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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

MARAD to Host Meeting on Proposed Delfin LNG License

MARAD Announces Public Scoping Meetings for Proposed Delfin Liquefied Natural Gas Deepwater Port Export Facility.   On July 29, the Maritime Administration

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Tanker Trends

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

Eni Mulls Mozambique LNG Supply Deal

Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday.

Finance

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

Container Ships

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Matson Settles with Hawaii Settle on Molasses Incident

Pacific cargo shipper Matson, Inc. informs that a settlement has been reached with the State of Hawaii to resolve all civil, criminal and administrative claims

Vessels

RoRo Launched for Royal Bahamas Defense Force

A Damen RoRo 5612 was launched this month at Halong Shipyard in Vietnam, the shipbuilder announced. The RoRo is one of nine Damen vessels ordered by the Royal

Fire-stricken Icebreaker Overhauled

SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul   SENER reports it has completed the engineering works relating to

Google Maps Goes Coastal with Unmanned Boat

A new high-tech unmanned vessel, launched with the help of Google, will use innovative technologies from the boatbuilding and mapping fields to map shorelines and

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | 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: 0.2357 sec (4 req/sec)