Singapore shipping trust FSL Trust Management has announced that it will pay down its syndicated loan facility by $20 million utilising available cash.
Payment will be made at the end of this quarter.
FSL reported FY2016 revenues of $98.1m and managed to increase its cash and cash equivalents from $28.8 million to $42.9 million in the same period.
Additionally, FSL also said it will pledge 2007-built product tanker FSL Osaka to its lenders. It acquired the vessel in 2015 for $21.8m.