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. 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. 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. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. So you will see the effect of the results in April 1 and going forward. So think about something between five vessels to 10 vessels to a minimum per year you will have to replace, because either this is the way, or you see that vessel may have - may come in to - you see that the potential in 2023 and we have more consumption, for different technological or commercial reasons or CapEx you have to put. 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 . For 2022 we expect a historically low break-even of $2,459 per open day with 20 - with - our busy acquisition calendar has not distracted us from our balance sheet, we remain disciplined. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. Please turn now to Slide 24 for the review of the tanker industry. You building contracting was down 56% in 2020 compared to '19. The Greek company's chief executive Angeliki Frangou said she was. Now I will review the safe harbor statement. Yes, no that's fair. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. Everything works well, as long as the logistics chain is unchallenged. And then now that, obviously, the dry bulk and containership markets are both extremely strong. Definitely sounds like you have the flexibility across the board with that. And then you mentioned the word replacement, right. So, it's not that we are basically - it's not a number, but you will need to do, you know, sell and manage the technology. The current orderbook is 8.3% of the fleet. Turning to Slide 25. Please turn to Slide 23. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. So this is basically what we have been doing and what we are seeing developing. Please turn to Slide 21 focusing on the container industry. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. Slide 7 sets forth key strength of the compliance entity. Indeed, in the US, air travel is at 2019 levels, she explained. That is - there is no one formula to this. 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. 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. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Please disable your ad-blocker and refresh. Fleet utilization was approximately 99%. This does conclude today's program. 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. Our office had to remain open. 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. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. 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 . The approved merger with Navios Container is expected to close on March 31. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. We show some vessels that were older and smaller to more commercially attractive vessels. But the reality is just to go back to your question is, is the following thing, I mean, the capacity of the ship - the shipyard capacities has been full, and also we see that materials maybe going up. If you have an ad-blocker enabled you may be blocked from proceeding. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. And lastly, we'll open the call to take questions. Navios Partners does not assume any obligation to update the information contained in this conference call. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. I would now like to turn the call over to Angeliki for her final comments. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. The big thing is about - we're looking at reducing further. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. 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. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. Angeliki? 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. Eri? Next, Mr. Desypris, will give an overview of Navios Partner's financial results. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. This complete formal presentation and we open the call to questions. Thank you. On a combined basis, about 1/3 of our available days are open or interest team providing market exposure to capture market upside. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. This is unique. 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. About 91% of our debt is covered by the scrap value of our vessels alone. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Today NMM is one of the largest U.S. publicly listed shipping companies with 15 vessel types diversified across three segment and servicing more than 10 end markets. But could there be any sort of headwind getting, any sort of incremental business done or extending - for or extending any particular charges to vessels. Turning to Slide 20. 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. And we always get - we get advantage of this on the long-term period because they need of turner. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David We have capitalized on the strength of the Container Ship market and fixed almost 90% of our available container days for 2021, enjoying healthy rates. Yes, the essence of the diversified fleet. But most important is we need to have the right conditions. And then lastly, just quickly, can you provide any quarter-to-date rates for the first quarter now that we're a week away from that being concluded for the dry bulk vessels? Got it. More specifically, we have contracted our six newbuilding containerships delivering in 2023 and 2024 for five years at an average rate of $37,050 net per day generating about $420 million of contracted revenue. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. For drybulk, we increased capacity by 36% and reduced average age by 18%. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. We have also chartered out 4,250 TEU containerships for periods between 3.5 years and 4.5 years, generating revenues of approximately $270 million. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. We have majority independent directors and independent committees, not to say our management operations. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. Turning to Slide 19. 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. Thank you, Angeliki, and good morning. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. I think the number one is that, what we see is a good positioning on the company. We actively renew and expand our fleet. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. Is this happening to you frequently? I am pleased with our results for the third quarter of 2021. At Navios, the pandemic galvanized us. This completes our Q4 results. Net debt/book capitalization was at a comfortable level of 41.7%. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. Net debt to book capitalization was 40% at the end of the year. Shipping is always very, very profitable. Lastly within our Tanker segment, our long-term contracts provide protection and 65% of our 2022 available days remain open to capture the ongoing market recovery. 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. Is this happening to you frequently? Big picture just, you should understand that all the inefficiency is net positive for our business. 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. Adjusted net income for 2020 amounted to $12.8 million. You need to wait and see that market develop. Forward-looking statements are statements that are not historical facts. We are not shy of actually fixing it. And then going forward, which subsector would you maybe look to grow? And basically by ordering these vessels, you go away from the basic Panamax that used to be the vessel that was designed at that time for passing through Panama Canal, but we saw that had a good life afterwards to something that is particularly great for the necessities of the inter-Asia trade. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Our merger with Navios Containers increased our containerships by 29 vessels. We have currently fixed 66% of our 29,526 available days for 2021. And overall we like to have a low leverage. Turning to Slide 12. We are 86, which I think is a rather big percentage for our drybulk to be open. 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. You'll see the webcast link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. Just trying to understand how you're thinking about the work to be done on that side? 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. I think a low leverage is a big driver to our model. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. 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 . Thank you for your participation. 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. The benefits of diversification are reflected in recent market activity. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Another increase in world population, food security issues driven by the pandemic as well as increasing protein demand worldwide continue to support the global grain trade. As a result, we re-imagined the modern shipping company. 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. As a reminder, this conference call is being webcast. convertible debentures (the "Convertible Debentures"). And lastly, we'll open the call to take questions. The floor is now open for questions. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Now I will review the safe harbor statement. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. For containerships, we increased fleet size by 330% and reduced average age by 24%. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. Thank you, George. The graph on the left shows that for '21, we have to demand for the 3 major cargoes of iron ore, coal and grain is focused on increased by over 3% compared to 2020. 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. The financial potency of this combination can be measured through the pro forma combined results of 2020. All vessels are expected to be delivered in the second half of 2022. The net result is that we should have more predictable entity level return. Conditions are not as favorable elsewhere. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. On October 15, 2021 we completed a transformative merger with Navios Acquisition. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. TradeWinds is part of DN Media Group AS. Just trying to understand how the fee through there. 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. The current product tanker orderbook is 6% of the fleet, which compares favorably with the 8.4% of the fleet, which is 20 years of age or older. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. The vessel we expected to be delivered in the second half of 2022. And this is the strategy going forward. 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). The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. We stand at the crossroads, perhaps the crossroads of history. in Stamford Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the. We have been profitable in Q4 as contracted revenue exceeds total expenses by $57 million, yet we still have about 2,473 open and index-linked days. About 91% of our debt is covered by the scrap value of our vessels alone. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. First, the pandemic highlighted the weakness of just in time manufacturing. Thank you, Stratos, and good morning all. Lastly, we have a strong balance sheet with low leverage. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. Thank you, Doris, and good morning to all of you joining us on today's call. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. 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. Thank you. Yes, we have put out some details also in our press release today. However, it should be noted that current rates are still above two times the 10-year averages. So, starting off with the merger, your fleet is clearly massive, it's diverse. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. And this is something that actually has benefited quite significant on these market, especially on the container. Yes, thank you. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . The company reworked its operations in offices and on board the vessels and hired a new medical team to monitor the health of all employees and crew. 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. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. 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. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Is this happening to you frequently? These together with near record low orderbook could boost crude and product tanker rates in the near term. 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. And then separately, can you just share generally the front and center. 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. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. 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. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. We have - we see the potential, but we see - we need to see it materialize. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. About one-third of our fleet will be in each of the dry . During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. 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. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. 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. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. The pandemic changed everything. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Now 30,000 is a very good level. 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. Please turn to Slide 21. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. 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. Containers $22,418 per day, and Tankers $15,066 per day. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. Demand is forecast to outpace net sales growth in both 2021 and '22. 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.