Angeliki Frangou’s Navios Maritime Containers has refinanced debt on seven of its vessels and switched out a purchase obligation on another ship.

New York-listed Navios Containers revealed the changes as it reported a small second quarter profit today.

It explained the refinancing involved the remaining debt of $36.7m on the septet.

The new loan runs until June 2024 with an interest rate of 300 bps above LIBOR. It means the shipowner now has no bank debt maturities until 2022.

Navios Containers has a fleet of 29 ships on the water after the delivery of the 10,000-teu Navios Constellation (built 2011) earlier this year.

Further growth is possibly in the pipeline with a similar 10,000-teu vessel built the same year in its sights.

The company had an obligation to purchase the ship but this has now been switched into an option, which expires at the end of the first quarter next year.

While Navios Containers has not name the unit, it said a $26,325 per day charter extending until the summer of 2021, rising to $27,300 per day for the final year, is included.

Navios Containers today reported a profit of $400,000 for the second quarter, down from $4.5m a year ago.

It pointed to higher finance costs and dry docking expenses as reasons for the fall.

Frangou, chief executive of Navios Containers, said she was pleased with the results and pointed to a large fleet of baby panamaxes and a low cash breakeven as leaving the company “positioned well for the remainder of 2019”.