Navios Maritime Containers refinances seven boxships

Navios Maritime Containers refinances seven boxships

Navios Maritime Containers has revealed the refinancing of seven containerships as well as the conversion of a purchase obligation to an option in its latest set of financial results.

The vessel refinancing, sealed last month, sees the company enter into a new credit facility to refinance seven containerships which had an outstanding balance of $36.7m on the previous facility.

Navios Containers also revealed that it has converted the obligation to purchase a 2011-built 10,000 tea containership into an option. The option will expire on March 31, 2020 and adds $3m to the price of the vessel, which is currently chartered out at a net rate of $26,325 per day until July 2021 and $27,300 per day until June 2022.

Announcing the second quarter results, Angeliki Frangou, chairman and CEO, said: “I am pleased with the results for the second quarter of 2019, in which Navios Containers reported $33.7 million in revenue, $12.7 million of EBITDA and around $450,000 of net income.”

Navios Containers currently has a fleet of 29 containerships.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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