The Navios Group, composed of Navios Maritime Holdings Inc. (NM), Navios Maritime Acquisition Corp.(NNA) and Navios Maritime Partners L.P. (NMM), announced the formation of Navios Europe Inc. as the next step in concluding the letter of intent signed with HSH Nordbank AG in April of 2013.
Navios Europe, which will initially acquire five product tankers and five container vessels from debtors of HSH, will be owned 47.5% by Navios Holdings, 47.5% by Navios Acquisition and 5% by Navios Partners. It is anticipated that funding requirements will be satisfied in the same percentages.
In August 2013, Navios Europe arranged technical and commercial management for five out of the 10 vessels.
To date, the following vessels were delivered: The Esperanza N, a 2,007 TEU Sub-Panamax Container built in 2008; and The Harmony N, a 2,824 TEU Sub-Panamax Container built in 2006.
Three tanker vessels are also expected to be delivered through September 2013.
Navios Europe is expected to take ownership of all 10 vessels by November 1, 2013, at which point management of the remaining vessels will be transferred as well.