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

People & Company News

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Contracts

TEPNG Integrates AVEVA Engineering & Design

AVEVA announced that TOTAL E&P Nigeria Ltd. (TEPNG) has adopted AVEVA’s Engineering & Design solutions as part of an Integrated Engineering & Design approach. TEPNG

McDermott Signs Agreement for North Sea Spoolbase

McDermott International, Inc. announced that one of its subsidiaries has signed an option agreement with PD Ports which gives it the exclusive right to operate

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

Bulk Carrier Trends

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Ice Hurts March’s Lakes Ore Shipments

Massive, thick ice formations on the Great Lakes limited iron ore shipments in March to 1.1 million tons, a decrease of 43 percent compared to a year ago, the Lake

Finance

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
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: 0.1204 sec (8 req/sec)