Norwegian ropax owner Color Group is saving more money during the pandemic by further deferring bank payments.
The Oslo-listed owner of Color Line said it was using an option to freeze payments for another six months, saving NOK 200m ($22m).
This is an extension of an agreement signed with lenders in June which was also worth NOK 200m over the same period.
The company has also changed its covenant structure up to 30 June 2021 due to the "far-reaching and negative effects" of the coronavirus outbreak.
Earlier in the year, it temporarily laid off 2,200 staff and cut salaries as volumes plunged.
Capacity cut back
On 21 October, Color Line said it was reducing capacity between Oslo and Kiel, Germany, resulting in the lay-up of the 2,750-passenger Color Fantasy (built 2004) until the situation eases.
This involves temporary redundancies for 400 workers.
The change applies from 4 November, leaving just the 1,928-passenger Color Magic (built 2007) on the route, Color Line added.
"Unfortunately, the reduction in capacity is once again necessary, and it is crucial that the government and the Storting [parliament] come up with compensation schemes both in the autumn and next year," Color Line chief executive Trond Kleivdal added.
So far this year, 300 workers have left the company, mainly through voluntary redundancy.
