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FSL Trust demands redelivery of two crude oil tankers following default by Geden Subsidiaries


Published Jun 17, 2013
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FSL Trust Management Pte. Ltd.

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), wishes to announce that the lessees (the “Lessees”) of its two crude oil tankers, namely, Aqua and Action, have defaulted on their lease payments and FSLTM has demanded the redelivery of these vessels. The Lessees are wholly-owned subsidiaries of Geden Holdings Ltd. (Geden).

FSLTM had been in restructuring discussions with Geden since the end of 2012. However, as of the date of this announcement, the Lessees have failed to pay the agreed lease payments due for Aqua and Action. The obligations of the Lessees are guaranteed by Geden pursuant to the deeds of guarantee.

Tags: FSL Trust Management Pte. Ltd.



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