Fsltm News

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust  has announced that wholly-owned subsidiaries of the Trust have executed Memorandum of Agreements to sell LR2 product tankers, FSL Piraeus and FSL Perth (“Disposal”), to an unaffiliated third party and has received an initial 10% deposit in escrow.Roger Woods, Chief Executive Officer of FSLTM, said, “The disposal of the two Product Tankers is part of our ongoing effort to refresh our fleet. Completion of the disposal is scheduled to take place before the end of January 2020, at which time, the net proceeds will be utilized forpartial repayment of the Trust’s outstanding bank debt.

Singapore-listed First Ship Lease Trust (FSL Trust)  announced that a wholly-owned subsidiary of the Trust has executed a Memorandum of Agreement to sell its MR product tanker FSL Hamburg to an unaffiliated third party and has received the initial 10% deposit in escrow.FSL Hamburg is South Korean-built 47,496 DWT product tanker built in 2005 which has recently been deployed under a Pool Agreement.Completion of the Disposal is scheduled to take place before end March 2019, at which time the net proceeds will be utilised for partial repayment of the Trust’s outstanding bank debt and the remainder, estimated around US$6.5 million, will be utilised for the instalment payments due in respect of the Newbuilding Acquisition announced on 13 December 2018.As of 31 December 2018, the FSL Hamburg was

Singapore-based FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust  announced a new pool agreement for the two LR2 vessels, 2006 built and each 109,672 DWT, FSL Piraeus (ex-Torm Margrethe) and FSL Perth (ex-Torm Marie), which have recently returned from their bareboat charters and have now been renamed.The Trust has established a new business relationship with Heidmar as these vessels enter into the Sigma Pool.Heidmar Inc, founded in 1984, is one of the world’s leading commercial tanker operators with a fleet of approximately 80 ships, including VLCC, Suezmax, Aframax / LR2, and Panamax vessels.Roger Woods, Chief Executive Officer of FSL Trust commented: "We are delighted to be working along with a reputable and knowledgeable partner like Heidmar.

First Ship Lease Trust,  Singapore-based business trust which owns a fleet of vessels across major shipping sub-sectors, narrowed its fourth-quarter loss to US$33.87 million, down 19.9 per cent, despite lower revenue posted for the period. FSL Trust Management (FSLTM),, as trusteemanager of First Ship Lease Trust, said that the  revenue for the three months ended Dec 31 was S$19.90 million, 14.2 per cent lower compared to a year ago as contributions from vessel charters fell. The decrease in revenues is attributable to ongoing market volatility and the continued softening of rates across all shipping sectors which has weighed on the Trust’s earnings from its product tankers, crude oil tankers, chemical tankers, and feeder container vessels.

FSL Trust Management, as trusteemanager of First Ship Lease Trust (FSL Trust), announces that the Trust has sold its chemical tanker, FSL Tokyo, for a cash consideration of US$13.8 million. FSL Tokyo is a 2006, Japanese-built, 20,938 DWT chemical tanker that has been deployed in the spot market. The net proceeds from this Disposal will be applied in full to the outstanding loan facility in 1Q2018. FSL Trust will record a related impairment charge of approximately US$9.0 million in 4Q2017. Roger Woods, Chief Executive Officer of FSLTM commented: "The sale of the vessel was undertaken to further reduce the debt due under the Syndicated Loan facility.

Singapore's First Ship Lease (FSL) Trust said that  it has sold containership, FSL Santos for $6.2 million to reduce its debt service requirements for the fourth quarter. FSL Santos is a German-built, 1,221 TEU vessel built in 2003 that has been deployed in the Hanse Containership Pool. The net proceeds from this Disposal will be applied in full to the Trust's outstanding loan facility and the Trust will record a gain on disposal of approximately US$800,000 for 4Q2017. Roger Woods, Chief Executive Officer of FSLTM commented: “We are very pleased to have been able to dispose of one of the Trust’s older vessels. The Disposal of this 14-year old vessel also saves the Trust the expense of a third special survey due in 2QFY2018”.

Citing declining vessel values and "volatile industry conditions," FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust, announced the Trust has taken an impairment charge of $24.1 million on eight vessels, and consequently a net loss of $21.8 million in 2QFY17. “Although the tanker and container markets remained under significant pressure in 2QFY17, our fleet continued to generate positive cashflows and the Trust has maintained its strong debt repayment momentum with over $60 million of debt repaid over the last 12 months," said Roger Woods, CEO of FSLTM, in a statement. The Trust reported revenue of $20.9 million for 2QFY17, which is a reported year-on-year decrease of 17.4% compared to $25.3 million reported in 2QFY16.

FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), reported a net profit of $3.4 million for the three months ended March 31, 2017, compared to $2.3 million reported in 1QFY16. This positive result was achieved despite challenging industry conditions and a 17.7 percent decline in revenue to $21.9 million for 1QFY17, compared with $26.7 million reported in 1QFY16. The decrease in revenue is primarily due to the dry-docking of two crude oil tankers in 1QFY17, a smaller fleet following the disposal of two panamax containerships in February 2016, and overall lower market rates. Roger Woods was confirmed as Chief Executive Officer of FSLTM.

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), announced that the Trust has agreed to employ the 115,000 DWT Aframax crude oil tanker FSL Hong Kong, post dry docking, in the Teekay Group Revenue Sharing Agreement (RSA). This agreement continues the Trust’s relationship with Teekay, which started back in 2013.

FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust” or “the Trust”) announced today that the Trust reported a stable and positive performance for the second quarter ended 30 June 2016 (“2QFY16”). 2QFY16 revenue decreased slightly by 8% year-on-year to US$25.3 million, compared to the corresponding period in the previous year (“2QFY15”). The slight decline in revenue is mainly attributable to a reduced fleet following the disposal of two panamax containerships in February this year, as well as softening rates in some tanker markets. However, the decrease in total revenue was partially offset by higher revenue from MR tankers with the addition of FSL Osaka to the fleet, and improved performance of the three chemical tankers deployed in a pool.

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect for a cash consideration of approximately $10,800,000. Ever Radiant and Ever Respect are Japanese-built, 4,229 TEU containerships built in 1994 and 1995 respectively. The two vessels have been on bareboat charter to Evergreen Marine Corporate Ltd, a global container shipping company listed on the Taiwan Stock Exchange, since 2006, with the lease finishing at the end of this month. FSL Trust’s fleet now stands at 22 vessels comprising five containerships, 12 product tankers, three chemical tankers and two crude oil tankers.

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 vessel’s delivery is expected between November 1, 2015 and January 31, 2016, bringing FSL Trust’s fleet to 24 vessels: 12 product tankers, three chemical tankers, two crude oil tankers and seven containerships.

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, has entered into a two-year time charter agreement with a prominent US domestic oil company for the FSL Hong Kong, a 115,000 dwt crude oil tanker built in 2007. The new employment is anticipated to generate approximately $16.8 million in revenue over the next 24 months, the company said. This represents an increase of 47% on the time charter rate at which the FSL Shanghai was contracted for one year in June 2014. The increased rate reflects recent improvements in the crude oil tanker charter market.

FSL Trust Management Pte. Ltd. (“FSLTM”), as Trustee- Manager of First Ship Lease Trust (“FSL Trust” ) informs it has appointed Esben Sofren Poulsson as Non-Executive Independent Director of FSLTM, effective from 30 September 2014. The Trust adds that Mr. Poulsson is a well-respected senior figure in the global shipping community with more than 40 years of industry experience. He has been a significant contributor in positioning Singapore as a world class maritime center, acting as an advisor to a number of key trade associations and related bodies in Singapore. He is currently a Council Member and Honorary Secretary of the Singapore Shipping Association and represents Singapore on the Board of the International Chamber of Shipping in London, of which he is a Vice Chairman.

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) has generated a profit of  $1 million for the 2Q of the 2014 financial year. This profit compares to a $7.2 million loss for the 2Q’s corresponding previous year. This turnaround succeeds the restructuring efforts of the senior management team. FSL Trust has seen a performance improvement in the past quarter due to initiatives that were implemented September 2013. The Trust now has…

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…

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust has sold its two dry bulk vessels, MT Stella Fomalhaut and MT FSL Durban. The disposal is expected to save FSL Trust approximately $3 million (approximately S$3.8 million based on the prevailing exchange rate1) in dry dock capital expenditure in the financial period ending March 31, 2014 and reduce its cost of debt service in 1QFY2014 and the financial period ending 30 June 2014 by at least $5 million (approximately S$6.3 million based on the prevailing exchange rate).

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. 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.

Despite a caveat by auditors as to whether FSL Trust may continue as a going concern, due to the conditions of a loan covenant, the ship-owning trust has continued to ensure that its vessels have generated a return in the third quarter of 2013. The Trust suffered a 3QFY13 loss of US$8.9 million. This was partly due to recognition of an impairment loss of US$3.6 million caused by the lease defaults for two dry bulk carriers. Bareboat charter revenue fell 23.6% YoY to US$13.9 million from US$18.3 million due to the payment default of US$3.0 million for two crude oil tankers…

Vijay Kamath, Senior Vice President and Chief Commercial Officer (CCO) at First Ship Lease Trust (FSL Trust), will depart the company October 4, 2013 to pursue other career opportunities. Mr. Kamath was responsible for new business development and oversaw short-term deployment and management of the trust's vessels, which include seven containerships, 11 product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. Mr. Kamath has more than 19 years of maritime industry experience.

FSL Trust Management Pte. Ltd. as trustee- manager of First Ship Lease Trust  say that the lessee of its two dry bulk carriers, OMNI Ships Pte. Ltd. has defaulted on its lease payments. Accordingly FSLT has issued a notice for the redelivery of the 'Stella Fomalhaut' and 'Stella Eltanin'. During the first quarter of 2013, FSLTM concluded restructuring discussions with OMNI Ships, which included a reduction in bareboat charter rates for the two dry bulk carriers. Despite the restructured terms, OMNI Ships failed to pay FSL Trust the charter hires due. Stella Fomalhaut and Stella Eltanin are currently employed under short-term sub-time charter contracts and FSLTM has agreed with the sub-time charterers to continue the contracts directly with FSL Trust.

FSL Trust Management Pte. Ltd. (FSLTM) refer to an earlier announcement in relation to relaxation of its loan covenants by a further sxi months. On 30 June 2013 FSLTM returned to the lenders the final agreement for the Extension for signature by the lenders. (ii) submission to the lenders of certain documents, including security documents in relation to the shares of the companies holding the vessels owned by FSL Trust. With the grant of the Extension, the directors of FSLTM are of the opinion that during the period of the Extension FSL Trust should be able to meet the relaxed financial covenants.

FSL Trust, in its second quarter of 2013 financial report ending 30, June 2013, records a drop in revenue & a higher loss due mainly to default in lease payments for 2 crude oil tankers. During the quarter, the lessees of the Trust’s two crude oil tankers defaulted on their lease payments. Nevertheless, the Trust’s other 23 vessels were fully employed, generating revenue from long-term bareboat charters, time charters and pool employment. FSL Trust recorded an operating loss of US$1.0 million compared with an operating profit of US$4.0 million in the corresponding period last year. After taking into account net finance expenses, the Trust incurred a net loss of US$7.2 million in 2QFY13.