Legal proceedings between Singapore-listed shipping trust First Ship Lease and Daxin Petroleum have been stopped with neither party admitting liability.

FSL and Daxin agree out-of-court deal

The dispute between FSL and the Singapore-based bunker trader arose over unpaid bunker bills leading to the subsequent arrest of two leased FSL vessels.

The out-of-court settlement will see Daxin pay FSL $5m, which will be recorded in the trust’s fourth quarter accounts.

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