FSL Trust Demands Re-delivery of 2 Dry Bulkers

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.

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