Good morning, and thank you for joining Navios Maritime Holdings Investor Conference Call. We are pleased to host this call from the Cayman Islands. At this time, all participants are in listen-only mode. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou, Vice Chairman, Mr. Ted Petrone, Chief Financial Officer, Mr. George Achniotis. I will now turn the call over to Ms. Daniella Guerrero, who will take you through the conference call details and safe harbor statement. Daniella. Thank you. As a reminder, this conference call is being webcast. To access the webcast, please visit the investor section of Navios Maritime Holdings website at www.navios.com. You'll see the webcast link in the middle of the page, and a copy of the presentation referenced in today's call will also be found there. Now I will review the Safe Harbor statement. This conference call could contain forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Maritime Holdings. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Maritime Holdings management and are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements. Such risks are more fully discussed in Navios Maritime Holdings filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Maritime Holdings does not assume any obligation to update the information contained in this conference call. Now I will turn the call over to Navios Maritime Holdings Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki. Thank you, Michael, and good morning to all of you joining us on today's call. As you know, last night we are pleased to announce that we sold our dry bulk fleet for a gross sale price of $835 million. The transaction was negotiated and unanimously approved by the special committee of the board of directors, consisting of independent directors who engaged legal and financial advisors to assist in the process. The transaction was also approved by the full board of directors. As a result of this transaction, Navios Holdings will have exited direct fleet ownership and will own two material assets. The first is a controlling stake in Navios Logistics and operating business that focuses on logistics and infrastructure in the Hidrovia region of South America. The second asset is a passive 10.3% interest in Navios Partners. I would like to briefly describe the potential of each of these investments. Navios Logistics is one of the largest logistics and infrastructure providers in the Hidrovia region of South America. It is a company situated in a region with great opportunity. We have owned our 63.8% interest in Navios Logistics since 2008, and the company is fully consolidated in our financial statements. The company is anchored by a long-term take-or-pay contract with Vale, which is serviced by our transshipment facility in Nueva Palmira in Uruguay. This asset itself is a piece of critical infrastructure that is located at the mouth of the Paraná River and is relatively unaffected by depressed water levels as a result of droughts that can affect other ports in the river system. As to our take-or-pay contract with Vale, while the underlying mining asset has been sold, the Vale contract remains in place. We have every reason to believe that whatever modification may be requested, Vale will always stand behind the obligation of the take-or-pay contract. In short, we believe that Navios Logistics represents a compelling growth opportunity. We also own a 10.3% passive interest in Navios Partners. This investment has excellent potential economic returns as the estimated NAV is well above the current market price. We believe that we also have some margin of safety as Navios Partners is a well-diversified maritime company. At this point, I would like to turn the call over to Mr. Ted Petrone to further discuss these opportunities. Ted. Thank you, Angeliki. Please turn to slide four. Navios Logistics has always been a core investment for Navios Holdings. We own a 63.8% controlling stake in the venture, and we have been driving the development and growth of the business since its inception. Prospects for Navios Logistics have always been good and are improving. The global focus on food security because of geopolitical tensions is expected to benefit the exports of agricultural commodities from South America. In fact, in the first half of this year, grain exports through our port in Uruguay are 49% higher year-over-year. According to the USDA, the 2022/2023 South American crop is expected to be even stronger, underpinned by a recovery of the Paraguayan crop that failed this year. We also see a revised interest in the exploration of the mining assets of Corumbá in Brazil, which export through the Hidrovia River system. Vale recently sold its Midwestern System mining assets, which were underutilized for many years, to J&F, and production should grow under the new ownership. Meanwhile, Vetria and Cargill continue to export using our port terminal, and this year we added a third client to our port terminal, 4B Mining, which started production and exports this year. The increase in iron ore export volumes benefits barge business and our port terminal. In the last couple of years, low water in the Paraná and Paraguay rivers made navigation conditions difficult, affecting the profitability of our barge business. In 2022 so far, the water level has improved compared to both 2020 and 2021, yet it is still below the historical average. Navios Logistics owns unique, well-located modern infrastructure assets with the capacity to service increased demand from our clients. We also have available land to develop new business in a growing part of the world. Please turn to slide 5. Navios Holdings owns a significant 10.3% equity stake in Navios Partners. We are comfortable with this position, and we believe there is significant appreciation potential for our stake, as the net asset value of the company is almost 5 times the one assigned by the market today. Navios Partners is a well-diversified, well-capitalized maritime company with exposure in the dry bulk container ship and tanker segments. This diversification allows Navios Partners to counter segment volatility while at the same time capture cyclical opportunities. Industry dynamics are favorable, especially in the dry bulk and tankers, while the company has fixed through long-term charters most of its available days in container ships, where an expanding order book bears watching for the coming years. At this point, I would like to turn the call over to George Achniotis, Navios Maritime Holdings CFO, to take you through the transactions in more detail. George? Thank you, Ted. Please turn to slide 6, where we provide more details on the transaction. As Angeliki already mentioned, the gross sale price is $835 million. The majority of the proceeds will be used to delever the balance sheet by reducing debt and other liabilities as follows. $441.6 million bank debt, finance lease liabilities, and bareboat obligations that will be assumed by Navios Partners. $262.6 million mandatory repayment of loans associated with the sale of vessels. Eighty million to fully repay the 11.25 senior secured notes. The final balance will be subject to customary working capital adjustments at closing. The closing will be completed in two tranches. The first one on July 29th, where we will deliver 15 vessels, and the second one within Q3, where we will deliver the remaining 21 vessels. As Angeliki mentioned, the transaction was negotiated by a special committee of the board of directors of Navios Holdings, consisting of independent and disinterested directors with the assistance of its independent financial and legal advisors. Latham & Watkins LLP acted as legal advisors, and Arctic Securities acted as sole financial advisors to the special committee. The transaction was unanimously approved by the special committee and Navios Holdings board of directors. The transaction enables Navios Holdings to take advantage of a strong sale and purchase market in dry bulk, eliminate all short-term debt maturities, strengthen its balance sheet by repaying debt, improve liquidity, and record an estimated net book gain of approximately $100 million in the Q3 of 2022. This concludes our presentation. We will not be taking any questions on today's call in light of our forthcoming earnings call. Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.
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