At the same time, being active in multiple sectors reveals opportunities. I think this is something that we are very [technical difficulty]. First, the pandemic highlighted the weakness of just in time manufacturing. In Slide 15, you can see our target strategy for 2021. Your balance sheets in great shape. Thereby accumulating significant scale in a short period of time. 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. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. The agenda for today's call is as follows. We aspire to have zero emissions by 2050. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. So we're creating this with this different two tier financing. Net debt/book capitalization was at a comfortable level of 41.7%. $690 million of contracted revenue. TradeWinds is part of DN Media Group AS. Please disable your ad-blocker and refresh. Forward-looking statements are statements that are not historical facts. 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. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. Turning to Slide 20. Additionally, we have a staggered maturity profile with no significant maturities through 2023. We remain disciplined. Please turn to Slide 18. 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. We have question from the line of Randall Giveans of Jefferies. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. We don't have much information about She's past relationship and any previous engaged. Is this a view on those respective markets? However, we do not take that for granted. We aspire to have zero emissions by 2050. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Turning to Slide 15, you can our ESG initiatives. 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. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. Indeed, in the US, air travel is at 2019 levels, she explained. Wanted to maybe follow up on the commentary you just had with Randy, just in terms of deployment of capital, right now you're generating huge sums of cash. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. 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. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Maybe just, I know, one final one I did want to ask. So this is a net benefit, the inefficiency. Of course we also entered into the crude and product tanker segment. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Yes, we have put out some details also in our press release today. I have no business relationship with any company whose stock is mentioned in this article. Thank you, George. The battle follows four legal notices filed by Frangos in Greece late last year, containing a raft of accusations against his sister and two companies she controls. And you need to be always running the different scenarios. Thank you. 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. Please turn to Slide 21 focusing on the container industry. Also we have strength and stability in our balance sheet. The information set forth herein should be understood in light of such risks. 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. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. The event was held during . Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. Please turn to Slide 5. But also to, you know, a recovery on the tanker segment. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. 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. Yes, totally understand the benefits to sort of the market capacity and rates. Next, Ms. Tsironi will give an overview of Navios Partners financial results. Thank you, Stratos. Moving to the earnings highlight in Slide 13. Document filed by Norman Roberts. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. Let's not forget that the containership sector has been -- the container sector has recovered from second half of last year versus dry bulk as more this year that we are experiencing a much a different potential. Okay. Sure. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. 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. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. The net result is that we should have more predictable entity level return. We are also constantly working on refinancing and extending maturities. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. 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 . However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. Early life and education [ edit] PIRAEUS, GREECE--(Marketwire - Feb 27, 2013) - Angeliki Frangou, Chairman and CEO of the Navios Group of Companies, is featured on CNN International's Leading Women with Becky Anderson in a three Part Series airing this month. Is this happening to you frequently? You may disconnect at any time. I think the number one is that, what we see is a good positioning on the company. 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 are about two years below industry average. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. Fleet utilization for the fourth quarter of 2020 was almost 100%. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. 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. And we always get - we get advantage of this on the long-term period because they need of turner. The increase was mainly due to the 39.3% increase in available days in Q4 2020. First, Ms. Frangou will offer opening remarks. Service was accepted by Israel David. Frangou, originating from the island of Chios, Greece, is considered one of the world's shipping magnate.The powerful Greek shipowner obtained a bachelor's degree in Mechanical Engineering from Fairleigh Dickinson University and a . We see that it is a different set of fundamentals important. We stand at the crossroads, perhaps the crossroads of history. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. 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. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. 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. Containership demand growth of 5.7% in 2021 and 3.7% in '22 is expected to exceed supply a pent-up demand for congestion, restocking and increases in consumer demand for goods all support increasing Connie volumes. 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. In addition 10.4% of the fleet is currently 20 years of age or older. Turning to Slide 12, you can see some fleet and debt updates. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. 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. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. 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. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Angeliki Frangou, chief executive of Navios Maritime Holdings and Navios Maritime Partners speaks at a company dinner at the National Gallery in Athens in June 2022. We have majority independent directors and independent committees, not to say our management operations. NMM has $2.2 billion of contracted revenue. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. I am pleased with our results for the third quarter of 2021. Lastly, we have a strong balance sheet with low leverage. NMM is well positioned to benefit from the different sector fundamentals. According to our Database, She has no children. 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. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. 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. The net book is expected to close on March 31, 2021. 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. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. Churchs Annual Stewardship & Mistletoe Gala. So basically, we have a fortress balance sheet. We have 27,437 open in index days that can generate significant operating cash. 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. Read more about DN Media Group here. 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 available days increased by 63% to 20,421, while the average nine month 2021 combined time charter equivalent rate increased by 76% to 20,991. Ladies and gentlemen, this does conclude today's conference call. Angeliki N. Frangou. Please turn to Slide 26, focusing on the container industry. 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. So this portfolio in order to be kept on the same age below industry average, and create, you will always have a 10, 15 vessel. In Slide 14, you can see the latest update on our fleet. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. But most important is we need to have the right conditions. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Thank you, Angeliki, and good morning. While we are positioned to capture the market upside, through our forward available days, our diversified chartering strategy has enabled to secure a pipeline of over $2.2 billion of contracted revenue. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Moving to the 12-month operations. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. She is currently single. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. 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. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. 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 . We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. 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 Holdings and Navios Partners with Ms. Frangou grabbing a large stake in the combined company. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. Now I will review the safe harbor statement. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Ms. Our office had to remain open. 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. 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. Turn to Slide 18. If everyone dies, it is not anymore existing. Turning to Slide 22. And we always get - we get advantage of this on the long-term period because they need of turner. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. The pandemic changed everything. Thank you. 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"). But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. 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. Chinese steel production surpassed the 1-billion tons mark in 2020. We have currently fixed 66% of our 29,526 available days for 2021. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. You may now disconnect. 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. We also continued to renew and expand our fleet. Excellent. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. 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. The vessel we expected to be delivered in the second half of 2022. 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.