German-based shipping trust Marenave Schiffahrts has reached an agreement with the bank consortium financing the company’s eight product tanker and container shipping companies to extend its restructured debt.
The initial agreement, reached in April 2013, was supposed to cover the company’s businesses until the end of 2015, but it has now been extended to June 30, 2016.
The new structure effectively led to reduced repayment obligations and in turn provided for higher, fixed quarterly repayment rates as of 2016 in order to compensate the debt interest rate collected by the end of 2015.
With this agreement, the repayment obligations of the shipping companies for the first half of 2016 are being reduced by some USD 10.3 million.
Marenave recently announced that it has seen a loss of more than half of its nominal share capital due to the continuous decrease of the market value of the of parts of the fleet, in particular of the four vessels operated in the bulker segment.
The company also expects extraordinary impairments or use of the revaluation reserve of up to USD 12.5 million.