First Ship Lease Trust (D8DU.SG) is flat at $0.375 after gaining 6.7% at 5-session high of $0.40 on news vessel owner has secured release of 1 of its 2 recently seized ships, says Dow Jones.

According to announcement made during lunch break, First Ship Lease Trust paid US$1.6 million ($2.2 million) in security deposit to retrieve Verona I, seized earlier this month in Japan by Singapore-based Daxin Petroleum, which claims it hasn’t been paid for bunker supplied to vessel.

First Ship Lease Trust has now given Verona I to chartering specialist United Product Tankers to manage. While release will ease concerns over short-term revenue loss, First Ship Lease Trust yet to get back other vessel Nika I, also seized by Daxin for similar reason.

First Ship Lease Trust has already warned of potentially lower 2Q10 DPU, currently estimated at 1.5 US cents, due to vessel seizure, which recently prompted Standard & Poor’s to place FSL’s ‘BB–’ credit rating on credit watch.

Immediate resistance at 15-day moving average, last at $0.415.