This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Is this happening to you frequently? Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Thank you, George. 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. Excluding these items, adjusted EBITDA for the nine months of 2021 amounted about $270 million compared to $64 million for the same period last year. 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. Using the client market average time charter rate of $23,549 per day, we believe NMM is well positioned for a strong 2021. The above increase was partially -- the above decrease was partially mitigated by the $7.4 million increased revenues discussed above and $1.3 million decrease in Time Charter and volume expenses and a $1.1 million increase in net other income. 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. We have historically low break-even gives us on a 47,000 days. 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. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. So you are actually creating this cash flow when the market is right. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. The financial information is included in the press release and is summarized in the slide presentation on the company's website. She is not dating anyone. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. The IMF projects global GDP growth at 5.9% for 2021 and 4.9% for '22. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. 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. And lastly, we'll open the call to take questions. With the help of a strong second half 2020 ended the year with a BDI averaging 1,066. Forward-looking statements are statements that are not historical facts. We have currently fixed 66% of our 29,526 available days for 2021. 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. Yes, the essence of the diversified fleet. 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. We - the announcement we did between the six new buildings that we did for five years and the four other vessels, we did quite significant number of what we say, 600 and $690 million of contracted revenue. Fleet utilization was approximately 99%. 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. Angeliki N. Frangou. For containerships, we increased fleet size by 330% and reduced average age by 24%. And NMM already has more than that contracted for 2021. 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. Navios Partners does not assume any obligation to update the information contained in this conference call. Moving to the 12-month operations. We also continued to renew and expand our fleet. Please disable your ad-blocker and refresh. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. It will take some time, I mean, there is good, I mean, we show volatility, we went to gates from 80,000, we are down to around 30,000. The benefits of diversification are reflected in recent market activity. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. For drybulk, we increased capacity by 36% and reduced average age by 18%. Navios' fourth company, Navios South American Logistics Inc., owns and operates the largest independent dry port in the Hidrovia region of South America and one of the largest independent liquid ports in Paraguay. Just trying to understand, if that's actually sort of impacting your operations outside of just sort of the rate impact. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. We stand at the crossroads, perhaps the crossroads of history. Fleet utilization for the fourth quarter of 2020 was almost 100%. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. At this time, I'm showing no further questions. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. 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. I'll turn the call back over to Angeliki for any closing remarks. Please turn to Slide 21 focusing on the container industry. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . If you have an ad-blocker enabled you may be blocked from proceeding. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. The benefits of diversification are reflected in recent market activity. And then you mentioned the word replacement, right. So this is a net benefit, the inefficiency. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. I have no business relationship with any company whose stock is mentioned in this article. That is - there is no one formula to this. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Now I will review the safe harbor statement. 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. On the grain side, global grain trade continues to be supported by an ever-increasing world population. 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. Angeliki? The information set forth herein should be understood in light of such risks. 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. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. 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. To read more about DN Media Group, own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. Slide 7 reviews our recent development. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. What does the liquidity look like across the one year to three year time-frame? Ms. Frangou is also a Member of the Foundation for Economic and Industrial Research. 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. Lastly, we have a strong balance sheet with low leverage. So, starting off with the merger, your fleet is clearly massive, it's diverse. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. On October 15, 2021 we completed a transformative merger with Navios Acquisition. Well, thanks, Angeliki for your comments. Please. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. Net debt to book capitalization was 40% at the end of the year. Please turn to Slide 18. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. We see good - we see a good market potential, but we have to see it realize. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns.
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