FSL Trust Sells Vessel to Trim Debt

Maritime Activity Reports, Inc.

January 17, 2018

Photo: FSL Trust

Photo: FSL Trust

 FSL Trust Management, as trusteemanager of First Ship Lease Trust (FSL Trust), announces that the Trust has sold its chemical tanker, FSL Tokyo, for a cash consideration of US$13.8 million.

FSL Tokyo is a 2006, Japanese-built, 20,938 DWT chemical tanker that has been deployed in the spot market. The net proceeds from this Disposal will be applied in full to the outstanding loan facility in 1Q2018. 
FSL Trust will record a related impairment charge of approximately US$9.0 million in 4Q2017.
Roger Woods, Chief Executive Officer of FSLTM commented: "The sale of the vessel was undertaken to further reduce the debt due under the Syndicated Loan facility. The amount outstanding under the facility following the application of the sale proceeds of FSL Tokyo will be US$138 million which represents a very significant reduction from the debt outstanding in June 2013 of US$425 million when there were significant changes in the Trust’s Board and Management."
First Ship Lease Trust is a shipowner and a provider of leasing services on a long-term bareboat charter basis to the international shipping industry. The Trust has a diversified portfolio of 20 modern and high-quality vessels, comprising four containerships, twelve product tankers, two chemical tankers and two crude oil tankers.
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