Marenave Schiffahrts must start repaying ship loans again

Eight of Marenave Schiffahrts’ single-ship companies must begin making repayments to their banks, following the expiry of a six-month extension to the loan repayment structure granted by lenders.

In February, Marenave and its banks agreed to extend the repayment structure by a further six months until June 30.

The scheme was initially agreed and included in the group’s restructuring agreement dated April 24, 2013, and was originally due to terminate at the end of last year.

The bank consortium has agreed only “seriously” demand payment of the amounts due under the single-ship companies’ respective ship financing loans, Marenave said today.

These demands will be subject to the single-ship companies having the liquidity to make such payments “in light of their revenue situation”, the Hamburg-listed company continued.

“The quarterly minimum repayment amount per single ship company shall, however, amount to at least $100,000,” Marenave said.

The six-month extension reduced the eight companies’ repayment obligations by around $10.3m in total during the first half of 2016.

The fixed quarterly repayment rates have been hiked during 2016 in order to compensate the arrears accrued until the end of 2015 over the remaining period of the respective loans.

In early June, Marenave warned its shareholders it may have to sell its fleet of 13 ships as creditors demand it pay back its mounting debts.

Its diverse fleet consists of four supramax bulk carriers, six product tankers, two boxships and a car carrier.