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Roberts v. Navios Maritime Holdings, Inc. et al I would now like to turn the call over to Angeliki for her final comments. Eri? 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. 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 . Is this happening to you frequently? 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. About 91% of our debt is covered by the scrap value of our vessels alone. And also we have to see that target, which we also see a good potential to actually happen. Forward-looking statements are statements that are not historical facts. The transaction based scale through a larger diversified asset base with an increased earning capacity. Is this happening to you frequently? Now I will review the safe harbor statement. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. The current order book stands at a record low of 5.7% of the fleet. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). 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. In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. Ms. Click to read the full policy [+]. The current average contracted net rate of the four vessels is approximately $2,600 per day. If you have an ad-blocker enabled you may be blocked from proceeding. Thank you, George. Post-merger NMM will have approximately 19.7 million units outstanding. Yes, the essence of the diversified fleet. I am pleased with our results for the third quarter of 2021. So you always have to be very alert to see what is the best area where the opportunity lies. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. 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. I am pleased with the results for the full year and fourth quarter of 2020. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. Document filed by Norman Roberts. Vaccine roll-outs, continued fiscal stimulus and governmental infrastructure projects will continue to support economic growth. Its impossible to know what this all means, she underlined, adding that there are too many potential consequences to digest and analyze. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. Turning to Slide 19. Got it. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. This has led the IEA to project Q4, 2021 oil demand to return close to 2019 levels, which is shown on the graph on the lower left. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. 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. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. What is unique - what we like about this is vessel is about in the [indiscernible] flexible vessel at 260 meters, very nice dimensions, you can actually take advantage of the point to point transportation that is now developing the difference on the supply chains and from - and all these, you know just in time to just in case. Excellent. I'll turn it over. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. If we find opportunities, we can always expand. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Moreover, Navios optimizes its flexible chartering strategy to leverage on fundamentals across its three sectors and calibrate charter 10 based upon segment opportunity. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. Angeliki Frangou - Wikipedia 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. In that context, and thinking of deploying capital in the future, we've talked about how maybe tankers is an appealing asset class to go after because it's the bottom of the market to an extent. 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. Sure. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. In addition 10.4% of the fleet is currently 20 years of age or older. In the East China is struggling with its zero Covid strategy.. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. CNN International's Leading Women with Becky Anderson airs every Tuesday on News Stream at 9:00 pm HKT/ 1:00 pm GMT / 8:00 am ET and Connect the World with Becky Anderson at 5:00 am HKT / 9:00 pm GMT / 4:00 pm ET. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,. So you will see the effect of the results in April 1 and going forward. 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. Angeliki Frangou Net Worth (2023) | wallmine All vessels are expected to be delivered in the second half of 2022. Thank you. Definitely looks well-timed and a good overall return. The increase was mitigated by 20.9% decrease in the Time Charter Equivalent rate achieved in 2020. Then, Mr. Achniotis will provide an operational update and the industry overview. Moreover, the large asset base will provide the entity a significant parcel of collateral value. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. And then separately, can you just share generally the front and center. She is currently single. You building contracting was down 56% in 2020 compared to '19. What will it take to increase the distribution? We have question from the line of Randall Giveans of Jefferies. Please turn to Slide 17 for the review of the drybulk industry. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). Its been four years since the last Posidonia. Thank you, George. Your balance sheets in great shape. Our office had to remain open. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. 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. Cash and cash equivalents was $30.7 million. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. I have no business relationship with any company whose stock is mentioned in this article. These vessels were acquired for an aggregate purchase price of $370 million. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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 . Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, "We are pleased with this transformative transaction through which we created the largest U.S. publicly-listed shipping company with 15 vessel types diversified across three segments, servicing more than 10 end markets. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. Part 2 highlights Angeliki Frangou's leadership and the growth of the Navios Group. The Greek company's chief executive Angeliki Frangou said she was. 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. The loan terms also provide for prepayment premiums ranging from 5%-10% during the first 36 months which would also be payable in the form of Convertible Debentures. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. The information set forth herein should be understood in light of such risks. 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. We are about two years below industry average. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. George? The realities we see our service as a growth platform that we're in the right part of the cycle, meaning we see great upside potential with our fleet. At the same time, being active in multiple sectors reveals opportunities. This complete formal presentation and we open the call to questions. 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. 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. We have 27,437 open in index days that can generate significant operating cash. How Angeliki Frangou became the leading Greek shipping The transaction based scale through a larger diversified asset base with an increased earning capacity. Conditions are not as favorable elsewhere. NMM has $2.2 billion of contracted revenue. 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! Greek 'bride' celebrates her 103rd birthday in Australia 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. The terms of the loan includes an interest rate of 3% above LIBOR and depreciation profile of about 9 years and maturity in the first quarter of 2026. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. 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. Just trying to understand how the fee through there. Angeliki N. Frangou. 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. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. You need to wait and see that market develop. Please turn to Slide 26, focusing on the container industry. About 91% of our debt is covered by the scrap value of our vessels alone. Part 3 recaps Angeliki Frangou's career and the Navios Group. At Navios, the pandemic galvanized us. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. 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. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. I think the - you can find one year versus three year, you have basically today discovering hugely. The pandemic changed everything. And do you have a maybe preference there in terms of repurchases or distribution increase? For the fourth quarter, we generated $35.5 million in adjusted EBITDA. But we have the luxuries. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Please disable your ad-blocker and refresh. Slide 7 sets forth key strength of the compliance entity. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. 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 . More recently the freight market has corrected on the back of Chinese winter steel production limits and power shortages due to unavailability of gas and coal. 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. 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. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. 67 WALL STREET, New York - September 27, 2012 - The Wall Street Transcript has just published its Transportation and Logistics Report offering a timely review of the sector to serious investors and industry . But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. We don't have much information about She's past relationship and any previous engaged. Turning to Slide 25. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. I think this is something that we are very [technical difficulty]. Angeliki Frangou, Navios Maritime Holdings Inc: Profile and Biography Angeliki Frangou sees optimism amid chaos :: Lloyd's List For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. 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. The displacement of established suppliers not only increases price, but increases ton miles as countries and people are forced to source their needs from places further away. Frangou has been the Chairwoman of the Board of Directors of Navios South American Logistics Inc. since its inception in December 2007. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Churchs Annual Stewardship & Mistletoe Gala. NMM is well positioned to benefit from the different sector fundamentals. You know, it's like as we die. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Next, Mr. Desypris will give an overview of Navios Partners segment data. And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. And we have the tanker sector that we are watching as establish. If these conditions happen, the next thing on the market, on the debt, I think we are in a - we can both allocate on reduction of our debt and also on actually providing to our investors. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. 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. Yes, no that's fair. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. Yet we still have 2,473 open or index-linked days. TradeWinds is part of DN Media Group AS. 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. If you look at the graph on the right, net fleet growth is focused to be 2.6% this year and only 0.7% for '22. 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. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. 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. Slide 6 goes through recent developments. 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. We stand at the crossroads, perhaps the crossroads of history. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. Definitely sounds like you have the flexibility across the board with that. Angeliki Frangou, chief executive of Navios Maritime Holdings, is being sued in New York federal court, alleging she tried to force out preferred shareholders to enrich herself. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Please. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. Angeliki? 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. 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. PIRAEUS, GREECE--(Marketwire - Feb 27, 2013) - Angeliki Frangou, Chairman and CEO of the Navios Group of Companies, is featured on CNN International's Leading Women with Becky Anderson in a three Part Series airing this month. The decrease is primarily due to a $25.5 million increase in vessel operating expenses, mainly due to the increased split, a $3 million increase in general revenue of tax expenses, mainly due to the increased fleet and a $1.4 million decrease in equity net earnings of affiliate companies. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. 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. 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. 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). convertible debentures (the "Convertible Debentures"). I think that will give us a long-term view on the right. Diversification takes advantage of global trade patterns and Slide 8 illustrate this. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum. 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. $690 million of contracted revenue. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. Just trying to understand how you're thinking about the work to be done on that side? At Navios, Ms. Frangou is entrusted with establishing strategy and managing her team of seasoned executives as they supervise global activities. For drybulk, we increased capacity by 36% and reduced average age by 18%. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. Governments having put in place emergency monetary and fiscal plans to support their economies has kick-started faster than expected recovery in the world economy. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. 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 . 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. click here. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. Turning to Slide 20. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. Our office had to remain open. In Slide 14, you can see the latest update on our fleet. 20 Angeliki Frangou, Navios :: Lloyd's List 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. So this is basically what we have been doing and what we are seeing developing. She is not dating anyone. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha 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. We believe that the overall tanker orderbook and fleet are well-balanced as the IMO 2023 and ballast water management regulations will lead to some vessel retirements in the coming months. Thank you, Angeliki, and good morning. And what we are looking is how this investment we did will play. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. Is this happening to you frequently? For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. Slide 7 reviews our recent development. It is a matter of level, and I want to remind that, and this is something in the back of our mind. Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. Vietnam and other Southeast Asian countries, increased coal imports by 13%. I wrote this article myself, and it expresses my own opinions. We continue to renew our fleet and improve average profile. So we're creating this with this different two tier financing. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. 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. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Turn to Slide 18. 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. 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.