First Ship Lease Tru : FSL Trust Secures Second Three-Year Time Charter Contract
For immediate release
FSL TRUST SECURES SECOND THREE-YEAR TIME CHARTER CONTRACT
Singapore, 3 May 2012 - FSL Trust Management Pte. Ltd.
("FSLTM"), as trustee-manager of
05/03/2012| 06:53am US/Eastern
First Ship Lease Trust ("FSL Trust" or the "Trust") wishes to
announce that its product tanker,
'FSL Hamburg', will be chartered to Petṛleo Brasileiro S.A.
("Petrobras") on a three-year time charter contract. This
will be FSL Trust's second time charter contract with
Subject to physical inspection of the vessel by Petrobras,
'FSL Hamburg' will be chartered on a gross daily charter rate
of US$14,000 per day for a period of three years from the
third quarter of 2012.
As an update to the announcement on 28 March
20121, the Trust would like to confirm that its
product tanker, 'FSL Singapore', has cleared its physical
inspection with Petrobras.
FSL Trust has incorporated a wholly-owned subsidiary, FSL
Netherlands B.V., a private limited company in Amsterdam, to
enter into the two time charter contracts directly with
Petrobras. FSL Netherlands B.V. will in turn enter into
back-to-back arrangements with FSL-18 Pte. Ltd. and FSL-19
Pte. Ltd.2 These arrangements will allow FSL
Trust to take advantage of efficient tax structuring for
these time charters.
1 Please refer to press release: "FSL Trust secures a
three-year time charter contract", dated 28 March
2 Vessel-owning special purpose companies of 'FSL
Hamburg' and 'FSL Singapore' respectively.
About First Ship Lease Trust (Bloomberg: FSLT SP; Reuters:
FSLT.SI; OTCQX: FSHPY)
First Ship Lease Trust ("FSL Trust" or the "Trust") is a
provider of leasing services on a long-term bareboat charter
basis to the international shipping industry. The Trust has a
diversified portfolio of 25 modern and high quality vessels,
comprising seven containerships, 11 product tankers, three
chemical tankers, two crude oil tankers and two dry bulk
FSL Trust is managed by FSL Trust Management Pte. Ltd., the
trustee-manager. The trustee-manager aims to grow and
diversify the Trust's portfolio through accretive
acquisitions of vessels with leases, to increase predictable
cashflow generation and to provide regular cash distributions
to unitholders of the Trust.
FSL Trust is listed on the main board of the Singapore
Exchange Securities Trading Limited (SGX-ST) and its American
Depository Receipts (ADRs) are quoted on the PrimeQX tier of
International OTCQX. FSL Trust is a component stock of the
FTSE ST Maritime Index and the MSCI Global Micro Cap index.
This news release may contain forward-looking statements that
involve risks and uncertainties. Actual future performance,
outcomes and results may differ materially from those
expressed in forward-looking statements as a result of a
number of risks, uncertainties and assumptions.
Representative examples of these factors include (without
limitation) general industry and economic conditions,
interest rate trends, cost of capital and capital
availability, competition from other companies, changes in
operating expenses, trust expenses and governmental and
public policy changes and the continued availability of
financing in the amounts and the terms necessary to support
future business. Investors are cautioned not to place undue
reliance on these forward-looking statements, which are based
on the current view of management on future events.
FSL Trust Management Pte. Ltd.
Ms. Wylyn LIU
Telephone: +65 6500-9087 email: email@example.com
Ms. Rita CHAY
Telephone: +65 6100-1811