Navios Maritime Partners struck sale-and-leaseback deals for two bulkers and refinanced 13 other vessels during the second quarter, but is still making a loss.
Navios Partners has entered into a new credit facility with an unnamed "commercial bank", for up to $140m, which will refinance eight bulkers and all five of its containerships.
This is the final piece of bank financing needed to refinance the company's Term Loan B, according to Angeliki Frangou, chair and chief executive.
"We expect to complete this refinancing by the end of the year and will then have no debt maturities until the end of 2021," she said in Navios Partners' second-quarter report.
The credit facility has an amortisation profile of 6.5 years, maturing in August 2021, and bears interest at Libor plus 320 basis points per annum.
Navios Partners said it has repaid $113.2m to its Term Loan B since January 1, for which it has received discounts from the lender.
In January, the company revealed it had secured $174m in new financing deals with four banks to refinance loans covering eight capesize bulkers, a panamax and three ultramaxes.
Twin leasebacks
The shipowner also revealed the sale of capesize and a panamax to unnamed "unrelated parties", from whom the duo will be leased back.
A 2011-built capesize was sold on 24 July for $22.0m, which Navios Partners will take back for 11 years at an implied fixed interest rate of 6.3%.
The vessel would appear to be the 179,000-dwt Navios Ace, which is the only 2011-built capesize in the company's fleet.
Navios has the option to buy the vessel from the end of the fifth year of the lease, after which the purchase price will reduce annually to a $6.3m obligation at maturity.
Separately, Navios sold a 2006-built panamax vessel for $7.5m on 28 June, which will be leased back for three years at an implied fixed interest rate of 6.1%.
Navios has the option to buy the vessel for $2m at the end of the third year.
The company has four 2006-built panamaxes in its fleet.
Navios has also taken a kamsarmax on a 10-year bareboat charter, which includes purchase options.
The 82,011-dwt Navios Libra (built 2019) was delivered on 24 July from China's Cosco Nantong Shipyard.
Navios has the option to buy the vessel from its owner, Toyo Kaiun of Japan, after the fourth year of its charter.
Financial result
The New York-listed partnership posted an adjusted net loss of $1.4m for the second quarter, excluding one-time items.
This is an improvement on the adjusted loss of $2.2m during the first three months.
The result equates to an adjusted loss of $0.13 per share, compared with a loss of $0.82 per share in the same quarter last year.
Angeliki Frangou said she was "pleased with the results".
"We also declared a quarterly distribution of $0.30 per unit, representing a current yield of approximately 7%," she added.
Navios Partners posted adjusted income of $9.2m during the same period last year.
Time-charter revenue for the past quarter was $47.7m, which is an 18% reduction compared with the $58.2m earned during the same period last year.
Navios attributed this reduction to its smaller fleet this year, which resulted in 160 fewer days for available vessels during the past quarter, compared with the same period 12 months ago.
Time-charter equivalent rates have also fallen by about 14.2% year on year and were $14,130 per day in the second quarter, Navios said.
