FSL Trust faces more charter renegotiations
Loss making FSL Trust is facing charter renegotiations with two of its lessors. Singapore-listed FSL Trust said in its annual earnings statement that two of its lessors, which it did not name, had started charter renegotiations, Seatrade Asia online reports.
Already struggling from the effects of previous charterer defaults on five vessels FSL Trust now faces issues with more of its fleet as it reported an annual loss of $8.39m.
“Due to the prolonged crisis, two of its lessees have initiated restructuring discussions with the Trustee-Manager. The discussions are in their preliminary stages and are subject to final approval by FSL Trust’s lenders,” FSL Trust said in its annual results statement. “The Trustee-Manager expects these restructurings, on a combined basis, to have a material impact on revenue from the first quarter of 2013.”
FSL Trust has already experienced to charter defaults from Rosneft and Berlian Laju Tanker (BLT) and as result five of its of 25 vessels, as well as a renegotiation with financially-troubled charterer Torm over two vessels.
The remaining lessors in FSL Trust’s portfolio, including the two undisclosed in renegotiations are: Geden Lines, James Fischer, Yang Ming Marine, Evergreen Marine and Siba Ships.
