Fairstar set up

Fairstar has bagged a $4m boost in its overdraft to secure the additional finance it needs for the first half of 2009

It has struck a deal with HSH Nordbank which will see its overdraft lifted to $9m.


Mark de Haas, director of finance at the Dutch shipowner, said: “There has been some concern in the market that the current credit crisis, that has reduced global liquidity, would make it impossible for Fairstar to access additional credit.


“The combination of our current order book of contracts for Fjord and Fjell in 2009 with this increase in our overdraft will provide the anticipated funding.”


Shares in Oslo-listed Fairstar gained 0.67% to NOK 3.44 ($0.49) each in Oslo this morning, valuing the company at NOK 99.63m.