FSL Trust buys, leases back two crude tankers

FSL Trust buys, leases back two crude tankers Singapore-based FSL Trust Management has acquired two crude oil tankers from Turkey-based Geden Lines for $140 million, with the vessels being concurrently leased back to the seller for a lease term of 10 years.
   'Apart from diversifying our customer base further, we are also entering a new market segment through the acquisition of our first crude oil tankers,” said Philip Clausius, chief executive officer of FSL Trust. “This $140 million transaction brings our total asset acquisitions to $298 million in just over a year since our listing in March 2007. Its size is obviously very meaningful in the context of our acquisition target of $300 million for fiscal year 2008, which we continue to be very confident of meeting.'