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As an update to the announcement on 28 March 20121, the Trust would like to confirm that its product tanker, ‘FSL Singapore’, has cleared its physical inspection with Petrobras. FSL Trust has incorporated a wholly-owned subsidiary, FSL Netherlands B.V., a private limited company in Amsterdam, to enter into the two time charter contracts directly with Petrobras. FSL Netherlands B.V. will in turn enter into back-to-back arrangements with FSL-18 Pte. Ltd. and FSL-19 Pte. Ltd.2 These arrangements will allow FSL Trust to take advantage of efficient tax structuring for these time charters. 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, 11 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 |
FSL Trust Secures Second Three-Year Time Charter Contract