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In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. Net debt/book capitalization was at a comfortable level of 41.7%. Your balance sheets in great shape. So this is a net benefit, the inefficiency. 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. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. 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 container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. The net result is that we should have more predictable entity level return. Maybe just, I know, one final one I did want to ask. Angeliki Frangou biography. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. 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. Please turn to Slide 21. Thanks you Angeliki and good morning all. You may now disconnect. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. This will be the highest digital rate in the past 50 years. NMM is well positioned to benefit from the different sector fundamentals. About one-third of our fleet will be in each of the dry . You have this low break-even, 2,400, historically the lowest. What will it take to increase the distribution? We show some vessels that were older and smaller to more commercially attractive vessels. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. The loan terms also provide for prepayment premiums ranging from 5%-10% during the first 36 months which would also be payable in the form of Convertible Debentures. I'll turn it over. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Just curious there. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Is that a repeatable opportunity you think? 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. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. 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. About 91% of our debt is covered by the scrap value of our vessels alone. Big picture just, you should understand that all the inefficiency is net positive for our business. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. But most important is we need to have the right conditions. We aspire to have zero emissions by 2050. 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. You may disconnect at any time. Forward-looking statements are statements that are not historical facts. Cash and cash equivalents were $141 million. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Document filed by Norman Roberts. No, yes, that makes sense. 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. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. At the same time, but there is increasing industrial production and economic growth in China. We stand at the crossroads, perhaps the crossroads of history. In the East China is struggling with its zero Covid strategy.. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. 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" ). We are not shy of actually fixing it. 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. The Leading Women with Becky Anderson program profiles professional women who have made it to the top in all areas of business, the arts, sport, culture, science and more. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Please turn to Slide 18. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential future merger with Navios Partners to the detriment of the partnership's outside common unitholders. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. And we have the tanker sector that we are watching as establish. And this is something that actually has benefited quite significant on these market, especially on the container. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. I am pleased with the results for the full year and fourth quarter of 2020. This factor stimulus has led to historic turnaround in global container trade. 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. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. Angeliki? The event was held during . This completes our formal presentation, and we open the call to questions. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. Actually, what we are doing is repositioning a fleet. The benefits of diversification are reflected in recent market activity. I mean, you have much larger asset base. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Shipping is always very, very profitable. Yes, thank you. Thank you. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. For drybulk, we increased capacity by 36% and reduced average age by 18%. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. [1] She is the chairman, chief executive officer and Director of Navios Maritime Holdings ., [2] of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. And then you mentioned the word replacement, right. So we're creating this with this different two tier financing. And do you have a maybe preference there in terms of repurchases or distribution increase? 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. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. Turning to Slide 12, you can see some fleet and debt updates. 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. Please turn to Slide 23. Is this happening to you frequently? Our merger with Navios Containers increased our containerships by 29 vessels. The net book is expected to close on March 31, 2021. The agenda for today's call is as follows. By continuing to use this website, you agree to the use of cookies as set out in our full policy. 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. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. The transaction based scale through a larger diversified asset base with an increased earning capacity. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Yes, totally understand the benefits to sort of the market capacity and rates. 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. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. In 2021 we've completed two mergers. 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. We have historically low break-even gives us on a 47,000 days. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. And lastly, we'll open the call to take questions. In Slide 14, you can see the latest update on our fleet. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Navios Partners does not assume any obligation to update the information contained in this conference call. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. 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. Turning to Slide 20. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. 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. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. 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. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. And we always get - we get advantage of this on the long-term period because they need of turner. Slide 6 details our Company highlights. 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. 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. 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. The merger is a week away now, right, so congrats on that. 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%. 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. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Moreover, the large asset base will provide the entity a significant parcel of collateral value. Disclosure: 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. As to our balance sheet update, we are in advanced discussions to finalize a $116 million loan to refinance in upcoming months and upcoming maturities in the third quarter of 2021. Our office had to remain open. 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. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. Ms. She is currently single. Thank you. We aspire to have zero emissions by 2050. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. 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. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. 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 have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. The new loan will have an interest of 3% above LIBOR and amortization profile of about 5 years and maturity in the second quarter of 2025. Turning to Slide 22. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Click to read the full policy [+]. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Please. 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. How Angeliki Frangou became the leading Greek shipping . Is this happening to you frequently? Angeliki Frangou forced Navios Maritime Holdings' preferred shareholders into a "prisoner's dilemma" in an attempt to push them out and fatten her own bank account, a lawsuit alleges. I am not receiving compensation for it (other than from Seeking Alpha). So this is a big investment for Q3. 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. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. $690 million of contracted revenue. In addition, lender Navios Shipmanagement Holdings Corporation or "NSM" received an upfront structuring fee of $24.0 million and an undisclosed amount of accrued interest and prepayments fees also in the form of Convertible Debentures. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. 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. Please. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. Thank you, Stratos. We have very strong corporate governance and clear code of ethics. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. With us today from the company are Chairman and CEO, Angeliki Frangou; Chief Financial Officer, Mr. Stratos Desypris; and Executive Vice President of Business Development, Mr. Georgios Achniotis. 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. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. Sure. 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. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). If you have an ad-blocker enabled you may be blocked from proceeding. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). If you look at the graph on the right, net fleet growth is focused to be 2.6% this year and only 0.7% for '22. I am not receiving compensation for it (other than from Seeking Alpha). On Slide 8, we lay out global GDP growth since 1970. Indeed, in the US, air travel is at 2019 levels, she explained. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. So this is basically what we have been doing and what we are seeing developing. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. We believe the sum is significantly more resilient than the individual parts. Net debt to book capitalization was 40% at the end of the year. 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. 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. Moving to the 12-month operations. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. The current order book stands at a record low of 5.7% of the fleet. 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 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). But on this containership opportunity, how repeatable could you say that deal is? The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. Please turn to Slide 5. Then, Mr. Achniotis will provide an operational update and the industry overview. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. She is not dating anyone. Thanks, Angeliki. So a few questions around this. 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"). In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. 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. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. The remaining 34% of available base that are open all on indexing chargers provided with more upside. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Finally, we have very strong corporate covenants at corded efforts. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. Trial in London this week will aim to settle the siblings' complicated business arrangements. The increase was mainly due to the 39.3% increase in available days in Q4 2020. Yes, we have put out some details also in our press release today. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. So any plans for further asset sales, especially on those older vessels? Over the PIK Period, I would estimate the amount of Convertible Debentures held by NSM to increase to almost $100 million, sufficient for Angeliki Frangou to regain full control of Navios Maritime Holdings. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. 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.