New York-listed Navios Maritime Acquisition is negotiating a sale and leaseback contract to refinance four product tankers.
The company said it has signed an indicative term sheet for a deal worth $76.7m to pay down $54m of debt on the vessels, which it did not name.
The leases and repayments will run for periods ranging from four to seven years, in consecutive quarterly instalments of up to $1.9m.
There is a purchase obligation of $28.7m at the end of the deals.
The leasebacks bear interest at Libor plus a margin ranging from 390 to 410 basis points. The buyer was not named.
Earnings reined in
Net earnings edged up to $870,000 from $860,000, as revenue increased to $97.9m, against $77.1m in 2019.
But the bottom line was hit by a $13.9m impairment loss relating to money owed to Navios Acquisition by Navios Europe II, a private company in the group in which it holds 47.5%.
This unit is being liquidated and its fleet of 14 bulkers and boxships distributed among the three Navios companies that own it.
Fearnley Securities had earlier said the liquidation would release $50m in liquidity to Navios Acquisition.
The owner has declared a dividend of $0.30 per share for the first quarter.
Its fleet stands at 46 vessels, including 13 VLCCs, and it has 83.4% of its available ship days fixed for the remaining nine-month period of 2020.
For the 70.5% of days contracted on a base rate and/or base rate with profit sharing basis, the average rate is $19,578 per day.
Chief executive Angeliki Frangou said: "While the humanitarian crises caused by the pandemic has been heartbreaking, we have also been strengthened by the courage and compassion of the first responders, particularly the many dedicated heath care workers."
With 1,000 seafarers on its ships, she added that keeping people safe and vessels moving, Fraoungou said.
"I am proud of the members of the Navios family as they have shown admirable resilience during this unprecedented time of uncertainty. We have taken the necessary measures to ensure safety of our people while keeping our fleet functioning," she said.
