FSL Trust secures bridging loan

Feb 11 2019

FSL Trust Management, as trustee-manager of First Ship Lease Trust has secured a $25 mill bridging loan from its sponsor to be used for tanker acquisitions.

This is regarding a contract placed by two subsidiaries at COSCO Shipping Heavy Industry (Yangzhou) to build, sell and deliver two 114,000 dwt scrubber fitted Tier III LR2s to FSL-28 Inc and FSL-29 Inc (the borrowers) for a total price of $97.6mill.

Both borrowers have entered into a bridging loan agreement dated 7th February, 2019 with FSL Holdings, as lender, and the trustee-manager, as guarantor, by which the sponsor has agreed to extend the secured, interest-bearing bridging loan.

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May 2019

Nor-Shipping - ballast - remote surveys