FSL Trust Demands Re-delivery of 2 Dry Bulkers

MarineLink.com
Tuesday, September 17, 2013

FSL Trust Management Pte. Ltd. as trustee- manager of First Ship Lease Trust  say that the lessee of its two dry bulk carriers, OMNI Ships Pte. Ltd. has defaulted on its lease payments. Accordingly FSLT has issued a notice for the redelivery of the 'Stella Fomalhaut' and 'Stella Eltanin'.

During the first quarter of 2013, FSLTM concluded restructuring discussions with OMNI Ships, which included a reduction in bareboat charter rates for the two dry bulk carriers. Despite the restructured terms, OMNI Ships failed to pay FSL Trust the charter hires due.

Stella Fomalhaut and Stella Eltanin are currently employed under short-term sub-time charter contracts and FSLTM has agreed with the sub-time charterers to continue the contracts directly with FSL Trust. FSLTM is actively looking for suitable employment for the vessels after their current contracts expire.

FSL Trust say that the default will not have a material impact on the net tangible assets per unit of FSL Trust.

First Ship Lease Trust is a provider of leasing services on a long-term bareboat charter basis to the international shipping industry. The Trust has a diversified portfolio of 25 modern vessels, comprising seven containerships, eleven product tankers, three chemical tankers, two crude oil tankers and two dry bulk carriers.
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

RYDLYME Marine Selects GoM Distributor

RYDLYME Marine has named R Carter & Associates, Inc. of Mobile, Ala. a new stocking distributor for the Gulf of Mexico area, targeting shipyards, larger workboats,

MN 100: Elliott Bay Design Group

The Company: Elliott Bay Design Group (EBDG) is a Seattle-based, employee-owned enterprise with offices in New Orleans and Ketchikan that provides full-service naval architecture,

MN 100: Dometic Marine

The Company: Dometic Marine is an engineering leader of innovative products for the global marine industry and offers a large worldwide sales and service network.

Contracts

Willard to Supply Patrol Boats for the Philippines

The U.S. Department of State awarded a contract to boatbuilder Willard Marine, Inc., to provide the Philippine National Police Maritime Group with patrol vessels

RYDLYME Marine Selects GoM Distributor

RYDLYME Marine has named R Carter & Associates, Inc. of Mobile, Ala. a new stocking distributor for the Gulf of Mexico area, targeting shipyards, larger workboats,

Kirby Selects ABS as Subchapter M Solutions Provider

Proactive effort shows commitment to safety and environmental protection. ABS, a provider of maritime shipping and offshore classification services, has been

Bulk Carrier Trends

Kirby Selects ABS as Subchapter M Solutions Provider

Proactive effort shows commitment to safety and environmental protection. ABS, a provider of maritime shipping and offshore classification services, has been

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Recent Vessel Sales - August 2015

Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age)

Finance

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.5452 sec (2 req/sec)