We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. And then you mentioned the word replacement, right. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. We see good - we see a good market potential, but we have to see it realize. 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. Then Mr. Achniotis will provide an operational update and an industry overview. 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. 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 office had to remain open. This completes our quarterly result for NMM. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. 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. The information set forth herein should be understood in light of such risks. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. 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. 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. 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. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. Thank you, George. Angeliki Frangou: A Greek shipping magnate who sails into the wind But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. We are 86, which I think is a rather big percentage for our drybulk to be open. Yes, we have put out some details also in our press release today. Roberts v. Navios Maritime Holdings, Inc. et al Angeliki Frangou | Management | Navios Maritime Acquisition Corporation In Slide 14, you can see the latest update on our fleet. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. You know, it's like as we die. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Angeliki Frangou: 'I am optimistic but I wish it were for different It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. Of course we also entered into the crude and product tanker segment. Navios Partners does not assume any obligation to update the information contained in this conference call. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. So this portfolio in order to be kept on the same age below industry average, and create, you will always have a 10, 15 vessel. About 91% of our debt is covered by the scrap value of our vessels alone. 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. There's always a replacement to give, you know, one of the things that we said from, and I think, Stratos also mentioned, we have an average age. $690 million of contracted revenue. 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. I am pleased with the results for the full year and fourth quarter of 2020. How Angeliki Frangou became the leading Greek shipping . Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. We'll go next to Omar Nokta, Clarksons Securities. And we have market exposure of 53.5% of our days for this year. Read more about DN Media Group here. 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. 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). Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. Please turn to Slide 27. And to capture the spot market and wait for the period market to come. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. 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. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. Indeed, in the US, air travel is at 2019 levels, she explained. I'll turn the call back over to Angeliki for any closing remarks. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. And this is the strategy going forward. 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. This factor stimulus has led to historic turnaround in global container trade. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. But also, would like to also use the excess in deleveraging. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. So this is something that we are focusing very much. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which would cause actual results to differ materially from the forward-looking statements. 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. Please. 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. Thank you. So we're creating this with this different two tier financing. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. Thank you. Just wanted to actually ask about how you're thinking about the capital structure from here. Governments having put in place emergency monitor and fiscal plans to support the economies have kick-started faster than expected the recovery in the world economy. Sure. Please turn to Slide 21. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. In the East China is struggling with its zero Covid strategy.. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. The benefits of diversification are reflected in recent market activity. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. And then separately, can you just share generally the front and center. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. And in terms of those sort of three, are you willing to rank at the moment of those three, which is the most appealing or if one outranks the other two or any sort of color you can give on how you are thinking strategically about whether you decide to pay down debt, pay back shareholders or grow the company. Or is this purely a fleet renewal play? Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. So this is a big investment for Q3. We have question from the line of Randall Giveans of Jefferies. So you will see the effect of the results in April 1 and going forward. 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. Navios Forcing Investors To Forgo Dividends, Suit Says - Law360 "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. 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. 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. [1] She is the chairman, chief executive officer and Director of Navios Maritime Holdings ., [2] of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. We have also chartered out 4,250 TEU containerships for periods between 3.5 years and 4.5 years, generating revenues of approximately $270 million. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. The financial information is included in the press release and is summarized in the slide presentation on the company's website. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Click to read the full policy [+]. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. 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. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. quarter of 2020. Turn to Slide 18. NMM is well positioned to benefit from the different sector fundamentals. 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. Adjusted net income for 2020 amounted to $12.8 million. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. On a combined basis, about 1/3 of our available days are open or interest team providing market exposure to capture market upside. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. 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 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. About 91% of our debt is covered by the scrap value of our vessels alone. Our fleet consists of 49 dry bulk vessels and 26 Containerships. 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? 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. Navios Maritime: Bail-Out To Result In Frangou Regaining Control 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. Building us a significant base of collateral value. 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. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Angeliki Frangou, Navios Maritime Holdings Inc: Profile and Biography Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. 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). The battle follows four legal notices filed by Frangos in. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. Thank you. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. The floor is now open for questions. To read more about DN Media Group, Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. No, yes, that makes sense. 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. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. 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. 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. And also we have to see that target, which we also see a good potential to actually happen. 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. Angeliki Frangou. Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, "We are pleased with this transformative transaction through which we created the largest U.S. publicly-listed shipping company with 15 vessel types diversified across three segments, servicing more than 10 end markets. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. These vessels were acquired for an aggregate purchase price of $370 million. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. We are not shy of actually fixing it. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. Other than envisioned by me, the Navios Group's largest and financially strongest publicly-listed entity, Navios Maritime Partners (NYSE:NMM) or "Navios Partners" won't be part of the bail-out, at least not at this time. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. The approved merger with Navios Container is expected to close on March 31. In the West, the worst impacts of Covid appear to be fading. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. Angeliki Frangou sees optimism amid chaos :: Lloyd's List To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. So this is an ongoing process that will be going over and over again depending on - and you have seen us doing that even in the top every market, in the bottom and the top, it is a continuous process that we'll do replacement. Basically, I mean, we see a lot of value on both segments. Thank you, George. Is that a repeatable opportunity you think? 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. Moving to the 12-month operations. 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.