The Navios Group Announces Formation of Navios Europe Inc. and Management of
Five Vessels for the Benefit of HSH Nordbank AG
MONACO -- (Marketwired) -- 08/20/13 -- The Navios Group, composed of
Navios Maritime Holdings Inc. (NYSE: NM) ("Navios Holdings"), Navios
Maritime Acquisition Corporation (NYSE: NNA) ("Navios Acquisition")
and Navios Maritime Partners L.P. (NYSE: NMM) ("Navios Partners"),
announce the formation of Navios Europe Inc. ("Navios Europe") as the
next step in concluding the letter of intent signed with HSH Nordbank
AG ("HSH") 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.
Management of Vessels
In August 2013, Navios Europe arranged technical and commercial
management for five out of the ten vessels. To date, the following
vessels were delivered:
(1) The Esperanza N, a 2,007 TEU Sub-Panamax Container built in 2008;
(2) The Harmony N, a 2,824 TEU Sub-Panamax Container built in 2006.
Three tanker vessels are also expected to be delivered through
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.
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.
HSH and Navios are committed to their excellent working relationship.
After the completion of this transaction, HSH and Navios hope to work
together toward similar transactions.
About Navios Maritime Holdings Inc.
Navios Holdings (NYSE: NM) is a global, vertically integrated
seaborne shipping and logistics company focused on the transport and
transshipment of drybulk commodities including iron ore, coal and
grain. For more information about Navios Holdings please visit its
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker
vessels focusing in the transportation of petroleum products (clean
and dirty) and bulk liquid chemicals. For more information about
Navios Acquisition, please visit its website:
About Navios Maritime Partners
Navios Partners (NYSE: NMM) is a publicly traded master limited
partnership which owns and operates dry cargo vessels. For more
information, please visit its website: www.navios-mlp.com.
About Navios Europe
Navios Europe is an owner and operator of container and tanker
vessels. For more information about Navios Europe please visit its
Navios Maritime Holdings Inc.
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