zoomIllustration; Source: Pixabay under CC0 Creative Commons license Monaco-based Navios Maritime Containers has reached a refinancing agreement related to seven of its containerships, according to the company’s latest report.The shipowner entered into a new credit facility on June 26, 2019, to refinance the outstanding credit facilities of the seven units with an outstanding balance of USD 36.7 million.A day later, the company drew USD 48.8 million under the new facility, that is repayable in 20 consecutive quarterly installments. The first four are in the amount of USD 2 million each and the remaining 16 in the amount of USD 1.7 million each, together with a USD 13.5 million balloon payment on the last repayment date.The facility matures in June 2024 and bears interest at LIBOR plus 300 bps, the company said, adding that it has no bank debt maturities until 2022.Navios Containers revealed the development as part of its financial report for the second quarter ended June 30, 2019. During the period the company reported USD 33.7 million in revenue, USD 12.7 million of EBITDA and around USD 450,000 of net income.The revenue increased from USD 31.5 million seen in the same period a year earlier, mainly due to a rise in the number of vessels operating during the three months. However, TCE per day declined from USD 15,308 to USD 12,594 tear-on-year, primarily as a result of the expiration of contracts between the two periods.Net income for the three months was USD 4.1 million lower than in the second quarter of 2018 mainly due to a USD 4 million decrease in EBITDA; USD 2.3 million rise in interest expense and finance cost, net related to the financing of new vessels; and USD 0.6 million increase in amortization of deferred drydock and special survey costs, in each case, relating to the company’s expanded fleet.In late April, Navios Containers took delivery of the 10,000 TEU Navios Constellation, a 2011-built containership. The vessel was acquired at a price of USD 52.5 million and is chartered out at a net rate of USD 26,325 per day until November 2020 and USD 27,300 per day until October 2021.“Given our low breakeven and the 62% increase in charter rates for the Baby Panamax (from the first quarter low of USD 8,100 per day) we are positioned well for the remainder of 2019,” Angeliki Frangou, Chairman and Chief Executive Officer, said.