FSL Trust Sells Crude Tanker FSL Shanghai

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.