FSL Trust Buys MR Product Tanker
FSL Trust Management Pte. Ltd. (FSLTM), as the trustee-manager of First Ship Lease Trust (FSL Trust), announced that FSL Trust has entered into a memorandum of agreement to purchase a 2007, Japanese-built, 45,998-dwt MR product tanker for $21.8 million. The acquisition will be financed through existing cash reserves that totaled $41.8 million at June 30, 2015. The vesselās delivery is expected between November 1, 2015 and January 31, 2016, bringing FSL Trustās fleet to 24 vessels: 12 product tankers, three chemical tankers, two crude oil tankers and seven containerships.
FSL Trust Inks Tanker Contracts
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore. The Trust has reached an agreement with a leading global commodities trader to charter the three vessels for a fixed period of two years with options to extend the agreements at a higher rate for FSL Hamburg and FSL Singapore for a further six months and FSL Shanghai for a further 12 months. FSL Hamburg and FSL Singapore are MR product tankers built in 2005 and 2006 respectively whilst FSL Shanghai is an Aframax crude oil tanker that was built in 2007. The time charter agreementsā¦
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: 2012 Was a 'Dismal' Year for Shipping
"The industry witnessed another dismal year as weakness in freight rates and asset values persisted in 2012. This resulted in a spate of defaults, restructurings and bankruptcies as shipping companies struggled with the poor market conditions. Unfortunately, FSL Trust was not spared from the unprecedented downturn. FSL Trust reported full year 2012 revenue of US$106.1 million, which was 4.2 per cent lower compared to the previous year. Net cash generated from operations declined by 25.4 per cent to US$47.6 million. During the year, we conserved capital and strengthened our balance sheet, increasing our cash reserves by US$5.2 million to US$37.5 million.
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.
FSL TRUST: Vessel Portfolio Positioned for Stability, Opportunity
SINGAPORE ā 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 2012. Revenue for 1QFY12 rose $2.2 million or 9.3% year-on-year to $26.1 million. The net increase in revenue was contributed by the full quarter lease revenue from the two vessels leased to TORM A/S which were acquired in June 2011, as well as higher freight income from the vessels trading in the spot market.
FSL Trust Secures a Three-Year Charter Contract
Singapore - FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), announced that it has reached an agreement to charter its vessel, āFSL Singapore,ā to Petròleo Brasileiro S.A. (āPetrobrasā) on a three-year time charter contract. The vessel is expected to be deployed on the time charter within the second quarter of 2012. āFSL Singaporeā is a 47,470 dwt product tanker which is currently deployed in the spot market. The product tanker will be chartered to Petrobras, based on a gross daily charter rate of $14,000 per day for a period of three years, subject to clearance of the physical inspection of the vessel at its next discharge port.