Impairment sends Farstad into deep deficit

Farstad Shipping suffered a deficit of around USD 14.5 million after taxes. The loss is attributed to a massive impairment on vessel asset values and the tough market conditions in the offshore sector.

Farstad Shipping
Photo: Farstad Shipping

Norwegian carrier Farstad Shipping has booked a massive deficit of USD 14.5 million in the second quarter, according to the carrier's interim report. The supply carrier, like many other players in the sector, is hit by the difficult market conditions in the offshore industry, a development that has resulted in significantly reduced activity in the past six months.

The carrier's operating profit landed at around USD 122 million, and the huge loss is attributed to a significant impairment on vessel asset values, explains management in the report.

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