Marenave Could Sell Entire Fleet to Repay Loans

Hamburg-based shipping trust Marenave Schiffahrts said that it received a letter of intent from its lenders stating that its entire fleet should be sold in an effort to repay the company’s ship financing loans.

The letter of intent, which was sent in the course of the ongoing discussions with the banks financing the Marenave-fleet, remains subject to approval by the banks’ respective bodies.

Furthermore, the banks said that they are willing to release the company from any liability, under certain prerequisites.

“The release from liability is an essential requirement for the entry of a potential investor,” Marenave said, adding that the company’s Management Board will now examine the proposal.

In February 2016, Marenave Schiffahrts reached an agreement with the bank consortium financing eight of its 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 has been extended to June 30, 2016.

With this agreement, the repayment obligations of the shipping companies for the first half of 2016 were reduced by some USD 10.3 million.

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