FSL Shanghai is a 115,000 DWT crude oil tanker built in South Korea in 2007, and her sale was made in the ordinary course of business.
Upon completion of the Disposal, the Trust realized a gain of US$2.600m1, whilst the net sale proceeds were US$25.320m. An amount of US$5.562m of the net sale proceeds was used towards partial prepayment of the Trust’s outstanding debt and the remainder of US$19.758m is intended for general corporate purposes.