First Ship Lease Trust (D8DU.SG) is trading at $0.41 below 52-week low of $0.425 on risks to revenue as vessel owner discloses another of its ships has been seized, this time in China, by Singapore-based Daxin Petroleum for not paying bunker supplied by Daxin, says Dow Jones.

The announcement comes just days after FSL said Daxin has seized its Verona I vessel in Japan for same reason. FSL has to fork out US$2.8 million ($4 million) as security to get back latest vessel, Nika I, but amount for unpaid bunker not disclosed. Size of security represents almost one-third of FSL’s distributable income for 1Q10.

FSL says unpaid bunkers for both vessels allegedly incurred by affiliates of Groda Shipping & Transportation, which last month abruptly called off chartering agreements with FSL citing tough operating conditions.

Seizure has prompted Standard & Poor’s to place FSL’s ‘BB–’ credit rating on credit watch.

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