Topouzoglou agrees newbuilding bridging loan for FSL Trust
Greek provides short-term funds to help finance initial deposit for LR2s on order in China.
First Ship Lease Trust (FSL Trust) has secured a $25m bridging loan from majority shareholder Efstathios Topouzoglou to help fund two LR2 newbuildings.
The Singapore-listed company has already drawn down around $10m of the loan, which carries an interest rate of libor plus 4%.
Based on a Libor of 2.98575% as of the date of the bridging loan, FSL Trust said the annual interest payable on the loan is about $1.75m.
The term of the loan falls 12 months from the date of drawdown of the bridging loan, FSL Trust said in a statement.
Late last year FSL Trust ordered two 114,000 dwt scrubber fitted product tankers at COSCO Shipping Heavy Industry’s Yangzhou yard at a cost of $97.6m.
Separately, FSL Trust revealed that it has paid Topouzoglou ’s Prime Tanker Management ship-management fees of $170,000 in 2018 and a further $42,000 in 2019 to date.
Topouzoglou, who is the non-independent, non-executive chairman of FSL Trust, controls 24.77% of the shares in the company.
