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Pending announcement to clarify lenders' position in relation to a covenant waiver or relaxation for 30 September 2013
Another suspension. Anyone with any idea what's happening to this ghost ship...
Sinking ships, still no hope of issuing dividends after the suspension from 30th June.
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) announces that the lessee of its two dry bulk carriers, OMNI Ships Pte. Ltd. (OMNI Ships), has defaulted on its lease payments. Today, FSLTM issued a notice to OMNI Ships for the redelivery of its two dry bulk carriers, namely Stella Fomalhaut and Stella Eltanin.
During the first quarter of 2013, FSLTM concluded restructuring discussions with OMNI Ships, which included a reduction in bareboat charter rates for the two dry bulk carriers. Despite the restructured terms, OMNI Ships failed to pay FSL Trust the charter hires due.
Stella Fomalhaut and Stella Eltanin are currently employed under short-term sub-time charter contracts and FSLTM has agreed with the sub-time charterers to continue the contracts directly with FSL Trust. FSLTM is actively looking for suitable employment for the vessels after their current contracts expire.
Aug 27, 2013
| Appointment Details | ||
| Date of Appointment | 27/08/2013 | |
| Name | ALAN HATTON | |
| Age | 35 | |
| Country of principal residence | Singapore | |
| The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process) | The Board of FSL Trust Management Pte. Ltd. has appointed Mr Alan Hatton to be the CEO of the Trust. | |
| Whether appointment is executive, and if so, area of responsibility | Executive - CEO | |
| Job Title | Chief Executive Officer | |
| Working experience and occupation(s) during the past 10 years | FR8 Holdings Pte Ltd - CEO 2008 - Present CFO 2007 - 2008 Lazard & Co Ltd - Investment Banker 2005 - 2007 Dresdner Kleinwort, London - Investment Banker 2002 - 2005 | |
| Interest in the listed issuer and its subsidiaries | NIL | |
| Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries | NIL | |
| Conflict of interest | NIL | |
| Other Directorship | ||
| Past (for the last five years) | Please refer to the attachment - List of Past and Present Directorships. | |
| Present | Please refer to the attachment - List of Past and Present Directorships. | |
Run away as fast as you can!!!!!
tsc3024 ( Date: 06-Aug-2013 14:21) Posted:
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Sinking ship. I thought the dividends suspend to 30 June will bear some positive news. Instead, the management just " change" , Hopefully this trusts can regain investors confidence soon.
Now trading at far below NAV, so long it remains alive, may be time to pick up some.
Fingers crossed new management will reverse things.
FSL no longer suspended. New board formed.
I think company still got cash...just tat change management staff need to sus...will still hold Bo Bian cos alr very low
Called up FSL just now to enquire about any news, at least someone picked up unlike last week when they didn't even want to answer. No news yet on any outcome. Maybe best for all if they delist at the present value than relist and have it plunge to naught.
Running out of money liao...??? 
He quits.....together with the CEO and CFO
jackson5 ( Date: 04-Jul-2013 17:13) Posted:
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Senior lawyer Wong Meng Meng is the Chairman and he is sleeping ?
Hold for many years
Hope the new management can bring a new lease of life to the company.. Dont give up!! It's a decent company afterall, just that shipping industry is generally very bad recently..
dingbat ( Date: 04-Jul-2013 09:46) Posted:
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sorry, should be the Oaktree advisers, not Oakwell Trust. At least they release some news even if it's just gobbledygook abt how all the insiders oredy knew of the impending doom but misguided gullible shareholders like moi abt the bank loan approval. sigh...
dingbat ( Date: 04-Jul-2013 09:55) Posted:
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News out liao......
Admin cock-up. Management is a real mess.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E1BB1778436F1C6848257B9E0005AD8B/%24file/Announcement_Clarification_on_Extension_on_Covenants_Relaxation.pdf?openelement
don't greedy with the dividend from trust. At the end, you will vomit out more.
dingbat ( Date: 04-Jul-2013 09:46) Posted:
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