FSL Trust Fixes Three Tankers for USD 61 Million

FSL Trust Fixes Three Tankers for USD 61 Million

Singapore-based shipping company First Ship Lease Trust has agreed on new time charter contracts for three tankers with a combined value of USD 61 million. 

The three tankers – FSL Shanghai, FSL Hamburg and FSL Singapore – have been fixed for a period of two years with options to extend the agreements at a higher rate for FSL Hamburg and FSL Singapore for further six months, and FSL Shanghai for further 12 months.

FSL Hamburg and FSL Singapore are MR product tankers built in 2005 and 2006 respectively, while FSL Shanghai is an Aframax crude oil tanker built in 2007.

The time charter agreements are expected to commence during the second half of this year. FSL Trust did not disclose the identity of the charterer, only saying that it is ”a leading global commodities trader.”

During the two-year base period under the new employment, FSL Shanghai’s net daily rate represents a 54% increase while FSL Hamburg and FSL Singapore’s net daily rate represents a 31% increase for each vessel as compared to the previous time charter agreements.

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