Frangou to merge two tanker units

Frangou to merge two tanker units

Two Angeliki Frangou tanker vehicles are merging. Navios Maritime Acquisition Corporation and Navios Maritime Midstream Partners will join forces in a deal which sees Navios Acquisition acquire all of the publicly held units of Navios Midstream in exchange for shares of Navios Acquisition. The transaction is expected to close around December 2018.

Navios said the move was designed to simplify capital and organisational structure as well as increasing trading liquidity and float of the Navios Acquisition common stock.

Navios Acquisition also announced that it will carry out a 1-for-15 reverse stock split of its issued and outstanding shares of common stock, subject to shareholder approval.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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