I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). And we always get - we get advantage of this on the long-term period because they need of turner. 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. Thank you. In the East China is struggling with its zero Covid strategy.. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. Navios Partners does not assume any obligation to update the information contained in this conference call. This completes our Q4 results. 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. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. Thank you, Doris, and good morning to all of you joining us on today's call. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. I think a low leverage is a big driver to our model. The pandemic changed everything. If we find opportunities, we can always expand. 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. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. Early life and education [ edit] Turning to Slide 12, you can see some fleet and debt updates. Read more about DN Media Group here. But most important is we need to have the right conditions. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. 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. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. Ladies and gentlemen, this does conclude today's conference call. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. The battle follows four legal notices filed by Frangos in. You may disconnect at any time. And we have seen it. Please turn to Slide 21 focusing on the container industry. We have a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. 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, Stratos, and good morning all. On Slide 8, we lay out global GDP growth since 1970. The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. 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. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. If you have an ad-blocker enabled you may be blocked from proceeding. 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. We see that it is a different set of fundamentals important. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. 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. Demand is forecast to outpace net sales growth in both 2021 and '22. However, we do not take that for granted. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. Please turn to Slide 27. This completes our formal presentation, and we open the call to questions. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. 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. 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. What will it take to increase the distribution? That is - there is no one formula to this. convertible debentures (the "Convertible Debentures"). Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . In 2021 we've completed two mergers. I will briefly discuss on key balance sheet data as of December 31, 2020. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. Then, Mr. Achniotis will provide an operational update and the industry overview. The net result is that we should have more predictable entity level return. Forward-looking statements are statements that are not historical facts. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. In Slide 15, you can see our target strategy for 2021. We stand at the crossroads, perhaps the crossroads of history. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. Partners financial results. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. 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. We'll take the next question from James with Citigroup. This factor stimulus has led to historic turnaround in global container trade. And then now that, obviously, the dry bulk and containership markets are both extremely strong. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. For more information about Navios Holdings please visit our website: www.navios.com. So this is a big investment for Q3. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. 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. Thank you, George. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. 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. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. In this limited sphere we are optimistic. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. Fleet utilization was approximately 99%. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. This completes our quarterly result for NMM. Navios uses cookies on this website. 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. I have no business relationship with any company whose stock is mentioned in this article. Sometimes it's in newbuildings, sometimes it's in secondhand vessels in different sectors. Please disable your ad-blocker and refresh. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. Stratos? And also we have to see that target, which we also see a good potential to actually happen. Angeliki Frangou led the creation of approximately $4 billion in total value at the Navios Group, comprised of four global maritime shipping and logistics companies, three of which trade on the. Excluding these items, adjusted EBITDA for the nine months of 2021 amounted about $270 million compared to $64 million for the same period last year. Please. Adjusted net income for the first nine months of 2021 amounted to $242 million compared to a $2.9 million loss for the same period last year. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. And overall we like to have a low leverage. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. 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 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 increase was mainly due to the 39.3% increase in available days in Q4 2020. Please turn to Slide 4. Please turn to Slide 26, focusing on the container industry. While we are positioned to capture the market upside, through our forward available days, our diversified chartering strategy has enabled to secure a pipeline of over $2.2 billion of contracted revenue. Thank you. 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. So any plans for further asset sales, especially on those older vessels? I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. The bailout terms will likely result in Angeliki Frangou regaining full control of her shipping empire over the next 18 months with the ultimate outcome likely a merger between Navios Maritime Holdings and Navios Partners with Ms. Frangou grabbing a large stake in the combined company. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. So this is something that we are focusing very much. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. Yes, no that's fair. 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. The floor is now open for questions. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. Just curious there. In the long run, she adder, Navios people believe that their re-imagined business will provide reasonably stable returns as the financial results of stronger sectors offset the financial results of sectors performing less well. I think we are evolving from a world of just in time manufacturing to just in case where countries and companies purposefully build redundant systems. We have - we see the potential, but we see - we need to see it materialize. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Angeliki Frangou led the creation of approximately $4 billion in total value at the Navios Group, comprised of four global maritime shipping and logistics companies, three of which trade on the New York Stock Exchange, including Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Acquisition Corporation (NYSE: NNA). 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. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Moving to the 12-month operations. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. 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.
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