Navios buys 14 vessels in bank sale and establishes new subsidiary

Navios buys 14 vessels in bank sale and establishes new subsidiary

Athens: Navios has completed the foundation of a new subsidiary, Navios Europe (II), through the acquisition of 14 vessels from debtors of HSH Nordbank.

Navios Europe II is owned 47.5% by Navios Maritime Holdings, 47.5% by Navios Maritime Acquisition Corporation and 5% by Navios Maritime Partners.

The vessels comprise seven bulk carriers and seven container vessels, which have a combined value of around $225m. The average age of the vessels is four years.

Navios acquired the vessels with $145.3m in cash, of which $135m is senior bank debt from Deutsche Bank and ABN AMRO Bank plus $14m from Navios; and with $182.5m from a subordinated HSH participating loan.

Two of the vessels have already been delivered, one is expected to be delivered this week and 10 vessels are expected to be delivered by the end of July. The remaining vessel is expected to be delivered by mid-November.

“We are pleased to announce a second transaction with HSH where we are acquiring vessels at historically low values and with favourable economics that are better than the first transaction,” Angeliki Frangou, chairman and CEO of Navios Maritime Holdings, said today.

The containerships acquired comprise two 3,400-teu panamaxes built in 2007 and 2014; two 2,790-teu sub-panamaxes built in 2012 and one 2,546-teu ship built in 2009; and two 1,740-teu handymaxes built in 2010.

The bulk carriers comprise two 93,000-dwt post-panamaxes built in 2010 and 2011; three 79,642-dwt kamsarmaxes built in 2011; and two 57,000-dwt supramaxes built in 2011.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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