Frangou merges Navios divisions to create tonnage giant

Angeliki Frangou has announced plans to merge her New York-listed dry bulk and tanker companies. Navios Maritime Partners and Navios Maritime Acquisition Corp will have an estimated value of $4.2bn.

Frangou, Navios’s CEO, said: “The combined entity will be the largest US publicly-listed shipping company in terms of vessel count, with 15 vessel types diversified across three segments, servicing more than 10 end markets.”

Frangou called the merger a “transformative transaction” which will divide the 140-ship fleet into near-equal dry bulk, containership, and tanker segments.