Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Moving to the 12-month operations. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. Yes, no that's fair. I'll now pass the call to George Achniotis, Executive Vice President of Navios Development, to discuss the [indiscernible]. Please turn to Slide 18. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. 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. Is this happening to you frequently? And that's likely to grow here as we look ahead with the time charters you just announced on the containers. We have fixed 10 of our containerships for long durations, creating approximately $690 million in contracted revenue. 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. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. 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. 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. 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. NMM is well positioned to benefit from the different sector fundamentals. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Turning to Slide 25, VLCC net fleet growth is projected at 3.6% for 2021 and only 1.6% for '22. We have a large modern diverse fleet of 85 vessels with a total capacity of 7.8 million deadweight tons. I'll turn the call back over to Angeliki for any closing remarks. The remaining 34% of available base that are open all on indexing chargers provided with more upside. Post-merger NMM will have approximately 19.7 million units outstanding. 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. Angeliki Frangou - Chairman and Chief Executive Officer Stratos Desypris - Chief Financial Officer George Achniotis - Executive President-Business Development Conference Call Participants Chris. Today, the BDI stands at 2,271 with a year-to-date average more than double its level at the start of 2020, and the highest it has been in 11 years. Click to read the full policy [+]. The result was a combination of the expansion of our fleet and the improved time charter equivalent rate. This does conclude today's program. Also we have strength and stability in our balance sheet. 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. We have - we see the potential, but we see - we need to see it materialize. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. On the grain side, global grain trade continues to be supported by an ever-increasing world population. The . The agenda for today's call is as follows: First, Mr. Frangou will offer opening remarks. That is - there is no one formula to this. Additionally, we have agreed a new $52.7 million bareboat financing for two Kamsarmax vessels to be delivered in the second half of 2022 and Q1 of 2023. Just trying to understand how the fee through there. We continue to renew our fleet and improve average profile. You may now disconnect. I think that one issue that I faced, no matter was on 140 vessel fleet, you will have some replacement. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. 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. I think the - you can find one year versus three year, you have basically today discovering hugely. 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. Currently in our Containership segment, given the continued strength over the market we have been locking in long-term charters. The current product tanker orderbook is 6% of the fleet, which compares favorably with the 8.4% of the fleet, which is 20 years of age or older. This factor stimulus has led to historic turnaround in global container trade. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. 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. I wrote this article myself, and it expresses my own opinions. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. 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. 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. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. I wrote this article myself, and it expresses my own opinions. We have historically low break-even gives us on a 47,000 days. 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. convertible debentures (the "Convertible Debentures"). Our fleet consists of 49 dry bulk vessels and 26 Containerships. I am not receiving compensation for it (other than from Seeking Alpha). We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. And what we are looking is how this investment we did will play. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. 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. To access the webcast, please go to the Investors section of Navios Partners' website at www.navios-nlt.com. Please turn to Slide 4. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. 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. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. 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. Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. 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. Slide 9 details our operating cash flow potential for 2021, 66% of our available base as fixed -- at an average rate of $18,612 net per day. Angeliki Frangou is Chairman/CEO at Navios Maritime Holdings Inc. See Angeliki Frangou's compensation, career history, education, & memberships. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. 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. First, the pandemic highlighted the weakness of just in time manufacturing. Thank you, Stratos, and good morning all. You need to wait and see that market develop. Yes, the essence of the diversified fleet. The financial information is included in the press release and is summarized in the slide presentation available on the Company's website. Demand is forecast to outpace net sales growth in both 2021 and '22. What does the liquidity look like across the one year to three year time-frame? 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 . 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. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Our diversification strategy creates resilience in the overall business model and enable us to mitigate individual segment volatility. In Slide 11, you can see the strength and stability of our balance sheet. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. The current average contracted net rate of the four vessels is approximately $2,600 per day. And then separately, can you just share generally the front and center. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. The pandemic changed everything. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. On October 15, 2021 we completed a transformative merger with Navios Acquisition. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. Yes, we have put out some details also in our press release today. While also allowing us to leverage each independent sectors fundamentals. Well, thanks, Angeliki for your comments. 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. Angeliki? 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. 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 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. You have this low break-even, 2,400, historically the lowest. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. Just wanted to actually ask about how you're thinking about the capital structure from here. We expect to be able to provide more predictable returns to our unitholders despite uneven sector performance. So this is a net benefit, the inefficiency. Vessels over 20 years of age are about 8.6% of the total fleet, which compares favorably with the historically low orderbook. We also continued to renew and expand our fleet. All vessels are expected to be delivered in the second half of 2022. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. Thank you for your participation. Angeliki? Wanted to maybe follow up on the commentary you just had with Randy, just in terms of deployment of capital, right now you're generating huge sums of cash. Excellent. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. And we have seen it. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . And this is something that actually has benefited quite significant on these market, especially on the container. Please turn to Slide 5. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Net debt/book capitalization was at a comfortable level of 41.7%. So - we went to work," Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during . We see that it is a different set of fundamentals important. I would now like to turn the call over to Angeliki for her final comments. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Please. own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. These together with near record low orderbook could boost crude and product tanker rates in the near term. The diversification allows us to balance a chartered strategy across different business segments, optimizing the profit potential with cash flow certainty. 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. And we have market exposure of 53.5% of our days for this year. 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. If you have seen in container segment what we did, we - and is the example that you see on the charters we just announced, we were fixing one year. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities.