Navios Acquisition, the owner and operator of the tanker, announced that it is conducting further discussions to repay the credits of its four oil tankers.
The company said credit facilities for the four oil tankers will expire in the third quarter of 2018, the fourth quarter of 2018 and the first quarter of 2019. The company plans to refinance in the form of a lease with a term of 6 years and repayment terms of 12 years.
Navios Acquisition disclosed financing discussions in the 2017 Q4 financial report. The company recorded a net loss of $ 11.9 million in the fourth quarter of 2017, compared with a net revenue of $ 18.1 million in the same period of 2016. As of December 31, 2017, the company reported a revenue of $ 50.3 million in the fourth quarter of 2017, down from $ 67.2 million in the same period of 2016.
Meanwhile, the company reported a full-year net loss of $ 78.9 million in 2017, compared with a net income of $ 62.8 million for the same period in 2016. The company's revenue for the full year of 2017 was 227.3 million U.S. dollars, down from 290.2 million U.S. dollars in the same period of 2016.
Navios Acquisition's board of directors has authorized a stock repurchase program for a period of two years and is expected to issue $ 25 million of common stock. The company said stock repurchases will be traded on an open market from time to time at current market prices or privately negotiated transactions.