FSL chemical tanker sold at second attempt

Singapore’s First Ship Lease Trust (FSL) has once again found a buyer for its 15-year-old chemical tanker FSL London, which could not be sold last year after its detention in India.

The second time lucky Japanese-built vessel was sold to an unaffiliated third party. FSL received the initial 15% deposit, but no price has been revealed for the 19,966 dwt tanker that VeselsValue estimates as worth $11.8m. FSL purchased the vessel for $45m in 2006.

The FSL London was first sold last September for a reported price of $10.2m to Singapore-listed Indonesian owner Samudera Shipping with a time charter attached. However, the deal fell through due to delays caused by Indian authorities’ customs probe into its cargo specifications.

Consequently, the company claimed damages for the delays caused by the carriage of the particular cargo loaded by the charterer, the attendant investigations of the cargo, and the vessel being held. The ship was released earlier this month.

Following the disposal, FSL’s vessel portfolio will comprise nine product tankers. The company has also recently sold its last remaining aframax FSL Hong Kong, marking its exit from the crude oil tanker sector.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.

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