FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) refers to the announcement made on 4 April 2012 by TORM A/S (TORM).
FSL Trust currently leases two product tankers (the “Vessels”), namely, TORM Margrethe and TORM Marie, to a wholly-owned subsidiary of TORM. The Vessels are leased on bareboat charters for lease terms of seven years each and contain early buyout, purchase and lease extension options.
TORM has been in discussions with its tonnage providers, including FSL Trust, to realign its charter-in agreements. These discussions resulted in a proposed long-term comprehensive financing solution with all its tonnage providers to address its current financial difficulties.