The New York-listed shipowner said the agreement will ease its financial covenants through the end of next year and will allow the company to use $55m worth of restricted cash to pay down debt, cutting the its capital costs in 2014.
“This transaction highlights the high degree of trust shown in us by financial institutions who I believe are now starting to recognise borrowers that have navigated the market downturn,” said chief executive George Economou.
Athens-based
