Restructuring Indian owner Mercator has pushed out the repayment date for a five-year bond issue, but will pay a higher price.
The Reserve Bank of India (RBI) had earlier approved new terms for its $16m foreign currency convertible bonds that carry interest of 4.75%.
These will now fall due at the end of May, 2022, instead of May this year.
The coupon will rise to 5.75%, however.
In May, the company said it could sell loss-making ships as it began refinancing talks with banks.
It owes INR 12.88bn ($185m) to lenders, according to its website.
The owner has two FSOs, two product tankers, a bulker and five dredgers.
This year it sold its only VLCC, the 299,000-dwt Nerissa (built 2006), to NGM Energy of Greece for $27.5m.
