FSL Trust acquires first LR2 tanker from Torm

First Ship Lease (FSL) Trust has entered into an agreement to acquire its first long range (LR2) product tanker from Torm Singapore for $46m, bringing FSL's vessel portfolio to 24 vessels, Seatrade Asia online reports. The 109,672 dwt Torm Margrethe is planned to be immediately leased back to Torm Singapore in June on a bareboat charter basis for a lease term of seven years. The new transaction will increase FSL's total remaining contracted revenue to $602m, excluding extension options. The trust's remaining lease term for its fleet portfolio will remain at the current 6.8 years. “While we now have the flexibility to take on both time and bareboat charters with terms shorter than seven years, our ship leasing business will remain 'long-biased',” said Vijay Kamath, senior vice president and head of sales at FSL.