FSL Trust Sells Crude Tanker FSL Shanghai

Maritime Activity Reports, Inc.

February 25, 2020

Image: First Ship Lease Trust

Image: First Ship Lease Trust

FSL Trust Management Pte., the trustee-manager of First Ship Lease Trust, has announced the sale of the crude oil tanker FSL Shanghai.

FSL Trust Management has executed a Memorandum of Agreement (MoA) to sell the crude oil tanker to an unaffiliated third party and has received the initial 10% deposit in escrow.

FSL Shanghai, is a South Korean, 2007-built 115,000 DWT crude oil tanker.

Completion of the disposal is scheduled to take place before the end of March 2020. The net proceeds of the disposal will be utilized for partial repayment of the Trust’s outstanding bank debt and the remaining funds will be kept for general corporate purposes.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News