What steps will reproduce the problem?
1. Load:

<div style="position: relative;">
  <a href="#"><img width=200 height=200 src="http://www.chromium.org/_/rsrc/1438879449147/config/customLogo.gif"></a>
  <a href="#" style="position: absolute; top: 80px; left: 80px;">link above img</a>
</div>

2. Tap DOWN-key.

What is the expected result?
The <a><img></a> is focused.

What happens instead?
The text link is focused.

In general, if tab-key navigation is able to reach an element, spatnav should also be able to reach it.