Navios Maritime Holdings sells off ship management division

Navios Maritime Holdings sells off ship management division

Navios Maritime Holdings has sold its ship management division to N Shipmanagement Acquisition Corp. (NSAC), a company affiliated with chairman and CEO Angeliki Frangou, for $20m.

As part of the transaction, Navios Maritime Holdings has signed a five-year service agreement with NSAC for the provision of technical and commercial management services. The services are at a fixed rate of $3,700 per day per vessel, and cover all operating costs with the exception of dry-docking and special surveys. The price is fixed for two years, and will then increase at a rate of 3% annually.

NSAC will also provide all administrative services to Navios Maritime Holdings and will be reimbursed at allocable cost.

Navios Maritime Holdings also entered into a secured loan agreement with NSAC, and has agreed to repay $125m over a five-year period. The amount reflects the liabilities of the ship management business.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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