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All grain production this year will reach a record according to the international gains counting and the USDA. Navios Maritime Partners L.P. (NYSE:NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 08:30 AM ET Company Participants Angeliki Frangou - Chairman & CEO Stratios Desypris - CFO. We stand at the crossroads, perhaps the crossroads of history. And also we have to see that target, which we also see a good potential to actually happen. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. You'll see the webcast 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. We have very strong corporate governance and clear code of ethics. Just trying to understand how you're thinking about the work to be done on that side? Please turn to Slide 5. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. 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. 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. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Conditions are not as favorable elsewhere. We have question from the line of Randall Giveans of Jefferies. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. We have historically low break-even gives us on a 47,000 days. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. Please turn to Slide 21. We actively renew and expand our fleet. In Slide 14, you can see the latest update on our fleet. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. She is not dating anyone. This is unique. 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 full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential merger with Navios Maritime Partners to the detriment of the partnership's outside common unitholders. The bailout terms will likely result in Angeliki Frangou regaining full control of her shipping empire over the next 18 months with the ultimate outcome likely a merger between Navios Maritime Holdings and Navios Partners with Ms. Frangou grabbing a large stake in the combined company. Fleet utilization was approximately 99%. 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. At the same time, but there is increasing industrial production and economic growth in China. This completes our formal presentation, and we open the call to questions. Navios Partners does not assume any obligation to update the information contained in this conference call. Building us a significant base of collateral value. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . I think we are evolving from a world of just in time manufacturing to just in case where countries and companies purposefully build redundant systems. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. This complete formal presentation and we open the call to questions. 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. And overall we like to have a low leverage. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. In this limited sphere we are optimistic. And then lastly, just quickly, can you provide any quarter-to-date rates for the first quarter now that we're a week away from that being concluded for the dry bulk vessels? We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Slide 6 details our Company highlights. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Our Board is composed by majority Independent Directors and Independent Committees that oversee our management and operations. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. So the target is always to bring down the debt and that is to about 20%. So this is a net benefit, the inefficiency. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. And NMM already has more than that contracted for 2021. Asian coal imports, which account for over 80% of the world's imports trade, are expected to increase by 4.3% in 2021, following a decline of 6.8% in 2020. Thank you, Doris, and good morning to all of you joining us on today's call. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. About one-third of our fleet will be in each of the dry . The proceeds of these new financing agreements together with available cash will be used to repay all outstanding Ship Mortgage Notes and redeem an additional $50.0 million of Senior Secured Notes (after which $105.0 million will remain outstanding). 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. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. For drybulk, we increased capacity by 36% and reduced average age by 18%. For containerships, we increased fleet size by 330% and reduced average age by 24%. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. Thanks you Angeliki and good morning all. We believe the sum is significantly more resilient than the individual parts. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. $690 million of contracted revenue. The rate for 2021 is the highest in almost 50 years, and it is led by a 7.2% expansion in China, India and developing Asia. 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. You need to wait and see that market develop. Slide 10, details our strong operating free cash flow potential. Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Lastly, we have a strong balance sheet with low leverage. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. 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. But also to, you know, a recovery on the tanker segment. I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. Thank you for joining us for Navios Maritime Partners' Fourth Quarter and Full Year 2020 Earnings Conference Call. 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. Please turn to Slide 21 focusing on the container industry. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. Post pandemic stimulus measures in the advanced economies and increasing industrial production has fueled demand for the three major bulk cargos, specifically the iron ore global trade is expected to grow by 3.4% in 2021 and 2.4% in '22. You may disconnect at any time. The event was held during . I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. [Operator Instructions]. The round up show premieres on the 4th Wednesday of every month. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. And then I guess on the other hand, any plans for further growth in either of the three sectors that you now have exposure to? Turning to Slide 25. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. 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. And we always get - we get advantage of this on the long-term period because they need of turner. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. But also, would like to also use the excess in deleveraging. If you have an ad-blocker enabled you may be blocked from proceeding. Definitely sounds like you have the flexibility across the board with that. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. Yes, we have put out some details also in our press release today. Thanks, Angeliki. 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. Or is this purely a fleet renewal play? This completes our quarterly result for NMM. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. The net result is that we should have more predictable entity level return. Angeliki Frangou has positioned Navios perfectly to capture the ongoing growth of emerging economies for years to come Evidently, going from a defunct Brazilian tanker to running a group worth in excess of $4bn (3.4bn) took more than luck. 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 . Just wanted to actually ask about how you're thinking about the capital structure from here. 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 wrote this article myself, and it expresses my own opinions. So we're creating this with this different two tier financing. Becky Anderson, one of CNN International's highest profile anchors, interviewed Angeliki Frangou at Navios' offices in Piraeus, Greece to discuss the global rise of the Navios Group of Companies and her career achievements. We have also chartered out 4,250 TEU containerships for periods between 3.5 years and 4.5 years, generating revenues of approximately $270 million. Angeliki? But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. So any plans for further asset sales, especially on those older vessels? Overall, world grain sales increased by 7.7% in 2020 is expected to increase by about 2% in '21. Our fleet consists of 49 dry bulk vessels and 26 Containerships. Post-merger NMM will have approximately 19.7 million units outstanding. We are also constantly working on refinancing and extending maturities. Turning to Slide 12, you can see some fleet and debt updates. Please disable your ad-blocker and refresh. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Slide 7 sets forth key strength of the compliance entity. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. At Navios, the pandemic galvanized us. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Turning to Slide 20. 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. In the West, the worst impacts of Covid appear to be fading. 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. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. 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. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/26/leading-women-angeliki-frangou-daniela-mercury.cnn. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. 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. 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. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. What does the liquidity look like across the one year to three year time-frame? You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. And to capture the spot market and wait for the period market to come. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM).

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