Navios Maritime Executes Exclusivity Agreement

Navios Maritime Holdings said Friday it has executed an exclusivity agreement to purchase, directly or indirectly, 100% of FSL Asset Management Pte. Ltd. and not less than a total of 50.1% of First Ship Lease Trust from an existing shareholder and FSL Trust.

FSL Trust is listed on the Mainboard of the Singapore Exchange Securities Trading Limited. It owns a diversified fleet of 22 modern oceangoing vessels – a fleet includes 12 product tankers, three chemical tankers, two crude oil tankers and five container vessels. The acquisition is subject to a number of conditions, including the satisfactory restructuring of the existing mortgage debt and other loan facilities of FSL Trust; a waiver by the Securities Industry Council of any obligation for Navios to make a mandatory take-over offer for all the units in FSL Trust; and approval of FSL Trust’s independent unitholders of this waiver. No assurance can be provided that these conditions will be satisfied and that any acquisition will be concluded.

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