Navios Maritime Holdings, Navios Maritime Acquisition Corporation and Navios Maritime Partners have closed the transaction for the acquisition of 14 vessels from debtors of Germany's HSH Nordbank AG (HSH), as well as formed a jointly-owned company to manage the vessels dubbed Navios Europe (II) Inc.

The 14 vessels include seven dry bulkers and seven container vessels with an average age of approximately four years and a current fair market value of approximately USD 225 million.

Two of the vessels have been delivered, one is expected to be delivered within this week and 10 vessels are expected to be delivered by the end of July. The remaining vessel is expected to be delivered by mid-November.

Angeliki Frangou, Navios Chairman and Chief Executive Officer, said, "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."

The purchase price consists of US$145.3m in cash and the assumption of US$182.5m Subordinated HSH Participating Loan (HSH Junior Loan).

The cash payment will be funded by a US$35m senior bank debt and a US$14m investment from Navios.