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Leverage remains very low and net loan to value is 28.3% in an asset base estimated at over $4.5 billion. Thank you. Thank you, George. Our office had to remain open. click here. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? The Leading Women with Becky Anderson program profiles professional women who have made it to the top in all areas of business, the arts, sport, culture, science and more. 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. And we have seen it. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. 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. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. 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. Thank you. Importantly, the precent of decrease perhaps understates the impact. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. Widely-respected Fortune magazine included Greek shipowner and businesswoman Angeliki Frangou in the list with the 25 most powerful women in the world for 2014. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. Big picture just, you should understand that all the inefficiency is net positive for our business. Turning to Slide 15, you can our ESG initiatives. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. 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" ). We have been profitable in Q4 as contracted revenue exceeds total expenses by $57 million, yet we still have about 2,473 open and index-linked days. The battle follows four legal notices filed by Frangos in. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. This completes our quarterly result for NMM. While also allowing us to leverage each independent sectors fundamentals. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. I think that will give us a long-term view on the right. Basically, I mean, we see a lot of value on both segments. convertible debentures (the "Convertible Debentures"). Furthermore, protocols for contactless operations and repatriations have been created and IT systems were overhauled to facilitate all these. Another increase in world population, food security issues driven by the pandemic as well as increasing protein demand worldwide continue to support the global grain trade. Is this a view on those respective markets? The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. Then, Mr. Achniotis will provide an operational update and the industry overview. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. At the same time, but there is increasing industrial production and economic growth in China. 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. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. Well, thanks, Angeliki for your comments. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. What will it take to increase the distribution? Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. Notwithstanding this accounting in [indiscernible], economically, our investment has significantly increased in value. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. By continuing to use this website, you agree to the use of cookies as set out in our full policy. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. 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. And that one other thing we have done is we have about $1.5 billion in, I mean, Eri will give the exact numbers, but $1.5 billion on debt. For drybulk, we increased capacity by 36% and reduced average age by 18%. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. Angeliki? Our merger with Navios Containers increased our containerships by 29 vessels. 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. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. Becky Anderson, one of CNN International's highest profile anchors, interviewed Angeliki Frangou at Navios' offices in Piraeus, Greece to discuss the global rise of the Navios Group of Companies and her career achievements. Yes, the essence of the diversified fleet. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . All grain production this year will reach a record according to the international gains counting and the USDA. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. Conditions are not as favorable elsewhere. Is this happening to you frequently? So you always have to be very alert to see what is the best area where the opportunity lies. So think about something between five vessels to 10 vessels to a minimum per year you will have to replace, because either this is the way, or you see that vessel may have - may come in to - you see that the potential in 2023 and we have more consumption, for different technological or commercial reasons or CapEx you have to put. 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. So, how much is Angeliki Frangou worth at the age of 56 years old? As you can see in the blue box on the lower right, increases in demand for goods, port congestion and restocking will lead to container demand growth of 6.3% in 2021, and 3.9% in '22. His daughter. Thank you for your participation. We have question from the line of Randall Giveans of Jefferies. We don't have much information about She's past relationship and any previous engaged. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. Partners financial results. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. 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. Our fleet consists of 49 dry bulk vessels and 26 Containerships. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. Overall our diversified platform should provide flexibility, allowing us to capitalize across segment opportunities. Angeliki? What does the liquidity look like across the one year to three year time-frame? Fleet utilization for the fourth quarter of 2020 was almost 100%. Please turn to Slide 17 for the review of the drybulk industry. 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. And you need to be always running the different scenarios. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Is that a repeatable opportunity you think? I wrote this article myself, and it expresses my own opinions. As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. Thank you. 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. 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. In 2021 we've completed two mergers. And this is something that actually has benefited quite significant on these market, especially on the container. Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. And you don't see the 3-year market developing. 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.