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HSH Nordbank sells 14 distressed ships to Navios

For the second time since 2013, HSH Nordbank is carrying out a transaction with Greek Navios, which will acquire 14 vessels from the German bank's portfolio.

German HSH Nordbank is well on its way to reducing the bank's risk in shipping assets with a transaction with Greek Navios, which will acquire 14 vessels that are in serious risk of insolvency, the bank announces in a statement.

The deal concerns seven container ships and seven dry bulk ships with an average age of about 4 years, and will reduce HSH Nordbank's portfolio of risk-prone assets with a nine-digit dollar amount, while the loan to Navios will be financed by a new banking syndicate. In addition, Navios will contribute fresh capital to the transaction, according to Wolfgang Topp, Generalbevollmächtigter and Head of HSH Nordbank's Restructuring Unit.

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