FSL Trust raising $31.3m for new ships

FSL Trust raising $31.3m for new ships

Singapore’s First Ship Lease Trust is proposing a preferential offering of around 965m new units to raise gross proceeds of up to S$43.03m ($31.3m).

The company intends to use 50%-100% of the net proceeds for fleet renewal which includes the acquisition of new and more recently built vessels, and any balance will be used for working capital and general corporate purposes.

The offering is still subject to approvals by unit holders.

FSL Trust currently operates a fleet of 19 vessels, made up of three containerships and 16 tankers. The average age of the fleet is 11 years.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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