FSL is one of a string of charterers which will share a 17.3% slice of
Torm in exchange for lower rates after the Danish owner finally put pen to
paper on a rescue deal yesterday.
In a statement issued after the close of trading in
Singapore today, FSL said: “Barring unforeseen circumstances, the Trust will be
able to service its debt obligations under its loan agreement even at the
realigned charter rates.”
As TradeWinds has reported previously FSL has agreed to
receive a variable rate for the 109,000-dwt Torm Margrethe
and Torm Marie
(both built 2006) for the remainder of their contracts.
Purchase and
extension options on the ships, which FSL took on sale-and-leaseback deals last
year, have also been canned.
FSL’s banks have
previously signed up to the proposed revised terms on offer, and the deals will be ripped up if Torm
under-performs.
Yesterday Torm
announced its long-running financial struggle had been resolved after striking
a firm pact with lenders and charterers.
Banks now
control more than 70% of the company, with existing shareholders left with just
10%.
Jacob Meldgaard,
CEO of the Danish shipowner, told TradeWinds yesterday: “I cannot imagine a
stronger owning group in today’s environment.”
While a loan holiday and fresh covenants
have been agreed, lenders on three facilities have the right to call for the
sale of up to 22 vessels by early next year.
Banks controlling one of the facilities
have already made the call for five ships to be sold off.
Meldgaard says the decision is “no drama”,
reasoning Torm has time to complete that process.
