Singapore-listed shipowner First Ship Lease (FSL) Trust has secured new timecharter contracts for three tankers worth up to USD61 million in revenue.
FSL Trust announced on 6 July it had reached an agreement with a commodities trader to charter the 2005-built, 47,496 dwt products tanker FSL Hamburg, the 2006-built, 47,470 dwt products tanker FSL Singapore, and the 2007-built, 115,915 dwt Aframax crude tanker FSL Shanghai for two years.
The deal includes options to extend the agreements at a higher rate for FSL Hamburg and FSL Singapore for a further six months, and FSL Shanghai for a further 12 months.
The net daily rates under the new charters represent an increase of 54% for FSL Hamburg and Shanghai, and a 31% increase for FSL Singapore compared with the previous agreements, according to FSL Trust. The higher rates reflect continued tanker market improvement, the company said.
FSL Trust CEO Alan Hatton said, “These new contract agreements are another positive step forward for the business, providing stable and improved cash flows for the trust.”
FSL Trust posted a profit of USD5.09 million in the first quarter of 2015, returning to black after incurring a loss of USD4.95 million in the first quarter of 2014.