Announcement 06/16/2017

16 June 2017
FAR-EASTERN SHIPPING COMPANY PLC (“FESCO”, or the “Company”) announces today that in view of the ongoing discussions with respect to the restructuring of the Company’s indebtedness,  and following the Company’s  initiatives toward further cost optimization, it believes it now inappropriate to continue to support the corporate credit rating issued by S&P Global Ratings. 

FESCO understands that the rating affirmed at 'SD' (selective default) by S&P Global Ratings will be withdrawn by the rating  agency at the issuer’s request.

The Company expresses its gratitude to Standard & Poor’s Global Ratings for its work on the rating over  a significant period in the Company’s evolution.