Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. Moving to the earnings highlight in Slide 13. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. 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. A couple of questions. CEO and Chairwoman Angeliki Frangou recently disclosed a 40.8% ownership stake on an as-converted basis and indicated her intention to purchase additional common shares for up to $20 million. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. As I mentioned previously, Navios Partners is one of the largest U.S. publicly listed companies with over 140 vessels. As previously mentioned, stimulus measures have caused recovery of consumption in the advanced economies. So we're creating this with this different two tier financing. 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 . So, basically what we want to see is number one, this market drybulk to materialize, which we are bullish about it. 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. One of the lowest on record. Is this happening to you frequently? 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. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn. We'll take the next question from James with Citigroup. But also, would like to also use the excess in deleveraging. 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. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Please turn to Slide 17 for the review of the drybulk industry. And then you mentioned the word replacement, right. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. 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. You building contracting was down 56% in 2020 compared to '19. 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. Turning to Slide 20. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. As shown on Slide 5, 2021 has been a transformational year as we expanded in new segments. hen she referred to the Russian invasion of Ukraine and emphasized that the consequences of this war and the related sanctions are accelerating inflation and rising interest rates. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. 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 what we are looking is how this investment we did will play. Fleet utilization for the fourth quarter of 2020 was almost 100%. Our merger with Navios Containers increased our containerships by 29 vessels. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. But overall, today the biggest thing that we have to see is that we have created operationally a unique platform. NMM has a solid balance sheet and a modest leverage, a healthy income statement and a pipeline of about $2.2 billion in contracted revenue. Or is this purely a fleet renewal play? So all these unique things that we see on the supply chain happening, these vessels we think is a good match. We see that it is a different set of fundamentals important. Also we have strength and stability in our balance sheet. Chinese steel production surpassed the 1-billion tons mark in 2020. We have capitalized on the strength of the Container Ship market and fixed almost 90% of our available container days for 2021, enjoying healthy rates. Through this S&P activities we increased our fleet size and reduced average age for our existing segments. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. Moving from strength to strength in our drybulk segment, we continue to benefit from a strong spot market with 87% of our 2022 available days exposed to market rate and we remain positioned to fix vessels on attractive period charters are available. 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. 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. We have very strong corporate governance and clear code of ethics. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. So this is a net benefit, the inefficiency. On August 25, 2021 Navios Partners acquired 62.4% of the equity interest in Navios Acquisition through the acquisition of 44.1 million Navios Acquisition's common shares for an aggregate investment of $150 million. 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 time, I'm showing no further questions. More specifically, we have contracted our six newbuilding containerships delivering in 2023 and 2024 for five years at an average rate of $37,050 net per day generating about $420 million of contracted revenue. Turning to Slide 19. New York-listed bulker owner Navios Maritime Holdings has room to lower debt further after a very profitable fourth quarter. 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. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . Containership demand growth of 5.7% in 2021 and 3.7% in '22 is expected to exceed supply a pent-up demand for congestion, restocking and increases in consumer demand for goods all support increasing Connie volumes. Even with the increase in new building orders, demand is forecast to outpace net fleet growth in both 2021 and '22. Sure. And lastly, we'll open the call to take questions. Sure. Angeliki Frangou (left) is seen with her brother John Frangos in 2012. Angeliki? 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. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. Add a meaning Wiki content for Angeliki Frangou Angeliki Frangou Add Angeliki Frangou details Phonetic spelling of Angeliki Frangou Add phonetic spelling Synonyms for Angeliki Frangou Add synonyms For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. For drybulk, we increased capacity by 36% and reduced average age by 18%. This completes our quarterly result for NMM. Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. 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. 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. About one-third of our fleet will be in each of the dry . As a reminder, this conference call is being webcast. So basically we can fix and you have seen in the container segment we fix multi-year contracts. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. This concludes my presentation. Then Mr. Achniotis will provide an operational update and an industry overview. 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. Lastly, we have a strong balance sheet with low leverage. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. Based on yesterday's closing price of Navios Containers units, our investment amounts to over $110 million. Ms. Frangou has also been the Chairwoman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM). 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. In this process, we have been pioneering and are adopting certain environmental regulations up to 2 years in advance. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. I guess, first, for the vessel sales and purchases, it seems like you're obviously adding some dry bulk exposure while shedding some containership exposure. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. Slide 10 shows our combined liquidity as of December 31, 2020, we had total cash of $38.3 million and total borrowings of $719 million. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. The graph on the left shows that for '21, we have to demand for the 3 major cargoes of iron ore, coal and grain is focused on increased by over 3% compared to 2020. Please turn to Slide 26, focusing on the container industry. For example, global GDP in 2019 equals $88 trillion, almost 30x the global GDP of $2 trillion in 1970. $12.8 million is adjusted net income and $1.12 is adjusted earnings per unit. Celebs Wiki Angeliki Frangou fans also viewed: Daniel David And NMM already has more than that contracted for 2021. But could there be any sort of headwind getting, any sort of incremental business done or extending - for or extending any particular charges to vessels. Then, Mr. Achniotis will provide an operational update and the industry overview. Eri? The 2020 decrease is mainly attributable to Indian and Chinese imports declining by 13.8%, respectively. As a reminder, this conference call is being webcast. George? Is that a repeatable opportunity you think? This does conclude today's program. The benefits of diversification are reflected in recent market activity. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. Part 1 of the interview examines Angeliki Frangou's start in business and development of the Navios Group of Companies. 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. On Slide 8, we lay out global GDP growth since 1970. 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. And then separately, can you just share generally the front and center. Maybe just, I know, one final one I did want to ask. We also continued to renew and expand our fleet. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38.
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