Re-Financing of Chemical Tankers

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The Board of Directors (the “Board”) of FSL Trust Management Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of First Ship Lease Trust (“FSL Trust” or the “Trust”), wishes to announce that the Trust has been considering sale or re-financing options in respect of the Trust’s chemical tankers, FSL New York and FSL London. In view of the current poor market conditions for vessel disposals, the Trustee-Manager currently considers that refinancing should be explored. As such, discussions with Banks to re-finance the chemical tankers are now in progress, and a further announcement in this respect will be made should an agreement be reached. The Board and Management are continuing to pursue a full refinancing of the Trust’s existing loan facilities in order to fully repay current lenders.

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Source: FSL Trust

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