Navios Maritime Holdings has struck a deal to acquire a major stake in Singapore-listed First Ship Lease Trust (FSL Trust).

The Angeliki Frangou-led company has agreed to buy 154.4m shares in the tanker and containership owner controlled by HSH Nordbank for a consideration of $20m.

As part of the deal FSL Trust will secure a $20m second priority mortgage interest-bearing convertible loan from Navios.