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Lundh’s chemical coup
Swedish shipbroker races to cash in on management of small Turkish chemical tankers built on spec during the market boom.
Another let-off
DryShips has secured a waiver from DnB NOR on debt of $86m, its second let off in as many weeks.
George Economou.
This latest reprieve for the George Economou-led shipowner adds to waivers on loans of around $1.75bn so far this year.
Economou, chairman and CEO of DryShips, said: “We are delighted to have reached an agreement with DnB NOR on yet another facility. This facility covers two of our dry-bulk vessels.”
This latest development will come as little surprise to the market.
Analysts widely predicted DryShips would continue to secure waivers on its debt after HSH Nordbank overlooked its breach on a $654m loan last week. That facility is linked to 23 of DryShips’ bulkers.
DnB NOR, was also part of the syndicate which waived the covenants on DryShips’ $800m Primelead facility in February this year. The loan was used to fund its purchase of Ocean Rig.
At the end of the first quarter DryShips had short term debt of $1.97bn, the majority of which was in breach. It has still to secure waivers on around $1bn of those loans.
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