The savings would be reflected in the financial period ending 31 March 2014 while the repayment of debts would be applied to repayments in the first and second quarters of 2014. The company faces $44m debt principle repayments due this year.
The two bulkers, Stella Fomalhaut and FSL Durban, has been sold for a cash consideration of $23.55m before commissions and transaction costs, according to FSL Trust.
“The disposal is part of the trust's efforts to stabilise its position and to conserve cash following the series of lessee defaults and subsequent reduction in revenues over the past 24 months,” FSL Trust said.
“The sale is opportunistic in nature due to the recovery of valuations of this vintage of vessel in the dry bulk market and is consistent with FSL's business of managing a modern and well maintained portfolio of vessels,” it added.
The Singapore-listed shipping trust said there are no immediate plans for further vessel sales, and that this transaction marks the exit of the dry bulk market for the company.
“The trust will continue to be open to future involvement in the sector. Following the disposal, FSL Trust owns a fleet of 23 modern and high quality vessels consisting of containerships and crude oil, epoxy-coated clean product and stainless steel chemical tankers,” the company said.
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