First Ship Lease (FSL) appears to be moving to post security of $4.8m to get two product carriers freed from arrest by bunker supplier Daxin Petroleum.
The Singapore based shipowner said an aggregate amount of $4.8m had to be posted as security and it was moving “to secure expeditious release of both vessels.”
But these funds were augmented by lease rentals from the hire of its fleet and it had received full and prompt payment for June.
“Since FSLTM fully believes that full lease payments will continue to be received promptly in the following months, FSL Trust’s cash flow is, and is expected to remain, strong notwithstanding the posting of the required security amounts for the two vessels, “ the Singapore listed company said in a statement.
FSL said the total value of the bunker claims was also not material in comparison to FSL Trust’s total equity of $370 million as of the end of March.
Daxin Petroleum claims it has not been paid $1.6m in respect of bunkers supplied to the 47,500-dwt Verona I (built 2006) arrested in Japan and $2.5m to the 47,500-dwt Nika I (built 2005) seized in China.
FSL controls a fleet of 23 vessels, comprised of seven containerships, nine product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers.
The fleet is bareboat chartered to operators who include James Fisher, Yang Ming, Berlian Laju, Evergreen, Schoeller Holdings, Siba Ships, Geden and Groda Shipping.
