Safe Bulkers reached an agreement with Norwegian bank DNB to ease financial covenants on a key loan.
The agreement adds financial flexibility just months after the New York-listed bulker owner reached a deal with the bank to push back payments on the nearly $146m loan, which represents about 30% of the company's traditional bank debt.
"The latest amendment strengthens our balance sheet, reduces exposure to financial covenants during turbulent times and provides for financial flexibility with zero cash outflows for the next two years," said president Loukas Barmparis.
