FSL quits bulker ownership

Singapore: FSL Trust Management has sold its two dry bulk vessels, MT Stella Fomalhaut and MT FSL Durban. The disposal is expected to save FSL Trust approximately $3m  in dry dock capital expenditure in the financial period ending 31 March 2014  and reduce its cost of debt service by at least $5m.

FSL Trust has sold the dry bulk vessels for a cash consideration of $23.55m before commissions and transaction costs  in cash.

“The disposal is part of the trust’s efforts to stabilise its position and to conserve cash following the series of lessee defaults and subsequent reduction in revenues over the past 24 months,” the trust said in a release.  [19/03/14]

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