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. We stand at the crossroads, perhaps the crossroads of history. And we always get - we get advantage of this on the long-term period because they need of turner. Our 2021 contracted revenue exceeded our total fleet expenses by $12.6 million, with more than 1/3 of our available base open and index linked, there is an ample opportunity to provide further free cash flow. Adjusted net income for the quarter amounted to $12.8 million. 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. And this is the strategy going forward. I think the number one is that, what we see is a good positioning on the company. And basically by ordering these vessels, you go away from the basic Panamax that used to be the vessel that was designed at that time for passing through Panama Canal, but we saw that had a good life afterwards to something that is particularly great for the necessities of the inter-Asia trade. I'll turn the call back over to Angeliki for any closing remarks. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. Frangou, originating from the island of Chios, Greece, is considered one of the world's shipping magnate.The powerful Greek shipowner obtained a bachelor's degree in Mechanical Engineering from Fairleigh Dickinson University and a . Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. In Slide 14, you can see the latest update on our fleet. You building contracting was down 56% in 2020 compared to '19. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. TradeWinds is part of DN Media Group AS. 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. Now is the important or something like an unsecured pieces that might make sense, something that basically might be a little bit more permanent piece of the capital. Thanks you Angeliki and good morning all. With us today from the company are Chairman and CEO, Angeliki Frangou; Chief Financial Officer, Mr. Stratos Desypris; and Executive Vice President of Business Development, Mr. Georgios Achniotis. The graph on the left shows that for '21, we have to demand for the 3 major cargoes of iron ore, coal and grain is focused on increased by over 3% compared to 2020. The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. And we have seen it. The remaining 34% of available base that are open all on indexing chargers provided with more upside. All grain production this year will reach a record according to the international gains counting and the USDA. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential future merger with Navios Partners to the detriment of the partnership's outside common unitholders. 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. We continue to renew our fleet and improve average profile. 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. But on this containership opportunity, how repeatable could you say that deal is? The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. However, it should be noted that current rates are still above two times the 10-year averages. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. Turning to Slide 19. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. We have arranged the new facility of $72.7 million for the refinancing of three existing facilities with short and medium term durations. click here. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. 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. 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. So this is a net benefit, the inefficiency. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. Please turn to Slide 21. 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. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. The round up show premieres on the 4th Wednesday of every month. However, the results of Navios Acquisition included in the Q3 Navios Partners results are only for the period from August 26,; through September 30, 2021. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. Please turn to Slide 19. The transaction based scale through a larger diversified asset base with an increased earning capacity. Lastly, we have a strong balance sheet with low leverage. 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. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Thank you, Stratos, and good morning all. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Navios is a socially conscious group with core values include diversity, inclusion, and safety. As a result, we re-imagined the modern shipping company. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. NMM has $2.2 billion of contracted revenue. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. The Greek company's chief executive Angeliki Frangou said she was. 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. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. I think a low leverage is a big driver to our model. It is a matter of level, and I want to remind that, and this is something in the back of our mind. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. 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. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. In concluding our drybulk sector review, demand is forecast to outpace net fleet growth in both 2021 and '22, a strong demand for natural resources combined with continuing COVID-related logistical disruptions and a slowing pace of new building deliveries, all support healthy levels of current and future freight rates. 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. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Also - good afternoon and also congratulations on there, your first call here post-merger. 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. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. Please turn to Slide 18. 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. And today we fix over four years, and you know with 2.5 times the rate. Definitely looks well-timed and a good overall return. 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. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Slide 10, details our strong operating free cash flow potential. Slide 7 sets forth key strength of the compliance entity. You have this low break-even, 2,400, historically the lowest. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. Read more about DN Media Group here. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. 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. How Angeliki Frangou became the leading Greek shipping . Part 3 recaps Angeliki Frangou's career and the Navios Group. For containerships, we increased fleet size by 330% and reduced average age by 24%. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. Please. EBITDA and net income for Q3, 2021 includes a $30.9 million gain related to the sale of three vessel, Navios Dedication, Navios [Verde] and Harmony N, a $4 million bargain purchase gain upon obtaining control of the Navios Acquisition, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. The vessel we expected to be delivered in the second half of 2022. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. 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. And we always get - we get advantage of this on the long-term period because they need of turner. More recently the freight market has corrected on the back of Chinese winter steel production limits and power shortages due to unavailability of gas and coal. Moving to the 12-month operations. Holders of the company's preferred shares (NYSE:NM.PG and NYSE:NM.PH) will have to hope for a Navios Maritime Holdings / Navios Partners merger as otherwise there's no reasonable chance for these securities to recover. 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. 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. But we have the luxuries. 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. 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. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. Thanks, Angeliki. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. All right, second question, looking at Slides 11 and 14, clearly showing the strength of your balance sheet, you mentioned earlier in the call, your fixed charter backlog is giving you pretty substantial cash flow visibility, very low spot day break-evens. Adjusted net income for 2020 amounted to $12.8 million. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. [Operator Instructions]. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. 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. Moving to the earnings highlight in Slide 13. Thank you, Daniella, and good morning to all of you joining us on today's call. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. Turning to Slide 12. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. While also allowing us to leverage each independent sectors fundamentals. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Then Mr. Achniotis will provide an operational update and an industry overview. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. First, the pandemic highlighted the weakness of just in time manufacturing. What is unique - what we like about this is vessel is about in the [indiscernible] flexible vessel at 260 meters, very nice dimensions, you can actually take advantage of the point to point transportation that is now developing the difference on the supply chains and from - and all these, you know just in time to just in case. No, yes, that makes sense. Thank you, Angeliki, and good morning. Angeliki? We show some vessels that were older and smaller to more commercially attractive vessels. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. I have no business relationship with any company whose stock is mentioned in this article. $690 million of contracted revenue. But most important is we need to have the right conditions. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. Please. I am pleased with the results for the full year and fourth quarter of 2020. Okay. 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. 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. 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. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q2 2021 Earnings Conference Call July 27, 2021 8:30 AM ET Company Participants Angeliki Frangou - Chairman and Chief Executive Officer. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. This factor stimulus has led to historic turnaround in global container trade. 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). That is - there is no one formula to this. And NMM already has more than that contracted for 2021. 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 Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. The information set forth herein should be understood in light of such risks. Demand is forecast to outpace net sales growth in both 2021 and '22. We have currently fixed 66% of our 29,526 available days for 2021. Building us a significant base of collateral value. And then you mentioned the word replacement, right. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. 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. Conditions are not as favorable elsewhere. Governments having put in place emergency monetary and fiscal plans to support their economies has kick-started faster than expected recovery in the world economy. The lender has the option to convert any portion of the outstanding balance under the Convertible Debentures into shares of common stock of Navios Holdings at a conversion price of $3.93 at any time. 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. Sure. If we find opportunities, we can always expand. And also we have to see that target, which we also see a good potential to actually happen. More specifically, we have contracted our six newbuilding containerships delivering in 2023 and 2024 for five years at an average rate of $37,050 net per day generating about $420 million of contracted revenue. At this point, I would like to turn the call over to Mr. Stratos Desypris, Navios Partners' CFO, who will take you through the results of the Fourth Quarter and Full Year of 2020. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. 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. I am not receiving compensation for it (other than from Seeking Alpha). And you need to be always running the different scenarios. 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. Thank you. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. Cash and cash equivalents were $141 million. I think that will give us a long-term view on the right. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. 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. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. Just curious there. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . Turning to Slide 12, you can see some fleet and debt updates. Shipping is always very, very profitable. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). 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. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. We are also constantly working on refinancing and extending maturities. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. In Slide 15, you can see our target strategy for 2021. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Also we have strength and stability in our balance sheet. We aspire to have zero emissions by 2050. Net loan-to-value is about 28.3% in an asset base estimated at over $4.5 billion. We'll go next to Omar Nokta, Clarksons Securities. And to capture the spot market and wait for the period market to come. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. 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. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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. 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. The benefits of diversification are reflected in recent market activity. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Service was accepted by Israel David. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. Angeliki? Today NMM is one of the largest U.S. publicly listed shipping companies with 15 vessel types diversified across three segment and servicing more than 10 end markets. Turn to Slide 18. You can read more about how we handle your information in our privacy policy. Its been four years since the last Posidonia. Our available days increased by 63% to 20,421, while the average nine month 2021 combined time charter equivalent rate increased by 76% to 20,991. Please turn to Slide 4. The agenda for today's call is as follows. Angeliki N. Frangou. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. NMM is well positioned to benefit from the different sector fundamentals. We don't have much information about She's past relationship and any previous engaged. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. You know, it's like as we die. The . Banks take back Hermitage PSV fleet at 62% of outstanding debt, Bottiglieri family removed from historic Italian shipping company. 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. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. Slide 6 details our Company highlights. We have very strong corporate governance and clear code of ethics. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. You need to wait and see that market develop. 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? At the same time, but there is increasing industrial production and economic growth in China. But don't forget, we are 86% of our available days open on drybulk. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. Here you fix them for the 37,000 a day, which, as I run the numbers, it looks like a 5-year payback, which sounds pretty substantial given these are new buildings. First, Ms. Frangou will offer opening remarks. In this limited sphere we are optimistic. 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. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. I wrote this article myself, and it expresses my own opinions. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021.