Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. 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. So a few questions around this. We have - we see the potential, but we see - we need to see it materialize. You have a huge fleet, and you have a break-even per open day of 2,460. Turning to Slide 22. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. I am not receiving compensation for it (other than from Seeking Alpha). I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. NMM is differentiated by its industry-leading scale and diversified sector exposure. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. 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. That makes sense. On October 15, 2021 we completed a transformative merger with Navios Acquisition. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. Churchs Annual Stewardship & Mistletoe Gala. Partners financial results. Thanks, Angeliki. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Angeliki Frangou forced Navios Maritime Holdings' preferred shareholders into a "prisoner's dilemma" in an attempt to push them out and fatten her own bank account, a lawsuit alleges. 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. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. I'll turn the call back over to Angeliki for any closing remarks. And then you mentioned the word replacement, right. The Greek company's chief executive Angeliki Frangou said she was. If you have an ad-blocker enabled you may be blocked from proceeding. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. TradeWinds is part of DN Media Group AS. It is a matter of level, and I want to remind that, and this is something in the back of our mind. And we have market exposure of 53.5% of our days for this year. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Please turn to Slide 21 focusing on the container industry. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. What does the liquidity look like across the one year to three year time-frame? But just trying to understand, basically the lack of visibility has been sort of discouraged, sort of incremental ordering or sort of any commitments under customers' part. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. Here you fix them for the 37,000 a day, which, as I run the numbers, it looks like a 5-year payback, which sounds pretty substantial given these are new buildings. 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. In addition 10.4% of the fleet is currently 20 years of age or older. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. 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. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. 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. Additionally, we have a staggered maturity profile with no significant maturities through 2023. The net result is that we should have more predictable entity level return. 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%. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So you are actually creating this cash flow when the market is right. Navios Maritime Partners L.P. (NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 8:30 AM ET, Georgios Achniotis - EVP of Business Development. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. Big picture just, you should understand that all the inefficiency is net positive for our business. This does conclude today's program. 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 group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. 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. 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. Forward-looking statements are statements that are not historical facts. The remaining 34% of available base that are open all on indexing chargers provided with more upside. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential future merger with Navios Partners to the detriment of the partnership's outside common unitholders. Angeliki? 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. So this is something that we are focusing very much. 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. 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. The benefits of diversification are reflected in recent market activity. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. I think this is something that we are very [technical difficulty]. 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. The transaction based scale through a larger diversified asset base with an increased earning capacity. NMM is well positioned to benefit from the different sector fundamentals. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. Please. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. We actively renew and expand our fleet. 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 . For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Service was accepted by Israel David. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Early life and education [ edit] This is unique. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. The increase was mainly due to the 32.3% increase in available days of 2020. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. The displacement of established suppliers not only increases price, but increases ton miles as countries and people are forced to source their needs from places further away. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. 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). 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. Or is this purely a fleet renewal play? Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. This completes our formal presentation, and we open the call to questions. As a result, the balance sheet of Navios Acquisition together with the respective purchase price allocation adjustments are included in Navios Partners balance sheet as at the end of the quarter. Angeliki Frangou forced Navios Maritime Holdings' preferred shareholders into a "prisoner's dilemma" in an attempt to push them out and fatten her own bank account, a lawsuit alleges. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. 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. First, the pandemic highlighted the weakness of just in time manufacturing. This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. 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. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. Conditions are not as favorable elsewhere. Navios Partners does not assume any obligation to update the information contained in this conference call. For containerships, we increased fleet size by 330% and reduced average age by 24%. In the long run, she adder, Navios people believe that their re-imagined business will provide reasonably stable returns as the financial results of stronger sectors offset the financial results of sectors performing less well. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. The pandemic changed everything. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. Maybe just, I know, one final one I did want to ask. I am pleased with the results for the full year and fourth quarter of 2020. We did see one thing that we showed as a great opportunity on the container segment, we show that the smaller vessels and this is a widebody, the 5,500 TEU. And what we are looking is how this investment we did will play. 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. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Navios uses cookies on this website. Containers $22,418 per day, and Tankers $15,066 per day. Just curious there. As a reminder, this conference call is being webcast. You may disconnect at any time. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. Is this happening to you frequently? Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. 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. Please turn to Slide 19. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. NMM has an enhanced base to generate free cash flow. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Thank you for your participation. Turn to Slide 18. Adjusted net income for 2020 amounted to $12.8 million. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). And that one other thing we have done is we have about $1.5 billion in, I mean, Eri will give the exact numbers, but $1.5 billion on debt. Please turn to Slide 27. In Slide 15, you can see our target strategy for 2021. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. I have no business relationship with any company whose stock is mentioned in this article. Well, thanks, Angeliki for your comments. 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. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Post-merger NMM will have approximately 19.7 million units outstanding. 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. And to capture the spot market and wait for the period market to come. I'll turn it over. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. On the grain side, global grain trade continues to be supported by an ever-increasing world population. 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. 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. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. 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,. 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. And lastly, we'll open the call to take questions. But don't forget, we are 86% of our available days open on drybulk. And do you have a maybe preference there in terms of repurchases or distribution increase? 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. So we're creating this with this different two tier financing. To read more about DN Media Group, You know, it's like as we die. All vessels are expected to be delivered in the second half of 2022. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. 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. Thank you. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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"). We - the announcement we did between the six new buildings that we did for five years and the four other vessels, we did quite significant number of what we say, 600 and $690 million of contracted revenue. 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. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. But on the other side, we are very exposed to the market. 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. In this process we have been pioneering and are adopting certain environmental regulations up to two years in advance, aiming to be one of the first fleets to achieve full compliance. We believe the sum is significantly more resilient than the individual parts. So the target is always to bring down the debt and that is to about 20%. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). You need to wait and see that market develop. 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. The current orderbook is 8.3% of the fleet. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. And this is something that actually has benefited quite significant on these market, especially on the container. About 91% of our debt is covered by the scrap value of our vessels alone. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Angeliki? Adjusted net income for the quarter amounted to $12.8 million. All grain production this year will reach a record according to the international gains counting and the USDA. 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"). At this time, I'm showing no further questions. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. In 2021 we've completed two mergers. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. In addition to the Leading Women Series, Becky Anderson also hosts the network's flagship news and current affairs program Connect the World, which takes viewers on a journey across continents, beyond headlines and into histories of the stories that are changing our world. Moving to the earnings highlight in Slide 13. 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. Please. Turning to Slide 12, you can see some fleet and debt updates. If you have an ad-blocker enabled you may be blocked from proceeding. The round up show premieres on the 4th Wednesday of every month. convertible debentures (the "Convertible Debentures"). It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. Yes, totally understand the benefits to sort of the market capacity and rates. 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. In the East China is struggling with its zero Covid strategy..

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