Lastly, we have a strong balance sheet with low leverage. Angeliki? Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. She is currently single. Adjusted net income for the quarter amounted to $12.8 million. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. In 2021 we've completed two mergers. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. 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. 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. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. 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. [Operator Instructions]. Then Mr. Achniotis will provide an operational update and an industry overview. 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. Please turn to Slide 5. Navios Partners does not assume any obligation to update the information contained in this conference call. We have very strong corporate governance and clear code of ethics. But those of us in shipping will try to understand the impact of all these things based on a simple metric on ton miles the cost of shipping one ton of freight for one mile. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. convertible debentures (the "Convertible Debentures"). 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. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. The pandemic changed everything. Containers $22,418 per day, and Tankers $15,066 per day. If you have an ad-blocker enabled you may be blocked from proceeding. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. 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. So this is an ongoing process that will be going over and over again depending on - and you have seen us doing that even in the top every market, in the bottom and the top, it is a continuous process that we'll do replacement. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. On August 25, 2021 Navios Partners acquired 62.4% of the equity interest in Navios Acquisition through the acquisition of 44.1 million Navios Acquisition's common shares for an aggregate investment of $150 million. 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. But on the other side, we are very exposed to the market. Demand is forecast to outpace net sales growth in both 2021 and '22. Post pandemic stimulus measures in the advanced economies and increasing industrial production has fueled demand for the three major bulk cargos, specifically the iron ore global trade is expected to grow by 3.4% in 2021 and 2.4% in '22. 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. 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. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. Thank you, George. 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. Sure. Thanks you Angeliki and good morning all. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Net fleet growth for 2021 is expected at 3.5% and only 1.5% for '22 below the projected increase in drybulk demand for both years. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. If everyone dies, it is not anymore existing. I have no business relationship with any company whose stock is mentioned in this article. 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. Turning to Slide 25. I wrote this article myself, and it expresses my own opinions. I think we are evolving from a world of just in time manufacturing to just in case where countries and companies purposefully build redundant systems. 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. About 91% of our debt is covered by the scrap value of our vessels alone. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Year-to-date we expanded our drybulk fleet by 10 vessels increasing drybulk capacity by 36% and reducing its average age by 18% pre-acquisition calendar does not distract us from our balance sheet. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. 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. Definitely looks well-timed and a good overall return. Indeed, in the US, air travel is at 2019 levels, she explained. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. And NMM already has more than that contracted for 2021. Excluding these items, adjusted EBITDA for the nine months of 2021 amounted about $270 million compared to $64 million for the same period last year. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. Building us a significant base of collateral value. The displacement of established suppliers not only increases price, but increases ton miles as countries and people are forced to source their needs from places further away. Please disable your ad-blocker and refresh. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. Angeliki N. Frangou served on 1/29/2019, answer due 2/19/2019; George Malanga served on 1/29/2019, answer due 2/19/2019; Navios Maritime Holdings, Inc. served on 1/29/2019, answer due 2/19/2019; John Stratakis served on 1/29/2019, answer due 2/19/2019. Slide 6 goes through recent developments. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . Just to remind you, for your modeling purpose, so just to remind you that Navios containers the full results will be included in our results from first April as the measure is expected to close on March 31. Please move to Slide 9 which provide some selected segment data. And today we fix over four years, and you know with 2.5 times the rate. Meanwhile, she launched Navios Maritime Containers with a listing on the Norwegian over-the-counter market, followed up by a 2018 listing in New York, building up a fleet of 29 . Angeliki Frangou, chief executive of Navios Maritime Holdings, is being sued in New York federal court, alleging she tried to force out preferred shareholders to enrich herself. Also - good afternoon and also congratulations on there, your first call here post-merger. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Yes, totally understand the benefits to sort of the market capacity and rates. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. 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. Fleet utilization was approximately 99%. 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. Additionally, we have a staggered maturity profile with no significant maturities through 2023. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. Document filed by Norman Roberts. 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 . I wrote this article myself, and it expresses my own opinions. Turning to Slide 15, you can our ESG initiatives. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. 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. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. That is - there is no one formula to this. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. No, yes, that makes sense. We also continued to renew and expand our fleet. Chinese steel production surpassed the 1-billion tons mark in 2020. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. In the West, the worst impacts of Covid appear to be fading. I think this is something that we are very [technical difficulty]. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. Yes, we have put out some details also in our press release today. At Navios, the pandemic galvanized us. And we always get - we get advantage of this on the long-term period because they need of turner. 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. 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. And we always get - we get advantage of this on the long-term period because they need of turner. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. However, it should be noted that current rates are still above two times the 10-year averages. 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. It is a matter of level, and I want to remind that, and this is something in the back of our mind. 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. click here. In this process we have been pioneering and are adopting certain environmental regulations up to two years in advance, aiming to be one of the first fleets to achieve full compliance. To read more about DN Media Group, Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Read more about DN Media Group here. 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. 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 has been our Chairwoman and CEO since August 25, 2005. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. Next, Mr. Desypris will give an overview of Navios Partners segment data. If you have an ad-blocker enabled you may be blocked from proceeding. 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. However, the results of Navios Acquisition included in the Q3 Navios Partners results are only for the period from August 26,; through September 30, 2021. Thank you, Daniella, and good morning to all of you joining us on today's call. But also, would like to also use the excess in deleveraging. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. NMM is differentiated by its industry-leading scale and diversified sector exposure. So a few questions around this. 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. 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. 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. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Our cost of debt has been significantly reduced as a result of the refinancing with the term loyalty as well as the decrease in LIBOR rates. As a reminder, this conference call is being webcast. 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. I'll turn it over. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. Yes, the essence of the diversified fleet. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Slide 10 shows our combined liquidity as of December 31, 2020, we had total cash of $38.3 million and total borrowings of $719 million. Is this happening to you frequently? Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Before I start discussing our financial highlights, I would like to draw your attention to see one-off items that are listed in Slide 11. So this is a net benefit, the inefficiency. How Angeliki Frangou became the leading Greek shipping . Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. 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. 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. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Could you just give a flavor of sort of what the liquidity looks like from your perspective in terms of deploying the drybulk fleet away from spot on to time charters. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Navios Partners does not assume any obligation to update the information contained in this conference call. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. We see good - we see a good market potential, but we have to see it realize. 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 . I mean, you have much larger asset base. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. 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. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. Angeliki? We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. Forward-looking statements are statements that are not historical facts. We remain disciplined. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. We have historically low break-even gives us on a 47,000 days. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. Please. The current orderbook stands at 6.8% of the fleet. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. In conclusion, positive demand fundamentals, mainly due to the start of economic activity around the world, along with reduced fleet availability, should continue to support both the dry bulk and containerized shipping industries in their continuing effort to mitigate through raising pandemic stall. The . Shipping is always very, very profitable. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. And we have the tanker sector that we are watching as establish. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. 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. And also we have to see that target, which we also see a good potential to actually happen. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. We aspire to have zero emissions by 2050. That makes sense. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. This complete formal presentation and we open the call to questions. 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. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. And then separately, can you just share generally the front and center. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. 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 To read more about DN Media Group, The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. 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. I will briefly discuss on key balance sheet data as of December 31, 2020. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. 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. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. At this time, I'm showing no further questions. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. The increase was mainly due to the 32.3% increase in available days of 2020. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. This factor stimulus has led to historic turnaround in global container trade. [Operator Instructions] We take our first question from Randy Giveans with Jefferies.