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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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