FSL Trust reduces debt facility and FY2017 debt repayments with disposal of vessel

Singapore - 11 December 2017

FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust” or “the Trust”), announces that the Trust has sold containership, FSL Santos (“Disposal”), for a cash consideration of approximately US$6,195,000, thus moderating its debt service requirements for 4QFY2017.

FSL Santos is a German-built, 1,221 TEU vessel built in 2003 that has been deployed in the Hanse Containership Pool. The net proceeds from this Disposal will be applied in full to the Trust's outstanding loan facility and the Trust will record a gain on disposal of approximately US$800,000 for 4Q2017.

Roger Woods, Chief Executive Officer of FSLTM commented: “We are very pleased to have been able to dispose of one of the Trust’s older vessels. The Disposal of this 14-year old vessel also saves the Trust the expense of a third special survey due in 2QFY2018”.

About First Ship Lease Trust (Bloomberg: FSLT SP; Reuters: FSLT.SI)
First Ship Lease Trust (“FSL Trust” or the “Trust”) is a shipowner and a provider of leasing services on a long-term bareboat charter basis to the international shipping industry. The Trust has a diversified portfolio of 21 modern and high-quality vessels, comprising four containerships, twelve product tankers, three chemical tankers and two crude oil tankers. FSL Trust is listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST).

First Ship Lease Trust press release