HSH to sell shares in FSL Trust

Godan GmbH, the controlling unitholder of First Ship Lease Trust (FSL Trust), is in discussions with investors for a potential sale of all of its shares in FSL Holdings, the sponsor of the trust.

FSL Holdings, through FSL Asset Management, owns all of the shares of the trustee-manager.

The sale by Godan, a subsidiary of HSH Nordbank AG, would result in the change of the beneficial ownership of the sponsor and the trustee-manager.

“The trustee-manager views this as a positive development for the trust and anticipates that with a long-term strategic investor controlling the sponsor, prospects for a refinancing and/or extension of the trust’s indebtedness should be greatly improved,” FSL Trust Management said.

The manager added that there “is no certainty or assurance as at the date of this announcement that Godan will enter into any definitive agreements for the sale of FSL Holdings.”

—-World Maritime News