The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. But those of us in shipping will try to understand the impact of all these things based on a simple metric on ton miles the cost of shipping one ton of freight for one mile. The proceeds of these new financing agreements together with available cash will be used to repay all outstanding Ship Mortgage Notes and redeem an additional $50.0 million of Senior Secured Notes (after which $105.0 million will remain outstanding). This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. And then lastly, just quickly, can you provide any quarter-to-date rates for the first quarter now that we're a week away from that being concluded for the dry bulk vessels? 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 . Is this happening to you frequently? We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. We also continued to renew and expand our fleet. 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. 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 . These together with near record low orderbook could boost crude and product tanker rates in the near term. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). 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. In Slide 14, you can see the latest update on our fleet. 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. The increase was mainly due to the 39.3% increase in available days in Q4 2020. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Then Mr. Achniotis will provide an operational update and an industry overview. 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. The current orderbook is 8.3% of the fleet. If these conditions happen, the next thing on the market, on the debt, I think we are in a - we can both allocate on reduction of our debt and also on actually providing to our investors. Vietnam and other Southeast Asian countries, increased coal imports by 13%. 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. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. In particular, the extremely tight availability of Panamaxes, combined with poor congestion, increasing trade and lack of new buildings has proper period time charter rates to keep 13-year highs of $37,000 per day for periods after a year. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. And we always get - we get advantage of this on the long-term period because they need of turner. The event was held during . 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. Moreover, the large asset base will provide the entity a significant parcel of collateral value. George? On the grain side, global grain trade continues to be supported by an ever-increasing world population. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Slide 7 reviews our recent development. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. In the West, the worst impacts of Covid appear to be fading. 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. 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. Now I will review the safe harbor statement. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. We can be very comfortable watching the drybulk market develop, we have 86% of our available days in the drybulk open to the market exposure because we are bullish on that. 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 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. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. So, starting off with the merger, your fleet is clearly massive, it's diverse. And also we have to see that target, which we also see a good potential to actually happen. 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. 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. Greek 'bride' celebrates her 103rd birthday in Australia Then Mr. Achniotis will provide an operational update and an industry overview. I am pleased with our results for the third quarter of 2021. To read more about DN Media Group, Adjusted net income for 2020 amounted to $12.8 million. 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. 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. Angeliki Frangou biography. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. Angeliki N. Frangou. In this limited sphere we are optimistic. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. How to pronounce Angeliki Frangou | HowToPronounce.com Fleet utilization was approximately 99%. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Please disable your ad-blocker and refresh. We remain disciplined. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. 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. Angeliki Frangou, Navios Maritime Holdings Inc: Profile and Biography But also to, you know, a recovery on the tanker segment. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. TradeWinds is part of DN Media Group AS. And then separately, can you just share generally the front and center. The merger is a week away now, right, so congrats on that. We see good - we see a good market potential, but we have to see it realize. 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. hen she referred to the Russian invasion of Ukraine and emphasized that the consequences of this war and the related sanctions are accelerating inflation and rising interest rates. 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. Please turn to Slide 23. 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. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. Year-to-date we expanded our drybulk fleet by 10 vessels increasing drybulk capacity by 36% and reducing its average age by 18% pre-acquisition calendar does not distract us from our balance sheet. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. As a reminder, this conference call is being webcast. 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. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. I am not receiving compensation for it (other than from Seeking Alpha). Slide 6 details our Company highlights. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. 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. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Sure. How Angeliki Frangou became the leading Greek shipping Today NMM is one of the largest U.S. publicly listed shipping companies with 15 vessel types diversified across three segment and servicing more than 10 end markets. And you need to be always running the different scenarios. Thanks, Angeliki. As a result we fixed 88.1% of our available containership days for 2022 and have $1.6 billion in total contracted revenue on charters extending through 2030. So we're creating this with this different two tier financing. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. If you have seen in container segment what we did, we - and is the example that you see on the charters we just announced, we were fixing one year. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. We show some vessels that were older and smaller to more commercially attractive vessels. 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. So this is a big investment for Q3. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Angeliki Frangou Net Worth (2023) | wallmine Navios Partners does not assume any obligation to update the information contained in this conference call. This factor stimulus has led to historic turnaround in global container trade. However, the results of Navios Acquisition included in the Q3 Navios Partners results are only for the period from August 26,; through September 30, 2021. Turning to Slide 12, you can see some fleet and debt updates. Thank you, Angeliki, and good morning. The information set forth herein should be understood in light of such risks. I have no business relationship with any company whose stock is mentioned in this article. You may now disconnect. Ms. NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. $690 million of contracted revenue. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. 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. The remaining 34% of available base that are open all on indexing chargers provided with more upside. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Net debt to book capitalization was 40% at the end of the year. Angeliki Frangou forced Navios Maritime Holdings' preferred shareholders into a "prisoner's dilemma" in an attempt to push them out and fatten her own bank account, a lawsuit alleges. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Or is this purely a fleet renewal play? Navios is a socially conscious group with core values include diversity, inclusion, and safety. We have been taking advantage of robust market. 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. More recently the freight market has corrected on the back of Chinese winter steel production limits and power shortages due to unavailability of gas and coal. Net debt/book capitalization was at a comfortable level of 41.7%. The company reworked its operations in offices and on board the vessels and hired a new medical team to monitor the health of all employees and crew. 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. 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. 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. We aspire to have zero emissions by 2050. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. So this is a net benefit, the inefficiency. 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. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? Food security issues driven by the pandemic as well as increasing broadening demand worldwide. 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. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022.
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