FSL Trust Reports $23 Million 1QFY13 Revenue
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, announced the financial results of FSL Trust for the quarter ended 31 March 2013. Revenue for 1QFY13 declined by 11.6% to $23.0 million (USD) compared to the corresponding quarter last year. In 1QFY13, all the trustās vessels continued to generate revenue from their respective employments on bareboat charters and time charters as well as in the āNordic Tankers 19,000 Stainless Steel Poolā (Nordic Pool). On a bareboat charter/bareboat charter equivalent (BBCE) basis, revenue fell 4.0% to $19.9 million compared to 1QFY12. The rentals received from 20 vessels leased on long-term bareboat charters continued to support the overall earnings of FSL Trust.
FSL Trust Improves Operational Profile
Deploys all redelivered vessels on longer term employment. FSL Trust Management Pte. Ltd. (āFSLTMā), as trustee-manager of First Ship Lease Trust (āFSL Trustā or the āTrustā), has announced the financial results of FSL Trust for the third quarter ended 30 September 2012 (ā3QFY12ā). In 3QFY12, FSL Trust successfully delivered its three chemical tankers into the āNordic Sivaā pool as well as a second product tanker, FSL Hamburg, to Petròleo Brasileiro S.A. (āPetrobrasā) for the commencement of her three-year time charter. Prior to their redeployment, these vessels were trading in the spot market where earnings were more volatile. Revenue declined 6.5% to US$26.7 million against the same period last year.