FSL Trust Management Pte. Ltd., in its capacity as Trustee-Manager of First Ship Lease Trust (the “Trust”), refers to its announcements dated 24 February 2020 and 19 March 2020 in relation to the disposal of the crude oil tanker FSL Shanghai (the “Disposal”), and further announces that the vessel was successfully delivered to her new owners, an unaffiliated third party.

FSL Shanghai is a 115,000 DWT crude oil tanker built in South Korea in 2007, and her sale was made in the ordinary course of business.

Upon completion of the Disposal, the Trust realized a gain of US$2.600m¹, whilst the net sale proceeds were US$25.320m. An amount of US$5.562m of the net sale proceeds was used towards partial prepayment of the Trust’s outstanding debt and the remainder of US$19.758m is intended for general corporate purposes.