Navios seals $587m deal

Navios Maritime Acquisition has wrapped up its $587m tanker transaction with veteran shipowner Fred Cheng.

Veteran shipowner, Fred Cheng.

New York-listed Navios Acquisition says it consummated the seven-ship VLCC grab on Friday, but the announcement may have been overshadowed by market whispers that Fred Cheng has joined the Navios team.

Sources tell TradeWinds that the rumours were fuelled by comments made by chief executive Angeliki Frangou.

"Our efforts in Asia are being spearheaded by Fred Cheng, who has over 36 years experience in the shipping industry, focused primarily on the Asia-Pacific shipping markets," she said in a statement this morning, adding: "We expect that we will be able to cultivate new commercial relationships through these efforts as well as enhance our existing relationships."

A spokesman for Navios Maritime Holdings would not confirm or deny the gossip.

As TradeWinds has reported, the shipowner snapped up the seven VLs from Fred Cheng only weeks after it put the finishing touches on a $460m tanker splash.

Six of the seven VLCCs are presently on long-term contracts, while the seventh is set to hit the water in June 2011.

The 298,000-dwt Shinyo Saowalak (built 2010), the 281,000-dwt Shinyo Kannika and Shinyo Ocean (both built 2001), the 298,500-dwt C Dream (built 2000), the 300,000-dwt Shinyo Navigator (built 1996) and the 306,400-dwt Shinyo Splendor (built 1993) are the trading vessels involved. The newbuilding is the Shinyo Kieran.

Following today's transaction, Navios Acquisition says it controls a diversified fleet of 20 tanker vessels.

Fred Cheng could not be immediately reached for comment Friday.

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