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Thank you. I’d like to now outline the agenda for today’s call. First, Ms. Frangou will offer a big remark. Next, Mr. Petrone will provide an operational update and industry overview, following Mr. Petrone’s remarks Mr. Achniotis will review Navios Holdings financial results. Finally, Ms. Frangou will offer concluding remarks before then opening the call to take your questions.I’d now like to turn the call over to Navios Holding’s Chairman and CEO Ms. Angeliki Frangou. Angeliki? Angeliki Frangou Thank you, Lora, and good morning to all of you, joining us on today’s call. We are pleased to report our results for 2010. We increased EBITDA by almost 64% to $339 million and net income by 127% to $154 million. At the same time, we have reduced our net debt to capitalization by almost 8% to 49% on a pro forma basis, excluding Navios Acquisition. For the quarter, we have reduced our net debt ratio at the time of significant growth. Based on these strong results, we declared a $.06 dividend for the fourth quarter of 2010, payable on April 12, 2011 to the shareholders of record on March 22. I’m pleased that Navios remains one of the few dry bulk companies paying their dividend. The shipping Industries has been starting as of late, today our industry is being rated down by the options of fully available capital and shipping companies assumed capital will always be available today as strained balance sheet. Fortunately the shipping industry is going through this transition, while there is a healthy demand for mineral and grain commodities and crude oil globally. We can see current demand in the commodities prices and future demand from the urbanization of emerging markets. In January Korea Line Corporation filed receivership this is the re-urbanization under bankruptcy law in South Korea. Navios has five vessels turned around to Korea Line, while the situation is dynamic Korea Line has offered to restructure the contract in charter age for our vessels.
We are in conversation regarding applicable terms. At the same time, we have provided a 30 day notice to Korea Line demanding of the charters be reaffirmed or terminated. As you can imagine, this is a fleet environment, however, we can confirm to-date that all these charters archived by a AA European Entity Insurance. We’re acting in cautious with the insurer to protect their interest and additionally be comfortable that we understand and we’re definitely mono the extend of our exposure.Let’s now turn the slide two, which reflects our current status. Navios Holdings has developed a stable core fleet of 57 vessel, of which 44 are active in the water. The fleet is reasonable insulated from the market volatile, as we have ended in the long-term charter with creditworthy counterparties and obtained a AA+ insurance for this contract. The net result is dependable long-term cash flow. For example, in 2011, Navios contracted about 83% of its fleet base generally in more than $307 million in gross revenue. Navios Holdings environment consist of its core operating business and investments in key operating subsidiaries. As you can see from a good – the value of Navios Holdings in-depth into public subsidiaries is almost $4 per share, the – now as a value of Navios Logistics is also growing. We have been developing a unique logistics opportunity in South America, and today Navios Logistics is a key provider of integrated logistics in the Hidrovia region. Let’s now go to slide three. As we review the key developments for 2010, given their uncertain state of the capital markets, we focus on strengthening our balance sheet. We recently refinanced as a secured bonds during 2014, as George will discuss in a greater detail as an example of this refinancing, as far as material maturity will be in 2017, six years from today. And then we will only have to repay our finance at total of about $105 million of which normal due in 2011, we also delivered by repaying $371 million on bank debt. Read the rest of this transcript for free on seekingalpha.com