FSL Trust seals $61m triple charter deal

FSL Trust seals $61m triple charter deal

Singapore: Singapore’s FSL Trust Management has announced new time charter agreements with a leading commodities trader for Aframax crude oil tanker FSL Shanghai (115,000 dwt, built 2007), and MR product tankers FSL Hamburg (47,496 dwt, built 2005) and FSL Singapore (47,470 dwt, built 2006).

The three vessels have been time chartered for a fixed period of two years, with further options of six months for the two product tankers and twelve months for aframax. The charters begin in the second half of the year and are worth up to $61m if the options are exercised.

Alan Hatton, chief executive officer of FSL Trust commented: “We are delighted to have secured new time charter contracts for FSL Shanghai, FSL Hamburg and FSL Singapore with a leading market player. The new rates are significantly above the current employment rates for the three vessels and the projected revenue will generate significant cash flow for the Trust.”

FSL Shanghai’s net daily rate under the new deal represents a 54% increase on its previous deal with Tesoro while FSL Hamburg, which was chartered to Petrobras, and FSL Singapore show an increased charter rate of 31%.

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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