All vessels are expected to be delivered in the second half of 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. 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. And this is something that actually has benefited quite significant on these market, especially on the container. Ms. Please turn to Slide 27. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). The current average contracted net rate of the four vessels is approximately $2,600 per day. Demand is forecast to outpace net sales growth in both 2021 and '22. 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. But we have the luxuries. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. Turning to Slide 25. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. 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. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q3 2021 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 increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. I think that will give us a long-term view on the right. Slide 6 details our Company highlights. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. So you are actually creating this cash flow when the market is right. 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. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. That makes sense. The transaction based scale through a larger diversified asset base with an increased earning capacity. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. 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. Fleet utilization was approximately 99%. When it comes to philanthropy, Greeks invented the word, but by Chris Salboudis On Saturday December 3, 2022, after a Navios Angeliki Frangou: The Pandemic Galvanized Us! This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Our office had to remain open. NMM has an enhanced base to generate free cash flow. 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. And what we are looking is how this investment we did will play. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. 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. At the same time, but there is increasing industrial production and economic growth in China. Angeliki Frangou, Navios Maritime Holdings Inc: Profile and Biography 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. Turning to Slide 12. Adjusted net income for the quarter amounted to $12.8 million. What does the liquidity look like across the one year to three year time-frame? Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. The information set forth herein should be understood in light of such risks. TradeWinds is part of DN Media Group AS. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. We see good - we see a good market potential, but we have to see it realize. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. If we find opportunities, we can always expand. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Importantly, the precent of decrease perhaps understates the impact. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. The net book is expected to close on March 31, 2021. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. Got it. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Cash and cash equivalents was $30.7 million. 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. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. 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. This is unique. Building us a significant base of collateral value. 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. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. This completes our quarterly result for NMM. This completes our Q4 results. Moving to the 12-month operations. 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. You may now disconnect. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. At the same time, being active in multiple sectors reveals opportunities. 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. Please disable your ad-blocker and refresh. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown 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. Just trying to understand how you're thinking about the work to be done on that side? Navios Maritime: Bail-Out To Result In Frangou Regaining Control Moreover, the large asset base will provide the entity a significant parcel of collateral value. Navios Maritime Partners L.P. Secures Unitholder Approval and Completes Just curious there. Well, thanks, Angeliki for your comments. And today we fix over four years, and you know with 2.5 times the rate. Slide 7 reviews our recent development. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. You have a huge fleet, and you have a break-even per open day of 2,460. I think the - you can find one year versus three year, you have basically today discovering hugely. 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. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. Navios Partners does not assume any obligation to update the information contained in this conference call. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. But also to, you know, a recovery on the tanker segment. Yes, the essence of the diversified fleet. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. We aspire to have zero emissions by 2050. Lawsuit claims Frangou and board sought to push out shareholders For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. 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"). To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. 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. Sure. [Operator Instructions]. NMM is well positioned to benefit from the different sector fundamentals. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. The approved merger with Navios Container is expected to close on March 31. Is this happening to you frequently? We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. Is this a view on those respective markets? Turning to Slide 22. Containers $22,418 per day, and Tankers $15,066 per day. 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. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. Angeliki Frangou - Wikipedia New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. 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. In this process we have been pioneering and are adopting certain environmental regulations up to two years in advance, aiming to be one of the first fleets to achieve full compliance. 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. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. 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.