First Ship Lease Trust

vessel “Verona I” has been arrested at a Japanese port, because of its lessee’s failure to make payment for bunker supplies.
This follows an earlier announcement in May, regarding requests by FSL’s lessees, which are affiliates of Groda Shipping, to terminate their bareboat charter agreements for “Verona I” and “Nika I”, as rates have since dropped from ~ US$20k/day at the time of contract, to ~US$7k/day in May.

Mgt’s DPU guidance under review, given the two vessels are the largest in FSL’s product tanker fleet and contribute ~15% to revenue. Long interest likely to be lackluster, unless FSL can renegotiate new charter contracts.