Navios acquires Cape pair

The Greek shipping company Navios Maritime Holdings Inc. announced that it has reached an agreement to acquire two 180,000 dwt Capesize vessels, currently under construction at the same South Korean Shipyard, to be delivered in the second half of 2010.

Angeliki Frangou, chairman and ceo of Navios Holdings stated, “This transaction results from our efforts to capitalize on the opportunity caused by the credit crises. The acquisition price is well below the current charter-free value of the vessels.”

The aggregate nominal purchase price for the two new vessels will be approximately $141.5 million payable with a combination of cash, and mandatorily convertible preferred stock. The effective purchase price for the two vessels, assuming a $10.00 conversion price of the preferred stock, would be $115.6 million ($57.8 million per vessel).

Navios Holdings controls a fleet of 59 vessels totalling 6.3 million dwt, of which 32 are owned and 27 are chartered-in under long-term charters. The company also has 21 newbuildings to be delivered at various dates through 2013.