Navios Partners Grows Fleet with Five Navios Europe I Boxships

Owner and operator of dry cargo vessels Navios Maritime Partners has taken delivery of five containerships upon the liquidation of Navios Europe I.

The vessel quintet, which comprises three Sub-Panamaxes and two Panamaxes, has been acquired for about USD 52 million.

Built between 2006 and 2008, the ships in question are the 2,007 TEU Esperanza N, the 2,741 TEU Protostar N, the 2,824 TEU Harmony N, the 3,091 TEU Castor N and the 3,398 TEU Solar N.

The latest Navios Partners’ fleet expansion follows an agreement reached in November last year to liquidate Navios Europe I, a company that managed portfolios of vessels owned by Germany’s commercial bank HSH Nordbank.

As announced in November, Navios Partners bought five containerships and Navios Acquisition five product tankers from Navios Europe I.

Navios Partners said it received approximately USD 49.6 million in satisfaction of its receivable from Navios Europe I. Separately, Navios Partners incurred a USD 23.5 million loan from a commercial bank, with interest at LIBOR plus 400 bps and a maturity in September 2020.