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? In concluding, the tanker market continues to remain challenged, following reduced crude and product demand associated with COVID restraints. Net debt/book capitalization was at a comfortable level of 41.7%. So we need to wait for the drybulk, we enjoy the - we have the luxury because of our balance sheet and a low break-even to really to have the luxury to be open. The pandemic changed everything. Yes, we have put out some details also in our press release today. We also continued to renew and expand our fleet. 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. George? The BDI average for Q3 was 3,732, the highest quarterly average since 2008. You have this low break-even, 2,400, historically the lowest. So, it's not that we are basically - it's not a number, but you will need to do, you know, sell and manage the technology. Please disable your ad-blocker and refresh. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. 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. Angeliki N. Frangou. You need to wait and see that market develop. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Just to remind you, for your modeling purpose, so just to remind you that Navios containers the full results will be included in our results from first April as the measure is expected to close on March 31. [Operator Instructions]. I have no business relationship with any company whose stock is mentioned in this article. 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. Read more about DN Media Group here. As a reminder, this conference call is being webcast. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. Ladies and gentlemen, this does conclude today's conference call. So we're creating this with this different two tier financing. The approved merger with Navios Container is expected to close on March 31. We actively renew and expand our fleet. These together with near record low orderbook could boost crude and product tanker rates in the near term. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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. Navios is a socially conscious group with core values include diversity, inclusion, and safety. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. With us today from the company are Chairman and CEO, Angeliki Frangou; Chief Financial Officer, Mr. Stratos Desypris; and Executive Vice President of Business Development, Mr. Georgios Achniotis. 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? But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. Please turn to Slide 23. Europe's imports are expected to grow at 15% on and Asia, excluding China, is expected to import 9% more iron ore in '21 than in 2020. "In terms of future prospects, I am optimistic but I wish it were for different reasons," she said. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. That makes sense. 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 . As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. So this is a net benefit, the inefficiency. 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. 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 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. The full results of operation of Navios Containers will be included in Navios Partners comments commencing April 1, 2021. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. 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. 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. In Slide 14, you can see the latest update on our fleet. 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. 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. 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. Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. All vessels are expected to be delivered in the second half of 2022. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. Trial in London this week will aim to settle the siblings' complicated business arrangements. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. NMM is differentiated by its industry-leading scale and diversified sector exposure. And this is something that actually has benefited quite significant on these market, especially on the container. Please turn to Slide 27. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. Thank you, Daniella, and good morning to all of you joining us on today's call. About one-third of our fleet will be in each of the dry . On October 15, 2021 we completed a transformative merger with Navios Acquisition. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. 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. Additionally, we have a staggered maturity profile with no significant maturities through 2023. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. In Slide 11, you can see the strength and stability of our balance sheet. 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. 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. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. 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. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. I have no business relationship with any company whose stock is mentioned in this article. Ms. Turning to Slide 12, you can see some fleet and debt updates. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. And we have the tanker sector that we are watching as establish. convertible debentures (the "Convertible Debentures"). Now I turn the call over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. For 2022 we have fixed approximately 42% of our open days at $29,350 per day and our contracted revenue provides for a break-even of $2,469 per open day. Net debt to book capitalization was 40% at the end of the year. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. His daughter. 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. So you are actually creating this cash flow when the market is right. This has led the IMF to increase its 2021 GDP growth projection to 5.5%, the highest in 50 years and 4.2% in '22. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. 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. By continuing to use this website, you agree to the use of cookies as set out in our full policy. To read more about DN Media Group, She also serves as the Chairman and Chief Executive Officer of Navios Partners L.P. and Navios Maritime Acquisition Corporation. 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. So, starting off with the merger, your fleet is clearly massive, it's diverse. 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. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). Thank you, Doris, and good morning to all of you joining us on today's call. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty.
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