First Ship Lease Trust (FSL Trust) has called off a chemical carrier disposal due to a customs probe.

The Singapore-listed owner had agreed to sell the 20,000-dwt FSL London (built 2006) to an unnamed third party in September.

But the company has now revealed both sides have scrapped the deal.

This followed delays in the delivery schedule "as a result of a customs investigation concerning cargo specifications," FSL Trust said.

The initial 10% deposit paid in escrow has been returned to the buyer, the shipowner said.

FSL Trust has been contacted for further comment.

Indonesian buyer named

Brokers report a price of $10.2m had been agreed, against a VesselsValue valuation of $10.8m for the ship.

Samudera Indonesia was listed as the prospective buyer.

The tanker was one of two sold in September and August that had come off long-term charters to GSB Tankers.

The 20,000-dwt FSL New York (built 2006) went for around $10m to Haein Shipping of South Korea.

This brought in profit of about $300,000.

Both tankers were operating spot in weak markets, but FSL Trust prefers to have vessels on term deals.

At the end of June, seven of its 10 product and chemical tankers operated on longer-term charters with James Fisher Everard of the UK.

Firm, fixed-rate bareboat charters with this operator helped FSL Trust post a profit in the first half of this year, despite slumping tanker markets.

FSL Trust has sold four other tankers this year, while adding one.

The company is led by chairman Efstathios Topouzoglou and chief executive Roger Woods.