FSL Trust offloads product tanker

Singapore shipping trust First Ship Lease Trust has sealed an agreement to sell 2005-built MR product tanker FSL Hamburg.

The South Korean-built vessel, which has been operating in the Hafnia MR tanker pool, was sold to an unnamed party with delivery scheduled before the end of March. FSL did not reveal the sale amount, although VesselsValue puts the market value of the ship at $11.96m.

FSL said the proceeds from the sale will be used partially to pay down debt, while around $6.5m will be used for instalment payments due on two LR2 product tankers ordered at China’s Cosco Shipping Heavy Industry tin December 2018.

Roger Woods, chief executive officer of FSL Trust, commented: “In line with the Trust’s ongoing fleet renewal strategy, we are pleased to report this disposal, which will help fund the Newbuilding Acquisition, will reduce the outstanding bank debt thus improving the Trust’s risk profile while preparing the Trust to take advantage of the expected recovery in the sector.”

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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