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Yes, no that's fair. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. 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. I think a low leverage is a big driver to our model. 2021 2023 Navios South American Logistics Inc. All rights reserved. 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. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. The pandemic changed everything. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. And lastly, we'll open the call to take questions. 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. 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. Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. But on this containership opportunity, how repeatable could you say that deal is? 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. The Leading Women with Becky Anderson program profiles professional women who have made it to the top in all areas of business, the arts, sport, culture, science and more. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. What does the liquidity look like across the one year to three year time-frame? Adjusted net income for 2020 amounted to $12.8 million. 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 . 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. 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. 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. 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. NMM is differentiated by its industry-leading scale and diversified sector exposure. NMM has $2.2 billion of contracted revenue. 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. So we're creating this with this different two tier financing. Sure. The current average contracted net rate of the four vessels is approximately $2,600 per day. 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. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. 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. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. First Navios Maritime suit ended with revised offer. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. Forward-looking statements are statements that are not historical facts. 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. But on the other side, we are very exposed to the market. Angeliki Frangou | Management | Navios Maritime Acquisition Corporation Demand is forecast to outpace net sales growth in both 2021 and '22. Definitely sounds like you have the flexibility across the board with that. 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 . For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. 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. 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. Despite the pandemic, China set another year record for iron ore imports in 2020 at about 1.15 billion tons which is an increase of 9.4% over '19. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. 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. Containership demand growth of 5.7% in 2021 and 3.7% in '22 is expected to exceed supply a pent-up demand for congestion, restocking and increases in consumer demand for goods all support increasing Connie volumes. In the West, the worst impacts of Covid appear to be fading. These vessels were acquired for an aggregate purchase price of $370 million. And lastly, we'll open the call to take questions. Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. 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 . This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. 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. The transaction based scale through a larger diversified asset base with an increased earning capacity. 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. Part 3 recaps Angeliki Frangou's career and the Navios Group. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. 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. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. Also we have strength and stability in our balance sheet. In addition, Ms. Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007, the Chairman and Chief Executive . The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. 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. This concludes my presentation. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007.Ms. So this is a net benefit, the inefficiency. Thank you. Please turn to Slide 19. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Please move to Slide 9 which provide some selected segment data. We did see one thing that we showed as a great opportunity on the container segment, we show that the smaller vessels and this is a widebody, the 5,500 TEU. In this limited sphere we are optimistic. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. I think the - you can find one year versus three year, you have basically today discovering hugely. Actually, what we are doing is repositioning a fleet. 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. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. 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. Cash and cash equivalents was $30.7 million. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. Post-merger NMM will have approximately 19.7 million units outstanding. 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. 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. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). At the same time, being active in multiple sectors reveals opportunities. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. These together with near record low orderbook could boost crude and product tanker rates in the near term. The pandemic changed everything. But don't forget, we are 86% of our available days open on drybulk. And we have the tanker sector that we are watching as establish. So all these unique things that we see on the supply chain happening, these vessels we think is a good match. The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. Thank you, Angeliki, and good morning. And you don't see the 3-year market developing. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. We stand at the crossroads, perhaps the crossroads of history. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. Please turn to Slide 21. 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 . For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. 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. In the East China is struggling with its zero Covid strategy.. Angeliki Frangou (born 1965) ( Greek: ) is a Greek shipowner. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Lawsuit claims Frangou and board sought to push out shareholders [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. Greek authorities freeze bank accounts belonging to Angeliki Frangrou Containers $22,418 per day, and Tankers $15,066 per day. If we find opportunities, we can always expand. 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. The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. Finally, we have very strong corporate covenants at corded efforts. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. NMM has an enhanced base to generate free cash flow. On the grain side, global grain trade continues to be supported by an ever-increasing world population. Definitely looks well-timed and a good overall return. So this is an ongoing process that will be going over and over again depending on - and you have seen us doing that even in the top every market, in the bottom and the top, it is a continuous process that we'll do replacement. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. By continuing to use this website, you agree to the use of cookies as set out in our full policy. 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. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. Next, Ms. Tsironi will give an overview of Navios Partners financial results. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. 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. But we have the luxuries. In addition, lender Navios Shipmanagement Holdings Corporation or "NSM" received an upfront structuring fee of $24.0 million and an undisclosed amount of accrued interest and prepayments fees also in the form of 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. 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. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. We are 86, which I think is a rather big percentage for our drybulk to be open. The information set forth herein should be understood in light of such risks. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. That is - there is no one formula to this. You can read more about how we handle your information in our privacy policy. Trial in London this week will aim to settle the siblings' complicated business arrangements. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Navios Forcing Investors To Forgo Dividends, Suit Says - Law360 We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. We have historically low break-even gives us on a 47,000 days. Angeliki Frangou: A Greek shipping magnate who sails into the wind 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? I am not receiving compensation for it (other than from Seeking Alpha). For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. To read more about DN Media Group, We actively renew and expand our fleet. Now I will review the safe harbor statement. Angeliki Frangou Net Worth (2023) | wallmine 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. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. 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. You may now disconnect. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. And we have market exposure of 53.5% of our days for this year. Well, thanks, Angeliki for your comments. 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). Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Thank you. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. 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. 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. For containerships, we increased fleet size by 330% and reduced average age by 24%. During the quarter ended September 30, 2021 we had 9,027 available days compared to 4,499 days for Q3, 2020. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. The . Navios Partners does not assume any obligation to update the information contained in this conference call. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. So a few questions around this. Angeliki Frangou biography. Thanks, Angeliki. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. 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 . As to our balance sheet update, we are in advanced discussions to finalize a $116 million loan to refinance in upcoming months and upcoming maturities in the third quarter of 2021.

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