FSL Trust Sells Another Ship to Cut Debt

Singapore-based First Ship Lease Trust (FSL Trust) has sold FSL Busan, a 1,221 TEU vessel, in an effort to reduce its debt. 

The Feedermax was sold to an unnamed party for USD 6.2 million.

Built at P+S Werften shipyard in Germany in 2003, the container vessel has been deployed in the Hanse Containership Pool.

As explained, the net proceeds from the disposal will be applied in full to the outstanding loan facility and FSL Trust will record a gain on disposal of approximately USD 0.75 million in the first quarter of 2018.

“We are pleased to have been able to dispose of another of the Trust’s older vessels which will enable the Trust to further reduce its debt under the Syndicated Loan facility to USD 132 million. The Board and Management are continuing to pursue solutions for refinancing the Trust,” Roger Woods, Chief Executive Officer of FSLTM, commented.

Earlier this week, the company sold another vessel, FSL Tokyo. The 2006-built chemical tanker was sold for USD 13.8 million.

FSL Trust currently has a fleet of 19 vessels, comprising three containerships, twelve product, two chemical and two crude oil tankers.