Or is this purely a fleet renewal play? I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. Slide 6 details our Company highlights. And overall we like to have a low leverage. 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. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. So a few questions around this. Turning to Slide 19. In Slide 14, you can see the latest update on our fleet. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. That makes sense. Trial in London this week will aim to settle the siblings' complicated business arrangements. So this is a net benefit, the inefficiency. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. I wrote this article myself, and it expresses my own opinions. The big thing is about - we're looking at reducing further. Of course we also entered into the crude and product tanker segment. 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. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Thank you. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. In Slide 11, you can see the strength and stability of our balance sheet. 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. convertible debentures (the "Convertible Debentures"). 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. Turning to Slide 12. At the same time, but there is increasing industrial production and economic growth in China. Now I will review the safe harbor statement. Slide 7 sets forth key strength of the compliance entity. Post-merger NMM will have approximately 19.7 million units outstanding. NMM has an enhanced base to generate free cash flow. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. 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. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. Thank you. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Early life and education [ edit] Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. We have 27,437 open in index days that can generate significant operating cash. At this time, I'm showing no further questions. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. At Navios, the pandemic galvanized us. 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. And this is the strategy going forward. Definitely looks well-timed and a good overall return. 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. For returning coal high gas prices have driven power plants to switch back to coal-fired power generation, and the IEA estimates that global coal-fired electricity generation is expected to rise by nearly 5% this year and exceed pre-pandemic levels before increasing a further 3% to an all-time high in 2022. 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 net result is that we should have more predictable entity level return. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. 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. 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. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. And NMM already has more than that contracted for 2021. Adjusted net income for the quarter amounted to $12.8 million. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. Service was accepted by Israel David. Demand is forecast to outpace net sales growth in both 2021 and '22. Moving to the 12-month operations. In the West, the worst impacts of Covid appear to be fading. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. TradeWinds is part of DN Media Group AS. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. Adjusted net income for 2020 amounted to $12.8 million. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Our fleet consists of 49 dry bulk vessels and 26 Containerships. 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. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. 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. We believe the sum is significantly more resilient than the individual parts. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. His daughter. 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. Navios is a socially conscious group with core values include diversity, inclusion, and safety. We see that it is a different set of fundamentals important. 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 NMM is well positioned to benefit from the different sector fundamentals. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. We see good - we see a good market potential, but we have to see it realize. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. 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. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. 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. All grain production this year will reach a record according to the international gains counting and the USDA. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. How Angeliki Frangou became the leading Greek shipping . 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. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. 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. Please. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Actually, what we are doing is repositioning a fleet. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which would cause actual results to differ materially from the forward-looking statements. We are 86, which I think is a rather big percentage for our drybulk to be open. To date, the Navios Group has paid about $535.8 million in uninterrupted dividends since the first public listing of Navios Maritime Holdings in 2005. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Please turn now to Slide 24 for the review of the tanker industry. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. 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. 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 . And today we fix over four years, and you know with 2.5 times the rate. But most important is we need to have the right conditions. In the long run, she adder, Navios people believe that their re-imagined business will provide reasonably stable returns as the financial results of stronger sectors offset the financial results of sectors performing less well. 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. Thanks you Angeliki and good morning all. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. So we're creating this with this different two tier financing. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Vietnam and other Southeast Asian countries, increased coal imports by 13%. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. 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. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Also we have strength and stability in our balance sheet. In this limited sphere we are optimistic. 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. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. 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. And we have market exposure of 53.5% of our days for this year. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. 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 what we are looking is how this investment we did will play. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. I'll turn the call back over to Angeliki for any closing remarks. Please disable your ad-blocker and refresh. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. Turning to Slide 12, you can see some fleet and debt updates. We continue to renew our fleet and improve average profile. 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. 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. And then now that, obviously, the dry bulk and containership markets are both extremely strong. Thereby accumulating significant scale in a short period of time. This concludes my presentation. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. And this is something that actually has benefited quite significant on these market, especially on the container. Next, Mr. Desypris will give an overview of Navios Partners segment data. I have no business relationship with any company whose stock is mentioned in this article. Slide 10, details our strong operating free cash flow potential. Bank accounts of leading Greek shipowner Angeliki Frangou have been frozen by Greek judicial authorities investigating lending by Marfin Bank, which is now under the control of Piraeus Bank,. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Turning to Slide 20. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. So, how much is Angeliki Frangou worth at the age of 56 years old? Definitely sounds like you have the flexibility across the board with that. 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. 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. In 2021 we've completed two mergers. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Document filed by Norman Roberts. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. Read more about DN Media Group here. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. We stand at the crossroads, perhaps the crossroads of history. You may now disconnect. 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. 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. Thank you, Stratos. And you don't see the 3-year market developing. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. You need to wait and see that market develop. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. We also continued to renew and expand our fleet. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. Please move to Slide 9 which provide some selected segment data. These vessels were acquired for an aggregate purchase price of $370 million. She is currently single. Eri? Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. TradeWinds is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Forward-looking statements are statements that are not historical facts. 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. A Leading Women with Becky Anderson round-up show featuring Angeliki Frangou will air on Wednesday, February 27 at 11:30am CET / 10:30 am GMT / 6:30 pm HKT and 6:30 pm CET / 5:30 pm GMT / 1:30 am Thurs HKT, and at various dates and times in March. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. So any plans for further asset sales, especially on those older vessels? The floor is now open for questions. Angeliki Frangou biography. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. 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. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Is this happening to you frequently? No, yes, that makes sense. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . 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. We have majority independent directors and independent committees, not to say our management operations. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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. And then you mentioned the word replacement, right. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. quarter of 2020. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David And lastly, we'll open the call to take questions. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. The Greek company's chief executive Angeliki Frangou said she was. Read more about DN Media Group here. But also, would like to also use the excess in deleveraging. 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. 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. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. Conditions are not as favorable elsewhere. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. For containerships, we increased fleet size by 330% and reduced average age by 24%. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Yes, no that's fair. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. 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. 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). 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. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. If we find opportunities, we can always expand. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. 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. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. At Navios, the pandemic galvanized us. 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. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Excellent. Angeliki? During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.Despite not being a native speaker, I always try to deliver high quality research at no charge to followers and the entire Seeking Alpha community. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. In addition, Ms. Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007, the Chairman and Chief Executive . 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.
