The most novel feature of this week’s deal between Navios and HSH Nordbank may well be that the German bank has shown the way to offload vessels without writing down loans immediately.
That was what analysts at Goldman Sachs took away this week, according to a client note that dissects details of the much-discussed deal.
HSH’s offload of 10 vessels previously owned by insolvent or near-insolvent parties will produce little in the way of cash outlays or immediate cash rewards for the two Angeliki Frangou companies — Navios Maritime Holdings and Navios Acquisition — in the joint venture.
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