Torm exposure drags FSL Trust deeper into the red

First quarter net loss widened to $7.07m compared to a loss of $4.17m a year ago. Revenue fell 11.6% year-on-year to $23.05m.

Singapore-listed FSL Trust largely attributed the quarter's deficit to an impairment loss of $5.3m from its investment in Torm, as the Danish shipowner suffered a significant reduction in its share value.

In line with the temporary loan covenant relaxation obtained in June 2012, no distributions were declared for the quarter.

The trust's vessel portfolio comprises 25 vessels, of which 20 are employed on long term bareboat charters and two on time charters.

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