The construction of First Ship Lease Trust’s first two 114,000 DWT LR2 newbuildings in China is progressing smoothly despite COVID-19 challenges to the shipbuilding industry, the company’s trustee manager said.

Built by COSCO Shipping Heavy Industry (Yangzhou) Co., Ltd, keel laying for Hull no. N945 was completed on 20 April 2020, while the hull construction for the first newbuilding (Hull no. N944) is currently underway.

Roger Woods, CEO, said: “We are pleased that keel laying for Hull no. N944 and Hull no. N945 have completed despite the pandemic outbreak. The vessels are due for delivery in Q4 2020 and Q1 2021 and will utilise the latest technology while being more environmentally friendly and efficient, making them more competitive and attractive for premium chartering rates and long-term leases.”