FSL Trust's vessel portfolio comprises 22 vessels and it is diversified across four shipping sub-sectors, namely crude oil tankers, product tankers, chemical tankers and containerships.
Vessels on Bareboat Charter
Currently, 12 vessels are leased to international shipping companies on long-term bareboat charters. The lease term of each charter is at least 5 years at inception and all lease transactions 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 2017.
Vessels on Time Charter
FSL Hong Kong
, a crude oil tanker, is employed on a two-year time charter with Tesoro, an independent refiner and marketer of petroleum products, since June 2015. FSL Shanghai
, also a crude oil tanker, is employed with Trafigura, a leading global commodities trader on a two-year time charter with options to extend the agreement for a further 12 months. The vessel commenced its time charter in August 2015. These vessels are operating under the technical management of Thome Ship Management Pte. Ltd. and commercial management of V.Ships UK Limited.
The Trust secured a two-year time charter with options to extend the agreement for a further six months for FSL Hamburg
and FSL Singapore
, MR product tankers, with Trafigura. The vessels commenced their time charter in November 2015. The Trustee-Manager has appointed Columbia Shipmanagement as the technical and commercial manager for the vessels.
Vessels in a Chemical Tanker Pool
FSL Trust's chemical tankers, namely FSL New York, FSL London
and FSL Tokyo
are deployed in the ‘Nordic Tankers 19k Stainless Steel Pool’ managed by Nordic Tankers. The Trustee-manager has appointed Columbia Shipmanagement (Singapore) Pte. Ltd. as technical manager of the three chemical tankers.
Vessels in a Containership Pool
FSL Trust's container ships, namely FSL Busan
and FSL Santos
are deployed in a 1200 -1400/1700 TEU earnings pool which is managed by HANSE Bereederung GmbH. The Trustee-manager has appointed Columbia Shipmanagement (Singapore) Pte Ltd as technical manager of the two container ships.
Vessel in MR Product Tanker Pool
On 30 November, the Trust announced it had completed the acquisition of a 2007, Japanese-built, 45,998-dwt MR product tanker, FSL Osaka
. The vessel is deployed in the Hafnia MR pool managed by Hafnia Management A/S. This vessel is operating under the technical management of Wallem Shipmanagement Limited.