Creditors Allow FSL Trust More Breathing Space

MarineLink.com
Sunday, March 02, 2014
FSL Shanghai: Photo credit the owners

Formerly financially troubled FSL Trust Management (FSL Trust) says in its latest FY 2013 report that it has successfully secured a loan covenant relaxation until 31 December 2014, which they hope will enable them to move forward.

Highlights from the financial reports (Q4 2013 & FY 2013)
• Relaxation of loan covenants secured until 31 December 2014
• Business undergone significant restructuring, management now focused on improving
operations and strengthening the performance of the Trust
• Full year revenue of US$90.0 million for FY2013
• The Trust remains cashflow positive with 4QFY13 and FY2013 net cash generated from operations of US$7.6 million and US$36.0 million

FSL Trust Management Pte Ltd, as trustee-manager of First Ship Lease Trust, also announces the Trust’s financial results for the financial year ended 31 December 2013 with a 15.2% decline in revenue to US$90.0 million from US$106.1 million in the previous financial year 2012.

For the fourth quarter ended 31 December 2013, revenue decreased 3.6% to US$23.2 million from US$24.1 million in the corresponding period of the previous financial year.

Alan Hatton, Chief Executive Officer of FSLTM commented:
“We are very pleased to have reached an agreement with our lenders regarding a relaxation of our loan covenants until 31 December 2014. This marks significant progress for the Trust."

About First Ship Lease Trust
First Ship Lease Trust is a provider of leasing services on a long-term bareboat charter basis to the international shipping industry. The Trust has a diversified portfolio of 25 vessels, comprising seven containerships, 11 product tankers, three chemical tankers, two crude oil tankers and two dry bulk carriers.
 
More detailed financial information is available via: http://fsltrust.listedcompany.com/

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Tanker Trends

A History of U.S. Oil Export Controls

On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war.

US Warns of Sanctions on Buyers of Islamic State Oil

The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Finance

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

Gazprom to Counter Negative Global Market Trends

The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial

New York, London Juxtaposed by New Maritime Event

On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA),

Container Ships

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

Vessels

Historic Mexican Ship Visits Port of LA

ARM Cuauhtémoc, a Mexican Navy barque, also known as the Ambassador and Gentleman of the Seas, will sail into the Port of Los Angeles next week and offer free public

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Tuco Debuts New Wind Farm Service Boat

Less than a week before the Offshore Energy 2014 Exhibition and Conference in Amsterdam the coming week, Tuco Marine disclosed the newest vessel in the ProZero series of Fast Rescue Boats,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2390 sec (4 req/sec)