First Ship Lease says Berlian Laju units defaulted on lease obligations

SINGAPORE Feb 7 (Reuters) - Singapore-listed First Ship Lease Trust Pte Ltd said some subsidiaries of troubled Indonesian tanker operator Berlian Laju Tanker had defaulted on their payment obligations for three tankers.

"FSL Trust currently leases the Vessels, through special purpose companies, under a 12-year bareboat charter each to the Lessees until 2018," the company said in a statement on Tuesday.

"Each Lessee is obliged to pay the relevant charter hire due under the relevant Lease Agreement on the first day of each calendar month. As of the date of this announcement, the Lessees have not made payment for the Vessels for the month of February 2012," it said.

As a result of the default, First Ship said its net tangible assets per unit is expected to decline by $0.03 to $0.50. The subsidiaries of Berlian Laju contributed 12.8 percent of the company's total revenue for 2011.

Late last month, Berlian Laju teetered on the brink of default, blaming a slump in freight markets for freezing payments on its debt of $2 billion. (Reporting by Harry Suhartono; Editing by Anshuman Daga)