Navios Maritime Holdings Inc. Enters into Exclusivity Agreement for Investment in First Ship Lease Trust
28 Abril 2017 - 10:03AM
Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM)
announced today that it executed, for itself and/or for its
affiliates (“Navios”), an exclusivity agreement and term sheet to
purchase directly or indirectly, 100% of FSL Asset Management Pte.
Ltd. (“FSL Asset”) and not less than a total of 50.1% of First Ship
Lease Trust (“FSL Trust”) from an existing shareholder and FSL
Trust. FSL Trust is listed on the Mainboard of the Singapore
Exchange Securities Trading Limited.
FSL Trust is a Singapore-based business trust
which owns a diversified fleet of 22 modern and high-quality
oceangoing vessels (the “Fleet”). The Fleet includes 12 product
tankers, three chemical tankers, two crude oil tankers and five
container vessels. The FSL Trust Fleet is a natural fit for the
170+ vessel diversified fleet controlled by Navios, which includes
dry bulk and container vessels as well as crude and product
tankers.
The acquisition is subject to a number of
conditions, including (1) the satisfactory restructuring of the
existing mortgage debt and other loan facilities of FSL Trust, (2)
waiver by the Securities Industry Council of any obligation for
Navios to make a mandatory take-over offer for all the units in FSL
Trust (the “Whitewash Waiver”) and (3) approval of FSL Trust’s
independent unitholders of the Whitewash Waiver. No assurance
can be provided that these conditions will be satisfied and that
any acquisition will be concluded.
The Parties have agreed to negotiate exclusively
with each other and will seek to execute definitive agreements by
30 September 2017.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a
global, vertically integrated seaborne shipping and logistics
company focused on the transport and transshipment of drybulk
commodities including iron ore, coal and grain. For more
information about Navios Holdings please visit our website:
www.navios.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events including the closing of
the transaction described herein, Navios Holdings’ 2017 cash flow
generation, future contracted revenues, future dividends and its
ability to have a dividend going forward, opportunities to reinvest
cash accretively in a fleet renewal program or otherwise, the
benefits of the closing of the transaction described herein,
potential capital gains, our ability to take advantage of
dislocation in the market and Navios Holdings' growth strategy and
measures to implement such strategy; including expected vessel
acquisitions and entering into further time charters. Words such as
“may”, “expects”, “intends”, “plans”, “believes”, “anticipates”,
“hopes”, “estimates”, and variations of such words and similar
expressions are intended to identify forward-looking statements.
Such statements include comments regarding expected revenue and
time charters. These forward-looking statements are based on the
information available to, and the expectations and assumptions
deemed reasonable by Navios Holdings at the time these statements
were made. Although Navios Holdings believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of Navios Holdings. Actual
results may differ materially from those expressed or implied by
such forward looking statements. Factors that could cause actual
results to differ materially include the quality and the market for
the vessels related to the transaction described herein, but are
not limited to, uncertainty relating to global trade, including
prices of seaborne commodities and continuing issues related to
seaborne volume and ton miles, our continued ability to enter into
long-term time charters, our ability to maximize the use of our
vessels, expected demand in the dry cargo shipping sector in
general and the demand for our Panamax, Capesize and Ultra-Handymax
vessels in particular, fluctuations in charter rates for dry cargo
carriers vessels, the aging of our fleet and resultant increases in
operations costs, the loss of any customer or charter or vessel,
the financial condition of our customers, changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors, increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance
and general and administrative expenses, the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
general domestic and international political conditions,
competitive factors in the market in which Navios Holdings
operates; risks associated with operations outside the United
States; and other factors listed from time to time in Navios
Holdings' filings with the Securities and Exchange Commission,
including its Form 20-F’s and Form 6-K’s. Navios Holdings expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Holdings' expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based. Navios Holdings
makes no prediction or statement about the performance of its
common stock.
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com
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