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FSL Trust sinks into the red

FSL Trust sinks into the red

Singapore: First Ship Lease (FSL) Trust was pushed into a loss due to the early redelivery of a pair of product tankers last year. Singapore-listed FSL Trust reported a full year net loss of $5.7m compared to an $8.4m profit the year before. The Trust said the loss was due mainly the loss of bareboat rental and impairment charges on the redelivery of the two vessels. The Trust reported revenues of $100.5m last year up 1.7% on 2009. "We have maintained a stable footing despite the challenges encountered during the year. Notwithstanding that we now have two tankers deployed in the spot market, our primary business focus remains on long-term bareboat leasing," said Philip Clausius, ceo of FSL Trust Management. [20/01/11]

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