FSL Trust Sells Vessel for USD 6.2mln to Reduce Debt
By Aiswarya Lakshmi
December 11, 2017
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.
A press release from the company stated: FSL Trust Management, as trusteemanager of First Ship Lease Trust , announces that the Trust has sold containership, FSL Santos, for a cash consideration of approximately US$6,195,000, thus moderating its debt service requirements for 4QFY2017."
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, Chief Executive Officer of FSLTM commented: “We are very pleased to have been able to dispose of one of the Trust’s older vessels. The Disposal of this 14-year old vessel also saves the Trust the expense of a third special survey due in 2QFY2018”.
