Singapore shipowner First Ship Lease Trust (FSL Trust) has opted against traditional bank financing for its new product tankers.
The company said it had evaluated several funding options for the 114,000-dwt LR2 ships ordered at Cosco Shipping Heavy Industry in Yangzhou, China.
These included bank lending, but FSL Trust went in the end with a "reputable" Chinese sale and leaseback company, underlining the growing importance of this alternative financing route for shipowners.
