We continue to renew our fleet and improve average profile. We show some vessels that were older and smaller to more commercially attractive vessels. But on the other side, we are very exposed to the market. Angeliki? Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Read more about DN Media Group here. So you are actually creating this cash flow when the market is right. NMM has a strong balance sheet with low leverage, 43.5% in combined net-debt-to-book capitalization and man has diversification and scale with an 85 vessel fleet we ranked in the top-10 among the publicly incited cargo fleet, about 66% of our available base assets at an average charter rate of $18,612 net per day and 34% of our fleet available days are open or the index link. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, "We are pleased with this transformative transaction through which we created the largest U.S. publicly-listed shipping company with 15 vessel types diversified across three segments, servicing more than 10 end markets. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. And lastly, we'll open the call to take questions. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. 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 believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. 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. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. Governments having put in place emergency monetary and fiscal plans to support their economies has kick-started faster than expected recovery in the world economy. Our merger with Navios Containers increased our containerships by 29 vessels. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. 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. I mean, you have much larger asset base. Please turn to Slide 27. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. 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. What does the liquidity look like across the one year to three year time-frame? Churchs Annual Stewardship & Mistletoe Gala. 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. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. 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. 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. All vessels are expected to be delivered in the second half of 2022. Vessels over 20 years of age are about 7.6% of the total fleet, which compares favorably with the previously mentioned record low order book. We'll take the next question from James with Citigroup. So what you should expect from us is a replacement of assets, the new and of fleet, which is part of our ongoing process and strong cash generation with a deleveraging effect. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. 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. 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. I'll turn it over. I'll turn the call back over to Angeliki for any closing remarks. Sure. If you have an ad-blocker enabled you may be blocked from proceeding. In the West, the worst impacts of Covid appear to be fading. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. First, Ms. Frangou will offer opening remarks. Angeliki? 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 . So all these unique things that we see on the supply chain happening, these vessels we think is a good match. 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. To read more about DN Media Group, No, yes, that makes sense. 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. Turning to Slide 22. Our balanced exposure across the drybulk, containership and tanker segments allow us to mitigate normal industry cyclicality and leverage fundamentals on offering across all sectors through our chartering and capital allocation and financing strategy. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. 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. Please turn now to Slide 24 for the review of the tanker industry. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. Yet we still have 2,473 open or index-linked days. 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"). 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. We have been profitable in Q4 as contracted revenue exceeds total expenses by $57 million, yet we still have about 2,473 open and index-linked days. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. 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%. 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. Navios Partners does not assume any obligation to update the information contained in this conference call. Please turn to Slide 26, focusing on the container industry. Okay. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). Thank you for your participation. 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. Then Mr. Achniotis will provide an operational update and an industry overview. That makes sense. The current average contracted net rate of the four vessels is approximately $2,600 per day. Shipping is always very, very profitable. And overall we like to have a low leverage. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. 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. Finally, we have very strong corporate covenants at corded efforts. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. 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. 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. To date, the Navios Group has paid about $535.8 million in uninterrupted dividends since the first public listing of Navios Maritime Holdings in 2005. Please. And then now that, obviously, the dry bulk and containership markets are both extremely strong. Please disable your ad-blocker and refresh. 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.Ms. 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. You need to wait and see that market develop. The financial information is included in the press release and is summarized in the slide presentation on the company's website. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . 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. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. Angeliki Frangou biography. At this time, I'm showing no further questions. We have capitalized on the strength of the Container Ship market and fixed almost 90% of our available container days for 2021, enjoying healthy rates. Building us a significant base of collateral value. Early life and education [ edit] The benefits of diversification are reflected in recent market activity. Of course we also entered into the crude and product tanker segment. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. The transaction based scale through a larger diversified asset base with an increased earning capacity. 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. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Please disable your ad-blocker and refresh. For containerships, we increased fleet size by 330% and reduced average age by 24%. In Slide 15, you can see our target strategy for 2021. So this is something that we are focusing very much. And then you mentioned the word replacement, right. We have majority independent directors and independent committees, not to say our management operations. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Adjusted net income for the first nine months of 2021 amounted to $242 million compared to a $2.9 million loss for the same period last year. The floor is now open for questions. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Angeliki? Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Thank you, Daniella, and good morning to all of you joining us on today's call. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. I am pleased with our results for the third quarter of 2021. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. We have historically low break-even gives us on a 47,000 days. You have this low break-even, 2,400, historically the lowest. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. And what we are looking is how this investment we did will play. You building contracting was down 56% in 2020 compared to '19. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. 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. Our office had to remain open. The increase was mainly due to the 39.3% increase in available days in Q4 2020. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. I wrote this article myself, and it expresses my own opinions. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Indeed, in the US, air travel is at 2019 levels, she explained. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. The approved merger with Navios Container is expected to close on March 31. 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. Next, Ms. Tsironi will give an overview of Navios Partners financial results. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. And I did want to also just ask about the containership charters, which I thought were, you know, you ordered thus four plus two shifts, if I recall. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. Everything works well, as long as the logistics chain is unchallenged. Partners financial results. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. His daughter. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. 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. [Operator Instructions]. NMM is differentiated by its industry-leading scale and diversified sector exposure. You may disconnect at any time. quarter of 2020. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. This concludes my presentation. Turning to Slide 12, you can see some fleet and debt updates. Excellent. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. So this is a net benefit, the inefficiency. So basically we can fix and you have seen in the container segment we fix multi-year contracts. 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. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. And basically by ordering these vessels, you go away from the basic Panamax that used to be the vessel that was designed at that time for passing through Panama Canal, but we saw that had a good life afterwards to something that is particularly great for the necessities of the inter-Asia trade. So this is basically what we have been doing and what we are seeing developing. Adjusted net income for 2020 amounted to $12.8 million. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. On the grain side, global grain trade continues to be supported by an ever-increasing world population. 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. The information set forth herein should be understood in light of such risks. 2021 2023 Navios South American Logistics Inc. All rights reserved. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. And lastly, we'll open the call to take questions. 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. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Turn to Slide 18. In conclusion, positive demand fundamentals, mainly due to the start of economic activity around the world, along with reduced fleet availability, should continue to support both the dry bulk and containerized shipping industries in their continuing effort to mitigate through raising pandemic stall. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. Thank you, Stratos, and good morning all. Moving to the 12-month operations. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . Thanks, Angeliki. We actively renew and expand our fleet. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. For drybulk, we increased capacity by 36% and reduced average age by 18%. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. The pandemic changed everything. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. For more information about Navios Holdings please visit our website: www.navios.com. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. And to capture the spot market and wait for the period market to come. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. First Navios Maritime suit ended with revised offer. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. Containers $22,418 per day, and Tankers $15,066 per day. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. This completes our Q4 results. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Slide 7 sets forth key strength of the compliance entity. 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? In concluding our drybulk sector review, demand is forecast to outpace net fleet growth in both 2021 and '22, a strong demand for natural resources combined with continuing COVID-related logistical disruptions and a slowing pace of new building deliveries, all support healthy levels of current and future freight rates. 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). Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. George? In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. If you have an ad-blocker enabled you may be blocked from proceeding. 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. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. NMM is well positioned to benefit from the different sector fundamentals. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. And do you have a maybe preference there in terms of repurchases or distribution increase? 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. Turning to Slide 20. The agenda for today's call is as follows. 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.
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