Greek dry cargo vessel operator Navios Maritime Partners has reached an agreement to liquidate Navios Europe I.

Navios Maritime Holdings and the tanker arm Navios Maritime Acquisition each owned 47.5% stake in Navios Europe I, while Navios Maritime Partners held the remaining 5% stake.

Subject to definitive documentation, the liquidation is scheduled to be completed by the end of the year.

Navios Partners said that it received $48.2m from Navios Europe I on 30 September.

According to the agreement, Navios Maritime will acquire 11 cargo vessels from the liquidated firm, which was established in October 2013.

Navios Partners will purchase the five containerships owned by Navios Europe I with a net equity value almost equivalent to the receivable.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Navios Partners has signed a share purchase agreement to buy four dry bulk vessels for $37m from a venture affiliated with its chairman and CEO. The Conflicts Committee of the Navios Partners’ Board of Directors has accepted the deal.

The ships are scheduled to be delivered to Navios Partners by December.

With an amortisation profile of ten years, the ships have been financed with a $37m loan from a financial institution.

Until September 2020, the loan has no capital repayment and can be prepaid at any time without penalty.

Navios Partners has signed a contract to bareboat charter-in two newbuilding Kamsarmax ships. Chartering for one of the vessel’s is subject to documentation.

Each vessel has a capacity of approximately 81,000 deadweight tonnage (DWT) and is being bareboat chartered-in for a period of ten years.

After the end of the fourth year, Navios Partners can exercise an option to acquire the ships for the remaining period of the bareboat charter.

The ships are scheduled to be delivered in the second and the third quarter of 2021 respectively.