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Navios: Second HSH deal more attractive than the first

HSH Nordbank and Greek-based Navios have now sealed their second deal for struggling vessels in two years. This transaction is more attractive than the first one, says Navios CEO Angeliki Frangou.

Greek shipping group Navios has sealed a deal with debtors in German HSH Nordbank to acquire 14 vessels facing serious risks of insolvency, says Navios in a statement. The two parties announced the agreement in April, and the agreement has now been finalized. This represents the second transaction since 2013.

"We are pleased to announce a second transaction with HSH where we are acquiring vessels at historically low values and with favorable economics that are better than the first transaction,"says Navios CEO Angeliki Frangou in the statement.

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