The information set forth herein should be understood in light of such risks. The lender has the option to convert any portion of the outstanding balance under the Convertible Debentures into shares of common stock of Navios Holdings at a conversion price of $3.93 at any time. 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). But most important is we need to have the right conditions. convertible debentures (the "Convertible Debentures"). 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. While we are positioned to capture the market upside, through our forward available days, our diversified chartering strategy has enabled to secure a pipeline of over $2.2 billion of contracted revenue. Ms. Frangou also spends a significant amount of time cultivating new and existing commercial relationships with financial institutions, industrial partners and shipyards. Just wanted to actually ask about how you're thinking about the capital structure from here. 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. Our net debt to capitalization is 43.5%, and our debt maturities are targeted through 2030. Read more about DN Media Group here. For returning coal high gas prices have driven power plants to switch back to coal-fired power generation, and the IEA estimates that global coal-fired electricity generation is expected to rise by nearly 5% this year and exceed pre-pandemic levels before increasing a further 3% to an all-time high in 2022. 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 . The recently rapid market recovery has caused extremely high demand for available tonnage, which is in short supply across all segments. 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. We agreed to acquire 2 2012 bill oil gas vessels or approximately $59.3 million. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. We remain disciplined. Finally, turning to Slide 26, product tanker net fleet growth projected at 2.4% for 2021 and only 1.9% for '22. This resulted in a reduction of interest expense for 2020 by approximately $15 million compared to 2019. $690 million of contracted revenue. Fleet utilization was approximately 99%. The average Q3, 2021 time charter equivalent rate achieved per segment was Bulkers, $28,926 per day. Chinese steel production surpassed the 1-billion tons mark in 2020. You may disconnect at any time. We are 86, which I think is a rather big percentage for our drybulk to be open. 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. Other than envisioned by me, the Navios Group's largest and financially strongest publicly-listed entity, Navios Maritime Partners (NYSE:NMM) or "Navios Partners" won't be part of the bail-out, at least not at this time. This completes our quarterly result for NMM. For 2021 contracted revenue is expected to generate $12.6 million in excess of total fleet expense. 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. On the grain side, global grain trade continues to be supported by an ever-increasing world population. NAVIOS Group chief executive Angeliki Frangou has told a shipping audience in Athens that she is optimistic about future industry prospects even though shipping can be considered to be at a historic and confusing crossroads. But don't forget, we are 86% of our available days open on drybulk. Your balance sheets in great shape. Please turn to Slide 4. Moving to the 12-month operations. Thank you, Stratos. So, on that, what - after these two conditions, we are seeing as a return, a total return to our investor is an important part of our strategy. I will briefly review our unaudited financial results for the third quarter and nine months ended September 30, 2021. So a few questions around this. So this is a big investment for Q3. You can read more about how we handle your information in our privacy policy. Yes, the essence of the diversified fleet. 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 . If you have an ad-blocker enabled you may be blocked from proceeding. 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. Turning to Slide 14, I will briefly discuss some key balance sheet data as of September 30, 2021. His daughter. Just curious there. As CFI box rates have climbed 222% from April 2020 to March '21, spread by the earlier start of the Chinese equality and from continuing demand for consumables and pandemic related supplies worldwide. And we have seen it. The structure provides for an effective purchase price of $41.5 million and an effective interest rate fixed for a festive period of 4.4%. In addition to the Leading Women Series, Becky Anderson also hosts the network's flagship news and current affairs program Connect the World, which takes viewers on a journey across continents, beyond headlines and into histories of the stories that are changing our world. We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. 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. Thank you. For drybulk, we increased capacity by 36% and reduced average age by 18%. Yes, we have put out some details also in our press release today. As you can see on Slide 4, pro forma for the merger, NMM will have 85 vessels. New York-listed Navios Maritime Holdings vows to fight, claiming it was vindicated in similar lawsuit. But also, would like to also use the excess in deleveraging. And today we fix over four years, and you know with 2.5 times the rate. Finally, we have very strong corporate covenants at corded efforts. 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. Net debt/book capitalization was at a comfortable level of 41.7%. Moving to the earnings highlight in Slide 13. We believe the sum is significantly more resilient than the individual parts. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). In terms of future prospects, Angeliki Frangou remains optimistic but wished she felt that way for different reasons. Please turn now to Slide 24 for the review of the tanker 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. Slide 13 shows the details of our combined fleet, giving effect of the merger of Navios Containers. I will briefly review Navios' financial results for the Fourth Quarter and Year Ended December 31, 2020. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. Our office had to remain open. First COVID stimulus measures have caused a sharp recovery of demand for goods in Western OECD economies as noted on the two lower charts. And that's likely to grow here as we look ahead with the time charters you just announced on the containers. And NMM already has more than that contracted for 2021. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. And we have market exposure of 53.5% of our days for this year. So you will see that we are almost 100% fixed on both sides, both in the dry bulk but also the container side. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. I'm also proud to be working with the social countries group whose core values include diversity in [indiscernible] and safety. On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). We have historically low break-even gives us on a 47,000 days. And we have the tanker sector that we are watching as establish. Moving to the first nine month 2021 period, time charter revenue reached $445 million compared to $158 million in 2020. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. 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. Angeliki? Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. Ms. Frangou also acts as Vice Chairwoman of the China Classification Society Mediterranean Committee, and is a member of the International General Committee and of the Hellenic and Black Sea Committee of Bureau Veritas, and is also a member of the Greek Committee of Nippon Kaiji Kyokai. Year-to-date in 2021 our fleet increased by 163% in terms of number of vessels to 88 net vessel additions. But on the other side, we are very exposed to the market. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For 2022 we have fixed approximately 42% of our open days at $29,350 per day and our contracted revenue provides for a break-even of $2,469 per open day. We have been taking advantage of robust market. Of course we also entered into the crude and product tanker segment. Big picture just, you should understand that all the inefficiency is net positive for our business. Navios Partners does not assume any obligation to update the information contained in this conference call. And this is the strategy going forward. 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. Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. Holders of the company's preferred shares (NYSE:NM.PG and NYSE:NM.PH) will have to hope for a Navios Maritime Holdings / Navios Partners merger as otherwise there's no reasonable chance for these securities to recover. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. NMM is well positioned to benefit from the different sector fundamentals. 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. Illustration of Angeliki Frangou, founder, CEO and chairwoman of Navios Maritime Holdings Inc. Post-merger NMM will have approximately 19.7 million units outstanding. Our fleet is in the top-10 publicly listed dry cargo fleet globally, as measured by a number of vessels. 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. Navios Maritime Partners L.P. (NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 8:30 AM ET, Georgios Achniotis - EVP of Business Development. 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 average combined Q3, 2021 franchise equivalent rate of our vessels increased by 79%, $24,447 per day. The transaction based scale through a larger diversified asset base with an increased earning capacity. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Thank you. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. Turning to Slide 22, fleet growth is expected to be 4.2% this year and 3.8% for '22. Had the merger been effective for 2020, the pro forma revenue would have been $354 million.