Struggling Singapore shipping trust FSL Trust has demanded the redelivery of two bulkers chartered by OMNI Ships, formerly Siba Ships, after it defaulted on lease payments on the Stella Fomalhaut and the Stella Eltanin.
FSL Trust said despite renegotiating the leases to a lower payment level in the first quarter of this year OMNI had failed to make payments due.
Both vessels are employed on short term sub-charters and the sub-charterer has agreed to continue the contracts directly with FSL Trust. The trust said it was actively looking for employment for the vessels after the charters expire.
It is the second charter default FSL Trust has endured this year after Gdeen Holdings defaulted on the leases on two aframax tankers.
In late August former FR8 Holdings ceo Alan Hatton to took up the helm at the trust nearly two months after its top management quit enmasse.