First Ship Lease Trust agrees to sell product tanker Speciality

First Ship Lease Trust (FSL Trust) has entered into an agreement to sell the product tanker Speciality to an unaffiliated third party, according to an announcement by its trustee-manager, FSL Trust Management Pte. Ltd.

The transaction is being carried out through FSL-14, Inc., a wholly owned subsidiary of the trust, which has signed a memorandum of agreement for the vessel’s sale. The buyer has lodged a 10% deposit in escrow, although the transaction has not yet been completed.

The Speciality is a 4,426-deadweight-tonne (DWT) product tanker built in 2006 at the Qingshan shipyard in China. The vessel has been employed under a bareboat charter arrangement.

FSL Trust stated that the disposal is being undertaken in the ordinary course of business. The announcement does not specify the agreed sale price, the identity of the buyer or the expected completion date.

Further details of the transaction, in accordance with Chapter 10 of the Singapore Exchange Securities Trading Limited’s Listing Manual, will be disclosed upon completion of the sale.