click here. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. 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. And NMM already has more than that contracted for 2021. It is a matter of level, and I want to remind that, and this is something in the back of our mind. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. This decline can be partially attributed to owners hesitance towards the long-lived assets in light of macroeconomic uncertainty and engine technology concerns due to upcoming CO2 restrictions. We are about two years below industry average. 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. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Lastly, we have a strong balance sheet with low leverage. Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. 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. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. We believe the sum is significantly more resilient than the individual parts. We have question from the line of Randall Giveans of Jefferies. 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. Thank you. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. NMM is well positioned to benefit from the different sector fundamentals. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. Actually, what we are doing is repositioning a fleet. This is unique. Over the PIK Period, I would estimate the amount of Convertible Debentures held by NSM to increase to almost $100 million, sufficient for Angeliki Frangou to regain full control of Navios Maritime Holdings. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. For more information about Navios Holdings please visit our website: www.navios.com. Is this a view on those respective markets? 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. 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. Cash and cash equivalents were $141 million. And that is something that we are not shy doing. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. 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. 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. Now is the important or something like an unsecured pieces that might make sense, something that basically might be a little bit more permanent piece of the capital. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Got it. The information set forth herein should be understood in light of such risks. 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. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. This concludes my presentation. We have 27,437 open in index days that can generate significant operating cash. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. 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. Just trying to understand how the fee through there. Thank you, Doris, and good morning to all of you joining us on today's call. 2021 2023 Navios South American Logistics Inc. All rights reserved. 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. Fleet utilization was approximately 99%. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. 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 also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Please turn to Slide 21 focusing on the container industry. 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. Navios Partners does not assume any obligation to update the information contained in this conference call. I wrote this article myself, and it expresses my own opinions. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Please turn to Slide 27. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. Angeliki? 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! I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. Our office had to remain open. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. 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. We see good - we see a good market potential, but we have to see it realize. That said, I would still expect Ms. Frangou to reunite both companies at an opportune time in order to grab a very substantial stake in Navios Partners as laid out in detail in my previous article. 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. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. How Angeliki Frangou became the leading Greek shipping . Thank you, George. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. 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. Thanks you Angeliki and good morning all. 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. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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. 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. Or is this purely a fleet renewal play? Angeliki N. Frangou. Then Mr. Achniotis will provide an operational update and an industry overview. In 2021 we've completed two mergers. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . 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. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. Thank you. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. 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. 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. Sure. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. The big thing is about - we're looking at reducing further. 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. 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. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. In 2017-18, Ms Frangou took advantage of lower asset prices to acquire 12 bulkers for mother company Navios Maritime Holdings and another 12 for Navios Partners. 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. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. Slide 7 sets forth key strength of the compliance entity. 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. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. 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. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. 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. As CFI box rates have climbed 222% from April 2020 to March '21, spread by the earlier start of the Chinese equality and from continuing demand for consumables and pandemic related supplies worldwide. 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. 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 . Service was accepted by Israel David. 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. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. And lastly, we'll open the call to take questions. Part 3 recaps Angeliki Frangou's career and the Navios Group. Today, the BDI stands at 2,271 with a year-to-date average more than double its level at the start of 2020, and the highest it has been in 11 years. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. The vessel we expected to be delivered in the second half of 2022. One of the lowest on record. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. 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. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. NMM has a strong balance sheet with low leverage, 43.5% in combined net-debt-to-book capitalization and man has diversification and scale with an 85 vessel fleet we ranked in the top-10 among the publicly incited cargo fleet, about 66% of our available base assets at an average charter rate of $18,612 net per day and 34% of our fleet available days are open or the index link. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Sure. A couple of questions. 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. The increase was mainly due to the 32.3% increase in available days of 2020. Please. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Also - good afternoon and also congratulations on there, your first call here post-merger. And we always get - we get advantage of this on the long-term period because they need of turner. So you will see the effect of the results in April 1 and going forward. George? In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. You know, it's like as we die. The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. 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. I am pleased with the results for the full year and fourth quarter of 2020. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. And lastly, we'll open the call to take questions. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The round up show premieres on the 4th Wednesday of every month. As a result we fixed 88.1% of our available containership days for 2022 and have $1.6 billion in total contracted revenue on charters extending through 2030. If we find opportunities, we can always expand. Read more about DN Media Group here. According to our Database, She has no children. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. The approved merger with Navios Container is expected to close on March 31. So basically, we have a fortress balance sheet. 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. 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. 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. 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. The Greek company's chief executive Angeliki Frangou said she was. Maybe just, I know, one final one I did want to ask. Turning to Slide 22. 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,. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. 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. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. Slide 6 details our Company highlights. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. This completes our Q4 results. 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. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. We aspire to have zero emissions by 2050. And we always get - we get advantage of this on the long-term period because they need of turner. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). Governments having put in place emergency monitor and fiscal plans to support the economies have kick-started faster than expected the recovery in the world economy. First, Ms. Frangou will offer opening remarks. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Is this happening to you frequently? From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Now I will review the safe harbor statement. We aspire to have zero emissions by 2050. The transaction based scale through a larger diversified asset base with an increased earning capacity. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. In addition, lender Navios Shipmanagement Holdings Corporation or "NSM" received an upfront structuring fee of $24.0 million and an undisclosed amount of accrued interest and prepayments fees also in the form of Convertible Debentures. Ms. Please move to Slide 9 which provide some selected segment data. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). Early life and education [ edit] We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. On Slide 16, you can see with our ESG initiatives. The event was held during . This does conclude today's program. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. 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. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. 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. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. The current order book stands at a record low of 5.7% of the fleet. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Turn to Slide 18. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. 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). For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. To read more about DN Media Group, Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. I think the - you can find one year versus three year, you have basically today discovering hugely. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. We continue to renew our fleet and improve average profile. Ladies and gentlemen, this does conclude today's conference call. But also, would like to also use the excess in deleveraging. Moreover, the large asset base will provide the entity a significant parcel of collateral value. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. This has led the IMF to increase its 2021 GDP growth projection to 5.5%, the highest in 50 years and 4.2% in '22. 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. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. 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. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. But just trying to understand, basically the lack of visibility has been sort of discouraged, sort of incremental ordering or sort of any commitments under customers' part. 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. As a reminder, this conference call is being webcast. I am pleased with our results for the third quarter of 2021.
Carlotz Return Policy,
Felon Smith Video,
Sidley Austin Graduate Recruitment,
Koogeek Wireless Weather Station Setup,
Articles A
angeliki frangou husband