FSL Trust Demands Redelivery Of Vessels From BLT Subsidiaries

Singapore, 10 February 2012

FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust”) refers to the earlier announcement (1) made on 7 February 2012.

FSLTM has today sent notices to its lessees (the “Lessees”), wholly-owned subsidiaries of PT Berlian Laju Tanker Tbk (“BLT”), to demand for the orderly redelivery of its three chemical tankers, “Pertiwi”, “Prita Dewi” and “Pujawati”, in accordance with the terms of the lease agreements between the Lessees and FSL Trust. This is in addition to the demand for payment stated in the notice of default issued to the Lessees on 7 February 2012.

Further announcements will be made as and when there are material developments in this matter.

(1) Press release: “BLT subsidiaries default on lease obligations”, dated 7 February 2012

About First Ship Lease Trust (Bloomberg: FSLT SP; Reuters: FSLT.SI; OTCQX: FSHPY)
First Ship Lease Trust (“FSL Trust” or the “Trust”) is a provider of leasing services on a long-term bareboat charter basis to the international shipping industry. The Trust has a diversified portfolio of 25 modern and high quality vessels, comprising seven containerships, eleven product tankers, three chemical tankers, two crude oil tankers and two dry bulk carriers.

FSL Trust is managed by FSL Trust Management Pte. Ltd., the trustee-manager. The trustee-manager aims to grow and diversify the Trust’s portfolio through accretive acquisitions of vessels with leases, to increase predictable cashflow generation and to provide regular cash distributions to unitholders of the Trust.

FSL Trust is listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) and its American Depository Receipts (ADRs) are quoted on the PrimeQX tier of International OTCQX. FSL Trust is a component stock of the FTSE ST Maritime Index and the MSCI Global Micro Cap index.

First Ship Lease Trust press release