Navios Maritime

Angeliki Frangou, distinguished for her strategic business maneuvers, is currently engaging in an investment campaign that remarkably does not focus on acquiring ships. Instead, her attention has turned towards amplifying her stake in Navios Maritime Partners, a move that has significantly contributed to propelling the company’s share price to its zenith since the conclusion of 2015. Under the stewardship of Angeliki Frangou as the Chief Executive Officer, Navios Maritime Partners, a company celebrated for its diversified portfolio in ship owning, has witnessed a notable upsurge in its stock value, reaching levels unseen since the twilight of 2015. This bullish trend comes in the wake of Frangou’s substantial investments in the company, with a staggering $10.5 million allocated towards the purchase of the firm’s New York-listed shares in February alone, as documented by the US Securities & Exchange Commission (SEC). Navios Maritime Partners, headquartered in Monaco, operates a significant fleet comprising various types of vessels including container ships, bulk carriers, and tankers, positioning it as a versatile player in the global shipping industry. The company’s strategy focuses on leveraging its diverse fleet to offer comprehensive transportation solutions across a wide range of commodities and geographies. This approach not only provides Navios Maritime Partners with a competitive edge but also enhances its resilience against the cyclical nature of the shipping market. With a strong commitment to sustainability and efficiency, Navios Maritime Partners continues to invest in eco-friendly technologies and practices, ensuring its operations align with global environmental standards and stakeholder expectations. The proactive investment activities by Angeliki Frangou signal a robust confidence in the future growth prospects of Navios Maritime Partners. It underscores a visionary approach towards bolstering the company’s market position and shareholder value in the long term. Through these strategic share acquisitions, Frangou not only reinforces her leadership role within the company but also exemplifies a keen investment acumen, positioning Navios Maritime Partners as a key entity to watch in the evolving maritime sector. 11-March-2024

 

Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) appointed Doric Shipbrokers co-founder Vassilios Mouyis as a member of BOD (Board of Directors). Vassilios Mouyis is replacing board member Orthodoxia Zisimatou. Previously, Vassilios Mouyis was a director at Navios Maritime Midstream Partners and Navios Maritime Containers. In late July 2022, New York-listed shipowner and operator Navios Maritime Holdings (NM) sold its 36 bulk carriers to spin-off Navios Maritime Partners for $835 million. Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. Currently, Angeliki Frangou-led Navios Partners has a fleet of 190 vessels and 24 newbuildings. 27-March-2023

 

Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) has repurchased more than $9.24 million worth of the company’s preferred shares through a tender offer, which meant less than half of the shares Navios Maritime Holdings (NM) had aimed to acquire. Navios Maritime Holdings (NM), whose primary investment is a stake in Navios South American Logistics, had offered to buy up to $20 million in shares through the offer, which ran from 14 September 2022 to 12 October 2022, before the offer was extended until Friday. In late July 2022, New York-listed shipowner and operator Navios Maritime Holdings (NM) sold its 36 bulk carriers to spin-off Navios Maritime Partners for $835 million, after the daughter company had previously taken over Navios Maritime Acquisition for $827 million in January 2022. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. Currently, Angeliki Frangou-led Navios Partners has a fleet of 188 vessels and 22 newbuildings. 26-October-2022

 

Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) told a conference call with shipping analysts that the fleet disposal was carried out at a reasonable time and that the second quarter was an important one for Navios Maritime Holdings (NM). In late July 2022, New York-listed shipowner and operator Navios Maritime Holdings (NM) sold its 36 bulk carriers to spin-off Navios Maritime Partners for $835 million, after the daughter company had previously taken over Navios Maritime Acquisition for $827 million in January 2022. Angeliki Frangou expresses that Navios Maritime Holdings (NM) has a margin of safety after an $835 million fleet sale. Angeliki Frangou speaks up about other investments after offloading 36 bulk carriers to affiliate Navios Maritime Partners. Sister company Navios Maritime Partners paid $835 million for the 36 bulk carriers earlier this year, with US-listed Navios Holdings using the cash to pay off the debt of $784m. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. Currently, Angeliki Frangou-led Navios Partners has a fleet of 188 vessels and 22 newbuildings. 10-September-2022

 

CEO Angeliki Frangou has placed herself as the majority owner of New York-listed shipowner and operator Navios Maritime Holdings (NM) after Angeliki Frangou converted more debentures she had held since January refinancing package. Angeliki Frangou owns the shares of New York-listed shipowner and operator Navios Maritime Holdings (NM) through Raymar Investments, Amadeus Maritime, and Navios Shipmanagement (NSM). CEO Angeliki Frangou gathered 5.33 million more shares of New York-listed shipowner and operator Navios Maritime Holdings (NM) through the convertible debenture and put them under Navios Shipmanagement (NSM). As a consequence, CEO Angeliki Frangou has 1.27 million remaining shares under a convertible debenture of $24 million with a strike price of $3.90 per share that she can convert into common stock for further ownership in New York-listed shipowner and operator Navios Maritime Holdings (NM). CEO Angeliki Frangou last raised her stake in Navios Maritime Holdings (NM) in early July to 46% when CEO Angeliki Frangou acquired 2.09 million more Navios Maritime Holdings (NM) shares through the convertible debenture and folded them into Navios Shipmanagement (NSM). Currently, Navios Shipmanagement (NSM) holds 17.6 million shares, or 43.5%, of Navios Maritime Holdings (NM). Amadeus Maritime owns 1.27 million shares representing 5.6% of Navios Maritime Holdings (NM), while Raymar Investments holds 1.37 million units, or 6%, of Navios Maritime Holdings (NM). New York-listed shipowner and operator Navios Maritime Holdings (NM) will no longer directly own ships after selling its bulker fleet and is focused on growing CEO Angeliki Frangou’s Navios South America Logistics business, which closed a $550 million refinancing in January, allowing it to pay off $614 million in bonds that had been set to mature in January. New York-listed shipowner and operator Navios Maritime Holdings (NM) will make $10 million quarterly payments to the CEO Angeliki Frangou affiliate starting in Q3 2023 and pay an upfront fee in the form of $24 million in debentures. In late July 2022, New York-listed shipowner and operator Navios Maritime Holdings (NM) sold its 36 bulk carriers to spin-off Navios Maritime Partners for $835 million, after the daughter company had previously taken over Navios Maritime Acquisition for $827 million in January 2022. Currently, Angeliki Frangou-led Navios Partners has fleet of 188 vessels and 22 newbuildings. 9-August-2022

 

Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) resumes making advancements on slashing debt following a bond buyback. Navios Maritime Holdings (NM) had repurchased $25 million of its 11.25% notes at par. Greek shipowner and operator Navios Maritime Holdings (NM) left with $130 million outstanding on maturity in August 2022. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. Navios Maritime Holdings (NM) generate favorable cash flows from the company’s dry bulk fleet in Q1 2022. Furthermore, Navios Maritime Holdings (NM) revealed the company had room to reduce debt after the extremely promising Q4 2021. In 2021, Angeliki Frangou-led Navios Maritime Holdings (NM) had operated creatively to complete a debt package that permitted the company to pay $614 million of ship mortgage notes and to also lower the principal amount outstanding of the senior notes to $155 million. Greek shipowner and operator Navios Maritime Holdings (NM) refinancing was possible because of about $263 million in payment-in-kind loans from an enterprise affiliated with Angeliki Frangou. Navios Maritime Holdings (NM) will pay $10 million quarterly payments to the Angeliki Frangou affiliate beginning in Q3 2023 and pay an upfront fee in the form of $24 million in debentures. Greek shipowner and operator Navios Maritime Holdings (NM) supported the deal as the best opportunity that was available besides Chapter 11 bankruptcy. 20-March-2022

 

Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) reported net earnings of $45.8 million for Q4 2021. Navios Maritime Holdings (NM) reported revenue of $156.8 million for Q4 2021. Navios Maritime Holdings (NM) reported a Time Charter Earning of $31,156 per day per ship for Q4 2021. Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) paid around $614 million of ship mortgage notes in 2021. New York-listed shipowner and operator Navios Maritime Holdings (NM) decreased the main amount outstanding of the senior notes to $155 million. Greek shipowner and operator Navios Maritime Holdings (NM) closed a $550 million refinancing earlier in 2022 to redeem the notes. Navios Maritime Holdings (NM) will make $10 million quarterly payments to Angeliki Frangou’s private company beginning in Q3 2023 and pay an upfront payment in the form of $24 million in debentures. According to Navios Maritime Holdings (NM), the debt agreement was the best choice that was available besides Chapter 11 bankruptcy reorganization. Currently, Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) owns a mixed fleet of 25 ships. 23-February-2022

 

Angeliki Frangou-led Navios Maritime Holdings (NM) paid off its final remaining bond maturity in August. Previously, New York-listed Navios Maritime Holdings (NM) refinanced $550 million including loans from Angeliki Frangou’s sister company. A $550 million loan provides Navios Maritime Holdings (NM) with adequate cash. Despite the current dry bulk market, Navios Maritime Holdings (NM) voiced positiveness about opportunities for the dry bulk shipping market after Navios Maritime Holdings (NM) published the company’s best-ever Q3 2021 results. Navios Maritime Holdings (NM) cleared away most of the $769 million in maturities. Navios Maritime Holdings (NM) is settling down about $456 million of the loans coming due in January 2021. The usage of convertible debentures in the deal raised the concerns of dilution risks. Navios Maritime Holdings (NM) might not be able to find bankers keen to place cash into a company with a heavy debt overhang. 16-December-2021

 

Newly Merged New York-listed Navios Maritime Partners and Navios Maritime Acquisition may generate tremendous profits in soaring shipping markets. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. The merger has a fleet of 143 ships that has a value of around $4 billion. In December 2020, New York-listed Navios Maritime Partners acquired another sister company Navios Containers with a fleet of 33 containerships. Navios Maritime Partners has built a peerless blend of range and diversification as the largest US-listed shipping company. Angeliki Frangou-led Navios Maritime Holdings (NM) assume that this organization should result in a stronger, more flexible entity, moderating sector-specific cyclicality. Furthermore, Navios Maritime Holdings (NM) can capitalize on opportunities throughout the shipping markets. 21-October-2021

 

Angeliki Frangou-led Navios Maritime Holdings (NM) subsidiary company Grimaud Ventures sold $31 million worth of shares in its parent to lower debt. New York-listed Navios Maritime Holdings (NM) used $20 million to reduce the outstanding debt amount to $165 million. In September 2021, Navios Maritime Holdings (NM) had bought back another $20 million of the bonds. Previously, Navios Maritime Holdings (NM) subsidiary company Grimaud Ventures was holding 9.3 million Navios Maritime Holdings (NM) shares. Grimaud Ventures received 9.3 million Navios Maritime Holdings (NM) shares as part of a settlement for a $70 million loan from Navios South American Logistics (NSAL). Grimaud Ventures was a subsidiary of Navios South American Logistics (NSAL). Market players anticipate more sales going forward to support Navios Maritime Holdings (NM). New York-listed Navios Maritime Holdings (NM) has $477 million priority mortgage notes coming due in January 2021. At the beginning of September 2021, New York-listed Navios Maritime Holdings (NM) spinoff Navios Maritime Partners published that the company was taking over tanker owner Navios Maritime Acquisition. Currently, Navios Maritime Holdings (NM) owns 25 bulk carriers. 14-September-2021

 

New York-listed Navios Maritime Partners sold 2005 built panamax bulk carrier 74K DWT MV Navios Azalea. Angeliki Frangou-led Navios Maritime Partners sold MV Navios Azalea for around $13 million. In 2019, Navios Maritime Partners acquired MV Navios Azalea from Angeliki Frangou’s brother John Angeliki Frangou controlled Irika Shipping for around $10 million. MV Navios Azalea belonged to Irika Shipping, a defunct company controlled by Angeliki Frangou’s brother John Angeliki Frangou. 16-July-2021

 

New York-listed Navios Maritime Holdings (NM) has secured a $75 million loan from Angeliki Frangou’s N Shipmanagement Acquisition to pay off the company’s $305 million notes due in 2022. In 2017, Navios Maritime Holdings (NM) secured a debt of $896 million at a coupon of 11.25%. Navios Maritime Holdings (NM) has $896 million of debt maturing on 1 March 2022 with $63 million more due in 2023 and $46 million the year in 2024. The notes are secured by a priority lien on stock owned by subsidiaries that are guarantors such as Navios GP, Navios Maritime Acquisition, Navios South American Logistics, and Navios Maritime Partners. Furthermore, 2009 built capesize bulk carrier 179K DWT MV Navios Azimuth is also pledged as security. Angeliki Frangou loaned $100 million to group company Navios Acquisition for working capital earlier in 2021. New York-listed Navios Maritime Holdings (NM) announced that the company is striving to generate extra liquidity to finance the working capital requirements through the sale of assets, refinancing schemes, and an initial public offering (IPO) of Navios Logistics. New York-listed Navios Maritime Holdings (NM) assumes the company will generate enough cash to make the imperative principal and interest payments on its borrowings, excluding the maturity payments, till 2022. 14-June-2021

 

New York-listed Navios Maritime Holdings (NM) reported net earnings of $163K in Q1 2021. Navios Maritime Holdings (NM) reported revenue of $117 million in Q1 2021. Navios Maritime Holdings (NM) reported a Time Charter Equivalent (TCE) of $14,404 per day per ship in Q1 2021. Previously, Navios Maritime Partners acquired three (3) bulk carriers ahead of merger with a subsidiary container company Navios Maritime Containers. In March 2021, Navios Maritime Holdings (NM) sold 2012 built kamsarmax bulk carrier 81K DWT MV Navios Centarus and 2012 built kamsarmax bulk carrier 81K DWT MV Navios Avior. Furthermore, Navios Maritime Holdings (NM) sold 2006 built supramax bulk carrier 53K DWT MV Navios Astra and 2011 built handy bulk carrier 34K DWT MV Navios Serenity. Angeliki Frangou-led Navios Maritime Holdings (NM) is optimistic about future dry bulk ship demand. Currently, New York-listed Navios Maritime Holdings (NM) owns 15 capesize, 23 panamax, 4 supramax, and 1 handysize bulk carrier. 29-May-2021

 

New York-listed Navios Maritime Holdings plans to cope with $782 million of debt due in 2022 by selling ships and preparing refinancing programs. Navios Maritime Holdings plans to generate additional liquidity to finance working capital requirements through the sale of ships and refinancing programs. Navios Maritime Holdings reported a net loss of $94 million for Q4 2020. Furthermore, Navios Maritime Holdings reported a net loss of $193 million for full-year 2020. According to Navios Maritime Holdings, poor dry bulk shipping markets over much of 2020 depressed revenues. Additionally, Angeliki Frangou-led Navios Maritime Holdings’ subsidiary Navios South American Logistics reported a revenue reduction due to warm weather and drought in parts of South America. Navios Maritime Holdings prepares to list Navios South American Logistics on the New York Stock Exchange. Navios Maritime Holdings owns 64% of Navios South American Logistics. Navios Maritime Holdings is positive about demand for dry bulk carriers in 2021. In 2020, Navios Maritime Holdings sold numerous vintage bulk carriers as part of a continuous fleet renewal programme. 20-April-2021

 

New York-listed Navios Maritime Holdings sold 2006 built supramax bulk carrier 53K DWT MV Navios Astra for around $7 million to Istanbul-based shipowner and operator. 9-February-2021

 

Angeliki Frangou led Navios Maritime Partners has acquired a capesize and a panamax bulk carrier from its sister company, New York-listed Navios Maritime Holdings. Navios Maritime Partners acquired 2014 built capesize bulk carrier 181K DWT MV Navios Gem and 2014 built panamax bulk carrier 77K DWT MV Navios Victory for around $51 million in total. Both, MV Navios Gem and MV Navios Victory are chartered out for period. Navios Maritime Partners announced the purchase was authorized by the conflicts committee of its BOD (Board of Directors). Currently, Navios Maritime Partners controls 55 ships, and Navios Maritime Holdings controls 23 ships. 1-October-2020

 

The Navios Group, a prominent Greek shipping conglomerate, is set to distribute a fleet of 14 vessels as it proceeds with the liquidation of Navios Europe II, a private shipping company within the group. This move involves Navios Maritime Holdings and Navios Maritime Acquisition, each holding a 47.5% stake, and Navios Maritime Partners with a 5% stake in the venture. The liquidation, announced in an SEC filing by the Angeliki Frangou-led Navios Maritime, is expected to be completed in the second quarter of 2020. Navios Europe II, established in the Marshall Islands in 2015, originally acquired its fleet of five sub-panamax containerships, two feeder containerships, and seven supramax, kamsarmax, and post-panamax bulkers through loans amounting to $14m from the three Navios entities, with additional funding in 2017 and working capital loans totaling up to $43.5m. A notable aspect of the liquidation includes the full release of liabilities under a $5m junior loan by Navios Europe II and the lenders. The liquidation follows the group’s earlier dissolution of Navios Europe I in November, which resulted in the distribution of 16 ships among various group companies. This strategy appears to reflect the Navios Group’s broader efforts to streamline operations and manage liquidity amidst the challenging shipping market conditions. Fearnley Securities, commenting on the liquidation, anticipates a significant liquidity boost, particularly for Navios Acquisition, which currently benefits from lucrative VLCC charters. The investment bank projects an improvement in liquidity to $90m by the end of June and suggests that repurchasing bonds trading at a discount could be a strategic move to address upcoming maturities and potentially enhance equity value. As the vessels and equity from Navios Europe II are allocated among the Navios entities, the specific distribution and its impact on each company’s portfolio and financial health remain focal points for stakeholders and industry observers. The liquidation underscores the Navios Group’s adaptive strategies in navigating the complexities of the global shipping industry. 20-April-2020

 

Angeliki Frangou, the head of the Athens-based Navios Group, has expressed optimism for a significant recovery in dry bulk freight rates in the latter half of 2020. During a conference call discussing the fourth-quarter results of Navios Maritime Holdings, Angeliki Frangou highlighted expectations for the dry bulk market to rebound from its current downturn within months, pointing to Forward Freight Agreements (FFAs) that suggest a substantial increase in spot rates by year-end. Angeliki Frangou’s confidence stems from FFAs indicating that spot rates could potentially be six times higher towards the end of 2020 compared to current levels. This optimistic outlook is a shift from her previous stance in February, where she described the market as too volatile for accurate predictions. The anticipated recovery is attributed to seasonal market patterns, expected to improve as China, heavily impacted by the pandemic, returns more fully to the global market later in the year. This return is projected to enhance supply-demand dynamics and contribute to global economic growth. Despite reporting a net loss of $192.1 million for 2019, down from a loss of $268.7 million in 2018, Navios Holdings is actively renewing its fleet. Navios Holdings has recently added four modern vessels, including two capesize bulk carriers acquired through sale-and-leaseback transactions and two newly-built, chartered-in kamsarmax bulk carriers. These acquisitions underscore Navios Holdings’ commitment to fleet modernization amidst the market challenges. Additionally, Navios Holdings has divested older vessels, including the supramax bulk carrier MV Navios Star, whose sale was confirmed for the second quarter of 2020. The disposals of MV Navios Hios and MV Navios Kypros to unaffiliated parties further streamline the company’s fleet. Navios Holdings also benefited from the liquidation of Navios Europe I, enhancing its financial position by $13.5 million. The potential dissolution of Navios Europe II in the third quarter of 2021 could further bolster the company’s resources by $44.3 million. Angeliki Frangou’s forecast for a freight rate recovery and the strategic fleet renewal efforts of Navios Holdings reflect the company’s proactive approach to navigating the complexities of the global shipping industry, even as it faces immediate market challenges. 18-February-2020

 

New York-listed Navios Maritime Holdings sold management division for around $20 million to N Shipmanagement Acquisition Corporation which is affiliated with CEO Angeliki Frangou. Navios Maritime Holdings will be paid $3,700 per day per ship for the next two (2) years. N Shipmanagement Acquisition Corporation will provide ship management services for Navios Maritime Holdings. Furthermore, N Shipmanagement Acquisition Corporation will own the general partner interests in Navios Maritime Containers and Navios Maritime Partners. N Shipmanagement Acquisition Corporation was announced on 27 August 2019 by Navios Maritime Holdings after New York Stock Exchange closing bell. Greek Angeliki Frangou led Navios Maritime Holdings owns 168 vessels. 1-September-2019

 

Angeliki Frangou-led Navios Maritime Holdings spin-offs have acquired 16 ships from affiliate company Navios Europe I which is liquidated. Navios Maritime Partners has acquired 11 containerships and bulk carriers. Navios Maritime Acquisition has acquired 5 product carriers. In October 2019, Angeliki Frangou explained that the affiliate Navios Europe I could be dissolved by the end of 2019. Navios Maritime Partners was owed $48.2 million and Navios Maritime Acquisition was owed $32.3 million by affiliate Navios Europe I. Furthermore, Navios Maritime Partners has struck a deal to buy four (4) bulk carriers for $37 million from companies affiliated to Angeliki Frangou. $37 million loans is financed with an annual interest of LIBOR plus 475 basis points and maturity in 2022. In another deal, Navios Maritime Partners bareboat charter-in two (2) newbuilding 81K DWT kamsarmax bulk carriers for 10 years with an option to buy after four years. Kamsarmax bulk carriers will be delivered in Q2 and Q3 of 2021. Currently, Navios Maritime Partners has a fleet of 32 dry bulk carriers and 5 containerships. 3-December-2019

 

Navios Maritime Partners (NMM), a key player in the global shipping industry, is strategizing for growth and enhanced shareholder value following the final repayment of a significant loan. With the $418.5 million Term Loan B fully repaid earlier this month, Navios Maritime Partners (NMM), under the leadership of Angeliki Frangou, is exploring opportunities for fleet expansion and possibly increasing returns to shareholders. The company’s immediate focus is on the dissolution of Navios Europe 1, a special-purpose vehicle in which Navios Maritime Partners (NMM) has a 5% stake. This dissolution could see Navios Maritime Partners (NMM) acquiring five containerships from the SPV, alongside cash, converting the $48.2 million owed to Navios Maritime Partners (NMM) into tangible assets. Navios Europe 1’s portfolio also includes five product tankers, but Navios Maritime Partners’ (NMM’s) interest seems primarily oriented toward the container sector and expanding its dry bulk carrier fleet. Navios Maritime Partners (NMM) is considering the acquisition of two kamsarmax bulk carriers on a ten-year bareboat charter with purchase options, indicative of its long-term strategic planning. The potential $29.1 million investment per ship, mostly financed, underscores Navios Maritime Partners’ (NMM’s) commitment to growth in the dry bulk sector. The repayment of Term Loan B has been facilitated through a combination of new bank loans and cash, providing Navios Maritime Partners (NMM) with financial flexibility and no immediate debt maturities until the third quarter of the next year. This newfound liquidity has already translated into increased distributions to shareholders, with recent payments rising significantly from previous levels. Moreover, Navios Maritime Partners (NMM) has initiated a unit repurchase program, further signaling its strong financial position and commitment to enhancing shareholder value. However, alongside these strategic expansions and financial maneuvers, Navios Maritime Partners (NMM) has announced a 3% increase in ship management fees paid to Navios Shipmanagement Inc. This adjustment, fixed for two years, reflects the ongoing costs of commercial and technical management services, affecting the operational expenses of Navios Maritime Partners’ (NMM’s) diverse fleet. Angeliki Frangou’s leadership has steered Navios Maritime Partners (NMM) through a robust third quarter, with reported net income and Time Charter Equivalent (TCE) earnings showing notable improvements year-on-year. The focus on maintaining operational efficiency, with almost all vessels actively generating revenue, positions Navios Maritime Partners (NMM) advantageously in a competitive charter market. The strategic decisions made by Navios Maritime Partners (NMM), from fleet expansion to financial restructuring, reflect a comprehensive approach to navigating the complex dynamics of the global shipping industry, aiming for sustainable growth and shareholder value enhancement. 30-October-2019

 

Navios Maritime Partners has successfully eliminated a significant debt, repaying a $419 million loan through a blend of cash, bank loans, and the sale of ships. The company, listed in New York as Navios Maritime Partners, has settled the full amount of a loan due this month. CEO Angeliki Frangou highlighted in a statement, “By leveraging cash, commercial bank loans, and sale-and-leaseback deals, we’ve significantly lowered our financing costs and bolstered our financial foundation.” As of December 31, 2018, the outstanding balance of Term Loan B was $418.5 million, with a repayment scheduled for September 2020, according to Navios Maritime Partners. Following the refinancing, the company has postponed its debt repayments until 2029, with the initial installment expected in the fourth quarter of 2021. The refinancing was financed with a $301.3 million loan from commercial banks, featuring an average repayment schedule of 7.1 years and an interest rate of Libor plus 290 basis points. Additionally, $49.5 million was obtained through sale and leaseback agreements, boasting an average term of 9.4 years, an effective interest rate of 6.3%, and devoid of financial obligations. The remaining amount was covered with $67.7 million in cash reserves. In July, the shipping company also announced the sale of a capesize and a panamax bulk carrier to two Japanese entities, subsequently leasing them back. The capesize vessel Navios Ace, built in 2011 with a deadweight of 179K, was sold to Toyo Kaiun for approximately $22 million, and the panamax vessel MV Navios Sagittarius, built in 2006, was sold to Tachibanaya Co for $7.5 million. 13-October-2019

 

Navios Maritime Holdings, based in Athens and listed in New York, reported an increased loss in the second quarter of 2019 due to falling rates, with a net deficit rising to $36.43 million from $25.29 million the previous year. The company faced additional losses from its affiliated companies, though its overall revenue saw an increase, reaching $147.2 million up from $132 million. The decline in bulker revenue was attributed to a 10.9% decrease in Time Charter Equivalent (TCE) rates, which fell to $10,500 per day in Q2 2019 from $11,791 per day in the same period a year earlier. Despite these challenges, CEO Angeliki Frangou expressed satisfaction with the quarter’s outcomes, highlighting a revenue of $147.2 million and an adjusted EBITDA of $62.6 million. Frangou also noted the recent strength in charter rates within the dry bulk sector, contrasting the Q2 TCE rate with the current capesize 5TC rate exceeding $35,000 per day. Navios Holdings has made significant strides in rejuvenating its fleet since the beginning of 2017, reducing the average age of its owned fleet by 26%, including vessels chartered in under long-term bareboat charters. The company oversees a fleet of 57 vessels, consisting of 31 owned and 26 chartered in on long-term agreements. As of August 28, it has secured charters for 90.8% of its available days for the latter half of 2019. 7-September-2019

 

Navios Maritime Partners has recently completed significant financial maneuvers by securing a new $140 million loan and executing two sale-and-leaseback agreements, despite facing a decline in profits. The partnership has managed the sale of a capesize and a panamax bulk carrier, in addition to refinancing 13 other vessels within the second quarter of 2019, yet continues to report losses. The new financing from an unidentified commercial bank will refinance eight bulk carriers and all five container ships owned by Navios Partners, marking the completion of the necessary bank financing to refinance the company’s Term Loan B. Angeliki Frangou, Chairman and CEO, expressed anticipation for completing this refinancing by year’s end, thereby avoiding any debt maturities until the end of 2021. The credit facility, with a 6.5-year amortization schedule maturing in August 2021, carries an interest rate of Libor plus 320 basis points annually. Navios Partners has repaid $113.2 million towards its Term Loan B since the start of the year, benefiting from lender discounts. Early in the year, the partnership disclosed securing $174 million in new financing from four banks to refinance loans for several bulk carriers. Additionally, the partnership disclosed the sale of two bulk carriers, which will be leased back from the buyers. A capesize bulk carrier built in 2011 was sold on July 24 for approximately $22 million, with an 11-year leaseback agreement at a fixed interest rate of 6.3%. This vessel is likely the MV Navios Ace. Navios Partners retains a buyback option for this vessel starting from the end of the fifth lease year. A panamax bulk carrier built in 2006 was sold on June 28 for $7.5 million, with a three-year leaseback at a fixed interest rate of 6.1%, including a buyback option at the end of the lease. Moreover, Navios Partners has engaged in a 10-year bareboat charter for a kamsarmax bulk carrier, the MV Navios Libra, built in 2019, including purchase options. This vessel was delivered on July 24 from the Cosco Nantong Shipyard and is available for purchase from Toyo Kaiun of Japan after the fourth year of the charter. Despite these strategic financial moves, Navios Partners reported an adjusted net loss of $1.4 million for Q2 2019, showing some improvement from the adjusted loss of $2.2 million in the previous quarter. The adjusted loss per share was $0.13, compared to a loss of $0.82 per share in the same quarter the previous year. CEO Angeliki Frangou expressed satisfaction with the results and announced a quarterly distribution of $0.30 per unit, reflecting a current yield of approximately 7%. The partnership’s time-charter revenue for the quarter was $47.7 million, down 18% from the same period last year, attributed to a smaller fleet and 160 fewer available vessel days, alongside a 14.2% year-on-year decrease in Time-Charter Equivalent (TCE) rates to $14,130 per day. 1-August-2019

 

Prominent Greek shipping companies are actively participating in the bustling sale and purchase market for supramax bulk carriers, signaling a robust continuation of fleet renewal initiatives despite the summer period typically experiencing a slowdown. Angeliki Frangou’s Navios Maritime Holdings and Petros Pappas’s Star Bulk Carriers Corp have both proceeded to dispose of older vessels from their fleets this week, underscoring a strategic push towards modernization. Navios Maritime Holdings, listed on the New York Stock Exchange, has recently completed the sale of the 53K DWT supramax bulk carrier MV Navios Primavera, built in 2007, with the transaction reportedly closing at around $10.5 million. This sale came shortly after the company sold another supramax vessel, the 53K DWT MV Navios Arc, built in 2003, to a Chinese shipowner for approximately $7.5 million. With these transactions, Navios Holdings has sold a total of five older bulk carriers this year, while acquiring a modern panamax bulk carrier, highlighting its strategic fleet optimization efforts. Similarly, Star Bulk Carriers Corp, another major player in the dry bulk market, has reportedly sold the 53K DWT supramax bulk carrier MV Star Gamma, constructed in 2002, for $7 million to a Russian buyer. This vessel, originating from Japanese construction, marks the second supramax bulk carrier Star Bulk has sold this year, following its acquisition of Delphin Shipping’s fleet earlier in the spring. This acquisition is part of Star Bulk’s ongoing strategy to consolidate its position in the dry bulk sector, demonstrating its active role on both the buying and selling fronts of the market. The sale and purchase market for supramax bulk carriers remains vibrant, with shipbrokers noting an unusual extension of sales activity into the typically quieter summer months. This sustained market activity is attributed to a resurgence in spot rates, injecting liquidity into the market and diminishing the traditional summer lull. The enhanced connectivity and communication in today’s shipping industry also play a crucial role in maintaining the momentum of transactions during periods that historically saw reduced activity, indicating a significant shift in market dynamics. 19-July-2019

 

Angeliki Frangou, the CEO of Athens-based Navios Maritime Holdings, has highlighted the significant cash flow potential of the company’s bulker fleet. During a recent conference call, Frangou detailed the operational outlook for the remaining nine months of 2019, revealing that out of 14,359 available days for the company’s ships, approximately 57% or 8,201 days are exposed to market fluctuations. She pointed out that with the current combined charter rate of $12,945 per day, the fleet is anticipated to generate $17.5 million in free cash flow. Moreover, Frangou added that an increase to the 20-year average rate could potentially yield around $91 million in additional revenue, with every $1,000 increase in charter rates expected to bring in an extra $8 million. Navios Maritime Holdings has set its daily revenue projection for the upcoming nine months at $12,601, having secured 42.9% of its available days at an average rate of $11,095. Frangou also mentioned the potential for revenue growth from dividends of affiliated companies and the impact of these dividends on days open to market rates. Highlighting the company’s financial stability, Frangou underscored a strong liquidity position, with net debt-to-book capitalization at 72.1% and a cash reserve of $129.4 million as of March 31. She reassured stakeholders by noting the absence of significant committed capital expenditures for shipping growth or material debt maturities until 2022, emphasizing the company’s strategic financial planning. Despite a net loss of $3.61 million in the first quarter, which is a significant improvement from the $41.23 million loss in 2018, the company’s revenue has seen a growth, reaching $140.28 million up from $116.88 million. Additionally, Navios Maritime Holdings reported that its subsidiary, Navios South American Logistics, has actively managed its debt by purchasing $35.5 million of its outstanding 7.375% priority ship mortgage notes due 2022 for $17.6 million. Furthermore, Navios Maritime Holdings has secured a $50 million credit facility with Navios Logistics for general corporate purposes, including potential note repurchases. This loan is structured with a fixed interest rate of 12.75% for the first year, escalating to 14.75% for the second year, and is set to mature in April 2021. 27-May-2019

 

Navios Maritime Holdings, an Athens-based shipowner and operator listed on the New York Stock Exchange, has announced significant transactions in the sale and purchase market, effectively reducing the average age of its fleet by 20%. The company has finalized the acquisition of the MV Sea Victory, a 77K DWT panamax bulk carrier built in 2014, previously chartered-in by Japanese shipowner Shoei Kisen, for approximately $14.5 million. This vessel will be rebranded as MV Navios Victory. Concurrently, Navios Maritime Holdings has divested the MV Navios Vector, a 50K DWT supramax bulk carrier constructed in 2002, for an estimated $6.5 million. Additionally, Navios Maritime Holdings has confirmed the sale of two more vessels from its fleet. The 171K DWT capesize bulk carrier MV Navios Equator Prosper, built in 2000, was sold for about $11.5 million, and the 53K DWT supramax bulk carrier MV Navios Mercator, built in 2002, also fetched around $6.5 million. Following these transactions, the company oversees a fleet of 60 vessels, with two more expected to be sold. As of May 20, Navios Maritime Holdings has successfully chartered out 82.6% of its available days for the rest of 2019, indicating a solid booking rate that supports operational stability. The company has shown significant financial improvement, narrowing its net loss to $3.61 million in the first quarter from a loss of $41.23 million in the same period of 2018. Revenue also increased to $140.28 million from $116.88 million. Navios Maritime Holdings CEO Angeliki Frangou expressed satisfaction with the company’s performance in the first quarter of 2019, particularly highlighting an adjusted EBITDA of $68.5 million. These strategic moves in the sale and purchase market, coupled with effective chartering activities, reflect Navios Maritime Holdings’ commitment to fleet modernization and financial health. 25-May-2019

 

Jefferies analyst Randy Giveans has suggested that Athens-based Navios Maritime Partners (NMM), a bulker and container ship company listed in New York, is currently undervalued. This assessment comes in the wake of the company’s latest financial reports, which showed a net loss of $9.52 million for the quarter ending March 31, a downturn from the $5.47 million profit reported in the corresponding period a year earlier. The loss includes a $7.3 million impairment charge related to the disposal of the MV Navios Galaxy I, a 74K DWT panamax bulk carrier built in 2001. Despite these figures, Giveans believes the company’s proactive financial management, particularly the prepayment of $73.5 million on a term loan following a $20 million capesize bulk carrier sale and leaseback agreement, signifies a strategic strengthening of its financial position. The analyst underscored the significance of Navios Maritime Partners’ actions in enhancing liquidity and initiating unit repurchases as indicators that the company’s units are trading at a considerable discount—60% of Net Asset Value (NAV), according to his analysis. Jefferies maintains its earnings per unit forecasts for 2019 and 2020 for Navios Maritime Partners. Giveans praised the company’s financial health, highlighting its $50 million in cash reserves and a net-debt-to-capitalization ratio of 36%, positioning Navios Maritime Partners favorably within its industry peer group for financial stability. 6-May-2019

 

Navios Maritime Partners (NMM), headquartered in Athens, experienced a shift to a loss in the first quarter, recording a net deficit of $9.52 million, compared to a profit of $5.47 million in the same period the previous year. This downturn was significantly influenced by a $7.3 million impairment charge from the sale of the 74K DWT panamax bulk carrier MV Navios Galaxy I, built in 2001, which was sold for $6 million, slightly less than the previously reported figure of $6.1 million to a Chinese shipowner.
The company, which operates both bulk carriers and container ships and is listed on the New York Stock Exchange, also reported a decrease in revenue to $46.81 million from $53.05 million in 2018. Despite the challenging market conditions, CEO Angeliki Frangou highlighted the strong EBITDA of $15 million as a positive outcome, attributing the sector’s difficulties partly to the impact of a dam collapse in Brazil earlier in the year. This incident notably disrupted the iron ore supply chain to China, a crucial route for the dry bulk sector, affecting charter rates negatively. However, Frangou pointed out an improvement in market rates following the first quarter, with the current spot rate for capesize bulk carriers showing a significant increase of about 90% from the average rate observed in February and March. Furthermore, Navios Maritime Partners has been proactive in its financial strategies, completing a $20 million sale and leaseback transaction for a capesize vessel built in 2009 over 10 years, featuring an interest rate of 6.6%. Navios Maritime Partners holds an option to repurchase the vessel starting from the end of the fourth year, with a decreasing obligation to $6.3 million at maturity. Additionally, Navios Maritime Partners secured $31.4 million through a new commercial bank facility to refinance two capesize bulk carriers, enhancing its financial flexibility. To adjust its capital structure, the company announced a 1-for-15 reverse split of its common units. Looking ahead, Navios Maritime Partners has effectively contracted 84.8% of its available days for 2019, 36.2% for 2020, and 23.4% for 2021, promising revenues of $117.2 million, $82 million, and $80.8 million, respectively, for these years. The average daily charter-out rate for the fleet stands at $15,811 for 2019, escalating significantly in the following years to $27,479 for 2020, and $27,684 for 2021. Navios Maritime Partners’ fleet comprises 38 vessels with a total carrying capacity of 4.3 million DWT, including 34,000 TEU, positioning it strategically for the future despite current market challenges. 5-May-2019

 

Navios Maritime Holdings, led by CEO Angeliki Frangou, is reportedly advancing its fleet renewal strategy with the sale of one of its older bulk carriers. According to shipbrokers, the 53K DWT supramax bulk carrier MV Navios Mercator, constructed in 2002, has been sold to an unidentified buyer for approximately $7 million. At the time of this report, officials from Navios Maritime Holdings were unavailable for comment regarding the sale. This transaction follows a similar sale by the New York-listed company earlier in the year, where the 50K DWT supramax bulk carrier MV Navios Meridian, also built in 2002, was sold for $6.8 million as detailed in the company’s most recent quarterly financial statement. These sales are part of a broader effort by Navios Maritime Holdings to modernize its fleet, which includes selling off older vessels. Navios Maritime Holdings, based in Athens, maintains a diverse fleet exceeding 60 owned and chartered vessels, encompassing a range from capesize to handysize bulk carriers. The fleet includes ten other bulkers that were built in the early 2000s, indicating a continued focus on updating and optimizing the company’s maritime assets. 17-April-2019

 

Navios Maritime Holdings, led by CEO Angeliki Frangou, reported a significant financial downturn for the fourth quarter of 2018, with the adjusted net loss widening to $200.8 million from a loss of $51.6 million in the corresponding period the previous year. The deepening of the loss was attributed to a substantial operating loss of $136.3 million, a stark contrast to an operating profit of $7.7 million reported a year earlier. When excluding this operating loss, the adjusted figure for the quarter was a loss of $19 million, compared to $15.3 million a year ago, with a per-share loss of $1.79 matching analyst predictions. However, Navios Maritime Holdings did see some positive adjusted operating results, posting $45.5 million versus $44 million for the same quarter in 2017. CEO Angeliki Frangou expressed satisfaction with the Navios Maritime Holdings’ performance during both the fourth quarter and the entirety of 2018, highlighting an improved charter market as a significant factor in their business outcomes. The adjusted net loss for the entire year decreased to $70.8 million from $110.7 million, on the back of revenue growth to $518 million from $463 million. Angeliki Frangou pointed out the substantial improvement in the Time Charter Equivalent (TCE) rates, which averaged $12,534 per day in 2018, up approximately 30% from $9,705 per day in 2017. This improvement significantly boosted the company’s adjusted EBITDA from its core shipping operations. Despite these gains, the CEO noted that the first quarter of the current year has been negatively impacted by the Vale dam disaster and ongoing concerns related to tariffs, indicating a complex operating environment for Navios Maritime Holdings. 19-February-2019

 

Angeliki Frangou led Navios Maritime Partners acquired 2005 built panamax dry bulk carrier 87K DWT for $12.95 million. With the latest acquisition, Navios Maritime Partners increased its fleet to 40 ships. The new panamax dry bulk carrier is expected to generate $3.2 million of EBITDA per year. New York-listed Navios Maritime Partners will finance the acquisition of the new panamax dry bulk carrier with cash on its balance sheet and bank debt at terms similar to its existing facilities. Navios Maritime Partners expects to distribute dividends approximately $3.4 million quarterly and $13.7 million annually. 18-March-2018

 

New York-listed shipowner and operator Navios Maritime Partners acquired two (2) panamax dry bulk carriers built-in 2006 74K DWT for $22 million total.  Two (2) panamax dry bulk carriers are expected to be delivered to Navios Partners’ fleet within Q1 2018. Acquired two (2) panamax dry bulk carriers are currently under period hire at $9,375 per day until May/November 2018. Newly acquired two (2) panamax dry bulk carriers will generate approximately $4.8 million. New York-listed shipowner and operator Navios Maritime Partners reported that 2 panamax dry bulk carriers will be financed with cash on its balance sheet. 25-January-2018

 

New York-listed Navios Maritime Holdings sister company Navios Partners’ 2004 built panamax dry bulk carrier 76K DWT M/V Navios Orbiter suffered a small fire on board which was quickly extinguished, with no injuries reported with the assistance of English Immingham Port Authorities. At the time of the incident 19 crew members on board of M/V Navios Orbiter. 17-April-2017

 

New York-listed Navios Group’s technical manager Navios Ship Management signed an LOI (Letter of Intent) with DuPont for improved exhaust gas scrubbers for upcoming sulfur emission limits. Angeliki Frangou-led Navios Group is almost operating 163 mixed fleet. IMO 0.5% sulphur deadline is 2020 from the current 3.5% sulphur limit. 12-April-2017

 

New York-listed Navios Maritime Holdings sister company Greek tycoon Angeliki Frangou-led Navios Maritime Partners bought 2007 Korea built two panamax dry bulk carriers 75K DWT M/V Imperial and 74K DWT M/V Libertas for a total $27 million from Croatian shipowner and operator Atlantska Plovidba. It seems like opportunistic times to invest in dry bulk carriers at this level. Croatian shipowner and operator Atlantska Plovidba has 11 dry bulk carriers. 10-April-2017

 

Capesize spot rates reached $20,600 per day. The latest dry bulk market pike in rates was at least temporarily. Navios Maritime Holdings chartered out 2 capesize dry bulk carriers 179K DWT M/V Navios Bonheur at an index-linked rate and 180K DWT M/V Navios Happiness at an undisclosed fixed rate. 2-April-2017

 

New York-listed dry bulk owner and operator Navios Maritime Partners sold 2000 built handymax dry bulk carrier 52K M/V Navios Apollon following the end of a time charter for $5 million to Chinese shipowners for further trading. Greek shipowner Angeliki Frangou led Navios Maritime Partners one of the oldest handymax bulk carriers in the fleet. Navios Maritime Partners has a larger presence in the capesize and panamax dry bulk carrier sectors. 5-January-2017

 

Athens-based and New York-listed Navios Maritime Holdings CEO Angeliki Frangou has bought $10 million stocks of her own company i.e 32.7 million shares equals 26.9% stake of Navios Maritime Holdings. Navios Maritime Holdings has 42 vessels in fleet and CEO Angeliki Frangou’s stake is worth almost $60 million. 15-April-2017

 

New York-listed, CEO Angeliki Frangou-led, bulker owner Navios Maritime Holdings shares moved up 21.3% to $1.54 after receiving a boost from an arbitration ruling that declared that a key contract with Vale is valid. Vale, the Brazilian mining giant, had tried to back out of the iron ore terminal deal. Friday’s closing spike of Navios Maritime Holdings’ shares materially improves the outlook for the dry bulk shipping business. 26-December-2016

 

One of the modern Greek Shipping founder Captain Nikolaos Frangos died at the age of 90. Navios Group CEO Angeliki Frangou’s father Captain Nikolaos Frangos spent his lifetime in the shipping business. Captain Nikolaos Frangos was one of the most emblematic figures of Greek shipowning. Captain Nikolaos Frangos was born in 1926 in Kardamyla, Chios. Tsakos and Angelicoussis shipping clans also hail from Chios. Captain Nikolaos Frangos story as an independent owner began in 1960 when he bought his first ship, which he named M/V Captain Frangos. Captain Nikolaos Frangos was one of the first owners to make contacts with China. Captain Nikolaos Frangos established Good Faith Shipping which becomes one of the biggest ship-management companies in Greece. 21-December-2016

 

New York-listed shipowner Navios Maritime Partners which is led by is Angeliki Frangou is expected to hold onto newfound cash, rather than rushing to return it to shareholders. CEO Angeliki Frangou says Navios Maritime Partners is focused on ensuring stability now before resuming a dividend or buying up shares. Navios Maritime Partners would consider deploying liquidity to buy shares that are trading well below net asset value (NAV). 1-September-2016