FSL Trust posted a net loss of $4.2m in the first quarter of 2012, compared to a $2m profit the same period in the previous year. “This weaker performance was largely due to the default of lease payments by BLT in February 2012,” the company said.
BLT defaulted on payments on three chemical tankers on sale and lease back deals, the vessels have since been taken back by FSL Trust. The vessels have been redeployed under the commercial management of Copenhagen-based Nordic Tankers Management, and expected to enter the Nordic Siva pool in the second quarter.
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