Singapore-based First Ship Lease Trust (“FSL Trust”) informs in its Q1 2014 financial report that its loss for the quarter was reduced by nearly 30% to US$4.9 million from US$7.0 million posted the year before. The reduced loss was partly due to the impairment loss on financial assets available-for- sale in the first quarter ended 31 March 2013.
“Despite the many challenges faced over the past year, we are now in much stronger stead and have addressed many long-standing issues in order to improve the performance of the Trust,” said Alan Hatton, Chief Executive Officer of FSLTM.
He pointed out that amongst other initiatives, The Trust now have an experienced management team on board, have reduced its debt through the disposal of two dry bulk vessels, and have secured a loan covenant relaxation.
“Overall, the Trust is now operationally and financially stronger and this provides the platform to deliver value to unitholders going forward.” said Hatton.
About First Ship Lease Trust
FSL 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 23 modern and high-quality vessels, comprising seven containerships, 11 product tankers, three chemical tankers and two crude oil tankers.