• 2018 December 14 17:13

    FSL Trust announces newbuilding agreement for the construction of two LR2 product tankers

    FSL Trust Management Pte. Ltd. (“FSLTM”), as trusteemanager of First Ship Lease Trust (“FSL Trust” or “the Trust”), has announced that two of its subsidiary companies have entered into separate definitive shipbuilding contracts dated 12 December 2018 (the “Agreements”) with COSCO Shipping Heavy Industry (Yangzhou) Co., Ltd. (the “Shipyard”) pursuant to which the Shipyard will construct, sell and deliver in late 2020 and early 2021 respectively two 114,000 dwt scrubber fitted Tier III LR2 product tankers (the “New Vessels”) for an aggregate consideration of US$97.6 million (the “Newbuilding Acquisition”), FSL said in a media release.

    The Newbuilding Acquisition is in the context of the fleet renewal described in FSLT’s announcement on 26 November 2018 (the “Preferential Offering Announcement”) in relation to the proposed pro rata, non-renounceable and non-underwritten preferential offering.
    Payment for the New Vessels is in five staggered instalments based on the progress of the construction schedule starting from early 2019 and ending upon their respective deliveries.

    The funding for the New Vessels will be partly from funds raised from the preferential offering, partly from the contemplated sale proceeds of ageing vessels from FSLT’s existing fleet and partly by way of bank financing to be arranged closer to their deliveries and expected to be between 50% and 70% of the aggregate consideration, and from surplus operating cash flows. The New Vessels will be constructed according to latest shipbuilding designs and utilize new technologies focused on fuel consumption optimization and in compliance with upcoming IMO 2020 regulations relating to sulphur emissions. As the New Vessels will be more efficient to operate than vessels in FSLT’s current fleet, while at the same time being able to carry a variety of clean petroleum product cargoes, it is expected that they will be more competitive for chartering to top-tier counterparties at premium charter rates. The New Vessels will also be more attractive for long-term leases to major petroleum companies. All these are expected to enable FSLT to potentially secure better returns for its unitholders.

    Rationale on Newbuilding Acquisition
    Mr. Roger Woods, Chief Executive Officer, of FSLTM, said: “We are pleased to have inked these Agreements in the context of our fleet renewal programme, strengthening our fleet at a time of improving market sentiment, thus preparing the Trust to take advantage of the anticipated recovery in the sector. The newbuilding orders signal a positive step in positioning FSL for its longer term future.  Significant progress has been made since Prime Group took over control of the Sponsor, including the refinancing of the previous syndicated loan, leveraging on Prime’s shipping connections and efforts to strengthen the Trust’s balance sheet. We are now laying down the foundations for FSL’s growth aiming to the resumption of distributions. To this end, the proposed preferential offering presents an opportunity for unit holders to participate in the future of FSL.”

    About First Ship Lease Trust
    First Ship Lease Trust (“FSL Trust” or the “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 19 modern and high-quality vessels, comprising three containerships, 12 product tankers, two chemical tankers and two crude oil tankers. FSL Trust is listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST). 

2019 March 23

16:03 NCL announces plans for new staff training facility
15:54 ABP Humber provides land to support KIA expansion
14:22 SeaPlanner to support marine coordination for Taiwan's Formosa I offshore wind farm
13:31 Høglund awarded fuel-gas supply systems contract for six Hurtigruten passenger ships retrofits
12:25 McDermott secures substantial offshore EPCI contract in the Middle East
11:21 MacArtney provide Active Heave Compensated MERMAC winch solution to Alcatel Submarine Networks for planned subsea offshore operations

2019 March 22

18:06 GE and Nedstack enter into a partnership to develop hydrogen fuel cell power systems for cruise vessels
17:57 Fitch affirms Deloports rating at 'BB-' with stable outlook
17:36 Samsung Heavy Industries receives a LNGC order
17:05 Maritime Union of Australia issues notice of legal rolling industrial actions at DP WORLD terminals in Australia
16:44 NATO allied nations from last year’s NATO Summit to attend Unmanned Maritime Systems Technology 2019
16:44 Maersk partners with global companies to trial biofuel
16:22 15th edition of Expomaritt Exposhipping Istanbul to be held 2-5 April 2019
16:05 Dutch Sustainable Growth Coalition partners with Maersk in world's largest maritime biofuel pilot
15:30 Hapag-Lloyd announces 2018 results
14:03 ONE unveils enhanced intra-Asia –East India service network for 2019
13:54 Royal IHC to build second TSHD for National Marine Dredging Company
13:41 IMO expands collaborative efforts to promote maritime security
13:17 REMPEITC-Caribe training workshop funded by IMO held in Guyana
12:55 Workshop promoting good practice in spill preparedness and response held in Côte d'Ivoire
12:30 Bunker prices go up at the port of Saint-Petersburg, Russia (graph)
12:03 18 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 21-22
11:42 Gazpromneft – Lubricants starts bunkering with marine oils in Primorsk
11:08 MSC Bellissima, MSC Cruises’ latest newbuild visits Valletta Cruise Port
10:50 Maritime Incubator to be established at the Port of Gdansk
10:49 MABUX: Bunker market this morning, Mar.22
10:29 Baltic Dry Index is down to 695 points
10:08 ZIM net loss up to $119.9 million in 2018
09:51 Brent Crude futures price is down 0.21% to $67.72, Light Sweet Crude – down 0.23% to $59.84
09:23 Manufacturing at the Port of Riga beneficial for both businesses and the Port
09:08 DEME Offshore announces Moray East wind farm Tier One suppliers
08:32 Rhenus establishes its own network in South Africa by acquiring World Net Logistics

2019 March 21

18:05 Dublin Bay Biosphere to host international UNESCO EuroMAB Conference
17:53 Detachment of RF Navy’s Northern Fleet completed transfer through the Suez Canal
17:28 McDermott awarded ethylene contract in Russia
17:05 IMO and Saudi Arabia organize course for members of three key regional maritime security agreements to promote maritime security
16:35 Topaz secures contract extension with BP for 12 vessels in Azerbaijan
16:05 Incat announces construction of a 35m Catamaran Passenger Ferry for Samso Rederi
15:52 Kalmar's Eco Reachstackers and Empty Container Handlers to help Ter Haak Group Amsterdam improve the sustainability of its operations
15:31 Severnaya Verf lays down second processing trawler of Project 170701 for Norebo Holding
15:08 German shipyard Lürssen launches project Fiji yacht named Madsummer
14:39 GoodFuels and REINPLUS FIWADO Bunker fuel first inland vessel on 100% sustainable biofuel
14:13 Incat Crowther 35m ferry for Samso Rederi
13:55 Nuclear-powered container carrier Sevmorput on her first voyage under Arctic LNG 2 project
13:24 Andrei Chibis appointed Acting Governor of Murmansk Region
13:17 Coast Guard continues to break ice on Penobscot River to start on the Kennebec River
12:40 Murmansk Region Governor announces resignation
12:00 Steel cut for first short-sea LNG bunker vessel for Eesti Gaas at Damen Yichang Shipyard, China
11:39 15 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 20-21
11:13 Bunker prices go down at the Far East ports of Russia (graph)
10:50 Doha to host Ports & Maritime Evolution, Rail & Logistics Evolution, Road & Logistics Evolution Qatar Assembly & Expo in September’19
10:27 Brent Crude futures price is up 0.16% to $68.61, Light Sweet Crude – up 0.02% to $60.24
10:08 MAN receives an order for two-stroke engines from Eastern Pacific Shipping
10:05 MABUX: Bunker Market this morning March, 21
09:59 2018 revenues of FSUE Rosmorport grew by 7% Y-o-Y to over RUB 26 billion
09:22 Baltic Dry Index is down to 709 points
09:08 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
09:00 PSA, PFR and IFM investors partner to jointly acquire the deepwater container terminal Gdańsk from Macquarie infrastructure and Real Assets, MTAA SUPER, AustralianSuper and Statewide Super
08:36 Port Canaveral starts construction of new Cruise Terminal 3 complex
07:58 SeaKing Electrical completes DFDS ferry upgrades in France