One is Not Enough – FSL Goes Back to Torm

Having whetted its appetite a mere week ago, First Ship Lease Trust announced today that it had acquired from a subsidiary of TORM A/S its second LR2 product carrier, purchasing the M/T TORM Marie, a sister ship to the earlier acquired TORM Margrethe, for the same $46 million. Both vessels, which have a deadweight capacity of 109,672 DWT, were built in 2006 at Dalian Shipbuilding Industry. As was the case with the first vessel, the TORM Marie will also be bareboat chartered back to TORM for 7 years, but “on slightly better terms” than the Margrethe. In its weekly report, Martin Korsvold of Pareto suggests the rate is ~$16,000/day. The bareboat is similarly structured with recourse to TORM, a purchase option at maturity, an EBO at or after five years and three one year extensions. This vessel is also expected to be delivered this month.

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