And you need to be always running the different scenarios. 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. 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. You have this low break-even, 2,400, historically the lowest. Additionally, we have a staggered maturity profile with no significant maturities through 2023.
Angeliki Frangou - Wikipedia Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. In the West, the worst impacts of Covid appear to be fading. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. 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. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. 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. 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. So this is something that we are focusing very much. What does the liquidity look like across the one year to three year time-frame? For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Document filed by Norman Roberts. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. We have 27,437 open in index days that can generate significant operating cash.
Angeliki Frangou and her brother John square up at trial in London And lastly, we'll open the call to take questions. Angeliki? I would also like to highlight that 2021 results not comparable to 2020 as in 2021 NMM acquired two companies and is expected to increase its available days by 85% in 2021 and by 171% in 2022 compared to 2020. Just trying to understand how the fee through there. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels.
Navios Forcing Investors To Forgo Dividends, Suit Says - Law360 Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. However, it should be noted that current rates are still above two times the 10-year averages. 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? NMM has $2.2 billion of contracted revenue. 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. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. 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. 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.Ms. 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 . Partners financial results. 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. She is not dating anyone. Going forward, a merger between the company and Navios Maritime Partners is still likely with Ms. Frangou grabbing a large stake in the combined entity. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. All grain production this year will reach a record according to the international gains counting and the USDA. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. Moving to the earnings highlight in Slide 13. But on this containership opportunity, how repeatable could you say that deal is? 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. And then now that, obviously, the dry bulk and containership markets are both extremely strong. If you have an ad-blocker enabled you may be blocked from proceeding.
Greek 'bride' celebrates her 103rd birthday in Australia And this is something that actually has benefited quite significant on these market, especially on the container. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. Actually, what we are doing is repositioning a fleet. You can read more about how we handle your information in our privacy policy. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. click here.
Angeliki Frangou, the Chairman & Chief Executive Officer of Navios On October 15, 2021 we completed a transformative merger with Navios Acquisition. 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. 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.
The graph on the left shows that for '21, we have to demand for the 3 major cargoes of iron ore, coal and grain is focused on increased by over 3% compared to 2020.
Angeliki Frangou, Navios Maritime Holdings Inc: Profile and Biography Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. NMM has an enhanced base to generate free cash flow. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. And that one other thing we have done is we have about $1.5 billion in, I mean, Eri will give the exact numbers, but $1.5 billion on debt. I think this is something that we are very [technical difficulty]. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. 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. 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. Is that a repeatable opportunity you think? Please turn to Slide 27. Angeliki Frangou biography. Excellent. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021.
Angeliki N. Frangou - Biography - MarketScreener.com It is a matter of level, and I want to remind that, and this is something in the back of our mind. As a reminder, this conference call is being webcast. The floor is now open for questions. So this is basically what we have been doing and what we are seeing developing. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. In this limited sphere we are optimistic. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. We are also constantly working on refinancing and extending maturities. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. At this time, I'm showing no further questions. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. 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. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Another increase in world population, food security issues driven by the pandemic as well as increasing protein demand worldwide continue to support the global grain trade. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. On August 25, 2021 Navios Partners acquired 62.4% of the equity interest in Navios Acquisition through the acquisition of 44.1 million Navios Acquisition's common shares for an aggregate investment of $150 million. Angeliki? I have no business relationship with any company whose stock is mentioned in this article. I am pleased with the results for the full year and fourth quarter of 2020. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. To read more about DN Media Group, At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. So this is a big investment for Q3. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. We also continued to renew and expand our fleet. The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. 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. 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. 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. Is this a view on those respective markets? For drybulk, we increased capacity by 36% and reduced average age by 18%. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. 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. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. 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. Turning to Slide 25. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). We see good - we see a good market potential, but we have to see it realize.
Angeliki Frangou | Management | Navios Maritime Holdings It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. 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. 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. Turning to Slide 15, you can our ESG initiatives. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. His daughter. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. Navios' fourth company, Navios South American Logistics Inc., owns and operates the largest independent dry port in the Hidrovia region of South America and one of the largest independent liquid ports in Paraguay. Definitely looks well-timed and a good overall return. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. Ladies and gentlemen, this does conclude today's conference call. 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. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. 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. Shipping is always very, very profitable. The increase was mainly due to the 39.3% increase in available days in Q4 2020. Importantly, the precent of decrease perhaps understates the impact. 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. 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. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. I'll turn it over. You building contracting was down 56% in 2020 compared to '19. Then Mr. Achniotis will provide an operational update and an industry overview. Big picture just, you should understand that all the inefficiency is net positive for our business. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. The benefits of diversification are reflected in recent market activity. Thank you, George. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 8:30 AM ET, Georgios Achniotis - EVP of Business Development. Turning to Slide 12, you can see some fleet and debt updates. First, Ms. Frangou will offer opening remarks. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. Please turn to Slide 19. Turning to Slide 20. Navios Partners does not assume any obligation to update the information contained in this conference call. Read more about DN Media Group here. Please turn to Slide 17 for the review of the drybulk industry. 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. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. 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%. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. 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. We actively renew and expand our fleet. Yes, the essence of the diversified fleet. These vessels were acquired for an aggregate purchase price of $370 million. 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. 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. 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. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have.
As a result, we re-imagined the modern shipping company. 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! This factor stimulus has led to historic turnaround in global container trade. 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. Trial in London this week will aim to settle the siblings' complicated business arrangements. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . The current orderbook stands at 6.8% of the fleet. I would now like to turn the call over to Angeliki for her final comments. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. We aspire to have zero emissions by 2050. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. Post-merger NMM will have approximately 19.7 million units outstanding. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. 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 . The financial potency of this combination can be measured through the pro forma combined results of 2020. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. We'll take the next question from James with Citigroup. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Fleet utilization was approximately 99%. The rate for 2021 is the highest in almost 50 years, and it is led by a 7.2% expansion in China, India and developing Asia. 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 . The BDI average for Q3 was 3,732, the highest quarterly average since 2008. And we always get - we get advantage of this on the long-term period because they need of turner. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). 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. 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. Stratos? Click to read the full policy [+]. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. 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. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). 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 are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. Churchs Annual Stewardship & Mistletoe Gala. Lastly within our Tanker segment, our long-term contracts provide protection and 65% of our 2022 available days remain open to capture the ongoing market recovery. And then you mentioned the word replacement, right. The information set forth herein should be understood in light of such risks. 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. But most important is we need to have the right conditions. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. The . I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 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. This does conclude today's program. We'll go next to Omar Nokta, Clarksons Securities. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. 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. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. The approved merger with Navios Container is expected to close on March 31. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Read more about DN Media Group here. 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. 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 . For Q4 of 2021, our contracted revenue exceeds total expenses by approximately $57 million and we have around 2,500 days with market exposure that will provide additional operating free cash. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. First, the pandemic highlighted the weakness of just in time manufacturing. And we always get - we get advantage of this on the long-term period because they need of turner. This will be the highest digital rate in the past 50 years. 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. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. What will it take to increase the distribution? About 91% of our debt is covered by the scrap value of our vessels alone. Turning to Slide 22. The current product tanker orderbook is 6% of the fleet, which compares favorably with the 8.4% of the fleet, which is 20 years of age or older. We believe the sum is significantly more resilient than the individual parts. 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. We have question from the line of Randall Giveans of Jefferies. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. In 2021 we've completed two mergers. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. Part 3 recaps Angeliki Frangou's career and the Navios Group. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Sure. 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. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. I wrote this article myself, and it expresses my own opinions. Yes, we have put out some details also in our press release today. And lastly, we'll open the call to take questions. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. 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 From November 1st DN Media Group is responsible for controlling your data on TradeWinds.