FSL Trust posts $11m net profit in 2024

This is an increase compared to a net profit of $3.7m in the same period of the preceding year.

FSL Trust Management Pte. Ltd. (FSLTM), the trustee manager of First Ship Lease Trust (FSL Trust), reported a net profit of $9.3m (US$6.9m) and $11.2m (US$8.3m) for the second half and full year 2024, respectively, according to a bourse filing.

This is an increase from a net profit of $2.6m (US$1.9m) and $5m (US$3.7m) in the same period of the preceding year.

The adjusted EBITDA for the second half year and full year 2024 was $4.6m (US$3.4m) and $8.8m (US$6.5m), respectively.

As of 31 December 2024, with seven vessels operating under fixed-rate period charters, FSL Trust has contracted future revenue of up to $22.3m (US$16.5m), including $14.5m (US$10.7m) of firm contracted revenue and $7.9m (US$5.8m) of optional contracted revenue.

“The cost for both second-hand and new vessels is still at firm levels, although there are signs that prices may soften,” said Stathis Topouzoglou, chairman of the board of directors.

($1 = US$0.74)

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