OceanFrieght Inc. Amends Credit Facility

Thursday, January 15, 2009

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services announced that it has entered into an amendatory agreement to its $325m senior secured credit facility with Nordea Bank Norge ASA, as Administrative Agent, under which the lenders have agreed to an amendment and waiver of the collateral maintenance coverage ratio covenant contained in the agreement.

Anthony Kandylidis, Chief Executive Officer of the Company commented “Our proactive approach with our bankers has allowed us to enter into this amendment to our loan agreement and achieve a lower collateral maintenance coverage ratio in light of the recent decline in vessel values, particularly in the dry bulk sector. Given the challenging financial and shipping landscape, this agreement places one uncertainty behind us and positions us to capitalize on opportunities as they may arise in the future. ”

OceanFreight Inc. was incorporated in 2006 to acquire secondhand vessels and deploy them on medium and long term charters. The company began operations with the delivery of its first vessel in June 2007 and currently owns and operates a fleet of thirteen vessels, consisting of one Capesize drybulk carrier, eight Panamax drybulk carriers, one Suezmax tanker and three Aframax tankers with a total carrying capacity of 1,170,633 dwt.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

STX Sells Lorient Shipyard

The shipbuilding group STX France has offloaded its Lorient shipyard to a naval consortium.    The shipyard, which has produced civil and naval vessels, will be purchased by Kership,

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
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: 0.0785 sec (13 req/sec)