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. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . To read more about DN Media Group, You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. 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. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. Got it. Please turn to Slide 21 focusing on the container industry. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. For containerships, we increased fleet size by 330% and reduced average age by 24%. 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 . So we're creating this with this different two tier financing. The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. The current orderbook stands at 6.8% of the fleet. There's always a replacement to give, you know, one of the things that we said from, and I think, Stratos also mentioned, we have an average age. 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. This has led the IEA to project Q4, 2021 oil demand to return close to 2019 levels, which is shown on the graph on the lower left. Fleet utilization for the fourth quarter of 2020 was almost 100%. 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. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. 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. On October 15, 2021 we completed a transformative merger with Navios Acquisition. And then separately, can you just share generally the front and center. 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. And do you have a maybe preference there in terms of repurchases or distribution increase? A couple of questions. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Our office had to remain open. We have currently fixed 66% of our 29,526 available days for 2021. The current orderbook is 8.3% of the fleet. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. 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. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. 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. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. And I think on a - it seems to be that Q3 was the low part of the tanker segment, and we are seeing the market slowly recovering. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Please turn to Slide 18. Please turn now to Slide 24 for the review of the tanker industry. 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. I think we are evolving from a world of just in time manufacturing to just in case where countries and companies purposefully build redundant systems. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. In addition, lender Navios Shipmanagement Holdings Corporation or "NSM" received an upfront structuring fee of $24.0 million and an undisclosed amount of accrued interest and prepayments fees also in the form of Convertible Debentures. Of course we also entered into the crude and product tanker segment. We have very strong corporate governance and clear code of ethics. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. The benefits of diversification are reflected in recent market activity. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. Is this happening to you frequently? This is unique. The above increase was partially -- the above decrease was partially mitigated by the $7.4 million increased revenues discussed above and $1.3 million decrease in Time Charter and volume expenses and a $1.1 million increase in net other income. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. And NMM already has more than that contracted for 2021. If you have an ad-blocker enabled you may be blocked from proceeding. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. So this is a net benefit, the inefficiency. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. And then lastly, just quickly, can you provide any quarter-to-date rates for the first quarter now that we're a week away from that being concluded for the dry bulk vessels? 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. Yes, totally understand the benefits to sort of the market capacity and rates. Yes, we have put out some details also in our press release today. Please disable your ad-blocker and refresh. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. 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 New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. We see good - we see a good market potential, but we have to see it realize. Service was accepted by Israel David. The net book is expected to close on March 31, 2021. It is a matter of level, and I want to remind that, and this is something in the back of our mind. Or is this purely a fleet renewal play? I'll turn the call back over to Angeliki for any closing remarks. Next, Ms. Tsironi will give an overview of Navios Partners financial results. Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Net debt/book capitalization was at a comfortable level of 41.7%. Indeed, in the US, air travel is at 2019 levels, she explained. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. 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. If you have seen in container segment what we did, we - and is the example that you see on the charters we just announced, we were fixing one year. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. Slide 6 goes through recent developments. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. What does the liquidity look like across the one year to three year time-frame? Thank you. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. But we have the luxuries. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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,. Vietnam and other Southeast Asian countries, increased coal imports by 13%. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Angeliki? Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Please turn to Slide 4. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Please turn to Slide 21. I am pleased with the results for the full year and fourth quarter of 2020. 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. 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. 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. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Also we have strength and stability in our balance sheet. This factor stimulus has led to historic turnaround in global container trade. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. At Navios, the pandemic galvanized us. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. First, Ms. Frangou will offer opening remarks. Please. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. 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. Please turn to Slide 17 for the review of the drybulk industry. However, it should be noted that current rates are still above two times the 10-year averages. Partners financial results. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. I think the - you can find one year versus three year, you have basically today discovering hugely. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. In the East China is struggling with its zero Covid strategy.. 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. We are 86, which I think is a rather big percentage for our drybulk to be open. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Big picture just, you should understand that all the inefficiency is net positive for our business. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. We aspire to have zero emissions by 2050. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. Please. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. For 2022 we have fixed approximately 42% of our open days at $29,350 per day and our contracted revenue provides for a break-even of $2,469 per open day. 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 . I think this is something that we are very [technical difficulty]. Thank you, Angeliki, and good morning. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Read more about DN Media Group here. 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. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Angeliki Frangou. I wrote this article myself, and it expresses my own opinions. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. click here. The transaction based scale through a larger diversified asset base with an increased earning capacity. NMM has an enhanced base to generate free cash flow. At the same time, being active in multiple sectors reveals opportunities. 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.