angeliki frangou husband
This completes our Q4 results. We remain disciplined. Net debt/book capitalization was at a comfortable level of 41.7%. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. So a few questions around this. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. So you always have to be very alert to see what is the best area where the opportunity lies. Fleet utilization was approximately 99%. Please turn now to Slide 24 for the review of the tanker industry. She is currently single. Consequently, they see magnitudes of today's global GDP made to [indiscernible] the economic impact of a particular percentage point growth when compared to 1970. By continuing to use this website, you agree to the use of cookies as set out in our full policy. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. On the grain side, global grain trade continues to be supported by an ever-increasing world population. Please turn to Slide 21. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. Turning to Slide 20. Year-to-date we expanded our drybulk fleet by 10 vessels increasing drybulk capacity by 36% and reducing its average age by 18% pre-acquisition calendar does not distract us from our balance sheet. This factor stimulus has led to historic turnaround in global container trade. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. And do you have a maybe preference there in terms of repurchases or distribution increase? The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. Your balance sheets in great shape. 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 . We have very strong corporate governance and clear code of ethics. This - the advantage we took on the container vessels gave us a historically low break-even of $2,469 per open day in 2022. And basically by ordering these vessels, you go away from the basic Panamax that used to be the vessel that was designed at that time for passing through Panama Canal, but we saw that had a good life afterwards to something that is particularly great for the necessities of the inter-Asia trade. Angeliki Frangou Biography, Age, Height, Husband, Net Worth, Family First Navios Maritime suit ended with revised offer. What does the liquidity look like across the one year to three year time-frame? Just wanted to actually ask about how you're thinking about the capital structure from here. Our cash balance was at $141.2 million as of September 30, and we have 28.3% in net LTV. I would also like to highlight that 2021 results not comparable to 2020 as in 2021 NMM acquired two companies and is expected to increase its available days by 85% in 2021 and by 171% in 2022 compared to 2020. This complete formal presentation and we open the call to questions. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners' Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. So, on that, what - after these two conditions, we are seeing as a return, a total return to our investor is an important part of our strategy. 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'll turn it over. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Then Mr. Achniotis will provide an operational update and an industry overview. At Navios, the pandemic galvanized us. But also to, you know, a recovery on the tanker segment. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. This concludes my presentation. 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. 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. 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. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. The net book is expected to close on March 31, 2021. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). And that's likely to grow here as we look ahead with the time charters you just announced on the containers. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. Fleet utilization for the fourth quarter of 2020 was almost 100%. We agreed to acquire 6 dry bulk vessels with an average age of about 2 years and sold 4 vessels with an average of about 13 years. We have majority independent directors and independent committees, not to say our management operations. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . Adjusted net income for 2020 amounted to $12.8 million. But on the other side, we are very exposed to the market. 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. Yes, no that's fair. 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. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. 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. We'll go next to Omar Nokta, Clarksons Securities. Angeliki Frangou | Management | Navios Maritime Holdings But I'm talking about as a portfolio, you'd like to keep an age profile characteristics somehow on a certain level. 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). Thank you. And in terms of those sort of three, are you willing to rank at the moment of those three, which is the most appealing or if one outranks the other two or any sort of color you can give on how you are thinking strategically about whether you decide to pay down debt, pay back shareholders or grow the company. First, Ms. Frangou will offer opening remarks. I think the sales of the older ones will slowly reduce that or I guess keep it relatively young. Moving to the 12-month operations. Our available days increased by 63% to 20,421, while the average nine month 2021 combined time charter equivalent rate increased by 76% to 20,991. On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). Maybe just, I know, one final one I did want to ask. Is this a view on those respective markets? 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. For containerships, we increased fleet size by 330% and reduced average age by 24%. Early life and education [ edit] Navios Partners does not assume any obligation to update the information contained in this conference call. On Slide 8, we lay out global GDP growth since 1970. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Turn to Slide 18. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Read more about DN Media Group here. NMM has a strong balance sheet with low leverage, 43.5% in combined net-debt-to-book capitalization and man has diversification and scale with an 85 vessel fleet we ranked in the top-10 among the publicly incited cargo fleet, about 66% of our available base assets at an average charter rate of $18,612 net per day and 34% of our fleet available days are open or the index link. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Now I turn the call over to Navios Partners, Chairwoman and CEO, Ms. Angeliki Frangou. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. The financial potency of this combination can be measured through the pro forma combined results of 2020. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Navios Maritime Partners L.P. (NMM) CEO Angeliki Frangou on Q4 2020 On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Angeliki Frangou Net Worth (2023) | wallmine One of the lowest on record. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . Angeliki Frangou has been Navios Logistics Chairwoman and a Member of the Board of Directors since its inception in December 2007. While we are positioned to capture the market upside, through our forward available days, our diversified chartering strategy has enabled to secure a pipeline of over $2.2 billion of contracted revenue. Obviously it's been a large factor in the market, but has that lack of visibility to sort of the core demand created any sort of headwind to getting business done on the container shipping - just this is actually more pertinent to the container shipping side. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. 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. 20 Angeliki Frangou, Navios :: Lloyd's List In Slide 14, you can see the latest update on our fleet. We have question from the line of Randall Giveans of Jefferies. In addition to the Leading Women Series, Becky Anderson also hosts the network's flagship news and current affairs program Connect the World, which takes viewers on a journey across continents, beyond headlines and into histories of the stories that are changing our world. 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 big thing is about - we're looking at reducing further. 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. 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. Then Mr. Achniotis will provide an operational update and an industry overview. Got it. You may now disconnect. Bank accounts of leading Greek shipowner Angeliki Frangou have been frozen by Greek judicial authorities investigating lending by Marfin Bank, which is now under the control of Piraeus Bank,. If everyone dies, it is not anymore existing. We are 86, which I think is a rather big percentage for our drybulk to be open. 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. Navios' Angeliki Frangou: "The Pandemic Galvanized Us"! - Neo Our fleet consists of 49 dry bulk vessels and 26 Containerships. Total revenue for Q3, 2021 was $228 million compared to $64 million for the same period last year due to the expansion of our fleet and the improved time charter equivalent rate for both containers and bulkers. Angeliki Frangou: 'I am optimistic but I wish it were for different Thanks you Angeliki and good morning all. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. Containers $22,418 per day, and Tankers $15,066 per day. 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. Indeed, in the US, air travel is at 2019 levels, she explained. We aspire to have zero emissions by 2050. 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. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which would cause actual results to differ materially from the forward-looking statements. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Net debt to book capitalization was 40% at the end of the year. I am pleased with the results for the full year and fourth quarter of 2020. Moreover, the large asset base will provide the entity a significant parcel of collateral value. You can read more about how we handle your information in our privacy policy. Thank you, Daniella, and good morning to all of you joining us on today's call. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha It is a matter of level, and I want to remind that, and this is something in the back of our mind. So, starting off with the merger, your fleet is clearly massive, it's diverse. I noticed in the release, and you mentioned it also in your comments, just about securing drybulk charters in the period market when the time makes sense. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. Now I will review the safe harbor statement. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. We did see one thing that we showed as a great opportunity on the container segment, we show that the smaller vessels and this is a widebody, the 5,500 TEU. Through mid-March 2020 21, contracted is down by about 62% compared to the same period last year. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. 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. 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. 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. How Angeliki Frangou became the leading Greek shipping . Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. Please disable your ad-blocker and refresh. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. Angeliki Frangou tightens grip on Navios Holdings after major Angeliki Frangou. 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? For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. According to our Database, She has no children. 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. Slide 6 goes through recent developments. Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. A couple of questions. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Forward-looking statements are statements that are not historical facts. Our balanced exposure across the drybulk, containership and tanker segments allow us to mitigate normal industry cyclicality and leverage fundamentals on offering across all sectors through our chartering and capital allocation and financing strategy. We don't have much information about She's past relationship and any previous engaged. But don't forget, we are 86% of our available days open on drybulk. On October 15, 2021 we completed a transformative merger with Navios Acquisition. NMM is differentiated by its industry-leading scale and diversified sector exposure. over to Navios Partners' Chairman and CEO, Mr. Angeliki Frangou. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. 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. 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. 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. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. Yes, we have put out some details also in our press release today. 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. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. Please. Greek authorities freeze bank accounts belonging to Angeliki Frangrou The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. 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? And we have seen it. And you don't see the 3-year market developing. Thank you. I have no business relationship with any company whose stock is mentioned in this article. Basically, I mean, we see a lot of value on both segments. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. 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. The information set forth herein should be understood in light of such risks. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. I think the number one is that, what we see is a good positioning on the company. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. Please turn to Slide 17 for the review of the drybulk industry. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. In fact the BDI reached 5,650 on October 7, the highest level in 13 years led by increased iron-ore exports out of Brazil, pushing Capesize rates in just under $90,000 per day in early October. Definitely looks well-timed and a good overall return. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. Service was accepted by Israel David. Please turn to Slide 18. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. 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. Adjusted net income for the quarter amounted to $12.8 million. 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. 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 . We have currently fixed 66% of our 29,526 available days for 2021. We operate in three segments, have 15 diversified vessel types, and serve over 10 end market. 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. And then now that, obviously, the dry bulk and containership markets are both extremely strong. So you are actually creating this cash flow when the market is right. 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.