To read more about DN Media Group, Our office had to remain open. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. A Leading Women with Becky Anderson round-up show featuring Angeliki Frangou will air on Wednesday, February 27 at 11:30am CET / 10:30 am GMT / 6:30 pm HKT and 6:30 pm CET / 5:30 pm GMT / 1:30 am Thurs HKT, and at various dates and times in March. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Please disable your ad-blocker and refresh. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. The agenda for today's call is as follows. 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. Just trying to understand how you're thinking about the work to be done on that side? Slide 10, details our strong operating free cash flow potential. 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). The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. 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 . 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. Sure. You can read more about how we handle your information in our privacy policy. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. Eri? 12 Ultra Rich Greeks Who Should Have Bailed Out Greece Themselves This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Is this happening to you frequently? So, how much is Angeliki Frangou worth at the age of 56 years old? 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. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. Basically, I mean, we see a lot of value on both segments. 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. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Next, Mr. Desypris will give an overview of Navios Partners segment data. Not only does diversification provide strength but it also brings opportunity. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. And to capture the spot market and wait for the period market to come. 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. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. 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. This complete formal presentation and we open the call to questions. Now I will review the safe harbor statement. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. You know, it's like as we die. 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. Angeliki Frangou Net Worth (2023) | wallmine You can read more about how we handle your information in our privacy policy. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. 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. 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. 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22. click here. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. So this is a net benefit, the inefficiency. Then Mr. Achniotis will provide an operational update and an industry overview. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. So think about something between five vessels to 10 vessels to a minimum per year you will have to replace, because either this is the way, or you see that vessel may have - may come in to - you see that the potential in 2023 and we have more consumption, for different technological or commercial reasons or CapEx you have to put. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. Churchs Annual Stewardship & Mistletoe Gala. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. 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. Please. Angeliki Frangou biography. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. In the East China is struggling with its zero Covid strategy.. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. You have this low break-even, 2,400, historically the lowest. TradeWinds is part of DN Media Group AS. Please disable your ad-blocker and refresh. And then now that, obviously, the dry bulk and containership markets are both extremely strong. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. 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. 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. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. So we're creating this with this different two tier financing. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Forward-looking statements are statements that are not historical facts. Thank you, Stratos. About one-third of our fleet will be in each of the dry . For more information about Navios Holdings please visit our website: www.navios.com. click here. Angeliki Frangou sees optimism amid chaos :: Lloyd's List Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). However, we do not take that for granted. If you have an ad-blocker enabled you may be blocked from proceeding. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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 Our office had to remain open. 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. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. I think that will give us a long-term view on the right. Lastly, we have a strong balance sheet with low leverage. Slide 10 shows our combined liquidity as of December 31, 2020, we had total cash of $38.3 million and total borrowings of $719 million. The . Long-term borrowings, including the current portion, net of deferred fees amounted to $486.9 million. 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. Please turn to Slide 23. 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. If we find opportunities, we can always expand. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. 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. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. Navios uses cookies on this website. 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. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. For returning coal high gas prices have driven power plants to switch back to coal-fired power generation, and the IEA estimates that global coal-fired electricity generation is expected to rise by nearly 5% this year and exceed pre-pandemic levels before increasing a further 3% to an all-time high in 2022. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. At Navios, the pandemic galvanized us. So this is something that we are focusing very much. Navios Holdings eyes further debt cuts in 'favourable' markets 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. We believe the sum is significantly more resilient than the individual parts. 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. Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. One of the lowest on record. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. I think a low leverage is a big driver to our model. We have been profitable in Q4 as contracted revenue exceeds total expenses by $57 million, yet we still have about 2,473 open and index-linked days. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. The pandemic changed everything. Of course we also entered into the crude and product tanker segment. 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. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. The current average contracted net rate of the four vessels is approximately $2,600 per day. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . 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. Angeliki? Our 2021 contracted revenue exceeded our total fleet expenses by $12.6 million, with more than 1/3 of our available base open and index linked, there is an ample opportunity to provide further free cash flow. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. Now 30,000 is a very good level. I would now like to turn the call over to Angeliki for her final comments. And we always get - we get advantage of this on the long-term period because they need of turner. Navios is a socially conscious group with core values include diversity, inclusion, and safety. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. And then separately, can you just share generally the front and center. 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. So you are actually creating this cash flow when the market is right. According to our Database, She has no children. 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. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. Nikos Fragos and daughter Angeliki Frangou Greek Shipping Awards and TradeWinds Wealth: $192 million (151 million) Industry: Shipping Nikos started Good Faith Shipping Co in 1966. As a result, we re-imagined the modern shipping company. 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. 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. And NMM already has more than that contracted for 2021. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. I will briefly discuss on key balance sheet data as of December 31, 2020. 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. We are also constantly working on refinancing and extending maturities. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. We stand at the crossroads, perhaps the crossroads of history. You'll see the webcast 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. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Please turn to Slide 21. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. I think the - you can find one year versus three year, you have basically today discovering hugely. And today we fix over four years, and you know with 2.5 times the rate. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. And do you have a maybe preference there in terms of repurchases or distribution increase? So we need to wait for the drybulk, we enjoy the - we have the luxury because of our balance sheet and a low break-even to really to have the luxury to be open. Is this a view on those respective markets? We show some vessels that were older and smaller to more commercially attractive vessels. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. 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. Click to read the full policy [+]. Angeliki Frangou, chief executive of Navios Maritime Holdings, is being sued in New York federal court, alleging she tried to force out preferred shareholders to enrich herself. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. The increase was mainly due to the 39.3% increase in available days in Q4 2020. 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. On the grain side, global grain trade continues to be supported by an ever-increasing world population. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . You need to wait and see that market develop. Conditions are not as favorable elsewhere. Finally, we have very strong corporate covenants at corded efforts. 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. First, Ms. Frangou will offer opening remarks. NMM is well positioned to benefit from the different sector fundamentals. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Yes, we have put out some details also in our press release today. 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 . Everything works well, as long as the logistics chain is unchallenged. We aspire to have zero emissions by 2050. 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. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. The floor is now open for questions. 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. 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