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Net debt to book capitalization was 40% at the end of the year. 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. On Slide 16, you can see with our ESG initiatives. Ladies and gentlemen, this does conclude today's conference call. So this is a big investment for Q3. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown Is this happening to you frequently? Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. If you have an ad-blocker enabled you may be blocked from proceeding. [Operator Instructions]. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. So basically we can fix and you have seen in the container segment we fix multi-year contracts. This concludes my presentation. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. Just to remind you, for your modeling purpose, so just to remind you that Navios containers the full results will be included in our results from first April as the measure is expected to close on March 31. 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. The realities we see our service as a growth platform that we're in the right part of the cycle, meaning we see great upside potential with our fleet. CEO and Chairwoman Angeliki Frangou recently disclosed a 40.8% ownership stake on an as-converted basis and indicated her intention to purchase additional common shares for up to $20 million. Just curious there. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. Turning to Slide 20. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. Is this a view on those respective markets? 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. To read more about DN Media Group, So you have 140 vessels to 150 vessels, is that the kind of range you want to stay with or with those kind of asset sales kind of bring down the fleet levels from these numbers? Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. Slide 10 shows our combined liquidity as of December 31, 2020, we had total cash of $38.3 million and total borrowings of $719 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. You have a huge fleet, and you have a break-even per open day of 2,460. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. 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. First Navios Maritime suit ended with revised offer. For drybulk, we increased capacity by 36% and reduced average age by 18%. convertible debentures (the "Convertible Debentures"). 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. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. We can be very comfortable watching the drybulk market develop, we have 86% of our available days in the drybulk open to the market exposure because we are bullish on that. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. 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. Now 30,000 is a very good level. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). Also, we agreed to acquire a new building Capesize vessel for $31.6 million. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. As a reminder, this conference call is being webcast. Governments having put in place emergency monetary and fiscal plans to support their economies has kick-started faster than expected recovery in the world economy. 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. Sure. Containership demand growth of 5.7% in 2021 and 3.7% in '22 is expected to exceed supply a pent-up demand for congestion, restocking and increases in consumer demand for goods all support increasing Connie volumes. And what we are looking is how this investment we did will play. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. I would now like to turn the call over to Angeliki for her final comments. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. And today we fix over four years, and you know with 2.5 times the rate. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. I think a low leverage is a big driver to our model. 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. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. 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. 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 now to Slide 24 for the review of the tanker industry. So you always have to be very alert to see what is the best area where the opportunity lies. 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. Your balance sheets in great shape. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. The company reworked its operations in offices and on board the vessels and hired a new medical team to monitor the health of all employees and crew. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. This complete formal presentation and we open the call to questions. Okay. More specifically, we have contracted our six newbuilding containerships delivering in 2023 and 2024 for five years at an average rate of $37,050 net per day generating about $420 million of contracted revenue. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. We continue to renew our fleet and improve average profile. 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. And then separately, can you just share generally the front and center. Importantly, the precent of decrease perhaps understates the impact. This is unique. Turning to Slide 12. Just trying to understand how the fee through there. 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 $2.2 billion of contracted revenue. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. We'll take the next question from James with Citigroup. 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. All grain production this year will reach a record according to the international gains counting and the USDA. Thank you. Year-to-date we expanded our drybulk fleet by 10 vessels increasing drybulk capacity by 36% and reducing its average age by 18% pre-acquisition calendar does not distract us from our balance sheet. 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. To read more about DN Media Group, Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Angeliki? First, the pandemic highlighted the weakness of just in time manufacturing. His daughter. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. 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. We have very strong corporate governance and clear code of ethics. So any plans for further asset sales, especially on those older vessels? Thank you, Doris, and good morning to all of you joining us on today's call. Definitely looks well-timed and a good overall return. We aspire to have zero emissions by 2050. So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. Thank you for your participation. 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. 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. So the target is always to bring down the debt and that is to about 20%. Eri? But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. CNN International's Leading Women with Becky Anderson airs every Tuesday on News Stream at 9:00 pm HKT/ 1:00 pm GMT / 8:00 am ET and Connect the World with Becky Anderson at 5:00 am HKT / 9:00 pm GMT / 4:00 pm ET. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. I think this is something that we are very [technical difficulty]. In Slide 15, you can see our target strategy for 2021. You know, it's like as we die. 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. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. The merger is a week away now, right, so congrats on that. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. 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. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. 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. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. And then I guess on the other hand, any plans for further growth in either of the three sectors that you now have exposure to? We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. Despite the pandemic, China set another year record for iron ore imports in 2020 at about 1.15 billion tons which is an increase of 9.4% over '19. The financial information is included in the press release and is summarized in the slide presentation on the company's website. Angeliki? But don't forget, we are 86% of our available days open on drybulk. So a few questions around this. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Asian coal imports, which account for over 80% of the world's imports trade, are expected to increase by 4.3% in 2021, following a decline of 6.8% in 2020. 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. These together with near record low orderbook could boost crude and product tanker rates in the near term. Long-term borrowings, including the current portion, net of deferred fees amounted to $486.9 million. Thank you, George. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. And lastly, we'll open the call to take questions. You building contracting was down 56% in 2020 compared to '19. So this is something that we are focusing very much. Angeliki Frangou biography. We have been taking advantage of robust market. You need to wait and see that market develop. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. And then now that, obviously, the dry bulk and containership markets are both extremely strong. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. 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. Ms. 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. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. Our office had to remain open. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. Please turn to Slide 18. We have currently fixed 66% of our 29,526 available days for 2021. 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. Is this happening to you frequently? The financial potency of this combination can be measured through the pro forma combined results of 2020. Please disable your ad-blocker and refresh. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. Lastly, we have a strong balance sheet with low leverage. 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. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. That is - there is no one formula to this. Next, Mr. Desypris will give an overview of Navios Partners segment data. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. This completes our quarterly result for NMM. 67 WALL STREET, New York - September 27, 2012 - The Wall Street Transcript has just published its Transportation and Logistics Report offering a timely review of the sector to serious investors and industry . 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. 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. TradeWinds is part of DN Media Group AS. Our office had to remain open. These vessels were acquired for an aggregate purchase price of $370 million. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. And lastly, we'll open the call to take questions. 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. 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. 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. On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). 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. So, how much is Angeliki Frangou worth at the age of 56 years old? For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. So basically, we have a fortress balance sheet. Turning to Slide 15, you can our ESG initiatives. Please turn to Slide 5. 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. in Stamford Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the. Slide 6 goes through recent developments. Moving to the earnings highlight in Slide 13. Cash and cash equivalents were $141 million. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. On the grain side, global grain trade continues to be supported by an ever-increasing world population. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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. Basically, I mean, we see a lot of value on both segments. If you have an ad-blocker enabled you may be blocked from proceeding. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. At this point, I would like to turn the call over to Mr. Stratos Desypris, Navios Partners' CFO, who will take you through the results of the Fourth Quarter and Full Year of 2020. Thank you. About 91% of our debt is covered by the scrap value of our vessels alone. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. 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. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. And I think on a - it seems to be that Q3 was the low part of the tanker segment, and we are seeing the market slowly recovering. 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. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. According to our Database, She has no children. All vessels are expected to be delivered in the second half of 2022. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. At Navios, the pandemic galvanized us. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. Stratos? Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Or is this purely a fleet renewal play? And NMM already has more than that contracted for 2021. Then, Mr. Achniotis will provide an operational update and the industry overview. You have this low break-even, 2,400, historically the lowest. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. quarter of 2020. Moving from strength to strength in our drybulk segment, we continue to benefit from a strong spot market with 87% of our 2022 available days exposed to market rate and we remain positioned to fix vessels on attractive period charters are available. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. 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. And overall we like to have a low leverage. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. If we find opportunities, we can always expand. The battle follows four legal notices filed by Frangos in Greece late last year, containing a raft of accusations against his sister and two companies she controls. 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. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. Please. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We are also constantly working on refinancing and extending maturities. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. 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. The current average contracted net rate of the four vessels is approximately $2,600 per day. 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. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. In Slide 14, you can see the latest update on our fleet. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Navios Partners does not assume any obligation to update the information contained in this conference call. But most important is we need to have the right conditions. Yes, thank you. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. We are about two years below industry average. Please move to Slide 9 which provide some selected segment data. I think the number one is that, what we see is a good positioning on the company. So what you should expect from us is a replacement of assets, the new and of fleet, which is part of our ongoing process and strong cash generation with a deleveraging effect. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. The current orderbook is 8.3% of the fleet. Yes, the essence of the diversified fleet. 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. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Angeliki Frangou. Everything works well, as long as the logistics chain is unchallenged. No, yes, that makes sense. Navios uses cookies on this website. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. 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. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. Slide 6 details our Company highlights. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. Big picture just, you should understand that all the inefficiency is net positive for our business. Of course we also entered into the crude and product tanker segment.