The company generated a EUR6.1m profit before EUR7.6m in non-cash impairment losses dragged the year's balance into the red.
On 24 April 2013, Marenave finalised restructuring of finance for eight of its 13 vessels, loan repayments which have been suspended since March 2012 will be repaid on a cash sweep basis through to 2015, meaning free cashflow will be directed to the repayments where available. Regular repayments will not start until 2016 and loan to value ratio requirements will be reintroduced on a ship by ship basis from 2015.
"External management consultants have reviewed our business model and have judged it to be viable for the future," said ceo Tobias König.
König, sees a brighter future for Marenave's six product tankers, "Revenues have increased since the end of 2012 so that the break-even point for the product tankers no longer seems all that far away. Many market participants expect a continued improvement of charter rates in this segment, which is mainly attributed to changes in transport routes in connection with the closing of outdated refineries in the developed countries and the construction of efficient refineries in the developing nations."
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