NYSE-listed Navios Maritime Partners L.P., an international owner and operator of dry cargo vessels, on April 29 reported its financial results for the first quarter ended 2021.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated:
“I am pleased with the results for the first quarter of 2021. During the first quarter, total revenue of Navios Partners and Navios Containers, was $108.8 million and total adjusted EBITDA was $56.4 million.” Frangou continued: “Navios Partners today is a top ten publicly listed dry cargo fleet company with 89 vessels comprised of 51 dry bulk vessels and 38 containerships. We expect that our diversified fleet will benefit from the distinct industry drivers while also offering some insulation against cyclicality. For example, given the ongoing strength in the container industry, we fixed about 89% of available days. In contrast, in the dry bulk segment, we have over 62% of available days open or on index linked charters so that we can capture further market firming. We believe these two segments housed in a single company strengthen our business.”
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2021 of $0.05 per unit. The cash distribution is payable on May 14, 2021 to all unitholders of record as of May 11, 2021. The declaration and payment of any further dividends remain subject to the discretion of the Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable.
Ms.Frangou was born in Kardamyla on the island of Chios, Greece. The village of Kardamyla has a long maritime history and is the homeland of many Greek shipowners. Ms Frangou’s father, Captain Nikolas Frangos, started from there in 1950 as ship captain. At a CNN tribute to her titled “Leading Women”, Ms Frangou told CNN’s Becky Anderson that she feels that shipping runs in the family’s DNA. In 1989, she left her job at Wall Street and decided to deal with shipping.
In 2004, she raised a capital of worth $200 million to acquire Navios and in a year, she managed to lead the company to the stock market of New York . Being a woman in a male dominated industry does not seem to pose an issue for her. Asked about the role of women in top posts in shipping, Angeliki Frangou told shipping newspaper TradeWinds: “I don’t believe in gender, race, religion. I think it’s what you want to make it. If you ever thought that you work in a company for any other reason than your ability, you should leave!”
Ms. Frangou holds a Bachelor’s Degree in Mechanical Engineering from Fairleigh Dickinson University (summa cum laude), a Master’s Degree in Mechanical Engineering from Columbia University and a Master’s Degree in Business Administration in Finance and International Business from New York University.
