The Navios Group has announced the formation of Navios Europe as the next step in concluding its letter of intent signed with HSH Nordbank in April 2013.
Navios Europe, which will initially acquire five container vessels and five product tankers from debtors of HSH, will be owned 47.5 percent by Navios Holdings, 47.5 percent by Navios Acquisition and 5 percent by Navios Partners. It is anticipated that funding requirements will be satisfied in the same percentages. The transaction is subject to a number of conditions and the transaction is not guaranteed to be completed.
To date, two sub-Panamax container vessels have been delivered to Navios Europe, the Esperanza N, a 2,007-TEU ship built in 2008, and the Harmony N, a 2,824-TEU vessel built in 2006. Navios Europe is expected to take ownership of all 10 vessels by Nov. 1, 2013.