The shakeout begins; Sea Star agrees to purchase assets of Navieras/NPR but CSX Lines may join the bidding. (Ocean Transportation).(Brief Article)(Statistical Data Included)

The Puerto Rico puzzle is closer to being solved. For years, carriers operating between the commonwealth and the U.S. mainland have been losing money and waiting for a shakeout that everyone agreed was inevitable. The first move toward the consolidation came last week when Sea Star Line agreed to purchase the assets of Navieras/NPR, which is operating under Chapter 11 bankruptcy protection.

Rival CSX Lines said it might offer to top Sea Star's $32 million offer when competing offers are considered in an auction, probably later this month, in U.S. Bankruptcy Court in Wilmington, Del. Navieras is one of 25 Holt Group companies currently in Chapter 11 bankruptcy …