GREEK BULKER SEA-JACKED BY SOMALI PIRATES OFF SEYCHELLES

MV NAVIOS APOLLON was captured on December 28, 2009 at 22h10 local time (19h10 UTC) in the Indian Ocean 800 nnautical miles east of Somalia and240nm north-east of Seychelles en route from Tampa, Florida/USA to Rozy / India with a cargo of fertilizer.

The Panama-flagged, Greek-owned bulker has 19 member crew - presumedly Greek captain and 18 Filipinos.

Navios Maritime Holdings Inc., who confirmed that they had lost contact and that their vessel has been abducted, just sold on 29th October 2009 the MT Navios Apollon, a 2000 built Ultra-Handymax vessel with a capacity of 52,073 dwt, to Navios Maritime Partners L.P. for $32.0 million in cash.

The Navios Apollon has been chartered out at a net rate of $23,700 per day for the remaining period of three years expiring in November 2012. Navios Holdings intends to use the proceeds from the sale of this vessel for operating purposes, such as repayment of indebtedness or reinvestment in vessels.

These onion-layer ownerships are typical for the larger shipping magnates, who maximize and hide proceeds and minimize risks and responsibilities.

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