Two marine transportation companies - Excel Maritime Carriers Inc. (NYSE: EXM) and Seanergy Maritime Holdings Corp. (Nasdaq: SHIP) - are working to restructure loans after facing increased competition and a drop in shipping rates caused by vessel oversupply.

Many vessel operating companies have struggled, including Overseas Shipholding Group Inc., which sought bankruptcy protection in November 2012, General Maritime Corp., which filed for bankruptcy in November 2011, Britannia Bulk PLC, which filed for administration in the U.K. in October 2008.

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