FSL Trust bids farewell to two idle vessels for US$10.8m

It was done to protect shareholder value.

FSL Trust has bagged US$10.8m for its disposal of two containerships, Ever Radiant and Ever Respect.

According to the company’s media release, just over US$8m of the proceeds will be channeled towards outstanding loan facility, subsequently reducing the company’s quarterly loan repayment by about US$320,000 from the first quarter of this year.

The sale will incur a loss on disposal of US$4.2m across two vessels in 1Q16, following a writedown in 4Q15 of about US$1m.

FSL Trust Management CEO Alan Hatton asserts that despite FSL Trust’s best efforts, further employment for the vessels could not be found and the move to dispose of them was done to protect shareholder value.

FSL Trust’s fleet now stands at 22 vessels, comprising five containerships, 12 product tankers, three chemical tankers and two crude oil tankers.