Singapore Exchange forces FSL Trust shareholder meeting to OK sales

In an unusual move on Wednesday, Singapore Exchange authorities asked shipowner First Ship Lease Trust (FSL Trust) to obtain shareholder approval before completing a sale of two newbuildings.

The $105m deal to dispose of the 114,000-dwt LR2 ships FLS Fos and FSL Suez (both built 2021) was “not in the ordinary course of business”, the Singapore Exchange Regulation (SGX RegCo) argued in a letter to FSL Trust.