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Navios Partners does not assume any obligation to update the information contained in this conference call. Net debt/book capitalization was at a comfortable level of 41.7%. 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. Thank you for your participation. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . 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. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Click to read the full policy [+]. EBITDA and net income for the first nine months of 2021 include an $80.8 million gain from equity in net earnings of affiliated companies, a $48 million bargain purchase gain upon obtaining control of Navios Containers and Navios Acquisition, a $30.3 million gain related to the sale of seven of our vessels, and $2.9 million transaction cost in relation to the merger with Navios Acquisition. 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. Adjusted net income for the quarter amounted to $12.8 million. And lastly, we'll open the call to take questions. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). For more information about Navios Holdings please visit our website: www.navios.com. And I did want to also just ask about the containership charters, which I thought were, you know, you ordered thus four plus two shifts, if I recall. Definitely looks well-timed and a good overall return. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. As a reminder, this conference call is being webcast. 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. 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. I now pass the call to Eri Tsironi, our CFO, which will take you through the financial highlights. We can be very comfortable watching the drybulk market develop, we have 86% of our available days in the drybulk open to the market exposure because we are bullish on that. Please disable your ad-blocker and refresh. So this is basically what we have been doing and what we are seeing developing. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. This completes our quarterly result for NMM. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. Not only does diversification provide strength but it also brings opportunity. 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. Next, Mr. Desypris will give an overview of Navios Partners segment data. As a result, we re-imagined the modern shipping company. But also, would like to also use the excess in deleveraging. The benefits of diversification are reflected in recent market activity. You have a huge fleet, and you have a break-even per open day of 2,460. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. 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. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. I am pleased with our results for the third quarter of 2021. Of course we also entered into the crude and product tanker segment. 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. 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. We stand at the crossroads, perhaps the crossroads of history. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. And then going forward, which subsector would you maybe look to grow? 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. 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 . The average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. And lastly, we'll open the call to take questions. Our merger with Navios Maritime Containers was approved and is expected to close on March 31, 2021. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. We are also constantly working on refinancing and extending maturities. It doesn't indicate, now on actual investment, we just completed a $1 billion investment, 45 vessels in the tanker segment. TradeWinds is part of DN Media Group AS. One of the lowest on record. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. For 2022 we expect a historically low break-even of $2,459 per open day with 20 - with - our busy acquisition calendar has not distracted us from our balance sheet, we remain disciplined. In 2021 we've completed two mergers. Slide 7 sets forth key strength of the compliance entity. NMM is well positioned to benefit from the different sector fundamentals. This conference call should contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. 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. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income. 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. 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. The remaining 34% of available base that are open all on indexing chargers provided with more upside. Stratos? click here. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. Thank you, Stratos. On the grain side, global grain trade continues to be supported by an ever-increasing world population. Churchs Annual Stewardship & Mistletoe Gala. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. To access the webcast please go to the Investors section of Navios Maritime Partners website at www.navios-mlp.com. Yet we still have 2,473 open or index-linked days. 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. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. We'll take the next question from James with Citigroup. Chinese steel production surpassed the 1-billion tons mark in 2020. 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. 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. 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. 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. Please turn to Slide 26, focusing on the container industry. Before I start discussing our financial highlights, I would like to draw your attention to see one-off items that are listed in Slide 11. Thank you. 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? Angeliki Frangou, chief executive of Navios Maritime Holdings and Navios Maritime Partners speaks at a company dinner at the National Gallery in Athens in June 2022. Also we have strength and stability in our balance sheet. Could you just give a flavor of sort of what the liquidity looks like from your perspective in terms of deploying the drybulk fleet away from spot on to time charters. The approved merger with Navios Container is expected to close on March 31. Turning to Slide 15, you can our ESG initiatives. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. First Navios Maritime suit ended with revised offer. I think a low leverage is a big driver to our model. This decline can be partially attributed to owners hesitance towards the long-lived assets in light of macroeconomic uncertainty and engine technology concerns due to upcoming CO2 restrictions. Please. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. And we have the tanker sector that we are watching as establish. 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. 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. 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. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. At the same time, but there is increasing industrial production and economic growth in China. Just curious there. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. The company reworked its operations in offices and on board the vessels and hired a new medical team to monitor the health of all employees and crew. But those of us in shipping will try to understand the impact of all these things based on a simple metric on ton miles the cost of shipping one ton of freight for one mile. Angeliki Frangou (born 1965) (Greek: ) is a Greek shipowner. NMM is differentiated by its industry-leading scale and diversified sector exposure. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. For drybulk, we increased capacity by 36% and reduced average age by 18%. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. 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. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. CHARTERING OFFICER/MANAGER GAS CARRIERS/TANKERS, Panamax Chartering Manager, Chartering Broker. 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. Please turn to Slide 5. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. 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 have - we see the potential, but we see - we need to see it materialize. We actively renew and expand our fleet. Slide 10, details our strong operating free cash flow potential.

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