The Singapore-listed Trust says a leading global commodities trader has hired the 116,000-dwt FSL Shanghai (built 2007) as well as the 47,496-dwt FSL Hamburg (built 2005) and the 47,470-dwt sistership FSL Singapore (built 2006).
Alan Hatton, chief executive of FSL, said: “The new rates are significantly above the current employment rates for the three vessels and the projected revenue will generate significant cash flow for the Trust.
“These new contract agreements are another positive step forward for the business, providing stable and improved cash flows for the Trust.”
A deal for the FSL Shanghai includes a 12 month extension option, while the FSL Hamburg and FSL Singapore can be stretched for a further six months each at higher rates, a statement said.
While individual rates are not disclosed, investors are guided on how much income from each of the ships will climb.
FSL says the rate for the FSL Shanghai marks a 54% bump from its present work, while the other two will see income rise by 31%.
The contracts continue a turn around at the shipowner that has been profitable for the past four quarters and has regained compliance with loan covenants.
