FSL Trust's vessel portfolio comprises 23 vessels and it is diversified across five shipping sub-sectors, namely: crude oil tankers, product tankers, chemical tankers, containerships and dry bulk carriers.

Vessels on Bareboat Charter

Currently, 21 of the vessels are chartered out to seven reputable shipping companies on long-term bareboat charter basis. As at 30 June 2010, the remaining contracted revenue on these leases stood at US$640 million and the average remaining lease term is about 7.7 years^#. The lease term of each charter is at least 7 years at inception and all lease transaction are structured on "hell-and-high water" basis, the tightest contractual standard in the maritime industry. The lease maturities in the lease portfolio are staggered, thereby ensuring that not all of its leases will expire at the same time. The earliest lease maturity is in 2014.

^# Based on dollar-weighted average basis by net book value as at 30 June 2010.

Vessels in the Product Tanker Spot Market

FSL Trust presently has 2 vessels deployed in the product tanker spot market. These two vessels are 'FSL Singapore' and 'FSL Hamburg', both vessels are 47,000 dwt Super Ice Class 1A product tankers. The Trustee-manager has appointed UPT United Product Tankers and Prisco (Singapore) as the commercial manager and technical manager, respectively for both vessels.