I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. Angeliki Frangou Biography, Age, Height, Husband, Net Worth, Family Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. At the same time, being active in multiple sectors reveals opportunities. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. We remain disciplined. TradeWinds is part of DN Media Group AS. The . And today we fix over four years, and you know with 2.5 times the rate. So this is a net benefit, the inefficiency. 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. Containers $22,418 per day, and Tankers $15,066 per day. 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. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. Angeliki Frangou | Management | Navios Maritime Acquisition Corporation So, starting off with the merger, your fleet is clearly massive, it's diverse. Moving to the 12-month operations. 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 . Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. We actively renew and expand our fleet. You know, it's like as we die. And we always get - we get advantage of this on the long-term period because they need of turner. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. Eri? We continue to renew our fleet and improve average profile. Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q4 2020 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. But don't forget, we are 86% of our available days open on drybulk. No, yes, that makes sense. Angeliki Frangou Net Worth (2023) | wallmine Then, Mr. Achniotis will provide an operational update and the industry overview. Next, Ms. Tsironi will give an overview of Navios Partners financial results. 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. 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. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Service was accepted by Israel David. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. About 91% of our debt is covered by the scrap value of our vessels alone. Also - good afternoon and also congratulations on there, your first call here post-merger. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. 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. 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. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. You can read more about how we handle your information in our privacy policy. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. 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. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. 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. Our office had to remain open. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. The increase was mainly due to the 32.3% increase in available days of 2020. 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. Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. 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. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. On a combined basis, about 1/3 of our available days are open or interest team providing market exposure to capture market upside. 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. Let's not forget that the containership sector has been -- the container sector has recovered from second half of last year versus dry bulk as more this year that we are experiencing a much a different potential. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. And lastly, we'll open the call to take questions. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Please turn to Slide 21 focusing on the container industry. 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. The transaction based scale through a larger diversified asset base with an increased earning capacity. [Operator Instructions]. We don't have much information about She's past relationship and any previous engaged. 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. 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. You may now disconnect. But also to, you know, a recovery on the tanker segment. 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. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. 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. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. First Navios Maritime suit ended with revised offer. Frangou, originating from the island of Chios, Greece, is considered one of the world's shipping magnate.The powerful Greek shipowner obtained a bachelor's degree in Mechanical Engineering from Fairleigh Dickinson University and a . Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. 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 . Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. These vessels were acquired for an aggregate purchase price of $370 million. We aspire to have zero emissions by 2050. Angeliki? Everything works well, as long as the logistics chain is unchallenged. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Building us a significant base of collateral value. What will it take to increase the distribution? Turning to Slide 12. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. To read more about DN Media Group, 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. Yet we still have 2,473 open or index-linked days. 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. 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. Capital Link Forum First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha Thank you for your participation. Angeliki Frangou | Management | Navios Maritime Holdings Please turn to Slide 26, focusing on the container industry. 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, George. 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. 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. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. Cash and cash equivalents were $141 million. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. The approved merger with Navios Container is expected to close on March 31. 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. 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. 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. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. As you can see in the blue box on the lower right, increases in demand for goods, port congestion and restocking will lead to container demand growth of 6.3% in 2021, and 3.9% in '22. 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. While also allowing us to leverage each independent sectors fundamentals. Angeliki Frangou, Chairman and CEO of the Navios Group of - Yahoo! She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. Shipping is always very, very profitable. Please. For returning coal high gas prices have driven power plants to switch back to coal-fired power generation, and the IEA estimates that global coal-fired electricity generation is expected to rise by nearly 5% this year and exceed pre-pandemic levels before increasing a further 3% to an all-time high in 2022. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. Big picture just, you should understand that all the inefficiency is net positive for our business. NMM has $2.2 billion of contracted revenue. 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. So we're creating this with this different two tier financing. Read more about DN Media Group here. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. I have no business relationship with any company whose stock is mentioned in this article. We'll go next to Omar Nokta, Clarksons Securities. We show some vessels that were older and smaller to more commercially attractive vessels. Thank you, George. Could you just give a flavor of sort of what the liquidity looks like from your perspective in terms of deploying the drybulk fleet away from spot on to time charters. We aspire to have zero emissions by 2050. Moving to the earnings highlight in Slide 13. At Navios, the pandemic galvanized us. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Navios Partners does not assume any obligation to update the information contained in this conference call. Please disable your ad-blocker and refresh. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. Now I will review the safe harbor statement. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. 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. The round up show premieres on the 4th Wednesday of every month. Forward-looking statements are statements that are not historical facts. That is - there is no one formula to this. Is this happening to you frequently? Angeliki N. Frangou - Biography - MarketScreener.com The current orderbook stands at 6.8% of the fleet. If we find opportunities, we can always expand. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. 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. 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. Adjusted net income for the quarter amounted to $12.8 million. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 08:30 AM ET Company Participants Angeliki Frangou - Chairman & CEO Stratios Desypris - CFO. The above increase was partially -- the above decrease was partially mitigated by the $7.4 million increased revenues discussed above and $1.3 million decrease in Time Charter and volume expenses and a $1.1 million increase in net other income. 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. The information set forth herein should be understood in light of such risks. 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. In 2021 we've completed two mergers. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. 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. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. Angeliki? I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. This will be the highest digital rate in the past 50 years. Just trying to understand how the fee through there. Fleet utilization was approximately 99%. Additionally, we have agreed a new $52.7 million bareboat financing for two Kamsarmax vessels to be delivered in the second half of 2022 and Q1 of 2023. You have this low break-even, 2,400, historically the lowest. This is unique. 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. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. And overall we like to have a low leverage. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. 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. 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. 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. The benefits of diversification are reflected in recent market activity. [1] She is the chairman, chief executive officer and Director of Navios Maritime Holdings ., [2] of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. George? 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. According to our Database, She has no children. Angeliki Frangou biography. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Then Mr. Achniotis will provide an operational update and an industry overview. 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. 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. Angeliki Frangou tightens grip on Navios Holdings after major 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. And then you mentioned the word replacement, right. 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. 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. 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. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. I think a low leverage is a big driver to our model. To read more about DN Media Group, The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . 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. 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. All grain production this year will reach a record according to the international gains counting and the USDA. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). However, it should be noted that current rates are still above two times the 10-year averages. Holders of the company's preferred shares (NYSE:NM.PG and NYSE:NM.PH) will have to hope for a Navios Maritime Holdings / Navios Partners merger as otherwise there's no reasonable chance for these securities to recover. Turning to Slide 19. 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. A Leading Women with Becky Anderson round-up show featuring Angeliki Frangou will air on Wednesday, February 27 at 11:30am CET / 10:30 am GMT / 6:30 pm HKT and 6:30 pm CET / 5:30 pm GMT / 1:30 am Thurs HKT, and at various dates and times in March. 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. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. LEADERS Interview with Angeliki Frangou, Chairman and Chief Executive The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Ms. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Angeliki Frangou, the Chairman & Chief Executive Officer of Navios We have capitalized on the strength of the Container Ship market and fixed almost 90% of our available container days for 2021, enjoying healthy rates. And we always get - we get advantage of this on the long-term period because they need of turner. But most important is we need to have the right conditions. On Slide 8, we lay out global GDP growth since 1970. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. 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.
intelligence @ work