But the reality is just to go back to your question is, is the following thing, I mean, the capacity of the ship - the shipyard capacities has been full, and also we see that materials maybe going up. Just trying to understand how you're thinking about the work to be done on that side? We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. And do you have a maybe preference there in terms of repurchases or distribution increase? Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. The current orderbook is 8.3% of the fleet. Also - good afternoon and also congratulations on there, your first call here post-merger. Thank you. So you have 140 vessels to 150 vessels, is that the kind of range you want to stay with or with those kind of asset sales kind of bring down the fleet levels from these numbers? Please move to Slide 9 which provide some selected segment data. Thank you. Please disable your ad-blocker and refresh. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Thank you. 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. So we're creating this with this different two tier financing. One of the lowest on record. Navios Partners controls 142 vessels with balanced exposure to the drybulk, containership and tanker segments. Ms. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. How to pronounce Angeliki Frangou | HowToPronounce.com Thank you, Stratos. 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. Fortune: Greek Businesswoman Among 25 World's Most Powerful Basically, I mean, we see a lot of value on both segments. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. 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. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. And we have market exposure of 53.5% of our days for this year. 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. Actually, what we are doing is repositioning a fleet. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. Our three pillars are now working well, both drybulk and containership sectors are performing and the tanker sector has improved materially in the past few months with more improvement expected. 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. This concludes my presentation. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha 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. own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. Adjusted net income for 2020 amounted to $12.8 million. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. click here. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Thank you, George. 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. 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. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. Just trying to understand how the fee through there. Churchs Annual Stewardship & Mistletoe Gala. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. 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 $2.2 billion of contracted revenue. And we have seen it. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown As a result, we re-imagined the modern shipping company. 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. Total revenue for Q3, 2021 was $228 million compared to $64 million for the same period last year due to the expansion of our fleet and the improved time charter equivalent rate for both containers and bulkers. George? convertible debentures (the "Convertible Debentures"). For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. in Stamford Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the. Partners financial results. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . 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 - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Please. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. For drybulk, we increased capacity by 36% and reduced average age by 18%. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. Turn to Slide 18. 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. In Slide 11, you can see the strength and stability of our balance sheet. It is a matter of level, and I want to remind that, and this is something in the back of our mind. 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. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. 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. We have historically low break-even gives us on a 47,000 days. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. On Slide 8, we lay out global GDP growth since 1970. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. You need to wait and see that market develop. I am not receiving compensation for it (other than from Seeking Alpha). Please disable your ad-blocker and refresh. Angeliki Frangou, chief executive of Navios Maritime Holdings and Navios Maritime Partners speaks at a company dinner at the National Gallery in Athens in June 2022. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. We'll take the next question from James with Citigroup. Please turn to Slide 18. 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. 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. 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. And NMM already has more than that contracted for 2021. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Please turn now to Slide 24 for the review of the tanker industry. 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. I noticed in the release, and you mentioned it also in your comments, just about securing drybulk charters in the period market when the time makes sense. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Next, Mr. Desypris will give an overview of Navios Partners segment data. Angeliki Frangou and her brother John square up at trial in London 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. 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. Angeliki Frangou, Chairman and CEO of the Navios Group of - Yahoo! And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. We show some vessels that were older and smaller to more commercially attractive vessels. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. 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). It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. Yet we still have 2,473 open or index-linked days. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. 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. I think a low leverage is a big driver to our model. 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. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. Angeliki Frangou, chief executive of Navios Maritime Holdings, is being sued in New York federal court, alleging she tried to force out preferred shareholders to enrich herself. 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. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. We are 86, which I think is a rather big percentage for our drybulk to be open. The transaction based scale through a larger diversified asset base with an increased earning capacity. 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. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. Greek 'bride' celebrates her 103rd birthday in Australia 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. Angeliki Frangou, the Chairman & Chief Executive Officer of Navios The battle follows four legal notices filed by Frangos in. 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). I will briefly discuss on key balance sheet data as of December 31, 2020. Stratos? She is the Chairman, Chief Executive Officer and Director of Navios Maritime Holdings., of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q3 2021 Not only does diversification provide strength but it also brings opportunity. Angeliki Frangou sees optimism amid chaos :: Lloyd's List Demand is forecast to outpace net sales growth in both 2021 and '22. Roberts v. Navios Maritime Holdings, Inc. et al So basically, we have a fortress balance sheet. 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. The current product tanker orderbook is 6% of the fleet, which compares favorably with the 8.4% of the fleet, which is 20 years of age or older. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. FRANGOU ANGELIKI SC 13D Filing Concerning NNA on 2021-10-15 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. Your balance sheets in great shape. Angeliki Frangou Net Worth (2023) | wallmine Yes, totally understand the benefits to sort of the market capacity and rates. And this is something that actually has benefited quite significant on these market, especially on the container. Well, thanks, Angeliki for your comments. At the same time, being active in multiple sectors reveals opportunities. 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. Please turn to Slide 19. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. So this is basically what we have been doing and what we are seeing developing. So basically we can fix and you have seen in the container segment we fix multi-year contracts. Our office had to remain open. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. 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. But we have the luxuries. In the East China is struggling with its zero Covid strategy.. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q4 2020 As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. We have been taking advantage of robust market. That said, I would still expect Ms. Frangou to reunite both companies at an opportune time in order to grab a very substantial stake in Navios Partners as laid out in detail in my previous article. At Navios, the pandemic galvanized us. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. 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. I think this is something that we are very [technical difficulty]. Part 3 recaps Angeliki Frangou's career and the Navios Group. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. No, yes, that makes sense. Angeliki Frangou: 'I am optimistic but I wish it were for different She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. For more information about Navios Holdings please visit our website: www.navios.com. The information set forth herein should be understood in light of such risks. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. This completes our quarterly result for NMM. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. However, it should be noted that current rates are still above two times the 10-year averages. Yes, the essence of the diversified fleet. Document filed by Norman Roberts. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. You have a huge fleet, and you have a break-even per open day of 2,460. And to capture the spot market and wait for the period market to come. 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 merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Angeliki? We aspire to have zero emissions by 2050. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. Turning to Slide 12. Please turn to Slide 27. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. We also continued to renew and expand our fleet. Angeliki Frangou steers Navios towards emerging economies 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 . We use your data to ensure you have a secure and enjoyable user experience when visiting our site. To date, the Navios Group has paid about $535.8 million in uninterrupted dividends since the first public listing of Navios Maritime Holdings in 2005. The decrease is primarily due to a $25.5 million increase in vessel operating expenses, mainly due to the increased split, a $3 million increase in general revenue of tax expenses, mainly due to the increased fleet and a $1.4 million decrease in equity net earnings of affiliate companies.