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The transaction based scale through a larger diversified asset base with an increased earning capacity. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 08:30 AM ET Company Participants Angeliki Frangou - Chairman & CEO Stratios Desypris - CFO. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. We'll take the next question from James with Citigroup. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. So a few questions around this. We have 27,437 open in index days that can generate significant operating cash. Turning to Slide 19. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Definitely sounds like you have the flexibility across the board with that. This concludes my presentation. The financial information is included in the press release and is summarized in the slide presentation on the company's website. 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. 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. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Net debt to book capitalization was 40% at the end of the year. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. The net book is expected to close on March 31, 2021. quarter of 2020. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. Navios Forcing Investors To Forgo Dividends, Suit Says - Law360 Moving from strength to strength in our drybulk segment, we continue to benefit from a strong spot market with 87% of our 2022 available days exposed to market rate and we remain positioned to fix vessels on attractive period charters are available. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. I think the - you can find one year versus three year, you have basically today discovering hugely. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. Angeliki Frangou - Wikipedia Now I will review the safe harbor statement. 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. On October 15, 2021 we completed a transformative merger with Navios Acquisition. So basically, we have a fortress balance sheet. I think this is something that we are very [technical difficulty]. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. On Slide 16, you can see with our ESG initiatives. Greek 'bride' celebrates her 103rd birthday in Australia This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. And then going forward, which subsector would you maybe look to grow? 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. If everyone dies, it is not anymore existing. I have no business relationship with any company whose stock is mentioned in this article. Greek authorities freeze bank accounts belonging to Angeliki Frangrou The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. Angeliki Frangou. 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. 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 . Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Forward-looking statements are statements that are not historical facts. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. CNN International's Leading Women with Becky Anderson airs every Tuesday on News Stream at 9:00 pm HKT/ 1:00 pm GMT / 8:00 am ET and Connect the World with Becky Anderson at 5:00 am HKT / 9:00 pm GMT / 4:00 pm ET. 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. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Thank you. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. At the same time, but there is increasing industrial production and economic growth in China. The big thing is about - we're looking at reducing further. Yes, thank you. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Ladies and gentlemen, this does conclude today's conference call. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. 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. 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. In this process we have been pioneering and are adopting certain environmental regulations up to two years in advance, aiming to be one of the first fleets to achieve full compliance. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. 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. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. We are also constantly working on refinancing and extending maturities. You know, it's like as we die. Angeliki Frangou | Navios Logistics I'll turn it over. Read more about DN Media Group here. Please turn to Slide 18. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. TradeWinds is part of DN Media Group AS. Now 30,000 is a very good level. Maybe just, I know, one final one I did want to ask. The floor is now open for questions. Navios Holdings eyes further debt cuts in 'favourable' markets 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. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. We have - we see the potential, but we see - we need to see it materialize. Navios is a socially conscious group with core values include diversity, inclusion, and safety. Churchs Annual Stewardship & Mistletoe Gala. If you look at the graph on the right, net fleet growth is focused to be 2.6% this year and only 0.7% for '22. But also, would like to also use the excess in deleveraging. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. How to pronounce Angeliki Frangou | HowToPronounce.com 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. Angeliki Frangou Net Worth (2023) | wallmine 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. For more information about Navios Holdings please visit our website: www.navios.com. The round up show premieres on the 4th Wednesday of every month. NMM is well positioned to benefit from the different sector fundamentals. I think that will give us a long-term view on the right. About one-third of our fleet will be in each of the dry . Angeliki Frangou tightens grip on Navios Holdings after major The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. Yet we still have 2,473 open or index-linked days. 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. Shipping is always very, very profitable. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Trial in London this week will aim to settle the siblings' complicated business arrangements. Cash and cash equivalents were $141 million. Adjusted net income for 2020 amounted to $12.8 million. Thank you. Slide 7 sets forth key strength of the compliance entity. These together with near record low orderbook could boost crude and product tanker rates in the near term. Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So this is basically what we have been doing and what we are seeing developing. We have very strong corporate governance and clear code of ethics. Just to remind you, for your modeling purpose, so just to remind you that Navios containers the full results will be included in our results from first April as the measure is expected to close on March 31. We are about two years below industry average. 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 We are not shy of actually fixing it. Importantly, the precent of decrease perhaps understates the impact. This has led the IEA to project Q4, 2021 oil demand to return close to 2019 levels, which is shown on the graph on the lower left. Please turn to Slide 23. Cash and cash equivalents was $30.7 million. Navios' Angeliki Frangou: "The Pandemic Galvanized Us"! - Neo You can read more about how we handle your information in our privacy policy. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. We believe the sum is significantly more resilient than the individual parts. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Angeliki Frangou steers Navios towards emerging economies As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. All vessels are expected to be delivered in the second half of 2022. This factor stimulus has led to historic turnaround in global container trade. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. 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. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. 20 Angeliki Frangou, Navios :: Lloyd's List And we have market exposure of 53.5% of our days for this year. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. NMM has an enhanced base to generate free cash flow. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. 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. I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. The agenda for today's call is as follows. Turning to Slide 15, you can our ESG initiatives. 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 . The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. As a result, we re-imagined the modern shipping company. 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. As a reminder, this conference call is being webcast. And that is something that we are not shy doing. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. That makes sense. You building contracting was down 56% in 2020 compared to '19. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. TradeWinds is part of DN Media Group AS. This does conclude today's program. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. So you are actually creating this cash flow when the market is right. So this is a big investment for Q3. George? We have been taking advantage of robust market. In addition 10.4% of the fleet is currently 20 years of age or older. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. 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. Thank you. 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. And then you mentioned the word replacement, right. But we have the luxuries. Please turn to Slide 19. 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. Angeliki? The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. Turning to Slide 22. This complete formal presentation and we open the call to questions. In the West, the worst impacts of Covid appear to be fading. 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.