Holders of the company's preferred shares (NYSE:NM.PG and NYSE:NM.PH) will have to hope for a Navios Maritime Holdings / Navios Partners merger as otherwise there's no reasonable chance for these securities to recover. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. 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 think the number one is that, what we see is a good positioning on the company. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. 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. So this is basically what we have been doing and what we are seeing developing. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. A Leading Women with Becky Anderson round-up show featuring Angeliki Frangou will air on Wednesday, February 27 at 11:30am CET / 10:30 am GMT / 6:30 pm HKT and 6:30 pm CET / 5:30 pm GMT / 1:30 am Thurs HKT, and at various dates and times in March. Just wanted to actually ask about how you're thinking about the capital structure from here. Please. 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 . 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Or is this purely a fleet renewal play? 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. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. 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. Partners financial results. 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. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. Our 2021 contracted revenue exceeded our total fleet expenses by $12.6 million, with more than 1/3 of our available base open and index linked, there is an ample opportunity to provide further free cash flow. We have currently fixed 66% of our 29,526 available days for 2021. We are about two years below industry average. 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. And you need to be always running the different scenarios. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. In Slide 14, you can see the latest update on our fleet. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. Nikos Fragos and daughter Angeliki Frangou Greek Shipping Awards and TradeWinds Wealth: $192 million (151 million) Industry: Shipping Nikos started Good Faith Shipping Co in 1966. Is this happening to you frequently? Please turn to Slide 21 focusing on the container industry. This does conclude today's program. The realities we see our service as a growth platform that we're in the right part of the cycle, meaning we see great upside potential with our fleet. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 08:30 AM ET Company Participants Angeliki Frangou - Chairman & CEO Stratios Desypris - CFO. By continuing to use this website, you agree to the use of cookies as set out in our full policy. 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. This completes our quarterly result for NMM. Angeliki? Governments having put in place emergency monitor and fiscal plans to support the economies have kick-started faster than expected the recovery in the world economy. 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. Consequently, they see magnitudes of today's global GDP made to [indiscernible] the economic impact of a particular percentage point growth when compared to 1970. 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%. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Turn to Slide 18. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. Please move to Slide 9 which provide some selected segment data. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Moving to the 12-month operations. Document filed by Norman Roberts. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . Well, thanks, Angeliki for your comments. George? We have a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. His daughter. Please turn now to Slide 24 for the review of the tanker industry. The lender has the option to convert any portion of the outstanding balance under the Convertible Debentures into shares of common stock of Navios Holdings at a conversion price of $3.93 at any time. At the same time, being active in multiple sectors reveals opportunities. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. The event was held during . We see good - we see a good market potential, but we have to see it realize. 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. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. I am not receiving compensation for it (other than from Seeking Alpha). As a result, we re-imagined the modern shipping company. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. 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. About 91% of our debt is covered by the scrap value of our vessels alone. About one-third of our fleet will be in each of the dry . This decline can be partially attributed to owners hesitance towards the long-lived assets in light of macroeconomic uncertainty and engine technology concerns due to upcoming CO2 restrictions. 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. In this limited sphere we are optimistic. 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. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. Thank you, Daniella, and good morning to all of you joining us on today's call. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. 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. Stratos? We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. This completes our Q4 results. 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. Angeliki Frangou led the creation of approximately $4 billion in total value at the Navios Group, comprised of four global maritime shipping and logistics companies, three of which trade on the. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. 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. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. Is this happening to you frequently? Lastly, we have a strong balance sheet with low leverage. 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. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. But on the other side, we are very exposed to the market. I wrote this article myself, and it expresses my own opinions. Approximately half of the fleet will be drived by vessels, and the other half will be container ships when measured by the number of vessels. So the target is always to bring down the debt and that is to about 20%. We are 86, which I think is a rather big percentage for our drybulk to be open. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. 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. Fleet utilization was approximately 99%. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. Please turn to Slide 23. First, Ms. Frangou will offer opening remarks. Angeliki? At Navios, the pandemic galvanized us. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. 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. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. In 2021 we've completed two mergers. And we always get - we get advantage of this on the long-term period because they need of turner. Please disable your ad-blocker and refresh. Turning to Slide 22. 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. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. Now I will review the safe harbor statement. The vessel we expected to be delivered in the second half of 2022. Cash and cash equivalents were $141 million. Please turn to Slide 27. This factor stimulus has led to historic turnaround in global container trade. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. We have question from the line of Randall Giveans of Jefferies. As a reminder, this conference call is being webcast. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. According to our Database, She has no children. 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. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. Yes, totally understand the benefits to sort of the market capacity and rates. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. Post-merger NMM will have approximately 19.7 million units outstanding. 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. Other than envisioned by me, the Navios Group's largest and financially strongest publicly-listed entity, Navios Maritime Partners (NYSE:NMM) or "Navios Partners" won't be part of the bail-out, at least not at this time. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. 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. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Trial in London this week will aim to settle the siblings' complicated business arrangements. The financial information is included in the press release and is summarized in the slide presentation on the company's website. So this is a net benefit, the inefficiency. 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. That is - there is no one formula to this. 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. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. I mean, you have much larger asset base. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. 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. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. The increase was mainly due to the 32.3% increase in available days of 2020. In the West, the worst impacts of Covid appear to be fading. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. And NMM already has more than that contracted for 2021. 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? Thank you. The agenda for today's call is as follows. 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. NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. We also continued to renew and expand our fleet. 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. 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. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. 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. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. For Q4 of 2021, our contracted revenue exceeds total expenses by approximately $57 million and we have around 2,500 days with market exposure that will provide additional operating free cash. The graph on the left shows that for '21, we have to demand for the 3 major cargoes of iron ore, coal and grain is focused on increased by over 3% compared to 2020. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. 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 Please disable your ad-blocker and refresh. It will take some time, I mean, there is good, I mean, we show volatility, we went to gates from 80,000, we are down to around 30,000. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. 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. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Turning to Slide 19. in Stamford Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the. We have historically low break-even gives us on a 47,000 days. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. Angeliki? You may disconnect at any time. In addition 10.4% of the fleet is currently 20 years of age or older. 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. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. As CFI box rates have climbed 222% from April 2020 to March '21, spread by the earlier start of the Chinese equality and from continuing demand for consumables and pandemic related supplies worldwide. However, it should be noted that current rates are still above two times the 10-year averages. 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. And then you mentioned the word replacement, right. Read more about DN Media Group here. Containers $22,418 per day, and Tankers $15,066 per day. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. 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. And lastly, we'll open the call to take questions. 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. 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. CNN International's Leading Women with Becky Anderson airs every Tuesday on News Stream at 9:00 pm HKT/ 1:00 pm GMT / 8:00 am ET and Connect the World with Becky Anderson at 5:00 am HKT / 9:00 pm GMT / 4:00 pm ET. Net debt to book capitalization was 40% at the end of the year. The current orderbook stands at 6.8% of the fleet. 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. Its been four years since the last Posidonia. I have no business relationship with any company whose stock is mentioned in this article. Is that a repeatable opportunity you think? We see that it is a different set of fundamentals important. Of course we also entered into the crude and product tanker segment. Our combined net debt to book capitalization is 43.5%, about 90% of our debt is covered by the scrap value of our vessels alone. Click to read the full policy [+]. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. 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. However, we do not take that for granted. Additionally, we have a staggered maturity profile with no significant maturities through 2023. At Navios, the pandemic galvanized us. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. $690 million of contracted revenue. 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. 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. Navios uses cookies on this website. Then Mr. Achniotis will provide an operational update and an industry overview. Angeliki? The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. To read more about DN Media Group, Slide 7 reviews our recent development. And this is something that actually has benefited quite significant on these market, especially on the container. I would also like to highlight that 2021 results not comparable to 2020 as in 2021 NMM acquired two companies and is expected to increase its available days by 85% in 2021 and by 171% in 2022 compared to 2020.
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