Seanergy Maritime Gets Refinancing
The Greek provider of marine dry bulk shipping services Seanergy Maritime Holdings Corporation announced that it received approval, in form of commitment letters, from one of its existing lenders to extend the maturity of two loan facilities.According to the Nasdaq listed pure-play capesize ship-owner said that the loan facilities are secured by the M/V Leadership and M/V Squireship and their respective maturities are extended from March 17, 2020 and November 10, 2021 to December 31, 2022.The underlying terms remain substantially the same, while the commitment letters provide, amongst others, that certain financial covenants and restrictions on dividend payments binding the Company would no longer apply.The approval is subject to completion of definitive documentation, it said.
S. Korea's Daebo Int. is 3rd Dry-Bulk Shipper to File for Bankruptcy This Month
A third dry cargo shipper has filed for bankruptcy this month following a collapse in freight rates to historic lows in what shippers call the worst market conditions since the 1980s. South Korea's Daebo International Shipping Co Ltd filed a court receivership, a form of corporate bankruptcy, on Feb. 11, mainly due to poor dry bulk market conditions, a company official said on Monday. It is the third known bulk shipper bankruptcy this month. Weaker demand from China and an oversupply of ships has led to the industry downturn, pushing the Baltic dry index - the industry benchmark for freight rates - to an all-time low this month. The index has slumped by nearly two-thirds in the past 15 months.
Britannia Bulk Talks About Financial Difficulties
While the company has not yet concluded the review of its financial results for the three months ended September 30, 2008, the company expects to announce a significant net loss for the period compared to the net income achieved during the second quarter of 2008. The company believes that the expected loss will have resulted from the substantial decreases in dry bulk charter rates that occurred during the period, exacerbated by the company’s increase in chartered-in capacity during the same period and its entry into the forward freight agreements (FFAs) and a bunker fuel hedge more fully described below. Historically the Company has chartered-in vessels to increase its overall dead weight tonnage capacity and enhance its service offering to customers.
