FSL Trust and Berlian Laju: The lessees of 3 chemical tanks have defaulted on their lease payments to FSL Trust by not making payment for Feb 2012. The lessees are wholly-owned subsis of PT Berlian Laju Tanker. The leases were for a 12 yr bareboat charter until 2018. Payment has been demanded by no later than Mar 2012. The default will cause the NTA per unit to decrease by US$0.03 from US$0.53 to US$0.50 and the lessees contributed approx 12.8% of FSL Trust revenue. Still FSL expects to be able to service its own debt obligations despite the default.
Fitch also expects the number of ship owners facing financial distress to increase with the nxt yr. The Baltic Dry index has declined 60% since the start of Jan and companies are defaulting on those contracts and renegotiating rates.
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