Navios Europe Takes Delivery of Four Additional Vessels
Navios Europe Inc. announced that it has taken delivery of four additional vessels out of the ten vessel acquisition from HSH Nordbank AG (HSH). Including these four vessels, Navios Europe has taken delivery of nine vessels in total. The remaining vessel is expected to be delivered by the end of 2013.
Navios Group Forms Navios Europe
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.