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Navios Maritime Announces Sale of Ship Management for USD 20.0 Million

Logistic News - Published on Wed, 04 Sep 2019

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Navios Maritime Holdings Inc announced that it sold its ship management division and certain general partnership interests to N Shipmanagement Acquisition Corp and related entities, affiliated with Company’s Chairman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of USD 20.0 million including assumption of liabilities and new five-year service agreements under which NSAC will provide technical and commercial management services at fixed rates as described below and administrative services, reimbursed at allocable cost.

As a result of the Transaction
The Company is a holding company owning dry bulk vessels and various investments in entities owning maritime and infrastructure assets.

NSAC owns all entities providing ship management services and employs all associated people.

The Company will pay a fixed rate of USD 3,700 per day per vessel, which will cover all technical and commercial management services and operating costs, other than dry-docking and special surveys. This rate will be fixed for a two-year period and will increase thereafter by 3% annually.

NSAC will provide all administrative services to the Company and will be reimbursed at allocable cost.

NSAC will own the general partner interests in Navios Maritime Containers L.P. and Navios Maritime Partners LP.

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Posted By : Mohan Sharma on Wed, 04 Sep 2019
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