The Ma-Jin: Crew Feedback and Vessel Data

In a significant move, First Ship Lease Trust, based in Singapore, has announced the time chartering of its Aframax tanker, FSL Shanghai, to prominent oil refiner Tesoro. The 115,000 dwt vessel will operate under Tesoro's subsidiary, Tesoro Far East Maritime Company, in a deal projected to yield approximately $5.7 million in revenue over the next year. This new contract marks a substantial upswing, adding $1.6 million compared to the previous agreement and highlighting a remarkable 40% increase in net revenue year-on-year. Previously, FSL Shanghai was managed commercially by Teekay Chartering, underscoring the vessel's strong operational pedigree.

FSL Trust Management has officially requested the redelivery of two crude oil tankers, Aqua and Action, from Geden Holdings Ltd, following a failure to meet lease payment obligations. This demand was made on June 17, as Geden has been unable to fulfill their financial commitments despite lengthy restructuring discussions with FSL. In light of this situation, FSL plans to place the vessels in the spot market temporarily to maximize their utilization.