Navios, FSL Trust Takeover Deal Falls Apart

Navios Maritime Holdings and FSL Trust Management, a trustee-manager of Singapore-based First Ship Lease Trust, have failed to finalize their earlier sale and purchase agreement for a major share in the trust.

In April, Navios signed a term sheet to buy 154.4 million shares in FSL Trust, representing around 24.2% of the total number of issued units in FSL Trust, for a total of USD 20 million. As part of the agreement, FSL Trust was expected to secure a USD 20 million second priority mortgage convertible loan from Navios.

Definitive agreements for the proposed transaction were not agreed by September 30, 2017, and the term sheet has been automatically terminated, FSL Trust Management said in a statement.

“The termination of the term sheet is not expected to have any material financial impact on the group… (T)he trustee-manager will continue to be proactive in achieving refinancing to ensure the long-term stability of the trust amid the volatility and reduction in vessel values,” FSL Trust Management noted.

World Maritime News contacted Navios for a comment on the failed agreement with FSL Trust, however, the company is yet to reply.

Earlier this year, Navios Maritime Partners acquired the entire container fleet consisting of fourteen ships from another Singapore-based trust, Rickmers Maritime which completed the winding up process.

Share this article

Follow World Maritime News

In Depth>


<< Aug 2019 >>
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >