Net loss during the quarter narrowed to $4.93m compared to a loss of $7.07m a year ago.
The quarterly revenue fell 2.7% year-on-year to $22.44m due partly to lower charter income.
A pre-mature termination of a bareboat charter on two crude oil tankers resulted in a $1.9m loss, while another contract default on two bulkers led to a $1m loss.
Poor performance by two LR2 tankers also saw charter income dropped from $10,700 in the first quarter of 2013 to just $6,100 for the quarter under review.
Singapore-listed FSL Trust said rentals derived from another 16 vessels under bareboat leases continued to support the overall earnings of the company.
In February 2014, FSL Trust agreed a loan covenant relaxation from its lenders until 31 December 2014.
“Despite the extremely challenging year the trust has faced due to lessee defaults, with the agreement of a loan covenant relaxation and improving performance due to ongoing restructuring efforts, the trust is now in a stronger position to move forward,” FSL Trust said.
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