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FESCO Group refinances its obligations with an international bank

13 May 2016

FESCO Group announces today that it has entered into a loan agreement to refinance its obligations under the repurchase agreement with an international bank entered into in May 2015. The repurchase agreement was entered into for the purposes of partially financing the FESCO Group’s tender offer for its U.S.$550,000,000 8.00% Senior Secured Notes due 2018 and U.S.$325,000,000 8.75% Senior Secured Notes due 2020 conducted in 2015. As part of the refinancing, the notes that were transferred to the international bank under the repurchase agreement have been retransferred to the FESCO Group and will be used to secure the refinancing loan.

Important Notice:

These materials may contain forward-looking statements regarding future events or the future financial performance of Far-Eastern Shipping Company PLC (the “Company”). You can identify forward looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance or outcomes and that the Company’s actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in future periods. Any forward-looking statements that are made in the materials speak only as at the date of this announcement. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, market change in the Russian freight rail market, as well as many other risks specifically related to the Company and its operations, including those discussed in these materials.

These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). Any securities mentioned herein have not been and will not be registered under the Securities Act, and no public offering will be made in the United States.
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