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But the reality is just to go back to your question is, is the following thing, I mean, the capacity of the ship - the shipyard capacities has been full, and also we see that materials maybe going up. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. 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. And today we fix over four years, and you know with 2.5 times the rate. Please turn to Slide 23. Pro forma for the merger, our company will be 1 of the 10 largest public listed dry cargo fleet. 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. Turning to Slide 20. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. However, the results of Navios Acquisition included in the Q3 Navios Partners results are only for the period from August 26,; through September 30, 2021. And to capture the spot market and wait for the period market to come. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. 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. Sorry I am not a 100% sure on the question, I cannot - it's a little bit hard to hear you. We also anticipate that diversification and scale should make NMM a more attractive investment platform as we take advantage of global trade patterns. Will you order those ships and then subsequently contracted them and now you have basically a five year, maybe 5.5 year payback. And lastly, we'll open the call to take questions. And also we have to see that target, which we also see a good potential to actually happen. Both related-party loans have a term of four years and won't require cash interest or amortization payments for an initial 18-month period (the "PIK Period"). Thank you, Stratos, and good morning all. But we have the luxuries. Shipping is always very, very profitable. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. First Navios Maritime suit ended with revised offer. But most important is we need to have the right conditions. The benefits of diversification are reflected in recent market activity. Slide 7 reviews our recent development. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. Angeliki N. Frangou. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. And this is the strategy going forward. In particular, the extremely tight availability of Panamaxes, combined with poor congestion, increasing trade and lack of new buildings has proper period time charter rates to keep 13-year highs of $37,000 per day for periods after a year. Thank you, Stratos. 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. Angeliki Frangou and her brother John square up at trial in London It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. But most importantly, we were there for each other, she said emphatically and added: Oddly, the enforced isolation of the pandemic also provided time to reconsider our business. 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. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. 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. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Please disable your ad-blocker and refresh. You may now disconnect. Please disable your ad-blocker and refresh. Also, we agreed to acquire a new building Capesize vessel for $31.6 million. 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 . Angeliki? 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. 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. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. Adjusted net income for 2020 amounted to $12.8 million. Our merger with Navios Containers increased our containerships by 29 vessels. Just wanted to actually ask about how you're thinking about the capital structure from here. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. Angeliki Frangou has been our Chairwoman and CEO since August 25, 2005. This complete formal presentation and we open the call to questions. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. She is not dating anyone. Meanwhile, she launched Navios Maritime Containers with a listing on the Norwegian over-the-counter market, followed up by a 2018 listing in New York, building up a fleet of 29 . We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Read more about DN Media Group here. 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. 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. quarter of 2020. In Slide 14, you can see the latest update on our fleet. Net debt/book capitalization was at a comfortable level of 41.7%. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. Thank you. We are 86, which I think is a rather big percentage for our drybulk to be open. What will it take to increase the distribution? Maybe just, I know, one final one I did want to ask. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. George? This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Angeliki Frangou (nee Papi) was born in Ikaria in November 1915. . Of course we also entered into the crude and product tanker segment. Post-merger NMM will have approximately 19.7 million units outstanding. 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. Instead, interest payments will have to be made in the form of new, unsecured convertible debentures (the "Convertible Debentures"). People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. You have a huge fleet, and you have a break-even per open day of 2,460. 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. Angeliki Frangou | Navios Logistics Navios is a socially conscious group with core values include diversity, inclusion, and safety. 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. I am not receiving compensation for it (other than from Seeking Alpha). Our cost of debt has been significantly reduced as a result of the refinancing with the term loyalty as well as the decrease in LIBOR rates. And overall we like to have a low leverage. 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. 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. We see that it is a different set of fundamentals important. Angeliki Frangou (the "Reporting Person") is a Greek Citizen with a principal business address at 85Akti Miaouli Street, Piraeus, Greece 185 38. The increase was mainly due to the 32.3% increase in available days of 2020. That makes sense. Thanks you Angeliki and good morning all. But on the other side, we are very exposed to the market. Now is the important or something like an unsecured pieces that might make sense, something that basically might be a little bit more permanent piece of the capital. Navios Maritime Partners L.P. (NYSE:NMM) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET, George Achniotis - EVP, Business Development. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential future merger with Navios Partners to the detriment of the partnership's outside common unitholders. Frangos claims his sister owes his company, First Lines, $1.18m, TradeWinds is part of DN Media Group. 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. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. Navios Maritime Partners L.P. Secures Unitholder Approval and Completes We actively renew and expand our fleet. We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. We'll take the next question from James with Citigroup. I have no business relationship with any company whose stock is mentioned in this article. 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. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. Angeliki Frangou sees optimism amid chaos :: Lloyd's List Capital Link Forum Angeliki Frangou (left) is seen with her brother John Frangos in 2012. We believe that the overall tanker orderbook and fleet are well-balanced as the IMO 2023 and ballast water management regulations will lead to some vessel retirements in the coming months. Accordingly, 2021, net fleet growth is expected at 2.6% and only 0.7% for '22. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. Slide 7 sets forth key strength of the compliance entity. NMM has an enhanced base to generate free cash flow. We have 27,437 open in index days that can generate significant operating cash. I am pleased with the results for the full year and fourth quarter of 2020. 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. 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. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. We are also constantly working on refinancing and extending maturities. We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. 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. Slide 6 details our Company highlights. 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. Next, Mr. Desypris will give an overview of Navios Partners segment data. Fleet utilization was approximately 99%. 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. Thank you, George. Lastly, we have a strong balance sheet with low leverage. 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. Navios Maritime Partners' (NMM) CEO Angeliki Frangou on - SeekingAlpha I wrote this article myself, and it expresses my own opinions. Lastly within our Tanker segment, our long-term contracts provide protection and 65% of our 2022 available days remain open to capture the ongoing market recovery. We are focusing on taking advantage of the different fundamentals across the sector we operate to maximize profitability. Our merger with Navios Maritime Containers was approved and 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). 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. The big thing is about - we're looking at reducing further. This has led to a change in trading patterns for the containerships, which has resulted in a historic turnaround in rates. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. It doesn't sound like it has, but curious if there's any sort of hold back because of that lack of visibility. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. And that is something that we are not shy doing. 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. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. Navios' fourth company, Navios South American Logistics Inc., owns and operates the largest independent dry port in the Hidrovia region of South America and one of the largest independent liquid ports in Paraguay. Editor's note: US District Judge Mary Ann Vial Lemmon dismissed the litigation against the owners of Mariner Shipyard in April 2010. 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. Also we have strength and stability in our balance sheet. And then separately, can you just share generally the front and center. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. The net book is expected to close on March 31, 2021. I think we are evolving from a world of just in time manufacturing to just in case where countries and companies purposefully build redundant systems. Focus are also for growth in iron ore imports around the world as the effects of the pandemic received.