SEE:FSL Trust to sell two LR2 product tanker newbuildings
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In addition, the trust has sufficient debt headroom for future growth via new vessel acquisitions after it entered into an agreement on Feb 17 to sell the two new LR2 vessels it ordered in 2018. “The agreed selling price was US$52.5 million per vessel, while they were acquired in December 2018 for a total of US$97.6 million, yielding a gain of US$7.6 million. Gearing is expected to decrease from 18.7% in FY2020 to 10.1% in FY2021 as the trust turns from net debt to net cash,” says Ye.