Singapore's FSL 2012 Profits Slump

Press Release
Tuesday, January 22, 2013

Singapore’s First Ship Lease Trust (FSL) report US$ 8.4-million loss for 2012, revenue slipped 4.2%.

Financial report highlights:

  • Successfully redeployed all spot vessels, but overall FY2012 performance affected by tough market conditions
  • Continues to pare down outstanding loan balance and build up cash reserves; cash flow from portfolio sufficient to service principal and interest obligations
  • Outlook remains challenging and revenue continues to be at risk

Philip Clausius, CEO, said:  “2012 has been very challenging, but the trust’s disciplined approach and wide network have helped to deploy our spot vessels to longer term arrangements within a relatively short time frame. This has enhanced our revenue visibility and improved our operational profile."
 
Mr. Philip Clausius, Chief Executive Officer of FSLTM said: “2012 has been very challenging, but the Trust’s disciplined approach and wide network have helped to deploy our spot vessels to longer term arrangements within a relatively short time frame. This has enhanced our revenue visibility and improved our operational profile. However, the prolonged crisis has taken a toll onmany shipping companies.

We are cognizant of the pressures that some of our lessees are under as can be seen from the restructuring discussions we are currently having. The outlook remains uncertain as the industry continues to work its way through the record level of newbuilding deliveries. We remain vigilant and committed to steer FSL Trust through this unprecedented shipping down cycle, which we believe is near, if not at the bottom.”

FSL Trust currently owns a diversified portfolio of 25 vessels with an average age of seven and a half years primarily on a long-term bareboat charter basis.

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

Greek Warship Evacuates Libya Personnel

Greece safely evacuated embassy staff and more than one hundred Chinese and European nationals from Libya early on Friday with a navy frigate sailing back to the Greek port of Piraeus,

Children’s Day at Gazprom Transgaz Saratov

On May 31 and June 1, 2014 . Over two thousand children from the Saratov, Tambov and Penza Regions took part in sports competitions, environmental quizzes and

Finance

1H 2014 Profits of Port of Tallinn Up 16%

Port of Tallinn earned an unaudited half-year net profit of 20.2 million euros with company’s turnover reaching 59 million euros. Compared to last year the turnover

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

Matson Reports Solid Q2 2014 Results, Dividend Increased

Leading U.S. carrier in the PacificMatson, Inc. reported net income of $18.1 million or $0.42 per diluted share for the quarter ended June 30, 2014, compared with $20.

 
 
Maritime Contracts Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1634 sec (6 req/sec)