Excel Maritime Carriers, the Athens-based/US-listed dry bulk shipping company, has received waivers on covenants of credit facilities from Nordea and Credit Suisse (CS). However, in exchange for this, the banks have demanded an injection of fresh equity by the principal shareholder.rnPerhaps the most interesting of the five waivers agreed was that both banks now expect the company to retain leverage below 70%, based on the book values of its 47 ships rather than on market values, which was the basis of original calculations. This cushions Excel against fluctuations in the secondhand price of dry bulkers, which suffered deep losses late last year.
展开▼
