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Three's a partnership in boxes 16:53 2 Jul
FRANCE’S box giant CMA CGM told Fairplay today it is teaming up with Chile’s CSAV and China’s CSCL on some direct shipping routes.
Read More Chinese yards squeezed 16:52 2 Jul
CHINESE shipbuilding is reeling, with pressure coming from three directions.
Read More Bender gains bankruptcy shield 16:52 2 Jul
ALABAMA’S Bender Shipbuilding & Repair has been granted Chapter 11 bankruptcy protection.
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Danaos nets covenant waivers 16:44 2 JulDanaos nets covenant waivers DANAOS has obtained waivers through 31 January 2010 for more than $900M in debt obligations.
After market close yesterday, NYSE-listed Danaos confirmed that it had obtained covenant waivers for its $700M revolving credit facility with HSH Nordbank, Piraeus Bank and Aegean Baltic; its $60M credit facility with HSH Nordbank and Dresdner Bank; and its $148M performance guarantee with HSH Nordbank.
These waivers, together with earlier agreements, cover “all prior breaches of financial covenants as well as any subsequent breaches”, the company said in a statement.
Danaos CEO John Coustas asserted that the waivers were a “testament” to the banks' trust in Danaos's management and business model.
Before yesterday’s agreement, Danaos had been violating the loan-to-value requirement, the ratio of total liabilities to assets and the book-to-net-worth covenant.
Danaos owns 41 box ships on fixed-rate charters and has 28 pre-chartered newbuildings for delivery through 2012. In late April, Danaos disclosed that it had reached agreements to delay 15 newbuildings (five 8,530teu, five 6,500teu and five 3,400teu).
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