Photo: Image credit: FSL Trust

FSL Trust refinances 5 tankers

FSL Trust Management, the trustee-manager of First Ship Lease Trust, has secured a deal with an unnamed Taiwanese financial institution for the refinancing of five product tankers.

The loan is worth a total of $ 15 million and it will have a maturity of 5 years from the date of drawdown.

The vessels covered by the loan include Cumbrian Fisher, Clyde Fisher, Shannon Fisher, Solway Fisher, Seniority, and Superiority.

The deal is subject to definitive documentation.

The vessels currently secure an existing loan which shall be repaid in full, Singapore-listed FSL Trust said.

The refinancing agreement is being reported on the back of the sale of a product tanker FSL Osaka.

The vessel is a 45,998 DWT medium-range product tanker built at Shin Kurushima in Japan in 2007 and has been deployed in a pool.

The sale is being announced as FSL completes the sale of its two tanker newbuilds FSL Suez and FSL Fos to nominees of General
Maritime Transport Company, a state-owned Libyan shipping company.

The trust realised an aggregate net sale proceeds of $ 103.8 million, out of which $ 12.5 million of the proceeds was used to repay the zero interest bridge facility from Prime Shareholdings.