• 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 January 24

10:29 15 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 23-24
10:04 Port of Gothenburg container volumes up by 17 per cent in 2018
10:00 Brent Crude futures price down 0.36% to $60.92, Light Sweet Crude – down 0.38% to $52.43
09:41 Wilhelmsen Ship Management selected as the manager for Pardus Energy’s FSRU
09:37 Matthieu de Tugny takes helm at BV's Marine & Offshore division
09:18 Baltic Dry Index is down to 982 points

2019 January 23

18:27 Planning for 2020 IMO's sulphur cap has already started
18:13 Eagle Bulk receives commitment for a new credit facility totaling $208 million
18:02 Port of Gdansk (Poland) throughput in 2018 totaled 49.03 million tonnes, up 20.7% Y-o-Y
17:40 Andrei Malyarov elected as Chairman of Severnaya Verf shipyard's BoD
17:19 RWE files acquisition of renewables businesses of E.ON and innogy with European Commission
17:03 The Board of Directors of Fincantieri appoints a second General Manager
16:51 Ice restrictions at the port of Arkhangelsk come into effect on February 15
16:37 USCG interdicts smuggling boat with convicted criminals aboard off Florida
16:24 Regulatory issues related to operation of seaport infrastructure facilities to be discussed at the 2nd HES and Dredging Congress
16:08 First discharge of LPG from Ichthys LNG Project in Japan carried by “K” LINE’s VLGC “GRACE RIVER”
16:03 CMA CGM to launch its Med Pendulum Service (MPS)
15:46 Ice restrictions at the port of Vyborg (Leningrad Region) come into effect on February 6
15:33 Nakilat – Keppel welcomes first FSRU at the Erhama Bin Jaber Al Jalahma Shipyard
15:28 MHI Vestas achieves final turbine installation at Horns Reef 3
15:18 Rolls-Royce completes €57 million upgrade of Rauma thruster facility
15:03 NYK announces delivery of new coal carrier for Hokkaido Electric Power
14:33 Port of Oakland reports more ships than ever plugging into grid
14:20 Throughput of Port Vysotsky up 10.7% to 7.89 million tonnes in 2018
14:03 Kiel welcomes the TUI Cruises newbuilding
13:45 Admiralteiskie Verfi shipyard lays down large freezing trawler of Project СТ-192
13:27 Coast Guard’s only heavy icebreaker arrives at Antarctica
13:02 Rotterdam as a circular hub for the raw materials transition
12:58 The Russian Federation accedes to passenger compensation treaty
12:51 New initiatives to strengthen Singapore as a global maritime hub announced
12:37 SCHOTTEL presents new mechanical hybrid propulsion solution
12:04 Port of Riga cooperates with Balarusian forest industry to further increase its timber cargo volumes
11:42 15 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 22-23
11:16 OSG exercises option for second 204,000 barrel barge at Gunderson Marine
10:55 Maritime Security & Offshore Patrol Week 2019 to be held for the first time ever in Dubai, UAE by IQPC Middle East
10:37 N-KOM welcomes first FSRU at the Erhama Bin Jaber Al Jalahma Shipyard
10:20 Responsibilities for implementation of state programmes of the Russian Federation divided between Deputy Prime Ministers
10:06 Brent Crude futures price up 0.03% to $61.52, Light Sweet Crude – up 0.02% to $53.03
09:48 Aderco: Planning for 2020 has already started
09:43 Vympel Shipyard lays down yet another hydrographic vessel / buoy tender of Project 19910 for RF Navy
09:19 Baltic Dry Index is down to 1,036 points

2019 January 22

18:25 Elengy prepares the sale of access capacities to the Fos Tonkin LNG terminal for the period 2021-2030
18:05 Monjasa steps up as the 2nd largest local bunker supplier in the Panama Canal in 2018
17:54 Relampago practices skills with UAE Navy ship
17:35 CalMac takes over the tiller at Argyll Ferries
17:05 NYK gets the highest-rated ‘A’ for Climate Change by CDP Survey
16:42 RF Government proposed candidates to Novorossiysk Commercial Sea Port's BoD
16:23 Pilbara Ports Authority achieves a new record tonnage on a single tide at the Port of Port Hedland
15:56 Port of Rotterdam Authority and Rotterdam Port Promotion Council renew collaboration
15:46 ICTSI Subic hits milestone 200,000th TEU move
15:44 Growth seen in several sectors at ABP South Wales
15:28 KONTUR SPb ERT unit’s drills get thumbs up from Rosmorrechflot’s certification commission
15:22 First ship viaVerbrugge Terminals’ new permanent shipping line with South America docks in North Sea Port
15:00 Meyer Turku delivers New Mein Schiff 2 to TUI Cruises in Kiel
14:41 Jotun looks into expansion of ship coatings production in Russia
14:32 HHLA completes expansion of the container rail terminal Burchardkai
14:19 Bunker prices are flat at the Far East ports of Russia (graph)
14:02 North Queensland Bulk Ports Corporation opens the Port of Mackay for new bulk material trades
13:32 China Navigation to acquire the bulk shipping activities of Hamburg Süd
13:22 14 crewmembers of gas carriers which caught fire in the Kerch Strait confirmed dead, five missing