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.