Farstad cancels order

Farstad Shipping has decided to cancel the contract between its subsidiary, Farstad Supply, and the Norwegian shipyard Aker Brattvaag. As reported last week, the newbuilding contract was dependent on approval of the charter party between Norsk Hydro and Farstad Shipping ASA. An agreed cancellation fee will be covered by Farstad Supply.

Aker Yards is already pursuing alternatives for these production slots, which are considered to be attractive in today?s market.