- First Ship Lease Trust sells crude oil tanker FSL Shanghai, receiving the initial 10% deposit in escrow.
- The disposal is scheduled to take place before the end of March 2020.
- Though the value of sale was not revealed, as per the valuation, the crude oil tanker’s worth is estimated to be USD 24 million.
According to a Marine Link report, First Ship Lease Trust, announces the sale of the crude oil tanker FSL Shanghai.
The Memorandum of Agreement
FSL Trust Management carried out a Memorandum of Agreement (MoA) to sell the crude oil tanker to an unaffiliated third party.
The trust received the initial 10% deposit in escrow.
About the oil tanker sale
FSL Shanghai, is a South Korean, 2007-built 115,000 DWT crude oil tanker.
Disposal
The disposal is scheduled to take place before the end of March 2020.
Financial note
The value of the sale was not revealed. However, based on the valuation reported, the crude oil tanker’s worth is estimated to be USD 24 million.
The net proceeds of the disposal is to be utilized for partial repayment of the Trust’s outstanding bank debt.
The remaining funds are to be kept for general corporate purposes.
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Source: Marine Link
