Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. 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. 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. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. While also allowing us to leverage each independent sectors fundamentals. Thank you, George. 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 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. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. 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. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Thanks you Angeliki and good morning all. 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. About 91% of our debt is covered by the scrap value of our vessels alone. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Our merger with Navios Containers increased our containerships by 29 vessels. But also, would like to also use the excess in deleveraging. Forward-looking statements are statements that are not historical facts. This completes our quarterly result for NMM. Angeliki? So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. In Slide 14, you can see the latest update on our fleet. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). And then going forward, which subsector would you maybe look to grow? The transaction based scale through a larger diversified asset base with an increased earning capacity. At Navios, the pandemic galvanized us. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. And what we are looking is how this investment we did will play. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. 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. Moreover, the large asset base will provide the entity a significant parcel of collateral value. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. Moving to the 12-month operations. 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. You can read more about how we handle your information in our privacy policy. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. 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. 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. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. 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. So basically we can fix and you have seen in the container segment we fix multi-year contracts. Angeliki Frangou biography. We believe the sum is significantly more resilient than the individual parts. All grain production this year will reach a record according to the international gains counting and the USDA. Angeliki N. Frangou. 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. This completes our formal presentation, and we open the call to questions. Fleet utilization was approximately 99%. Turning to Slide 12. 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 . And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). We have majority independent directors and independent committees, not to say our management operations. 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. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. 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 pandemic changed everything. 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. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. But we have the luxuries. 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. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. In conclusion, positive demand fundamentals, mainly due to the start of economic activity around the world, along with reduced fleet availability, should continue to support both the dry bulk and containerized shipping industries in their continuing effort to mitigate through raising pandemic stall. I wrote this article myself, and it expresses my own opinions. I think the - you can find one year versus three year, you have basically today discovering hugely. You may now disconnect. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). We remain disciplined. 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. 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. Net debt to book capitalization was 40% at the end of the year. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. And NMM already has more than that contracted for 2021. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q2 2021 Earnings Conference Call July 27, 2021 8:30 AM ET Company Participants Angeliki Frangou - Chairman and Chief Executive Officer. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. NMM is well positioned to benefit from the different sector fundamentals. Yes, we have put out some details also in our press release today. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. 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 . You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. 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. 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. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. 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. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. We continue to renew our fleet and improve average profile. 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. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. The approved merger with Navios Container is expected to close on March 31. This completes our Q4 results. 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. About 91% of our debt is covered by the scrap value of our vessels alone. Thank you. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile.
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