Following the 19 November 2013 suspension of trading of First Ship Lease Trust (FSL) on the Singapore Stock Exchange, the Board of Directors informs that the company remains in on-going discussions with lenders to seek a longer loan covenant relaxation and are working hard to resolve the situation.
First Ship Lease Trust is a Singapore-listed business trust that provides ship leasing services on a long-term bareboat charter basis to the shipping industry.
According to the company's web-site, as at September 2013, FSL Trust had a portfolio of 25 vessels consisting of seven containerships, 11 product tankers, three chemical tankers, two crude oil tankers and two dry bulk carriers.
Sixteen vessels are employed on long-term bareboat charters and have a dollar-weighted average remaining lease period of approximately four and a half years (excluding extension periods and early buy-out options). The remaining nine vessels are employed on time charter arrangements, in pool and in spot market. The combined portfolio of 25 vessels has a dollar-weighted average age of approximately eight years.