Veteran shipowner Fred Cheng and the estate of his former partner dramatically reduced price expectations in order to clinch the sale of seven VLCCs to Angeliki Frangou and her Navios group, TradeWinds is told.
Only two months ago, Cheng was still looking for roughly $690m for the fleet, or some $100m more than the $587m Navios Maritime Acquisition agreed to pay last week, market sources say.
The
