FSL Trust demands back unpaid vessels

Defaulting lessees have been ordered to return three chemical tankers after defaulting on their obligations.

This action follows a formal demand from FSL Trust last February 7 for PT Berlian Laju Tanker Tbk and its subsidiaries to settle its unpaid lease payments for the chartered vessels.

The three chemical tankers -- "Pertiwi", "Prita Dewi" and "Pujawati" -- were leased under a 12-year bareboat charter to the lessees until 2018, but FSL Trust has not received the requisite monthly payment for February 2012.

While PT Berlian Laju Tanker Tbk has guaranteed the lessee obligations, FSL Trust has said before that the mass defaults will whittle down its net tangible assets and force it to repossess the vessels.