Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. According to our Database, She has no children. Then, Mr. Achniotis will provide an operational update and the industry overview. At the same time, being active in multiple sectors reveals opportunities. Ms. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Thank you. So basically, we have a fortress balance sheet. 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. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Okay. As CFI box rates have climbed 222% from April 2020 to March '21, spread by the earlier start of the Chinese equality and from continuing demand for consumables and pandemic related supplies worldwide. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. 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. How Angeliki Frangou became the leading Greek shipping . 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. So this is a net benefit, the inefficiency. Is this happening to you frequently? It will take some time, I mean, there is good, I mean, we show volatility, we went to gates from 80,000, we are down to around 30,000. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. 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. Your balance sheets in great shape. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Big picture just, you should understand that all the inefficiency is net positive for our business. Sure. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. Adjusted net income for the quarter amounted to $12.8 million. Slide 7 reviews our recent development. 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 Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. 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. Our available days increased by 63% to 20,421, while the average nine month 2021 combined time charter equivalent rate increased by 76% to 20,991. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Then Mr. Achniotis will provide an operational update and an industry overview. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. 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. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. We show some vessels that were older and smaller to more commercially attractive vessels. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. Please turn to Slide 21. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. So you are actually creating this cash flow when the market is right. This factor stimulus has led to historic turnaround in global container trade. 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. The information set forth herein should be understood in light of such risks. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. 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. Churchs Annual Stewardship & Mistletoe Gala. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. We have been taking advantage of robust market. Now is the important or something like an unsecured pieces that might make sense, something that basically might be a little bit more permanent piece of the capital. 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. So, it's not that we are basically - it's not a number, but you will need to do, you know, sell and manage the technology. Our office had to remain open. We also continued to renew and expand our fleet. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. First Navios Maritime suit ended with revised offer. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. 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. I would now like to turn the call over to Angeliki for her final comments. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. 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. On the grain side, global grain trade continues to be supported by an ever-increasing world population. Turning to Slide 25. And then separately, can you just share generally the front and center. NMM has an enhanced base to generate free cash flow. All grain production this year will reach a record according to the international gains counting and the USDA. Excellent. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. The lender has the option to convert any portion of the outstanding balance under the Convertible Debentures into shares of common stock of Navios Holdings at a conversion price of $3.93 at any time. And NMM already has more than that contracted for 2021. Now I will review the safe harbor statement. Yes, we have put out some details also in our press release today. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. We aspire to have zero emissions by 2050. Obviously it's been a large factor in the market, but has that lack of visibility to sort of the core demand created any sort of headwind to getting business done on the container shipping - just this is actually more pertinent to the container shipping side. 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. 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. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Please turn now to Slide 24 for the review of the tanker industry. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. 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. 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. Forward-looking statements are statements that are not historical facts. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Please disable your ad-blocker and refresh. 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. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Disclosure: 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. 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 we have seen it. Sure. 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. 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? Please turn to Slide 17 for the review of the drybulk industry. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Please disable your ad-blocker and refresh. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. For more information about Navios Holdings please visit our website: www.navios.com. The transaction based scale through a larger diversified asset base with an increased earning capacity. We have very strong corporate governance and clear code of ethics. 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. Thank you, George. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. 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%. 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. Importantly, the precent of decrease perhaps understates the impact. 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. Please disable your ad-blocker and refresh. We believe that the overall tanker orderbook and fleet are well-balanced as the IMO 2023 and ballast water management regulations will lead to some vessel retirements in the coming months. Turn to Slide 18. 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. 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. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. Turning to Slide 12. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. 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. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. So this is basically what we have been doing and what we are seeing developing. The . For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. 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. 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. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Please turn to Slide 27. Thank you, Stratos, and good morning all. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. I'll turn it over. Purely from a point of the market, I'll say that today, you may have some more opportunities to pick up attractive dry bulk vessels because you still have some recovery. The loan terms also provide for prepayment premiums ranging from 5%-10% during the first 36 months which would also be payable in the form of Convertible Debentures. In Slide 15, you can see our target strategy for 2021. 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. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. 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. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. 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. She is not dating anyone. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. 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. 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. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. As a reminder, this conference call is being webcast.
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