Waived

After a rather quiescent period, last week marked the return of waivers and restructurings. Seanergy Maritime Holdings announced that it 50% owned affiliate, Bulk Energy Transport (Holdings) Limited had signed a supplemental agreement with its lenders receiving a reduction of the security requirement and minimum equity ratio for the period up to July 1, 2010.

DryShips also announced that it had finalized its previously agreed waivers with the German banks, Nord LB and West LB covering their respective loans of $116 million and $67 million. According to Mr. Economou, “We are now left with $187.5 million of outstanding debt

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