Navios Apollon: Frangou's NMH ransoms bulker

A ransom drop was successfully made for the release of the NMH owned Panama flagged Bulk Carrier, the MV NAVIOS APOLLON on the morning of 27 February. The MV NAVIOS APOLLON was hijacked on the 28 of December approximately 200 nautical miles East of the Seychelles.The NAVIOS APOLLON (Deadweight 52,073 tonnes) which has a crew of 19 (1 Greek and 18 Philippine) was destined for Thailand when hijacked.

Angeliki Frangou leads Navios Maritime Holdings Inc (NMH). The fleet currently stands at 16 ultrahandymaxes and panamaxes, totaling 964,000dwt with an average age of about five years. In addition to the owned vessels, Navios has eight ships on long term charters extending out as far as 2012, with another nine vessels slated to enter the Navios charter fleet. Ms Frangou born into the Frangos Greek shipping family, her father's Greek-based dry bulk company, is Good Faith Shipping.

Navios Maritime Holdings Inc. announced that it has agreed to sell Navios Apollon, a 2000 built Ultra-Handymax vessel with a capacity of 52,073 dwt to Navios Maritime Partners L.P. for $32.0 million in cash. Navios Apollon has been chartered out at a net rate of $23,700 per day for the remaining period of three years expiring in November 2012. The vessel is expected to be delivered to Navios Partners before November 2009. Navios Holdings intends to use the proceeds from the sale of this vessel for operating purposes, such as repayment of indebtedness or reinvestment in vessels. The buzz expected the company to negotiate a safe release of the vessel and crew and for any damages and losses to be covered by insurance.

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