Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. 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. So basically we can fix and you have seen in the container segment we fix multi-year contracts. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. 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. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Net debt/book capitalization was at a comfortable level of 41.7%. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. 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. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. So a few questions around this. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. We have very strong corporate governance and clear code of ethics. 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. Turning to Slide 22. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). I wrote this article myself, and it expresses my own opinions. 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. In particular, the extremely tight availability of Panamaxes, combined with poor congestion, increasing trade and lack of new buildings has proper period time charter rates to keep 13-year highs of $37,000 per day for periods after a year. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. 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. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Importantly, the precent of decrease perhaps understates the impact. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. 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%. She is the Chairman, Chief Executive Officer and Director of Navios Maritime Holdings., of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. The current product tanker orderbook is 6% of the fleet, which compares favorably with the 8.4% of the fleet, which is 20 years of age or older. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. At this time, I'm showing no further questions. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. Please turn to Slide 27. The terms of the loan includes an interest rate of 3% above LIBOR and depreciation profile of about 9 years and maturity in the first quarter of 2026. Well, thanks, Angeliki for your comments. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. 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. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. This completes our quarterly result for NMM. 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. Just trying to understand how you're thinking about the work to be done on that side? We aspire to have zero emissions by 2050. 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. Global iron ore demand is expected to increase by 2.7% in this year and the additional availability of iron ore shipments to China are expected to increase as still masterplan stockpile, driving demand for Capesize vessels. And you don't see the 3-year market developing. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. The net result is that we should have more predictable entity level return. No, yes, that makes sense. And NMM already has more than that contracted for 2021. For 2022 we expect a historically low break-even of $2,459 per open day with 20 - with - our busy acquisition calendar has not distracted us from our balance sheet, we remain disciplined. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Slide 7 reviews our recent development. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. We have 27,437 open in index days that can generate significant operating cash. Please disable your ad-blocker and refresh. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. Thank you. Shipping is always very, very profitable. And we have seen it. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. You may disconnect at any time. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. We stand at the crossroads, perhaps the crossroads of history. convertible debentures (the "Convertible Debentures"). Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. 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. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. We have majority independent directors and independent committees, not to say our management operations. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Please move to Slide 9 which provide some selected segment data. 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. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. We see that it is a different set of fundamentals important. You'll see the webcast link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. Sure. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. 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. Fleet utilization was approximately 99%. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. 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. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. If you have an ad-blocker enabled you may be blocked from proceeding. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. 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. And some are shown on the chart on the bottom of the slide, we have increased available days by 171% to 47,268 available days. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. Service was accepted by Israel David. 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. These vessels were acquired for an aggregate purchase price of $370 million. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. Yes, thank you. NMM is differentiated by its industry-leading scale and diversified sector exposure. 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. In addition 10.4% of the fleet is currently 20 years of age or older. Thank you, George. Thank you, George. On Slide 16, you can see with our ESG initiatives. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. We agreed to acquire 6 dry bulk vessels with an average age of about 2 years and sold 4 vessels with an average of about 13 years. First, Ms. Frangou will offer opening remarks. Please turn to Slide 5. Trial in London this week will aim to settle the siblings' complicated business arrangements. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Navios Partners does not assume any obligation to update the information contained in this conference call. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. Is this happening to you frequently? The floor is now open for questions. Our three pillars are now working well, both drybulk and containership sectors are performing and the tanker sector has improved materially in the past few months with more improvement expected. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. We are 86, which I think is a rather big percentage for our drybulk to be open. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. What will it take to increase the distribution? I think this is something that we are very [technical difficulty]. 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. And then separately, can you just share generally the front and center. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. The pandemic changed everything. Basically, I mean, we see a lot of value on both segments. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Thank you. 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. Thank you, Doris, and good morning to all of you joining us on today's call. TradeWinds is part of DN Media Group AS. click here. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. While also allowing us to leverage each independent sectors fundamentals. When it comes to philanthropy, Greeks invented the word, but by Chris Salboudis On Saturday December 3, 2022, after a Navios Angeliki Frangou: The Pandemic Galvanized Us! And that is something that we are not shy doing. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Now I will review the safe harbor statement. And today we fix over four years, and you know with 2.5 times the rate. We are not shy of actually fixing it. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. In Slide 14, you can see the latest update on our fleet. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. 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 . This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Going forward, a merger between the company and Navios Maritime Partners is still likely with Ms. Frangou grabbing a large stake in the combined entity. Got it. 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. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. 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. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. Cash and cash equivalents was $30.7 million. Churchs Annual Stewardship & Mistletoe Gala. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. What does the liquidity look like across the one year to three year time-frame? Angeliki? We remain disciplined. Sure. 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. Is this a view on those respective markets? As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. 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. In 2017-18, Ms Frangou took advantage of lower asset prices to acquire 12 bulkers for mother company Navios Maritime Holdings and another 12 for Navios Partners. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. 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. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. Please disable your ad-blocker and refresh. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. 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. 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. Turning to Slide 12, you can see some fleet and debt updates. 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 We also continued to renew and expand our fleet. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Please turn to Slide 23. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. 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. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. 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 you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Thank you, Daniella, and good morning to all of you joining us on today's call. The current average contracted net rate of the four vessels is approximately $2,600 per day. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Thank you. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. 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. 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"). 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22. Please. 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. 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'll turn it over. I will briefly discuss on key balance sheet data as of December 31, 2020. Thank you, Stratos. 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. Conditions are not as favorable elsewhere. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. For containerships, we increased fleet size by 330% and reduced average age by 24%.