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. 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. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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. Please turn to Slide 18. Angeliki Frangou: A Greek shipping magnate who sails into the wind We are not shy of actually fixing it. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. And we have the tanker sector that we are watching as establish. Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . Total adjusted net income was $130 million compared to $8.8 million for the same period last year. Angeliki Frangou and her brother John square up at trial in London 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. 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. The Greek company's chief executive Angeliki Frangou said she was. In Slide 11, you can see the strength and stability of our balance sheet. Service was accepted by Israel David. As a result, we re-imagined the modern shipping company. [Operator Instructions]. This factor stimulus has led to historic turnaround in global container trade. hen she referred to the Russian invasion of Ukraine and emphasized that the consequences of this war and the related sanctions are accelerating inflation and rising interest rates. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. We have currently fixed 66% of our 29,526 available days for 2021. 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. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. You can read more about how we handle your information in our privacy policy. That makes sense. 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 don't forget, we are 86% of our available days open on drybulk. 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. But on this containership opportunity, how repeatable could you say that deal is? We'll take the next question from James with Citigroup. And lastly, we'll open the call to take questions. For drybulk, we increased capacity by 36% and reduced average age by 18%. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. All vessels are expected to be delivered in the second half of 2022. 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. So this is an ongoing process that will be going over and over again depending on - and you have seen us doing that even in the top every market, in the bottom and the top, it is a continuous process that we'll do replacement. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. 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 a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. 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. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. First, the pandemic highlighted the weakness of just in time manufacturing. Turning to Slide 15, you can our ESG initiatives. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). Sure. However, we do not take that for granted. Angeliki Frangou steers Navios towards emerging economies Read more about DN Media Group here. 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. 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. The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. Then Mr. Achniotis will provide an operational update and an industry overview. 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. 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. Navios Maritime: Bail-Out To Result In Frangou Regaining Control Slide 9 details our operating cash flow potential for 2021, 66% of our available base as fixed -- at an average rate of $18,612 net per day. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. But could there be any sort of headwind getting, any sort of incremental business done or extending - for or extending any particular charges to vessels. Navios Maritime Partners L.P. Secures Unitholder Approval and Completes The approved merger with Navios Container is expected to close on March 31. There's always a replacement to give, you know, one of the things that we said from, and I think, Stratos also mentioned, we have an average age. Angeliki Frangou Net Worth (2023) | wallmine Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. I would now like to turn the call over to Angeliki for her final comments. 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. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). 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. We have historically low break-even gives us on a 47,000 days. Next, Ms. Tsironi will give an overview of Navios Partners financial results. Angeliki Frangou. I think that will give us a long-term view on the right. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. 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. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. quarter of 2020. I think the - you can find one year versus three year, you have basically today discovering hugely. 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. click here. 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. 12 Ultra Rich Greeks Who Should Have Bailed Out Greece Themselves Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. Got it. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Or is this purely a fleet renewal play? You'll see the webcast link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. 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. Thank you, Daniella, and good morning to all of you joining us on today's call. 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. 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. This concludes my presentation. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. Please. This will be the highest digital rate in the past 50 years. So a few questions around this. She is not dating anyone. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. This is unique. Navios Holdings eyes further debt cuts in 'favourable' markets And do you have a maybe preference there in terms of repurchases or distribution increase? But on the other side, we are very exposed to the market. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. If you have an ad-blocker enabled you may be blocked from proceeding. We continue to renew our fleet and improve average profile. 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. Fleet utilization was approximately 99%. 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" ). Thank you, George. We are also constantly working on refinancing and extending maturities. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Net debt to book capitalization was 40% at the end of the year. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. So this portfolio in order to be kept on the same age below industry average, and create, you will always have a 10, 15 vessel. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This complete formal presentation and we open the call to questions. In the West, the worst impacts of Covid appear to be fading. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. 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. 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. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. Slide 6 goes through recent developments. Turning to Slide 19. And you need to be always running the different scenarios. Please turn to Slide 4. 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. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. Slide 10, details our strong operating free cash flow potential. What will it take to increase the distribution? Then, Mr. Achniotis will provide an operational update and the industry overview. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. click here. Becky Anderson, one of CNN International's highest profile anchors, interviewed Angeliki Frangou at Navios' offices in Piraeus, Greece to discuss the global rise of the Navios Group of Companies and her career achievements. I'll turn it over. 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. Forward-looking statements are statements that are not historical facts. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. In the East China is struggling with its zero Covid strategy.. The benefits of diversification are reflected in recent market activity. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. 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. $690 million of contracted revenue. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Please turn to Slide 5. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Our office had to remain open. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. I think this is something that we are very [technical difficulty]. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Actually, what we are doing is repositioning a fleet. She is the Chairman, Chief Executive Officer and Director of Navios Maritime Holdings., of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. 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 You have this low break-even, 2,400, historically the lowest. In Slide 14, you can see the latest update on our fleet. We have been taking advantage of robust market. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Please. 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. Angeliki Frangou | Management | Navios Maritime Acquisition Corporation Obviously it's been a large factor in the market, but has that lack of visibility to sort of the core demand created any sort of headwind to getting business done on the container shipping - just this is actually more pertinent to the container shipping side. convertible debentures (the "Convertible Debentures"). I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. 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. The information set forth herein should be understood in light of such risks. Is this happening to you frequently? Thanks, Angeliki. 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. 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. 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. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. And we have seen it. 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. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. So basically, we have a fortress balance sheet. 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. At the same time, being active in multiple sectors reveals opportunities. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. Is that a repeatable opportunity you think? Maybe just, I know, one final one I did want to ask. Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. Thank you, George. And this is the strategy going forward. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. In 2021 we've completed two mergers. 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.