FSL Q1 Earnings Rise
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 Aframax Tanker Enters Teekay RSA
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 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 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 Signs Charter Agreement with US Oil Company
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 Making the Best of It in Q3 2013
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…
Crude Oil Tanker Redelivered to FSL Trust
As of July 4, 2013, FSL Trust has taken redelivery of Aqua, one of the two crude oil tankers previously leased to the subsidiary of Geden Holdings Ltd. Aqua will be renamed FSL Hong Kong. FSLTM has appointed Thome Ship Management Pte. Ltd. Singapore, as technical manager and Teekay Chartering Limited as commercial manager for FSL Hong Kong and the vessel will commence voyage employment in the spot market shortly. The trust expects the redelivery of its second crude oil tanker, Action, to take place within July 2013. Further announcements will be made as and when there are material developments in this matter, the company said. firstshipleasetrust.com
Tankship Re-delivered to FSL Trust
FSL Trust has taken redelivery of 'MV Aqua', one of the two crude oil tankers previously leased to the subsidiary of Geden Holdings Ltd. The crude oil tankship will be renamed FSL Hong Kong. FSL Trust Management has appointed Thome Ship Management Pte. Ltd. Singapore, as technical manager and Teekay Chartering Limited as commercial manager for FSL Hong Kong and the vessel will commence voyage employment in the spot market shortly. The Trust expects the redelivery of its second crude oil tanker, Action, to take place within July 2013. Further announcements will be made as and when there are material developments in this matter. First Ship Lease Trust ("FSL Trust") is a Singapore business trust that provides lease financing solutions to the maritime industry.
