Navios buys again

Navios Maritime has continued its buying spree with the addition of another newbuilding Thursday.

Angeliki Frangou.

NYSE-listed Navios has paid $36.2m for a handymax bulker which will be delivered immediately from a new Japanese shipyard.

It says the purchase of the 58,084-dwt Navios Celestial will be funded by a mixture of cash and shares.

Angeliki Frangou, CEO of Navios, says the move reflects the company’s ability to acquire vessels using “novel techniques”.

She explains $31.2m of the purchase price will be paid in cash with the remaining $5m in convertible stock.

Navios’ buy comes only 24 hours after it raised $34.2m from a share offering.

The Greek owner has been an active buyer of distressed assets this year.

Only last month it swooped for two 180,000-dwt bulkers in a $141.5m cash plus shares deal.

In June Navios agreed to acquire four capesize newbuilding resales on order in South Korea in a pact worth $324.5m.

Three of those ships were purchased from companies controlled by Commerzbank, which also coughed up a ten-year $240m loan for the quartet.

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