Seanergy Maritime Holdings has lowered its debt through refinancing while trying to extend loan maturities during what it sees as one of the toughest times ever in shipping.
The Stamatis Tsantanis-led capesize bulker owner first retired $29.1m in debt with only $23.5m through a settlement with the lender that allowed a $5.6m gain on equity for the next quarter.
The Greek company then took out a new loan for $22.5m
