---

Singapore-based FSL Trust Management Pte. Ltd. (FSLTM), the trustee-manager of First Ship Lease Trust (FSL Trust) has announced that its vessel Verona I was released on 17 June at Shimotsu, Japan, after posting a security deposit of approximately US$1.6 million with a Japanese court.

The product tanker was arrested following a dispute with Singapore's Daxin Petroleum Pte Ltd. over alleged non-payment of bunker fuel.

Following the release of the Verona I, FSLTM said it will deploy the vessel in the spot market under the commercial management of United Product Tankers GmbH & Co. KG (UPT). The vessel has been withdrawn from the lessee, Mesino Shipping Company Limited and consequently will no longer be employed under the Contract of Affreightment between Mesino and OJSC Rosneft Oil Company.

UPT specializes in the chartering and commercial management of product tankers and currently manages a fleet of 53 vessels. It is also an affiliate company of Schoeller Holdings, which is the largest shareholder of FSL Holdings Pte. Ltd., the sponsor of FSL Trust.

FSLTM has appointed Prisco (Singapore) Pte Ltd. as the technical ship manager for Verona I. Prisco currently operates a fleet of 21 vessels and was also managing Verona I and Nika I prior to the re-delivery.

FSLTM said it is continuing to focus on securing the release of Nika I from the Chinese court and that it intends to deploy the vessel under a similar arrangement as Verona I upon its release.

FSLTM added that it is also in the process of renaming Nika I and Verona I to FSL Hamburg and FSL Singapore, respectively and reinstating the Singapore flag.