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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

McDermott Elect G.P. Luquette Board Chairman

Provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, McDermott International, say that Gary P.

Ill-Considered Energy Policies Threaten US Navy: Report

The United States government has pursued energy policies based on “the mistaken belief in the unproven science that claims carbon dioxide (CO2) emissions from burning

Finance

UK Subsidises 8 Renewable Energy Contracts

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

Two Navy Contracts for GD Bath Iron Works

Included in the latest listing of contracts awarded by the US Department of Defense, Navy, are two contracts with General Dynamics Bath Iron Works, Bath, Maine.

NIS Q1 Net Profit Up 18 %

Serbian oil company NIS , majority owned by Gazprom Neft, reported an 18 percent rise in net profit in the first quarter of 2014 on higher sales and improved production efficiency.

 
 
Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1266 sec (8 req/sec)