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Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. 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. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. 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. First, Ms. Frangou will offer opening remarks. Now I will review the safe harbor statement. Thank you. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Is this happening to you frequently? 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In this limited sphere we are optimistic. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. Adjusted net income for 2020 amounted to $12.8 million. 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. 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. Its been four years since the last Posidonia. Please. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. click here. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. Slide 10, details our strong operating free cash flow potential. We have also chartered out 4,250 TEU containerships for periods between 3.5 years and 4.5 years, generating revenues of approximately $270 million. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. We have majority independent directors and independent committees, not to say our management operations. Total revenue for Q3, 2021 was $228 million compared to $64 million for the same period last year due to the expansion of our fleet and the improved time charter equivalent rate for both containers and bulkers. So you are actually creating this cash flow when the market is right. Now I will review the safe harbor statement. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown Additionally, we have a staggered maturity profile with no significant maturities through 2023. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q2 2021 Earnings Conference Call July 27, 2021 8:30 AM ET Company Participants Angeliki Frangou - Chairman and Chief Executive Officer. Service was accepted by Israel David. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. Today NMM is one of the largest U.S. publicly listed shipping companies with 15 vessel types diversified across three segment and servicing more than 10 end markets. Adjusted net income for the first nine months of 2021 amounted to $242 million compared to a $2.9 million loss for the same period last year. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. Actually, what we are doing is repositioning a fleet. 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. Just trying to understand how you're thinking about the work to be done on that side? At Navios, the pandemic galvanized us. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. 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. Purely from a point of the market, I'll say that today, you may have some more opportunities to pick up attractive dry bulk vessels because you still have some recovery. 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? 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 . With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. The increase was mainly due to the 39.3% increase in available days in Q4 2020. 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. 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. 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 We actively renew and expand our fleet. 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. Thank you. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. I am pleased with the results for the full year and fourth quarter of 2020. So you always have to be very alert to see what is the best area where the opportunity lies. George? Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. And today we fix over four years, and you know with 2.5 times the rate. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Our office had to remain open. 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. Early life and education [ edit] Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Yes, we have put out some details also in our press release today. Slide 6 details our Company highlights. And this is something that actually has benefited quite significant on these market, especially on the container. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. Yet we still have 2,473 open or index-linked days. The remaining 34% of available base that are open all on indexing chargers provided with more upside. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Thank you, Doris, and good morning to all of you joining us on today's call. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. Yes, the essence of the diversified fleet. We have - we see the potential, but we see - we need to see it materialize. 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. In the East China is struggling with its zero Covid strategy.. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. convertible debentures (the "Convertible Debentures"). NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. Please turn to Slide 19. And lastly, we'll open the call to take questions. If you have seen in container segment what we did, we - and is the example that you see on the charters we just announced, we were fixing one year. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. 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. Our merger with Navios Containers increased our containerships by 29 vessels. You need to wait and see that market develop. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. This increase in demand has led to a decline in OECD crude oil inventories, which had fallen below their five year average since February, with the largest decline coming in September as shown on the graph on the lower right. For containerships, we increased fleet size by 330% and reduced average age by 24%. Shipping is always very, very profitable. That makes sense. The round up show premieres on the 4th Wednesday of every month. 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. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. On October 15, 2021 we completed a transformative merger with Navios Acquisition. And lastly, we'll open the call to take questions. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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. quarter of 2020. 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. Demand is forecast to outpace net sales growth in both 2021 and '22. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. So this is a net benefit, the inefficiency. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. 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. Our office had to remain open. We have question from the line of Randall Giveans of Jefferies. However, we do not take that for granted. Forward-looking statements are statements that are not historical facts. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. One of the lowest on record. All vessels are expected to be delivered in the second half of 2022. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. 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. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. These together with near record low orderbook could boost crude and product tanker rates in the near term. Please turn to Slide 23. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. 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. Angeliki N. Frangou. 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. Sure. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. Other than envisioned by me, the Navios Group's largest and financially strongest publicly-listed entity, Navios Maritime Partners (NYSE:NMM) or "Navios Partners" won't be part of the bail-out, at least not at this time. To read more about DN Media Group, Read more about DN Media Group here. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. This concludes my presentation. Fleet utilization was approximately 99%. 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. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. 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. She is currently single. 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). Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. So basically we can fix and you have seen in the container segment we fix multi-year contracts. Sure. This complete formal presentation and we open the call to questions. The floor is now open for questions. Our balanced exposure across the drybulk, containership and tanker segments allow us to mitigate normal industry cyclicality and leverage fundamentals on offering across all sectors through our chartering and capital allocation and financing strategy. 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. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. I am not receiving compensation for it (other than from Seeking Alpha). Both related-party loans have a term of four years and won't require cash interest or amortization payments for an initial 18-month period (the "PIK Period"). I will briefly discuss on key balance sheet data as of December 31, 2020. 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. 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. 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. I noticed in the release, and you mentioned it also in your comments, just about securing drybulk charters in the period market when the time makes sense. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. 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. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. 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. We agreed to acquire 6 dry bulk vessels with an average age of about 2 years and sold 4 vessels with an average of about 13 years. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. I am pleased with our results for the third quarter of 2021. 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. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Angeliki? This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. 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. Please disable your ad-blocker and refresh. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. Cash and cash equivalents were $141 million. 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. The . TradeWinds is part of DN Media Group AS. Is this happening to you frequently? 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. Please. 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. We have historically low break-even gives us on a 47,000 days. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. 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. 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. 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. 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. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. 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. And then lastly, just quickly, can you provide any quarter-to-date rates for the first quarter now that we're a week away from that being concluded for the dry bulk vessels? Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. Or is this purely a fleet renewal play? Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. All grain production this year will reach a record according to the international gains counting and the USDA. Part 3 recaps Angeliki Frangou's career and the Navios Group. I think the - you can find one year versus three year, you have basically today discovering hugely. [Operator Instructions]. 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. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. We have been taking advantage of robust market. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Angeliki Frangou.
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