Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. This factor stimulus has led to historic turnaround in global container trade. As Angeliki mentioned, earlier the merger with Navios Acquisition was completed on October 15, 2021. The terms of the loan includes an interest rate of 3% above LIBOR and depreciation profile of about 9 years and maturity in the first quarter of 2026. So any plans for further asset sales, especially on those older vessels? 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. It is a matter of level, and I want to remind that, and this is something in the back of our mind. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. 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. 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. Maritime shipping is the most environmental friendly means of transportation as it is the most carbon efficient mode of transport. 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. Please move to Slide 9 which provide some selected segment data. 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. 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. Thank you for joining us for Navios Maritime Partners Third Quarter 2021 Earnings Conference Call. You have a huge fleet, and you have a break-even per open day of 2,460. Additionally, we have a staggered maturity profile with no significant maturities through 2023. 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. Read more about DN Media Group here. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. Over the last five years, around 40% of European natural gas and 27% of European oil was supplied by Russia. Second, the war in Ukraine and sanctions on Russia have also introduced supply shocks. Service was accepted by Israel David. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and are subject to risks and uncertainties, which would cause actual results to differ materially from the forward-looking statements. Trial in London this week will aim to settle the siblings' complicated business arrangements. Maybe just, I know, one final one I did want to ask. And it was somewhat opportunistic at the time, they were on a speculative basis I guess or at least orders without charters. 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. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. The Leading Women with Becky Anderson Series can be viewed online at: http://edition.cnn.com/SPECIALS/leading-women. Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . TradeWinds is part of DN Media Group AS. I mean when we did the transaction we - when we did the transaction we're about 35%, we increased our debt to about 35%. The transaction based scale through a larger diversified asset base with an increased earning capacity. Thank you, Doris, and good morning to all of you joining us on today's call. So you have 140 vessels to 150 vessels, is that the kind of range you want to stay with or with those kind of asset sales kind of bring down the fleet levels from these numbers? So the target is always to bring down the debt and that is to about 20%. 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. 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. 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. The proceeds of these new financing agreements together with available cash will be used to repay all outstanding Ship Mortgage Notes and redeem an additional $50.0 million of Senior Secured Notes (after which $105.0 million will remain outstanding). TradeWinds is part of DN Media Group AS. 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. Net fleet growth is expected to remain low over the next 3 years, as the order book is the lowest or effort. Please turn to Slide 26, focusing on the container industry. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. We understood that with over 4,000 sailors at sea, when the phone rang, we had to answer it. 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. That is - there is no one formula to this. We believe that this combination offers a stronger, more resilient entity mitigating sector specific cyclicality. The . NMM is well positioned to benefit from the different sector fundamentals. 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. This completes our formal presentation, and we open the call to questions. Food security issues driven by the pandemic as well as increasing broadening demand worldwide. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Net debt to book capitalization was 40% at the end of the year. click here. Our office had to remain open. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. 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? Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. 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. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. Lastly, we have a strong balance sheet with low leverage. From November 1st DN Media Group is responsible for controlling your data on TradeWinds. However, [indiscernible] quarters along with global oil demand returning to 2019 levels have brought OECD inventories below their 5-year average. The holder of the Convertible Debentures will be entitled to vote on an "as converted" basis along with the company's common shareholders. About one-third of our fleet will be in each of the dry . However, the pandemic broke the logistics chain and basic materials had to be airlifted to combat shortages. I note that we were able to sell these vessels for a book gain in this excellent market as we manage our rate profile. And then going forward, which subsector would you maybe look to grow? 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. Our 2021 contracted revenue exceeded our total fleet expenses by $12.6 million, with more than 1/3 of our available base open and index linked, there is an ample opportunity to provide further free cash flow. So we're creating this with this different two tier financing. Then, Mr. Achniotis will provide an operational update and the industry overview. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. George? Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. Purely from a point of the market, I'll say that today, you may have some more opportunities to pick up attractive dry bulk vessels because you still have some recovery. 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. 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. 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. Your balance sheets in great shape. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. There are 2 older and 5 younger executives at Navios Maritime Acquisition Corp. Angeliki N. Frangou. The nominal GDP today is exponentially higher than compared to the nominal GDP of 50 years ago. 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. Slide 7 reviews our recent development. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). Ms. Frangou received a bachelors degree in mechanical engineering, summa cum laude, from Fairleigh Dickinson University and a masters degree in mechanical engineering from Columbia University. But don't forget, we are 86% of our available days open on drybulk. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. And you need to be always running the different scenarios. 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. Debt-laden dry bulk shipper is bailed out by CEO and Chairwoman Angeliki Frangou. For the nine months of 2021 NMM generated $445 million, $269.8 million in adjusted EBITDA and $398.6 million in net income. Thank you. Is this happening to you frequently? We have been taking advantage of robust market, NMM has $2.2 billion of contracted revenue. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. Included in this adjustment is a $42.6 million impairment on our investment in Navios Containers, bringing its book values to approximately $25 million. Read more about DN Media Group here. Angeliki Frangou is 55, she's been the Chairman of the Board and Chief Executive Officer of Navios Maritime Acquisition Corp since 2008. Net fleet growth for 2021 is expected at 3.5% and only 1.5% for '22 below the projected increase in drybulk demand for both years. Consequently, they see magnitudes of today's global GDP made to [indiscernible] the economic impact of a particular percentage point growth when compared to 1970. Turning to Slide 19. Eri? We have finalized an additional $58 million loan, which will be used to finance the acquisition of 2 vessels and refinance an existing facility. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). 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. We have been taking advantage of robust market. To date, the Navios Group has paid about $535.8 million in uninterrupted dividends since the first public listing of Navios Maritime Holdings in 2005. But one of the things I'll say is that, we see visibility on chartering - the demand for charters, if I answer your question. Yes, we have put out some details also in our press release today.
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