Navix Continues Restructuring and Secures Bank Concessions

The financial rehabilitation of Navix has continued with further restructuring and the repayment of bank loans. The Japanese shipping group has sold six ships to its subsidiary Sanwa Shosen for ¥18bn ($127.2m) as part of a restructuring program. Other planned measures include reorganization of crewing arrangements and a reduction in operating costs. The vessels sold include three 140,000 dwt ore-coal carriers, an Aframax tanker and two small car carriers of around 9,000 dwt. Navix has also sold valuable office property in Tokyo.

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