Navios South American Logistics Inc., a subsidiary of Navios Maritime Holdings Inc., yesterday announced that the Company has signed 15-year charter contracts with Petrobras for six product tanker vessels to further expand Navios Logistics cabotage business in Brazil. Navios Logistics anticipates generating approximately $590 million of EBITDA from these contracts.
Navios Logistics has the option to cancel the charter contracts if it is unable to secure acceptable financing for the construction of the vessels in Brazil. The required delivery date commences in 2014 and ends in 2017.
Ms. Angeliki Frangou, Navios Logistics Chairman , said, “We view South America as an area with tremendous growth opportunity and look forward to expanding our business to capture regional cabotage requirements.” Claudio Lopez, CEO of Navios Logistics, added, “Petrobras selected Navios Logistics for its operating excellence, which we developed during our 50 years of operating in the region.”
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of the largest logistics companies in the Hidrovia region of South America, serving the storage and marine transportation needs of a diverse customer base of global petroleum, agricultural and mining companies. Through port terminal, river barge and coastal cabotage operations, the company is focused on providing its customers integrated transportation, storage and related services.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
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Source: NaviosMaritime, June 15, 2011.