FSL Trust confirms sale of product tanker pair

Confirming a story on Splash earlier this week, Singapore’s First Ship Lease Trust has confirmed the sale of 2006-built LR2 product tankers FSL Piraeus and FSL Perth.

On Monday, Splash reported that Indonesian tanker owner PT Buana Lintas Lautan (BULL) had paid $39.7m to buy the two vessels. FSL has today confirmed the sale, however did not reveal the buyer or price.

Roger Woods, chief executive officer of FSL, commented: “The disposal of the two product tankers is part of our ongoing effort to refresh our fleet. Completion of the disposal is scheduled to take place before the end of January 2020, at which time, the net proceeds will be utilised for partial repayment of the Trust’s outstanding bank debt. An estimated US$14.8 million will also be utilised towards the newbuilding acquisition announced on 13 December 2018 and 3 April 2019, and for general corporate purposes.”

After the sale is completed, FSL’s fleet will consist of 16 vessels comprising two chemical tankers, two crude oil tankers, nine product tankers and three containerships.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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