FSL Trust Secures Charter Extensions for Tanker Trio

Image Courtesy: FSL Trust

Singapore’s FSL Trust Management Pte, the trustee-manager of First Ship Lease Trust, has inked a new agreement for the extension of bareboat charters for three vessels.

The ships that fixed charters are product tankers Speciality, Superiority and Seniority, built in 2006 and 2007, each featuring approximately 4,426 DWT. The three vessels were chartered out to James Fisher upon their delivery.

As disclosed in the company’s annual report, the three tankers form part of nine ships that are scheduled to be redelivered in FY2017.

Roger Woods, Acting Chief Executive Officer of FSL Trust said that the extension of the said charters will enable the trust to continue to generate a stable income for the next few years.

“We continue to take the appropriate steps to manage the performance of the trust, with a particular focus on the commercial deployment of the fleet,” he added.

The announcements comes a week after the trust revealed employment of its vessel Aframax crude oil tanker FSL Hong Kong in the Teekay Group Revenue Sharing Agreement post dry docking.

The trust reported full year 2016 revenues of USD 98.1m, 7.9% lower than the previous year, on the back of a smaller fleet following the disposal of two Evergreen containerships in February 2016. Downward pressure on rates in some tanker markets and the feeder container sector also contributed to the decrease in revenues.

In view of deteriorating vessel values amid volatile market conditions, the trust recognised a non-cash impairment charge of USD 44.1 million on eight vessels in 2016, which contributed to a full year net loss of USD 31 million.

FSL Trust’s vessel portfolio comprises 22 vessels, out of which 12 are product tankers, 5 containerships, 3 chemical tankers and 2 crude oil tankers.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >