We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. We see that it is a different set of fundamentals important. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. The BDI average for Q3 was 3,732, the highest quarterly average since 2008. Ms. Frangou received a bachelors degree in mechanical engineering, summa cum laude, from Fairleigh Dickinson University and a masters degree in mechanical engineering from Columbia University. [1] She is the chairman, chief executive officer and Director of Navios Maritime Holdings ., [2] of Navios Maritime Partners L.P., of Navios Tankers Management Inc. and Navios Maritime Acquisition Corporation. 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. Slide 6 goes through recent developments. This does conclude today's program. We stand at the crossroads, perhaps the crossroads of history. 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. 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). Is this a view on those respective markets? 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. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. To read more about DN Media Group, And this is the strategy going forward. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. As a result we fixed 88.1% of our available containership days for 2022 and have $1.6 billion in total contracted revenue on charters extending through 2030. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. Slide 6 details our Company highlights. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Another increase in world population, food security issues driven by the pandemic as well as increasing protein demand worldwide continue to support the global grain trade. So you are actually creating this cash flow when the market is right. Fleet utilization was approximately 99%. Forward-looking statements are statements that are not historical facts. 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. 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. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. Everything works well, as long as the logistics chain is unchallenged. Both related-party loans have a term of four years and won't require cash interest or amortization payments for an initial 18-month period (the "PIK Period"). Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. Also we have strength and stability in our balance sheet. Click to read the full policy [+]. If you have an ad-blocker enabled you may be blocked from proceeding. 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. click here. I wrote this article myself, and it expresses my own opinions. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. Then Mr. Achniotis will provide an operational update and an industry overview. I'll turn it over. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Meanwhile, she launched Navios Maritime Containers with a listing on the Norwegian over-the-counter market, followed up by a 2018 listing in New York, building up a fleet of 29 . Not only does diversification provide strength but it also brings opportunity. Well, thanks, Angeliki for your comments. As a reminder, this conference call is being webcast. As a reminder, this conference call is being webcast. Then Mr. Achniotis will provide an operational update and an industry overview. 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! 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. Just wanted to actually ask about how you're thinking about the capital structure from here. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. To read more about DN Media Group, Fleet utilization was approximately 99%. At the same time, but there is increasing industrial production and economic growth in China. During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.Despite not being a native speaker, I always try to deliver high quality research at no charge to followers and the entire Seeking Alpha community. Is this happening to you frequently? While also allowing us to leverage each independent sectors fundamentals. 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. In the West, the worst impacts of Covid appear to be fading. Thank you. NMM has $2.2 billion of contracted revenue. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. 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. 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. 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 . At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. Nikos Fragos and daughter Angeliki Frangou Greek Shipping Awards and TradeWinds Wealth: $192 million (151 million) Industry: Shipping Nikos started Good Faith Shipping Co in 1966. We have majority independent directors and independent committees, not to say our management operations. If everyone dies, it is not anymore existing. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. But also, would like to also use the excess in deleveraging. We are about two years below industry average. Angeliki N. Frangou served on 1/29/2019, answer due 2/19/2019; George Malanga served on 1/29/2019, answer due 2/19/2019; Navios Maritime Holdings, Inc. served on 1/29/2019, answer due 2/19/2019; John Stratakis served on 1/29/2019, answer due 2/19/2019. 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. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. 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. 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. Turning to Slide 12, you can see some fleet and debt updates. Turning to Slide 20. Our merger with Navios Containers increased our containerships by 29 vessels. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. Is this happening to you frequently? And we always get - we get advantage of this on the long-term period because they need of turner. We show some vessels that were older and smaller to more commercially attractive vessels. Slide 10, details our strong operating free cash flow potential. We'll take the next question from James with Citigroup. In 2021 we've completed two mergers. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Part 3 recaps Angeliki Frangou's career and the Navios Group. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. We have - we see the potential, but we see - we need to see it materialize. 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. 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. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. Document filed by Norman Roberts. 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. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. This completes our quarterly result for NMM. But just trying to understand, basically the lack of visibility has been sort of discouraged, sort of incremental ordering or sort of any commitments under customers' part. 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. Please turn to Slide 26, focusing on the container industry. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. According to our Database, She has no children. 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. At this time, I'm showing no further questions. Read more about DN Media Group here. If you have an ad-blocker enabled you may be blocked from proceeding. 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? Over the PIK Period, I would estimate the amount of Convertible Debentures held by NSM to increase to almost $100 million, sufficient for Angeliki Frangou to regain full control of Navios Maritime Holdings. 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. Partners financial results. Net debt to book capitalization was 40% at the end of the year. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. Containers $22,418 per day, and Tankers $15,066 per day. So this is basically what we have been doing and what we are seeing developing. 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. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. 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. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. And that is something that we are not shy doing. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. Or is this purely a fleet renewal play? Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. 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. 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. I am not receiving compensation for it (other than from Seeking Alpha). We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. 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. 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. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. TradeWinds is part of DN Media Group AS. 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. 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. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. 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. Turning to Slide 15, you can our ESG initiatives. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. Navios is a socially conscious group with core values include diversity, inclusion, and safety. 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. Finally, we have very strong corporate covenants at corded efforts. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. Moving to the 12-month operations. 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. Please turn now to Slide 24 for the review of the tanker industry. Slide 7 sets forth key strength of the compliance entity. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). And we have seen it. In Slide 14, you can see the latest update on our fleet. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. As you can see in the blue box on the lower right, increases in demand for goods, port congestion and restocking will lead to container demand growth of 6.3% in 2021, and 3.9% in '22. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Sure. 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. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008.

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