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FSL Trust seeks to extend loan repayment terms

FSL Trust directors have been in negotiations with lenders to extend a $480m loan by a year. FSL still has $165.5m to pay back from the loan that it signed for in 2011.

FSL has applied to the High Court of Singapore to propose a scheme of arrangement to extend the loan. The trust said in a release that it remains in a “substantial” net equity position and its business and operations will continue as normal.

Singapore’s shipping trusts were all the rage in the Southeast Asian republic a decade ago but have since run into huge difficulties with FSL the last one operating. FSL, which has boxships and tankers in its fleet, has managed to register positive cash generation in the first nine months of the year to date.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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