The two parities failed to agree on the specifics of the proposed transaction, resulting in the entire deal being terminated, FSL Trust said in a statement Sunday.
Navios Maritime Holdings has failed to acquire a 51 percent controlling stake in Singapore’s First Ship Least Trust (FSL Trust), FSL said in a statement Sunday.
The term sheet, revealed back in April, for Navios Maritime to acquire FSL Trust, has been terminated due to the fact that “definitive agreements for the proposed transaction were not agreed by Sept. 20,” FSL said.
FSL Trust further stated that the termination of the term sheet is not expected to have any material financial impact on the group, adding that the board of directors of FSL Trust Management “will continue to be proactive in achieving refinancing to ensure the long-term stability of the trust amid the volatility and reduction in vessel values.”
The trust has a fleet of 22 product tankers, crude tankers, chemical tankers and containerships. FSL Trust is also the last of Singapore’s three listed shipping trusts.
Navios Maritime has yet to comment on the term sheet termination.
Navios Maritime term sheet with FSL Trust terminated
