The Board of Directors (the “Board”) of FSL Trust Management Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of First Ship Lease Trust (the “Trust”), announces that FSL-1, Inc., a wholly-owned subsidiary of the Trust, has entered into a memorandum of agreement to sell the vessel Cumbrian Fisher (the “Vessel”) to an unaffiliated third party who lodged a 10% deposit in escrow (the “Disposal”).

The Vessel is a 12,921 DWT product tanker built at Samho in South Korea in 2004 and has been employed under bareboat charter.

The Disposal is made in the ordinary course of business. Details of the Disposal in accordance with Chapter 10 of the Listing Manual of the Singapore Exchange Securities Trading Limited will be disclosed upon completion of the Disposal.

First Ship Lease Trust press release