Two marine transportation companies - Excel Maritime Carriers Inc. (NYSE: EXM) and Seanergy Maritime Holdings Corp. (Nasdaq: SHIP) - are working to restructure loans after facing a drop in shipping rates caused by vessel oversupply. Many vessel operating companies have struggled and sought bankruptcy protection, including Overseas Shipholding Group Inc., General Maritime Corp. and Britannia Bulk Holdings Inc.

Excel Maritime, a shipping company based in Athens, Greece, entered into discussions with its lenders to extend a loan's maturity. While the discussions are under way, the lenders have agreed to a forbearance period, the company said in filings with the U.S. Securities and Exchange Commission.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.