As of September 30, we had a total cash of $141.2 million and borrowings of $1.4 billion. We also continued to renew and expand our fleet. This concludes my presentation, I would now like to turn the call over to Angeliki for her final comments. This complete formal presentation and we open the call to questions. Before I start discussing our financial highlights, I would like to draw your attention to see one-off items that are listed in Slide 11. We will be profitable in Q4 as contracted revenue exceeds total expenses by $57 million. In addition, Ms. Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007, the Chairman and Chief Executive . Angeliki Frangou forced Navios Maritime Holdings' preferred shareholders into a "prisoner's dilemma" in an attempt to push them out and fatten her own bank account, a lawsuit alleges. The Convertible Debentures have a term of five years and bear interest of 4% PIK payable at maturity, if not earlier converted. The rate for 2021 is the highest in almost 50 years, and it is led by a 7.2% expansion in China, India and developing Asia. Then Mr. Achniotis will provide an operational update and an industry overview. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. What we have done is that, we have created a fortress balance sheet by chartering the container sector, which is extremely strong. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed.
Angeliki Frangou, the Chairman & Chief Executive Officer of Navios Fortune: Greek Businesswoman Among 25 World's Most Powerful We'll take the next question from James with Citigroup. Rates in all asset classes rose sharply reflecting surging trade driven by strong demand for both major and minor bulk commodities. Frangou previously served as Chairman, Chief Executive Officer, and President of International Shipping Enterprises, Inc., which acquired . Focus are also for growth in iron ore imports around the world as the effects of the pandemic received. And to capture the spot market and wait for the period market to come. Of course we also entered into the crude and product tanker segment. The group controls approximately 100 drybulk and tanker vessels transporting products ranging from grains, soy, and iron ore to chemicals and petroleum.
NMM has a solid balance sheet and a modest leverage, a healthy income statement and a pipeline of about $2.2 billion in contracted revenue. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007.Ms. But together with our contracted revenue of $2.2 billion, provides an enduring platform with significant upside potential. The pandemic changed everything. I wrote this article myself, and it expresses my own opinions. 2021 drybulk trade is projected to increase by 4.5% and further increase by 2.9% in '22.
Navios Maritime: Bail-Out To Result In Frangou Regaining Control You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. We see good - we see a good market potential, but we have to see it realize. On the grain side, global grain trade continues to be supported by an ever-increasing world population. This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Please move to Slide 9 which provide some selected segment data. We also agreed to sell for vessels having an average age of 13 years for a total sales price of $42.8 million. So this is a net benefit, the inefficiency. Frangou, originating from the island of Chios, Greece, is considered one of the world's shipping magnate.The powerful Greek shipowner obtained a bachelor's degree in Mechanical Engineering from Fairleigh Dickinson University and a . In Slide 11, you can see the strength and stability of our balance sheet. Global iron ore demand is expected to increase by 2.7% in this year and the additional availability of iron ore shipments to China are expected to increase as still masterplan stockpile, driving demand for Capesize vessels. Our combined net debt to book capitalization is 43.5%, about 90% of our debt is covered by the scrap value of our vessels alone. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,.
Angeliki Frangou | Management | Navios Maritime Acquisition Corporation Sure. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. Angeliki Frangou, chief executive of Navios Maritime Holdings, is being sued in New York federal court, alleging she tried to force out preferred shareholders to enrich herself. The oldest executive at Navios Maritime Acquisition Corp is Brigitte Noury, 66, who is the Independent Director. So we went to work, Chairwoman and Director of Navios Maritime Holding Angeliki Frangou stated speaking at the private dinner she hosted during the Posidonia 2022. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. Our cost of debt has been significantly reduced as a result of the refinancing with the term loyalty as well as the decrease in LIBOR rates. Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). The decrease is primarily due to a $25.5 million increase in vessel operating expenses, mainly due to the increased split, a $3 million increase in general revenue of tax expenses, mainly due to the increased fleet and a $1.4 million decrease in equity net earnings of affiliate companies.
Angeliki Frangou steers Navios towards emerging economies We stand at the crossroads, perhaps the crossroads of history. I noticed in the release, and you mentioned it also in your comments, just about securing drybulk charters in the period market when the time makes sense. Thank you, George. Now 30,000 is a very good level. But those of us in shipping will try to understand the impact of all these things based on a simple metric on ton miles the cost of shipping one ton of freight for one mile. More recently the freight market has corrected on the back of Chinese winter steel production limits and power shortages due to unavailability of gas and coal. Adjusted EBITDA for the fourth quarter of 2020 increased to $35.5 million compared to $33.7 million for Q4 of 2019, mainly due to the increase in earnings discussed above. Angeliki N. Frangou is Chairman of the Board, Chief Executive Officer of Navios Maritime Holdings Inc. So this is a big investment for Q3. Additional availability of Atlantic exports to the Far East are expected to increase as steel mills replenish stockpiles. In this process we have been pioneering and are adopting certain environmental regulations up to two years in advance, aiming to be one of the first fleets to achieve full compliance. During Q3 NMM generated $228 million in revenue and $145.2 million in adjusted EBITDA and $162.1 million in net income.
Angeliki Frangou: 'I am optimistic but I wish it were for different In Slide 15, you can see our target strategy for 2021. We continue to renew our fleet and improve average profile. It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. Turning to Slide 12, you can see some fleet and debt updates. As to our balance sheet update, we are in advanced discussions to finalize a $116 million loan to refinance in upcoming months and upcoming maturities in the third quarter of 2021. Additionally, we have agreed a new $52.7 million bareboat financing for two Kamsarmax vessels to be delivered in the second half of 2022 and Q1 of 2023. We are about two years below industry average. Total revenue for Q3, 2021 was $228 million compared to $64 million for the same period last year due to the expansion of our fleet and the improved time charter equivalent rate for both containers and bulkers. Going forward, a merger between the company and Navios Maritime Partners is still likely with Ms. Frangou grabbing a large stake in the combined entity. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. Net debt/book capitalization was at a comfortable level of 41.7%. The event was held during . So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? Maybe just, I know, one final one I did want to ask. So this is something that we are focusing very much. As Angeliki mentioned earlier, today, the Navios Containers unitholders approved the measure of Navios Partners. In addition, Ms. Frangou serves as the Chairman and Chief Executive Officer of Navios Partners, an affiliated limited partnership trading on the New York Stock Exchange, since August 2007, and as the Chairman and Chief Executive Officer of Navios Maritime . Excluding these items, adjusted EBITDA for the nine months of 2021 amounted about $270 million compared to $64 million for the same period last year. Angeliki? Navios corporate chairwoman Angeliki Frangou and other executives combined a tender offer last month for the outstanding American depository shares at a fraction of the unpaid dividends' value . We agreed to acquire 6 dry bulk vessels with an average age of approximately 2 years. It will take some time, I mean, there is good, I mean, we show volatility, we went to gates from 80,000, we are down to around 30,000. And overall we like to have a low leverage. [Operator Instructions] We take our first question from Randy Giveans with Jefferies. Year-to-date scrapping has totaled 3.4 million tons, which is on pace for March 2020. All right, second question, looking at Slides 11 and 14, clearly showing the strength of your balance sheet, you mentioned earlier in the call, your fixed charter backlog is giving you pretty substantial cash flow visibility, very low spot day break-evens.
FRANGOU ANGELIKI SC 13D Filing Concerning NNA on 2021-10-15