Croatia's Tankerska Next Generation (TNG) has tackled looming debt maturities with a new $44m finance deal.
The owner of six MR tankers arranged the five-year loan facility with Credit Agricole and Hamburg Commercial Bank.
It will use the funds for the early repayment of existing facilities maturing in 2021, which partly financed the purchase of the 50,000-dwt newbuildings Vukovar, Zoilo and Dalmacija in 2015.
"By concluding this financial arrangement, the company confirms its recognised position in the international banking market and expands cooperation with new international creditors who have placed their trust with the company and recognised us as a reliable and long-term partner," TNG said.
The shipowner added that the move is in line with its strategy of maintaining financial stability and liquidity by continuously working to refinance liabilities coming due this year and in 2022.
In the third quarter, TNG chose to pull ships out of a poor product tanker market and put them in dry dock instead.
Two tankers were redelivered from time charters in Asia to be "strategically positioned" into scheduled yard slots, which was considered the best utilisation of time in an uninspiring spot market.
The company fell to a net loss of $269,000 in the third quarter, from a $1.7m profit in 2019. Revenue dropped from $9.8m to $7.5m.
Average daily time charter earnings of the fleet in the third quarter were $12,371 per day.
