SINGAPORE'S First Ship Lease Trust (FSL) is facing trouble with yet another charterer.
The trust, which has had defaults from PT Berlian Laju Tanker and GEDEN Lines this year, is now demanding that Singapore-registered Omni Ships return Stella Eltanin and Stella Fomalhaut.
The two 1999-built, 46,685dwt bulkers have been bareboat-chartered to Omni Ships since October 2008. At the time, average timecharter rates for such ships were about $12,500.
FSL said it began talks to restructure Omni Ships' charter hires, including lowering the bareboat charter rates. Despite this, Omni Ships failed to pay the outstanding charter hires.
Stella Eltanin and Stella Fomalhaut have since been sub-chartered to other parties, while FSL seeks another long-term charterer.
FSL's woes have seen it report losses for 1H13, and losses for 3Q13 appear imminent. Just two weeks ago, former FR8 CEO Alan Hatton was appointed to take over from Philip Clausius at the helm of the trust, which has Schoeller Holdings, HSH Nordbank, and UniCredit as its sponsors.
Clausius, former FSL Trust chairman and director Wong Meng Meng, the trust's former financial chief Cheong Chee Tham, and former FSL director Phang Thim Fatt resigned on 4 July, citing differences with the board.
Source IHS
