New York-listed Navios, which confirmed the purchase of the 179,500-dwt Navios Ray (built 2012) in November, says the bank is providing $31m towards the deal.

Navios will pay the loan back in 32 installments of $450,000 with a $16.6m baloon at the close.

In the documents Navios says the ship was purchased as Berge McClintock from Berge Bulk, as first reported by TradeWinds in September.

Navios