, the pandemic galvanized us. Chinese steel production surpassed the 1-billion tons mark in 2020. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. About 91% of our debt is covered by the scrap value of our vessels alone. 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. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Long-term borrowings, including the current portion, net of deferred fees amounted to $486.9 million. 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. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. What does the liquidity look like across the one year to three year time-frame? The lender has the option to convert any portion of the outstanding balance under the Convertible Debentures into shares of common stock of Navios Holdings at a conversion price of $3.93 at any time. The information set forth herein should be understood in light of such risks. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. However, it should be noted that current rates are still above two times the 10-year averages. Net debt/book capitalization was at a comfortable level of 41.7%. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. 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. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. And NMM already has more than that contracted for 2021. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. Not only does diversification provide strength but it also brings opportunity. 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 . We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Cash and cash equivalents was $30.7 million. First Navios Maritime suit ended with revised offer. During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.Despite not being a native speaker, I always try to deliver high quality research at no charge to followers and the entire Seeking Alpha community. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Basically, I mean, we see a lot of value on both segments. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Just curious there. 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. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. So we need to wait for the drybulk, we enjoy the - we have the luxury because of our balance sheet and a low break-even to really to have the luxury to be open. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. Please turn to Slide 17 for the review of the drybulk industry. 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. Definitely looks well-timed and a good overall return. In Slide 11, you can see the strength and stability of our balance sheet. 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. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. Angeliki N. Frangou. CEO and Chairwoman Angeliki Frangou recently disclosed a 40.8% ownership stake on an as-converted basis and indicated her intention to purchase additional common shares for up to $20 million. 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. And you need to be always running the different scenarios. Adjusted net income for the quarter amounted to $12.8 million. Moving to the 12-month operations. $690 million of contracted revenue. 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. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . About one-third of our fleet will be in each of the dry . Indeed, in the US, air travel is at 2019 levels, she explained. Read more about DN Media Group here. So, it's not that we are basically - it's not a number, but you will need to do, you know, sell and manage the technology. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. The information set forth herein should be understood in light of such risks. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. I am not receiving compensation for it (other than from Seeking Alpha). Please turn to Slide 27. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. These vessels were acquired for an aggregate purchase price of $370 million. 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. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. 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. But on this containership opportunity, how repeatable could you say that deal is? The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. Please. 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. We continue to renew our fleet and improve average profile. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. 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). The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. The big thing is about - we're looking at reducing further. Slide 10, details our strong operating free cash flow potential. 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. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. The round up show premieres on the 4th Wednesday of every month. 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? Post-merger NMM will have approximately 19.7 million units outstanding. 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. Please turn to Slide 21 focusing on the container industry. Angeliki N. Frangou served on 1/29/2019, answer due 2/19/2019; George Malanga served on 1/29/2019, answer due 2/19/2019; Navios Maritime Holdings, Inc. served on 1/29/2019, answer due 2/19/2019; John Stratakis served on 1/29/2019, answer due 2/19/2019. 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. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. So this is a net benefit, the inefficiency. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. NMM is well positioned to benefit from the different sector fundamentals. You have a huge fleet, and you have a break-even per open day of 2,460. 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. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. 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. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. About 91% of our debt is covered by the scrap value of our vessels alone. The net book is expected to close on March 31, 2021. I would now like to turn the call over to Angeliki for her final comments. Conditions are not as favorable elsewhere. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. You can read more about how we handle your information in our privacy policy. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. So this portfolio in order to be kept on the same age below industry average, and create, you will always have a 10, 15 vessel.