Next, Mr. Desypris will give an overview of Navios Partners segment data. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. And then now that, obviously, the dry bulk and containership markets are both extremely strong. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. And do you have a maybe preference there in terms of repurchases or distribution increase? over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). 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. And we have seen it. CEO and Chairwoman Angeliki Frangou recently disclosed a 40.8% ownership stake on an as-converted basis and indicated her intention to purchase additional common shares for up to $20 million. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. Actually, what we are doing is repositioning a fleet. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. 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. 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. Navios Maritime Partners L.P. Secures Unitholder Approval and Completes Our office had to remain open. On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. 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. Navios Maritime Holdings: Near-Term Debt Maturities Unlikely To Be An Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. 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. 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). If everyone dies, it is not anymore existing. 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. 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. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. And I think on a - it seems to be that Q3 was the low part of the tanker segment, and we are seeing the market slowly recovering. I have no business relationship with any company whose stock is mentioned in this article. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. That makes sense. 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. 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. 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. Please. 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. 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. In addition 10.4% of the fleet is currently 20 years of age or older. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. The event was held during . Holders of the company's preferred shares (NYSE:NM.PG and NYSE:NM.PH) will have to hope for a Navios Maritime Holdings / Navios Partners merger as otherwise there's no reasonable chance for these securities to recover. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Read more about DN Media Group here. But on the other side, we are very exposed to the market. 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. Is this a view on those respective markets? It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. Then Mr. Achniotis will provide an operational update and an industry overview. 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. 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. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. And this is something that actually has benefited quite significant on these market, especially on the container. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. Then Mr. Achniotis will provide an operational update and an industry overview. Next, Ms. Tsironi will give an overview of Navios Partners financial results. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Total revenue for Q3, 2021 was $228 million compared to $64 million for the same period last year due to the expansion of our fleet and the improved time charter equivalent rate for both containers and bulkers. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. I'll turn the call back over to Angeliki for any closing remarks. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. 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. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. What will it take to increase the distribution? Angeliki Frangou, chief executive of Navios Maritime Holdings and Navios Maritime Partners speaks at a company dinner at the National Gallery in Athens in June 2022. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. At Navios, the pandemic galvanized us. Angeliki Frangou Biography, Age, Height, Husband, Net Worth, Family Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. On Slide 16, you can see with our ESG initiatives. 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. As a result we fixed 88.1% of our available containership days for 2022 and have $1.6 billion in total contracted revenue on charters extending through 2030. We have majority independent directors and independent committees, not to say our management operations. Roberts v. Navios Maritime Holdings, Inc. et al In Slide 11, you can see the strength and stability of our balance sheet. The current average contracted net rate of the four vessels is approximately $2,600 per day. Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q3 2021 As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. 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. Cash and cash equivalents were $141 million. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q2 2021 Earnings Conference Call July 27, 2021 8:30 AM ET Company Participants Angeliki Frangou - Chairman and Chief Executive Officer. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Thanks, Angeliki. Just trying to understand how you're thinking about the work to be done on that side? NMM has a strong balance sheet with low leverage, 43.5% in combined net-debt-to-book capitalization and man has diversification and scale with an 85 vessel fleet we ranked in the top-10 among the publicly incited cargo fleet, about 66% of our available base assets at an average charter rate of $18,612 net per day and 34% of our fleet available days are open or the index link. Capital Link Forum Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. And lastly, we'll open the call to take questions. Thank you, George. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. 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. 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' Angeliki Frangou: "The Pandemic Galvanized Us"! - Neo Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. Everything works well, as long as the logistics chain is unchallenged. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Just trying to understand how the fee through there. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. 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. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha 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 expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. Please turn to Slide 4. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. In the West, the worst impacts of Covid appear to be fading. Our office had to remain open. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. The bailout terms will likely result in Angeliki Frangou regaining full control of her shipping empire over the next 18 months with the ultimate outcome likely a merger between Navios Maritime Holdings and Navios Partners with Ms. Frangou grabbing a large stake in the combined company. But most important is we need to have the right conditions. We actively renew and expand our fleet. 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 . 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. She is not dating anyone. Please turn now to Slide 24 for the review of the tanker industry. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. This concludes my presentation. 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. 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. $690 million of contracted revenue. These vessels were acquired for an aggregate purchase price of $370 million. These together with near record low orderbook could boost crude and product tanker rates in the near term. 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. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. 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. Yes, no that's fair. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. 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. Turning to Slide 12. We are not shy of actually fixing it. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. All right, second question, looking at Slides 11 and 14, clearly showing the strength of your balance sheet, you mentioned earlier in the call, your fixed charter backlog is giving you pretty substantial cash flow visibility, very low spot day break-evens. So a few questions around this. Moreover, the large asset base will provide the entity a significant parcel of collateral value. 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 terms of the loan includes an interest rate of 3% above LIBOR and depreciation profile of about 9 years and maturity in the first quarter of 2026. And today we fix over four years, and you know with 2.5 times the rate. Moving to the earnings highlight in Slide 13. So basically we can fix and you have seen in the container segment we fix multi-year contracts. The battle follows four legal notices filed by Frangos in. 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 net result is that we should have more predictable entity level return. She is currently single. 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. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Just curious there. Document filed by Norman Roberts. 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22. You have a huge fleet, and you have a break-even per open day of 2,460. 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. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. 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. Shipping is always very, very profitable. Forward-looking statements are statements that are not historical facts. 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. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. 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 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. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. Navios is a socially conscious group with core values include diversity, inclusion, and safety. We - the announcement we did between the six new buildings that we did for five years and the four other vessels, we did quite significant number of what we say, 600 and $690 million of contracted revenue. 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. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. We stand at the crossroads, perhaps the crossroads of history. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. FRANGOU ANGELIKI SC 13D Filing Concerning NNA on 2021-10-15 Fleet utilization was approximately 99%. 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. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. 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. Slide 6 details our Company highlights. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Turn to Slide 18. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. And lastly, we'll open the call to take questions. So we're creating this with this different two tier financing. Also - good afternoon and also congratulations on there, your first call here post-merger. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. 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. 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. I have no business relationship with any company whose stock is mentioned in this article. According to our Database, She has no children. Additionally, we have agreed a new $52.7 million bareboat financing for two Kamsarmax vessels to be delivered in the second half of 2022 and Q1 of 2023. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. Also we have strength and stability in our balance sheet. How Angeliki Frangou became the leading Greek shipping On Slide 8, we lay out global GDP growth since 1970. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. 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. And you don't see the 3-year market developing. We continue to renew our fleet and improve average profile. 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. All grain production this year will reach a record according to the international gains counting and the USDA. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. Please turn to Slide 27. I am pleased with our results for the third quarter of 2021. 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. Moving from strength to strength in our drybulk segment, we continue to benefit from a strong spot market with 87% of our 2022 available days exposed to market rate and we remain positioned to fix vessels on attractive period charters are available. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. His daughter. But also, would like to also use the excess in deleveraging. Read more about DN Media Group here. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. 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. We have 27,437 open in index days that can generate significant operating cash. Turning to Slide 20. About 91% of our debt is covered by the scrap value of our vessels alone. 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 What does the liquidity look like across the one year to three year time-frame? I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. As a result, we re-imagined the modern shipping company. 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. Angeliki Frangou Net Worth (2023) | wallmine About 91% of our debt is covered by the scrap value of our vessels alone. Yes, totally understand the benefits to sort of the market capacity and rates. Angeliki Frangou Net Worth (2023) | wallmine Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. And then I guess on the other hand, any plans for further growth in either of the three sectors that you now have exposure to?