Wells Fargo Securities’ Michael Webber notes that Excel Maritime, Genco Shipping & Trading, Eagle Bulk and DryShips all took steps to grapple with debt loads in 2012, “a process we expect to continue through 2013.”
Webber cites the recent examples of DryShips paying $21.4m to unload two suezmax newbuildings and Excel’s failure to report third-quarter earnings as it works with restructuring advisors Miller Buckfire amid short-term bank waivers,
Further afield, Korea Line has taken on debtor-in-possession financing and is expected to be sold this month.
Such
