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FSL to continue Rosneft COAs

FSL to continue Rosneft COAs

Singapore: FSL Trust will continue to perform contract of affreightments for Rosneft on a pair of product tankers after Groda Shipping reneged on its charters with the fund. Last week Groda said it would stop paying charter hire to FSL on the product tankers Nika 1 and Verona 1. The two vessels were acquired by FSL in 2007 with a seven year, plus three year option, charterback to Groda. The vessels were fixed at a rate of $20,700 per day. The COA's earn $7,000 per vessel per day on a bareboat charter equivalent. "The vessels have planned voyages under the COAs and our immediate priority is the continued smooth operation of the vessels whilst we explore alternative commercial solutions that would optimise our revenue generation," said Philip Clausius, ceo of FSL Trust Management. FSL said the reneging of the charter deal by Groda did not trigger a default under the loan agreement for the vessels. "FSL Trust Management is presently not aware of any information that would lead it to believe that its other customers would not continue to fulfil their lease payment obligations," the trust said. [12/05/10]

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