FSL Trust units get up to US$25m bridging loan to buy tankers

Singapore

FIRST Ship Lease Trust (FSL Trust) on Friday said its sponsor and controlling unitholder FSL Holdings had agreed to extend a secured, interest-bearing bridging loan of up to US$25 million to partially finance the acquisition of two newbuild tankers.

The trust announced in December 2018 the purchase of the product tankers by its wholly owned subsidiaries, FSL-28 and FSL-29, for a total of US$97.6 million from shipbuilder Cosco Shipping Heavy Industry (Yangzhou), as part of a plan to renew its fleet of vessels. It said then that the tankers were due for d…