We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. I am not receiving compensation for it (other than from Seeking Alpha). 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. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. 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. I think this is something that we are very [technical difficulty]. 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. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. [Operator Instructions]. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. quarter of 2020. 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. Thank you. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. Thank you. Slide 10, details our strong operating free cash flow potential. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. Importantly, the precent of decrease perhaps understates the impact. At the same time, but there is increasing industrial production and economic growth in China. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. Lastly, we have a strong balance sheet with low leverage. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. 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. 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. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. As a reminder, this conference call is being webcast. You have a huge fleet, and you have a break-even per open day of 2,460. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. Angeliki? The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Thank you, Stratos. Click to read the full policy [+]. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Big picture just, you should understand that all the inefficiency is net positive for our business. 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. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. The agenda for today's call is as follows. In Slide 11, you can see the strength and stability of our balance sheet. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which would cause actual results to differ materially from the forward-looking statements. 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. The information set forth herein should be understood in light of such risks. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Our office had to remain open. The remaining 34% of available base that are open all on indexing chargers provided with more upside. 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. 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. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. 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. The . Not only does diversification provide strength but it also brings opportunity. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . We also continued to renew and expand our fleet. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Thanks you Angeliki and good morning all. For containerships, we increased fleet size by 330% and reduced average age by 24%. But don't forget, we are 86% of our available days open on drybulk. We'll take the next question from James with Citigroup. So a few questions around this. Then Mr. Achniotis will provide an operational update and an industry overview. Service was accepted by Israel David. This completes our quarterly result for NMM. But on the other side, we are very exposed to the market. Moving to the 12-month operations. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. 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. Just curious there. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. But also to, you know, a recovery on the tanker segment. 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. 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. Next, Ms. Tsironi will give an overview of Navios Partners financial results. [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. So you will see the effect of the results in April 1 and going forward. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. We actively renew and expand our fleet. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. 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 . But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Chinese steel production surpassed the 1-billion tons mark in 2020. Additionally, we have a staggered maturity profile with no significant maturities through 2023. And we have market exposure of 53.5% of our days for this year. Finally, we have very strong corporate covenants at corded efforts. NMM is differentiated by its industry-leading scale and diversified sector exposure. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. 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,. Now 30,000 is a very good level. 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 . EBITDA and net income for Q3, 2021 includes a $30.9 million gain related to the sale of three vessel, Navios Dedication, Navios [Verde] and Harmony N, a $4 million bargain purchase gain upon obtaining control of the Navios Acquisition, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. This complete formal presentation and we open the call to questions. So this is something that we are focusing very much. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. First, Ms. Frangou will offer opening remarks. Thank you, Stratos, and good morning all. 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. I'll turn it over. Demand is forecast to outpace net sales growth in both 2021 and '22. NMM is well positioned to benefit from the different sector fundamentals. The pandemic changed everything. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. And we always get - we get advantage of this on the long-term period because they need of turner. 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. Is that a repeatable opportunity you think? For the fourth quarter, we generated $35.5 million in adjusted EBITDA. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Our office had to remain open. 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 that will give us a long-term view on the right. 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"). 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. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. She is the Chairman, Chief Executive Officer and Director of Navios Maritime Holdings., of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. 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. 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. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . Definitely sounds like you have the flexibility across the board with that. That is - there is no one formula to this. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. Stratos? On October 15, 2021 we completed a transformative merger with Navios Acquisition. We are also constantly working on refinancing and extending maturities. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. Shipping is always very, very profitable. The structure provides for an effective purchase price of $41.5 million and an effective interest rate fixed for a festive period of 4.4%. Angeliki Frangou. 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. Got it. Well, thanks, Angeliki for your comments. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. If you look at the graph on the right, net fleet growth is focused to be 2.6% this year and only 0.7% for '22. 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. So this is a net benefit, the inefficiency. 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. 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. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Yes, totally understand the benefits to sort of the market capacity and rates. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Your balance sheets in great shape. The vessel we expected to be delivered in the second half of 2022. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. And lastly, we'll open the call to take questions. The current average contracted net rate of the four vessels is approximately $2,600 per day. If you have an ad-blocker enabled you may be blocked from proceeding. Read more about DN Media Group here. I think a low leverage is a big driver to our model. NMM has a solid balance sheet and a modest leverage, a healthy income statement and a pipeline of about $2.2 billion in contracted revenue. We remain disciplined. You have this low break-even, 2,400, historically the lowest. The financial information is included in the press release and is summarized in the slide presentation on the company's website. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. 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. Yes, no that's fair. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Thank you, George. Actually, what we are doing is repositioning a fleet. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. 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. And this is something that actually has benefited quite significant on these market, especially on the container. Turning to Slide 20. Vietnam and other Southeast Asian countries, increased coal imports by 13%. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. We are 86, which I think is a rather big percentage for our drybulk to be open. 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. You may now disconnect. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. 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. 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. The pandemic changed everything. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. Our merger with Navios Containers increased our containerships by 29 vessels. Adjusted net income for the quarter amounted to $12.8 million. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Just trying to understand how you're thinking about the work to be done on that side? Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. Please turn to Slide 17 for the review of the drybulk industry.
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