First Ship Demands Return of Chem Tankers
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust reportes that it has sent notices to its lessees, wholly-owned subsidiaries of PT Berlian Laju Tanker Tbk, to demand for the redelivery of its three chemical tankers, Pertiwi, Prita Dewi and Pujawati, in accordance with the terms of the lease agreements between the Lessees and FSL Trust. This is in addition to the demand for payment stated in the notice of default issued to the Lessees on 7 February 2012.
FSL Trust Executive Tenders Resignation
Vijay Kamath, Senior Vice President and Chief Commercial Officer (CCO) at First Ship Lease Trust (FSL Trust), will depart the company October 4, 2013 to pursue other career opportunities. Mr. Kamath was responsible for new business development and oversaw short-term deployment and management of the trust's vessels, which include seven containerships, 11 product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. Mr. Kamath has more than 19 years of maritime industry experience.
FSL Trust Sells Vessel for USD 6.2mln to Reduce Debt
Singapore's First Ship Lease (FSL) Trust said that it has sold containership, FSL Santos for $6.2 million to reduce its debt service requirements for the fourth quarter. FSL Santos is a German-built, 1,221 TEU vessel built in 2003 that has been deployed in the Hanse Containership Pool. The net proceeds from this Disposal will be applied in full to the Trust's outstanding loan facility and the Trust will record a gain on disposal of approximately US$800,000 for 4Q2017. Roger Woods…
HSH Nordbank to Exit First Ship Lease
HSH Nordbank AG's subsidiary Godan GmbH, the controlling unitholder of First Ship Lease Trust (FSL Trust), is looking to divest all its shares in FSL Holdings, the sponsor of the trust, reported Business Times. The report quoted FSL Trust as saying that Godan GMBH is in discussion with shortlisted strategic investors for a potential sale of all of its shares in FSL Holdings. FSL Holdings also owns all shares of the trustee-manager of FSL Trust through FSL Asset Management Pte Ltd.
FSL Trust Sees First Quarterly Profit Since 2011
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) has generated a profit of $1 million for the 2Q of the 2014 financial year. This profit compares to a $7.2 million loss for the 2Q’s corresponding previous year. This turnaround succeeds the restructuring efforts of the senior management team. FSL Trust has seen a performance improvement in the past quarter due to initiatives that were implemented September 2013. The Trust now has…
Markets Under Pressure: FSL Trust Reports a $24.1M Charge
Citing declining vessel values and "volatile industry conditions," FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust, announced the Trust has taken an impairment charge of $24.1 million on eight vessels, and consequently a net loss of $21.8 million in 2QFY17. “Although the tanker and container markets remained under significant pressure in 2QFY17, our fleet continued to generate positive cashflows and the Trust has maintained its strong debt repayment momentum with over $60 million of debt repaid over the last 12 months…
Singapore's FSL 2012 Profits Slump
Singapore’s First Ship Lease Trust (FSL) report US$ 8.4-million loss for 2012, revenue slipped 4.2%. Philip Clausius, CEO, said: “2012 has been very challenging, but the trust’s disciplined approach and wide network have helped to deploy our spot vessels to longer term arrangements within a relatively short time frame. Mr. Philip Clausius, Chief Executive Officer of FSLTM said: “2012 has been very challenging, but the Trust’s disciplined approach and wide network have helped to deploy our spot vessels to longer term arrangements within a relatively short time frame.
FSL Trust Inks Tanker Contracts
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore. The Trust has reached an agreement with a leading global commodities trader to charter the three vessels for a fixed period of two years with options to extend the agreements at a higher rate for FSL Hamburg and FSL Singapore for a further six months and FSL Shanghai for a further 12 months. FSL Hamburg and FSL Singapore…
FSL Trust Managemen Appoints Gray
FSL Trust Management Pte. Ltd. (FSLTM), as trusteemanager of First Ship Lease Trust (FSL Trust), has announced the appointment of Michael G Gray as Independent Director of FSL Trust, effective immediately. Gray is also appointed as the new Chairman of the Board’s Audit Committee with immediate effect. Gray is a qualified accountant with 35 years’ experience in professional practice across a number of international markets. He trained as a Chartered Account with Coopers & Lybrand in the United Kingdom and moved to Coopers & Lybrand Singapore in 1978…
FSL Q1 Earnings Rise
FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), reported a net profit of $3.4 million for the three months ended March 31, 2017, compared to $2.3 million reported in 1QFY16. This positive result was achieved despite challenging industry conditions and a 17.7 percent decline in revenue to $21.9 million for 1QFY17, compared with $26.7 million reported in 1QFY16. The decrease in revenue is primarily due to the dry-docking of two crude oil tankers in 1QFY17…
FSL Appoints New Independent Director
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), has announced the appointment of Michael J. Oliver to its Board of Directors. Mr. Oliver has more than 40 years of international experience in the banking and financial services industry. He joined the London Branch of Commerzbank AG in 1986 and served as its Regional Board Member for Asia Pacific in Singapore from 2001 to 2005 before his retirement. As Regional CEO, he was responsible for Commerzbank branches in Hong Kong…
FSL Trust Buys MR Product Tanker
FSL Trust Management Pte. Ltd. (FSLTM), as the trustee-manager of First Ship Lease Trust (FSL Trust), announced that FSL Trust has entered into a memorandum of agreement to purchase a 2007, Japanese-built, 45,998-dwt MR product tanker for $21.8 million. The acquisition will be financed through existing cash reserves that totaled $41.8 million at June 30, 2015. The vessel’s delivery is expected between November 1, 2015 and January 31, 2016, bringing FSL Trust’s fleet to 24 vessels: 12 product tankers, three chemical tankers, two crude oil tankers and seven containerships.
FSL TRUST: Vessel Portfolio Positioned for Stability, Opportunity
SINGAPORE – FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, announced the financial results of FSL Trust for the quarter ended 31 March 2012. Revenue for 1QFY12 rose $2.2 million or 9.3% year-on-year to $26.1 million. The net increase in revenue was contributed by the full quarter lease revenue from the two vessels leased to TORM A/S which were acquired in June 2011, as well as higher freight income from the vessels trading in the spot market.
Bharat Mumbai Container Terminals Enhances Connectivity
Bharat Mumbai Container Terminals Private Limited (BMCT) continued to improve connectivity and ease of doing business for JNPT (Jawaharlal Nehru Port Trust) users with its first barge and train volumes last week. A 90-TEU (twenty-foot equivalent unit) block train departed for Mandideep on 13 March 2018, while a second train left for Nagpur on 16 March. Both trains were operated by Container Corporation of India (Concor). On 18 March, there were both barge and rail movements as Shahi Shipping’s “Royal Hugli” barge loaded 75 TEUs at BMCT for the short marine transit to Mumbai Port Trust…
FSL Trust: 2012 Was a 'Dismal' Year for Shipping
"The industry witnessed another dismal year as weakness in freight rates and asset values persisted in 2012. This resulted in a spate of defaults, restructurings and bankruptcies as shipping companies struggled with the poor market conditions. Unfortunately, FSL Trust was not spared from the unprecedented downturn. FSL Trust reported full year 2012 revenue of US$106.1 million, which was 4.2 per cent lower compared to the previous year. Net cash generated from operations declined by 25.4 per cent to US$47.6 million.
Two New Patrol Boats for Pakistan Customs
Pakistan Customs has taken delivery of two Damen Stan Patrol 1605 FRP patrol boats. The handover ceremony took place on March 10 at Karachi Shipyard & Engineering Works Ltd (KS&EW). The celebrationwas attended by distinguished guests including Dr Miftah Ismail, advisor to the Prime Minister on Finance, Revenue & Economic Affairs, Mr. Iftikhar Ahmed, Collector Pakistan Customs, Rear Admiral Syed Hasan Nasir Shah, Managing Director of KS&EWand Mrs. ArdiStoios-Braken, the Ambassador of the Kingdom of the Netherlands to the Islamic Republic of Pakistan.
Seaspan Shipyards Gets Orders for LNG Vessel Engine Conversions
Seaspan Shipyards demonstrates its capabilities with liquefied natural gas (LNG) vessel engine conversions in the wake of a major project milestone. Victoria Shipyards (VSL) was selected by TOTE Maritime Alaska to carry out the yard production work and docking necessary for the conversion of their two TOTE Orca class vessels to dual-fuel systems, a process which is being carried out in four phases and will enable the two ships to use LNG as fuel. The ‘North Star’, the first of the two 839-foot-long roll-on…
India to Give Autonomy to 12 Major Ports
The Indian Ministry of Shipping has prepared a draft Bill “Major Port Authorities Act, 2016” to replace the age-old Major Port Trusts Act, 1963, with a view to promote port infrastructure and facilitate trade and commerce. In the Bill, the government has proposed a significant overhaul of the functioning of 12 major ports in the country, which will give port boards more autonomy and flexibility along with a more professional approach to its governance. Under the bill, the composition of a port board has been simplified and now it will consist of 10 members…
Wartsila India Signs Pact with CSL
Wartsila India, the Indian arm of Finland-based Wartsila Corporation, has signed a Memorandum of Understanding (MoU) with Cochin Shipyard Ltd (CSL) for setting up a containerised self-sufficient workshop. As per the MOU, Wartsila plans to locate a containerised self-sufficient workshop within the premises of CSL to cater primarily to propeller blade metallurgical repairs and engine component repairs. Wartsila also plans to support CSL with comprehensive engine services, propulsion services and electrical and automation services based on the requirements, said a press release.
FSL Trust Takes Second Crude Oil Tanker
FSL Trust has today successfully taken redelivery of its second crude oil tanker, Action, previously leased to the subsidiary of Geden Holdings Ltd. The vessel will be renamed FSL Shanghai and will operate under the technical management of Thome Ship Management Pte. Ltd. and commercial management of Teekay Chartering Limited. FSLTM is currently in negotiations to secure time charter employment for FSL Shanghai. As an update, FSL Hong Kong which was redelivered on 4 July 2013, will commence its first voyage charter in the spot market this week.
Hamburg Welcomes Its Largest Ever Box Ship
The largest ever containership to call at the port on the Elbe berthed in Hamburg early on Thursday morning, March 15. The oceangoing giant CMA CGM Antoine de Saint Exupery made its maiden call at the Port of Hamburg's HHLA Container Terminal Burchardkai (CTB) where it will discharge approximately 7,000 TEU and load 4,000. The 400-meter-long CMA CGM Antoine de Saint Exupery, delivered to French owner CMA CGM earlier this year, has a capacity of 20,776 TEU. End-to-end, those containers would cover a distance of over 125 kilometers.
CSCL to Change Name to Cosco Shipping Development
China Shipping Container Lines (CSCL) has proposed to change its name to Cosco Shipping Development Co (CSDC), in line with the company’s future business strategy and as a group member of China Cosco Shipping Corporation (Coscocs). "China Shipping Container Lines Co., Ltd. Board of Directors hereby announces that, in view of the Major asset restructuring program the company has been related to the motion of the Company and in February 1, 2016 the first meeting of 2016 Extraordinary General Meeting…
Global Ship Lease Report Q1 Financials
The containership charter owner Global Ship Lease (GSL) has reported first-quarter net income of $6.8 million. Its revenue stood at $39.6 mln for the Quarter. Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the first quarter of 2017, we continued to execute our core strategy, maximizing the value of our long-term time charters with high-quality counterparties, maintaining high levels of vessel utilization and closely controlling costs. The fleet generated operating revenues from fixed-rate time charters of $39.6 million in the three months ended March 31…
AmeraMex Bags US Orders Worth $665,000
AmeraMex International, Inc., a provider of heavy equipment for logistics companies, infrastructure construction, and tactical military vehicles, said it received multiple equipment orders from two U.S. West Coast customers totaling $665,000. AmeraMex CEO Lee Hamre commented, “Our business prospects here and in Africa a good and we have booked just under a million dollars for the first two months of 2018. The first quarter is historically our slowest quarter as customers, generally for budget and tax purposes…
Seafarers Trust in Technology
The ITF Seafarers’ Trust recently re-released an upgraded version of Shore Leave 2.0, enabling seafarers to access the internet in ports on tablet consoles. Together with Shore Leave, the Seafarers’ Trust believes that these initiatives will effect real change, attending to the global welfare of seafarers. In today’s world of fiber optic broadband, 4G mobile networks and app innovation, we have all come to expect the super-fast delivery of our online communications. For seafarers, however, the unique environment of being away at sea for many months at a time challenges this norm.
51% Stakes of Keppel Merlimau Cogen Sold for $510 mi
Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has agreed to sell 51% stake of Keppel Merlimau Cogen Pte Ltd (KMC), which owns Keppel Merlimau Cogen Plant to Keppel Infrastructure Trust (KIT or the Trust) for a cash consideration of $510 million (KMC Transaction). The agreement was signed with Keppel Infrastructure Fund Management Pte Ltd (KIFM), in its capacity as trustee-manager of KIT. Located on Jurong Island, Singapore, Keppel Merlimau Cogen Plant is a 1…