Singapore’s First Ship Lease Trust is set to increase its tanker market exposure following the end of an aframax time charter.

The Trust says the 115,000-dwt FSL Hong Kong (built 2007) will enter Teekay’s revenue sharing agreement after completing a drydock.

The tanker has been on time charter to Tesoro since 2015 at around $23,000 per day.

Roger Woods, acting chief executive of FSL, said the move strengthened the company’s relationship with the aframax market leader.