FSL Trust offloads chemical tanker for $13.8m

FSL Trust offloads chemical tanker for $13.8m

Singapore’s First Ship Lease Trust has sold 2006-built chemical tanker FSL Tokyo to an unnamed party for $13.8m.

Splash understands the buyer to be India chemical tanker owner Shapoorji Pallonji Forbes Shipping, who have renamed the 20,938 dwt vessel Saranga.
 
The vessel had been deployed in the spot market by FSL, and proceeds of the sale are being applied to the company’s outstanding loan facility.
 
Roger Woods, chief executive officer of FSL Trust, commented: “The sale of the vessel was undertaken to further reduce the debt due under the syndicated loan facility. The amount outstanding under the facility following the application of the sale proceeds of FSL Tokyo will be US$138 million which represents a very significant reduction from the debt outstanding in June 2013 of US$425 million when there were significant changes in the Trust’s Board and Management.”
 
FSL is recording a $9m impairment charge on the vessel.
 
Last month German bank HSH Nordbank put FSL’s holding company, FSL Holdings, up for sale.
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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