Bonds of Horizon Lines Inc. fell for a second day after the shipping company said this week it’s likely to violate terms of debt agreements and may be forced to seek bankruptcy protection.

The company’s $330 million of 4.25 percent convertible notes due in August 2012 fell 1.9 cents to 80 cents on the dollar as of 11:33 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The debt yesterday dropped 9.2 cents from 91.125, Trace data show.

The operator of container ships between the continental U.S., Alaska, Hawaii and the nation’s territories expects to be in default on the terms of its convertible notes during the second quarter, the Charlotte, North Carolina-based company said in a March 28 regulatory filing.

Horizon Lines failed to get consents from bondholders to waive a default after paying a $45 million fine to resolve a U.S. Department of Justice investigation into its shipping business, the filing said. The company expects to violate the terms of its senior credit facility in the third quarter and may be forced to seek bankruptcy protection if talks with lenders to restructure its debt fail, it said in the filing.

Jim Storey, a spokesman for Horizon Lines, didn’t immediately return a telephone call.