Navios Acquisition Completes Navios Midstream Merger
Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…
Navios Maritime Midstream Partners Gets Merger Proposal from Navios Maritime Acquisition Corporation
Navios Maritime Midstream Partners, an owner and operator of tanker vessels, announced today that its board of directors has received a proposal from Navios Maritime Acquisition Corporation pursuant to which Navios Acquisition would acquire the publicly held shares of Navios Midstream not already owned by Navios Acquisition in a stock for units exchange. Subject to negotiation and execution of a definitive agreement, Navios Acquisition is proposing consideration of 6.292 Navios…
Navios Maritime Acquisition Corporation to Acquire Outstanding Units of Navios Maritime Midstream Partners
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has submitted a proposal to the board of directors of Navios Maritime Midstream Partners to acquire the publicly held units of Navios Midstream not already owned by Navios Acquisition in a stock for units exchange. Subject to negotiation and execution of a definitive agreement, Navios Acquisition is proposing consideration of 6.292 Navios Acquisition shares for each outstanding…
Navios Maritime Acquisition Corporation Inks Sale and Leaseback Pact
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $71.5 million sale and leaseback agreement for four MR2 product tankers. The proceeds have been used to extinguish $69.25 million of indebtedness. The Agreement provides for 24 quarterly payments of $1.5 million each plus interest at LIBOR plus 305 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of sixth year for $35.8 million.
Navios Maritime Acquisition Corporation Sells VLCC for $44.5 Mln
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has agreed to sell the Nave Galactic, a 2009-built VLCC of 297,168 dwt to Navios Maritime Midstream Partners for $44.5 million. Navios Acquisition also agreed to extend the charter rate backstop of the Shinyo Kannika to the Nave Galactic. Navios Acquisition intends to use the proceeds from the sale of the vessel for repayment of indebtedness, reinvestment in vessels and general working capital purposes.
Navios to Expand Fleet with Two VLCCs
Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase of up to two very large crude carriers. Apart from financing the purchase of up to two VLCCs from Navios Maritime Acquisition Corporation, NAP plans to use the remainder of the loan to refinance existing term indebtedness and to pay related fees and expenses. $123.4 million of the $205.0 million Term Loan B is expected to be used to repay the Company’s existing credit facility…
Navios Holdings Announces Senior Leadership Changes
Navios Maritime Holdings Inc. has announced several senior leadership changes effective as of January 1, 2015. Shunji Sasada has been promoted to President of Navios Corporation and appointed as a member of the board of Navios Holdings. Sasada has served Navios in various capacities over the past 17 years, most recently as Chief Operating Officer of Navios Corporation and as a director, since their formation, of both Navios Maritime Partners L.P. and Navios Maritime Midstream Partners L.P. Sasada started his shipping career in 1981 in Japan with Mitsui O.S.K. Lines, Ltd.
Navios Revenue Up 25% in 3Q 2014
Highlights of Navios Maritime Holdings Inc. IPO of Navios Maritime Midstream Partners L.P. Navios Maritime Holdings Inc. a global vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30, 2014. Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year.