Singapore owner First Ship Lease Trust (FSL Trust) has revealed a small profit from its disposal of two new LR2 product tankers.
The company completed the sale of the 114,000-dwt FSL Fos and FSL Suez (both built 2021) to Libya's General National Maritime Transport Co (GNMTC) for an eye-catching $52.5m each on Monday.
FSL will book a net gain of $500,000 after taking into consideration the combined newbuilding contract price of $97.6m and other costs associated with their construction and broker fees.
Net proceeds were $103.8m for the sale.
FSL used $12.5m towards the full and final repayment of a zero-interest bridge facility from Prime Shareholdings, the company's major shareholder controlled by FSL chairman Efstathios Topouzoglou.
The Singapore seller said it considered the price achieved from GNMTC as "extraordinarily high in the current market environment".
VesselsValue estimated that the FSL Suez and FSL Fos were worth $42.5m each at the time of sale in February.
The shipowner was forced to answer questions on the sale by the Singapore bourse SGX, which wanted to know how the sales fitted in with the company's stated intention of renewing the fleet.
FSL said it was offloading the vessels in a weak market.
New loan in Taiwan
The company also said on Monday that it has accepted an offer from a "reputable Taiwanese financial institution" for the $15m refinancing of six product tankers chartered out to UK operator James Fisher.
The ships are the 12,900-dwt Cumbrian Fisher (built 2004), 13,000-dwt Clyde Fisher (built 2005), 5,400-dwt Shannon Fisher and Solway Fisher (both built 2006), and 4,400-dwt Seniority (built 2006) and Superiority (built 2007).
The loan matures over five years. An existing facility will now be repaid in full.
