Greek J/V to Acquire HSH Debtors' Fleet

Press Release
Tuesday, April 23, 2013

Navios Maritime Holdings & Navios Maritime Acquisition Corp. in J/V sign LOI to buy 10 ships from debtors of HSH Nordbank.

The new Joint Venture company, named Navios JV,  has executed a binding letter of intent to acquire ten vessels, composed of five product tankers and five container vessels with an average age of 5.5 years from debtors of HSH Nordbank AG.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings and Navios Acquisition stated, "Working closely with HSH over the past year, we devised a program whereby vessels can be removed from insolvency and placed into a stable situation. In so doing, we are leveraging Navios' economies of scale and superior technical and commercial management to everyone's betterment. HSH and Navios are committed to their excellent working relationship and look forward to doing similar deals in near future."

Angeliki Frangou continued, "Navios is acquiring a significant fleet at historically low values with favorable economics. Navios enjoys a 12.7% annual preferred return on its $10 million investment as well as a preferred return of this investment upon the sale of vessels. Thereafter, 20% of cash flow from operations or sales will be paid to Navios until the HSH's subordinated loan is repaid. Once HSH's loan has been satisfied, Navios will receive 100% of any excess."

It is anticipated that the Navios JV will not be consolidated into Navios Holdings or Navios Acquisition. The transaction is subject to a number of conditions, and no assurance can be provided that the transaction will be concluded as contemplated, if at all. However, each party has agreed to reimburse a portion of the other's expenses if the party does not conclude the transaction under certain circumstances.

It is estimated that the purchase price to be paid to HSH will consist of $130 million in cash and the assumption of a Subordinated HSH Participating Loan.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

GE Gas Turbines to Power US Navy’s New Destroyers

The U.S. Navy’s new DDG 121 and DDG 122 Arleigh Burke-class destroyers will be powered by eight LM2500 marine gas turbines supplied by GE Marine, who also received

Tanker Retrofitted with Dual Fuel Engine

Caterpillar Marine informs it has begin a dual fuel engine retrofit conversion onboard the 472-foot Fure West tanker, owned by Furetank Rederi A/B. The MaK M 43

Diana Charters Containership to Maersk

Container shipping company Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Maersk

Ship Sales

Nantong Tongbao Bags Order for 8 Chemical Tankers

Nantong Tongbao Shipbuilding has signed shipbuilding agreements with joint buyers, Shanghai Dingheng Shipping and Xiamen Xiangyu Group, for the construction of

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

China Shipping Orders Eight 13500 TEU Box Ships

China Shipping Container Lines has placed orders for eight 13,500 twenty-foot-equivalent container ships at Shanghai Jiangnan Changxing Shipbuilding, continuing

Finance

Harper Government Invests in Naufrage Harbor

The Honorable Gail Shea, Minister of Fisheries and Oceans, announced today an investment to improve safety and working conditions for fishermen at Naufrage Harbor, Prince Edward Island.

Strategic Marine’s Stock Program Full Power Ahead

Strategic Marine, the specialist shipbuilder and fabricator, has confirmed its stock program of personnel transport vessels is market-ready. “Our stock program

Shift to Contract Labor in U.S. Maritime, Offshore Sectors Underway

Maritime and Offshore recruiter Faststream has reported a shift in attitude towards temporary, project and consulting work following a recent survey to over 1,000 candidates in North America.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.5682 sec (2 req/sec)