Navios cape fetches $110m

Greek bulker owner Navios Maritime has sold one of its capesize vessels to spin-off Navios Maritime Partners in a $110m move.

Angeliki Frangou.

New York-listed Navios will receive both cash and shares for the 169,031-dwt Navios Aurora ll (built 2009).

In a statement to investors it says proceeds from the sale will be used to pay back debt and buy new ships.

Navios Aurora ll is fixed on a long-term charter at a rate of $41,325 per day. The contract runs until the back end of 2019.

Navios will receive $90m in cash for the vessel, with the balance covered by 1,174,219 shares in Navios Maritime Partners.

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