The addition also provides flexibility in our operational and financial strategies as we charter, sell and purchase vessel and obtain debt finance. Just trying to understand how you're thinking about the work to be done on that side? As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. The current orderbook is 8.3% of the fleet. So this is something that we are focusing very much. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. 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. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. You building contracting was down 56% in 2020 compared to '19. 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. 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. The increase was mainly due to the 39.3% increase in available days in Q4 2020. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. Moving to the earnings highlight in Slide 13. As a reminder, this conference call is being webcast. And you don't see the 3-year market developing. 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. 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. So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. So any plans for further asset sales, especially on those older vessels? This completes our formal presentation, and we open the call to questions. I am pleased with the results for the full year and fourth quarter of 2020. We actively renew and expand our fleet. Moreover, the large asset base will provide the entity a significant parcel of collateral value. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. And lastly, we'll open the call to take questions. Lastly, we have a strong balance sheet with low leverage. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. That is - there is no one formula to this. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. We don't have much information about She's past relationship and any previous engaged. 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 the long run, she adder, Navios people believe that their re-imagined business will provide reasonably stable returns as the financial results of stronger sectors offset the financial results of sectors performing less well. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. NMM is well positioned to benefit from the different sector fundamentals. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . 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. Forward-looking statements are statements that are not historical facts. Net debt/book capitalization was at a comfortable level of 41.7%. But we have the luxuries. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. 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. Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. If you have an ad-blocker enabled you may be blocked from proceeding. 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. It should be noted that about 73% of the orderbook is for 13,000 TEU vessels or larger. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. In addition 10.4% of the fleet is currently 20 years of age or older. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Thank you. Angeliki? click here. 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 . Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. 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. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. On Slide 16, you can see with our ESG initiatives. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. No, yes, that makes sense. At the same time, but there is increasing industrial production and economic growth in China. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. 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. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. All vessels are expected to be delivered in the second half of 2022. Angeliki Frangou Net Worth Her net worth has been growing significantly in 2020-2021. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. 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 . EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown 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. Turning to Slide 19. Partners financial results. Please turn to Slide 21. The big thing is about - we're looking at reducing further. Please. And we always get - we get advantage of this on the long-term period because they need of turner. If you have seen in container segment what we did, we - and is the example that you see on the charters we just announced, we were fixing one year. Moving to the 12-month operations. Thank you, Daniella, and good morning to all of you joining us on today's call. Please turn to Slide 4. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Just wanted to actually ask about how you're thinking about the capital structure from here. Please turn to Slide 23. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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. In conclusion, positive demand fundamentals, mainly due to the start of economic activity around the world, along with reduced fleet availability, should continue to support both the dry bulk and containerized shipping industries in their continuing effort to mitigate through raising pandemic stall. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Then Mr. Achniotis will provide an operational update and an industry overview. 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. 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. Please disable your ad-blocker and refresh. I have no business relationship with any company whose stock is mentioned in this article. 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. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. 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 . Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Navios is a socially conscious group with core values include diversity, inclusion, and safety. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Fleet utilization was approximately 99%. Net debt to book capitalization was 40% at the end of the year. We also continued to renew and expand our fleet. Thanks you Angeliki and good morning all. Finally, we have very strong corporate covenants at corded efforts. Yet we still have 2,473 open or index-linked days. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. To read more about DN Media Group, Thank you, Angeliki, and good morning. 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. You have this low break-even, 2,400, historically the lowest. What will it take to increase the distribution? The net result is that we should have more predictable entity level return. Everything works well, as long as the logistics chain is unchallenged. You can read more about how we handle your information in our privacy policy. Ladies and gentlemen, this does conclude today's conference call. We have capitalized on the strength of the Container Ship market and fixed almost 90% of our available container days for 2021, enjoying healthy rates. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. 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. We see good - we see a good market potential, but we have to see it realize. And today we fix over four years, and you know with 2.5 times the rate. The increase was mainly due to the 32.3% increase in available days of 2020. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. Navios Maritime Partners L.P. (NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 8:30 AM ET, Georgios Achniotis - EVP of Business Development. Angeliki Frangou biography. Slide 7 reviews our recent development. 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. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Partners (NYSE: NMM), an affiliated limited partnership, since August 2007. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. Cash and cash equivalents were $141 million. Turning to Slide 20. Turn to Slide 18. I am not receiving compensation for it (other than from Seeking Alpha). 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. 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. That makes sense. In 2017-18, Ms Frangou took advantage of lower asset prices to acquire 12 bulkers for mother company Navios Maritime Holdings and another 12 for Navios Partners. 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. And do you have a maybe preference there in terms of repurchases or distribution increase? Angeliki Frangou (left) is seen with her brother John Frangos in 2012. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. On the grain side, global grain trade continues to be supported by an ever-increasing world population. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. 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. 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. Service was accepted by Israel David. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Slide 10, details our strong operating free cash flow potential. This will be the highest digital rate in the past 50 years. But also to, you know, a recovery on the tanker segment. And also we have to see that target, which we also see a good potential to actually happen. Yes, the essence of the diversified fleet. Please turn to Slide 26, focusing on the container industry. Got it. 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? Just curious there. Also - good afternoon and also congratulations on there, your first call here post-merger. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. 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. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Angeliki? I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. Please move to Slide 9 which provide some selected segment data. Our cost of debt has been significantly reduced as a result of the refinancing with the term loyalty as well as the decrease in LIBOR rates. Thank you, Doris, and good morning to all of you joining us on today's call. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. I would now like to turn the call over to Angeliki for her final comments. Eri? We continue to renew our fleet and improve average profile. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. The new loan will have an interest of 3% above LIBOR and amortization profile of about 5 years and maturity in the second quarter of 2025. Turning to Slide 15, you can our ESG initiatives. We believe the sum is significantly more resilient than the individual parts. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. If you have an ad-blocker enabled you may be blocked from proceeding. Fleet utilization was approximately 99%. Adjusted EBITDA for 2020 amounted to approximately $100 million compared to $120 million 2019. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. 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. 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 . 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. These vessels were acquired for an aggregate purchase price of $370 million. Then Mr. Achniotis will provide an operational update and an industry overview. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. I think this is something that we are very [technical difficulty]. This complete formal presentation and we open the call to questions. 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. 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. 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. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. 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. This concludes my presentation. 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. Yes, totally understand the benefits to sort of the market capacity and rates. And then now that, obviously, the dry bulk and containership markets are both extremely strong. One of the lowest on record. In Slide 14, you can see the latest update on our fleet. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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. [Operator Instructions]. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. 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.
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