First Ship Lease Trust has sold one of its product tankers, making good on its promise to move out older vessels following its first newbuilding order.
The Singaporean tanker and boxship owner announced Friday the 47,496-dwt FSL Hamburg (built 2005) had been sold to an unnamed, unaffiliated third party.
A sale price was not disclosed. VesselsValue pegs the ship's market value at $11.96m.
The company said the move would help pay down bank debt, with the remainder, an estimated $6.5m, going toward two newbuildings.
The company will pay $97.2m for two Cosco Shipping Heavy Industry-built tankers it announced in December.
FSL Trust also said it would take a $6.3m impairment charge on the vessel.
In late November, the Stathis Topouzoglou-backed company announced a heavily-discounted share offering programme to raise funds for new ships.
On 6 December, the company announced the deal with Cosco and the next week said it would be looking to move some of its older vessels.
FSL Trust owns 19 ships. The FSL Hamburg was one of two 2005-built ships in its fleet, alongside the 12,984-dwt Clyde Fisher.
The 12,921-dwt Cumbrian Fisher (built 2004) is the oldest.
