Navios Maritime Acquisition has entered into a $76.7m sale and leaseback arrangement with unrelated third parties in order to refinance $54m outstanding on the existing facilities on four product tankers.
The agreements will be repaid through periods ranging from four to seven years in consecutive quarterly installments of up to $1.9m each, with a purchase obligation of $28.7m to be repaid on the last repayment date.
Navios Acquisition’s fleet consisted of a total of 46 vessels, made up of 13 VLCCs, 31 product tankers and two chemical tankers. The company reported a net income of $869k for the first quarter of 2020, slightly higher than $861k of net income in the same period of last year.
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