FSL Trust Sells Chemical Tanker to Shrink Debt

First Ship Lease Trust has agreed to dispose of its chemical tanker FSL Tokyo in an effort to reduce outstanding debt facility.

The 2006 Japanese-built ship, was sold for a cash consideration of USD 13.8 million. The 20,938 dwt FSL Tokyo has been deployed in the spot market, according to FSL Trust Management, the trusteemanager of FSL Trust.

The company said that the net proceeds from the sale will be applied in full to the outstanding loan facility in the first quarter of 2018. FSL Trust will record a related impairment charge of around USD 9 million in the fourth quarter of 2017.

“The sale of the vessel was undertaken to further reduce the debt due under the Syndicated Loan facility,” Roger Woods, Chief Executive Officer of FSLTM, said.

The amount outstanding under the facility following the application of the sale proceeds of FSL Tokyo will be USD 138 million, down from the debt outstanding in June 2013 of USD 425 million when there were significant changes in the Trust’s Board and Management.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

Defence Safety Conference 2019

The Defence Safety Conference returns to London this October as the only event solely dedicated to enhancing safety across all aspects of defence.

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >