First Ship Lease Trust Gains Time

Press Release
Sunday, July 01, 2012

FSL Trust secures 12 months relaxation of two loan covenants, suspends distribution during that period

First Ship Lease Trust ("FSL Trust") is a Singapore business trust that provides lease financing solutions to the international maritime industry. FSL Trust currently owns a diversified portfolio of 25 vessels with an average age of 6.5 years. FSL Trust derives stable long-term cashflow primarily through leasing its vessels on long-term bareboat charter basis to international shipping companies. FSL

The relaxation of covenants would be in effect for 12 months until end-June 2013 (the “Relaxation Period”). In view of the economic weakness in Europe and further deterioration in the shipping market,

FSLTM requested for and was granted a temporary relaxation of two loan covenants from its lenders to address potential breaches over the next 12 months.

The two covenants that the lenders have agreed to relax are the security value-to-loan (“VTL”) ratio and the debt service coverage (“DSC”) ratio.

The relaxation of the covenants cushions the Trust from the economic uncertainties and depressed vessel valuations expected over the next 12 months.”

 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

Roll-iT Reacts to Growing Demand

Roll-iT reaches new peaks with SCHEUERLE Self-Propelled Modular Transporters Roll-iT from Stabroek, Belgium is a co-partnership of Aertssen Kranen (Aertssen

Ferguson Norge Unveils New NORSOK Workshops

As a result of market demand for NORSOK workspace modules, Ferguson Norge, specialists in the rental of DNV 2.7-1 / EN 12079 certified offshore containers, refrigeration/freezer modules,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3951 sec (3 req/sec)