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FSL Trust hit with $24.1m in impairments due to falling vessel values

FSL Trust hit with $24.1m in impairments due to falling vessel values

FSL Trust has taken a $24.1m impairment charge due to the falling values of vessels.

Singapore's last remaining listed shipping trust said its Q2 results that due to declining vessel values it had taken a $24.1m impairment on eight vessels in its fleet.

The impairments dragged the trust sharply into the red with a $21.8m Q2 net loss on revenues $20.9m.

FSL Trust has continued to pay down its debt repaying some $60m over the last 12 months.

The trust is not expecting an improvement in market conditions and ceo Roger Woods commented: “We expect that difficult operating environment across all shipping sectors will persist in the near term, but we remain focused on optimising the commercial deployment and operational performance of the fleet by securing quality contract cover through 2017 and beyond.”

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