FSL Appoints New Independent Director
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), has announced the appointment of Michael J. Oliver to its Board of Directors. Mr. Oliver has more than 40 years of international experience in the banking and financial services industry. He joined the London Branch of Commerzbank AG in 1986 and served as its Regional Board Member for Asia Pacific in Singapore from 2001 to 2005 before his retirement. As Regional CEO, he was responsible for Commerzbank branches in Hong Kong…
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 Trust Managemen Appoints Gray
FSL Trust Management Pte. Ltd. (FSLTM), as trusteemanager of First Ship Lease Trust (FSL Trust), has announced the appointment of Michael G Gray as Independent Director of FSL Trust, effective immediately. Gray is also appointed as the new Chairman of the Board’s Audit Committee with immediate effect. Gray is a qualified accountant with 35 years’ experience in professional practice across a number of international markets. He trained as a Chartered Account with Coopers & Lybrand in the United Kingdom and moved to Coopers & Lybrand Singapore in 1978…
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…
First Ship Demands Return of Chem Tankers
FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust reportes that it has sent notices to its lessees, wholly-owned subsidiaries of PT Berlian Laju Tanker Tbk, to demand for the redelivery of its three chemical tankers, Pertiwi, Prita Dewi and Pujawati, in accordance with the terms of the lease agreements between the Lessees and FSL Trust. This is in addition to the demand for payment stated in the notice of default issued to the Lessees on 7 February 2012.
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…
FSL Trust Executive Tenders Resignation
Vijay Kamath, Senior Vice President and Chief Commercial Officer (CCO) at First Ship Lease Trust (FSL Trust), will depart the company October 4, 2013 to pursue other career opportunities. Mr. Kamath was responsible for new business development and oversaw short-term deployment and management of the trust's vessels, which include seven containerships, 11 product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. Mr. Kamath has more than 19 years of maritime industry experience.
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…
FSL TRUST: Vessel Portfolio Positioned for Stability, Opportunity
SINGAPORE – FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, announced the financial results of FSL Trust for the quarter ended 31 March 2012. Revenue for 1QFY12 rose $2.2 million or 9.3% year-on-year to $26.1 million. The net increase in revenue was contributed by the full quarter lease revenue from the two vessels leased to TORM A/S which were acquired in June 2011, as well as higher freight income from the vessels trading in the spot market.
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…
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 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.
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 $41.8 million at June 30, 2015. The vessel’s delivery is expected between November 1, 2015 and January 31, 2016, bringing FSL Trust’s fleet to 24 vessels: 12 product tankers, three chemical tankers, two crude oil tankers and seven containerships.
Singapore's FSL 2012 Profits Slump
Singapore’s First Ship Lease Trust (FSL) report US$ 8.4-million loss for 2012, revenue slipped 4.2%. Philip Clausius, CEO, said: “2012 has been very challenging, but the trust’s disciplined approach and wide network have helped to deploy our spot vessels to longer term arrangements within a relatively short time frame. Mr. Philip Clausius, Chief Executive Officer of FSLTM said: “2012 has been very challenging, but the Trust’s disciplined approach and wide network have helped to deploy our spot vessels to longer term arrangements within a relatively short time frame.