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Farstad Shipping wins reprieve

Farstad Shipping has won a standstill and deferral agreement from a majority of its secured lenders. The relevant lenders have agreed to a postponement of all amortisations of the Farstad group falling due to them in the period from and including 1 July 2016 until 1 October 2016, and a defeasance of all financial covenants during the same period of time.

In related news, the Norwegian firm added that Ocean Yield currently has two vessels on long-term bareboat charter to Farstad Supply, a subsidiary of Farstad Shipping. Farstad Supply will continue to pay full bareboat hire to Ocean Yield during the standstill period. Certain covenants in the bareboat agreements have, however, been waived until 1 October 2016.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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