Hong Kong-listed bulk shipping operator Great Harvest Maeta Group has announced that it has entered into a series of supplemental agreements with banks to adjust the terms of existing loan agreement including vessel collateral ratio and repayment time schedule.
Great Harvest Maeta defaulted the bank loans in March this year and the new supplemental agreements have solved the issues with the banks. The company currently has total bank borrowings of $41.2m.
Great Harvest Maeta said in June that it is looking to diversify to non-shipping business amid the challenging outlook for the bulk shipping market.
Great Harvest Maeta owns four bulkers with a total capacity of about 275,138 dwt.