First Ship Lease Trust Sells Product Tanker
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 remainde
FSL Trust Orders Two LR2 Tanker at Cosco yard
Singapore-based First Ship Lease Trust (FSL Trust) Management has entered into a letter of intent with China’s Cosco Shipping Heavy Industry (Yangzhou) to order two LR2 product tankers, fitted with scrubbers, for around $97.2m.The two 114,000 dwt Tier III LR2 product tankers are expected to be delivered to the Purchasers in November 2020 and January 2021 respectively, said a stock exchange annoucement from the business trust which owns a fleet of vessels across major shipping sub-sectors."The newbuilding acquisition is being undertaken as part of the renewal of FSLT’s aging fleet.
FSL Trust Pact with Heidmar’s Sigma Pool for Two Vessels
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…
First Ship Lease Trust Narrows Q4 Loss
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.
FSL Trust Sells Vessel to Trim Debt
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.
HSH Nordbank to Exit First Ship Lease
HSH Nordbank AG's subsidiary Godan GmbH, the controlling unitholder of First Ship Lease Trust (FSL Trust), is looking to divest all its shares in FSL Holdings, the sponsor of the trust, reported Business Times. The report quoted FSL Trust as saying that Godan GMBH is in discussion with shortlisted strategic investors for a potential sale of all of its shares in FSL Holdings. FSL Holdings also owns all shares of the trustee-manager of FSL Trust through FSL Asset Management Pte Ltd.
FSL Trust Sells Vessel for USD 6.2mln to Reduce Debt
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…
Markets Under Pressure: FSL Trust Reports a $24.1M Charge
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 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…
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: Yet Another Steady Quarter
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.
FSL Trust Divests Two Containerships
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 Begins 2014 on Stronger Financial Footing
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.
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 Sees First Quarterly Profit Since 2011
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…
FSL Trust Inks Tanker Contracts
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore. The Trust has reached an agreement with a leading global commodities trader to charter the three vessels for a fixed period of two years with options to extend the agreements at a higher rate for FSL Hamburg and FSL Singapore for a further six months and FSL Shanghai for a further 12 months. FSL Hamburg and FSL Singapore are MR product tankers built in 2005 and 2006 respectively whilst FSL Shanghai is an Aframax crude oil tanker that was built in 2007. The time charter agreements…
FSL Trust Appoint Esben Poulson Independent Director
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.
BIMCO’s Analyst at Singapore Ship Finance Forum
Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion titled: “Quantifying the tanker market boom? What are the triggers for the extension or the curtailing of current rates?” scheduled for September 22nd. The other panellists are: Paddy Rodgers…
Creditors Allow FSL Trust More Breathing Space
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.
FSL Requests Bourse Trade Resumption
Further to the announcements made on 19 November 2013 and 14 January 2014, FSL Trust informs that its Board will request for resumption of trading of its units on SGX-ST. This announcement comes following the recent agreement reached with lenders regarding a relaxation of FSL Trust loan covenants until 31, December 2014, as mentioned recently. The Trust advises unit holders to refer to the press release announced on 28, February 2014 for the key conditions of the Relaxation. The expected date of lifting of the trading suspension is on 4 March 2014. of the Trust.
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 Sells Two Bulk Carriers
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).
FSL Sells Stake in Torm
FSL Trust Management has sold its entire shareholding in Denmark-based Torm, the company announced Friday. The sale of over 18 million shares generated $2.63 million for FSL. FSL gained $1.71 million from the initial investment in the shipping company, which was part of a restructuring of nonperforming bareboat contracts in 2012. The gain will be listed in FSL's first quarter accounts. FSL performed the disposal during a short term spike in Torm share prices between January 21 and January 25.