FSL Trust Management, the trustee-manager of Singapore-based First Ship Lease Trust, is looking to secure refinancing for the Trust’s two chemical tankers, FSL New York and FSL London.

After considering sale or refinancing options, the trustee-manager informed that the company is exploring the refinancing “in view of the current poor market conditions for vessel disposals.”

As such, discussions with banks to refinance the chemical tankers are now in progress.

FSL Trust Management said that the board and management are continuing to pursue a full refinancing of the Trust’s existing loan facilities in order to fully repay current lenders.