Cecon still waiting

Norway’s Cecon has had to extend debt financing again as it awaits delivery of a delayed newbuilding in Canada.

The 10,000-dwt offshore support ship Cecon Pride was originally ordered seven years ago at Davie Yards, which went through a restructuring in the financial crisis.

Earlier this year, Cecon was saying it would be ready in March, but this was pushed back to May, when it was due to start a 10-month charter with Micoperi in Italy.

Cecon then extended the maturity of bonds managed by York Capital Management Global Advisors into June.

Now it has stretched the repayment date to 15 July to align repayment with the “planned delivery” of the ship.

An extra payment of $250,000 is due for each 15-day extension from 1 May.

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