FSL Trust loses US$21.8m in Q2

The company recorded non-cash impairments up to US$24.1m.

First Ship Lease Trust (FSL Trust) capsizes in Q2 after it announced losing US$21.8m.

The company had a US$24.1m non-cash impairment which led to the loss.

According to FSL Trust’s financial statement, revenue fell by 17.4% YoY from US$25.3 to US$20.9m. This was mainly due to softening of rates across all sectors and bareboat agreements renewed at lower rates for some of its vessels.

Distributable income also sunk to $605,000, 86.3% lower than last year’s US$4.4m.

FSL Trust said, “Shipping markets across all sectors remain under pressure in the near term, but the financial effects should be mitigated by FSL Trust’s charter book.”

As of 30 June, FSL trust has a portfolio of 22 vessels.