In the Long Haul, It Is Not Just About Waivers

At times a more strategic proactive approach is required. Thus, Hellenic Carriers positioned itself to get through the next two years by renegotiating its loan agreement with its lenders.

“In February 2009, Hellenic and its subsidiaries restructured the repayment instalments due in 2009 and 2010 under the existing loan facilities with National Bank of Greece and Piraeus Bank in order to preserve liquidity. As a result, the anticipated breakeven levels during those years (defined as operating expenses plus general & administrative expenses plus management fees plus anticipated dry-docking expenses plus principal and interest repayments divided by the number of available days) have been reduced, enabling the Company and its subsidiaries to weather adverse developments in the dry bulk market and take advantage of possible acquisition opportunities.”

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