Navios Maritime Holdings has sold its shipmanagement arm to a company affiliated with chief executive Angeliki Frangou.
N Shipmanagement Acquisition Corp paid $20m for the management division, for which it will be paid $3,700 per day per ship for the next two years.
The new ship manager will also extend Navios Maritime Holdings a secured loan of $125m repayable over five years.
Further, N Shipmanagement will provide administrative services for Navios Maritime Holdings at an "allocable cost" and will own the general partner interests in Navios Maritime Containers and Navios Maritime Partners.
The deal was announced after the close Friday.
Navios Maritime Holdings owns 168 ships, according to Clarksons.
Navios Maritime Holdings said it convened a special committee of independent and disinterested directors to assess the deal, where Pareto Securities AS acted as financial advisor and Debevoise & Plimpton LLP legal advisor.
