FSL Trust posts $8.7m full-year profit, ends 2025 debt-free

Its net profit for the second half stood at $6.5m.

First Ship Lease Trust (FSL Trust) reported a net profit of $8.7m (US$6.9m) for the year ended 31 December 2025 and $6.5m (US$5.1m) for the second half (H2) of 2025, as it prepaid all outstanding loans and ended the year debt-free, according to a press release.

FSL Trust reported cash and cash equivalents of $26.3m (US$20.8m) as at 31 December 2025 and had no outstanding debt.

Adjusted EBITDA was $5.2m (US$4.1m) for the full year and $2.7m (US$2.1m) for the second half, excluding gains or losses from vessel disposals and impairments.

The results included a $4.7m (US$3.7m) reversal of impairments relating to the vessels Speciality, Seniority and Superiority, as well as gains on vessel disposal.

As at year-end, all six vessels were employed under fixed-rate period charters, with contracted future revenue of $21.6m (US$17.1m).

Chief Executive Officer Roger Woods said the Trust extended the charter of Superiority for four years and converted the charters for Solway Fisher and Shannon Fisher to fixed periods.

($1.00 = US$0.79)

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