What does the liquidity look like across the one year to three year time-frame? 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. Thank you. Turning to Slide 12. 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. About 91% of our debt is covered by the scrap value of our vessels alone. Everything works well, as long as the logistics chain is unchallenged. And then you mentioned the word replacement, right. You know, it's like as we die. Forward-looking statements are statements that are not historical facts. 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. 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. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Vietnam and other Southeast Asian countries, increased coal imports by 13%. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. The transaction based scale through a larger diversified asset base with an increased earning capacity. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. To read more about DN Media Group, 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. However, it should be noted that current rates are still above two times the 10-year averages. Conditions are not as favorable elsewhere. Big picture just, you should understand that all the inefficiency is net positive for our business. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. These vessels were acquired for an aggregate purchase price of $370 million. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. 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. And this is the strategy going forward. When it comes to philanthropy, Greeks invented the word, but by Chris Salboudis On Saturday December 3, 2022, after a Navios Angeliki Frangou: The Pandemic Galvanized Us! 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. So basically, we have a fortress balance sheet. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential future merger with Navios Partners to the detriment of the partnership's outside common unitholders. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. We have very strong corporate governance and clear code of ethics. And lastly, we'll open the call to take questions. But could there be any sort of headwind getting, any sort of incremental business done or extending - for or extending any particular charges to vessels. I think the - you can find one year versus three year, you have basically today discovering hugely. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. 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. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. 2021 2023 Navios South American Logistics Inc. All rights reserved. Chinese steel production surpassed the 1-billion tons mark in 2020. But most important is we need to have the right conditions. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. 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. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. 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. 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. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. 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. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. The current order book stands at a record low of 5.7% of the fleet. We have question from the line of Randall Giveans of Jefferies. 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"). However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. And then separately, can you just share generally the front and center. 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. So basically we can fix and you have seen in the container segment we fix multi-year contracts. quarter of 2020. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. Net debt/book capitalization was at a comfortable level of 41.7%. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Fleet utilization was approximately 99%. And to capture the spot market and wait for the period market to come. We don't have much information about She's past relationship and any previous engaged. Now 30,000 is a very good level. But also, would like to also use the excess in deleveraging. And we always get - we get advantage of this on the long-term period because they need of turner. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. NMM has $2.2 billion of contracted revenue. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. 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. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. Is that a repeatable opportunity you think? Of course we also entered into the crude and product tanker segment. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . Thank you. 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. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. Turning to Slide 19. 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. 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. 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. I think the number one is that, what we see is a good positioning on the company. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Please turn to Slide 17 for the review of the drybulk industry. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. Thank you, Daniella, and good morning to all of you joining us on today's call. But on this containership opportunity, how repeatable could you say that deal is? Moreover, the large asset base will provide the entity a significant parcel of collateral value. 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. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. The financial information is included in the press release and is summarized in the slide presentation on the company's website. I think that will give us a long-term view on the right. Angeliki Frangou. The big thing is about - we're looking at reducing further. We have majority independent directors and independent committees, not to say our management operations. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. 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. So, starting off with the merger, your fleet is clearly massive, it's diverse. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. We have historically low break-even gives us on a 47,000 days. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. Part 3 recaps Angeliki Frangou's career and the Navios Group. Our office had to remain open. 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. If we find opportunities, we can always expand. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. His daughter. Shipping is always very, very profitable. The Greek company's chief executive Angeliki Frangou said she was. 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. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. About 91% of our debt is covered by the scrap value of our vessels alone. Definitely looks well-timed and a good overall return. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. 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. All right, second question, looking at Slides 11 and 14, clearly showing the strength of your balance sheet, you mentioned earlier in the call, your fixed charter backlog is giving you pretty substantial cash flow visibility, very low spot day break-evens. Importantly, the precent of decrease perhaps understates the impact. Thank you for your participation. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. Okay. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). 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. 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. Finally, we have very strong corporate covenants at corded efforts. So this is a net benefit, the inefficiency. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. We actively renew and expand our fleet. Is this a view on those respective markets? Please turn to Slide 5. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. Founder of Maritime Enterprises Management SA, Angeliki N. Frangou is a businessperson who has been at the helm of 14 different companies and currently occupies the position of Chairman at IRF European Finance Investments Ltd., Chairman & Chief Executive Officer at Navios Maritime Partners LP, Chairman & Chief Executive .
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