A wholly-owned subsidiary of First Ship Lease Trust (FSL Trust) has entered into a memorandum of agreement to sell the vessel FSL Osaka to an unaffiliated third party.

An initial 10% deposit for the vessel has been received in escrow. The sale of the vessel is in line with the Trust’s ordinary course of business, with further details on the net proceeds of the disposal and their utilization to be announced upon completion of the transaction.

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FSL Osaka is a 45,998 DWT medium-range product tanker built at Shin Kurushima in Japan in 2007 and has been deployed in a pool.

FSL Trust shares closed 0.1 cents lower or down 1.2% at 8.5 cents on March 2.