Dryships, Covenant Waiver & Load Deferral

Thursday, February 05, 2009

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced on Feb. 3 that it has reached an in principle agreement with Piraeus Bank, to restructure its two loan facilities in the original aggregate principal amount of $220m with current outstanding $164.9m.

As part of the restructuring, caused in large part by the failure of certain buyers to conclude the agreed purchase of three vessels, the basic terms will provide for: a waiver regarding financial and asset coverage covenants through January 1, 2011; an increased applicable margin; an amendment fee; rescheduling the loan principal amortization by reducing the principal repayments by about 47% and 21% in 2009 and 2010, respectively, and reducing the tenor of the loan. The agreement is preliminary and is subject to execution of definitive documents, providing, inter alia, for substantial reduction of the loan should the three vessels be disposed, and formal approval by Piraeus Bank’s Credit Committee.

Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Traders Eye Floating Diesel Storage in Atlantic

Europe diesel stocks reach fresh record high; huge imports from Asia, Middle East weigh on supplies. Oil traders are preparing to store diesel in giant tankers

Shell Want Shipper Guarantees on Nigerian Crude Exports

Royal Dutch Shell has asked ship owners exporting its Nigerian oil to sign a "letter of comfort" (LoC) to guarantee it is not stolen, according to an email from the company seen by Reuters.

ICCOPR Approves Updated Oil Pollution Research Plan

The Interagency Coordinating Committee on Oil Pollution Research (ICCOPR) unanimously approved the Oil Pollution Research & Technology Plan (OPRTP) for FY2015-2021

Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1429 sec (7 req/sec)