Navios Maritime Holdings Inc., Navios Maritime Acquisition Corporation and Navios Maritime Partners L.P. have executed a binding letter of intent to acquire 14 vessels from debtors of HSH Nordbank AG through a new joint venture.

The 14 vessels include seven dry bulkers and seven container vessels with an average age of approximately 4 years. The transaction is expected to close in Q2 2015.

Angeliki Frangou, Chairman and Chief Executive Officer, stated, "This is our second transaction with HSH and demonstrates our ability to source and execute exclusive proprietary deals in a very difficult market environment. These transactions differentiate us from our peers as we are acquiring large fleets with low capital investment and no dilution to our shareholders. The transaction adds tremendous value for Navios and HSH as it provides relief to distressed assets from bankruptcy and places them into Navios' stable ownership, leveraging our economies of scale and superior technical and commercial management."

Angeliki Frangou continued, "This second transaction scales up on the existing mechanism with HSH to acquire distressed vessels at historically low values and economics that are more favorable when compared to the first transaction. The fleet is larger and younger and Navios enjoys an attractive preferred return per annum on its investment."

The Navios JV will not be consolidated into any of the Navios public entities. The transaction is still subject to certain conditions, and no assurance can be provided that the transaction will be concluded as contemplated, if at all.