Heavylift specialist Dockwise has announced that it expects to have cut its massive debt by US$58m by the end of the second quarter of the year. The reduction will still leave Dockwise's total debt at US$963m. The reducting will be driven by the release of the remaining US$40.6m held in the escrow account for the Mighty Servant 3, which is nearly finished its refurbishment after sinking in 2006, a buyback of US$8.5m in debt, US$4m in proceeds from the sale of the Dock Express 12 and a US$5m mandatory repayment.
Dockwise CEO Andre Goedee said: "The return of close to US$60m to our lenders is a significant step towards Dockwise's aim of securing the gearing targets we have set for year end 2009. Reduction of our debt position is a key priority and I am confident that this step, combined with the continued free cash flow generation, will enable us to achieve the board's target of reducing the net debt to less than three times EBITDA."
(Source: Maritime Global News)
