FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust, announces that the Trust has sold its containership vessel, FSL Busan, for a cash consideration of US$6.2 million.
FSL Busan is a 2003, German-built, 1,221 TEU containership that has been deployed in the Hanse Containership Pool. The net proceeds from this Disposal will be applied in full to the outstanding loan facility and FSL Trust will record a gain on disposal of approximately US$0.75 million in 1Q2018.
Roger Woods, Chief Executive Officer of FSLTM commented: “We are pleased to have been able to dispose another of the Trust’s older vessels which will enable the Trust to further reduce its debt under the Syndicated Loan facility to US$132 million. The Board and Management are continuing to pursue solutions for refinancing the Trust.”