A couple of questions. Yes, no that's fair. In Slide 15, you can see our target strategy for 2021. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. 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. When talking about ESG, I think it's important to remind people that Transocean exiting is the most environmentally friendly means of transportation as it is the most carbon efficient mobile transport. 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. 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. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . And NMM already has more than that contracted for 2021. The battle follows four legal notices filed by Frangos in.
Angeliki Frangou, the Chairman & Chief Executive Officer of Navios Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. 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 N. Frangou - Biography - MarketScreener.com 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. 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? About 91% of our debt is covered by the scrap value of our vessels alone. 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. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. Please turn now to Slide 24 for the review of the tanker industry. Thank you. 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. Got it. Angeliki Frangou biography. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. I have no business relationship with any company whose stock is mentioned in this article. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. 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. These together with near record low orderbook could boost crude and product tanker rates in the near term.
Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q4 2020 Just trying to understand how the fee through there. 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 . I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. NMM has $2.2 billion of contracted revenue. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. The financial information is included in the press release and is summarized in the slide presentation on the company's website. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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. 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. Meanings for Angeliki Frangou A popular Greek shipowner and Director who served as a Chief Executive Officer of Navios Maritime Holdings. Forward-looking statements are statements that are not historical facts. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Sure. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. And some are shown on the chart on the bottom of the slide, we have increased available days by 171% to 47,268 available days. Then, Mr. Achniotis will provide an operational update and the industry overview. So, on that, what - after these two conditions, we are seeing as a return, a total return to our investor is an important part of our strategy. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. Now I will review the safe harbor statement. Cash and cash equivalents were $141 million. Or is this purely a fleet renewal play? Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand.
Roberts v. Navios Maritime Holdings, Inc. et al The merger is a week away now, right, so congrats on that. Shipping is always very, very profitable. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. The round up show premieres on the 4th Wednesday of every month. Our three pillars are now working well, both drybulk and containership sectors are performing and the tanker sector has improved materially in the past few months with more improvement expected. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. This completes our quarterly result for NMM. We believe the sum is significantly more resilient than the individual parts. But on this containership opportunity, how repeatable could you say that deal is? We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. Fleet utilization was approximately 99%. I am not receiving compensation for it (other than from Seeking Alpha). Angeliki Frangou (left) is seen with her brother John Frangos in 2012. 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. 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. Net debt/book capitalization was at a comfortable level of 41.7%. For 2022 we expect a historically low break-even of $2,459 per open day with 20 - with - our busy acquisition calendar has not distracted us from our balance sheet, we remain disciplined. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. His daughter. 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. Cash and cash equivalents was $30.7 million. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. 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. TradeWinds is part of DN Media Group AS. 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. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. Sure. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. What does the liquidity look like across the one year to three year time-frame? Please disable your ad-blocker and refresh. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Navios Partners does not assume any obligation to update the information contained in this conference call. I'll turn it over. For 2022 we have fixed approximately 42% of our open days at $29,350 per day and our contracted revenue provides for a break-even of $2,469 per open day. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. First, the pandemic highlighted the weakness of just in time manufacturing. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. 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. Then Mr. Achniotis will provide an operational update and an industry overview. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. 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. And that is something that we are not shy doing. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. However, it should be noted that current rates are still above two times the 10-year averages. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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 have been taking advantage of robust market. Thank you. Basically, I mean, we see a lot of value on both segments. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. At Navios, the pandemic galvanized us. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. I am pleased with the results for the full year and fourth quarter of 2020. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. The current orderbook is 8.3% of the fleet. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Yes, totally understand the benefits to sort of the market capacity and rates. We - the announcement we did between the six new buildings that we did for five years and the four other vessels, we did quite significant number of what we say, 600 and $690 million of contracted revenue. 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. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. George? 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. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. The current order book stands at a record low of 5.7% of the fleet. convertible debentures (the "Convertible Debentures"). Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007.
Our fleet consists of 49 dry bulk vessels and 26 Containerships. click here. As to our balance sheet update, we are in advanced discussions to finalize a $116 million loan to refinance in upcoming months and upcoming maturities in the third quarter of 2021. 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. Our merger with Navios Containers increased our containerships by 29 vessels. 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. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Is this happening to you frequently? Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. Just curious there. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? 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. This complete formal presentation and we open the call to questions.
Navios' Angeliki Frangou: "The Pandemic Galvanized Us"! - Neo Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. quarter of 2020. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. click here. The floor is now open for questions. We have historically low break-even gives us on a 47,000 days. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. At the same time, being active in multiple sectors reveals opportunities. The agenda for today's call is as follows. We are 86, which I think is a rather big percentage for our drybulk to be open.
The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. In 2017-18, Ms Frangou took advantage of lower asset prices to acquire 12 bulkers for mother company Navios Maritime Holdings and another 12 for Navios Partners. While also allowing us to leverage each independent sectors fundamentals. All grain production this year will reach a record according to the international gains counting and the USDA. [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. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Adjusted net income for the quarter amounted to $12.8 million. Thank you, Daniella, and good morning to all of you joining us on today's call. 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.
Angeliki Frangou | Management | Navios Maritime Holdings For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. 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. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. 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 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. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. But most important is we need to have the right conditions. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. Maybe just, I know, one final one I did want to ask. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. Please turn to Slide 26, focusing on the container industry. So, how much is Angeliki Frangou worth at the age of 56 years old? The information set forth herein should be understood in light of such risks. Please turn to Slide 18. At this time, I'm showing no further questions. I think the number one is that, what we see is a good positioning on the company. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. 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. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. 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. 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. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Definitely looks well-timed and a good overall return. 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. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. So this is an ongoing process that will be going over and over again depending on - and you have seen us doing that even in the top every market, in the bottom and the top, it is a continuous process that we'll do replacement. Please disable your ad-blocker and refresh. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. 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. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. If you have an ad-blocker enabled you may be blocked from proceeding. Click to read the full policy [+]. 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.
Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. 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. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. Is that a repeatable opportunity you think?