Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. 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. We see good - we see a good market potential, but we have to see it realize. 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. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. Long-term borrowings, including the current portion, net of deferred fees amounted to $486.9 million. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. In the West, the worst impacts of Covid appear to be fading. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. We aspire to have zero emissions by 2050. 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. [Operator Instructions]. When talking about ESG, I think it's important to remind people that Transocean exiting is the most environmentally friendly means of transportation as it is the most carbon efficient mobile transport. 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. And lastly, we'll open the call to take questions. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. In 2021 we've completed two mergers. Please disable your ad-blocker and refresh. 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. 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. 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. 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. Cash and cash equivalents was $30.7 million. And what we are looking is how this investment we did will play. I think that will give us a long-term view on the right. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. 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%. Service was accepted by Israel David. 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"). The . Trial in London this week will aim to settle the siblings' complicated business arrangements. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. At Navios, the pandemic galvanized us. Forward-looking statements are statements that are not historical facts. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. And you need to be always running the different scenarios. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. She is not dating anyone. Angeliki N. Frangou. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. In the East China is struggling with its zero Covid strategy.. On Slide 16, you can see with our ESG initiatives. We actively renew and expand our fleet. 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. 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. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. In Slide 11, you can see the strength and stability of our balance sheet. The information set forth herein should be understood in light of such risks. Please turn to Slide 21. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. 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. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. click here. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. Basically, I mean, we see a lot of value on both segments. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. Stratos? This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. 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. And overall we like to have a low leverage. The net result is that we should have more predictable entity level return. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. quarter of 2020. Despite the pandemic, China set another year record for iron ore imports in 2020 at about 1.15 billion tons which is an increase of 9.4% over '19. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). convertible debentures (the "Convertible Debentures"). 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. 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. 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. Eri? Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. 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 New York Stock Exchange, including Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Acquisition Corporation (NYSE: NNA). This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. 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. Please turn to Slide 17 for the review of the drybulk industry. NMM has an enhanced base to generate free cash flow. Early life and education [ edit] Navios uses cookies on this website. 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. Slide 7 reviews our recent development. 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. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. Slide 9 details our operating cash flow potential for 2021, 66% of our available base as fixed -- at an average rate of $18,612 net per day. As a reminder, this conference call is being webcast. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . What does the liquidity look like across the one year to three year time-frame? We have - we see the potential, but we see - we need to see it materialize. Slide 6 goes through recent developments. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. The current order book stands at a record low of 5.7% of the fleet. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. We see that it is a different set of fundamentals important. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. The current orderbook is 8.3% of the fleet. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. If you have an ad-blocker enabled you may be blocked from proceeding. This has led the IMF to increase its 2021 GDP growth projection to 5.5%, the highest in 50 years and 4.2% in '22. And that is something that we are not shy doing. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. Our merger with Navios Containers increased our containerships by 29 vessels. The big thing is about - we're looking at reducing further. And then now that, obviously, the dry bulk and containership markets are both extremely strong. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Forward-looking statements are statements that are not historical facts. So this is a big investment for Q3. Lastly, we have a strong balance sheet with low leverage. We stand at the crossroads, perhaps the crossroads of history. I'll turn the call back over to Angeliki for any closing remarks. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). And then going forward, which subsector would you maybe look to grow? So any plans for further asset sales, especially on those older vessels? Total adjusted net income was $130 million compared to $8.8 million for the same period last year. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. TradeWinds is part of DN Media Group AS. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. The financial information is included in the press release and is summarized in the slide presentation on the company's website. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. Please disable your ad-blocker and refresh. You can read more about how we handle your information in our privacy policy. We continue to renew our fleet and improve average profile. We have been taking advantage of robust market. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. EBITDA and net income for Q3, 2021 includes a $30.9 million gain related to the sale of three vessel, Navios Dedication, Navios [Verde] and Harmony N, a $4 million bargain purchase gain upon obtaining control of the Navios Acquisition, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. 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. Then Mr. Achniotis will provide an operational update and an industry overview. The current orderbook stands at 6.8% of the fleet. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. We did see one thing that we showed as a great opportunity on the container segment, we show that the smaller vessels and this is a widebody, the 5,500 TEU. You know, it's like as we die. Please. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . So you have 140 vessels to 150 vessels, is that the kind of range you want to stay with or with those kind of asset sales kind of bring down the fleet levels from these numbers? 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. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. I am not receiving compensation for it (other than from Seeking Alpha). And we always get - we get advantage of this on the long-term period because they need of turner. 67 WALL STREET, New York - September 27, 2012 - The Wall Street Transcript has just published its Transportation and Logistics Report offering a timely review of the sector to serious investors and industry . On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. 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 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 are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. 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. Please. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. No, yes, that makes sense. We believe the sum is significantly more resilient than the individual parts. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. I am pleased with the results for the full year and fourth quarter of 2020. 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. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. Thank you. Thank you. Thanks you Angeliki and good morning all. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. You can read more about how we handle your information in our privacy policy. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. 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. Angeliki? Yes, thank you. As a result, the balance sheet of Navios Acquisition together with the respective purchase price allocation adjustments are included in Navios Partners balance sheet as at the end of the quarter. 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. 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. She is currently single. 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. Navios is a socially conscious group with core values include diversity, inclusion, and safety. 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. Conditions are not as favorable elsewhere. Turning to Slide 22. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. 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. I would now like to turn the call over to Angeliki for her final comments. I'll turn it over. Turning to Slide 20. While also allowing us to leverage each independent sectors fundamentals. The net book is expected to close on March 31, 2021. We are about two years below industry average. 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. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. So you always have to be very alert to see what is the best area where the opportunity lies. 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. 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. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. But also to, you know, a recovery on the tanker segment. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. And lastly, we'll open the call to take questions. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. 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. 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. First, Ms. Frangou will offer opening remarks. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts.