Navios bags 14-vessel HSH Nordbank deal

The seven boxships and seven bulk carriers have been bought with $145.3m in cash and a $182.5m subordinated HSH participating loan. The loan will be repaid from net cash flow and sales proceeds from the vessels. Of the cash put forward for the deal, $135m was a senior bank debt from ABN Amro and Deutsche Bank, with Navios putting in $14m.

Angeliki Frangou, chairman and ceo, stated, "We are pleased to announce a second transaction with HSH where we are acquiring vessels at historically low values and with favorable economics that are better than the first transaction.”

Two vessels have already been delivered to the company with the remainder expected by the end of July except for one ship which is expected in November.