Dutch shipping company Vroon has reached an agreement in principle with all of its lenders regarding the terms of its financial restructuring.
“The agreement marks the important step towards the final stage of a process initiated in late 2016 following continued challenges in shipping markets. Vroon is confident that the envisaged restructuring will provide a generous runway to implement its strategic plans,” Vroon said.
The agreement is subject to final documentation and credit committee confirmation.
The company’s restructuring was prompted by an overall downturn in the maritime industry, driven in particular by offshore oil and gas.
Namely, Vroon’s offshore-support-vessel subsidiary Vroon Offshore Services was heavily impacted by a reduction in demand, resulting from the severe downturn. However, the company said that its other businesses were all performing in line with expectations.
Now that the restructuring agreement has been reached, Vroon said it would continue to keep its focus on measures aimed at strengthening its financial structure.
Vroon is active in several shipping business sectors and its fleet of 200 vessels includes livestock carriers, offshore-support vessels, dry-cargo and container vessels, product/chemical tankers, asphalt/bitumen tankers and car carriers.
The company employs 350 staff at its shore-based facilities and around 2,800 marine personnel worldwide.