Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. Net debt/book capitalization was at a comfortable level of 41.7%. Moving to the earnings highlight in Slide 13. We have currently fixed 66% of our 29,526 available days for 2021. I have no business relationship with any company whose stock is mentioned in this article. We believe the sum is significantly more resilient than the individual parts. But most important is we need to have the right conditions. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. One of the lowest on record. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. Thank you, Stratos. 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. 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. Now 30,000 is a very good level. And overall we like to have a low leverage. As a reminder, this conference call is being webcast. Meanwhile, she launched Navios Maritime Containers with a listing on the Norwegian over-the-counter market, followed up by a 2018 listing in New York, building up a fleet of 29 . 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. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). click here. You may now disconnect. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. So you always have to be very alert to see what is the best area where the opportunity lies. And we have the tanker sector that we are watching as establish. Our three pillars are now working well, both drybulk and containership sectors are performing and the tanker sector has improved materially in the past few months with more improvement expected. About 91% of our debt is covered by the scrap value of our vessels alone. And we have market exposure of 53.5% of our days for this year. 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. Post pandemic stimulus measures in the advanced economies and increasing industrial production has fueled demand for the three major bulk cargos, specifically the iron ore global trade is expected to grow by 3.4% in 2021 and 2.4% in '22. Net fleet growth for 2021 is expected at 3.5% and only 1.5% for '22 below the projected increase in drybulk demand for both years. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. So you will see the effect of the results in April 1 and going forward. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. Thank you, George. I'll turn it over. 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. Angeliki? over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. So this is a net benefit, the inefficiency. These vessels were acquired for an aggregate purchase price of $370 million. Before I start discussing our financial highlights, I would like to draw your attention to see one-off items that are listed in Slide 11. Wanted to maybe follow up on the commentary you just had with Randy, just in terms of deployment of capital, right now you're generating huge sums of cash. Slide 7 sets forth key strength of the compliance entity. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. I am pleased with our results for the third quarter of 2021. We continue to renew our fleet and improve average profile. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. 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. 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. Is this happening to you frequently? 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 . 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. In the East China is struggling with its zero Covid strategy.. Please turn to Slide 21. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. The approved merger with Navios Container is expected to close on March 31. Demand is forecast to outpace net sales growth in both 2021 and '22. We have a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. Shipping is always very, very profitable. 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. Here you fix them for the 37,000 a day, which, as I run the numbers, it looks like a 5-year payback, which sounds pretty substantial given these are new buildings. 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. Please turn now to Slide 24 for the review of the tanker industry. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. 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. Angeliki N. Frangou served on 1/29/2019, answer due 2/19/2019; George Malanga served on 1/29/2019, answer due 2/19/2019; Navios Maritime Holdings, Inc. served on 1/29/2019, answer due 2/19/2019; John Stratakis served on 1/29/2019, answer due 2/19/2019. Thank you, George. Global iron ore demand is expected to increase by 2.7% in this year and the additional availability of iron ore shipments to China are expected to increase as still masterplan stockpile, driving demand for Capesize vessels. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. [1] She is the chairman, chief executive officer and Director of Navios Maritime Holdings ., [2] of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. Angeliki? And do you have a maybe preference there in terms of repurchases or distribution increase? 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. 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. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. 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). 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. 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. The financial potency of this combination can be measured through the pro forma combined results of 2020. 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 actively renew and expand our fleet. 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. Document filed by Norman Roberts. In addition 10.4% of the fleet is currently 20 years of age or older. NMM has $2.2 billion of contracted revenue. We are 86, which I think is a rather big percentage for our drybulk to be open. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. Well, thanks, Angeliki for your comments. We are not shy of actually fixing it. 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. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. 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. NMM has an enhanced base to generate free cash flow. I think this is something that we are very [technical difficulty]. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. So this is a net benefit, the inefficiency. TradeWinds is part of DN Media Group AS. Angeliki? Turning to Slide 19. 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. Not only does diversification provide strength but it also brings opportunity. According to our Database, She has no children. 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. At the same time, being active in multiple sectors reveals opportunities. Excellent. So the target is always to bring down the debt and that is to about 20%. First Navios Maritime suit ended with revised offer. Just curious there. 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. 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. So we need to wait for the drybulk, we enjoy the - we have the luxury because of our balance sheet and a low break-even to really to have the luxury to be open. Trial in London this week will aim to settle the siblings' complicated business arrangements. But don't forget, we are 86% of our available days open on drybulk. What does the liquidity look like across the one year to three year time-frame? We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Turning to Slide 25. I will briefly discuss on key balance sheet data as of December 31, 2020. 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. It will take some time, I mean, there is good, I mean, we show volatility, we went to gates from 80,000, we are down to around 30,000. If we find opportunities, we can always expand. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. I am pleased with the results for the full year and fourth quarter of 2020. 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. At Navios, the pandemic galvanized us. Thank you, Daniella, and good morning to all of you joining us on today's call. Now I will review the safe harbor statement. Vietnam and other Southeast Asian countries, increased coal imports by 13%. 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. And that one other thing we have done is we have about $1.5 billion in, I mean, Eri will give the exact numbers, but $1.5 billion on debt. 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. Stratos? The transaction based scale through a larger diversified asset base with an increased earning capacity. 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. 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 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. 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. 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. 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. 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 increase was mainly due to the 39.3% increase in available days in Q4 2020. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. I would also like to highlight that 2021 results not comparable to 2020 as in 2021 NMM acquired two companies and is expected to increase its available days by 85% in 2021 and by 171% in 2022 compared to 2020. But on this containership opportunity, how repeatable could you say that deal is? Next, Mr. Desypris, will give an overview of Navios Partner's financial results. So this is something that we are focusing very much. In Slide 14, you can see the latest update on our fleet. Also - good afternoon and also congratulations on there, your first call here post-merger. So, on that, what - after these two conditions, we are seeing as a return, a total return to our investor is an important part of our strategy. Turn to Slide 18. You can read more about how we handle your information in our privacy policy. Our cost of debt has been significantly reduced as a result of the refinancing with the term loyalty as well as the decrease in LIBOR rates. 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 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. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. This complete formal presentation and we open the call to questions. Navios uses cookies on this website. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Please turn to Slide 27. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Turning to Slide 15, you can our ESG initiatives. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Okay. 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" ). Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. 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. Please turn to Slide 18. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. 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! On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. The lender has the option to convert any portion of the outstanding balance under the Convertible Debentures into shares of common stock of Navios Holdings at a conversion price of $3.93 at any time. Thereby accumulating significant scale in a short period of time. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. The round up show premieres on the 4th Wednesday of every month. 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. You may disconnect at any time. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. 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,. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. And that is something that we are not shy doing. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. 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 . 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. Just wanted to actually ask about how you're thinking about the capital structure from here. 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. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Next, Ms. Tsironi will give an overview of Navios Partners financial results. Thanks you Angeliki and good morning all. 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. Building us a significant base of collateral value. Eri? Adjusted net income for 2020 amounted to $12.8 million. 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. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. Yes, totally understand the benefits to sort of the market capacity and rates. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. We are also constantly working on refinancing and extending maturities. However, we do not take that for granted. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Ms. Cash and cash equivalents were $141 million. Our office had to remain open. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. And I did want to also just ask about the containership charters, which I thought were, you know, you ordered thus four plus two shifts, if I recall. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential merger with Navios Maritime Partners to the detriment of the partnership's outside common unitholders. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. 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. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. About 91% of our debt is covered by the scrap value of our vessels alone. 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). Maybe just, I know, one final one I did want to ask. The pandemic changed everything. The displacement of established suppliers not only increases price, but increases ton miles as countries and people are forced to source their needs from places further away.
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