The Great Lakes bulker owner has refinanced around $102m of its debt with the latest deal, as it progresses with a big restructuring pact.

A syndicate led by the Bank of America provided the financing, which will see Rand eliminate all mandatory debt amortisation payments through 2019.

Its annual cash interest expense will be reduced by $1.5m per year.

Joseph McHugh, chief financial officer of Rand, said: “As the operating performance of our business continues to improve, we have been able to reduce our cost of capital.

"Since