Navios Partners secures $44m debt refinancing

Angeliki Frangou’s Navios Maritime Partners has secured a $44.2m loan deal with Maritime Finance, part of First Citizens’ CIT division.

Greek diversified owner will use the proceeds secured by product tankers to refinance existing debt, First Citizens said.

“We previously worked closely with Maritime Finance and we have come to value their expertise in arranging financing,” said Eri Tsironi, the chief financial officer of Navios Partners. 

The fleet of New York-listed Navios Partners, which includes bulkers, containerships and tankers, stood at 185 ships in December, with a carrying capacity of 16.5m dwt and 235,414 teu and an average age of 9.5 years on a dwt and fully delivered basis.