Navios Maritime Partners, an international owner and operator of dry cargo vessels, and Navios Maritime Acquisition Corporation, an international owner and operator of tanker vessels, have entered into a definitive transaction agreement providing for a combination of the two companies.
Angeliki Frangou, Chairwoman and Chief Executive Officer, said the combined entity will be the largest US publicly-listed shipping company in terms of vessel count, with 15 vessel types diversified across three segments, servicing more than 10 end markets. About one-third of the combined fleet will be in each of the dry bulk, containership, and tanker segments.
Pursuant to the definitive transaction agreement, Navios Acquisition will merge with a subsidiary of Navios Partners and become a wholly owned subsidiary of Navios Partners. The combined company will be led by the existing board of directors of Navios Partners, comprised of seven directors, a majority of whom are independent.