Navios Maritime Holdings Inc.

Thank you for joining us for NAVYOS Marathon Partners 4th Quarter 2022 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Sango, Chief Operating Officer, Mr. Stratos Disipri, Chief Financial Officer, Ms. Airey Cerrone, and Vice Chairman, Mr. Tepe Trillon. As a reminder, this conference call is being webcast. To access the webcast, please go to the Investor section of Navios' website at www.navios-mlp.com. You'll see the webcasting link in the middle of the page. Any copies of the presentation referenced in today's earnings conference call will also be found there. Now, I will review the safe harbor statement. This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about NAVY's partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of NAVY's partners' management and are subject to risks and uncertainties which would cause actual results to differ materially from the forward-looking statements. such risks are more fully discussed in NAVY's partner's filing for the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. NAVY's partners do not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows. First, Mr. McGill will offer opening remarks. Next, Mr. DeCubris will give an overview of NAVY's partner segment data. Next, Ms. Zeroni will give an overview of Navia's Partners financial results. Then Mr. Patron will provide industry overview. And lastly, we'll open the call to take questions. Now I turn the call over to Navia's Partners Chairwoman and CEO, Ms. Angeliki Franco. Angeliki?

Good morning to all of you joining us on today's call. I am pleased with our results for the year and first quarter of 2022. For the full year, we reported revenue of $1.2 billion and net income of $579.2 million. For the fourth quarter, we reported revenue of $370.9 million and net income of $118.3 million. We are also pleased to report net income per common unit of $18.82 for the full year. Navios Partners is a leading publicly listed shipping company diversified in 15 asset classes in 3 sectors, with an average vessel age of about 9.5 years. Navios Partners entered 2023 well positioned. Over the last couple of years, NMM acquired three fleets, one in each of containers, tankers, and dry bulk segments. Today, we have 176 vessels built roughly equally into three sectors, based on a charter-adjusted basis. In addition to achieving diversification, We have been actively managing our portfolio to maintain a younger, more technologically advanced fleet as we believe the newer technologies are a competitive advantage when compared to the older versions. Our business models allow us to take advantage of opportunities when a segment is experiencing difficulties such as when we acquired Tangiers in 2021. We can also acquire assets when markets are robust, and the cost of acquired assets can be offset by attractive long-term credit growth and charges, such as with depreciation with containers and tankers. As ever, our interest is battered by macro events and uncertainty dominates all forecasts. Recessions threaten as federal banks tighten quickly. Trading patterns are changing because of the Ukrainian conflict and the collateral consequences of the pandemic. So far, global trade has adapted to these conditions, mostly by increasing tomahawks for wet and dry commodities. We remain vigilant. We are also focused on reducing leverage rates in medium term. In this period of relative activity, in nationalizing our acquired fleet by selling old vessels and acquiring new vessels, we have a net LPV of about 45%, measured at the end of the fourth quarter 2022, for all vessels in the world. Our goal is to reduce leverage so that our net LPV falls within a range of between 20 and 25%. We believe that this leverage is an appropriate range for the full cycle while allowing us to expand our balances should opportunities develop. Also, in the current charter rate market, this should happen naturally, given our expected cash bills. Please turn to slide 7. As you can see, we had an excellent year generating net income of almost $600 million. A significant amount of our net cash flow was used to fund, number one, equity for our fleet replacement program, and second, amortization of our debt facilities. We also have been busy in the fourth quarter. We contracted $328.3 million in long-term charges, of which $226.5 million was for eight tankers and approximately $102 million was for three newly acquired cave-sized vessels. We also sold 11 vessels for $213.5 million. Our activities during 2022 created a low breakeven of $2,134 per open day. We break down on this on slide 8. As you can see, about half of our approximately 57,000 available days are open or market-exposed. We present details of the available and open days by vessel type in the right-hand side of the chart. Of the open days, about 77% are dry bulk and 17% are target and are tanker days. the balance being contained. We hope to generate substantial cash flow in 2023 given this low break-even. I now turn the presentation over to Stratos Tsipras, Navios Partners, SIFO Operating Officer. Stratos.

Thank you, Angelika, and good morning all. Slide 9 demonstrates the basic principles of our diversified platform in action. We aim to benefit from counter-psychicality, which creates opportunities to redeploy cats from well-performing segments into assets in under-performing segments. We believe a diversified touch-base is useful for the ability to know how to sustain us. You can see this dynamic playing itself out in the asset-nor-asset base. As of Q4 2022, values of containerships, adjusted for values of starters, dropped by 40%, and dieback dropped by 8%, while tank-adversarial values increased by 42%. In sum, the net change to our fleet value is a decrease of approximately 7%. We conducted this analysis valuing containerships on a charter-adjusted basis because otherwise it would not capture our shattering activities, which effectively hates the asset prices. Multiple segments also allows us to optimize shattering. In segments with attractive details, we can enter into period shatters. In other segments, we can do basing. As you can see from the chart on the bottom, the containment segment enjoys historically high shattering. Accordingly, we fixed our containances for the long-term chapters, and in fact almost 90% of our available containances days are fixed for 2023. This reduces market and residual risk. We manage the great risk of the long-term chapters independently to ensure that we are not seeing the day in one way or the other. In our target segment, current chapter rates are surpassing the 20-year average levels. We fixed available target days to almost 70% for 2023. We expect our target fleet will generate strong returns. Lastly, our driver signal rates are below the historical average. We have been patiently engineering short-term targets, awaiting some market recovery. As a result, about 30% of our available days are fixed for 2023. In slide 10, you can see our fleet in newer activities. We are always renewing the fleet so that we maintain a young profile, benefiting from newer technologies and more carbon efficient vessels. NavVest Partners made a $1.5 billion investment in $23 billion vessels that we will be delivering to our fleet through 2026. In container ships, we are acquiring 12 vessels for a total of $860 million. We have our investment by entering into long-term credit warfare charges, generating about $1.1 billion in contracted revenue for about six and a half years under the duration of the related charges. In the tanker space, we entered the LR2 uppermost sub-sector by ordering six vessels for a total price of approximately 380 million. These vessels have been started out for five years at an average net rate of $26,580 per day, generating revenues of approximately 290 million. We have also ordered two high-spec human vessels for about 8 million. Finally, on the drivable fleet, we have three game-size vessels on order that are being delivered through June of 2023. These vessels have been carted out for an average duration of about five years at a net rate of almost 20,000 dollars per day. We have also been very active in the S&P market. We have sold a total of 11 vessels with an average age of approximately 14 years. We sold seven times vessels for a total consideration of $156 million, taking advantage of a strong banking market and the corresponding increase in demand for second-hand tonnage. Also, we sold four dry-bark vessels for a total price of $57.5 million. Finally, we exercised the option of acquiring one 2016-bill scrubber-gated cave-sized vessel for a total price of $40.7 million. This vessel was previously part of our chartering fleet. Moving to slide 11, we continue to secure long-term employment for our fleet. As Angeliki mentioned earlier, in Q4, we have created approximately 350 million additional contracted revenue. Approximately 327 million was contracted for our target fleet, extending our target coverage in a small market. Also, we have contracted three new building case size assets for an average duration of almost five years at a net rate of about $20,000 per day, generating approximately 102 million in revenue. Our total contract revenue amounts to $3.4 billion. Sixty-six of our contract revenue comes from our competencies, which started extending from 2036 with a diverse group of quality counterparties. Almost 50% of this contract revenue will be earned in the next 25 years. I now pass the call to Eric Cironi, our CFO, which will take you through the financial guidelines. Eric?