At the same time, but there is increasing industrial production and economic growth in China. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. 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. Slide 9 details our operating cash flow potential for 2021, 66% of our available base as fixed -- at an average rate of $18,612 net per day. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. Consequently, they see magnitudes of today's global GDP made to [indiscernible] the economic impact of a particular percentage point growth when compared to 1970. Could you just give a flavor of sort of what the liquidity looks like from your perspective in terms of deploying the drybulk fleet away from spot on to time charters. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Yes, no that's fair. 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. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. 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 also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Your balance sheets in great shape. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. We stand at the crossroads, perhaps the crossroads of history. We have question from the line of Randall Giveans of Jefferies. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. All grain production this year will reach a record according to the international gains counting and the USDA. And lastly, we'll open the call to take questions. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We are about two years below industry average. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. Please move to Slide 9 which provide some selected segment data. The structure provides for an effective purchase price of $41.5 million and an effective interest rate fixed for a festive period of 4.4%. 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. Before I start discussing our financial highlights, I would like to draw your attention to see one-off items that are listed in Slide 11. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. I think that will give us a long-term view on the right. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. I think this is something that we are very [technical difficulty]. 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. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. Please turn to Slide 21 focusing on the container industry. Angeliki? The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. I think the number one is that, what we see is a good positioning on the company. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. We agreed to acquire 6 dry bulk vessels with an average age of about 2 years and sold 4 vessels with an average of about 13 years. So this is a net benefit, the inefficiency. Cash and cash equivalents were $141 million. Then Mr. Achniotis will provide an operational update and an industry overview. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). And then you mentioned the word replacement, right. As a result, the balance sheet of Navios Acquisition together with the respective purchase price allocation adjustments are included in Navios Partners balance sheet as at the end of the quarter. If everyone dies, it is not anymore existing. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Long-term borrowings, including the current portion, net of deferred fees amounted to $486.9 million. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. The current average contracted net rate of the four vessels is approximately $2,600 per day. You can read more about how we handle your information in our privacy policy. And also we have to see that target, which we also see a good potential to actually happen. All vessels are expected to be delivered in the second half of 2022. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. I think the - you can find one year versus three year, you have basically today discovering hugely. But most important is we need to have the right conditions. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. 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? I mean, you have much larger asset base. In Slide 14, you can see the latest update on our fleet. One of the lowest on record. Churchs Annual Stewardship & Mistletoe Gala. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. 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. When it comes to philanthropy, Greeks invented the word, but by Chris Salboudis On Saturday December 3, 2022, after a Navios Angeliki Frangou: The Pandemic Galvanized Us! For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. By continuing to use this website, you agree to the use of cookies as set out in our full policy. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. Thank you. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. NMM has a solid balance sheet and a modest leverage, a healthy income statement and a pipeline of about $2.2 billion in contracted revenue. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. Everything works well, as long as the logistics chain is unchallenged. Additionally, we have agreed a new $52.7 million bareboat financing for two Kamsarmax vessels to be delivered in the second half of 2022 and Q1 of 2023. So, starting off with the merger, your fleet is clearly massive, it's diverse. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. However, it should be noted that current rates are still above two times the 10-year averages. This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. For more information about Navios Holdings please visit our website: www.navios.com. The benefits of diversification are reflected in recent market activity. You building contracting was down 56% in 2020 compared to '19. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. First, Ms. Frangou will offer opening remarks. Turning to Slide 25. Well, thanks, Angeliki for your comments. 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. 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. [Operator Instructions]. 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. The increase was mainly due to the 39.3% increase in available days in Q4 2020. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. Today, the BDI stands at 2,271 with a year-to-date average more than double its level at the start of 2020, and the highest it has been in 11 years. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Demand is forecast to outpace net sales growth in both 2021 and '22. 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. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . 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. 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. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. 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. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. click here. We believe that the overall tanker orderbook and fleet are well-balanced as the IMO 2023 and ballast water management regulations will lead to some vessel retirements in the coming months. And we always get - we get advantage of this on the long-term period because they need of turner. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. So we're creating this with this different two tier financing. If you have an ad-blocker enabled you may be blocked from proceeding. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . 67 WALL STREET, New York - September 27, 2012 - The Wall Street Transcript has just published its Transportation and Logistics Report offering a timely review of the sector to serious investors and industry . In this limited sphere we are optimistic. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. And we have the tanker sector that we are watching as establish. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. 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. While also allowing us to leverage each independent sectors fundamentals. 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. Global iron ore demand is expected to increase by 2.7% in this year and the additional availability of iron ore shipments to China are expected to increase as still masterplan stockpile, driving demand for Capesize vessels. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. 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. Our office had to remain open. CEO and Chairwoman Angeliki Frangou recently disclosed a 40.8% ownership stake on an as-converted basis and indicated her intention to purchase additional common shares for up to $20 million. The event was held during . George? 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