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Navios Maritime Acquisition seals sale and leaseback for four product tankers

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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