Thank you for joining us for Navios Maritime Partners Second Quarter 2022 Earnings Conference Call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. As a reminder, this conference call is being webcast. To access the webcast, please go to the Investors' section of the Navios Partners' website at www.navios-mlp.com. You can see the webcasting link in the middle of the page and a copy 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 could contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners Management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Partners' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows: First, Ms. Frangou will offer opening remarks; next, Mr. Desypris will give an overview of Navios Partners segment data; next, Ms. Tsironi will give an overview of Navios Partners financial results; then Mr. Achniotis will provide an operational update and industry overview; and lastly, we'll open the call to take questions. Now, I'll turn the call over to Navios Partners Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki?

Thank you, Daniela and good morning to all of you joining us on today's call. We are pleased to report our results for the second quarter of 2022, in which we recorded $280.7 million of revenue and $118.2 million of net income. For the first six months of 2022, net income is equal to $6.62 per unit. We are also pleased to discuss the transaction we announced last night involving the acquisition of 36 vessels dry bulk fleet for $835 million. Today, NMM is the second largest US listed maritime company and the third largest US listed dry bulk company. Well, really, we are just about tied for second, both by number of vessels. Before we dive into the details, I wanted to briefly review our business model that has allowed us much of this. Slide 3 shows the pro forma composition of our fleet by vessel type and segment. We have about 15% vessel types operating in three segments. The average age of our vessel in each segment is below the industry average, which markets articulate to carbon efficiency of various fleets. Turning to slide 4, we continue to leverage diversification. We believe that diversification allows us to optimize charter rate by extending charters in well-performing segments and keeping charters duration short in less well-performing segments. In addition, we can make acquisitions that we hope will benefit from cyclical volatility such as the acquisition announced last night. Slide 5 takes a look at electric segment data pro forma for the acquisition. If you look at the asset and market value category, you will see the rebalancing of our portfolio as a result of this acquisition. On a pro forma basis, dry bulk shipping represents about $2 billion of exposure or 32.5% of total fleet value. This material increase should…

Thank you, Angeliki, and good morning, all. Slide 9 details our strong operating free cash flow potential for the remaining six months 2022. Pro forma for the acquisition of the 36 vessel fleet discussed by Angeliki, we have fixed 51.3% of an estimated 28,800 available days at an average rate of $28,966 per day. For the second half of 2022, contracted revenue exceeds total cash expenses by almost $19 million, and we have 13,997 available days with market exposure, providing additional operating costs. The majority of our market exposure comes from drybulk vessels, where approximately 78% of our available days are open or contracted on index-linked charters. Slide 10 demonstrates the basic principles of our diversified platform in action. We benefit from segments, countercyclicality. This creates the opportunity to redeploy cash flow from well-performing segments into asset purchases or other activities in underperforming segments. Asset values alone can be volatile and a diversified asset base moves the volatility on the balance. For the first half of 2022, while container values have dropped by 4%, dry bulk and tanker vessels values have increased by 11% and 18%, respectively. In sum, the net change to our fleet value is an increase of approximately 4%. Having multiple segments allows us to optimize our starting activities. In segments with attractive returns, we can enter into period charters. In other segments, we can be pacing. As you can see from the chart on the bottom, the container segment is enjoying historically high confidence. Not surprisingly, we have fixed our container little long-term traffic with almost 10% of our available containership days fixed for the remaining six months of 2022. This reduces market and residual risk. We manage the credit risk of the long-term charters independently to ensure we are not simply trading on this quarter…

Thank you, Stratos, and good morning all. I will briefly review our unaudited financial results for the second quarter and the first half ended June 30, 2022. The financial information is included in the press release and is summarized in the slide presentation available on the company's website. I would like to highlight that 2022 results are not comparable to 2021 and in 2021, NMM gradually acquired two companies significantly expanding its current on-the-water fleet to 130 vessels. Moving to the earnings highlights on Slide 13. Total revenue for the second quarter of 2022 increased by 85% to $280.7 million compared to $152 million for the same period in 2021. The increase in revenue was a result of a 56% increase in our available days to $11.269 compared to 7,242 for the same quarter last year and a 17% increase in the PC average rate to 2,823 per day compared to 20,296 per day for the same period in 2021. The average TCE achieved by sector was dry bulk 24,721 per day, container 31,616 per day and tankers $16,391 per day. EBITDA for Q2 2022 increased by 81% to €163.5 million compared to $9.4 million for the same period last year. Net income for Q2 2022, increased by 18% to $118.2 million compared to $99.9 million for the same period in 2021. The Per unit net income was $3.84. The increase in net income was due to the increase in EBITDA partially mitigated by a $24.4 million decrease in the amortization of unfavorable lease terms mainly relating to the acquisition of the NMCI container vessels and a $19.6 million increase in depreciation and amortization expense. Interest expense and finance costs increased by $7.2 million to $14.5 million, in line with the additional debt following the expansion of our fleet. Total…

Thank you, Eri. Please turn to slide 20 for the review of the dry bulk industry. The BDI started Q2 on a softer note before rise in Capesize earnings to just about $38,000 per day, which lifted the BDI to a year-to-date high of 3,369 by mid-May. The index spend retreated by the end of Q2 at close to 2,200. The BDI average 2,530 in Q2, which was the second highest Q2 since 2010. Similar to last year's pattern, the World C1 dry bulk trade for the second half of 2022 is projected to exceed the first half by 7.6% as solid demand for natural resources continues. Beside demand new longer coal trade routes emerge as worldwide demand increases on the back of high natural gas and oil prices. Additionally, an expansion of ton miles is projected as Brazilian iron ore exports seasonally increased and Russian coal exports get redirected away from Europe to destinations further afield. Turning to slide 21. As previously mentioned, high gas and oil prices and the Ukraine crisis continued to support increased global coal imports. The surge in gas prices and a certain supply from Russia has led European countries to reactivate coal fired power plants. European seaborne coal imports are expected to increase by 7% in 2022. Additionally, the ban on Russian coal will lead to shift in trading patterns towards longer haul routes. Chinese coal imports are projected to decrease by 11%. The decrease in Chinese imports will be offset by an expected 9% increase in Indian imports. Overall, seaborne coal trade is expected to increase by 1.5% in 2022 further boosted by an estimated 2.4% growth in ton miles. Turning to slide 22. China Zero-COVID policy significantly impacted steel production and iron ore demand in the first half of 2022. Chinese seaborne…

Thank you, George. This completes our formal presentation, and we'll open the call to questions.

Thank you. I will take our first question from Omar Nokta with Jefferies. Please go ahead, sir.

Thank you. Hi, guys. Good morning, good afternoon. Thanks for the thorough overview of the company in the different markets. You're obviously now close to completing the whole reorganization of the Navios Group's shipping assets here under this one umbrella. It's been, I guess, maybe two years in the making, but I'm sure from your side, it's been going on a bit longer. But I wanted to ask, now that you've gotten to this point with NMM, does this now kind of change how you think about strategy in the near term. And what I mean by that is there anything that you've been waiting to do that you can now do now that you finally rolled everything up into NMM?

I think that you have seen that in the last couple of years, we've done a lot of work. We changed -- we created a diversified portfolio -- and basically, that gave us the ability. What we did is -- in the last transaction is basically, do every balance of our portfolio. We have about -- I think status gave you a lot of the information there. We have about $6.5 billion in assets. And basically, the last acquisition was opportunistic, and we actually rebalanced the portfolio, bringing containers below 50% and increasing the dry bulk about -- or a little bit over 30% and with tanker has been about 23%. So, this is basically a balancing. As an asset portfolio of $6.5 billion, yes, we are in a good size and we find that this is a company that we see that the portfolio makes sense. Now, you may have some time to buy time we may revised the different sectors on that aspect or we may renew our fleet, but basically we have the size we like. By the way, I want to say congratulations on the union job.

Thanks, Angeliki. Thank you very much. I appreciate that. Yeah, so I mean, obviously, you guys have been very busy. You've done a lot. And I guess you've been very active across all the sectors. You've now announced a $100 million buyback, which obviously, I think, will be well received. How do you think about that utilizing it to the extent you can give some color, given as you show in the slide deck, there is a pretty compelling equity value story? Do you see yourselves putting that buyback to work fairly quickly?

I would say something about investing in Navios is about total returns. So this is number one. And performance is a driver to your stock price. And you have seen a solid result, solid quarter, solid and great six months, we have $6.62 net income per share. And we are working on our stock price to NAV -- to NAV. The one thing that I want to tell you on NAV, and that is something that we have been working to articulate and Stratos, I think, did a good job is that we are trying to create a more durable NAV, basically and you will see that even though the values of the containers went down this year, and they represent over 50% of our asset values because of the strength of the tanker and lesser degree the drybulk, we were able to actually increase NAV. So basically, we'd like to look totally in term dry bull stock price and also create this durability, which will give you better visibility. And basically, the buyback is a tool to achieve that and achieve as we describe and we're using that tool.

Got it. Thanks. Thanks for that color. And then one just -- one final follow-up, just on the transaction. The $835 million acquisition price, you have the $441 million of liabilities, the rest is cash at $394 million. Is there -- how do you intend to spend that $394 million. Do you have a facility that you're looking to -- is there a facility that you put together that you can draw on? Do you have that excess cash? Are you looking to sell ships to make that -- to get that amount of capital? Just wondering where do you come up with that $394 million.

Basically, Stratos will take you through details, we’re discussing our product. I want to remind you that we have shown container vessels at an attractive part, we took that money out, and we recapital, reusing, reinvesting this amount, and this is part of the diversification we're using this amount for us -- to buy the affecting the drybulk fleet. And one thing I liked before I give it to Stratos, this is about -- this acquisition, it was totally opportunistic. We acquired 36 vessel dry bulk, which is basically quality vessels, excellent vessels that we knew at the weak point in the market on the dry bulk market. We could afford this because of our diversified platform. Don't forget that containers provide this visibility of cash flows. Tankers are stronger and they're coming back. And basically on the dry bulk they are so note very simple. China, the 5% commodity buyer because of the zero COVID policies had lockdowns, isolations for the first half with peak in the second quarter. This continues in the third quarter, but we see that after the national congress, we believe that China will come back strong in the growth -- in the transportation of the commodity. So this gives you a little bit why we did it, and I think Stratos will tell you more.

Good morning, Omar. I think, Angeliki more or less covered the funding. Actually, if you see our balance sheet, we already have around $175 million of cash at the end of the quarter. And we also sold the two containership vessels that we are expecting $220 million, but this is the sale price. And also, you will have the cash generation during the quarter, which is again, as we have seen in the last couple of quarters; it's a very strong cash generation that we expect. So the fact the cash is there, and we expect that there will be funded for internal consideration.

Okay. Great. That's helpful. Yes, that $220 million is obviously substantial, not bad for two ships to use that to help bring in those 36 dry bulkers. Great. Well, I appreciate the color here. And congrats on getting obvious to this point, looking forward to seeing how things develop here going forward. I'll turn it over.

Thank you

Thank you. And that does conclude our question-and-answer session. I will turn it back over to the presenters for any additional or closing remarks.

Thank you. This completes our second quarter earnings.

Thank you. That does conclude today's presentation. We thank you for your participation, and you may disconnect at any time.