SINGAPORE (Yosefardi) – Wholly-owned subsidiaries of Geden Holdings Ltd have defaulted on their lease payments of two crude oil tankers, namely Aqua and Action, to FSL Trust Management Pted Ltd (FSLTM).
“FSLTM has today demanded the delivery of these vessels,” said the company in a disclosure to Singapore Exchange.
The company admitted that it had been in restructuring discussions with Geden since the end of 2012. “However, the lessees (subsidiaries of Geden) have failed to pay the agreed lease payments due for Aqua and Action,” FSLTM continued.
FSLTM is the manager of First Ship Lease Trust, which has a diversified portfolio of 25 vessels, comprising seven container ships, 11 product tankers, three chemical tankers, two crude oil tankers, and two dry bulk carriers.