Singapore-based First Ship Lease Trust has announced that it has reached a final settlement agreement with Torm over a legal dispute regarding the condition of two vessels, Torm Margrethe and Torm Marie.
The two vessel were redelivered to FSL by Torm in the summer of 2018 with FSL claiming that Torm Margrethe, now named FSL Piraeus, had to undergo 16 days drydocking in China after redelivery while Torm Marie, now named FSL Perth, spent some time undergoing repair off Singapore.
FSL filed claims against Torm in the UK and Singapore seeking compensation and it also arrested a Torm tanker in Taiwan.
According to FSL, both claims have been amicably resolved, and final settlement has been concluded and paid on the terms and conditions set out in the settlement agreement. The settlement payment has been used to offset against all necessary repairs costs and litigation fees incurred in relation to these vessels.
