A part of Watch Media

Norway's Solstad Farstad merger at risk of breaching credit covenants

Solstad Farstad warns on Tuesday that its subsidiary Farstad Shipping will likely not be able to fulfill the loan agreements with its banks.

Photo: Farstad Shipping

by OLE ANDERSEN

Norwegian offshore shipping company Solstad Farstad warns that one of its companies, Farstad Shipping AS, will likely not be able to meet its credit agreements with banks, says the company in an update.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles

Receive our daily newsletters

Access our app

Get full access for you and your coworkers

Start a free company trial today

Share article

Related articles

Norwegian offshore carriers more optimistic about the future
For subscribers
Farstad wants to leave offshore merger and change the venture's name
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Photo: Marcus Brandt/AP/Ritzau Scanpix

Liner companies pay soaring sums for charter deals

With fewer and fewer large ships available, container lines are willing to pay sky-high prices to charter ships that are delivered during 2025.

Record influx of container ships this year will not cause trouble until 2025

Congestion in Asian ports is now as bad as during Covid

For subscribers

Halvor Sveen is chief executive of Oslo-based shipping bank Maritime & Merchant. | Foto: Marine Money/Oscar May

Maritime & Merchant notes fierce competition in loans for shipping

For subscribers

The penal code provision on trespassing is used when someone enters private property without permission. | Foto: Jens Dresling/Ritzau Scanpix

Multiple arrests as protestors block entrance to Maersk HQ

For subscribers

Foto: Maersk Supply Service

Maersk Supply Service aims to quadruple profits

For subscribers

Chief executibe of Wallenius Wilhlemsen Lasse Kristoffersen, and chief executive of Höegh Autoliners Andreas Enger. | Foto: Wallenius Wilhelmsen and Javad Parsa

Norwegian car carriers bag multi-year contracts

For subscribers

The logistics giant expects air freight demand to remain solid through the summer. | Foto: Jan Woitas/AP/Ritzau Scanpix

Packed container ships trigger surge in air freight demand

For subscribers

Record influx of container ships this year will not cause trouble until 2025

The number of container ships is growing at record speed, but will not cause serious overcapacity until 2025, according to Bimco.

For subscribers

Gilbert Walter is new chairman of shipbroker BRS. | Foto: BRS

Shipbroker BRS appoints Gilbert Walter as chairman

While Francois Cadiou steps down from the role he has held for four years, he remains a newbuilding broker in Paris for the company

For subscribers

Photo: Jonas Walzberg/AP/Ritzau Scanpix

Spot prices for container freight continue to rise

This marks the 12th consecutive week that spot prices for containerized freight are increasing.

Foto: Hannibal Hanschke/Reuters/Ritzau Scanpix

IMO's fossil fuel ban in the Arctic faces criticism

On July 1, the use and transportation of heavy bunker oil by ships in the Arctic will be banned. A climate organization now accuses the ban of being full of loopholes.

For subscribers

Foto: Georg Wendt/AP/Ritzau Scanpix

Cosco and CMA CGM expect further pressure on major European ports

French CMA CGM is expanding capacity on the Asia-Europe route to ease peak season congestion over the summer.

For subscribers

”We are very happy with how our new organization is working and we are hearing the same from our customers,” writes Kuehne+Nagel about the reorganization implemented at the company in early spring. | Photo: Daniel Reinhardt/AP/Ritzau Scanpix

Kuehne+Nagel triggers unrest among staff with new management structure

The logistics major may have lost talent and created confusion, according to current and former managers. The company does not share the concerns.

For subscribers

Further reading

The penal code provision on trespassing is used when someone enters private property without permission. | Foto: Jens Dresling/Ritzau Scanpix

Multiple arrests as protestors block entrance to Maersk HQ

14 people have been charged with trespassing in connection with a pro-Palestinian demonstration on Esplanaden in Copenhagen.

For subscribers

”We are very happy with how our new organization is working and we are hearing the same from our customers,” writes Kuehne+Nagel about the reorganization implemented at the company in early spring. | Photo: Daniel Reinhardt/AP/Ritzau Scanpix

Kuehne+Nagel triggers unrest among staff with new management structure

The logistics major may have lost talent and created confusion, according to current and former managers. The company does not share the concerns.

For subscribers

Photo: Marcus Brandt/AP/Ritzau Scanpix

Liner companies pay soaring sums for charter deals

With fewer and fewer large ships available, container lines are willing to pay sky-high prices to charter ships that are delivered during 2025.

For subscribers

Photo: Jonas Walzberg/AP/Ritzau Scanpix

Spot prices for container freight continue to rise

This marks the 12th consecutive week that spot prices for containerized freight are increasing.

Foto: Maersk Supply Service

Maersk Supply Service aims to quadruple profits

The shipping company, which Maersk sold in a major deal last year, now guides for operating earnings of USD 150m.

For subscribers

Record influx of container ships this year will not cause trouble until 2025

The number of container ships is growing at record speed, but will not cause serious overcapacity until 2025, according to Bimco.

For subscribers

Jobs

Project Manager WTG – Offshore Wind Industry

Sales Support Manager

Chartering Executive, MPP & Minibulk Services