"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.