Disastrous final quarter pushes FSL into the red for 2012
Singapore: An especially brutal final quarter saw Singapore’s First Ship Lease Trust notch up an $8.4m loss for 2012, on the back of revenue slipping 4.2%.
Three tankers were taken back by Berlian Laju Tankers and charters were slashed on a pair of Torm ships, leading to a big dent in revenues for the final three months of the year.
Philip Clausius, ceo of the trust, 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. This has enhanced our revenue visibility and improved our operational profile.”
“However, the prolonged crisis has taken a toll on many shipping companies. We are cognizant of the pressures that some of our lessees are under as can be seen from the restructuring discussions we are currently having.”
FSL has 25 tankers, containerships and bulkers, mostly on bareboat deals.
Source: http://www.seashipnews.com/
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