• 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 June 18

12:41 Russia's Main Department of State Expertise approves revised project for Phase 1 of dry bulk terminal in Taman
12:28 Bunker prices show slight changes at the Far East ports of Russia (graph)
12:24 Jan De Nul secures Formosa 2 OWF contract in Taiwan and underlines its expansion in Asian OWFs
12:05 AtoB@C starts to offer port towage and related services in Port of Raahe
11:39 East-Siberian Inland Navigation Company launches bunkering tanker of Project RT37 for Baikal
11:16 Regional Manager Simon Neo set to leave IBIA
10:52 IBIA board member elected President of the Panama Maritime Chamber
10:47 NAVTOR integrates environmental regulations into voyage planning with Total Marine Solutions MOU
10:27 Maritime spatial planning in the Baltic Sea region easier with BASEMAPS
09:53 Brent Crude futures price is down 0.05% to $60.91, Light Sweet Crude – down 0.1% to $51.88
09:35 MABUX: Bunker Market this morning June, 18
09:15 Baltic Dry Index is up to 1,093 points

2019 June 17

18:24 USCG saves six people, tows disabled vessel in Port Etches
17:59 Denis Krylov appointed General Director of Gazpromneft-Sakhalin
17:28 China and South Korea agree on ballast water exchange rules
17:04 Mermaid Maritime borrows a loan of USD 65 mln to extend the financing of two vessels
16:41 Neptune Lines welcomes Neptune Galene & Neptune Thalassa after scrubber installation
16:23 DG Termināls invests about 1 million euros during the year
16:17 Finnish ferry getting a diesel-electrical drivetrain system
16:04 MSC Katya R. sets record as largest container ship to boost Costa Rican export links to Europe
15:45 Singapore to host 18th Vessel Efficiency & Fuel Management Summit
15:26 Onezhsky Shipyard launches multifunctional buoy tender for Volga-Baltic Basin
15:04 Hunter Group sells one vessel
14:42 Gdansk, Poland to host 6th Operating Specialist Wind Vessels Summit
14:19 Seatrade Europe conference programme to include Marine Interiors specialist panel discussions
14:12 ClassNK releases amendments to class rules
13:55 Finland hosts an EU–China maritime meeting
13:31 AWT completed stage III of modernization and expansion of the Paskov Terminal
13:24 Average wholesale prices for М-100 HFO down to RUB 16,007 in RF spot market
13:10 The Irish Port of Cork and Port of Amsterdam to collaborate
12:48 Pella Shipyard launches tugboat of project 90600, Sadko, built for Sevmash-Shelf (video)
12:31 Port of Oakland exports up 8.4 percent in May 2019
12:01 North Carolina Ports adopts Vortex port equipment simulator
11:30 MEYER WERFT announces the keel laying for the new cruise ship IONA
11:15 Throughput of port Shanghai (China) in Jan-May’19 declined by 1.3% to 225.91 million tonnes
11:00 Panama Canal issues proposal to modify tolls structure
10:59 Bunker sales at the port of Singapore in Jan-May’2019 fell by 7.7% Y-o-Y to 19.79 million tonnes
10:37 Fincantieri's Muggiano shipyard launches PPA “Paolo Thaon di Revel”
10:21 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Brent Crude futures price is up 0.26% to $62.17, Light Sweet Crude – up 0.19% to $52.87
09:38 Port of Singapore throughput in Jan-May’2019 was nearly flat YoY at 261.39 million tonnes
09:19 Diana Shipping commences self tender offer to purchase up to 2,000,000 shares
09:16 MABUX: Bunker market this morning, June 17
09:10 Baltic Dry Index is up to 1,085 points

2019 June 16

17:13 DC area agencies to conduct mass rescue exercise off National Harbor
16:05 Boskalis appointed as salvor for both damaged tankers in the Gulf of Oman
15:53 Fincantieri and Naval Group sign a joint venture agreement
13:47 Diana Shipping Inc. announces the sale of a Panamax dry bulk vessel, the MV Thetis
12:47 WSC unveils its hybrid patrol vessel at Seawork 2019
11:41 GasLog Partners LP announces new multi-year charter agreement with Gunvor

2019 June 15

15:44 Wight Shipyard rolls out its new windfarm support vessel concept at Seawork Int'l 2019
13:17 Malta Freeport hosts its first LNG-powered container ship
12:53 Petrobras closes the sale of TAG
11:41 USCG, local partners respond to sailing vessel aground off Magic Island
08:43 Vessel training simulation underway at Tema Port’s new Terminal 3

2019 June 14

18:05 Ole Martin Grimsrud appointed CFO of Aker Solutions
17:44 USCG Cordova FOL crew saves man stranded for three days on Montague Island
17:05 Knud E. Hansen wins two separate contracts for innovative large RoRo vessels
16:41 Hapag-Lloyd to increase rates from North East Asia to Australia
16:26 Murmansk Sea Fishing Port handled 90,300 tonnes of cargo in Jan-May’2019, down 38.7% Y-o-Y