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FSL Trust settles dispute with Torm

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.

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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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