The trustee-manager of First Ship Lease Trust (FSL Trust) has announced a net profit of US$8.3 million ($11.25 million) for the FY2024 ended Dec 31, 2024, a 116.1% y-o-y increase from the same period a year before.
For 2HFY2024, the group reported a net profit of US$6.9 million. This includes the reversal of impairment on vessels and gain on disposal of vessels.
FSL’s earnings per unit came in at 0.47 US cents for the full year, a 123.8% y-o-y increase.
The trust sold the product tanker, Cumbrian Fisher in December 2024, for a net cash consideration of about US$6.619 million, resulting in a gain on disposal of US$2.281 million.
For FY2024, the group recognised a reversal of impairment on vessels amounting to US$1.97 million based on fair value less costs of disposal. As at Dec 31, 2024, the carrying amount of the vessels was US$26.7 million.
The group’s revenue decreased by 1.2% y-o-y to US$4.36 million.
As at Dec 31, with 7 vessels operating under fixed-rate period charters, the Trust has contracted future revenue of up to US$16.5 million, including US$10.7 million of firm contracted revenue and US$ 5.8 million of optional contracted revenue. The Trust ended the year 2024 with zero net debt.
CEO Roger Woods said that all eight vessels in the fleet continued with stable fixed rate employment. “We are pleased to have disposed of the oldest vessel in our fleet at a
satisfactory level,” says Woods.
The Trust’s chairman of the board of directors Stathis Topouzoglou said that they are focused on identifying new projects with the cost for both second hand and new vessels at firm levels although there are signs that prices might soften.
Units in FSL Trust closed flat at 5 cents on Feb 11.
